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SEBI files case against Golden Forest in Mumbai high court
The Securities and Exchange Board of India (SEBI) has dragged plantation company Golden Forest to court as a measure of abundant caution to ensure that it complies with Section 11 (b) of the SEBI Act. The regulatory body has sought the court's intervention to prevent Golden Forest from making any payments to promoters and ensuring that monetary transactions are limited to meeting day-to-day requirements.
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Market will rebound after mid-term polls, says SBI Funds Management MD
The country's bearish stock market will rebound sharply when a new government takes office in two months and a tight-fisted monetary policy is loosened. The benchmark index of the 30-share Bombay Stock Exchange sank to a 12-month low of 3,200.83 points on Wednesday, wilting under the pressure of foreign fund selling.
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Court restrains Magadh SE from selling membership cards of select brokers
The Calcutta High Court has passed an ad interim order restraining the Magadh Stock Exchange and SEBI, among others, from transferring, dealing with, encumbering, hypothecating or disposing of membership cards of certain Magadh exchange brokers and their security deposits lying with it until further orders. The order was passed on a petition filed by Ratanlal Agarwala who has claimed that between April 1996 and May 1997, a total of 38,144 shares worth Rs 47.07 lakh sold by a Magadh exchange broker turned out to be bad delivery shares.
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Bourse seeks state help
The Magadh Stock Exchange has sought the help of the Bihar government in settling the dues of the exchange. The bourse, now under an administrator appointed by SEBI, has asked the government to include it in the Public Demand Recovery Act, which will help recover its dues.
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