Ad

Current Events
News in Detail
Headlines



Bilaspur District
Overview
District Administration
Major Towns
Panchayats & Villages
Organizations
Apollo Hospitals
CIMS, Bilaspur
CG High Court
GGD University
Lafarge, Arasmeta
NTPC, Seepat
NHDCRI, Sakri
SEC Railway
SECL, Bilaspur

Who's Who
By Category
By Name
By Popularity

Tit-Bits
Articles for you
Your Queries
FAQ







( News Navigation : Previous | Next | Last )

Anil Ambani restricted from investing in Secondard Markets for 1 year
14-Jan-2011 / ( Business - Previous | Next | Last )


SEBI (Securities and Exchange Board of India) has, today, posted a consent order in the matter of dealing in the shares of Reliance Communications Limited. by Anil Dhirubhai Ambani group companies and its directors.

SEBI says that it had received information that amounts raised towards External Commercial Borrowings / Foreign Currency Convertible Bonds by the ADA Group companies had been invested in the stock market in violation of the provisions of SEBI Act 1992 and other regulations, and the matter was taken up for investigation.

The investigations in the matter by SEBI have revealed that Reliance Infrastructure Ltd. and Reliance Natural Resources Ltd. were prima facie responsible for misrepresenting the nature of investments in Yield Management Certificates / Deposits and their profits and losses in their Annual Reports for the years ending March 2007, March 2008 ad March 2009.

SEBI has stated in its order posted on its web-site, that both the companies along with...
  • Anil Ambani, CMD of Reliance Infrastucture Ltd. and Chairman of RNRL
  • Satish Seth, Executive Vice Chairman of Reliance Infrastructure Limited
  • S. C. Gupta, Director Reliance Infrastucture Ltd.
  • Lalit Jalan, Whole Time Director of Reliance Infrastucture Ltd., and
  • J. P. Chalasani, Director of Reliance Infrastucture Ltd.
had allegedly violated several sections of the SEBI (Prohibition of Fraudulent Unfair Trade Practices Relating to Securities Market) Regulations, 2003, for which they were issued separate show cause notices on 7 June 2010 with corrigendums dated 2 September 2010.

The companies and directors had proposed a settlement on 9 September 2010, which was later revised on 3 December 2010. which was accepted by SEBI on 4 January 2011. The settlement had provided for a ban on the companies and the directors from investing in the list securities in the secondary market along with a total fine of Rs 50 crores, which had to be borne by the directors and not by violating the companies.

SEBI has acknowledged that the fines had been deposited on 10 January 2011 and that the ban from investing in the secondary marekts on the directors up to December 2011 and on the errant companies up to December 2012 had come into effect.




News Home About Bilaspur Site Home Back
Click on topic (below) that you want to explore

Bilaspur Business Cricket Education Entertainment
General Health International National Politics
Science Sports State Technology



Google Search:



Copyright © 2007 Data Spec. All rights reserved.
Advertise with Us | Terms of Use | Privacy Policy | Credits | Top of Page | Home
Site optimized for 1024x768 on
Internet Explorer 8 and above