SAT

In June 2022, Sebi imposed a penalty of ₹30 lakh on Reliance Industries for not making a prompt clarification to stock exchanges regarding the Jio-Facebook deal

The tribunal upheld Sebi's disclosure circular requiring FPIs to reveal ownership structures to the ultimate beneficiary level, rejecting appeals by Elara and Vespera Funds

The Securities Appellate Tribunal has partly allowed Viresh Joshi's appeal, directing Sebi to share more documents in the Axis Mutual Fund front-running investigation

SAT admitted Jane Street's appeal against Sebi over alleged Bank Nifty manipulation, asking Sebi to reply in 3 weeks, with the next hearing set for November 18

Jane Street has appealed to the Securities Appellate Tribunal against Sebi's July 3 order, alleging denial of crucial documents and bias in the Nifty Bank manipulation probe

Sebi also added that it will determine the quantum of illegal gains made by the alleged fraudulent schemes, and further action may be initiated accordingly

Lotus & LTS have successfully rebalanced their portfolios, liquidated the non-compliant holdings, said sources

Deadline to not have holdings beyond specified thresholds ends on Monday

Securities Appellate Tribunal was without a presiding officer or a judicial member for three months

The market regulator refunded Rs 300 crore to the exchange following the directions by the Supreme Court in the same case

Industry players fear that if the Bench is not restored soon, it could hamper the fundraising and expansion plans of companies with pending litigation

Tribunal also slashes penalties levied on Chitra and Anand Subramanian

Matter pertains to alleged manipulative trading in November 2007

Tribunal asks market regulator to pay Rs 5 lakh for delay in complying with its order

Arguing on behalf of Goenka, senior counsel Abhsihek Manu Singhvi pointed that there had been no loss to Zee and no gain to Goenka in the alleged matter

The Securities Appellate Tribunal (SAT) on Friday set aside a Sebi order that imposed a Rs 25 crore penalty on industrialists Mukesh Ambani, Anil Ambani and other entities for non-compliance with takeover norms in Reliance Industries case. The order came after Ambanis appealed in the appellate tribunal against the capital markets regulator's directive. "We find that the appellant has not violated ... the SAST (Substantial Acquisition of Shares and Takeovers) Regulations. The imposition of penalty upon the appellant is without any authority of law. Consequently, the impugned order cannot be sustained and is quashed," the appellate tribunal said in its 124-page order. The case pertains to alleged failure to comply with takeover rules. Noting that the penalty amount following Sebi's order was deposited by the appellants, SAT directed the markets regulator to refund the amount of Rs 25 crore within four weeks. In April 2021, Sebi levied a fine totalling Rs 25 crore on Mukesh Ambani, A

SAT had last week stayed IRDAI's order directing transfer of policy liabilities, entire business as well as well as assets of Sahara to SBI

In a big relief to Sahara India Life Insurance Co Ltd, the Securities Appellate Tribunal (SAT) on Tuesday stayed regulator Irdai's order directing the transfer of policy liabilities of around two lakh policies along with assets of Sahara Group firm to SBI Life Insurance Company. The order comes after Sahara India Life filed an appeal against an order passed by the Insurance Regulatory and Development Authority of India (Irdai). Irdai, in its order on June 2, ordered for transferring the entire business of Sahara India Life to SBI Life. Further, the books of accounts, bank accounts, etc were also been directed to be transferred. The decision was taken at the meeting of the Irdai given the deteriorating financial health of Sahara India Life. In its order on Tuesday, the appellate tribunal stayed "the effect and operation of the impugned order dated June 2, 2023, till further orders of this Tribunal". The matter is now listed for further consideration and arguments on August 3. Sahar

Legal experts cite 'inconsistencies' in Tribunal's order

The Securities Appellate Tribunal (SAT) has asked capital markets regulator Sebi to provide certain documents pertaining to loans sanctioned by ICICI Bank to entities including Videocon Group to the private lender's former chief Chanda Kochhar. Directing Sebi to provide such documents, the tribunal said that denial of the documents sought for by the respondent (Sebi) was in "gross violation of the principles of natural justice". The matter pertains to an amended show cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice B N Srikrishna. The Srikrishna committee, which was tasked to probe the allegations of quid pro quo transactions in ICICI Bank, submitted its report to the lender in January 2019. The committee, in its report, observed that Kochhar violated bank policies and other rules and regulations. The board of the bank based on the report had decided to treat her resignation as 'termination for cause' under the bank's inter