Standard Chartered Bank settles case with Sebi in CG Power case; pays Rs 4
时间:2024-06-29 02:54:50 阅读(143)
Standard Chartered Bank has settled with markets regulator Sebi a case pertaining to alleged violations of regulatory norms in the matter of CG Power and Industrial Solutions Ltd after paying Rs 4.97 crore towards settlement charges.
The order came after Standard Chartered Bank (SCB) approached Sebi proposing to settle the case pertaining to alleged violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules “without admitting or denying the findings of fact and conclusions of law”, through a settlement order.
Sebi had initiated proceedings through a show cause notice issued to the bank in May 2021 for the alleged violations of PFUTP rules.In the show cause notice, Standard Chartered Bank was alleged to have benefitted a private limited company controlled by the promoter group companies, at the expense of a listed company (CG Power) to the detriment of the interest of the minority shareholders of CG Power.
As per the order, Avantha International Asset BV (AIABV), an entity related to the promoter group of CG Power and Industrial Solutions Ltd or CG Power, had taken a loan from SCB. In October 2017, SCB disbursed a loan of Euro 44 million to CG International BV (CGIBV) which was transferred to AIABV on the same day to repay its earlier loan from SCB. The funds were later frozen by SCB at AIABV.
In February 2018, SCB disbursed another loan of Euro 44 million to CG Industrial Holdings Singapore Pte Ltd (CG Singapore’) which was transferred to AIABV on the same day.
On the same day, AIABV returned the funds received from CGIBV which were frozen and CGIBV utilized these funds for repayment of the loan taken from SCB in October 2017.
Further, in April 2018, the funds received by AIABV from CG Singapore were utilised for repayment of an earlier loan of Euro 44 million taken by AIABV from SCB.In other words, a loan taken by CG Singapore, a subsidiary of CG Power, was used to repay the liability of AIABV, which is an entity related to the promoter group of CG Power, Sebi noted.
猜你喜欢
- Fincare Small Finance Bank, Western Carriers get Sebi’s go ahead for IPOs
- FII, DII data- FPIs bought shares worth Rs 1165 cr, DIIs sold shares worth Rs 2134 cr on July 19, Wednesday
- TVS Motor Company’s Sales Grow By 25% in December 2023
- FII, DII data- FPIs sold shares worth Rs 696 Cr, DIIs added shares worth Rs 340 Cr on October 31, Tuesday
- Rating- neutral; Glenmark- Licensing deal may boost the stock
- Rating- buy; HDFC Bank -Deposit mobilisation is the key
- The stability and benefit of investing in Digital Gold
- Titan share price soars nearly 1% after Q4FY23 net profit jumps 50%; Should you buy, sell or hold Titan stock-
- Tis’ the season to be jolly! Take a look at how India and rest of the world prepped for Christmas 2023 – See Pictures