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Gitanjali Gems case: Sebi bans Mehul Choksi, another individual from mkts

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Gitanjali Gems case: Sebi bans Mehul Choksi, another individual from mkts

Sebi has banned fugitive businessman Mehul Choksi and a Rakesh Girdharlal Gajera from capital markets for a year and fined them a total of Rs 2.5 lakh crore for breaching insider trading rules over the Gitanjali Gems issue.

In addition, they were prohibited from buying, selling or otherwise dealing in Gitanjali Gems Ltd (GGL) securities for two years.

In addition, the Securities and Exchange Board of India (Sebi) has directed Gajera to hand over Rs 15.82 crore.

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Gitanjali Gems founder and managing director Choksi is Nirav Modi’s uncle, and both face charges of defrauding state-run Punjab National Bank (PNB) of more than Rs 14,000 crore.

Both Choksi and Modi fled India after the PNB scam came to light in early 2018. Choksey is said to be in Antigua, but Modi is being held in a British prison and has challenged India’s extradition request.

In its order, Sebi said Choksi communicated unpublished price-sensitive information (UPSI) to Gajera, which sold its entire 5.75% stake in GGL in December 2017 in order to avoid losses before disclosing the fraudulent issuance of LoU (Letter) undertaken by Gitanjali Group.

It was pointed out that fraudulent LoUs were issued on behalf of Gitanjali Group entities, including GGL.

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“Notice No. 1 (Choksi) communicated UPSI (Unpublished Price Sensitive Information) to Notice No. 2 (Gajera) without any potential legal obligation or any legitimate purpose,” Sebi said in its 60-page final order Say.

Through such activities, they are violating the provisions of the PIT (Prohibition of Insider Trading) rules.

In addition, Sebi noted that Gajera violated GGL by holding more than 5% of GGL’s total share capital in the quarter ended September 2017 and failing to disclose to the exchange in December 2017 a change in its stake in GGL of more than 2% SAST (Material Share Acquisition and Takeover) regulations.

As a result, Sebi has restricted the pair from “accessing the securities market and further prohibits the direct or indirect purchase, sale or otherwise dealing in securities, or in any way associated with the securities market, for a period of 1 year.”

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In addition, the regulator fined Choksi Rs 1.5 crore and Gajera Rs 1 crore. They have been instructed to pay the fine within 45 days.

The regulator launched an investigation into alleged insider trading activities by certain entities in GGL shares between May 2017 and February 2018 to determine whether the alleged entities violated PIT’s UPSI-based stock trading practices.

In February 2020, the regulator fined Choksi, Gitanjali Gems and another individual Rs 5 crore for violating various regulations related to the massive fraud at PNB, including listing norms.

Complete News Source : Business Standard

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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