Rulings
SEBI: Gives benefit of doubt over debentures non-conversion; HC order ambiguity to rescue
SEBI: Subsidiary investment write-off, ‘price sensitive’ info; CMD disowning accounting statement unacceptable
SEBI: Immediate rectification bringing promoter-group below ‘open offer’ threshold still violates Takeover regulations
SEBI: Revokes ban on 217-entities involved in Pyramid Saimira’s share manipulation; Refers RBI Report
SEBI: Restrains sub-syndicate member for 4-years, observes IPO-bid manipulation & fraudulent trade practices
SAT: Upholds SEBI AO’s penalty order for Takeover code non-compliance; Rejects ‘non-functional’ SE defense
SEBI: Forfeiture of shares not passive acquisition, requires Takeover Code compliance
SEBI: Merchant Banker to independently verify company’s affairs, can’t rely on statutory auditor’s certification
SEBI: SHA termination ‘price sensitive info’; Confirms ban on Gammon Infra’s ex-CMD
SEBI: Holds ISEL’s former MD guilty of SEBI directives violation, restrains him from heading any SE
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