Supreme Court stays SAT order substituting fine imposed by SEBI with warning
Supreme Court stays SAT order substituting fine imposed by SEBI with warning
NEW DELHI : The Supreme Court has stayed an order of the Securities Appellate Tribunal (SAT), which had replaced market regulator Sebi’s directive of monetary penalty with a warning, in a fraudulent trading case.
The order comes following an appeal filed by the Securities and Exchange Board of India (Sebi) against the SAT order.
It has also been submitted that similar orders have been passed by SAT in many other cases, leading to several appeals being filed before this court by Sebi.
SC stays SAT order replacing SEBI fine with waring
A Supreme Court said the direction of substituting the fine, which has been imposed for indulging in fraudulent and unfair trading practices, with a warning is contrary to the statutory provision
PTI | January 6, 2021 | Updated 18:56 IST
Securities and Exchange Board of India (SEBI)
The Supreme Court has stayed an order of the Securities Appellate Tribunal (SAT), which had replaced market regulator Sebi s directive of monetary penalty with a warning, in a fraudulent trading case.
The order comes following an appeal filed by the Securities and Exchange Board of India (Sebi) against the SAT order.
A judge has dismissed a class-action lawsuit regarding shaking claims.
If you re the owner of a 2015-2019 model year Chevrolet Silverado, GMC Sierra, or one of several rear-wheel-drive GM vehicles, you ll want to pay close attention. Last year, we reported about a group of owners who filed a class-action lawsuit against the automaker claiming they experienced violent shakes, jerks, and, in some cases, a hard shift during gear changes. GM was aware of the problem, issuing 13 technical service bulletins (TSBs) regarding problems associated with the eight-speed automatic transmission and the aluminum driveshaft found in those vehicles.
One Silverado owner even reached out to his local news station to demonstrate the constant shudder vibration on his $52,000 truck.
Markets regulator Sebi on Thursday imposed a total penalty of Rs 27 crore on NDTV promoters, Prannoy Roy and Radhika Roy, as well as on RRPR Holding for violating various securities norms by concealing information from shareholders regarding certain loan agreements. RRPR Holding is a promoter entity of New Delhi Television Ltd (NDTV). According to Sebi, certain loan agreements had clauses that have adversarial effect on the NDTV shareholders. The regulator said its probe began after receipt of complaints, in 2017 from Quantum Securities Pvt Ltd a shareholder of NDTV about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with VCPL.
One loan agreement was with ICICI Bank, and two were with Vishvapradhan Commercial Private Ltd (VCPL).
As per Sebi, an agreement was signed in 2009 with VCPL for a loan of Rs 350 crore to repay the ICICI Bank loan and a second loan agreement with VCPL was signed for Rs 53.85 crore, a year later.
These loan agreements included clauses and conditions that substantially affected the functioning of NDTV, Sebi said in its 52-page order.
Further, one of the terms of loan agreements allowed VCPL to indirectly acquire 30 per cent shareholding of NDTV through conversion of warrants into equity shares of RRPR Holding.