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New Delhi, Capital markets regulator Sebi on Thursday said it has initiated the third tranche of distribution of nearly Rs 15 crore to 2.58 lakh investors from the disgorged amount in the matter of IPO irregularities observed during 2003-2005. The regulator has already distributed Rs 23.28 crore in April 2010 and Rs 18.06 crore in December 2015, according to a release. The capital markets watchdog has been distributing funds among eligible investors from the money collected by it through disgorgement orders in cases of irregularities in the <keyword id="136443" type="General" weightage="80" keywordseo="initial-public-offerings" source="Orion">Initial Public Offerings</keyword> (IPO). The regulator had investigated certain irregularities in the shares issued through 21 IPOs during the period 2003-2005 before their listing on the stock exchanges. Following the completion of the investigations, the <keyword id="6355630" type="General" weightage="80" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) directed certain persons to disgorge the illegal gains. Under the chairmanship of former Judge of the <keyword id="18524826" type="General" weightage="80" keywordseo="supreme-court-of-india-d-p-wadhwa" source="Orion">Supreme Court of India D P Wadhwa</keyword>, a committee was set up which recommended the procedure of identification of persons who have been deprived in the said IPOs and the manner in which reallocation of shares to such persons should take place. As per the recommendations of the <keyword id="88696" type="General" weightage="50" keywordseo="wadhwa" source="Orion">Wadhwa</keyword> committee, 13.57 lakh persons had been identified as eligible investors for distribution. Of 13.57 lakh investors, 10.02 lakh investors were paid the full eligible amount and 97,657 investors were excluded due to the costs involved. "Sebi has initiated the third tranche for distribution of Rs 14.87 crore to 2.58 lakh investors from the disgorged/recovered amount in the matter of IPO irregularities on August 17, 2023," the regulator said. In the current exercise, Sebi is distributing amounts to those investors to whom partial amounts were paid earlier and are entitled to receive additional amounts. Of 2.58 lakh investors, 1.15 lakh investors would be paid the eligible amount in full and the remaining 1.43 lakh investors would be paid in part. Sebi said that wherever the bank details of the eligible investors are available, the amount is being credited to their bank accounts with an intimation to the investors. In cases where bank details are not available, payment warrants are being sent to the last known address of the investors.

IPO irregularities: Sebi initiates third tranche of distribution of disgorged amount to 2.58 lakh investors

<a href="http://www.businessinsider.in/searchresult.cms?query=syed+akbaruddin">Syed Akbaruddin</a>, who became a familiar face as spokesperson of <a href="http://www.businessinsider.in/searchresult.cms?query=ministry+of+external+affairs">Ministry of External Affairs</a>, is now going to take over as India’s <keyword id="164569" type="POSITION" weightage="20" keywordseo="permanent-representative">permanent representative</keyword> at the <a href="http://www.businessinsider.in/searchresult.cms?query=United+Nations">United Nations</a> in New York. 
 In a major rejig at the MEA, Akbaruddin will be handling the position, replacing <keyword id="376834" type="PERSON" weightage="20" keywordseo="Asoke-Mukerji">Asoke Mukerji</keyword> who will be retiring. 
 
Also, Gautam Bambawale, India's ambassador to <a href="http://www.businessinsider.in/searchresult.cms?query=Bhutan">Bhutan</a>, will take over from TCA Raghavan as high commissioner to Pakistan when the latter retires in December. 
 
Bambawale is an expert on <a href="http://www.businessinsider.in/Modi-says-this-is-the-year-of-India-and-China/articleshow/47292783.cms">China</a> and will be taking over one of India's most sensitive diplomatic positions. 
 
While, present secretary (west) in MEA, Navtej Sarna, will be India's next high commissioner to London, Anil Wadhwa, secretary (east), will go to Rome. 
 
The two senior-most officials in headquarters will be replaced by Amar Sinha, who has been India’s ambassador to Afghanistan, and Amarendra Khatua, who is currently ambassador to Argentina. They will be the next Secretaries East and West. 
 
Meanwhile, in Moscow, P S Raghavan will be replaced by Pankaj Saran. Saran, who is currently India's high commissioner to Dhaka, has believed to have played a key role in securing the land boundary agreement between India and Bangladesh. 
 
Vijay Gokhale, India's ambassador to Germany, will go to Beijing. 
 
Sujan Chinoy, India's ambassador to Mexico, will take over from Deepa Wadhwa in Tokyo. 
 
(Image: tibetanreview.net)

India’s most familiar foreign ministry face now India’s permanent representative at the UN

The <keyword id="6354977" type="General" weightage="80" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday came down heavily on two members of <keyword id="6396355" type="General" weightage="100" keywordseo="nclat" source="Orion">NCLAT</keyword> who were issued contempt notice for defying an order of the apex court. After going through the relevant CCTV footage of the NCLAT proceedings from October 13, a bench headed by <keyword id="6363345" type="General" weightage="20" keywordseo="cji" source="Orion">CJI</keyword> D.Y. Chandrachud and comprising Justices J.B. Pardiwala and Manoj Misra said that there exists a "clear intention" to breach the directions passed by the Supreme Court. In view of the unconditional apology tendered by Member (Technical) Dr Alok Srivastava, the bench decided to put an end to contempt proceedings. During the hearing, the top court was apprised by senior advocate P.S. Patwalia that Member (Judicial) Rakesh Kumar -- who was part of the contentious bench of NCLAT -- has tendered his resignation to the Chairman of the appellate tribunal. Senior advocate Patwalia, who represented Member (Judicial) Rakesh Kumar, said that members of the bench had no intention to defy the orders passed by the apex court and there is no affront or ego involved. At this, CJI D.Y. Chandrachud said: "There is no denial of the fact that the lawyers did point out (before NCLAT bench) that an order was passed by the Supreme Court." In its order, the apex court directed <keyword id="227293" type="General" weightage="50" keywordseo="deepak-chhabria" source="Orion">Deepak Chhabria</keyword> and the scrutiniser to deposit costs of Rs 1 crore and Rs 10 lakh, respectively, in the Prime Minister Relief Fund for misusing the process of law. Earlier on October 18, the Supreme Court had issued contempt notice to two members for "wilfully" defying directions passed by it. The top court had also set aside the judgment passed by the two-member bench of the NCLAT saying that parties cannot take recourse to "devious" means to obviate compliance with the orders passed by the Supreme Court. On October 13, the top court ordered the Chairperson of the NCLAT to conduct an inquiry into the working of a bench of the appellate tribunal which allegedly defied an order of the Supreme Court. It had said that it is passing the order in "extraordinary circumstances" where the two-member bench of the NCLAT proceeded to pronounce the judgment despite the clear mandate of the order passed by the Supreme Court asking the appellate tribunal to declare "its judgment in the pending appeal after it is duly apprised of the fact that the result of the Annual General Meeting has been declared". Senior advocates <keyword id="106922" type="General" weightage="50" keywordseo="abhishek-manu-singhvi" source="Orion">Abhishek Manu Singhvi</keyword> and N.K. Kaul had apprised the top court that the bench consisting of Rakesh Kumar and Dr Alok Srivastava of the NCLAT proceeded to deliver the order despite request made by the petitioner before the appellate tribunal to not deliver the judgment until the report of the scrutiniser is made available. "If what is stated is correct, this will clearly constitute the defiance of the order of this court by the NCLAT," the Supreme Court had said, noting that its order was uploaded at 1.55 p.m. while the scrutiniser's report was stated to be uploaded at 2.40 p.m.

SC closes contempt proceedings against NCLAT bench after one member apologises, other resigns

The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group of companies in light of the allegations made by the US-based Hindenburg Research. A bench comprising Chief Justice <keyword id="445662" type="General" weightage="50" keywordseo="d-y-chandrachud" source="Orion">D Y Chandrachud</keyword> and Justice <keyword id="3330333" type="General" weightage="50" keywordseo="p-s-narasimha" source="Orion">P S Narasimha</keyword> took note of the submissions of a lawyer, representing Congress leader <keyword id="2090997" type="General" weightage="50" keywordseo="jaya-thakur" source="Orion">Jaya Thakur</keyword>, that the plea needed urgent hearing. The bench initially agreed to list the PIL for hearing on February 24 and later decided to hear on Friday after the lawyer pointed out that two other PILs are listed on February 17. Thakur has also sought a direction for investigating the role of the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) in investing huge amounts of public money in Adani Enterprises. On Monday, the Centre had agreed to the apex court's proposal to set up a panel of experts to look into strengthening the regulatory mechanisms for the stock market following the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations. The top court seized of two petitions alleging exploitation of innocent investors and "artificial crashing" of the Adani Group's stock value. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-posts-820-crore-net-profit-in-q3-gautam-adani-says-current-market-volatility-temporary/articleshow/97914997.cms">Adani Enterprises posts ₹820 crore net profit in Q3: Gautam Adani says current market volatility temporary</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-group-market-cap-falls-below-10-lakh-crore/articleshow/97907746.cms">Adani group’s market cap falls below ₹10 lakh crore as sell-off continues</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaas-stock-plunges-4-2-after-its-q3-net-profit-slips-70/articleshow/97901748.cms">Nykaa’s stock plunges 4.2% after its Q3 net profit slips 70%</a>

Adani-Hindenburg row: SC agrees to hear fresh PIL on February 17

The Supreme Court on Friday upheld the life imprisonment of P. Rajagopal, the owner of south Indian hotel chain <keyword id="188781" type="COMPANY" weightage="20" keywordseo="Saravana-Bhavan">Saravana Bhavan</keyword>, for murdering an employee in October 2001 so as to marry his wife. A bench headed by Justice N.V. Ramana gave Rajagopal time till July 7 to surrender. The ruling comes on the Madras High Court order upholding his life imprisonment. The High Court had enhanced the 10-year sentence given by a trial court. When contacted, Rajagopal's son P.R. Shivakumar told IANS: "I just got an SMS about the verdict. I have to get more details." The hugely popular hotel chain has outlets within and outside India and is now managed by Shivakumar. The South Indian restaurant chain, Saravana Bhavan has 33 outposts in India and 47 around the world. <a target="_blank" href="http://en.wikipedia.org/wiki/P._Rajagopal_%28businessman%29">P. Rajagopal</a>, was sentenced to life in prison in India in 2009 on charges of murdering his employee, Prince Shantakumar, so as to marry his wife. However, India's highest court had granted him a bail in May 2009, when the lawyer of the accused claimed that Rajagopal needed to go through medical treatment for paralysis, reported One India News. He served just 11 months of that sentence. With IANS

Owner Of A Wildly Popular Restaurant Chain Gets Life Term In Murder Case

<ul><li>Ajay will report into <keyword id="2932117" type="General" weightage="20" keywordseo="Amit-Wadhwa" source="Orion">Amit Wadhwa</keyword>, Chief Executive Officer (CEO), <keyword id="12016868" type="General" weightage="20" keywordseo="Dentsu-Creative" source="Orion">dentsu Creative</keyword> India.</li><li><keyword id="1688376" type="General" weightage="20" keywordseo="Ajay-Gahlaut" source="Orion">Ajay Gahlaut</keyword> resigned from Publicis Worldwide in July, 2020.</li></ul><keyword id="188613" type="General" weightage="20" keywordseo="dentsu-india" source="Orion">Dentsu India</keyword> has announced the appointment of creative veteran Ajay Gahlaut as Group Chief Creative Officer (GCCO), spearheading creative excellence across dentsu India’s award-winning creative agencies. Ajay will report into Amit Wadhwa, Chief Executive Officer (CEO), dentsu Creative India and will be responsible for accelerating dentsu India’s creative businesses under one optimised service line. Dentsu India initiated the formation of a new structure for its Creative service line in June this year. The redesign - part of the network’s global plan to transform into the most integrated group in the world by 2024, brings together its agencies under one umbrella and catapults dentsu India into its fresh journey to 2.0. The agency brands that come together under this new creative design are <keyword id="2805202" type="General" weightage="20" keywordseo="Dentsu-Webchutney" source="Orion">Dentsu Webchutney</keyword>, Taproot Dentsu, WATConsult, Perfect Relations, Isobar, Dentsu One, Dentsu India and Dentsu Impact. A creative genius with over 27 years of experience in advertising, Ajay wrote the line ‘Do Boond Zindagi Ki’ that anchored the famous Pulse Polio Immunisation campaign with the superstar Amitabh Bachchan. He also created more than a dozen commercials for the campaign and played a significant part in eradicating polio from India. He was also behind the line ‘Make It Large’ for the whiskey brand Royal Stag that transformed its fortunes and made it the highest selling whiskey in its price range. He created the character ‘Mr. Murthy’ for Voltas Air Conditioners and catapulted Voltas to the number one position in the category. Ajay has also created work for the whiskey brand Imperial Blue with the famous ‘men will be men’ sign off. He has won multiple Cannes Lions, One Show and D&amp;AD awards in his more than a quarter century journey in this business. But what deserves a special mention here is the way he led Ogilvy Delhi to win 8 Lions at Cannes in 2013. Not only did he surprise the country but surprised himself as well. Some of the most significant brands that Ajay has worked on are Pernod Ricard, BMW, HT Mint and KFC at some of the world’s best known Creative shops. Commenting on Ajay’s appointment, Amit Wadhwa said, “Dentsu India is in the midst of an exciting transformation journey towards dentsu India 2.0 and Ajay’s joining is a critical part of the plan. Ajay is a well-respected Creative leader with years of experience across categories and the right mindset that matches with dentsu India 2.0. With the brilliant Creative minds in our business, we will be a force to be reckoned with, delivering growth for our clients while continuing our creative evolution at pace and scale.” Ajay Gahlaut said, “Dentsu’s creativity defines generations. When the opportunity came to join Amit and his team, I could not refuse. Creativity is in the spotlight, with brands looking to differentiate themselves in a disrupted marketplace – it has never been a more exciting time to work in this field rich with opportunity. I am excited to join dentsu, Amit and the Creative teams, delighting clients and creating era defining work together.”

Dentsu Creative appoints Ajay Gahlaut as Group Chief Creative Officer

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> will hear on May 15 a plea against the <keyword id="28504" type="General" weightage="100" keywordseo="kerala" source="Orion">Kerala</keyword> High Court order refusing to stay the release of the controversial multilingual film "The Kerala Story". Senior advocate Kapil Sibal on Tuesday mentioned the matter for urgent listing before a bench comprising Chief Justice <keyword id="445662" type="General" weightage="80" keywordseo="d-y-chandrachud" source="Orion">D Y Chandrachud</keyword> and Justice <keyword id="3330333" type="General" weightage="80" keywordseo="p-s-narasimha" source="Orion">P S Narasimha</keyword>. When the bench inquired whether the high court has passed an order in the matter, Sibal said it has refused to stay the release of film. "We will keep it on Monday (May 15)," the bench said. On May 5, the high court refused to stay the release of the movie and said the trailer does not contain anything offensive to any particular community as a whole. The high court noted the producers' submission that they do not intend to retain an "offending teaser" which contained a statement that "32,000 women" from Kerala were converted and joined a terrorist organisation. It said the <keyword id="388113" type="General" weightage="50" keywordseo="central-board-of-film-certification" source="Orion">Central Board of Film Certification</keyword> (CBFC) has examined the movie and found it suitable for public exhibition. The high court also noted that the producers have published a disclaimer along with the movie which specifically says it is fictionalised and a dramatised version of events and that the film doesn't claim accuracy or factuality of historic events. "The Kerala Story" starring Adah Sharma was released in cinemas on Friday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/air-india-gives-more-time-to-pilots-to-accept-revised-compensation-structure/articleshow/100093565.cms">Air India gives more time to pilots to accept revised compensation structure</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/rohit-sharmas-struggle-with-the-bat-is-mental-not-technical-virender-sehwag/articleshow/100093507.cms">Rohit Sharma's struggle with the bat is mental, not technical: Virender Sehwag</a>

SC to hear on May 15 plea against HC order on 'The Kerala Story'

Mumbai, Mar 4 () Cryptocurrency players on Wednesday welcomed the Supreme Court's order lifting two-year old ban on trading in virtual currencies by the Reserve Bank of India, saying the move will encourage them to expand their offerings in the country. The Supreme Court on Wednesday allowed banks and financial institutions to provide services related to cryptocurrencies. Concerned over the risk associated in dealing with virtual currencies, such as Bitcoins, RBI in its April 2018 circular, prohibited trading in such digital currencies. Pundi X chief executive officer Zac Cheah said the lifting of the ban on crypto only reinforces the fact that crypto and blockchain are the technologies of the future. "It brings in cheer for crypto / blockchain companies such as Pundi X who have done some remarkable work in this space and encourages us to expand our expert offerings to potential geographies such as India," Cheah said in a statement. Bitbns CEO Gaurav Dahake said the verdict would give rise to a greater ecosystem in a country where innovation has always had a place, and rope in new investors, better support for blockchain-based projects, and will create more jobs. "It's such a morale boost and will definitely help us bring back the high-volume traders who were concerned about the tips involved in our P2P transaction system, and have been unable to transact small amounts. We are happy that they finally have a resolution," Dahake said. Raghu Mohan, CEO and Co-Founder, IBC Media, a marketing solutions company that works with blockchain companies, said it is a step forward to empower entrepreneurs who build innovative business models to solve multiple grassroots problems in the country using crypto. "Crypto needs to be regulated in India, and we are all for it. Tax it and bring in KYC and anti money laundering (AML) measures to avoid any misuse if need be. In fact, regulating crypto is far easier than regulating physical cash," IBC Media's CEO and co-founder, Raghu Mohan, said. Springworks, a Bengaluru-based revenue-funded, HRTech startup said with today's decision developers can now work on blockchain projects around the world and participate in the upside. "This is a historic decision by the Supreme Court. The RBI circular meant that even though there was no ban on crypto, developers and startups were indirectly disincentivised to work on crypto projects because of the banking ban," Kartik Mandaville, CEO, Springworks said. A three-judge Supreme Court bench, headed by Justice R F Nariman, in its 180-page verdict said, "When the consistent stand of RBI is that they have not banned VCs (virtual currencies) and when the Government of India is unable to take a call despite several committees coming up with several proposals including two draft bills, both of which advocated exactly opposite positions, it is not possible for us to hold that the impugned measure is proportionate." HV MRMR

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IPO irregularities: Sebi initiates third tranche of distribution of disgorged amount to 2.58 lakh investors

PTI

India’s most familiar foreign ministry face now India’s permanent representative at the UN

BI India Bureau

SC closes contempt proceedings against NCLAT bench after one member apologises, other resigns

IANS

Adani-Hindenburg row: SC agrees to hear fresh PIL on February 17

PTI

Owner Of A Wildly Popular Restaurant Chain Gets Life Term In Murder Case

BI India Bureau

Dentsu Creative appoints Ajay Gahlaut as Group Chief Creative Officer

BI India Partner

SC to hear on May 15 plea against HC order on 'The Kerala Story'

PTI

Cryptocurrency players welcome SC lifting trading ban

PTI

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