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The Securities Appellate Tribunal (SAT) on Friday set aside a Sebi order that imposed a Rs 25 crore penalty on industrialists Mukesh Ambani, Anil Ambani and other entities for non-compliance with takeover norms in Reliance Industries case. The order came after Ambanis appealed in the appellate tribunal against the capital markets regulator's directive. "We find that the appellant has not violated ... the SAST (Substantial Acquisition of Shares and Takeovers) Regulations. The imposition of penalty upon the appellant is without any authority of law. Consequently, the impugned order cannot be sustained and is quashed," the appellate tribunal said in its 124-page order. The case pertains to alleged failure to comply with takeover rules. Noting that the penalty amount following Sebi's order was deposited by the appellants, SAT directed the markets regulator to refund the amount of Rs 25 crore within four weeks. In April 2021, Sebi levied a fine totalling Rs 25 crore on Mukesh Ambani, A
In a big relief to Sahara India Life Insurance Co Ltd, the Securities Appellate Tribunal (SAT) on Tuesday stayed regulator Irdai's order directing the transfer of policy liabilities of around two lakh policies along with assets of Sahara Group firm to SBI Life Insurance Company. The order comes after Sahara India Life filed an appeal against an order passed by the Insurance Regulatory and Development Authority of India (Irdai). Irdai, in its order on June 2, ordered for transferring the entire business of Sahara India Life to SBI Life. Further, the books of accounts, bank accounts, etc were also been directed to be transferred. The decision was taken at the meeting of the Irdai given the deteriorating financial health of Sahara India Life. In its order on Tuesday, the appellate tribunal stayed "the effect and operation of the impugned order dated June 2, 2023, till further orders of this Tribunal". The matter is now listed for further consideration and arguments on August 3. Sahar
The Securities Appellate Tribunal (SAT) has asked capital markets regulator Sebi to provide certain documents pertaining to loans sanctioned by ICICI Bank to entities including Videocon Group to the private lender's former chief Chanda Kochhar. Directing Sebi to provide such documents, the tribunal said that denial of the documents sought for by the respondent (Sebi) was in "gross violation of the principles of natural justice". The matter pertains to an amended show cause notice issued by the regulator to Kochhar on the basis of an analysis of a report by retired Justice B N Srikrishna. The Srikrishna committee, which was tasked to probe the allegations of quid pro quo transactions in ICICI Bank, submitted its report to the lender in January 2019. The committee, in its report, observed that Kochhar violated bank policies and other rules and regulations. The board of the bank based on the report had decided to treat her resignation as 'termination for cause' under the bank's inter