The Securities Appellate Tribunal (SAT) on Wednesday quashed the order passed by Sebi imposing a fine of Rs 65 lakh on Apollo Tyres for violating norms pertaining to buyback of shares back in 2003.
Dismissing the regulator’s directive, the appellate tribunal has directed the Securities and Exchange Board of India (Sebi) to refund the penalty amount deposited by Apollo Tyres within four weeks, according to the SAT order.
The present appeal was filed against the Sebi’s order passed in November, 2018 that levied a penalty of Rs 65 lakh on Apollo Tyres for violation of buyback rules.
It was alleged that shares of Apollo Tyres were bought back by the company and its promoters in contravention of the relevant section of the Companies Act and Sebi regulations. The violations were allegedly committed by the company in 2003.
According to Sebi, Apollo Tyres did not follow any of the methods for repurchase of shares as specified under the buyback regulation.
Under the Regulation 4(1) of buyb
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SAT dismisses Sebi penalty on Apollo Tyres in share buyback case (27-09-2023)
Sebi fines Rs 2 lakh on CDSL Ventures over delay in audit reporting (27-09-2023)
Capital markets regulator Sebi on Wednesday imposed a penalty of Rs 2 lakh on CDSL Ventures Ltd, a KYC registration agency, over delay in submission of the audit report.
In addition, the entity failed to maintain segregation between cyber security services and infrastructure of itself and depository CDSL, which hit its KYC operations, according to an order passed by the regulator.
The Securities and Exchange Board of India (Sebi) inspected CDSL Ventures Ltd to examine its compliance with the KYC Registration Agency (KRA) regulations.
The period covered in the inspection was from January 2021 to December 2022.
Based on the findings of the inspection, Sebi found certain non-compliances with KRA Regulations.
In its order, Sebi found that CDSL Ventures did not submit the system audit report to it within the stipulated time period.
Sebi has mandated that the system audit should be conducted once in a “financial year” instead of a “calendar year”.
The entity had submitted the system a
Updater Services IPO subscribed 2.9 times on final day of subscription (27-09-2023)
The initial public offer of integrated facilities management company Updater Services was subscribed 2.90 times on the final day of subscription on Wednesday.
The initial share sale got bids for 3,47,41,450 shares against 1,19,99,999 shares on offer, as per NSE data.
The portion for qualified institutional buyers (QIBs) was subscribed 4.48 times while the quota for retail individual investors (RIIs) received 1.38 times subscription. The non-institutional investors part got subscribed 85 per cent.
The Rs 640 crore IPO had a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 80 lakh equity shares by a promoter and existing shareholders.
The price range for the company’s IPO was Rs 280-300 a share.
Updater Services has raised Rs 288 crore from anchor investors.
Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives, and general corporate purposes.
The company offers
Tata Power Renewable to set up 41 MW captive solar plant in Tamil Nadu (27-09-2023)
The captive solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA)
Valiant Lab IPO sees nearly 33% subscription on first day of bidding (27-09-2023)
The Initial Public Offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Laboratories was subscribed 33 per cent on the first day of subscription on Wednesday.
The initial share sale received bids for 24,81,045 shares against 76,23,030 shares on offer, as per data available with the NSE.
The portion for retail individual investors was subscribed 61 per cent while the category for non-institutional investors received 10 per cent subscription.
The IPO is an entirely fresh issuance of up to 1.08 crore equity shares with no offer for sale component.
The price range for the offer is at Rs 133-140 per share.
Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary — Valiant Advanced Sciences Private Ltd — and to meet the working capital requirements of the subsidiary company.
Valiant Laboratories is an active pharmaceutical ingredient or bulk drug manufacturing company with its focus on …
FPIs pull out $1.7 bn in Sept amid rising US bond yields, worst since Jan (27-09-2023)
The US economy, on the other hand, has remained resilient amid strong consumer spending and a resilient labour market
Improving signals for road sector companies with 25% budget boost for FY24 (27-09-2023)
Given high competition, firms with ability to monetise projects, focus on high margin assets and healthy balance sheets are preferred plays
Gift Nifty sets record single day trading of 3.86 mn contracts worth $15 bn (27-09-2023)
Gift Nifty index recorded an all-time high single day trading activity of 38.63 lakh contracts with a turnover of USD 15.25 billion (about Rs 1.27 lakh crore) on Tuesday.
The index surpassed its previous record of a turnover of USD 12.98 billion touched on August 29, NSE IX said in a statement on Wednesday.
Gift Nifty is a dollar-denominated futures contract based on the Nifty 50 index and is traded on the NSE IX, an international multi-assets exchange set up at GIFT City.
Trading turnover on NSE IX has been growing since the commencement of a full-scale operation of Gift Nifty on July 3, 2023.
Since the first day of full-scale operations, Gift Nifty has witnessed a total cumulative volume of over 4.59 million contracts with a total turnover of USD 178.54 billion.
NSE IX offers a diversified portfolio of products, including Indian single stock derivatives, index derivatives, currency derivatives, depository receipts, commodity derivatives and global stocks.
Sai Silks gains 10.3%, SignatureGlobal soars 19% over issue price on debut (27-09-2023)
SignatureGlobal (SGL) made an impressive stock market debut, with shares soaring nearly 20 per cent to close at Rs 458, up Rs 73 or 19 per cent over its issue price of Rs 385
PNB hits over 4-year high, zooms 33% in 1 month; m-cap nears Rs 1 trillion (27-09-2023)
At 02:55 PM, PNB’s market cap stood at Rs 90,048 crore