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New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> has debarred 14 entities including, <keyword id="22941399" type="General" weightage="20" keywordseo="Rana-Sugars" source="keywords">Rana Sugars</keyword> promoters' and other related entities from the securities markets for two years and slapped a Rs 63-crore fine on them on charges of diversion of funds. The regulator also prohibited Inder Pratap Singh Rana (promoter), Ranjit Singh Rana (Chairman), Veer Pratap Singh Rana (MD), Gurjeet Singh Rana, Karan Pratap Singh Rana, Rajbans Kaur, Preet Inder Singh Rana and <keyword id="22946824" type="General" weightage="20" keywordseo="sukhjinder-kaur" source="keywords">Sukhjinder Kaur</keyword> (promoter) from holding any position as director or key managerial person of any other listed company for two years. Ranjit Singh, Veer Pratap and Sukhjinder Kaur were also the promoters of <keyword id="22946823" type="General" weightage="20" keywordseo="Rana-Sugars-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Rana Sugars Ltd" meta.hostid="345" meta.entityid="Rana Sugars Ltd">Rana Sugars Ltd</keyword>, as per the exchange data. Individually, Sebi imposed penalties in the range of Rs 3 crore to 7 crore on Rana Sugars, its promoters, and other related entities. "I find that noticee No 1 to 9, who are promoters of RSL and beneficiaries of such diversion of funds from RSL, have violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. "...also find that Noticee No 10 (Manoj Gupta), who was CFO and signed and certified such manipulated financial statements of RSL, aided and abetted such diversion of funds from RSL to its promoters and their family members violated PFUTP regulations," Sebi's Chief General Manager G Ramar said in the final order on Tuesday. The probe revealed that Rana Sugars Ltd failed to disclose <keyword id="22946822" type="General" weightage="20" keywordseo="Laxmiji-Sugars-Mills-Company" source="keywords">Laxmiji Sugars Mills Company</keyword> as a related party in FY 2016-17. Further, the firm failed to disclose FTPL, CAPL, JABPL, RJPL and RGSPL as related parties. Inder Pratap, Ranjit, Veer Pratap Singh Rana, were persons in charge of and responsible for the affairs of Rana Sugars. Therefore, Rana Sugars, Inder Pratap, Ranjit Singh and Veer Pratap Singh Rana have violated the disclosure rules. Sebi also noted with respect to the movement of funds between RSL, and its related entities was not towards business advance for the purchase of sugar cane seeds and repayment of unsecured loan. Related parties are Flawless Traders Pvt Ltd (FTPL), Century Agros Pvt Ltd (CAPL), Jay Aar Builders Pvt Ltd (JABPL), RJ Texfab Pvt Ltd (RJPL) and RGS Traders (RGSPL). These funds were then transferred by RSL to related parties on the same day to promoters of Rana Sugars and their family members. The regulator found that related parties aided and abetted Rana Sugars, its promoters and directors to divert funds from RSL and violated PFUTP norms, the order said. Sebi also directed Rana Sugars to recover Rs 607 crore from related entities which includes Rs 339 crore in receivables and Rs 268 crore in interest dues. Thereafter, the regulator directed Rana Sugars to take all necessary steps for recovery of dues from these entities and advised them to appoint an independent law firm to take effective steps for recovery in consultation with the NSE. The markets watchdog also observed that RSL, Inder Pratap Singh Rana, Ranjit Singh, Veer Pratap Singh, Gurjeet Singh, Karan Pratap Singh and Rajbans Kaur have failed to provide any explanation for not appearing before the investigation authority (IA). Further, they also failed to furnish information/documents sought by the IA, which hampered the investigation process, thereby, violating Sebi norms. The order came after Sebi investigated the affairs of RSL to examine the diversion of funds from the company by the promoters and promoter-related entities of Rana Sugars, and consequent misstatements in the financial statements of the company. And whether the alleged diverted funds have been siphoned off by the promoters and promoter-related entities of the firm, resulting in violations of the provisions of PFUTP rules and LODR (Listing Obligations and Disclosure Requirements) norms. The investigation period was from financial year (FY) 2014-15 to FY 2020-21.

Sebi bans Rana Sugars' promoters from securities market for 2 years, imposes Rs 63 crore fine

New Delhi, Jan 31 () Markets regulator Sebi on Friday barred Rana Sugars Ltd and its six directors from the securities market in a matter related to manipulation in issuance of global depository receipts (GDR) issuance.
 Sebi also directed the firm to bring back a sum of USD 2.27 million, which was diverted to Seazun, into the company's bank account in India within a period of three months.
 The regulator, after conducting a probe between April 2006 and May 2006, noted that the company had issued 2.45 million GDR worth USD 18 million on May 15, 2006.
 It was also observed that the entire 2.45 million GDRs were subscribed by only one entity, Seazun, on obtaining a loan from Banco Efisa S.A.
 Besides, the company acted as guarantor and deposited the entire GDR proceeds received from Seazun with Banco Bank as security against the loan that for subscribing to the GDRs issued by the company.
 Sebi noted that "the GDR issue would not have been subscribed, if the company had not given such a security against the loan taken by Seazun."
 Additionally, the GDRs were subsequently converted into equity shares and were sold in the Indian securities market.
 Sebi further noted that "an amount of USD 2.27 million has been diverted for no bonafide reason by the company from its GDR proceeds to Seazun".
 The company also failed to make requisite disclosures pertaining to the GDR issue.
 Accordingly, the regulator has restrained the firm from accessing the securities market for 5 years.
 The directors -- Rana Ranjit Singh, Rana Inder Pratap Singh, A. S. Sodhi, S.A.S. Bajwa, Rana Veer Pratap Singh and Baljit Singh -- have been barred for varying time periods.
 Through separate orders, Sebi levied a fine of Rs 25,000 each on seven entities for violating provisions of the Securities Contracts (Regulation) Act.
 The entities had transferred and received shares of L&amp;T Finance Holdings Ltd to and from a client in off-market transactions for which they were required to receive and make payment considerations. However, they failed to do so. SRS HRS

GDR manipulation: Sebi bans Rana Sugars, directors from securities market

Punjab’s state government has started auctioning sand mines since May 19. However the person who won the bid of Rs 26 crore recently happens to be a former cook employed at Punjab power and irrigation minister <keyword id="4580641" type="PERSON" weightage="20" keywordseo="rana-gurjit">Rana Gurjit</keyword>'s company. What’s more alarming is the cook <keyword id="4778" type="PERSON" weightage="20" keywordseo="Amit">Amit</keyword> <keyword id="230369" type="PERSON" weightage="20" keywordseo="Bahadur">Bahadur</keyword> had a balance of Rs 4,840 in his <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> account. While employed with the minister’s company, he was earning Rs 11,706 till March 8. The Times of India accessed his IT returns for last three years and found Bahadur never had more than Rs 18,000 t0 Rs 22,000 at any stage in last two years. Bahadur has deposited Rs 13.34 crore of the annual Rs 26.51 crore fee he is supposed to pay to mine at the Saidpur Khurd site in Nawanshahr, Punjab. A resident of Bilari in <keyword id="42817" type="CITY" weightage="20" keywordseo="Moradabad">Moradabad</keyword>, the bidder wasn’t reachable on his phone by TOI reporter. The power minister under whom Amit was employed owns a sugar mill in Tarn Taran and also happens to be the richest MLA in the assembly with declared wealth of Rs 169 crore. The government has till now auctioned 102 mines and earned Rs 1,026 crore. Gurjit has informed that he doesn’t know any whereabouts of the cook because when the auction took place, Bahadur was no longer his employee.

A cook in Punjab just won sand mines auction worth crores. This is why it looks mysterious

<ul><li>Redseer report on Digital Disruptor ranked 75 digital disruptors that currently generate $15 billion in sales online. </li><li>It also classified them into elephants, tigers, rabbits and turtles based on their category dominance and online focus. </li><li>Tigers and rabbits will have to enhance their focus on offline sales, while elephants and turtles will have to approach e-commerce aggressively, the report notes. </li></ul>The world is going digital and all companies – small, big, old and new are adapting to it. Come 2026, a quarter of all sales in the retail world (except grocery) will be online, predicts a Redseer report on Digital Disruptors. The report picked 75 companies in the crowded online space as digital disruptors, who cumulatively currently generate $15 billion in sales online, and ranked them based on the dominance in their category, and online focus. Surprisingly, traditional companies Hindustan Unilever and Aditya Birla Fashion &amp; Retail were ranked as top digital disruptors in grocery &amp; personal care, and fashion &amp; home categories, respectively. In the third category of electronics &amp; appliances, however, digital-first brand boAt was given the numero uno rank. The animal spirits In the jungle that is e-commerce, these 75 companies were also categorised as elephants, tigers, rabbits and turtles. No prizes for guessing who elephants are – typically legacy players who used to dominate their category offline, and have managed to build an online presence. “The sheer scale of elephants and brand pull has enabled them to get significant sales online, but e-commerce still contributes a relatively small share of their revenues,” the report said. Adidas, Zara, Nestle and Marico are some of the other brands listed under elephants. The next are the tigers – early movers in the e-commerce space that have scaled up rapidly. Licious, WakeFit, Mamaearth and Xiaomi are some of the brands in this part of the quadrant that is dominated by digital-first brands. But, Asus and BBK, which are not born digital also made it to this list. “Tigers have built online dominance in their categories. They drive a significant share of sales from e-commerce but have also built a strong offline footprint,” the report said. Rabbits: Yet to win the race The third category is rabbits, which are exclusively digital-first brands that have leveraged e-commerce to scale up but do not have a substantial market share. Most of the brands in this category, like Nothing, Beardo, Sugar Cosmetics, MyGlamm, Minimalist, Country Delight and more – are from the fashion and personal care space. Thanks to high growth in e-commerce sales, these players will benefit but will face challenges from elephants, who have established their presence both online and offline. The last set of companies in the quadrant are the slow-moving turtles – legacy brands that have done well in e-commerce but have a lower market share online relative to others. Fossil, Aachi Masala, Prestige and LG Electronics are some of the brands listed as turtles. The reverse migrants Digital-first brands account for 25% of all the sales in the e-commerce pie. However, now even digital-first brands are going offline, challenging traditional players in the turf erasing the battle lines. On an average, digital-first brands derive over 75% of their sales online while traditional brands do over 30% of their sales online. “Players in the top quadrants — tigers and rabbits — will have to enhance their focus on offline sales, while the bottom quadrant — elephants and turtles – will have to approach e-commerce aggressively,” says Mohit Rana, partner at Redseer. E-commerce is expected to drive retail growth and is projected to grow at a compounded annual rate of 27% to reach $163 billion by 2026. That’s almost three times the growth in the overall retail market, as per Redseer. “Clearly, traditional companies that are over indexed on offline sales have a short window to enhance their share in e-commerce.They need to focus on building their digital capabilities and adopting an omnichannel approach to succeed in the market,” said Redseer. Large-scale traditional players, even with a low percentage of e-commerce sales, have substantial absolute online sales, the report notes. SEE ALSO <a href="https://www.businessinsider.in/business/news/as-stores-remain-at-heart-of-business-retail-leasing-to-hit-a-4-year-high-in-2023-cbre/articleshow/99085535.cms">As stores remain at ‘heart of business’, retail leasing to hit a 4-year high in 2023: CBRE</a> <a href="https://www.businessinsider.in/advertising/brands/news/campa-has-to-go-beyond-invitation-price-to-build-the-brand-distribution-network/articleshow/99025480.cms">Campa has to go beyond invitation price to build the brand &amp; distribution network</a>

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Sebi bans Rana Sugars' promoters from securities market for 2 years, imposes Rs 63 crore fine

PTI

GDR manipulation: Sebi bans Rana Sugars, directors from securities market

PTI

A cook in Punjab just won sand mines auction worth crores. This is why it looks mysterious

BI India Bureau

Meet the tigers, elephants, rabbits and turtles of the e-commerce jungle

Katya Naidu

We're having loyal Costco shoppers share their grocery lists with us. Here are their favorite dinners to buy there.

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