Delay In Issuing Equity Share Certificates: RoC Imposes Rs. 75,000 Penalty On T. Forrest & Sons

The Registrar of Companies (RoC), Kanpur has imposed a penalty of Rs. 75,000 on T. Forrest & Sons India Private Limited for delay in issuing of equity share certificates to its shareholders. Section 56(4)(a) of the Companies Act, 2013 provides that every company shall deliver the certificates of all securities allotted, transferred, or transmitted within a period of two months...

POCSO Act | Examining Other Witnesses Not Necessary If Victim's Sole Testimony Reliable To Convict Accused: Meghalaya High Court

Based on the sole testimony of the victim, the Meghalaya High Court recently upheld the conviction of an accused for committing the offence of aggravated penetrative sexual assault under the POCSO Act.The Court said that the accused can be convicted based on the sole testimony of the victim if the victim's testimony is found to be credit-worthy, unblemished, and inspires the confidence of...

RBI Imposes Rs 7.25 Lakh Penalties On Five Cooperative Banks For Regulatory Violations

The Reserve Bank of India (RBI) has levied monetary penalties on five cooperative banks for various regulatory violations. The penalties totalling Rs 7.25 lakh were imposed following statutory inspections and findings of non-compliance with RBI directives. The Mahabaleshwar Urban Cooperative Bank Ltd., Nagarik Sahakari Bank Ltd., Krishna Sahakari Bank Ltd., Abasaheb Patil...

Karnataka Withholds Bill To Give Reservation For Locals In Private Jobs

The Karnataka Government on late Wednesday indicated that it was temporarily putting on hold the Bill to provide 50% reservation in management and 70% in non-management posts for Kannadigas in private industries and other organisations of the state.After criticism against the bill from various quarters, Chief Minister Siddarmaiah clarified that the bill - which was earlier said to have...

West Bengal Govt Constitutes Committee To Review New Criminal Laws, Suggest State-Specific Amendments

The West Bengal government has passed a resolution constituting a seven-member committee to review the newly implemented criminal laws in order to inter alia determine whether the names of the statutes need to be changed at a state level and to suggest state-specific amendments. The members of the committee are as follows:Justice (Retd) Ashim Kumar Roy, (Retired Justice, Calcutta High Court...

Reserve Bank of India Updates Basel III Capital Regulations

The Reserve Bank of India (RBI) has clarified the eligibility criteria for Credit Rating Agencies (CRA) under the Basel III Capital Regulations. Under the revised guidelines, banks can obtain fresh ratings from Brickwork Ratings India Private Limited for loans not exceeding Rs. 250 crore. Additionally, the CRA will continue to conduct rating surveillance for existing...

Reserve Bank of India Issues Revised Master Directions On Fraud Risk Management For Cooperative Banks

The Reserve Bank of India (RBI) has issued revised Master Directions on Fraud Risk Management for Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), and Central Cooperative Banks (CCBs). The revised Directions, titled "Reserve Bank of India (Fraud Risk Management in UCBs / StCBs / CCBs) Directions, 2024," replace the earlier guidelines. They require Cooperative...

RBI Issues New Directions On Fraud Risk Management For NBFCs & HFCs

The Reserve Bank of India (RBI) issued updated guidelines titled "Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)”. The new Master Directions apply to all NBFCs and HFCs categorized in the Upper, Middle, and Base Layers with an asset size of ₹500 crore and above. Collectively termed as "Applicable...

Electrosteel Castings Promoters Settle Insider Trading Allegations With SEBI For Rs 1.36 Crore

The promoters of Electrosteel Castings Limited (ECL) have settled allegations of insider trading with the Securities and Exchange Board of India (SEBI) by paying a total of Rs 1.36 crore. The investigation by SEBI covered trading activities by promoter group entities of ECL between May 17, 2020, and January 6, 2021. During this period, SEBI noted the trades made by Amit Kumar...

Bengaluru Court Dismisses Plea Seeking Action Against PM Narendra Modi Over Alleged Hate Speech Against Muslim Community

A Court in Bengaluru while dismissing the private complaint filed against Prime Minister Narendra Modi, for his alleged hate speech in Rajasthan against the Muslim community, made during the Lok Sabha campaigning, observed “Muslims in India are also citizens of this secular country under the Indian Constitution. If so, they are not the 'Infiltrators' to this country.”Magistrate...

SEBI Proposes Amendments To Handle Securities Law Violations By Intermediaries Through Summary Proceedings

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing amendments to the SEBI (Intermediaries) Regulations, 2008 which introduces provisions for summary proceedings to handle specific types of securities law violations by intermediaries. The introduction of summary proceedings addresses issues observed in the current regulatory framework....

SEBI Proposes New Asset Class To Bridge Investment Gaps

The Securities and Exchange Board of India (SEBI) has introduced a proposal for a new asset class designed to bridge the gap between Mutual Funds (MFs) and Portfolio Management Services (PMS). Current investment options range from retail-oriented Mutual Fund schemes with low ticket sizes to Portfolio Management Services and Alternative Investment Funds (AIFs), which require...