The Securities Appellate Tribunal (SAT) SAT partly allowed appeal and reduced the penalty of Rs10.25 Cr. imposed on Texmo Pipes by SEBI for alleged involvement in a fraudulent scheme of using GDR proceeds to fund a subscriber to the global depository receipt (GDR) issue in violation of the PFUTP Regulations, to Rs25 lakh.
The Securities Appellate Tribunal (SAT) has quashed the order passed by Securities and Exchange Board of India (SEBI) against a director of Falcon Tyres Ltd and a non-executive director of Dunlop India Ltd inter alia restraining them from accessing the securities market for a period of two years for allegedly violating certain provisions of the Listing Agreement and Securities Contracts (Regulation) Rules (SCRR) minimum public shareholding (MPS) requirement.
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Securities and Exchange Board of India (SEBI) has barred Parsvnath Developers from the securities market for six months and imposed a penalty of Rs15 lakh on the company for flouting listing rules.
SEBI found that Parsvnath Developers Ltd (PDL) failed to make provision for the outstanding amount in ledger accounts of contractors and sub-contractors and also failed to strictly comply with Accounting Standards 7 or AS 7, which deals with construction contracts.