Regulations
SAT cuts Rose Valley penalty to Rs10 lakh from Rs1 crore

The Securities Appellate Tribunal has reduced penalty imposed by SEBI on realty firm Rose Valley by Rs90 lakh to just Rs10 lakh

The Securities Appellate Tribunal (SAT) while upholding order issued by Securities and Exchange Board of India (SEBI) against Rose Valley Real Estates And Construction, has drastically reduced the fine amount.

 

SAT reduced the quantum of penalty imposed on the real-estate company by the market regulator to Rs10 lakh from Rs1 crore and asked Rose Valley to pay the fine within two months.

 

The case is related to a probe by SEBI over charges that Rose Valley had raised money by issuing debentures between the years 2001-2008 to more than 49 persons in each of the fiscal years without complying with the regulator's norms for the same.

 

SEBI had sought details from Rose Valley that could have helped the regulator probe the matter but the firm had failed to fully comply with the market regulator's summons.

 

In March 2013, SEBI slapped a penalty of Rs1 crore on Rose Valley for non-compliances with its summons following which the company had approached SAT challenging the regulator's order.

 

After holding a hearing, SAT on Thursday said that Rose Valley "has been willing to furnish documents relating to issuance of debenture through private placement from time to time and has in fact fully furnished particulars though belatedly in the adjudication proceedings which were also initiated belatedly".

 

Accordingly, SAT ruled that it was "inclined to modify the impugned order dated March 26, 2013 and to reduce the monetary penalty to Rs 10 lakh to be paid by the appellant (Rose Valley) within two months from the date of passing of this order while upholding the rest of the impugned order failing which the respondent (SEBI) shall be at liberty to recover the same as per law".

 

SEBI had initiated a probe against Rose Valley following a reference from Registrar of Companies (RoC), West Bengal that the firm had repeatedly issued debentures in financial years from 2001 to 2008 without filing necessary documents.

User

TrueCaller partners with Twitter in India

TrueCaller users in India will be able to see if a number is connected with a Twitter account, and will then be able to tweet or follow a person directly through the app

TrueCaller, the caller identification application has partnered with micro-blogging site Twitter to increase user base in India. No financial details were provided.

 

Under the partnership, Truecaller users in India will be able to see if a number is connected with a Twitter account, and will then be able to tweet or follow a person directly through the Truecaller app. Truecaller’s Twitter integration is currently available to Android users, with plans to expand to iOS in 2014, the company said in a statement.

 

In the statement, Alan Mamedi, chief executive and co-founder of TrueCaller said, “With this new integration, a TrueCaller user can instantly tweet back to a missed call that has a Twitter account connected to the phone number. This is especially valuable for users in India who are looking for a fast, free and reliable way to communicate.”

 

The company, however, did not mention details about its user base in India. Twitter had about 20 million users in India, as per a report by market research firm IMRB International and the Internet and Mobile Association of India released few months ago.

 

TrueCaller is a free mobile application which shows the name of the person calling to the user even if the number is not saved in the phone. The application is currently available on Apple’s iOS, Android, Blackberry, Windows Phone, Nokia, and Symbian devices.

User

Online Building Completion Certificate in Kolkata

The days of harassment of builders and home-buyers by building department inspectors in Kolkata appear to be over. The process of obtaining completion certificate (CC) for houses and apartment complexes has gone online; the CC can be expected within seven days of application. Without the CC, applications cannot be made for water, drain

User

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