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: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment
 
 
« General »
 Tax Department To Launch 2nd Phase Of Bank Accounts' Scrutiny Next Month
 How to claim tax benefit on tuition fees under Section 80C
 Online Income Tax grievance redressal facility launched at 60 offices
 Demonetisation impact on government tax revenue marginal; direct tax personal income grew at above budget estimates
 ICAI seeks more accountability, transparency in defence sector
 Will Budget help double farmers’ income?
 Verify online deposits made post demonetisation, income tax department asks taxpayers
 Union Budget 2017: Best budget is do not change anything, do no harm, implement well
 Why salaried class deserves standard deduction
 3 new taxes that Modi government could introduce, but won't
 Tax gains may showcase demonetisation windfall

SEBI debars 26 entities
June, 05th 2009

In an order which suggests that Ketan Parekh might still be playing an active role in the stock market, the Securities and Exchange Board of India on Thursday debarred 26 entities from transaction in securities until further orders. .

SEBI has also referred the matter to both the Income-Tax department and to the Enforcement Director, the ad interim ex parte order said.

The entities have been banned for circular and synchronised trades, both market and offmarket, in five scrips; and for creating bogus volumes and artificial price rise in those scrips during a roughly two-year period starting early 2007.

These scrips were Cals Refineries, Confidence Petroleum, Bang Overseas, Shree Precoated Steels (now Ajmera Realty and Infra India) and Temptation Foods.

Some of the accused clients (the banned entities) are connected companies floated by two sons of Mr Shirish Maniar who along with Mr Ketan Parekh, was chargesheeted by CBI in the Madhavpura Merchantile Cooperative Bank case and which case is still pending, noted the SEBI order.

Many of the connected clients in the case were acting as conduits for Ketan Parekhs funds, said SEBI, attributing this to an observation contained in an income-tax investigation into Ketan Parekhs activities. At least five such clients were related to Mr Shirish Maniar.

Parekh being already debarred from dealing in securities by SEBI, it appears that he has used the connected clients (currently banned) as his front entities for executing trades in the securities market, said SEBI.

In the ensuing flow of funds there is a possibility that funds originating from Parekh were being integrated into the banking system, said the markets regulator, explaining why the issue had been referred to the Enforcement Directorate.

And since the connected clients appear to have made deliberate and substantial losses in their dealings in Cals, Shree Precoated and Temptation Foods, they may use this as a set-off to pay reduced income-tax, warranting investigations by that department, said SEBI.

SEBI itself would initiate investigations into the transactions related to the stock market (also off-market) deals of the clients, involving examination of fund flows, recording of statements under oath and the like, it said.

 

 
 
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