LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Sebi disposes of preferential share allotment case against REI Agro chairman, official

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Aug 30, 2018
09:01 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Sebi today disposed of a case against REI Agro's former chairman Sanjay Jhunjhunwala and current executive director Sandip Jhunjhunwala pertaining to allotment of preferential shares of the firm.

Last year, the duo were arrested in connection with an alleged bank loan fraud of Rs 3,871 crore.

It was alleged that REI Agro made partial funding of its preferential allotment of shares to the tune of Rs 7.10 crore out of Rs 50 crore to the four preferential allottees through a connected entity.

Sanjay Jhunjhunwala and Sandip Jhunjhunwala being the chairman and managing director of REI Agro, respectively, were accountable for the alleged preferential allotment made in fraudulent manner and therefore, alleged to have violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms, Sebi said.

Following this, the regulator had conducted an investigation into the dealings in the scrip of REI Agro for the period August, 2004 to September, 2005 and found that the company had allotted 38,46,154 shares on preferential basis to five entities in March 2005.

The markets watchdog noted that BSE did not give approval for listing and trading of such preference shares within the specified time period and accordingly the company cancelled the shares issued to five entities and refunded the entire amount of Rs 50 crore to allottees during February-March 2006.

"I further observe that after cancellation of shares allotment on preferential basis, entire amount of Rs 50 crore has been returned to the preferential allottees...There is also no material available on record to show that REIAL transferred amount of Rs 7.10 crore directly to the four allottees before/during the issue," Sebi Adjudicating Officer Sangeeta Rathod said.

She further said that the noticees (Sanjay and Sandip Jhunjhunwala) cannot be said to have violated the provision of PFUTP regulations and accordingly, disposed of the case without imposition of any monetary penalty.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

LPG gas subsidy status: How to check cooking gas subsidy online in bank account, all you need know

HDFC Bank, ICICI Bank and Axis Bank: Morgan Stanley says restrictions around 'government businesses' lifted for private banks

Axis Bank share price: IRDAI Approves Stake Acquisition in Max Life Insurance, Morgan Stanley maintains overweight rating with price target of Rs 1000

West Bengal Elections: Meaning of Lokkho Sonar Bangla campaign? Its benefits for Bengalis? Decoded and explained

Redmi K40, Redmi K40 Pro and Redmi K40 Pro+ launched; Check Price, Specs, availability in India

RailTel IPO Listing today: Great expectations from share price on debut

GameStop jumps nearly 19%; ''meme stocks'' fade after another wild ride

Heranba Industries IPO Subscription: Al the details highlighted for Investors

Petrol, Diesel Price – Fuel prices remain unchanged on Friday; expert tells money making strategy on Oil futures

Anil Singhvi’s Strategy February 26: Day support zone on Nifty is 14,800-14,900 & Bank Nifty is 35,600-35,850

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved