2018 (5) TMI 931
Satyam Scam - Penalty for insider trading - Prohibition of Insider Trading Regulations, 1992 - appellant was roped in by the Whole Time Member of the SEBI as well as the Appellate Tribunal as he happened to be an executive director of SCSL from 1993 upto 31.8.2000 and a non-executive director from 1.9.2000 to 23.1.2003. He also happens to be the co-brother of B. Ramalinga Raju as the two of them have married two sisters - Held that - We are of th....... + More
2018 (4) TMI 1412
Proceedings under Arbitration and Conciliation Act - arbitral award required the shares to be transmitted to the claimants - Held that - The arbitral award, in essence, postulates the transmission of shares from the appellant to the claimant. The only remedy available for effectuating the transmission is that which was provided in Section 111 for seeking a rectification of the register. There is, therefore, no merit in the challenge addressed by ....... + More
2018 (4) TMI 487
Cancelling the allotment or demanding payment of 50% of the prevailing market value - Operation of transfer - Held that - It is not necessary to deal with the argument as to whether doctrine of proportionality is applicable in the instant case or not. It is to be borne in mind, as rightly held by the High Court, that the appellant-Corporation had withdrawn the action of cancellation of the plots. Instead, it demanded 50% of the prevailing market ....... + More
2018 (3) TMI 1392
Refusal of registration of shares and appeal against refusal - High court dismissed the appeal - question of law - Held that - In the instant case, there is no resolution passed by the company refusing to register the transfer of shares. Since the Company Law Board has gone into the contentions by the appellant for refusing to register transfer for all purposes, it has to be taken that those contentions are the grounds taken by the appellant for ....... + More
2018 (3) TMI 1070
Violation of the provisions of the Companies Act, 1956 - Held that - The respondent-SEBI initiated action under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11(1), 11(4), 11A and 11B thereof against Suraksha Agrotech Industries Limited for its having issued Redeemable Preference Shares in violation of the provisions of the Companies Act, 1956. - Since the appellant was held to be the director of the said c....... + More
2018 (2) TMI 1420
Valuation of properties - company in liquidation - symbolic possession of the properties - Held that - (i) The Official Liquidator, with the guidance of the Court Receiver and after obtaining appropriate directions from the learned Company Judge in consultation with Justice A.S. Oka, can go ahead to sell the movable properties and, thereafter, proceed to sell the immovable properties which find mention in paragraph (a) of the prayer clause. - (ii....... + More
2018 (2) TMI 580
Buying and selling securities in the derivatives segment - manipulation and synchronization in trading of shares - violation of transparent norms of trading in securities - Held that - I fail to understand as to why Kasam Holding has made the transactions repeatedly by incurring losses. It seems improbable that Kasam Holding which was facing loss in each transaction by trading with the respondent, was still eager to trade with the same repeatedly....... + More
2018 (2) TMI 487
Condonation of delay of 9 days - Section 5 of the Limitation Act - application to the peremptory language of Section 421(3) of the companies act, 2013 - period of limitation - appeal against the order of NCLT - Held that - In the present case, the Section 417(3) does not merely contain the initial period of 45 days, Section 417(3) goes on to state that another period of 45 days, being a grace period given by the legislature which cannot be exceed....... + More
2017 (11) TMI 443
Action process - Held that - The respondent-contemnor could not have entered into correspondence with the Superintendent of Police when this Court had directed for auction of Aamby Valley. - As submitted by Mr. Datar that as a consequence of the communication, the police has taken custody of the property. If it is so, we direct the Director General of Police, Maharashtra, to see to it that the property is handed over to the Official Liquidator wi....... + More
2017 (10) TMI 1323
Denial of natural justice - absence of any show cause to appellant - Held that - It is stated that notice has been given to learned Advocates-on-Record for the respondents on 20th September, 2017. - There is a typographical error in the order dated 18.09.2017. - I.A. filed by the respondent is dismissed and not the special leave petitions. - Accordingly, last two paragraphs of the order dated 18.09.2017 should read as follows - I.A. No.53586 of 2....... + More
2017 (10) TMI 149
Interest recovered on orders of penalty issued - Section 28A of the Securities and Exchange Board of India Act, 1992 - whether interest can be recovered on orders of penalty issued under the Act and/or orders of disgorgement of unlawful gains, when the said amounts have remained unpaid? - Held that - The Interest Act of 1978 would enable Tribunals such as the SAT to award interest from the date on which the cause of action arose till the date of ....... + More
2017 (10) TMI 148
Auction procedures - auction of Sahara Aamby Valley City - Held that - Held that - We are of the convinced opinion that grant of further time to the respondent-contemnor and entertaining post-dated cheques which are dated 11th November, 2017, would tantamount to travesty of justice and extending unwarranted sympathy to a person who is indubitably an abuser of the process of law. He, who thinks or for that matter harbours the notion that he can pl....... + More
2017 (9) TMI 1677
Denial of natural justice - absence of any show cause to appellant - Held that - It is stated by learned counsel for the parties that the matter is already pending before the National Company Law Tribunal (NCLT) and it is listed on 10th October, 2017. - In view of the above and particularly the decision taken by the SEBI on 09.08.2017, we are not inclined to interfere with the order passed by the High Court. - The special leave petitions are dism....... + More
2017 (9) TMI 1269
Legality of non-intermediary front running in security market under the SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS, 2003 FUTP 2003 - Held that - To attract the rigor of Regulations 3 and 4 of the 2003 Regulations, mens rea is not an indispensable requirement and the correct test is one of preponderance of probabilities. Merely because the operation of the....... + More
2017 (8) TMI 1318
Corporate insolvency procedure - Insolvency & Bankruptcy Code, 2016 - eligible debt existence - Held that - . We do not find any reason to interfere with the order passed by the National Company Law Appellate Tribunal, New Delhi. 2017 (9) TMI 1130 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, MUMBAI wherein held the Corporate Debtor had a liability and obligation in respect of claim of respondent which includes the Financial Debt , including tho....... + More
2017 (8) TMI 1200
Breach of principles of natural justice - non-observance of Principles of Natural Justice - whether CLB did not give any opportunity to make submissions to the appellant on the main company petition? - Held that - No reason to interfere with the impugned order passed by the High Court of Karnataka at Bangalore 2016 (8) TMI 826 - KARNATAKA HIGH COURT as held until the party approaches before the Civil Court, appropriate interim order could have be....... + More
2017 (8) TMI 869
Offences punishable under SEBI - jurisdiction transferred for trial to a Special Court - whether trial would move to the changed forum (to the Court of Session, after the 2002 Amendment Act and, to the Special Court, after the 2014 Amendment Act )? - Held that - It is not reasonable to read anything further into the words highlighted by learned senior counsel. The 2014 Amendment Act expressly provided, that for all offences committed even prior t....... + More
2017 (8) TMI 540
Penalty imposed by SAT - Held that - In the appeal(s) filed by the aggrieved person(s) against the order(s) of the Adjudicating Officer, the learned Appellate Tribunal was expected to record its own independent findings and arrive at its own conclusions for holding the respondent liable for the penalty imposed. It seems that the learned Appellate Tribunal has proceeded on the basis that the case of the respondent is same and similar to the case o....... + More
2017 (8) TMI 49
Proper status of a Promoter/Director of Sahara Sponsor who holds about 80% of its capital and who controls all Sahara Group Companies - Held that - In the instant case SEBI itself found that two group companies of Sahara and its Directors were not conducting their business following the rules relating to public issue and were restrained from associating themselves with any listed Company or Company which intends to raise money from the public. It....... + More
2017 (8) TMI 48
Petition filed u/s 482 of Criminal Procedure Code - complaint filed by ROC against the Directors for failure to lay before the Company in Annual General Meeting held the balance sheet and profit and loss account for the period required under sub-sections (1) and (3) of Section 210 - Held that - The resignation of the appellant was accepted on 16.06.1997 in the meeting of Board of Directors of the Company, and the Registrar of Companies was inform....... + More
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