SEBI imposes Rs12 lakh fine on Roselabs Industries

Roselabs Industries was penalised for not redressing investor complaints within a stipulated time and not submitting action taken report to the market regulator

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs12 lakh on Roselabs Industries Ltd for not redressing investor complaints within a stipulated time and not submitting action taken report to the market regulator, reports PTI.
"...hereby impose a penalty of Rs12 lakhs on the noticee (Roselabs Industries) for not redressing investor grievances within the time specified and not submitting Action Taken Report within the time specified in the specified format," SEBI said in its order today.
SEBI had alleged that 24 grievances were pending against Roselabs Industries from far back as 1999.
In this regard, the regulator given the company a time of 15 days to redress the complaints.
SEBI had also asked the Roselabs Industries to submit the reasons for such pendency and what actions have been taken by the firm to resolve the grievances.
The company was further advised to remain present on 9 March 2011 at SEBI's office along with Action Taken Report in respect of the grievances.
However, Roselabs Industries had neither provided the information sought nor had attended the meeting, SEBI said.
The regulator observed that the number of investor grievances against the company had increased to 33 as on 21 August 2012.



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Trio, including OBC officer, gets jail for Rs8 crore bank fraud

A special court imprisoned the three, including one officer from Oriental Bank of Commerce, for cheating the bank to nearly Rs8 crore through fraudulent manipulation of bank drafts

New Delhi: A former officer of Oriental Bank of Commerce (OBC) was sentenced to one-year imprisonment by a special court of Central Bureau of Investigation (CBI) for cheating the bank to the tune of nearly Rs8 crore through fraudulent manipulations of bank drafts, reports PTI.
The judge also sent Vikaspuri-resident Uma Bhatla and Manjeet Kumar, Proprietor of Shivani Jewellers at Karol Bagh, to three-year in jail.
All the three accused were imposed with fine as well.
"The investigation revealed that Ram Kumar, the then officer of Oriental Bank of Commerce, used to provide stolen book of blank demand drafts to Uma Bhatla who used to fabricate and forge these drafts with high value amount and Manjeet Kumar used to get the amount of these drafts credited in his firm's bank account," a CBI spokesperson said.
The court has also declared two other persons, who are at currently absconding, as proclaimed offenders.


Standard Chartered to pay $327 million to settle US sanctions case

Standard Chartered will pay $327 million to settle charges it violated for US sanctions on Iran, Myanmar, Libya and Sudan

Washington: British bank Standard Chartered will pay the US $327 million to settle charges it violated US sanctions on Iran, Myanmar, Libya and Sudan, the US Treasury announced, reports PTI.
US authorities said the bank had stripped messages on financial transfers routed through US banks of information that would show the beneficiaries were businesses and entities that fell under US sanctions.
The fines from the Treasury's Office of Foreign Assets Control (OFAC) and other US federal and local regulators took to $667 million the total the bank has been charged for sanctions violations.
In August the New York state banking watchdog fined Standard Chartered $340 million in the same investigation, saying it hid 60,000 transactions with proscribed Iranian clients worth $250 billion over 10 years.
"Today's settlement is the result of an exhaustive interagency investigation into Standard Chartered Bank's attempts to violate US sanctions programs through the 'stripping' from payment messages of critical information," said OFAC Director Adam Szubin in a statement.
The sanctions avoidance involved mainly the bank's London head office and its branch in Dubai, which masked the details of messages so US authorities would not see the real identity of those sending and receiving the payments.
"As a result, millions of dollars of payments were routed through US banks for or on behalf of sanctioned parties in apparent violation of US sanctions," OFAC said in a statement.
OFAC added that the settlement also covered eight apparent violations of US sanctions on druglords. 
In August 2003, the bank wrote in a letter to the Treasury Department's Office of Foreign Assets Control that the use of cover payments for transactions related to sanctioned countries was contrary to its global instructions.
However, the bank used the cover payment method to effect billions of dollars in payments originating from Iran, Libya, Burma and Sudan through its New York branch.
During an extensive examination, the bank failed to disclose to the Federal Reserve Bank of New York and New York Department of Financial Services that it was processing billions of dollars of non-transparent payments for customers in sanctioned countries.
Due to the actions taken by the bank to remedy its conduct and its willingness to acknowledge responsibility for its actions, the Justice Department would recommend the dismissal of the criminal complaint in 24 months provided the bank fully cooperates with and abides by the terms of the deferred prosecution agreement, the Justice Department said.
In a separate agreement entered into with the Federal Reserve, Standard Chartered would have to improve its programme for compliance with US economic sanctions and anti-money-laundering requirements.


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