Regulations
Bombay HC asks NSE to pay Rs50 lakh as cost, donation in Moneylife case
While dismissing NSE's notice of motion, the High Court asked the Exchange to pay Rs3 lakh as cost to Sucheta Dalal and Debashis Basu of Moneylife and pay Rs47 lakh as donation to two hospitals within two weeks
 
The Bombay High Court on Wednesday, while dismissing National Stock Exchange (NSE)'s notice of motion, asked the bourse to pay Rs1.5 lakh each to Sucheta Dalal, Managing Editor of Moneylife and Debashis Basu, Editor & Publisher of Moneylife as cost and Rs47 lakh to two trusts, Tata Memorial and Masina Hospital as donation within two weeks.
 
In his order, Justice Gautam S Patel, observed that Courts cannot be treated as playground. "....NSE ignored three messages sent across by Ms Dalal seeking a response before the story was published. This shows that either the NSE was arrogant or there was an element of truth in the allegations, and that NSE had nothing to say," he said. 
 
NSE had filed the case against Moneylife, Ms Dalal and Mr Basu for writing two articles, Blowing the Whistle on Manipulation in NSE and High-frequency Trading Needs a Detailed Probe. The articles apparently made the regulators to swung into action against the increasing influence of algorithm trading or high frequency trading (HFT) ().

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COMMENTS

saurabh dikshit

2 years ago

Congratulations !!

Anup Kumar Chakravarty

2 years ago

Great. Congratulations.

Sanjeev Dhabre

2 years ago

Congrats!!!

MAHESH VORA

2 years ago

Congratulations to Ms.Suchita Dalal and CA Debasish Basu , on winning the suit at Bombay High Court and especially for Donating the huge sum of Rs.50 lacs for noble cause.

Gandhali Girme

2 years ago

Maam ...congrats to you and your team

Vaibhav Dhoka

2 years ago

Congratulations to duo and team,Truth prevails.

R Choksi

2 years ago

Congratulations to both of you and your team.

Raj K Swamy

2 years ago

Congrats.Great job-keep it up. What penalty did the court impose on the officials who did not answer moneylife queries. Also what action is taken by nse board to ascertain the extent of nexus between HFT and its officials- how will nse ensure a level playing field or will it admit there is no level playing field?

Vaibhav Trivedi

2 years ago

Congratulations!

S A Narayan

2 years ago

Good luck to Sucheta and Debashis.Thankless public service sometimes does get rewarded!

S A Narayan

2 years ago

Good luck to Sucheta and Debashis.Thankless public service sometimes does get rewarded!

manoharlalsharma

2 years ago

Courts cannot be treated as playground. but only in few cases like this and there r crores of cases pending necessarily and peoples dying without JUSTICE loosing there properties to lawyers fee.

Ravindra Shetye

2 years ago

This is a good step forward. However, the money of fine goes out of NSE which is Taxpayers' Money. It has to go out of the salaries of the arrogant officers who brought about this situation. Can someone make an appeal to tis effect in the Court?

Senior Citizen

2 years ago

Why High Court did not take suo moto cognizance of possible criminal acts of NSE management and order criminal probe against the corrupt officials of NSE?

REPLY

NARENDRA NEGANDHI

In Reply to Senior Citizen 2 years ago

fully agree with your view. not only the penalty but criminal action should be taken against these guys.

Vishal Modi

2 years ago

Whew! Thank God!

Delisting: Unfair Rules?

Companies Act threatens to take away protection from minority shareholders

 
Alittle less than two decades ago, the term ‘delisting’ was virtually unheard of, as there would be talk only of listing. In fact, at that time, the general belief in the investor community was that shares, once listed, would remain listed indefinitely. However, the depressed markets (of the late 1990s)...
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US finds no visa violations by Infosys, TCS
Indian software majors Infosys Ltd and Tata Consultancy Services Ltd (TCS) on Tuesday said that the US labour department did not find any violation of visa rules by them.
 
"The US department of labor concluded its investigation, with no violations of compliance found in the applications filed in the Southern California Edison project," the $8.7-billion Infosys firm said in a statement here.
 
Similarly, TCS said audits by the US labor department from time to time found it had always been compliant.
 
"We attach highest importance to a strict compliance programme and abides by all regulatory requirements and visa laws," a TCS spokesperson said from Mumbai.
 
In all, the department reviewed 145 files and found no violations by Infosys or TCS.
 
"We are a responsible participant in the H-1B programme and do not practice or condone unfair and unethical visa practices, as our priority is to operate fairly, ethically and with integrity," nfosys' Americas head Sandeep Dadlani said in the statement.
 
The city-based IT outsourcing major also said that it was recruiting and hiring in the US, which was facing shortage of technology skills.
 
Offering to cooperate with any future government agency inquiries to demonstrate its commitment to compliance, company's chief compliance officer David Kennedy said its immigration compliance programme was robust, as evident from positive verification from the state department.
 
The labour department in June opened the investigation against TCS and Infosys for possible violations of visa rules for foreign technology workers under contracts they held with electric utility Southern California Edison.
 
The power utility had laid-off about 500 tech workers amid claims that many of them were made to train their replacements who were immigrants on temporary work visas brought in by the Indian IT firms.
 
H1-B visas, which permit foreign nationals to work in the US for a maximum of six years, are granted to overseas firms for sending their skilled employees to work on onsite projects of their clients across North America.
 
Both the IT bellwethers have hundreds of their techies working in the US firms on H-1B or L-1 (temporary) visas, generating over 60 of their export revenues.
 
"The labor department regularly selects a percentage of visa and labour condition applications for extra scrutiny in this (IT) industry. We work closely with the department to assist it in this activity in the ordinary course of our business," said Infosys.
 
Echoing the stand of Infosys and TCS, a top official of the IT industry representative body Nasscom said a deliberate attempt was being made to project the Indian IT sector wrongly without considering their commitment to compliances and contribution to the US enterprises.
 
"Indian software firms have been complying with the US visa regulations and cooperating with the US labor department in responding to any query on judicious use of its visas," Nasscom president R. Chandrashekhar told IANS from New Delhi.
 

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