Gdr Manipulation

Reliance AGM: Where and how to watch Reliance's 46th annual general meeting

Reliance AGM: Where and how to watch Reliance's 46th annual general meeting

SAT reduces Sebi's penalty on Jindal Cotex to Rs 25 lakh in GDR case

The Securities Appellate Tribunal has slashed the penalty imposed by Sebi on Jindal Cotex Ltd (JCL) to Rs 25 lakh from Rs 10.3 crore in a case related to manipulation in the issuance of global depository receipts. Also, the appellate tribunal reduced the fine on JCL's Managing Director Sandeep Jindal to Rs 10 lakh from Rs 20 lakh. However, it affirmed the penalty imposed on Rajinder Jindal and Yash Paul Jindal who was Whole Time Director and Chairman of JCL, respectively, saying the fines were neither arbitrary nor excessive. "In our opinion, the penalty imposed is "excessive" and disproportionate to the violation and is also discriminatory. "The company is a running concern. Penalising the firm with such a heavy penalty is in fact penalising the shareholders, which is not justifiable especially for a running company," the appellate tribunal said in its order dated February 23. The ruling came after JCL, Sandeep Jindal, Rajinder Jindal and Yash Paul Jindal challenged the order pa

Sebi penalises PVR Murthy in GDR manipulation of Birla Cotsyn, Zenith Birla

Sebi on Tuesday levied fines totalling Rs 20 lakh on PVR Murthy in the manipulation of global depository receipts (GDR) of Birla Cotsyn (India) Ltd and Zenith Birla (India) Ltd (now known as Zenith Steel Pipes & Industries). In two separate orders, the regulator slapped a fine of Rs 10 lakh each on PVR Murthy. The order came after the Securities Appellate Tribunal (SAT) in its ruling on November 2022, set aside two different Sebi orders passed on May 2022 and June 2022, in the matter of Birla Cotsyn and Zenith Birla and remanded the matter back to the markets watchdog and pass a fresh one. The regulator conducted its investigations into the alleged irregularities in the GDR of Birla Cotsyn (India) Ltd (BCIL) and Zenith Birla (India) Ltd (ZBIL) during the period February-April 2010 and May-June 2010, respectively. The regulator found in its investigations that the GDR issue would not have been subscribed had ZBIL and BCIL not given any such security towards the loan taken by ...

Sebi fines Rs 10.25 crore on Commex Technology in GDR manipulation case

It was observed that Commex had issued 19,06,790 GDRs raising USD 9.99 million in May 2009 and the entire GDR were subscribed by only one entity -- Vintage FZE

Sebi imposes Rs 72 crore penalty on Winsome Textile Industries, directors

The directors facing the fine are Ashish Bagrodia, Manish Bagrodia and Satish Girotra

GDR manipulation: Sebi passes directions against Southern Ispat and Energy

Pan Asia Advisors Ltd, a UK based entity, was the lead manager for the firm's GDR issue

Zenith Birla GDR manipulation case: Sebi bans 7 entities, 6 individuals

Cracking the whip in a GDR manipulation case related to Zenith Birla (India) Ltd, Sebi on Tuesday barred six individuals and seven entities from the securities market for varying periods

Sebi imposes market ban on entities, individuals for GDR manipulation

Sebi has barred two entities and five individuals for indulging in fraudulent trading activities with respect to GDR issuance by Soma Textiles & Industries Ltd. Soma Textiles & Industries Ltd "is hereby restrained from accessing the securities market...directly or indirectly...for a period of 3 years from the date of this order," Sebi said in an order passed on Monday. Others facing the prohibition are -- SK Somany, AK Somany, P Bandopadhyay, Prafull Anubhai, Sunil Patel and Whiteview Trading Corporation. The ban has been imposed for a period ranging from 1-3 year. An investigation was conducted by Sebi with respect to the GDR (Global Depository Receipt) issuance by the company during October 1-31, 2006. The regulator in its investigation observed that Soma had issued GDRs amounting to USD 17.29 million. It was noted that the entire GDR proceeds were subscribed to only one entity -- Whiteview Trading Corporation (Whiteview). It was also observed that the subscription amount ...

Sebi slaps Rs 50 lakh fine on Farmax India MD for GDR manipulation

Sebi noted that Reddy was part of the fraudulent scheme and arrangement of Farmax India in executing the scheme of financing its own GDR issue

Sebi bans Beckons Industries, its senior officials for GDR manipulation

Through two separate orders, Sebi noted that the firm issued 1.44 million GDRs amounting to USD 5 million in July 2008 and 2.49 million GDRs worth USD 10.54 million in June 2010

Sebi bars four individuals in Birla Cotsyn's GDR issue manipulation case

Markets regulator Sebi has barred four individuals in connection with manipulation in the issuance of global depository receipts by Birla Cotsyn (India) Ltd back in 2010

GDR manipulation: Sebi slaps Rs 20.65 cr fine on Aqua Logistics, directors

Markets regulator Sebi on Tuesday slapped a fine totalling Rs 20.65 crore on Aqua Logistics Ltd, its directors and three other individuals for manipulation in issuance of global depository receipts

Sebi bars 11 entities from securities market for GDR manipulation

The regulator has directed Farmax to continue to pursue the measures to bring back the outstanding amount of $72.20 million into its bank account in India, according to an order

GDR manipulation: Farmax India among 11 entities barred from securities mkt

The regulator has directed Farmax to continue to pursue the measures to bring back the outstanding amount of $72.20 million into its bank account in India

GDR manipulation: Sebi slaps Rs 15.1 cr fine on IKF Tech, two others

In a separate order passed on Thursday, Sebi levied a total penalty of Rs 10.25 crore on Beckons Industries Ltd in a matter related to manipulation in issuance of GDR.

GDR manipulation: Sebi levies fine on Aksh Optifibre, its five directors

The order follows a probe conducted by the regulator between August-September 2010.

GDR manipulation: Sebi bans officials of Resurgere Mines and Minerals India

Sebi has banned the officials from accessing securities market for varying periods between one year to three years.

GDR manipulation: Sebi levies Rs 10.7 cr fine on Jindal Cotex, 3 officials

During the probe, Sebi observed that the entire 1.51 million GDRs were subscribed by only one entity, Vintage FZE (now known as Alta Vista International FZE).

GDR manipulation: Bhoruka Aluminium, officials fined Rs 10.65 cr by Sebi

The regulator in a probe conducted between November-December 2010 noted that the firm had issued 1.12 million GDRs amounting to $10.38 million

GDR issue: Sebi lifts mkt ban on Transgene Biotek's 2 promoters, director

According to Sebi, there are no adverse findings against the company's director Prashant Kumar Ghosh and promoters -- K Nirmala Rao and K Srinivas