BUSINESS
Why has Vedanta moved SAT against Sebi?
On March 12, Sebi had issued an order against Vedanta and former directors of the company. Now, Vedanta has moved the Securities Appellant Tribunal(SAT) against this Sebi order. Moneycontrol explains the details of the case
BUSINESS
Proxy governance firm raises red flag over Religare's fund infusion into MIC Insurance
Religare has sought shareholder approval for infusing Rs 15 crore fresh capital by the way of subscription to shares. The postal ballot is currently in progress and the results would be announced on March 23
BUSINESS
Compensation claims could deter settlements in antitrust cases, legal experts warn
The Competition Commission of India (CCI) had last week notified new rules which allowed negotiated settlements in antitrust cases and accepted commitments from businesses for change in their behaviour in order to avoid an investigation
BUSINESS
Regulatory uncertainty halts ultra-rich family offices' expansion in Gift City
While rules initially indicated that outward remittances could be made through the overseas portfolio investment (OPI) route, people familiar with the matter said that the Reserve Bank of India (RBI) is viewing this as a violation of existing rules
BUSINESS
Pre-2017 investments of Mauritius-based funds may face enhanced tax scrutiny
According to depository data, Mauritius-based FPIs owned shares worth Rs 5.2 lakh crore in April 2017 contributing to 20% of the total FPI assets in India.
BUSINESS
JSW-Volkswagen partnership to be 50-50 Joint venture: Sources
The JV between JSW and Volkswagen is expected to focus on the electric vehicle segment.
BUSINESS
ED probing British Virgin Island entities floated by Hiranandani Group
The British Virgin Island entities were started between 2006 and 2008 and ED is probing the connection between the these companies and money brought into India through FDI route by the company, ED sources have said
BUSINESS
Sebi summons former directors of Zee for questioning over alleged funds diversion
The markets regulator is broadening its probe into funds diversion at Zee and is now scrutinising more entities that have conducted business with the company in recent years, sources said. Zee dismissed allegations of accounting irregularities as false
BUSINESS
JSW Group, Volkswagen begin talks to set up EV joint venture
JSW Group has recently signed an agreement with the Odisha government to establish an integrated electric vehicle and battery manufacturing project in Cuttack and Paradip
BUSINESS
Anonymity gone, India Inc may now embrace Electoral Trusts: Experts
While there are no restrictions on companies making donations to political parties directly, corporate houses keep such donations off the balance sheet to avoid unwanted scrutiny
BUSINESS
More fintechs may face regulatory action over KYC lapses
Apart from Paytm, four other payment companies are under scrutiny for lapses. The timing of the RBI action coincides with an ongoing FATF audit of India’s financial institutions.
BUSINESS
NSE’s settlement plea in the co-location case rejected by Sebi
NSE had sought to settle under Sebi's consent mechanism, allowing resolution without admitting guilt. Sebi rejected NSE's plea and will issue a regulatory order instead, the sources noted.
BUSINESS
Paytm's oversight lapses on politically exposed people forced RBI's hand: Sources
RBI's audit of Paytm Payment Bank's risk management system found several deficiencies in the way it conducted due diligence while onboarding politically exposed persons (PEPs)
BUSINESS
BAT stake sale in ITC won't require govt approval if sold to domestic entities
However, if the potential buyer is a foreign entity then the same would have to be approved by the government, experts said
BUSINESS
Not exploring legal options, says Paytm Payments Bank
In the past, there have been instances where the regulator’s orders have been challenged. In 2018, Kotak Mahindra Bank promoter Uday Kotak challenged RBI’s imposing restrictions on promoter shareholding in the Bombay High Court
BUSINESS
Why RBI lost patience with Paytm Payments Bank: Anti-money laundering lapses, related party transactions
RBI found that the company did not conduct proper background checks on the source of funds before onboarding clients, they said.
BUSINESS
Manufacturing companies face uncertainty as Budget mentions no extension of beneficial tax rate
According to tax experts, the budget documents are silent about extending the applicability of the Section 115BAB of the Income Tax Act. The section provides a beneficial tax rate of 15 percent to companies incorporated post 2019 and who begin their manufacturing before March 31, 2024.
BUSINESS
Zee says it is not aware of any proposals regarding promoter stake hike
In response to a story published by Moneycontrol, stock exchanges had sought a clarification from the company.
BUSINESS
Subhash Chandra’s statements on ZEEL stake hike under Sebi scrutiny: Sources
In recent statements, Subhash Chandra has said that promoters of ZEEL will increase their stake in the company to 26 percent from the current 4 percent. Rules mandate that listed companies should disclose material events to shareholders first.
BUSINESS
Foreign funds oppose Sebi’s instant settlement plan
In a letter to the market regulator, leading funds have said that they fear the planned move may create fragmentation of market volumes and distort prices due to two settlement cycles.
