Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: cpt :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
News Headlines »
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return
 Why cement companies are going in for M&As
 Govt moves to rework direct tax law after PM’s nudge
 New offer available for filing tax returns online, how to avail

SEBI cracks whip on BoR
March, 10th 2010

Share price of Bank of Rajasthan (BoR) tumbled after a late Monday night interim ex-parte order by SEBI barred 100 promoter group entities from dealing in the market with immediate effect.

BoR shares fell 6.66 per cent to Rs 62.35 at the close of the day on the BSE, retracting from day's low of Rs 58.60 touched soon after the markets opened.

To protect investors and safeguard the integrity of the market, SEBI restrained promoters (controlled by the Tayal Group), the other Tayal entities, the Yadav Group and the Silvassa Group from dealing in the securities market. These entities along with the promoters of BoR had indulged in fraudulent and unfair trading in the shares of BoR, said the capital markets regulator.

It is prima facie established that the entities have acted in concert with the promoters of BoR with common objective of substantially acquiring share/ voting rights in BoR indirectly for the promoters for the purpose of camouflaging their acquisition, SEBI order said.

The nexus between the promoter group entities for disguising the ownership structure apparently superficially also resulted in compliance with RBI guidelines on ownership and shareholding. SEBI observed that this has to be referred to RBI for further action as they may deem fit.

The regulator also directed NSDL and CDSL to freeze the beneficial owner accounts of 18 of 100 entities whose PAN number couldn't be ascertained.

BSE and NSE were also directed to square off any existing open positions in the futures & options segment for all the 100 entities.

The role, if any, of the stock brokers R. R. Chokhani and Finquest Securities would need to be examined by the stock exchanges in allowing for such large scale market purchases of the shares of Bank of Rajasthan without conducting sufficient due diligence as to the source of funds for purchases made by the entities buying in their names.

SEBI observed that this is not the first instance that a few of these entities have been involved in investigations leading to regulatory actions.

SEBI had in September 2007 debarred some entities related to Tayal Group from dealing in the scrips of Jaybharat Textile & Real Estate Ltd and KSL & Industries Limited, both companies of the Tayal Group.


After RBI provided details of movement of funds from the Tayal Group to certain domestic corporates (front companies of the Tayal Group), SEBI investigations followed the trail of funds provided in by RBI.

According to the regulator, the disclosure by BoR promoters showed that their stake gradually came down from 44.18 per cent as at quarter ending June 2007 to 28.61 per cent as at quarter ending December 2009, which was clearly false.

This evidently conveyed a misleading picture to investors, stock exchanges and to SEBI, while the promoters did not dilute their controlling stake in BoR. On the contrary, they had raised their shareholding (to 60 per cent as of March-end 2008) in a deceptive and fraudulent manner with active connivance with others, the SEBI order said.

However, no disclosures related to the acquisitions were made to the bourses by any of the acquiring groups or by BoR at any time over this extended period.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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