Skip to main content

Posts

Showing posts from April 27, 2019

Sebi's circular naming defaulters draws flak; companies approach FinMin

Market regulator Securities and Exchange Board of India (Sebi) is once again caught on the wrong foot, and this time for one of its recent circulars that made public names of over 2,000 entities, which have defaulted on its dues.Some of the companies named in the list have raised objections with the finance ministry, stating that the list was erroneous, said sources aware of the development. The regulator had pulled out the circular dated 2 April within hours without any explanation. But, the uncertainty and confusion among market players, triggered by the list, lingered. The list featured some prominent names like SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance (a Cipla group unit), Saradha Realty, United Bank of India and Trident India.“Putting our name on the defaulter list has sent a wrong message to our shareholders. It has affected the company image,” said the official of a company whose name was on the list. An executive with another firm said, “We were …

Last chance for RBI to give info on bank inspection reports under RTI: SC

The Supreme Court on Friday reprimanded the Reserve Bank of India (RBI) for refusing to disclose information pertaining to the annual inspection report on banks under the Right to Information (RTI) Act, and warned that any further attempts by the banking sector regulator to hold back such information “shall be viewed seriously by the court”. Though the apex court held the RBI in contempt of court, it gave the regulator “one last opportunity” to withdraw the disclosure policy related to the annual inspection report on banks. The RBI, the court held, was “duty-bound under the law” to provide such information, which was otherwise exempted under law. “Though we could have taken a serious view of the respondents continuing to violate the directions issued by this court, we give them a last opportunity to withdraw the disclosure policy insofar as it contains exemptions which are contrary to the directions issued by this court,” a two-judge Bench of Justice L Nageswara Rao and Justice M R Sha…