Latest news with #ProhibitionofInsiderTrading
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Business Standard
7 days ago
- Business
- Business Standard
Delayed disclosures of accounting lapses by IndusInd Bank catch Sebi eye
The Securities and Exchange Board of India (Sebi) is probing whether there were delays in disclosures of discrepancies in derivatives accounting and lapses by IndusInd Bank and its then management, according to people aware of the development. While the capital markets regulator is investigating alleged insider-trading violations, it is also reviewing documents and data for any possible violations of the Sebi (Listing Obligations and Disclosure Requirements) Regulations (LODR). The market regulator recently sought the forensic report from the bank, which it is analysing along with emails and other data to probe any violations, said sources. 'Along with possible Sebi (Prohibition of Insider Trading) Regulations violations, the regulator is verifying if the disclosures under LODR on these discrepancies were required much earlier, as the officials may have been aware of these lapses,' said a person privy to the information. In the alleged insider trading matter, the market regulator is looking into whether the officials traded their shares while being aware of the lapses. While an earlier probe into the trades done by the then managing director (MD) and chief executive officer (CEO) and deputy CEO showed that the trades were disclosed, it is now to be verified if the trades were done while having access to unpublished price-sensitive information. Stock exchange disclosures show that between May 2023 and June 2024, IndusInd's then MD and CEO Sumant Kathpalia offloaded nearly 950,000 shares, worth around ₹134 crore, while deputy CEO Arun Khurana sold 550,000 shares, valued at ₹82 crore. These shares were acquired through the bank's employee stock ownership plan. Emailed queries sent to Sebi and IndusInd remained unanswered till the time of going to press. Last week, speaking on the sidelines of an event in Delhi, Sebi Chairman Tuhin Kanta Pandey observed that while the Reserve Bank of India was looking into the matter, the market regulator was checking if there were any 'egregious violations' by anyone. On March 10, the private-sector bank disclosed a review by an external agency of discrepancies in its account balances relating to its derivatives portfolio. The bank said its detailed internal review had estimated an adverse impact of roughly 2.35 per cent of its net worth as of December 2024. On Wednesday, IndusInd reported a net loss of ₹2,329 crore in Q4FY25, its worst quarterly loss ever, as it substantially ramped up provisions and reversed incorrectly booked revenue and income entries worth over ₹2,500 crore linked to accounting discrepancies in the derivatives and microfinance segments discovered during the quarter. The bank said that its board suspected a 'fraud may have been committed against the bank involving certain employees having a significant role in accounting and financial reporting'. IndusInd added that it had taken necessary steps, including reporting to regulatory and investigative authorities.
Business Standard
21-05-2025
- Business
- Business Standard
Laxmi Dental Ltd
Board Meeting Intimation for Consideration And Approval Of Audited Financial Results (Standalone And Consolidated) For The Quarter And Financial Year Ended March 31 2025. Laxmi Dental Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 26/05/2025 inter alia to consider and approve the Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Financial Year ended March 31 2025. Further pursuant to the provisions of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations 2015 and in terms of the Code of Conduct for Prevention of Insider Trading of the Company the trading window for dealing in securities of the Company which was closed from April 01 2025 for all the designated persons and their immediate relatives shall re-open after the expiry of 48 hours from the date of declaration of the said financial results.
Mint
21-05-2025
- Business
- Mint
Small-cap stock under ₹50: Bhatia Comms sets date to declare Q4 results 2025, final dividend for FY25
Small-cap stock under ₹ 50: Bhatia Communications and Retail (India) Ltd announced on Wednesday, May 21, that the company will conduct its board meeting on Monday, May 26, to consider and approve its January-March quarter results for fiscal 2024-25 (Q4FY25). The small-cap firm will also declare a final dividend for FY25 on the same day at its board meeting. "….We wish to inform you that a Meeting of the Board of Directors of the company is scheduled to be held on Monday, 26th May, 2025 at 03.00 P.M. at the Registered Office of the company situated at 132, Dr. Ambedkar Shopping Centre, Ring Road, Surat-395002 inter alia to transact the following businesses: 1. To consider and approve the standalone audited financial results along with audit report thereon for the quarter and year ended on 31st March, 2025. 2. To consider and recommend final dividend, if any, on the equity shares of the company for the financial year 2024-25. Further, it is stated that pursuant to the Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of trading by insiders in respect of securities of the company and pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time, the Trading Window for dealing in the equity shares of the company is already closed for the directors, officers, designated employees, immediate relatives of respective persons covered under the said policy of the company from 01st April, 2025 till 48 hours after the declaration of audited financial results of the Company for the quarter and year ended on 31st March, 2025.
Mint
20-05-2025
- Business
- Mint
Bharat Dynamics Q4 Update: Defence PSU declares board meeting date to consider Q4 results, final dividend for FY25
Pursuant to Regulation 29 and Regulation 33 of the SEBI (LODR) Regulations, 2015 (as amended), notice is hereby given that a meeting of the Board of Directors of the Company will be held on Tuesday, 27th May, 2025, inter alia to consider and approve Audited Financial Results of the Company for the quarter and year ended 31st March 2025. (ii) It is also hereby notified that final dividend, if any, for the financial year 2024-25 may be considered at the aforesaid Board Meeting. (iii) Trading Window for dealing in securities of BDL is under closure from 01st April 2025 till 48 hours of the declaration of the Audited Financial Results for the year ended 31st March 2025 for all 'connected persons' as per the code of Prohibition of Insider Trading of the Company. Bharat Dynamics is one of India's manufacturers of ammunitions and missile systems. It was founded in 1970 in Hyderabad, India. BDL has been working in collaboration with DRDO & foreign Original Equipment Manufacturers (OEMs) for manufacture and supply of various missiles and allied equipment to Indian Armed Forces, it began by producing a first generation anti-tank guided missile — the French SS11B1. While fulfilling its basic role as a weapons system manufacturer, BDL has built up in-house R&D capabilities primarily focusing on design and engineering activities. BDL has three manufacturing units, located at Kanchanbagh, Hyderabad; Bhanur, Medak district, and Visakhapatnam, Andhra Pradesh. Two new units are planned at Ibrahimpatnam, Ranga Reddy district, Telangana and Amravati, Maharashtra.
Time of India
19-05-2025
- Business
- Time of India
Sebi issues Rs 2.1 cr demand notice to absconding diamantaire Mehul Choksi
Markets regulator Sebi has sent a notice to absconding diamantaire Mehul Choksi asking him to pay Rs 2.1 crore in a case of violation of insider trading rules in the shares of Gitanjali Gems Ltd and warned of attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay the fine imposed by the Securities and Exchange Board of India (Sebi) in January 2022. Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi . Both are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore. Choksi and Modi fled India after the PNB scam came to light in early 2018. Last month, Choksi was arrested in Belgium following an extradition request by Indian probe agencies. He was located in Belgium last year when he went there on the grounds of getting medical treatment. He had been staying in Antigua since 2018 after leaving India. Continue to video 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kuching: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo Modi was arrested by the Scotland Yard Police in March 2019 and is currently lodged in jail in that country. In a fresh recovery notice dated May 15, the Securities and Exchanges Board of India (Sebi) directed Choksi to pay Rs 2.1 crore within 15 days. This included a penalty of Rs 1.5 crore and an interest of Rs 60 lakh. In the event of non-payment of dues, the market regulator said it will recover the amount by attaching and selling his moveable and immovable properties. Besides, Choksi faces attachment of his bank accounts and arrest. Live Events In its order passed in January 2022, the regulator imposed a penalty of Rs 1.5 crore on Choksi and restrained him from the securities market for one year. Sebi had found that Choksi communicated UPSI to one Rakesh Girdharlal Gajera, who sold his entire shareholding of 5.75 per cent in Gitanjali Gems in December 2017 with the intention of avoiding loss ahead of any event which may lead to disclosure of fraudulent issuance of LoUs (letter of undertaking)to Gitanjali Group and its magnitude in public domain. It was noted that fraudulent LOUs were issued on behalf of entities belonging to the Gitanjali Group, including GGL. "Noticee no. 1 (Choksi) was found to have communicated UPSI (unpublished price sensitive information) to Noticee no. 2 (Gajera) without any underlying legal obligation or any legitimate purpose," Sebi had said in its final order. Through such activities, the two persons had violated the provisions of PIT (Prohibition of Insider Trading) rules. In May 2023, Sebi had sent a notice to Choksi directing him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems.
