Page 2 - Penalty

Retrospective fine? Experts seek clarity on CCI rule on global turnover

MCA notification dated March 5 empowers the Commission to impose penalty on global turnover of a company and not just the turnover derived from the product or service under investigation

K'taka Assembly passes bill slashing penalty on property tax in Bengaluru

The Karnataka Assembly has passed a bill to slash the penalty on property tax in Bengaluru city limits by 50 per cent. The bill - Bruhat Bengaluru Mahanagara Palike (BBMP) Amendment Bill 2024 - was tabled in the Assembly by Deputy Chief Minister D K Shivakumar, who holds the Bengaluru Development portfolio and was passed on Tuesday. "With the passing of this Amendment Bill, the penalty amount is halved, saving Bengalureans a whopping Rs 2,700 crore. The BBMP will be able to collect penalties worth Rs 1,000 crore," a statement issued by Shivakumar's office said. This important amendment will benefit around 13 to 15 lakh people in Bengaluru city including 5.51 lakh taxpayers, five to seven lakh people outside the property tax bracket and three lakh partial property taxpayers, it added. Former Chief Minister Basavaraj Bommai said the BJP would oppose this bill as it would lead to large-scale corruption. The Amendment Bill has a provision to give a special rebate to the poor. Governme

Regulator fines Air India Rs 1.1 cr for violating flight safety rules

Tata Group-run airline was under DGCA's scrutiny in 2023, was asked to pay Rs 30 lakh as fine earlier this month

Striking balance: CCI may tailor penalties for global corporations

The base penalty would be calculated on a company's relevant turnover, which is the turnover related to the product or service infringing on the law in the domestic market

NFRA imposes Rs 20 lakh penalty on CA for professional misconduct

In another matter, NFRA imposed a penalty of Rs three lakhs on another CA and debarred him for three years for professional misconduct in the audit of SRS Infrastructure

Yes Bank faces penalty of Rs 3 crore by Tamil Nadu GST department

Recently, the bank had received two separate tax notices from the Bihar GST department for Rs 20,000 and Rs 1,38,584, respectively, in December

CCPA issues 20 notices to IAS coaching institutes; slaps penalty on 8

The Central Consumer Protection Authority (CCPA) has issued 20 notices to IAS coaching institutes for misleading ads and imposed penalties on eight. In a written reply to the Lok Sabha, Minister of State for Consumer Affairs, Food & Public Distribution Ashwini Kumar Choubey said, "The CCPA has issued 20 notices to IAS coaching institutes for misleading advertisements and imposed penalties on 8 such IAS coaching institutes". The Department of Consumer Affairs is continuously working for consumer protection and empowerment of consumers by the enactment of progressive legislations, he added. With a view to modernising the framework governing consumer protection in the new era of globalisation, technologies, e-commerce markets etc, the Consumer Protection Act, 1986, was repealed, and the Consumer Protection Act 2019 was enacted. Under the new Act, the CCPA has been established to regulate matters relating to the violation of the rights of consumers, unfair trade practices and false or

Delhi HC imposes Rs 2 lakh fine on Ashneer Grover for violating court order

Ashneer Grover tendered an unconditional apology. Though the court accepted the apology, however, it said that it is subject to him paying the costs to Delhi High Court Clerk Association

Emission norms: Top carmakers face strict penalties for violation

The stiff penalties stem from the upgrade in the Corporate Average Fuel Economy (CAFE) standard that went into effect in January of this year

Trump fined $10,000 over comment made outside court in civil fraud trial

The judge in Donald Trump's civil fraud trial fined the former president USD 10,000 on Wednesday, saying Trump violated a limited gag order barring personal attacks on court staffers. The fine came after Trump was called to the witness stand to explain his comment outside the courtroom about a person who's very partisan sitting alongside the judge in the case, Judge Arthur Engoron. Weeks ago, Engoron ordered all participants in the trial not to comment publicly about his staff. The narrow gag order imposed on Oct. 3 came after Trump made a social media post maligning the judge's principal law clerk, who sits beside Engoron in court. The judge ordered Trump to take down that post and Trump did. But it lingered on his campaign website for weeks, prompting a $5,000 fine for Trump on Friday. Trump and his lawyers said his comment Wednesday was about witness Michael Cohen, not the clerk. Three of Trump's attorneys objected to the fine, insisting that the comment was referring to Cohen,

Zomato, McDonald's fined Rs 1 lakh for delivering non-veg in place of veg

Online food ordering and delivery platform Zomato on Friday said a penalty of Rs 1 lakh has been imposed on it and restaurant partner McDonald's by the District Consumer Dispute Redressal Forum, Jodhpur, for alleged wrongful delivery of non-vegetarian food in place of a vegetarian food order. The company is in the process of filing an appeal against the order, Zomato said in a regulatory filing. The District Consumer Dispute Redressal Forum (II) Jodhpur has imposed a monetary penalty of Rs 1 lakh for violation of Consumer Protection Act, 2019 on Zomato and McDonald's, the restaurant partner whose food was delivered through it, and awarded Rs 5,000 as cost of litigation, it said. "Both monetary penalty and cost of litigation are to be borne jointly and severally by Zomato and McDonald's," it added. Further, Zomato said it "is in the process of filing an appeal against the said order and based on the advice from its external counsels, Zomato believes it has a good case on merits." "

RBI imposes monetary penalty on SBI, Punjab & Sind Bank and Indian Bank

Punjab & Sind Bank has to pay a fine of Rs 1 crore for failing to comply with regulations

Sebi levies Rs 55 lakh fine on 11 entities for non-genuine trades

Sebi has levied penalties totalling Rs 55 lakh on 11 entities for indulging in non-genuine trades in illiquid stock options segment on the BSE. In 11 separate orders, the regulator slapped a fine of Rs 5 lakh each on Kamala Agarwal, Kamla Devi Bajoria, Kamla Jain, Kamaljeet Kour, Kamal Ramprasad Gupta, Kamal Kumar, Kamlesh Ahuja, Kailash Narottamdas Anam, Sanjay Kumar Daga HUF Pragma Suppliers Pvt Ltd and Aromatic Tie Up Pvt Ltd. The orders came after the regulator observed large-scale reversal trades in the illiquid stock options segment on the BSE, leading to artificial volumes on the exchange. Sebi conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. The entities to be fined were among those who indulged in reversal trades, Sebi said in the 11 separate orders on Thursday. Reversal trades are non-genuine as they are executed in the normal course of trading, leading to a false or misleading appearance

Sebi tells Brickwork to appoint professional CEO, strengthen board

Brickwork will also have to ensure their chief regulatory officer, analysts and persons involved in the rating process undergo in-depth training

Lenders can impose penalty on defaults only as 'penal charges': RBI

Regulated entities are barred from imposing such charges in the 'penal interest' that is added to the rate of interest charged on the advances

Sebi slaps Rs 35 lakh penalties on 7 entities for non-genuine trades

Capital market regulator Sebi has slapped penalties totalling Rs 35 lakh on seven entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. In seven separate orders on Thursday, the regulator imposed a fine of Rs 5 lakh each on Dilip Kumar Kedia-HUF, Appu Marketing and Manufacturing (now known as Ejecta Marketing Ltd), Meena Agarwal, City Gold Media Ltd, Competent Finlease, Sanjiv Kumar Agarwal and Shah Dhaval Surendrabhai-HUF. The orders came after Sebi had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. Thereafter, it conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. The seven entities that have been fined on Thursday were among those who indulged in the execution of reversal trades. Reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of .

TRAI imposes penalty of Rs 35 cr on telcos for violating call, sms norms

Telecom regulator Trai has imposed a penalty of Rs 34.99 crore on service providers for failing to curb pesky calls and sms on their network, Parliament was informed on Friday. Union Telecom Minister Ashwini Vaishnaw in a written reply to the Rajya Sabha said that as per the reports, telecom operators have disconnected 15,382 and 32,032 connections during the calendar year- 2021 and 2022, respectively, for violating Telecom Commercial Communication Customers Preference Regulation (TCCCPR), 2018. "TRAI has imposed financial disincentives of Rs 34,99,98,000 on the Access Service Providers for failing to curb unsolicited commercial communications in their networks from Registered Telemarketers," Vaishnaw said.

Google hit with $15 mn penalty in US trial over two audio patents

Google spokesperson Jose Castaneda said on Wednesday that the company was disappointed with the verdict and plans to appeal

Sebi levies penalty of Rs 40 lakh on 8 entities for non-genuine trades

Capital markets regulator Sebi on Tuesday levied fines totalling Rs 40 lakh on eight entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. The regulator slapped a fine of Rs 5 lakh each on Sunbright Commodities Trade, Sunita Gupta, Ecospace Distributors, Fendra Infrastructure, Fastglow Distributors, Fort Gloster Industries, Flute Developers and Franklin Leasing and Finance Ltd. The Securities and Exchange Board of India (Sebi) had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. The regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. According to Sebi, these eight entities that have been fined on Tuesday were among those who indulged in the execution of reversal trades. The reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of ..

Sebi levies Rs 15 lakh fine on an individual for violating markets norms

Markets regulator Sebi on Monday slapped a fine of Rs 15 lakh on an individual for illegally mobilising funds from the public through a collective investment scheme in the matter of Alchemist Infra Realty Ltd. In addition, the regulator asked Balvir Singh (individual) to pay the penalty within 45 days. In the matter related to Alchemist Infra, Sebi initiated adjudication proceedings against Alchemist and its directors, including Singh, for the violation of CIS (Collective Investment Scheme) rules. In February 2021, the markets watchdog passed an order and slapped a fine of Rs 1 crore on Alchemist and its directors, including Balvir Singh, as they were engaged in fund mobilising activity from the public by floating and launching collective investment schemes without obtaining registration from the regulator. The order came after the Securities Appellate Tribunal (SAT) set aside Sebi's order against Singh for violating CIS norms and directed the markets watchdog to pass a fresh ...