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Kapil Wadhawan was arrested in the fraud case on April 26, 2020, and has been in judicial custody since then.
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The regulator imposed a fine of Rs 10 lakh each on Wadhawans, who were promoters of DHFL (now known as Piramal Finance), for flouting disclosure norms.
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The fines need to be paid jointly and severally within 45 days, the Securities and Exchange Board of India (Sebi) said in an order.
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Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case
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The court said the DHFL case had put Yes Bank through a lot of trouble, forcing the Reserve Bank of India to intervene, as it asked ED to expedite the trial
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When team members differed from Mokashi's view on DHFL's AAA rating, even in the face of shoddy business fundamentals, Mokashi asked them to keep an 'open mind'
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SEBI cracked down harshly on the interference unleashed by former MD and CEO Mokashi vis-a-vis DHFL credit rating. Mokashi has been accused of interfering in the rating process. Eight whistle-blowers' complaints were received by SEBI alleging CARE Ratings was granting AAA ratings to higher fee-paying clients.
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In four separate orders, NFRA levied a fine of Rs 1 lakh each on auditors -- Mathew Samuel, Sam Varghese, Harish Kumar T K and M Baskaran. The auditors are partners of audit firm K Varghese & Co.
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The high court's order came after the counsel for Wadhawans and the CBI consented to it.
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The plea, which was mentioned by the CBI counsel for urgent listing before a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, is likely to be heard on Tuesday.
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The McDowell Holdings-Sun Star Hotels case has put the spotlight back on the efficacy of the bankruptcy law as a tool to resolve the problem of bad debts
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The agency filed the additional charge sheet in the case of cheating against Yes Bank founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan last month.
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The CBI conducted searched and recovered a large number of luxury watches worth crores of rupees and other items.
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While the NBFC was able to lower share of wholesale loans to 64 per cent as on March end from 88 per cent last year, it reported a net loss of Rs 321 crore during Q4FY22 on account of higher provisions made for stressed non-real estate wholesale loans.
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Strict timelines prescribed under the code, multiplicity of cases and lesser number of tribunals have increased the backlog of cases
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The court’s June 3 order will give more power to lenders and ensure speedy recovery in cases under the bankruptcy court, according to bankers and legal experts
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Indian lenders are left with no choice except liquidation of stressed assets under the bankruptcy code, thanks to a mismatch between the quoted value of the asset and the bid price, experts said.
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The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate group ABIL group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL, officials said.
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The National Company Law Tribunal (NCLT) had on June 7, 2021, approved the resolution plan for DHFL’s reverse merger with Piramal Capital and Housing Finance Limited.
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The Supreme Court has said creditors can invoke personal guarantees to recover corporate loans, even if the insolvency process hasn’t been triggered
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The ED said this in its second supplementary (third overall) charge sheet filed in special court here recently against Rana Kapoor, his family, Wadhawans and others in a money laundering case.
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The disclosures pertain to regulatory requirements, exposure to sectors like real estate, capital market, among others
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The NCLAT had termed it "illegal" for proceeds from avoidance applications to be appropriated by the successful applicant rather than to be disbursed among creditors.
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PCHFL acquired DHFL in September 2021 for a total consideration of Rs. 34,250 crore. PCHFL has retained over 3,000 employees of the DHFL Group and are also adding over 2,000 new jobs in the merged entity.
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With this order, now the CoC have to reconsider the provision of section 66 of IBC which mandates that the benefit should go to all the creditors of DHFL, 63 Moons said.
