Sebi issues show-cause notices to 300 brokerages in NSEL case
The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to 300 brokerages whose clients lost significant money in the infamous Rs 56-billion National Spot Exchange (NSEL) scam. Sebi’s notice alleged that these brokerages no longer meet the “fit and proper person” criteria and hence should not be allowed to continue as intermediaries. The regulator asked these brokerages to explain why the action recommended should not be taken against them under the prescribed provisions of Sebi (intermediaries) and Sebi (stock-brokers and sub-brokers) regulations.
SC upholds constitutional validity of Aadhaar, strikes down certain provisions
The Supreme Court on Wednesday upheld the constitutional validity of Aadhaar, albeit with riders. In a majority 4-1 judgement, a constitution bench headed by Chief Justice Dipak Misra affirmed the constitutionality of the 12-digit unique identity scheme, saying it involved “parting with minimal information” to fulfil the “larger public interest” of the marginalized and the poor, who can use it to obtain government benefits and subsidies. “In the present case as well, we have come to the conclusion that Aadhaar Act is a beneficial legislation, which is aimed at empowering millions of people in this country,” the judges said in their 1,448-page verdict.
ITNL owes Rs 155 crore to Aditya Birla Finance
IL&FS Transportation Networks (ITNL) on Wednesday said it owes Rs 155 crore to Aditya Birla Finance (ABFL). In a notice to the stock exchange, ITNL said ABFL had filed an application for interim injunction under Section 9 of the Indian Arbitration and Conciliation Act before the Delhi High Court. FE had reported the development on September 22. ITNL said it owes Rs 55 crore to ABFL for its Chenani Nashri Tunnel way project and Rs 100 crore for Pune Solapur Road Development Company.
Italy’s Atlantia in talks to buy IL&FS road assets for $1.2 billion
Debt-laden IL&FS is in advanced talks with one of Europe’s leading road operators, Atlantia of Italy, to sell a portfolio of toll-road assets for about $1.2 billion as part of a broader plan to garner cash and stay afloat, two people with direct knowledge of the development said. IL&FS has 28 build-operate-transfer (BOT) projects under the listed IL&FS Transportation Networks (ITNL) and the sale of some of these assets, if successful, is expected to improve the leverage of the firm that now has Rs 91,000 crore of debt.
Whistle blower to seek High Court probe against CBI heads
A person who claims to have flagged the alleged IRCTC hotels-for-land scam, in which former railway minister Lalu Prasad is being probed, has told ET he will petition the Delhi High Court to investigate what he claims was interference by two top CBI officials in the matter. Earlier this month, Vankatesh Kumar Sharma, a resident of Bihar, had approached the Supreme Court seeking action against the director of the Central Bureau of Investigation (CBI) Alok Verma, for allegedly “stopping for more than an hour” CBI sleuths from carrying out a “targeted” raid.
Government hikes customs duty on 19 items to curb widening CAD
India raised import duty on a range of items including air-conditioners, refrigerators, washing machines, footwear, jewellery, furniture fittings and tableware besides imposing it on aviation turbine fuel (ATF) as the government seeks to rein in the current account deficit and shore up the rupee. The move follows an announcement to this effect by finance minister Arun Jaitley earlier this month after a meeting with Prime Minister Narendra Modi in the wake of the slump in the rupee against dollar.
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