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RBI Imposes Penalties on Ola Financial Services, Manappuram Finance, Visa Worldwide for KYC Norm Violations And Unauthorized Payment Methods
The Reserve Bank of India (RBI) has imposed penalties on Ola Financial Services Pvt. Ltd., Manappuram Finance Limited, and Visa Worldwide Pte. Ltd. for various infractions related to Know Your Customer (KYC) norms and unauthorized payment methods. Ola Financial Services has been subject to two significant fines from the RBI. The first fine, amounting to ₹33.40 lakh, was imposed due...
SEBI Imposes ₹5 Lakh Penalty On HSBC Asset Management For Inadequate Investment Decision Documentation
The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹5 lakh on HSBC Asset Management (India) Private Limited (HSBC AMC). This penalty was levied after an earlier order that exonerated HSBC AMC was found to be flawed and contrary to the interests of the securities market. The scrutiny began with the examination of HSBC AMC's investment decisions focusing...
WB Teacher Recruitment Case: Supreme Court Posts Petitions Filed By Unqualified Candidates With Main Petitions; Hearing On Aug 6
The Supreme Court was informed yesterday (July 29) that a fresh batch of petitions has been filed by non-qualified candidates in the pending challenge to the Calcutta High Court's Order which had set aside appointments of 25,0000 school teachers by the West Bengal School Service Commission (WB SSC). The Counsel for the petitioners submitted that the present plea is filed by those who were...
Is This The Law Of The Land? - Supreme Court Questions Telangana HC Order Permitting Road Construction On Private Property Without Compensation
The Supreme Court on Monday (July 29) questioned a Telangana High Court order that allowed the construction of a road on a private property without prior payment of compensation, observing that it completely violates the law.“Is this the law of the land?”, Justice Abhay Oka questioned.A bench of Justice Abhay Oka and Justice Augustine George Masih was dealing with an SLP challenging...
SEBI Imposes Three-Year Ban On Vijay Mallya For Securities Market Manipulation
The Securities and Exchange Board of India (SEBI) has imposed a three-year ban on Vijay Mallya, a prominent businessman and former chairman of United Breweries Group. This decision bars Mallya from trading in the securities market and prohibits him from associating with any listed company, either directly or indirectly. This decision stems from Mallya's involvement in a scheme...
'ED Can't Arrest After Court Takes Cognizance' : Supreme Court Grants Anticipatory Bail To Odisha Officer In Money Laundering Case
The Supreme Court on Monday granted anticipatory bail to Odisha Administrative Service (OAS) Officer Bijay Ketan Sahoo, who is accused of money laundering filed by the Directorate of Enforcement (ED) in connection with a disproportionate assets case.A bench of Justice Abhay Oka and Justice Augustine George Masih made absolute an order dated June 24, 2024 granting Sahoo interim protection...
Supreme Court Rejects Ex-UP Judge's Defamation Plea Against Media Over Reports Alleging Corruption Behind Bail Granted To Politician
The Supreme Court today dismissed pleas filed by a former Uttar Pradesh District Judge against media outlets and senior journalists over the publishing of news reports in 2017, wherein allegations of corruption and impropriety in the judicial process were levelled against him.The matter was listed before a bench of Justices BR Gavai and KV Viswanathan, which refused to interfere with...
Supreme Court Seeks Response From Union, AIIMS In Challenge To 'Institutional Preference' Quota Exceeding 50% In PG Medical Admissions
The Supreme Court today (July 29) sought responses from the Union and All India Institute of Medical Sciences (AIIMS) in a petition challenging the reservation quota for "Institutional Preference" that exceeds 50% in postgraduate admissions.The Petitioner has challenged the over-reservation or 'super reservation' of seats under 'Institutional Preference' in the postgraduate admissions as being...
Delhi Court Grants Bail To Medha Patkar In Defamation Case Filed By LG VK Saxena, Suspends 5-Month Sentence
A Delhi Court on Monday granted bail to Narmada Bachao Andolan leader and activist Medha Patkar in the criminal defamation case lodged against her by Vinai Kumar Saxena in 2001. VK Saxena is presently Delhi's Lieutenant Governor. Additional Sessions Judge Vishal Singh of Saket Courts also suspended till further orders the order sentencing Patkar to 5 months of imprisonment along with Rs. 10...
Is Letters Patent Appeal Maintainable Against Single Judge's Order Passed Under Article 227? Supreme Court To Examine
Recently, the Supreme Court granted a leave in a plea challenging the decision of the High Court's Division Bench which had interfered with the Single Bench decision rendered while exercising supervisory powers under Article 227 of the Constitution. The question that appeared for the Court's consideration is whether the Division Bench had valid jurisdiction to entertain a challenge to a...
Advocate Working As Freelance Journalist Is Professional Misconduct? Supreme Court Asks Bar Council To Examine
The Supreme Court on Monday (July 29) directed the Bar Council of India (BCI) and the Bar Council of Uttar Pradesh to look into the conduct of Advocate Mohd. Kamran, who has filed a defamation case against former BJP MP Brij Bhushan Sharan Singh. The court asked the Bar Councils to take necessary action on Kamran's working as a freelance journalist while simultaneously practising as...