The rise of legal influencers on social media has raised concerns about the potential for misleading legal advice. Experts highlight the risks of individuals relying on unqualified sources, which can result in serious legal and financial consequences. Caution is advised, stressing the importance of consulting qualified professionals for accurate guidance.
The Securities Appellate Tribunal (SAT) has conditionally stayed a Rs. 25 crore fine on businessman Anil Ambani, linked to alleged fraudulent activities involving Reliance Home Finance. The SAT ordered Ambani to pay 50 percent of the penalty within four weeks, while SEBI must file a reply to the appeal within the same timeframe.
The Securities and Exchange Board of India (SEBI) on Monday (Sept 23) imposed a Rs 1 crore penalty on Jai Anmol Ambani, son of industrialist Anil Ambani, for failing to exercise due diligence in approving General Purpose Corporate Loans (GPCLs) while serving as a non-executive director of Reliance Home Finance Ltd (RHFL).
The Lokpal instructed complainants to submit verified evidence to support corruption allegations against SEBI chief Madhabi Puri Buch, citing a Hindenburg Research report. They must file an affidavit within three weeks, addressing questions on the authenticity of claims and prior investments under the Prevention of Corruption Act.
![[Co-Location Scam] "Preponderance of Probability Fails to Prove Collusion Between OPG, Directors, and Notices": SEBI Dismisses Charges Against NSE & Chitra Ramkrishna](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/09/SEBI-Drops-All-Charges-In-39Dark-Fibre39-Case-Against-Former-NSE-Employees-amp-MD-In-Co-Location-Scam-Due-To-Insufficient-Evidence.png?resize=447%2C367&ssl=1)
In the Co-location scam case, SEBI dismissed charges against the National Stock Exchange (NSE) and its former CEO, Chitra Ramkrishna, stating insufficient evidence of collusion. SEBI’s ruling cleared the NSE and its leadership of any wrongdoing. This decision followed a January 2023 ruling overturning SEBI’s directive for NSE to disgorge Rs. 625 crore.
Sebi has imposed a 5-year ban and Rs 25 crore fine on Anil Ambani and 24 others, including former officials of Reliance Home Finance Ltd, for fund diversion. The scheme involved fraudulent loans to entities connected to Ambani, resulting in significant losses for over 900,000 shareholders. The entities involved have also been fined by Sebi.
![[Rs 5,100 Crore Scam in Axis Bank-Max Life Deal] Delhi High Court Urges RBI and SEBI to Conclude Probe "without delay"](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-63-2.png?resize=447%2C367&ssl=1)
The Delhi High Court dismissed Subramanian Swamy’s PIL alleging a Rs 5,100 crore scam in the Axis Bank-Max Life deal, directing SEBI and RBI to conclude their investigation promptly. Swamy accused Axis Bank of illegal gains through Max Life shares transactions and emphasized the need to prevent similar incidents. The Court noted broader concerns about corruption in the banking and insurance sectors.
![[Adani-Hindenburg Row] New Plea in SC Demanding Disclosure of Sebi's Final Findings in Adani's Case](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-183.png?resize=447%2C367&ssl=1)
The Supreme Court of India upheld SEBI’s investigation into Hindenburg’s allegations against the Adani Group, affirming its integrity and scope. The court, led by Chief Justice D.Y. Chandrachud, rejected a plea to exclude SEBI from the probe into alleged share price manipulation and financial irregularities.
Today(on 4th July), Chief Justice of India D Y Chandrachud urged SEBI and SAT to exercise caution in the face of surging equity markets, highlighting the need for additional tribunal benches to stabilize operations. He emphasized the pivotal role of regulatory bodies in maintaining market stability and stressed the urgency of addressing the increased workload and pending appeals at SAT.
The Delhi High Court Today affirmed the order for Bloomberg to retract a report alleging a $241 million accounting irregularity at Zee Entertainment. The court demanded immediate compliance, rejecting Bloomberg’s plea for a delay. Zee’s legal representative criticized the lack of evidence supporting the allegations, highlighting the clash between corporate accountability and journalistic freedom.