Tribunal upholds SEBI order against Mallya
March 12, 2021
Indian business man Vijay Mallya leaves the high Court for a lunch break as he appeals against extradition to India to face fraud charges at the Royal Courts of Justice in London, Tuesday, July 2, 2019. Mallya, whose business empire once included Kingfisher beer, left India two and a half years ago after defaulting on debts of more than a billion dollars linked to a failing venture, Kingfisher Airlines.(AP Photo/Alastair Grant) - AP
Indian business man Vijay Mallya leaves the high Court for a lunch break as he appeals against extradition to India to face fraud charges at the Royal Courts of Justice in London, Tuesday, July 2, 2019. Mallya, whose business empire once included Kingfisher beer, left India two and a half years ago after defaulting on debts of more than a billion dollars linked to a failing venture, Kingfisher Airlines.(AP Photo/Alastair Grant) - AP×
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The Securities Appellate Tribunal (SAT) while directing Securities and Exchange Board of India (SEBI) to file a reply, has asked New Delhi Television Ltd (NDTV) promoters Dr Prannoy Roy and Radhika Roy to deposit 50% of the disgorged amount with SEBI in four weeks. In November 2020, SK Mohanty, whole-time member (WTM) of SEBI has asked Dr Roy and his wife Radhika to jointly or severally, disgorge the amount of wrongful gain of Rs16.97 crore along with an interest, made for a transaction in December 2007 and April 2008.
Both Dr Roy and Ms Roy approached SAT against the SEBI order. One of the contentions which arise for the SAT bench comprising justice Tarun Agarwala, Dr CKG Nair and justice MT Joshi for consideration was whether there has been an undue delay in the initiating proceedings when transactions were made on the stock exchange platform.
SEBI Imposes Rs70 Crore Penalty on Reliance Industries, Mukesh Ambani for Fraudulent Trading in F&O of RPL in 2007
Moneylife Digital Team
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Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs70 crore on Reliance Industries Ltd (RIL), the company chairman Mukesh Ambani, Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd, for fraudulent trading in the futures & options (F&O), or derivatives, space in Reliance Petroleum Ltd (RPL). This is in addition to a previous order for disgorgement of nearly Rs1,000 crore with interest, which was upheld by the Securities Appellate Tribunal (SAT) and is now being challenged in the Supreme Court by RIL.