SEBI Bars Rana Sugars And Top Promoters For 2 Years, Imposes ₹63 Crore Fine For Fund Diversion And Fraudulent Activities

The Securities and Exchange Board of India (SEBI) has taken action against Rana Sugars Limited (RSL) and its key promoters and officials. This move comes after a detailed investigation into allegations of fund diversion and fraudulent activities within the company. SEBI's decision includes barring the company and its top management from participating in the securities markets for...

RoC Chennai Imposes ₹7.22 Lakh Fine On Doowon Automotive Systems India Pvt. Ltd. For Delay In Declaration Of Significant Beneficial Ownership

The Registrar of Companies, Cheenai has imposed a fine of Rs. 7.22 Lakh on Doowon Automotive Systems India Private Limited, its officers, and the significant beneficial owners for their violations of Sections 90(1) and 90(4) of the Companies Act, 2013. Section 90(1) of the Companies Act, 2013 mandates that every individual who holds significant beneficial ownership in a company...

CDSL Settles With SEBI For ₹1.3 Crore Over Alleged Regulatory Violations

The Central Depository Services (India) Limited (CDSL), one of India's prominent depositories, has resolved allegations of regulatory violations by paying a settlement amount of ₹1.3 crore to the Securities and Exchange Board of India (SEBI). This settlement stems from alleged non-compliance with specific directives issued by SEBI. SEBI initiated adjudication proceedings against...

Citibank Settles With SEBI For Over ₹40 Lakh Following Investigation Into Alleged Regulatory Violations

Citibank N.A. has settled with the Securities and Exchange Board of India (SEBI) agreeing to pay over ₹40 lakh in connection with an investigation into alleged regulatory breaches. This settlement comes after SEBI investigates Citibank's failure to comply with several regulations, including those governing foreign investments, guidelines for depositories and participants and procedures...

SEBI Imposes ₹4 Lakh Penalty On LKP Securities Ltd For Violations In Pre-Trade Authorisation Compliance

The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹4 lakh on LKP Securities Ltd for failing to comply with pre-trade authorisation requirements. SEBI's investigation of LKP Securities followed an inspection carried out in conjunction with the Bombay Stock Exchange (BSE), National Stock Exchange of India Ltd (NSE), and Multi Commodity Exchange of India...

SEBI Imposes ₹1 Lakh Fine On Catalyst Trusteeship For Failing In Its Duties As Debenture Trustee

The Securities and Exchange Board of India (SEBI) has imposed a fine on Catalyst Trusteeship Limited for violations concerning its role as a debenture trustee (DT) in managing an issue by Spandana Sphoorthy Financial Ltd (SSFL). SEBI's findings indicated that Catalyst Trusteeship failed to fulfill key responsibilities required by the SEBI (Debenture Trustees)...

Banastarim Accident Case: Court Cancels Bail Of AAP Goa Chief Amit Palekar For Travelling Abroad Without Permission

A sessions court in Goa on Monday (August 26) cancelled the bail granted to Aam Aadmi Party's (AAP) state unit chief Amit Palekar in the 2023 Banastarim accident case–which resulted in the death of three persons, after observing that Palekar had violated the condition of not leaving the country without the court's prior permission. The court of Additional Sessions Judge (ASJ) Panaji (sitting...

Terror Funding Case: Delhi Court Orders Release Of Kashmiri Separatist Leader Shabir Shah In PMLA Case

A Delhi Court has ordered release of Kashmiri separatist leader Shabir Ahmad Shah in a money laundering case connected to a terror funding case.Additional Sessions Judge Dheeraj Mor of Patiala House Courts passed the order after noting that Shah has undergone the maximum sentence of seven years prescribed for the offence under Section 3 of PMLA. The court noted that Shah was in continuous...

Dispute Regarding GST Dues Not A Bar To Section 9 IBC Proceedings: NCLAT

The NCLAT Bench of Justice Rakesh Kumar Jain, Member (Judicial) and Arun Baroka, Member (Technical) has held that the dispute regarding payment of GST dues is not a “pre-existing dispute” between the parties that would preclude the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC). Brief...

RBI Imposes ₹3.91 Crore Penalty On Lenden Club And Liquiloans For Regulatory Violations In P2P Lending And Digital Practices

The Reserve Bank of India (RBI) has imposed monetary penalties on two non-banking financial companies (NBFCs), Innofin Solutions Pvt Ltd and NDX P2P Pvt Ltd for failing to comply with various regulatory guidelines. These companies, known respectively as LenDen Club and LiquiLoans, were penalized ₹1.99 crore and ₹1.92 crore for violations of the RBI's directions related...

Mere Apprehension That Person Would Flee India Is Not Enough To Issue Look Out Circular: Calcutta High Court

The Calcutta High Court bench of Justice Shampa Sarkar has held that mere apprehension that a person would flee India and no steps could be taken to recover the money is not enough to issue a Look Out Circular (LOC) against him. Brief Facts: The matter pertained to a writ petition which was filed by an erstwhile Director of Visa Power Limited ("company in liquidation"). The...

Reciprocal Promises In Settlement Agreements Must Be Executed Simultaneously: Delhi High Court

The Delhi High Court bench of Justice Navin Chawla has held in a settlement agreement where both parties have made reciprocal promises, these promises must be executed simultaneously. Brief Facts: The dispute revolved around the execution of a decree from a 2005 suit filed to dissolve the partnership firm M/s Hotel Marina (Decree Holder). The decree, issued in March 2006 based on...