Sebi said that at the time of the alleged violation, Pia Johnson, non-executive director of Indiabulls Ventures Ltd (IVL), and her husband Mehul Johnson traded in the scrip of IVL when in possession of unpublished price sensitive information (UPSI)) They had such information with respect to the sale of India Land and Properties Ltd (ILPL) to Indiabulls Infrastructure Ltd (IIL) and investment of IIL in ILPL. According to the order, ILPL was indirectly owned by IVL whereas IIL is a wholly owned subsidiary of Indiabulls Real Estate Ltd. The proposal ultimately led the sale of ILPL to IIL / investment of IIL in ILPL and same was made public on March 15, 2017, the regulator said. Accordingly, Sebi ordered to impound Rs 87.21 lakh ''jointly and severally" from Pia and Mehul and directed banks and depositori

Jaypee Infratech's financial creditors, which include bankers and homebuyers, will meet on May 30 to discuss state-owned NBCC's bid to acquire the realty firm and complete stuck housing projects. A meeting of Committee of Creditors (CoC) has been called on May 30. As many as 13 banks and 23,000 homebuyers have voting rights in the committee. Earlier this month, creditors rejected a bid by Mumbai-based Suraksha Realty through a voting process. the CoC decided to put on vote the NBCC's offer even as bankers were opposed to this move citing certain conditions in the resolution plan submitted by the public sector firm. On the bankers' plea, the National Company Law Appellate Tribunal (NCLAT) had on May 17 annulled voting by homebuyers and lenders on NBCC's bid and allowed renegotiation on the offer by May 30.

According to regulatory data, Larsen and Toubro (L&T) have raised its stake in IT firm Mindtree by about 2 percent between May 20-24 by picking up shares worth over Rs 316 crore. The growth assumes importance as L&T has already acquired around 20 percent stake in the mid-sized IT firm from V G Siddhartha and Cafe Coffee Day and is keen to increase its shareholding up to 66 percent. As per BSE data, L&T acquired shares from the open market throughout the week with the highest quantum of shares being purchased on May 24 when it picked up nearly 2.5 million shares of Mindtree at Rs 980 apiece. L&T's open offer - which was earlier slated to begin on May 14 - has been postponed as the engineering major is awaiting a nod from the Securities and Exchange Board of India. Read EquityPandit’s Te

An official told that the government will soon offer 550 km of roads to private companies to operate and collect tolls, in a move to get cracking on an asset monetization plan. The National Highways Authority of India will seek bids for the roads under the toll-operate-transfer (TOT) plan in Tamil Nadu, Uttar Pradesh, Bihar and Jharkhand next month, expecting to fetch about Rs 5,000 crore. “Details of the third round of auctions are expected to be finalized soon and bids will be invited in a month,” the official said. Under the program, investors make a one-time lump sum payment in return for long-term toll collection rights. The current TOT offers a 30-year lease. The government is pursuing the TOT model to help raise resources in the sector and attract private funding, which has remained subdued

On Friday, Finance Minister Arun Jaitley held a meeting with top bureaucrats of the finance ministry asking them to expedite plans for the first budget of the Modi government’s second tenure, amid rumors of his ill-health. Finance Secretary Subhash Garg, Revenue Secretary Ajay Bhushan Pandey, Expenditure Secretary Girish Chandra Murmu, Financial Services Secretary Rajiv Kumar, DIPAM Secretary Atanu Chakraborty, and other senior officials from North Block were present in the meeting. “He discussed the roadmap for the new government and the discussions revolved around the Goods and Services Tax (GST), direct tax code, liquidity position of non-banking financial companies (NBFCs) and other crucial topics.” Officials present at the meeting said Jaitley was in good health and looked fit to join the cabin

The Hinduja Group is assessing options to pick up a stake in crisis-ridden Jet Airways, said Dheeraj G Hinduja, chairman of commercial vehicle maker Ashok Leyland, which is part of the business conglomerate. Media reports this week said that the group was interested in investing around Rs 1,000 crore to Rs 1500 crore in the airline. Hinduja's confirmation comes after reports that the group is in talks with various stakeholders, including Abu Dhabi-based Etihad Airways.    Jet Airways stock recovered 14 percent on Tuesday after media reports said the Hinduja Group had manifested its interest in picking up a minority stake in Jet. Mediations between Hinduja Group and Etihad Airways was reportedly going slow. Officials of Hinduja Group met Etihad executives’ on Thursday at the Etihad headquarters in Abu D

On Friday, The Reserve Bank of India (RBI) said from April 1 next year large non-banking financial companies (NBFCs) should maintain a liquidity coverage ratio (LCR) in line with banks and carry enough collateral that can be used for liquidity needs. “An NBFC should have sufficient collateral to meet expected and unexpected borrowing needs and potential increases in margin requirements over different timeframes,” the RBI said in a draft circular, in which it asked the firms to have enough high-quality assets that would keep them liquid for at least 30 days. An NBFC must actively manage its collateral positions, differentiating between encumbered and unencumbered assets, and monitor such assets so that they can be mobilized in a timely manner. NBFCs must have contingency funding plans for responding to seve

JMC Projects (India), a subsidiary of Kalpataru Power Transmission, has emerged as one of the leading civil EPC Company supported by "customer satisfaction, robust management, and execution capabilities". The company shares surged 11 percent to Rs 132 apiece in the opening trade on the BSE on Friday after the company secured new orders worth of Rs 616 crore for residential and commercial projects in South India. K. Tripathi, chief executive officer & deputy managing director, said, "we are pleased with the new order wins in our buildings & factory (B&F) business. Most of these new orders are a repetitive business from our existing clients, demonstrating JMC's impeccable reputation for domain expertise, timely delivery, and adherence to quality standards." With the company’s persistent focus on