Regulation 3 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2009 – Where appellant company issued GDRs which were fully subscribed by ‘V’ and directors of appellant failed to disclose to Stock Exchange material information that ‘V’ took a loan from foreign banker for which appellant provided security in the form of Pledge Agreement, in view of fact that appellant on its own had not indulged into fraudulent activity but activity was imputed to it as Board of Directors and Managing Director had indulged into the same, impugned order passed by SAT affirming findings of violation relating to non-disclosures and reducing penalty to Rs. 5 Cr. was justified.
Farmax India Ltd. v. SEBI – [2023] 150 taxmann.com 401 (SC).
RBI assures accurate accounting and systems in place amid media reports on missing banknotes.
Press Release: 2023-24/428, dated 17-6-2023.
Sec. 4 of The Competition Act, 2002 – Prohibition of Abuse of Dominant Position – A State monopoly is not exempt from the purview of the Competition Act, 2002.
Coal India Ltd. v. Competition Commission of India – [2023] 151 taxmann.com 235 (SC).
Sec. 62 of The Companies Act, 2013 – Share Capital – Disproportionate allotment in a rolled up right offer is not ‘oppression’ of shareholders who did not apply for shares after getting the offer.
Hasmukhlal Madhavlal Patel v. Ambika Food Products (P.) Ltd. – [2023] 151 taxmann.com 236 (SC).
Karnataka HC upholds the constitutional vires of section 37A of FEMA providing for seizure of assets.
Xiaomi Technology India (P.) Ltd. v. UOI – [2023] 151 taxmann.com 144 (Karnataka).
RBI unveils guidelines on default loss guarantee in digital lending.
Circular No. RBI/2023-24/41 DOR.CRE.REC. 21/21.07.001/2023-24, dated 8-6-2023.