As is typical of many new age startups, one more notice for violations. The Enforcement Directorate (ED) has issued a show-cause notice to the parent company and two subsidiary companies of Paytm for allegedly violating provisions of the Foreign Exchange Management Act (FEMA). Notice is to the parent One 97 Communication limited (OCL), it’s managing … Read more
SEBI has issued the warning due to violation of the disclosure norms. On December 2, 2024 morning at 9:58 am, Bhavish Aggarwal, the CMD, had shared details of Ola Electric’s plans for a four-fold expansion on social media platform X. Bhavish Aggarwal wrote, “Taking the Electric revolution to the next level this month. Going from 800 … Read more
The Centre has circulated a draft legislation to ban lending by unregulated entities, including by platforms, with violators facing imprisonment of up to seven years. Lenders, who harass and use unlawful means for recovery, face up to 10 years in jail, with those promoting such lending facing a term of up to five years. The … Read more
The order is dated December 16, 2024 whereby SEBI intimated the appointment of forensic auditor with respect to financial statements of the Company for Financial Years 2020-21 to 2022-23. Reason – SEBI believes that the disclosure of financial information and business transactions of the Company have been dealt with in a manner which may be … Read more
India’s tax department has ordered Zomato to pay 8.04 billion rupees ($94.8 million) in taxes and fines for non-payment of certain taxes from 2019 to 2022, the food delivery platform said on Thursday. The order directs Zomato to pay 4.02 billion rupees in outstanding taxes and an identical amount as penalty, which totals to more … Read more
The U.S. Department of Justice (DoJ) has issued a five-count criminal indictment of Gautam Adani, chairman of the Adani Group, and several of his business associates. The charges include promising more than $250 million in bribes to Indian government officials to secure solar energy contracts, conspiracies to commit securities and wire fraud, and orchestrating “a … Read more
The two subsidiaries are – ECL Finance Limited (EFL) – it is being directed to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business. Edelweiss Asset Reconstruction Company Limited (EARCL) – it is … Read more
Stock exchanges have to pay a regulatory fee to SEBI based on every financial year’s annual turnover. In this regards, SEBI has issued the following order to BSE – Since introduction of derivative contracts, BSE has been calculating turnover wrongly in case of the option contracts. It’s calculating turnover considering premium value of options contracts … Read more
Nestle has once again got into an unhealthy food controversy. Everyone would remember the maggi noodle controversy that Nestle was subjected to in 2015. It then took more than a year for Nestle to navigate the troubled waters. Again in 2021, the Company got a scare. This time an internal memo got leaked wherein the … Read more