Penalty

Google may face a third CCI fine in less than a month. Now for Android TV

Google has already been fined in previous two cases for "abusing its market dominant position" in connection with the Android mobile device ecosystem

Reserve Bank of India imposes penalty worth Rs 1.75 crore on HSBC

Earlier in April, the central bank had imposed penalties totalling Rs 44 lakh on four cooperative banks

Sebi imposes Rs 1.55-cr fine on 23 entities for flouting regulatory norms

Capital markets regulator Sebi on Friday imposed fines totalling Rs 1.55 crore on 23 entities for violating regulatory norms in the matter of trading by certain entities in mentha oil futures contracts at Multi Commodity Exchange (MCX). The regulator slapped a fine in the range of Rs 1 lakh to Rs 10 lakh on 23 entities. The order came after MCX had observed that certain entities are connected with North End Foods Marketing (NEFM) and on the basis of funding from NEFM they were holding more than 75 per cent of the total exchange deliverable stock of mentha oil held in the exchange. Further, MCX submitted its observations to Sebi in June 2018 and conducted a detailed examination to find out whether certain connected entities intended to corner the market on long side in mentha oil contracts thereby violating the position limits as prescribed by the regulator. In its order, Sebi's Adjudicating Officer Vijayant Kumar Verma said, "I find that Noticee 3 to Noticee 21, through a premedita

Sebi imposes Rs 5 lakh fine on Venugopal Dhoot for disclosure lapses

Sebi on Friday imposed Rs 5 lakh fine on Videocon Group Founder Venugopal Dhoot for not making disclosures about his interest in Supreme Energy as well as for not disclosing that Quality Techno Advisors Pvt Ltd (QTAPL) and Credential Finance Ltd (CFL) were related parties with respect to certain transactions. The order came after Sebi conducted an examination following media reports published in March 2018 regarding certain 'quid pro quo' arrangements between Venugopal Dhoot and former Managing Director and Chief Executive Director of ICICI Bank Ltd Chanda Kochhar in lieu of grant of certain credit facilities by ICICI Bank to some entities belonging to the Videocon Group. The scope of the examination was specifically to ascertain whether Dhoot violated the provisions of LODR (Listing Obligations and Disclosure Requirements) rules and provisions of listing agreement in respect of the submissions that were required to be made by Videocon Industries to the stock exchanges. In its order

Sebi slaps penalties totalling Rs 36 cr on PNB Finance, CCCL, others

Sebi on Tuesday imposed penalties totalling Rs 35.67 crore on PNB Finance and Industries Ltd, Camac Commercial Company Ltd and various other entities, including promoters Samir Jain and Meera Jain who have also been barred from the securities market. Apart from the market ban, Samir Jain and Meera Jain have been restrained from holding any key managerial position or associating with any listed public company. These restrictions will be in place till the two companies comply with the minimum public shareholding requirement under Sebi norms, according to two separate orders. Listed companies are required to have at least 25 per cent public shareholding. As per Sebi, the two companies did not make adequate disclosures about their promoter entities. The companies, listed on Calcutta Stock Exchange, have also been directed to disclose details about their promoters. Samir Jain was the Vice Chairman and Managing Director of Bennett Coleman and Co. Limited (BCCL) at the relevant point of t

RBI imposes Rs 30 lakh penalty on Karur Vysya Bank for non-compliance

The RBI on Friday said it has imposed a penalty of Rs 30 lakh on Karur Vysya Bank for non-compliance with certain provisions related to fraud classification and reporting by commercial banks. In a statement, the Reserve Bank said a Select Scope Inspection (SSI) of the bank was conducted by it from February 21, 2022, to March 4, 2022. An examination of the SSI report and all related correspondence pertaining to the same revealed that the bank failed to report a few accounts as frauds to the RBI within a week of the respective Joint Lenders' Forum (JLF) decisions to do so, the central bank said. In furtherance to the same, a notice was issued to Karur Vysya Bank, advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions issued by the RBI. After considering the bank's reply, oral submissions and additional submissions made by the bank, the RBI came to the conclusion that the charge of non-compliance with the directions was ...

RBI imposes Rs 500,000 fine on HDFC for non-compliance of provisions by NHB

The Reserve Bank of India on Friday said it has imposed a penalty of Rs 5 lakh on Housing Development Finance Corporation Limited (HDFC) for non-compliance with certain provisions issued by the National Housing Bank (NHB). Giving details, the Reserve Bank of India (RBI) said a statutory inspection of the company was conducted by NHB with reference to its financial position as on March 31, 2020. It was revealed, inter alia, that the company failed to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20, the RBI said in a statement. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein. "After considering the company's reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of ...

Sebi imposes Rs 62 lakh fine on 6 entities for fraudulent trading

Capital market regulator Sebi on Tuesday imposed fines totalling Rs 62 lakh on six entities for indulging in fraudulent trade practices in the shares of North Eastern Carrying Corporation Ltd (NECC). The regulator slapped a fine of Rs 15 lakh on Realstep Agencies, Rs 10 lakh each on Utkarsh Jain, Vanya Jain (promoters of NECC), Sairabanu Mohd Rafiq Fanaswala and Malatiben Ashokbhai Darji and Rs 7 lakh on Charamsukh IT Marketing. The order came after Sebi carried out an investigation in the scrip of NECC for the period from December 2016 to April 2017. It was alleged that Utkarsh, Vanya, Realstep, Fanaswala, Darji and Charamsukh IT Marketing had violated the provisions of PFUTP (Prohibition Of Fraudulent And Unfair Trade Practices) norms. The regulator found in its investigation that Utkarsh and Vanya sold shares and created misleading appearance of trading in the market for the days on which such trading took place. The trades bypassed the normal market mechanism, affecting intere

Sebi levies Rs 11 lakh penalty on 7 entities for violating market norms

Capital market regulator Sebi on Monday levied fines totalling Rs 11 lakh on seven entities for flouting regulatory norms in the matter related to SS Organics Ltd (now known as Oxygenta Pharmaceutical Ltd). The regulator slapped a fine of Rs 5 lakh on SS Organics Ltd (SSOL) and Rs 6 lakh on six individuals -- Sai Sudhakar Vankineni, D Sadasiva Reddy, Gunreddy Krishna Reddy, Muralidhar Rambathri, Rajasekhar Reddy Puchakayala and Raghavender Rao. The order came after Sebi conducted an examination in respect of the process followed by SSOL for approval and disclosure of related party transactions with ARR Capital Investment Pvt Ltd. The focus of the examination was to ascertain if there was any possible violation of LODR (Listing Obligations and Disclosure Requirements) rules. The regulator found that a loan transaction of Rs 15 crore executed between ARR and SSOL, which was further extended to Rs 35 crore, was more than the turnover of the firm for FY2019-20. Hence, the transaction

Sebi penalises PMIA, directors for Rs 28 lakh for violating market norms

Sebi on Wednesday levied penalties totalling Rs 28 lakh on Pinnacle Market Investment Advisory (PMIA) and its directors for violating regulatory norms. PMIA is a Sebi-registered Investment Adviser (IA) and its directors are Abhishek Patel, Shekhar Mishra and Parul Sahu. The regulator slapped a fine of Rs 13 lakh on PMIA and Rs 5 lakh each on Patel, Mishra and Sahu. In addition, Sebi directed PMIA and its directors to resolve the complaints pending against Pinnacle in SCORES within seven days and further settle pending refunds within thirty days. Also, the regulator restrained them from the securities market and also restricted them to issue prospectus, offer document or solicit money for a period of three years. Further, the regulator prevented PMIA and its directors from selling their assets, properties and mutual funds held by them in demat and physical form for other than the purpose of making the refunds. The order came after Sebi received multiple complaints against PMIA. T

Paris-New Delhi flight incidents: DGCA slaps Rs 10 lakh fine on Air India

Aviation regulator DGCA on Tuesday imposed a fine of Rs 10 lakh on Air India for not reporting two incidents of unruly passenger behaviour onboard a Paris-New Delhi flight in December last year. This is the second time in less than a week that the watchdog has taken enforcement action against the airline in connection with unruly passenger behaviour. In a statement on Tuesday, DGCA said the incidents of passenger misbehaviour occurred on the AI-142 flight from Paris to New Delhi on December 6, 2022. One drunk passenger was caught smoking in the lavatory and not adhering to the crew instructions, and another passenger allegedly relieved himself on a vacant seat and blanket of a fellow female passenger when she went to the lavatory, it said. "Enforcement action in the form of a financial penalty of Rs 10,00,000 has been imposed on Air India for not reporting the incident to DGCA and delaying in referring the matter to its Internal Committee, which is a violation of applicable DGCA Ci

Amazon faces over $60K penalty for unsafe warehouse work conditions

US regulators have found that three Amazon warehouse facilities exposed workers to "ergonomic hazards", including putting them at high risk for lower back injuries and other musculoskeletal disorders

305 enforcement actions against airlines, individuals taken by DGCA in 2022

Aviation safety regulator DGCA took 305 enforcement actions, including imposing financial penalties against various operators and individuals, among others for non-compliance of various norms during 2022, an official statement said on Sunday. The Directorate General of Civil Aviation (DGCA) has the mandate to enforce civil air regulations, air safety and airworthiness standards. There were 305 enforcement actions taken by the regulator during the year, the DGCA said in the statement. These enforcement actions were taken against various airlines, including scheduled as well as non-scheduled operators, airport operators and flying training organisations for failing to adhere to laid down safety standards and norms and compromising safety of aircraft operations, the DGCA said. Actions were also taken against erring pilots, cabin crew, air traffic controllers (ATCOs), aircraft maintenance engineers and various post holders for non-compliance to laid down regulations and SOPs, it ...

RBI imposes penalty of Rs 13.9 lakh on Mynd Solutions for non-compliance

Non-promoter shareholding in the company exceeded the 10% ceiling prescribed for TReDS operators

RBI slaps Rs 2.66 crore penalty on Bank of Bahrain & Kuwait BSC, India ops

The Reserve Bank on Monday said it has imposed a penalty of Rs 2.66 crore on Bank of Bahrain & Kuwait BSC, India operations for non-compliance with directions on cyber security framework. In a statement, the Reserve Bank of India (RBI) said the bank failed to implement systems to detect unusual and unauthorised, internal or external activities in its database. It also failed to implement security operations centre for obtaining real-time/ near-real time information and insight into the security posture of the bank, and enable audit logs for database and operating system of servers, among others, as per the statement. A notice was issued to the bank asking it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by RBI. "After considering the bank's reply to the notice, oral submissions made during personal hearing and additional submissions made by it, RBI came to the conclusion that the charge of non-compliance with the ...

$1-million penalty: KPMG India settles with US audit regulator PCAOB

The PCAOB found that Lakhani and certain other engagement team members signed off on blank placeholder work papers in KPMG India's electronic audit software

File tax return by Dec 31 if you haven't yet, to avoid notice and penalty

Meeting that deadline will allow you to claim refund on excess tax deducted

RBI imposes penalty on 13 cooperative banks for breaching regulatory norms

The Reserve Bank of India on Monday announced penalties on 13 cooperative banks for contravention of various regulatory norms. The penalties range between Rs 50,000 and Rs 4 lakh. The maximum penalty of Rs 4 lakh has been imposed on Shri Kanyaka Nagari Sahakari Bank, Chandrapur, and Rs 2.50 lakh fine on The Vaidyanath Urban Co-operative Bank, Beed. A penalty of Rs 2 lakh each has been slapped on Wai Urban Co-operative Bank, Satara and Indore Premier Co-operative Bank, Indore. For contravention of various norms, a penalty of Rs 1.50 lakh each has been imposed on Patan Nagarik Sahakari Bank, Patan and The Tura Urban Cooperative Bank, Meghalaya. The other banks on which have penalties been imposed are: Nagrik Sahakari Bank Maryadit, Jagdalpur; Jijau Commercial Co-operative Bank, Amravati; Eastern & North-East Frontier Railway Co-op Bank, Kolkata; Jila Sahakari Kendriya Bank Maryadit, Chhatarpur; Nagrik Sahakari Bank Maryadit, Raigarh; Jila Sahakari Kendriya Bank Maryadit, Bilaspur; .

AMCs to be penalised for delay in dividend, redemption payments: Sebi

Any delay in dividend payment beyond seven working days to attract interest charge at 15% a year; investors to get redemption money within three working days, from 10 earlier

FIR, Rs 10,000 penalty on pet owner after dog bites child in Greater Noida

An FIR has been lodged against a high-rise society resident after his pet dog bit a six-year-old child inside their building's lift in Greater Noida (West), a police official said Thursday. The Greater Noida Authority also slapped a penalty of Rs 10,000 on the pet owner and asked him to bear the medical expenses of the child. According to the complaint lodged by the police, the child was returning to his 16th-floor home in La Residentia society after school on Tuesday and he was with his mother inside their building's lift. The CCTV footage of the episode also made its way to social media, purportedly showing the dog lunging at the child and biting on his arm. There were only three people -- the child in the school uniform, his mother and the pet owner -- besides the dog in the lift at the time, the footage showed. The mother and the child were in the lift, which went to the basement of the building before going up. In the basement, another building resident entered the lift along