SEBI CHALLENGES HLL CASE VERDICT IN COURT
Article Abstract:
In its petition filed before the Mumbai High Court, Securities and Exchange Board of India (SEBI) has challenged the verdict of the Appellate Authority (AA) which had tried to prove Hindustan Lever Ltd (HLL) not guilty in the Brooke Bond Lipton India Ltd (BBLIL) case. It is claimed that HLL, as an insider, had bought eight lakh shares of BBLIL from Unit Trust of India (UTI). SEBI after completing two years of its investigation on March 11,1998, had instructed HLL to pay UTI a compensation of Rs3.04 crore and ordered that prosecution action should be taken against the company. The AA had questioned SEBI's powers to investigate charges of insider trading without proper evidence. The divisional bench hearing for SEBI's complaint will be held on September 28, 1998. (gs)
Comment:
Securities & Exchange Board of India contests Appellate Auth verdict claiming co is not guilty in Brooke Bond Lipton India case
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SEBI CANCELS IN-PRINCIPLE NODS FOR SETTING UP MFs
Article Abstract:
The Securities and Exchange Board of India (SEBI) has cancelled the in-principle approvals granted to 12 sponsors for setting up mutual funds. These mutual funds include Peregrine, Vysya Bank, Nagarjuna Finance, India Securities of Essar group, Pressman, Gujarat Lease Finance, VLS Finance, Weizmann Industries, Integrated Finance, PNR Capital, Ind Global Financial Trust and Prudential Capital. SEBI has taken this step since some sponsors misused the approval to promote business activities without actually setting up a fund. (gsh)
Comment:
India: Securities & Exchange Board of India cancels in-principle approvals granted to 12 sponsors for setting up mutual funds
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SEBI DRAFT GIVES COMPANIES FREEDOM ON ESOP PRICING
Article Abstract:
The draft guidelines made by the Securities and Exchange Board of India on Employee Stock Option Plans permits companies to issue shares to its employees at any price fixed by them. It also permits companies to issue shares to employees of subsidiary and holding companies. Permanent employees and whole time directors of a company will not be allowed to take part in the stock option plan. Employees have to exercise their options within a maximum period of five years. (khr)
Comment:
India: SEBI's draft guidelines on Employee Stock Option Plans allows cos to issue shares to employees at any price fixed by them
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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