Company Law - Corporate Law Reporter

Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

CIRCULAR CIR/MRD/DP/ 01 /2013 January 21, 2013 To, All Stock Exchanges Dear Sir / Madam, Sub: Establishment of Connectivity with both depositories NSDL and CDSL Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement 1. It is observed from the information provided by the depositories that the companies listed in… Read More

CCI Issues Cease And Desist Order Against Northern India Motion Pictures Association (NIMPA)

The Competition Commission of India passed its final order today against Northern India Motion Pictures Association (NIMPA) directing it to cease and desist from indulging in anti-competitive conduct. The order has been issued in a case filed by M/s Shri Ashtavinayak Cine Vision Limited against NIMPA and other film associations alleging inter alia contravention of… Read More

Decisions taken in SEBI Board Meeting in Chennai

The SEBI Board met in Chennai today and took the following decisions: 1. Review of Offer for Sale (OFS) through stock exchange mechanism. The Board noted that the OFS mechanism has been found to be useful by market participants and popular for offloading shares of promoters in listed companies in order to achieve minimum public shareholding.… Read More

Amendments to Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines

CIR/CFD/DIL/3/2013 January 17, 2013 To All Stock Exchanges All Registered Merchant Bankers Dear Sir/Madam, Sub: Amendments to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement. 1. SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 ("SEBI (ESOS & ESPS) Guidelines") were issued to enable listed entities… Read More

Dialogue on promoting Competition Culture in the Country

The Eminent Persons Advisory Group (EPAG) that held its second meeting in Delhi today suggested that time has come wherein the culture of total governance should now be replaced with culture of competition in the country. . Mr. N.L.Mitra, former Vice Chancellor, NLSIU and Member of EPAG said that Competition Commission should initiate dialogue with… Read More

SEBI order in the case of circular trading and creation of artificial volume

Background The Securities and Exchange Board of India (hereinafter referred to as ˜SEBI™) conducted investigations into the alleged irregularity in the trading in the shares of Rich Universe Network Limited (hereinafter referred to as the Noticee No. 1) which was formerly known as Rich Capital & Financial Services Ltd., for the period from February 01,… Read More

Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer

Securities and Exchange Board of India (hereinafter referred to as ˜SEBI™) examined the Letter of offer document dated December 14, 2010 by M/s Ultraplus Housing Estate Pvt. Ltd (Acquirer), to the shareholders of M/s Associated Cereals Limited (Target Company) (hereinafter referred to as ACL). SEBI observed that Shri Bimal Kumar Agarwal (hereinafter referred to as the… Read More

SEBI order in the case of fraudulent practices and absconding management

Securities and Exchange Board of India (hereinafter referred to as "SEBI") received a complaint with regard to the preference shares issued by M/s. SGI Research & Analysis Ltd. (hereinafter referred to as 'SGI'). In the said complaint, it was inter-alia alleged that Shri Lokeshwar Dev (promoter/director of SGI) had raised more than fifteen hundred crore… Read More

XBRL Filing last date extended to 15th Feb’13

The Ministry of Corporate Affairs has extended the last date for filing of XBRL data for financial year starting FY 2011-12 till 15th February 2013. The circular is attached here for reference. No. 17/161/2012-CL-V Government of India Ministry of Corporate Affairs 5th Floor-, "A" Wing, Sllaslri Bhawan, Dr. R.P. Road, New Delhi-110001 Dated 15/01/2013… Read More

SEBI order in the case of forged CAF records and documents

Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has passed an Order dated December 31, 2012, restraining Ram Kaashyap Investment Limited and its Promoter Mr. A. Venkatramani from accessing the securities market in the matter of Rights Issue of the company and further prohibiting them from buying, selling or otherwise dealing in securities, directly or… Read More

Registration of Fidelity MF Cancelled

Pursuant to the acquisition of Fidelity Mutual Fund by L&T Mutual Fund and at the request of FIL Fund Management Pvt. Ltd, the AMC to Fidelity Mutual Fund, Securities and Exchange Board of India (SEBI), vide its letter dated January 14, 2013, has cancelled the certificate of registration of Fidelity Mutual Fund and has withdrawn… Read More

RIL-SEBI case on Insider trading charges adjourned by SAT till January 24

The Securities Appellate Tribunal (SAT) has given some more time to SEBI to reply to the petition filed by Reliance Industries Limited (RIL) on the issue of the show cause notice sent by the market regulator to them. SAT has adjourned the hearing on RIL™s plea till January 24 for admission. RIL had earlier filed… Read More

Supreme Court has stayed the SAT order against HSBC MF

In May 2011 the Securities Appellate Tribunal (SAT) had ruled and directed HSBC Mutual Fund to compensate unit holders who had reported suffering losses when the fund house had changed the scheme attributes without informing. The Chief Justice Altamas Kabir led three-judge bench has granted the stay on the SAT ruling. This will come into effect… Read More