March 14, 2021
Kishore Biyani, Promoter of the Future Group - KAMAL NARANG× Kishore Biyani, the founder of the Future Group, has deposited the interim fine in the insider trading case as ordered by Securities Appellate Tribunal (SAT). The money has been deposited with SEBI. The ₹11-crore interim fine was levied by SAT on Biyani and a few others.
During the hearing held on February 15, a three-member Bench at SAT led by Justice Tarun Agarwala had also stayed an order passed by market regulator that had barred the brothers Kishore and Anil Biyani and Future Corporate Resources Pvt Ltd along with other individuals from accessing the securities market for one year.
Tribunal upholds SEBI order against Mallya
March 12, 2021
Indian business man Vijay Mallya leaves the high Court for a lunch break as he appeals against extradition to India to face fraud charges at the Royal Courts of Justice in London, Tuesday, July 2, 2019. Mallya, whose business empire once included Kingfisher beer, left India two and a half years ago after defaulting on debts of more than a billion dollars linked to a failing venture, Kingfisher Airlines.(AP Photo/Alastair Grant) - AP
Indian business man Vijay Mallya leaves the high Court for a lunch break as he appeals against extradition to India to face fraud charges at the Royal Courts of Justice in London, Tuesday, July 2, 2019. Mallya, whose business empire once included Kingfisher beer, left India two and a half years ago after defaulting on debts of more than a billion dollars linked to a failing venture, Kingfisher Airlines.(AP Photo/Alastair Grant) - AP×
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Terming Sahara India Financial Corp Ltd as an entity not fit & proper , market regulator Securities and Exchange Board of India (SEBI) has cancelled registration of the Sahara group unit as sub-broker of National Stock Exchange (NSE) and BSE.
In an order, G Mahalingam, whole-time member (WTM) of SEBI, says, Subrata Roy Sahara is a promoter and continues to hold substantial shareholding in Sahara India Financial Corp and therefore, is also capable of exercising control and influence over the management of the Sahara India Financial Corp, thereby making it not a ‘fit and proper person’ in terms of Regulation 7(2)(e) read with Schedule II of the Intermediaries Regulations, to continue to act as a sub-broker.
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After hearing the grievances of investors and clients of Anugrah Stock & Broking Pvt Ltd (Anugrah) the Bombay High Court says there exists a prima facie case and the statutory authorities have, indeed, failed in performing their duties under the law. Especially the bench observed that market regulator Securities and Exchange Board of India (SEBI), which has wide powers, ought to have passed necessary orders in the interest of clients or constituents of Anugrah. Action, if any, taken by the authorities, including SEBI, were at a belated state, the HC noted.
The bench of justice SS Shinde and justice MS Karnik was hearing petitions filed by investor-clients of the crisis-hit Anugrah Stock & Brokers. Dr Birendra Saraf of Parinam Law Associates represented the investors during the hearing.
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