Regulations
SEBI bars 27 entities for fraudulent trading
Mumbai : Capital markets regulator SEBI on Tuesday barred 27 entities from the securities market for fraudulent trading in shares of Gemstone Investments Ltd. and Spectacle Infotek.
 
"SEBI initiated investigation into the trading in certain scrips, including Gemstone Investments Ltd. (GIL), pursuant to the detection of a huge rise in the traded volumes and/or price of the shares of these companies during the years 2008, 2009 and 2010," the Securities and Exchange Board of India said in a statement.
 
To protect the interests of investors and preserve the safety and integrity of the market, SEBI barred 10 entities for manipulation in Spectacle Infotek shares and 17 entities for fraud in GIL shares.
 
"The present proceedings were related/connected to each other and connived amongst themselves for execution of synchronized and self trades, creation of artificial volume and price manipulation which not only distorted market equilibrium but were also found to be fraudulent in nature," SEBI said.
 
Of the barred entities, nine are common in both GIL and Spectacle Infotek cases.
 
Interestingly, some of the 27 entities are already in SEBI's banned list for violating capital market norms in LGS Global and Well Pack Papers and Containers and Goldstone Technologies.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Negotiable Instruments (Amendment) Act, 2015, notified
New Delhi : The government on Tuesday said it has notified the Negotiable Instruments (Amendment) Bill, 2015 to clarify the jurisdictional issue for filing of cheque dishonour cases that was approved by parliament in its recent Winter Session.
 
"The provisions of the Negotiable Instruments (Amendment) Act, 2015 shall be deemed to have come into force on the 15th day of June, 2015, the day on which the Negotiable Instruments (Amendment) Ordinance, 2015 was promulgated to further amend the Negotiable Instruments Act, 1881," a finance ministry release here said.
 
The amendments to the Negotiable Instruments Act, 1881 are focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138 of the act.
 
The amendment provides that jurisdiction for filing of cheque dishonour cases will only be a court within whose local jurisdiction the bank branch of the payee where he delivers the cheque for payment is located.
 
Further, where a complaint has been filed against the drawer of a cheque in the court having jurisdiction under the new scheme of jurisdiction, all subsequent complaints arising out of section 138 against the same drawer shall be filed before the same court, irrespective of whether those cheques were presented for payment within the territorial jurisdiction of that court or not.
 
It has also been provided that if there are more than one prosecution cases against the same drawer of cheques before different courts, the court shall transfer the case to the court having jurisdiction.
 
According to the government, the clarity on jurisdictional issues for trying cheque bouncing cases would increase the credibility of the cheque as a financial instrument.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Income Tax search in Apollo Hospitals group
Chennai/Hyderabad : The Income Tax department on Tuesday searched offices of the Apollo Hospitals group in Chennai and other places for possible tax evasion.
 
Department officials declined to comment on the issue further.
 
"The IT department visited our hospitals today (Tuesday) and we extended our complete cooperation to them. We have always conducted ourselves with the highest degree of diligence and would like to reassure our patients, shareholders and stakeholders that we shall uphold their trust and faith in us," the group said in a statement.
 
Meanwhile, when reports of the search operation first came in, shares of Apollo Hospitals, which had scaled a high of Rs.1,497, fell to Rs.1,431.55 on the Bombay Stock Exchange.
 
The shares, however, staged a recovery when unattributed statements from the department said the operations were a routine affair. The scrip finally ended at Rs.1,466.75, with a gain of Rs.19.60, or 1.35 percent, over the previous close.
 
As part of its searches, the Income Tax department on Tuesday stalled financial transactions of the group at Hyderabad.
 
Department officials closed two blocks at the group's main facility in Jubliee Hills.
 
Sources in the hospital told IANS that the administration and management blocks were closed as part of the searches in Chennai and New Delhi.
 
This was apparently being done to prevent manipulation of records. Sources, however, said the day-to-day operations of the hospital were not affected.
 
This was the first time in 33 years that the department conducted searches at Apollo Hospitals.
 
Apollo, which has its corporate headquarters in Chennai, also has significant presence in Delhi. In Hyderabad, its hospitals at three locations have a total bed strength of 1,200.
 
In Andhra Pradesh, Apollo has a 150-bed hospital in the coastal city of Visakhapatnam and a small rural facility in Chittoor, the district its founder Prathap C. Reddy comes from.
 
The Apollo Hospitals Group, started by cardiologist Prathap C. Reddy as a 150-bed hospital in 1983, now operates 9,200 beds across 64 hospitals, as per information available with the company. Its founder is a recipient of the Padma Vibhushan.
 
The group is now run by his four daughters -- Preetha Reddy, Shobana Kamineni, Suneeta Reddy and Sangita Reddy.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)