SEBI observed that ICL and its former MD Sanghavi made false and misleading statements in the quarterly results ending December 2003, with positive outlook which would induce the investors to deal in the company shares
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed a ban on Innovision e-Commerce Ltd (ICL) and its former managing director from securities market for two years for alleged fraudulent trading practices as well as false disclosures regarding shareholding, reports PTI.
SEBI in its order said it is restraining ICL and its former MD Akshay Pravin Sanghavi "from accessing the securities market and also prohibit them from buying, selling or otherwise dealing or associating with the securities market in any manner and in any capacity, for a period of two years".
The BSE had informed SEBI the prices and volumes in the scrip of ICL had increased prior to announcement of the company's quarterly results ending December 2003.
SEBI said in a probe in the shares of the company during 10 November 2003 to 28 January 2004, it was observed that that in its quarterly results ICL had shown manifold improvement in its performance.
The regulator also found that Sanghavi had transferred one crore shares of ICL to Right Finstock through off market transaction in January 2004, about 18 days before the announcement of the results.
After receiving these shares of ICL, Right Finstock started offloading them in the market. It was also said that there was an increase in the trading volume in the shares of ICL pursuant to the announcement of its quarterly results.
The regulator alleged that ICL had made false disclosures on BSE about its shareholding pattern for the quarter ending September 2003, December 2003 and March 2004.
SEBI said it had observed that ICL and Sanghavi had made false and misleading statements in the quarterly results ending December 2003, with positive outlook which would induce the investors to deal in securities of ICL.
Further, the regulator said it noted that these incidents "clearly show an orchestrated device, plan or artifice on part of ICL and Sanghavi to defraud in connection with dealing with securities of ICL ".
RBI said as many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai for the December quarter
Mumbai: To avoid long queues in front of the central bank counters, arrangements have been made at the Reserve Bank of India (RBI) and 926 branches of public and private sector banks in Mumbai and Navi Mumbai to receive advance tax for the December quarter, reports PTI.
"As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses," RBI said in a statement today.
Long queues and inconveniences can be avoided at the Reserve Bank of India counters if the assesses in Mumbai and Navi Mumbai utilise the services being made available at various designated branches of banks and deposit their income tax dues well in advance of the last date, it added.
OBC said term deposits of maturity 91-179 days will earn an interest rate of 8% from existing 7.5%