Regulations
SEBI bars Astha Green Energy Ventures from issuing equity shares

The company was engaged in fund mobilising activity through issue of equity shares to public without complying with the relevant provisions of the Companies Act, 1956, provisions of SEBI (Disclosure and Investor Protection) Guidelines, 2000 and the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

 

SEBI passed an Order on 17 March 2015 to bar Astha Green Energy Ventures India Limited and its promoters/directors viz., Keshav Reddy Mereddy, Arjun Reddy Mereddy, Jayanth Reddy Mereddy,  Kunduru Raghuveer, K Jayaveer, N Ram Bhupal Reddy and N Jayapal Reddy from mobilising funds through the issue of equity shares or through any other form of securities, to the public or invite subscription. The company and its promoters/directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities.
 
The company was engaged in fund mobilizing activity through issue of equity shares to public without complying with the relevant provisions of the Companies Act, 1956, provisions of SEBI (Disclosure and Investor Protection) Guidelines, 2000 and the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
 
SEBI had received a reference from the Police Department, Government of Andhra Pradesh forwarding a complaint, against Astha Green Energy Ventures India Limited (earlier known as JKAR Energy Ventures Limited). The complaint alleged that Astha had issued equity shares in contravention to the relevant statutory requirements.
 
SEBI started an investigation and actually found that the company was indulging in public issue of equity without following proper procedure. The SEBI Order makes it clear that all mobilisation of funds from fifty or more investors should be classified as a public issue requiring the company to make an application to list its securities. “In view of the foregoing, it could be observed that the aforesaid issues of equity shares made by Astha were deemed public issues,” inferred the SEBI Order.
 
The restraining orders of the SEBI Order are justified as follows: “In view of the above alleged violations committed by Astha in raising money from the public through the issue of equity shares, it becomes necessary for SEBI, as the regulator for the securities market, to intervene and issue suitable directions including restraining the Company from carrying on activities in contravention of the law. Further, the interests of the investors also need to be protected to ensure that public funds are not diverted and misappropriated.”
 
Finally, the SEBI Order also has a point on money already collected by Astha. The Order says, “Astha Green Energy Ventures India Limited, its promoters and directors are also directed to provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/ securities, if held in physical form.” SEBI has thus, started the process of refunding the money already collected by Astha to the investors.
 

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BCCI proud of Indian team despite semifinal exit
BCCI president Jagmohan Dlamiya said on Friday the Indian board is proud of its team as it "played some outstanding cricket" in the World Cup Down Under before crashing out in the semi-finals against Australia.
 
In its quest to retain its title, the Mahendra Singh Dhoni-captained side remained undefeated in the group stage. They overwhelmed Bangladesh in the quarter-finals. But their run was halted by co-hosts and four-time champions Australia in the last eight stage with a 95-run victory on Thursday in Sydney.
 
Board of Control for Cricket in India (BCCI) president Dalmiya said the team has brought a lot of joy to millions of fans.
 
“I congratulate the entire Indian cricket team for having played some outstanding cricket in the World Cup 2015. They have indeed displayed some admirable skills while playing the game in its true spirit, and thereby, bringing joy to millions of cricket fans," Dalmiya said in a release.
 
"In spite of the disappointment due to the loss in the semi-final, the fact that the impending generation has showed the desired potential to take Indian cricket to greater heights is quite gratifying.”
 
BCCI secretary Anurag Thakur took the opportunity to thank the Indian cricket fans for supporting the team.
 
“Being present at the venue and having witnessed the match, I was privy to the excitement and joy that our Indian team brings to the spectators," he said.
 
"I take this opportunity to thank all our fans across the world and especially those who were present for the semi-final and supported Team India," Anurag added.
 
The secretary also congratulated the members of the team for "their outstanding performance while upholding the values which have long embodied the game of cricket".
 

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COMMENTS

arun adalja

2 years ago

bcci is wrongly praising indian team inspite of loosin the cup.indian team must be punished by deducting money paid to them by bcci.views are welcome.

Notaries can’t issue marriage registration certificates: HC

As per the law, marriages can be registered only with the Registrar of Marriage, who is authorised to issue marriage registration certificate

 

The Karnataka High Court asked the Law Secretary to issue a circular to all notaries across the State directing them not to issue ‘marriage registration certificates’ as the law did not authorise them to issue such certificate. The court directed the Registrar of the City Civil and Sessions Courts, Bangalore, to issue similar circular restraining notaries from issuing certificates solemnising marriage.
 
As per the law, the marriages can be registered only with the Registrar of Marriage, who is authorised to issue marriage registration certificate. A Division Bench comprising Justice K.L. Manjunath and Justice Ravi Malimath issued the directions when it noticed a ‘marriage certificate’, issued by a notary at the City Civil and Sessions Courts complex in Bangalore, during the hearing of a habeas corpus writ petition.
 
“We are noticing that the notaries are issuing such certificates in respect of declaration of marriage. In fact, they [notaries] are playing with lives of the people. Notaries are misleading people by issuing such certificates. It is not a valid document,” the Bench observed. The Bench issued the direction after summoning the Registrar of the City Civil and Sessions Court and the notary, who had issued the certificate. The notary apologised to the court.
 
Manoj had filed the petition seeking a direction to the police to produce his “wife”, while alleging she was in the illegal custody of her mother and brother-in-law. The petitioner had produced a certificate issued by the notary, solemnising their marriage, to claim that he had married her in May 2012. However, the police investigation found that the woman, a divorcee, did not marry Manoj after finding out that she would not have a comfortable life with him.
 

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COMMENTS

Vaibhav Dhoka

2 years ago

One can get anything notarized at an cost.One find notaries sitting in van car.

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