Karnataka High Court Upholds Award Against Kotak Securities Over Unauthorised Share Sale

The Karnataka High Court has dismissed an appeal by Kotak Securities Limited and declined to interfere with an arbitral award holding the broker liable for unauthorised sale of shares and wrongful charging of interest. A bench of Chief Justice Vibhu Bakhru and Justice C.M. Poonacha upheld the findings of the arbitral tribunal as well as the commercial court. The court found no merit in Kotak's attempt to reopen the dispute by advancing a new case at the appellate stage. “We do not consider it...

Delhi High Court Upholds Forensic Audit Into CRB Mutual Fund Winding Up

The Delhi High Court has upheld directions for a forensic audit into the winding up of the Arihant Mangal Growth Scheme of CRB Mutual Fund. It has also allowed the Securities and Exchange Board of India to take steps to recover money paid to CRB group entities if violations are found. A Division Bench of Justice Anil Kshetarpal and Justice Harish Vaidyanathan Shankar dismissed appeals filed by former members of a court-appointed special committee, former CRB Capital Markets director C.R....

Calcutta High Court Sets Aside Calcutta Stock Exchange Penalty Against Dalmia Securities Over Invalid Board

The Calcutta High Court has set aside a penalty order passed by the Calcutta Stock Exchange Ltd (CSE) against Dalmia Securities Pvt Ltd, holding that the decision was taken by an unlawfully constituted governing board. The court, however, upheld the validity of the underlying investigation. Justice Sabyasachi Bhattacharyya partly allowed the writ petition filed by Dalmia Securities and its director. He held that the investigation into alleged violations was legally valid, but the final order...