Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: form 3cd
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

SEBI imposes Rs 1 cr penalty on Sicorp Finlease, six others
November, 02nd 2011

Market regulator SEBI has imposed a penalty of Rs 1 crore on six individuals and one company for non-compliance with its earlier order issued with regard to manipulation of share prices of G-Tech Info Ltd.

"Considering all the facts and circumstances of the case ... impose a penalty of Rs one crore on the Noticees viz Prasad Tandel, Prakash D' Souza, Prashant Narvekar, Ashok Sonu Bhagat, Sicorp Finlease Ltd, Sandhya Shirish Shah and Pravina Chandrakant Shah jointly and severally," the Securities and Exchange Board of India (SEBI) said in an order.

The six individuals, who served as directors in Sicorp Finlease, had earlier been found involved in manipulation of share prices of G-Tech Info in 2003. They had failed to make mandatory public announcement even after acquiring 15 per cent of G-Tech's shares and going for further increase in stakeholding.

SEBI had in October last year directed the entities to pay interest at 10 per cent per annum to shareholders of G-Tech Info Training on the offer price of shares for loss of interest caused to them due to delay in making the announcement.

They were also asked to make public announcement in this regard to the shareholders of G-Tech Info within 45 days.

However, the noticees failed to carry out the directions and SEBI has in September this year issued a show cause notice to them.

"The Noticees had not submitted any reply to the show cause notice. In the absence of any reply from the Noticees, the Adjudicating Officer considered the facts of the case and other materials available on record and decided to conduct an inquiry in the matter," SEBI said.

In its order, the regulator further said: "... it is established beyond doubt that the Noticees failed to comply with the directions issued by SEBI and the non compliance of the same resulted in contravention of Section 15HB of the SEBI Act which warrants imposition of monetary penalty under the said Section of the SEBI Act."

The seven entities have been directed to deposit the fine amount within 45 days.

Under joint and several liability, a claimant can pursue an obligation against any one party as if they were jointly liable and it becomes the responsibility of the defendants to sort out their respective proportions of liability and payment.

As such, if the claimant pursues one defendant and receives payment, that defendant can pursue the other obligators for a contribution to their share of the liability.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions