Page 5 - Securities Appellate Tribunal
SAT sets aside Sebi's order to impose penalty on Bhushan Steel for lapses
The Securities Appellate Tribunal (SAT) has set aside a Sebi's order to impose a Rs 2 lakh penalty on Bhushan Steel Ltd, now known as Tata Steel BSL Ltd, for disclosure lapses. Bankruptcy proceedings were initiated against the debt-laden Bhushan Steel Ltd in July 2017. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. "The impugned order dated 14 February 2022, cannot be sustained and is quashed. However, it would be open to the respondent Sebi to issue a show cause notice for the alleged violation against the entity," SAT said in an order passed on December 20. The ruling comes after an appeal was filed against the Sebi order, levying a Rs 2 lakh fine on Bhushan Steel for not making the requisite disclosure under LODR (Listing Obligations and Disclosure Requirements) rules. It noted that the appellant was found guilty of non-disclosure of the number of investor complaints filed with the stock exchanges on a
 "SAT sets aside Sebi's order to impose penalty on Bhushan Steel for lapses")
NSEL scam: Sebi bans five major commodity brokers for six months
The brokers had appealed to the Securities Appellate Tribunal (SAT) against a previous order by Sebi issued in 2019
Bombay Dyeing moves SAT against Sebi's Rs 2.25 cr fine, two-year market ban
Sebi had passed the order on the firm, its promoter Nusli N Wadia, and three others for allegedly inflating financial statements; firm responded saying its accounting practice was wrongly interpreted
 "Bombay Dyeing moves SAT against Sebi's Rs 2.25 cr fine, two-year market ban")
Analysts positive on Bank Nifty, advise picking up stocks on dips
Bank Nifty index has been outperforming the benchmark Nifty. It has gained 4% in the past one month and 16% YTD. In comparison, Nifty is up less than 2% both on a one-month and YTD basis
 "Analysts positive on Bank Nifty, advise picking up stocks on dips")
Wadias, BDMCL likely to file appeal before SAT against Sebi order
Sebi has charged the violators under the Prevention of Fraudulent and Unfair Trade Practices Regulations for alleged misrepresentation of financial statements
A family at war: Kirloskar siblings await SC judgement on arbitration
The Kirloskars are fighting a legal war over group assets with Sanjay Kirloskar chairman of Kirloskar Brothers Ltd on one side, and his brothers, Atul, 66, and Rahul, 59, on the on the other side
 "A family at war: Kirloskar siblings await SC judgement on arbitration")
New twist to rivalry as Kirloskar siblings trade charges over legal fees
Sanjay Kirloskar-led Kirloskar Brothers Ltd refutes claim made by siblings Atul and Rahul that the firm paid Rs 274 crore in professional and legal expenses
 "New twist to rivalry as Kirloskar siblings trade charges over legal fees")
Kirloskar promoters get a breather in the insider trading case
The three-member SAT bench dismissed Sebi's argument that certain entities gained undue advantage of any UPSI
SAT gives relief to Brickwork Ratings, stays cancellation of licence
But keeps Sebi ban on taking up new clients
 "SAT gives relief to Brickwork Ratings, stays cancellation of licence")
Sebi moves Supreme Court against SAT ruling in NDTV matter: Sources
Sources said Sebi's appeal before the SC is in order to ensure that the SAT order doesn't set a precedent where promoters of listed companies convert loans into shares without triggering an open offer
Sebi slaps Rs 10 cr penalty on Gautam Thapar for alleged fund diversion
Passes final order in CG Power fund diversion case; also fines Avantha Holdings Rs 5 cr and deal lenders IndusInd Bank and Aditya Birla Finance Rs 1 cr each
 "Sebi slaps Rs 10 cr penalty on Gautam Thapar for alleged fund diversion")
NDTV pays Rs 10 lakh penalty as directed by SAT in non-disclosure case
In an order dated July 20, SAT had reduced the penalty imposed by Sebi from Rs 5 crore to Rs 10 lakh
 "NDTV pays Rs 10 lakh penalty as directed by SAT in non-disclosure case")
SAT dismisses plea opposing Tamilnad Mercantile Bank's Rs 830 cr IPO
Three shareholders of TMB had sought a stay on the share sale, aggrieved by TMB's decision to drop the OFS component
 "SAT dismisses plea opposing Tamilnad Mercantile Bank's Rs 830 cr IPO")
SAT quashes NSE order against Kotak Mahindra Bank in share pledging case
Says stock exchange only has jurisdiction over trading members and cannot issue directions to other entities
 "SAT quashes NSE order against Kotak Mahindra Bank in share pledging case")
An interim Sebi order must not be open-ended
Delayed justice is unfair to those who may ultimately be found not guilty, and also to those who may be found guilty
SAT relief for news broadcaster NDTV, fine slashed to Rs 10 lakh
The tribunal also slashed penalties imposed by the market regulator terming them 'excessive'
PNB Housing, directors shell out Rs 73 lakh to settle case with Sebi
The payment was made under settlement rules, which allow an alleged wrongdoer to settle a matter without admitting or denying the guilt
 "PNB Housing, directors shell out Rs 73 lakh to settle case with Sebi")
SAT directs Sebi to conduct enquiry into Cairn UK Holdings dividend case
The appellate tribunal's order, dated July 5, came after an appeal was filed by Cairn UK Holdings Ltd against the Sebi order
 "SAT directs Sebi to conduct enquiry into Cairn UK Holdings dividend case")
SAT gives ICEX another chance, quashes withdrawal of permanent recognition
Tribunal says 'the ship may be sinking but the leakages can be plugged', pulls up Sebi for concluding exit of top officials would necessarily lead to closure of the exchange
 "SAT gives ICEX another chance, quashes withdrawal of permanent recognition")
SAT stays Sebi's notices issued to BSE, NSE in Karvy Stock Broking case
The Securities Appellate Tribunal (SAT) on Thursday stayed Sebi's demand notices issued to exchanges, BSE and NSE, in a case related to Karvy Stock Broking Ltd (KSBL), whereby they had to pay Rs 5 cr