Interplay between 15A and 15J of the SEBI Act: matter referred to Larger SC Bench [Read Judgment]

Division Bench of Supreme Court has referred a matter involving Interplay between the amended 15A and 15J of the SEBI Act before a larger bench. Bench comprising of Justices Kurian Joseph and R.F. Nariman in Siddharth Chaturvedi vs. SEBI said that it does not subscribe to the views in SEBI vs. Roofit Industries Limited ( 2015 (12) SCALE 642.)In Roofit Industries Ltd case, another Division Bench of the Apex Court had held that the quantum of penalty under Section 15A can have due regard only to...

#Budget2016; SARFAESI Act is to be amended to strengthen Asset Reconstruction Companies; Finance Minister

While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together with the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a major reform measure. Announcing more financial sector reforms, he said new derivative products will be developed by SEBI in the commodity derivatives market.  Statutory basis will be...

For Money Launders Jail is the Rule and Bail is an exception; Supreme Court [Read Judgment]

Supreme Court denies bail to Rose Valley Group CMD Gautam Kundu.By making a pragmatic approach to the provision of Section 45(1) of the P.M.L. Act and on consideration of the antecedents of the petitioner in collection of money from open market for issuing secured debentures in violation of the guidelines of SEBI and on further consideration  of the manner of keeping accounts of Rose Valley the Supreme Court rejected the Bail application, on 16th December, 2015.This appeal, by special leave, is...

RBI, SEBI, Gujarat and Jharkhand question SC interim order not making Aadhaar mandatory

Protests against the interim order not to make aadhaar cards mandatory for availing benefits of various government sponsored welfare schemes continued with the RBI and SEBI, along with the governments of Gujarat and Jharkhand today seeking clarifications and modifications from the Supreme Court on it.A bench of Justices J Chelameswar, S A Bobde and C Nagappan agreed to  hear the pleas on October 6. But it raised the question whether it can entertain such interim applications after transferring...

SAT upholds SEBI order against PACL Ltd

The  Securities Appellate Tribunal on Wednesday upheld a August 22, 2014, order of the Securities and Exchange Board of India directing PACL Ltd, erstwhile Pearl Agrotech Corporation, and its promoters to refund over Rs 44,376 crore that it collected from 5.85 crore investors through collective investment schemes (CIS).In 1997, the SEBI alleged that the company was running a CIS without any approval or permission. Subsequently, the case was registered against PACL, promoters and directors...

Bank of Rajasthan & ICICI Bank merger: PIL filed in SC urging SEBI to be made accountable; says unfair gains made by promoters of Bank of Rajasthan were not quantified

A Supreme Court Bench comprising of Chief Justice H.L. Dattu and Justice A.K. Misra today ordered tagging of a PIL with a pending case seeking a CBI investigation into SEBI’s decision to allow promoters of Bank of Rajasthan to sell their shares after its amalgamation with the ICICI bank in 2010.The plea, filed through Advocate Prashant Bhushan was admitted after Bhushan told the Court that a similar issue was pending adjudication in the Supreme Court.The Petition, filed by Mr. Arun Kumar Agrawal...

SEBI bars DLF from entering Securities Market

Realty major DLF and six senior executives are barred from entering the securities market and from buying or selling securities for three years after finding that the company didn’t adequately disclose information to investors before its 2007 initial public offering.In a 43-page order published on Monday, SEBI said DLF, its billionaire founder and chairman Kushal Pal Singh and five other company executives would be barred from "buying, selling or otherwise dealing in securities".The ban, a blow...

No Respite for Sahara Honcho: Apex Court Rejects Subrato Roy's Bail Plea

The Supreme Court on Monday refused to grant bail to the Chief of Sahara Group, Shri Subroto Roy Sahara, and held that it will facilitate negotiations for Sahara to sell properties in India and abroad. Mr. Roy had prayed for release for a period of 40 days in order to finalize the sale of three overseas hotels owned by the Sahara Group. The Court nonetheless, allowed Mr. Roy to negotiate his business deals from a guest house in Delhi between 10 a.m. and 4 p.m. on the days it was required,...

SC Urges SEBI to place Safeguards Verifying Sahara Sale Transactions; Income Tax Department Approaches SC demanding 4,800-crore from Sahara

The Supreme Court bench comprising of Justice T.S. Thakur, Justice Anil Dave and Justice A.K. Sikri today said that the court needs to monitor the sale transactions being undertaken by Sahara to prevent any mischief. The judges added that since they have no expertise in the field, experts should be employed by SEBI in order to scrutinize all dealings. SEBI was also urged to put safeguards into place to maintain transparency in the sale proceeds.Sahara seems to be in trouble again, with the...

Sahara tells Supreme Court: 3,117-Crore Deposited with SEBI

According to an affidavit filed by the Sahara counsel, Keshav Mohan in the Supreme Court, the Sahara Group has already deposited Rs. 3,117-crore with SEBI, ensuring the Court about its efforts to raise the remaining sum, to furnish the Rs. 5,000-crore bail bond for the release of its chief, Subrata Roy. The group also presented bank communication relating to transfer of the monies to the SEBI-Sahara account as an evidence of actual payments being made by Sahara.This development comes close to...

SEBI v Sahara: Subarata Roy's bail Plea Rejected Again; Matter referred to a Three-Judge Bench[Read the Judgment]

A Supreme Court Bench comprising of Justice T.S. Thakur and Justice A.K. Sikri today dismissed Sahara Chief Subrata Roy's plea for his transfer to house arrest. The court however, modified the order restricting sale of property, to raise the amount for his interim bail.The Bench further referred the proceedings to a larger three-judge to be constituted by the Chief Justice of India, keeping in view the importance of the issues that fall for determination in these proceedings and the...

SC signals for the sale or transfer of property owned by the Sahara group

In a fresh proposal filed by Sahara group chief Subrata Roy, the Supreme Court on Thursday allowed to lift the ban on the sale or transfer of property owned by the Sahara group. The court under an earlier order froze the assets. This unfreezing would help Sahara to comply with the Rs. 10,000-crore bail condition. Earlier the apex court ruled that 10,000-crore should be furnished as Rs. 5,000 crore in cash and Rs. 5,000 crore through bank guarantee. Read Live Law story hereThe Sahara group has...