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SEBI Imposes Rs10 lakh Penalty on Karvy Financial Services

SEBI Imposes Rs10 lakh Penalty on Karvy Financial Services Moneylife Digital Team 30 July 2021   Karvy Financial made public announcement for open offer with a delay of 81 days, in violation of Substantial Acquisition of Shares and Takeovers (SAST) norms.    SEBI’s investigation revealed that Karvy had extended a loan amount of Rs7 crore to Regaliaa whose promoters had pledged 55.56% of the paid-up share capital in favour of Karvy, in addition to the securities for availing the loan. Karvy invoked the pledge as the firm defaulted on payment of instalments. This took Karvy’s shareholding in the company to 55.56%, thereby breaching the threshold of 25% as stipulated under SAST norms.

Sebi-PNB housing tussle: Sebi-PNB Housing tussle over control premium casts a long shadow on RIL deal to buy Just Dial

✖ Getty Images Mukesh Ambani, chairman and MD, Reliance Industries; Ajay Tyagi, chairman, SEBI; S. S. Mallikarjuna Rao, MD and CEO, Punjab National Bank; VSS Mani, founder and managing director, Just Dial Services Private Limited. Synopsis Like Carlyle’s investment in PNB Housing Finance, the proposed deal by Reliance Retail Ventures involves a large preferential issue, the pricing of which is not accompanied by a detailed valuation report. Proxy advisories are of the view that dilution through such preferential issues without transparent valuation reports hurts minority shareholders. The decision by the Securities Appellate Tribunal (SAT) in the legal tussle between the Securities and Exchange Board of India (Sebi) and PNB Housing Finance could have a bearing on the pricing of Just Dial shares in its INR3,500 crore deal with Reliance Retail Ventures Limited (RRVL). With the proxy advisory firms holding a magnifying glass on the fine print of the Articles of Association (AoA

SC directs Franklin Templeton to not launch debt schemes till conclusion of case before SAT

SC directs Franklin Templeton to not launch debt schemes till conclusion of case before SAT
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