Connect with us

Business

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

Published

on

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.

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.

Advertisement

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In its order, Sebi said Choksi communicated unpublished price-sensitive information (UPSI) to Gajera, which sold its entire 5.75% stake in GGL in December 2017 in order to avoid losses before disclosing the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.

“Notice No. 1 (Choksi) communicated UPSI (Unpublished Price Sensitive Information) to Notice No. 2 (Gajera) without any potential legal obligation or any legitimate purpose,” Sebi said in its 60-page final order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

Advertisement

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.”

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.

Advertisement

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

Advertisement
Continue Reading

Lifestyle

10 best activities hacks for the better lifestyle for Business Managers.

Published

on

By

10 best activities hacks for the better lifestyle for Business Managers.

Business managers, known for their dynamic and demanding roles, are now adopting innovative activity hacks to improve their lifestyle and well-being. Recognizing the importance of work-life balance and personal wellness, these leaders are implementing a range of activities to foster physical health, mental clarity, and overall satisfaction in their professional and personal lives.

Mindfulness at Work lifestyle

Business managers are incorporating mindfulness practices, such as meditation and deep breathing exercises, into their daily routines to reduce stress and increase focus in high-pressure situations.

Regular Exercise Breaks

Amid tight schedules, managers are embracing short exercise breaks, such as brisk walks or stretching exercises, to stay active throughout the day and boost their energy levels.

Nutrition and Healthy Eating

Prioritizing their well-being, managers are adopting healthier eating habits, including nutritious snacks and well-balanced meals, to sustain their energy during demanding workdays.

Time Management Workshops

Business managers are attending time management workshops to enhance their organizational skills, enabling them to efficiently juggle multiple responsibilities and achieve better work-life integration.

Skill Development Seminars

Recognizing the value of continual growth, managers are attending skill development seminars to stay updated on industry trends and enhance their leadership abilities.

Flexible Work Arrangements

Some forward-thinking companies are offering flexible work arrangements to business managers, providing the freedom to create a more harmonious work-life balance.

Social Engagement

Building a sense of camaraderie, managers are engaging in team-building activities and networking events to foster positive relationships within their professional circles.

Unplugging from Technology: In a digital era, managers are prioritizing personal time by unplugging from technology during non-working hours, allowing for genuine relaxation and recharging.

Pursuing Hobbies and Interests

Managers are rediscovering their passions outside of work, be it painting, gardening, or playing a musical instrument, to unwind and find fulfillment beyond their professional roles.

Encouraging Employee Wellness

Some managers are also promoting wellness initiatives within their teams, encouraging their employees to embrace similar activity hacks and lead healthier lives.

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
Podcast Platforms – https://anyfm.in

Advertisement
Continue Reading
Anyskill-ads

Facebook

Trending