BUSINESS
SEBI rejigs top deck to beef up corporate governance vigil, surveillance ahead of Lok Sabha polls
Executive Director Amarjeet Singh to handle Corporate Finance department only, while S Ravindran to step up efforts in SEBI’s surveillance wing
CORPORATE-ACTION
Income tax department holding back refunds amounting to thousands of crores
The income tax department is likely to be holding back the refunds to exhibit a high tax collection figure.
BUSINESS
Auditor who 'knew nothing' banned for 5 years by NCLT
This is the first time the NCLT has banned an auditor in such a fashion.
MARKETS
SEBI likely to implement 'tap issue of bonds' mechanism in FY20
SEBI held a meeting with stock exchanges and intermediaries to enable the mechanism of public issuance of debt through shelf offer document.
BUSINESS
SEBI re-considers liquidity enhancement scheme for commodities market
In the equity segment, there is no such restriction on launching the scheme. If BSE wants to create a vibrant derivative segment, then it can start LES after regulatory approval, despite NSE already having a vibrant derivative market
BUSINESS
PNB-Nirav Modi fraud case: NCLT allows MCA to add 19 respondents, restrains their properties
The names include PNB's former Chairman and Managing Director Usha Anathasubramanian and Executive Directors K Brahmaji Rao and Sanjiv Saran.
BUSINESS
MCA takes action on Cobrapost's DHFL report, visits 10 companies to check authenticity
The report refers to documents filed with the Ministry of Corporate Affairs and other documents available in public domain, yet there is a need for a verification of the issues raised in the report.
BUSINESS
NCLT allows former IL&FS CIO’s wife bank withdrawals of only Rs 2 lakh a month
The Ministry of Corporate Affairs had frozen the accounts including bank lockers, credit cards and demat accounts of Roopa Kapoor.
BUSINESS
CAG empanelled auditors to re-examine books of IL&FS, 2 subsidiaries
In January, the NCLT had ordered to reopen book of accounts of IL&FS and two subsidiaries – from FY12 to FY18.
BUSINESS
SEBI paper on overseas listing gets lukewarm response
The response may be a deterrent for exchanges located in the Gujarat International Financial Tec-City SEZ (GIFT City), which have been seeking the dual status of a domestic and foreign exchanges.
BUSINESS
NSE co-location case: ‘Independent’ study gives clean chit to prime accused OPG
When asked to comment on the development, OPG said the report had been shared with SEBI and it had no further comment to offer.
MARKETS
Looking forward to more product approvals for trade on exchange: V Balasubramanian, INX
In an interaction with Moneycontrol, Balasubramanianian spoke about the achievements of the exchange.
BUSINESS
ED files first case in money laundering via fake long term capital gains
Till long term capital gains tax on equity investments was reintroduced in the Budget of 2018, many wealthy investors were laundering their undisclosed money, or evading taxes through the long term capital gains route.
BUSINESS
'I don’t know': In a first, NCLT sacks auditor for drawing a blank on suspected shell firm
The MCA said promoters of Zen Shaving had siphoned out the money they had received through an IPO issue.
BUSINESS
Essar Oil approaches Bombay HC against RBI guv, ED, revenue secy; seeks relief on multiple charges
Essar has sought a stay on an RBI order imposing compounded amounts (penalty) and quashing of summons for alleged breach of limits under the FEMA.
BUSINESS
FinMin bats for 'single rate-single exchange' for gold spot exchange
The Finance Ministry has proposed setting up a single gold spot exchange at a meeting with exchanges last week, all of which want to set up individual spot exchanges.
BUSINESS
NCLT allows govt to open IL&FS group companies' past financial statements
The National Company Law Tribunal allowed the government's plea for re-opening and re-casting of financial accounts of IL&FS and its group companies.
BUSINESS
MCA inspects Sula Vineyards' books for suspected misrepresentation: Sources
This is not the first time Sula Vineyards has been under the authorities’ lens.
BUSINESS
Exchanges extend trading hours for agri commodities from Dec 31 amid traders' protests
The derivative market for agri commodities currently stays open between 10 am and 5 pm.
BUSINESS
SEBI may probe auditors for role in IL&FS crisis: Sources
Sources have told Moneycontrol that the Securities and Exchange Board of India (SEBI) may look into role of Deloitte, and affiliates of KPMG and EY for their role as auditors of the beleaguered IL&FS Group at some point or in some role over the past few years.
BUSINESS
Exclusive | ICAI probe into IL&FS says EY, KPMG affiliates, Deloitte misrepresented facts
The MCA submitted this report to the National Company Law Tribunal's Mumbai bench on Friday
BUSINESS
SEBI to send supplementary notice to 300 brokers in NSEL case
A supplementary notice is issued by SEBI if any investigation suggests wrongdoing – as pointed in this case by the Serious Fraud Investigation Office (SFIO), that is investigating the Rs 5,600-crore NSEL scam.
BUSINESS
MCA moves NCLT for reopening of IL&FS Group's books
This is the first instance that Section 130 of the Companies Act has been invoked by the government to reopen ledgers of a firm.
BUSINESS
NCLAT offers IL&FS Sec MD monthly Rs 2 lakh withdrawal but upholds NCLT asset-freeze order
The National Company Law Appellate Tribunal (NCLAT) has allowed one of the senior officials of IL&FS, S Rengarajan, to withdraw Rs 2 lakh per month.
