Regulations
SEBI imposes Rs 16 lakh penalty on 4 entities in Sanjay Dangi case

In four separate orders dated 28th February, SEBI has imposed a penalty of Rs5 lakh each on Parag Vanijya and Lucky Holdings and Rs3 lakh fine each on Khushi Distributors and Raxon Motor Finance for not submitting complete information required by the regulator

The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs16 lakh on four entities for failing to provide information sought by it in a case related to alleged share price manipulation by Sanjay Dangi group and associates.

 

In four separate orders dated 28th February, SEBI has slapped a fine of Rs5 lakh each on Parag Vanijya and Lucky Holdings and Rs3 lakh fine each on Khushi Distributors and Raxon Motor Finance.

 

Read the earlier Moneylife report: Sanjay Dangi’s portfolio stocks hit by margin pressures?

 

The regulator said these entities had not submitted complete information, including investments made in dummy firms created by Murli Industries, bank details of promoters, shareholder and investments in other private companies among others, required by it.

 

“I note that not submitting complete details to the summons despite having the same appears to be an act on part of the noticee (Parag Vanijya, Lucky Holdings, Khushi Distributors and Raxon Motor Finance) to not co-operate with the regulatory mechanism,” SEBI adjudicating officer Piyoosh Gupta said in a similar worded order.

 

“I also note that such non-cooperation and default definitely compromises the regulatory framework and acts as an impediment to the functioning of the investigation process of SEBI,” he added.

 

 The regulator had passed an interim order in December 2010 banning Dangi, his associates and promoters of four companies—Murli Industries, Ackruti City, Welspun Corporation and Brushman India- from dealing in the equity markets following allegations of price manipulation. (Read more: Sanjay Dangi, another barred market manipulator, still pulling strings)

 

The SEBI order had followed an income tax department probe. The regulator’s probe had revealed a well-planned strategy to manipulate the share price of the company before the issuance of the Foreign Currency Convertible Bond (FCCBs).

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COMMENTS

NSriramamurty

4 years ago

SEBI's Seriousness in Investigation is to be kept up , to get fruitful results.Good Work.

Over Rs22,636 crore lying in inoperative PF accounts

According to minister of state for labour and employment Kodikunnil Suresh, member-wise account of inoperative accounts was not maintained centrally in the Employees Provident Fund Organisation

More than Rs22,636 crore is lying in inoperative accounts in the Employees Provident Fund, minister of state for labour and employment Kodikunnil Suresh informed the Lok Sabha on Monday.

 

We had earlier written: Half of the money with EPFO Nagpur office is unclaimed deposits! (Half of the money with EPFO Nagpur office is unclaimed deposits!)

 

The minister said the data relating to member-wise account of inoperative accounts was not maintained centrally in the Employees Provident Fund Organisation (EPFO). As per state-wise details, the total sum in inoperative accounts amounted to Rs22,636.57 crore, he added.

 

Answering another question, he said from 2010 onwards, there had been 65 complaints by labourers alleging harassment or exploitation by EPFO officials.

 

Replying to another question, the minister said from 2010 onwards, 398 complaints had been received by EPFO’s Vigilance Wing.

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COMMENTS

CA PRADEEP AGARWAL

4 years ago

Are the EPF people giving Annual statements to members, i.e. by post

CA PRADEEP AGARWAL

4 years ago

Are they transferring funds to other PF accounts when requested and if not why?
Are they making payments when requested if not why?
Who will pay Interest whose funds have not been transferred. Whether Interest will be paid by the Govt. or PF dept. employees.
That is why there is so much accumulation and shown as unclaimed.In actuality the position is somewhat different.

NSriramamurty

4 years ago

In Exempted EPF a/cs by Companies,they give Annual Statements to Members - Govt. EPF Office do not give them. Now that EPF Offices have Computerised their Accounts , They can easily send Annual Statements to Members to their Addresses Direct.It Helps Members to Know and Claim Back.
2 ) For these UnPaid Amount of Rs. 22,636 Crores , States EPF Offices Can Display in their WEBs , with Amount,Name & Address of Member, Account Number, so that Genuine Member / Heirs Can Claim the Amounts. ( 3 ) Blocking Hard Earned Money of Members During their Service Amounts to Crime.

REPLY

CA PRADEEP AGARWAL

In Reply to NSriramamurty 4 years ago

I do agree with Mr NSriramamurty. Feel they have no heart in the hard earned money of members

Why International Women’s Day has a special significance this year

The outrage over the dastardly Delhi gang-rape has subsided, but at the end of it, women seem to be paying a price for the lack of security it exposed. People don’t trust ham-handed police investigations, more importantly we don’t really trust the justice system to deliver. What lies ahead? Lets hear Justice Sujata Manohar on “The case for delivering better Justice to Women: A view from the Judge's Chair” on this International Women’s Day (supported by DSP BlackRock's Winvestor Initiative)


In December last year, it seemed as if all of India had risen in protest against the horrendous gang-rape of a Delhi student who later succumbed to her injuries. Students, teachers, parents and, it would seem, every male member of their family stood with the women protesters, braving the cold as well as the abuse, the lathi charge and the water cannons unleashed by the police at us, the people of India.

 

And yet, when the protests have died down, it seems as if life has become tougher for women. As teenagers, we enjoyed enormous freedom at home—so long as we were willing to deal with the curse of constant eve teasing. Today’s teens are not so lucky. We seem to have regressed!

 

Women half my age, watch their daughters even when they are 100 meters away from home. Some need them to text their parents every hour. Women’s hostels have tightened curfew timings and parents watch the clock until their daughters are safely home. The State, which cannot offer protection to women, finds unique ways to evade responsibility. Women should stay at home after 6 pm. Women should dress more conservatively. Women should wear overcoats—like a burqua. Why are they “painted and dented”? It is almost as though 25 years of hard-won freedom is vanishing before our eyes!

 

The new motto for mothers is—avoid trouble—even if it means locking your daughters up. Why? Probably because people don’t trust ham-handed police investigations, and want to protect victims of abuse from more humiliation that could scar them for life.

 

More importantly, we don’t really trust the justice system to deliver. Given the national mood, the subject for Moneylife Foundation’s 4th International Women’s Day event (supported by DSP BlackRock's Winvestor Initiative) chose itself. We are fortunate to have someone of the eminence of Justice Sujata Manohar to speak on “The case for delivering better Justice to Women: A view from the Judge's Chair”.

 

Justice Sujata Manohar has broken many glass ceilings. The first lady judge of the Bombay High Court, and the first lady Chief Justice of the Bombay High Court and the Kerala High Court and a Supreme Court judge from 1994-99.

 

In her early years as a young lawyer, Sujata Manohar used to take up family law cases under legal aid and also worked pro bono for several NGOs. Since the year 2000, she has been a member of the National Human Rights Commission; her focal point of work was on trafficking, women’s issues and AIDS. She is also the chairperson of the Committee on Feminism and International Law of the International Law Association.

 

It is absolutely fitting that the keynote address on 8th March will be delivered by Justice Manohar!

 

And even more so that the two women activists that we will felicitate this year have done pathbreaking work on women’s rights. They are: Jyoti Mhapsekar of Stree Mukti Sanghatna and Meenu Seshu of Sangram. But more about them later!

 

Please register to join us on 8th March at the Yacht Club, Mumbai, for this session!

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