Independent, Non-Executive Directors Of Company Cannot Be Held Liable Under Section 138 Of NI Act Without Specific Allegations: Delhi High Court

The Delhi High Court bench of Justice Amit Mahajan has held that independent, non-executive directors of an accused company cannot be held liable under Section 138 of the Negotiable Instruments Act, 1881, if the complaints do not include specific allegations detailing their active role in the offence. Brief Facts: The matter pertained to petitions which challenged summoning...

Registrar Of Companies, Mumbai Imposes Rs. 1.08 Lakh Penalty On William Hill Ltd For Late Submission Of Beneficial Interest Declaration

The Registrar of Companies, Mumbai has imposed a penalty of Rs. 1.08 Lakh on William Hill Ltd for failure to submit the required declaration disclosing the beneficial interest in the company's shares within the stipulated thirty-day period. Section 89(2) of the Companies Act, 2013 mandates that any person who acquires a beneficial interest in shares of a company, but whose name is...

SEBI Imposes ₹6 Lakh Penalty On Vistra ITCL For Violating Debenture Trustee Regulations

The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 6 lakh on Vistra (ITCL) India Ltd for several violations of the SEBI (Debenture Trustees) Regulations, 1993, and related guidelines. Key among the violations identified was the failure of Vistra to perform independent due diligence in the preparation of asset-cover certificates. SEBI's November...

Failure To Maintain Separate Register Of Members: RoC Chennai Fines Subam Benefit Fund Nidhi Limited And Director Rs. 3.5 Lakh

The Registrar of Companies, Chennai, has imposed a penalty of Rs. 3.5 lakh on Subam Benefit Fund Nidhi Limited and its director for failing to maintain separate registers for its members and for not keeping the required registers at the company's registered office. Section 88 of the Companies Act, 2013 mandates that companies must maintain certain registers, including the register...

CARE Ratings Ltd Settles with SEBI for Rs 13.05 Lakh over Regulatory Violations

CARE Ratings Ltd has settled a case with the Securities and Exchange Board of India (SEBI) concerning alleged breaches of regulatory guidelines. The settlement involves the payment of Rs 13.05 lakh. The SEBI initiated these proceedings under Section 15HB of the SEBI Act, 1992 following alleged violations of specific provisions related to the monitoring and review of ratings by...

SEBI Imposes ₹7 Lakh Penalty On Anand Rathi Share And Stock Broker Limited For Trading Terminal Compliance Failures

The Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 7 lakh on Anand Rathi Share and Stock Broker Limited for failing to properly inspect the trading terminals of its authorised persons. SEBI's inspection revealed that the trading terminals were not at the locations reported to the exchanges by the stockbroker. The terminal allocated to authorised person...

Illegal Investment Advisory: SEBI Asks Fraud Advisor To Refund Rs. 27.67 Lakh To Investors

The Securities and Exchange Board of India (SEBI) has imposed a one-year ban on Siddharth Pandey of Snigdha Equity Advisory following violations of regulatory standards concerning investment advisory services. Along with the suspension, Pandey has been fined Rs. 6 lakh and ordered to refund Rs. 27.67 lakh collected from clients. Pandey was found to have offered investment advice...

Spandana Sphoorty Financial Ltd. Settles With SEBI For Rs 38 Lakh Over Disclosure Violations

The Securities and Exchange Board of India (SEBI) has recently concluded an investigation into Spandana Sphoorty Financial Ltd. (SSFL), a non-banking financial company. The settlement follows allegations of violations related to disclosure and listing regulations under SEBI's oversight. The investigation focused on breaches of the SEBI (Listing Obligations and Disclosure...

ICICI Securities Settles Regulatory Case With SEBI For ₹69.82 Lakh

ICICI Securities Limited has reached a settlement with the Securities and Exchange Board of India (SEBI) to resolve a case involving alleged regulatory violations. The settlement was finalized with ICICI Securities agreeing to pay ₹69.82 lakh. SEBI conducted an inspection of ICICI Securities' activities from September 22 to September 23, 2022. The inspection was part of SEBI's...

SEBI Imposes Rs 11 Lakh Fine On IIFL Securities For Compliance Failures

The Securities and Exchange Board of India (SEBI) has levied a fine of Rs 11 lakh on IIFL Securities Limited for breaches of various regulatory guidelines under the Securities Contracts (Regulation) Rules and associated SEBI circulars. SEBI found several compliance issues with IIFL Securities. The regulator noted that the broker engaged in unauthorized fund-based agreements...

2017 Haryana Judicial Paper Leak Case: Delhi Court Convicts Former High Court Registrar, Two Others

A Delhi Court has convicted former Registrar (Recruitment) of the Punjab and Haryana High Court, Dr. Balwinder Kumar Sharma, and two women in the case concerning the paper leak of Haryana Civil Services (Judicial Branch) Preliminary Examination, 2017.Principal District & Sessions Judge Anju Bajaj Chandna of Rouse Avenue Courts held that the prosecution was able to prove its case...

Delhi Coaching Centre Deaths: Court Denies Bail To Four Co-Owners Of Basement

A Delhi Court on Friday denied bail to four co-owners of basement of a coaching centre in city's Old Rajinder Nagar area where three civil services aspirants died by drowning. Principal District and Sessions Judge Anju Bajaj Chandna of Rouse Avenue Courts denied bail to Parvinder Singh, Harvinder Singh, Sarabjit Singh and Tajinder Singh. Recently, bail was granted by the trial court to...