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securities and exchange board of india

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Public interest litigation questioning the appointment of Mr. U.K.Sinha as chairman of SEBI -In our opinion,the petition does not satisfy the test of utmost good faith which is required to maintain public interest litigation. Apex court dismissed the writ filed under Art.32 of Indian constitution =Arun Kumar Agrawal …Petitioner Versus Union of India & Ors. …Respondents – Reported in http://judis.nic.in/supremecourt/filename=40945

Public interest litigation questioning the appointment of Mr. U.K.Sinha as chairman of SEBI -In our  opinion,the petition does not satisfy the test of utmost good faith  which  is required to maintain public interest litigation. Apex court dismissed the writ filed under Art.32 of Indian constitution =   This writ petition has been filed by one … Continue reading

Credit Rating Agency (“CRA”) – appeal under Section 15Z of the Securities and Exchange Board of India Act, 1992 (“the SEBI Act”) is directed against the impugned judgment and final order dated 9th November, 2011 passed by the Securities Appellate Tribunal, Mumbai (“the SAT”), in Appeal No. 155 of 2011, by which the appeal filed by M/s Informetics Valuation and Rating Pvt. Ltd., (the respondent herein) was allowed, and the order dated 24th June, 2011 passed by the Whole Time Member of SEBI and communication dated 21st July, 2011 of the Securities and Exchange Board of India (”the SEBI”) was set aside. By the impugned order, the SAT has remanded the matter back to the appellant to consider the application of the respondent seeking registration Page 1 of 29Page 2 as a Credit Rating Agency (“CRA”) without requiring the respondent to produce Audited Annual Accounts of the respondent’s promoters for the two years ending December, 2010.- a CRA had been defined as a body corporate, which is engaged or proposes to be engaged in the business of rating of securities offered by way of public or rights issue. – Surprisingly, however, the Board continued to grant further time to the respondent to remove the objections even beyond the maximum sixty days permissible under the proviso to Regulation 6. It appears that the enquiries continued from 20th August, 2009 till March 1, 2011 when the show cause notice was issued to the respondent. The application of the respondent is not rejected till 21st July, 2011. The delay in the rejection of the application of the respondent was wholly unwarranted. It allowed the respondent a latitude not permissible under the regulations. Taking advantage of this latitude, the respondent has provided the Audited Accounts for the five years preceding the date of application. Not only this, we are informed that by now the respondent has even produced before this Court in a sealed cover the Audited Accounts of M/s. Coment (Mauritius) Limited for the subsequent two years upto 31st December, 2010 also. 29. Since the Board had extended the time to the respondent, even though not permissible in law, we are not inclined to modify the directions issued by the SAT. Especially in view of the submission of Mr. Suri that respondent is willing at this stage to produce the Audited Accounts of the promoter even for the subsequent two years. Page 28 of 29Page 29 30. In view of the above, we see no merit in the appeal and the same is hereby dismissed with no order as to costs.

Page 1 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 291 OF 2012 SECURITIES AND EXCHANGE BOARD OF INDIA ….APPELLANT VERSUS M/S. INFORMETICS VALUATION AND RATING PVT. LTD. .… RESPONDENT O R D E R SURINDER SINGH NIJJAR, J. 1. The present appeal under Section 15Z of the Securities and Exchange … Continue reading

primarily concerned with the powers of the Securities and Exchange Board of India (for short ‘SEBI’) under Section 55A(b) of the Companies Act, 1956 to administer various provisions relating to issue and transfer of securities to the public by listed companies or companies which intend to get their securities listed on any recognized stock exchange in India and also the question whether Optionally Fully Convertible Debentures (for short ‘OFCDs’) offered by the appellants should have been listed on any recognized stock exchange in India, being Public Issue under Section 73 read with Section 60B and allied provisions of the Companies Act and whether they had violated the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 [for short ‘DIP Guidelines’] and various regulations of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 [for short ‘ICDR 2009’], and also whether OFCDs issued are securities under the Securities Contracts (Regulation) Act, 1956 [for short ‘SCR Act’].

REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 9813 OF 2011 Sahara India Real Estate Corporation Limited & Ors. .. Appellants Versus Securities and Exchange Board of India & Anr. .. Respondents WITH CIVIL APPEAL NO. 9833 OF 2011 J U D G M E N T K. S. RADHAKRISHNAN, … Continue reading

BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA Vikas Narnavar aided and abetted the company and its promoter in manipulating the market and defrauding innocent investors. 10. Thus, Vikas Narnavar was alleged to have violated regulations 4(1), 4(2) (a) of SEBI (PFUTP) Regulations 2003. Adjudication Order in respect of Vikas Gourihar Narnavar in the matter of E.Star Infotech Ltd.

Adjudication Order in respect of Vikas Gourihar Narnavar in the matter of E.Star Infotech Ltd. March 30, 2012 Order No. MC/AO- 06/2012 Page 1 of 8 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO. MC/AO- 06/2012] UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH … Continue reading

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