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SEBI bans Anil Ambani, 24 other entities from securities market for 5 years

Anil Ambani leveraged his position as ‘chairperson of the ADA group’ and his significant indirect shareholding in the holding company of RHFL to commit fraud.

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Markets regulator Securities and Exchange Board of India (SEBI) has barred industrialist Anil Ambani, and 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.

SEBI has fined Anil Ambani Rs 25 crore and barred him from associating with the securities market, including as a director or Key Managerial Personnel (KMP) in any listed company or intermediary registered with the market regulator for 5 years.

Additionally, Reliance Home Finance has been barred from the securities market for six months and fined ₹6 lakh. SEBI’s 222-page order revealed that Anil Ambani, along with RHFL’s key managerial personnel, orchestrated a fraudulent scheme to divert funds from RHFL by disguising them as loans to entities linked to him.

Despite strong directives from RHFL’s Board of Directors to stop such lending practices, the company’s management ignored these orders, showcasing a significant failure of governance.

SEBI concluded that the company RHFL cannot be equally held responsible as the individuals involved in the fraud, noting that other entities played a role as recipients of illegally obtained loans or conduits enabling illegal diversion of funds.

SEBI’s findings also established the “existence of a fraudulent scheme, orchestrated by Anil Ambani and administered by RHFL’s KMPs, to siphon off funds from the public listed company (RHFL) by structuring them as loans to credit unworthy conduit borrowers, all found to be ‘promoter linked entities’ associated with Anil Ambani.

Anil Ambani leveraged his position as ‘chairperson of the ADA group’ and his significant indirect shareholding in the holding company of RHFL to commit fraud.

SEBI observed the cavalier approach of the company’s management and promoter in approving loans to companies with little to no assets, cash flow, net worth, or revenue.

This suggests a sinister objective behind the loans. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL.

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14 killed after Indian bus carrying 40 passengers plunges into river in Nepal

According to a senior police official, the bus, with the number plate UP (Uttar Pradesh) FT 7623, veered into the river and now rests on its bank.

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At least 14 Indians lost their lives and 17 individuals sustained injuries after a passenger bus plunged into a river in Nepal on Friday.

The bus, registered in India and carrying around 40 passengers, plunged into the Marsyangdi River in the Tanahun district, 110 kilometers away from its intended destination in Kathmandu.

According to a senior police official, the bus, with the number plate UP (Uttar Pradesh) FT 7623, veered into the river and now rests on its bank.

The bus was on its way to Kathmandu from Pokhara at the time of the tragic incident. Rescue and relief efforts are currently in progress.

In a separate incident last month in Nepal’s Chitwan district, a catastrophic landslide swept two buses into the Trishuli River, resulting in the deaths of at least five Indian nationals.

On July 12, a landslide occurred in the Simaltal area along the Narayanghat-Mugling road in Chitwan district, causing two buses with 65 passengers, including seven Indians, to be swept away after heavy rainfall. Following the incident, three individuals managed to swim to safety.

As of now, the remains of five Indian citizens have been retrieved, while two individuals are still unaccounted for. Search teams have discovered a total of 25 bodies along the Narayani riverbanks and the Triveni Dam area, situated roughly 103 kilometers downstream from the site of the incident.

However, only 19 of the bodies found downstream have been positively identified as those missing from the tragedy.

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At GST meet, ministerial panel discusses cutting taxes on some items

The Group of Ministers (GoM) discussed the issue of GST on health and life insurance and referred it to the fitment committee for further analysis.

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The ministerial panel on GST rate rationalisation on Thursday broadly converged towards retaining a 4-tier slab structure and asked the committee of tax officers to analyse the implication of tinkering rates on some items and present it before the GST council.

The Group of Ministers (GoM) discussed the issue of GST on health and life insurance and referred it to the fitment committee for further analysis.

The recommendations of the GoM will be considered at the GST Council meeting on September 9, which will be chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers.

After the meeting, Goa Chief Minister Pramod Sawant said that during the meeting, various issues related to the real estate sector and submissions of state governments were discussed. He stated that the Council decided to obtain updated data from all states on each agenda point for studying the detailed revenue implications and other issues and then decide on each issue.

Speaking to reporters after the first meeting of the GoM under his convenorship, Bihar Deputy Chief Minister Samrat Chaudhary said some GoM members are demanding that there should be no change in tax slabs under GST.

Chaudhary said more discussions will happen, and then only a final decision will be taken, adding the GoM has received representations from restaurants, beverages, and online gaming sectors, which will be reviewed and some of them will be sent to the Fitment committee.

West Bengal Finance Minister Chandrima Bhattacharya demanded for no changes in the GST slab. A presentation will be made before the Council, she added. The next GoM meeting will be held after the September 9 Council meeting, she added.

Asked if the GoM deliberated on reducing 4 slabs to 3, Bhattacharya said that will not happen for now. Slabs will be retained at 5, 12, 18, and 28 per cent, he added. This will be reviewed by the Council now, he said.

Asked if there was discussion on tinkering with slabs, Karnataka Revenue Minister Krishna Byre Gowda said that Goods and Services Tax (GST) has broadly stabilised. “So why disturb it. What do you achieve by disturbing it? We said in the next meeting that we will discuss it (reducing slabs),” she added.

On health and life insurance taxation, Byre Gowda said, “We have asked for further report (from fitment committee). We are not sure if it’s part of the agenda”

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Mamata Banerjee writes to PM Modi seeking strict anti-rape legislation, says almost 90 rapes occur daily in India

“It is bounden duty for all of us to put an end to it so that the women feel safe and secure,” the letter read.

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West Bengal Chief Minister Mamata Banerjee has written a letter to Prime Minister Narendra Modi seeking strict anti-rape legislation and highlighted that almost 90 cases of rape occur every day throughout the country.

The letter comes amid uproar over the rape and murder of a woman doctor at the RG Kar Medical College and Hospital in Kolkata on August 9. Doctors across the country have been protesting after the horrific incident. The CBI is now investigating the rape and murder case.

In her letter to PM Modi, the West Bengal Chief Minister brought attention to the regular and increasing occurrence of rape cases throughout the country and said in many cases rapes with murder are committed according to the available data.

She expressed her shock over rape cases and said it is horrifying to see that almost 90 cases of rape occur daily throughout the country. This shakes the confidence and conscience of the society and the nation, she added.

“It is bounden duty for all of us to put an end to it so that the women feel safe and secure,” the letter read.

Banerjee said such a serious and sensitive issue needs to be addressed in a comprehensive manner through stringent central legislation prescribing exemplary punishment against the persons involved in such dastardly crimes.

Setting up fast-track special courts for speedy trials in such cases should also be considered in the proposed legislation to ensure quick justice, she further said. Trial in such cases should preferably be completed within 15 days, she added in a letter to PM Modi.

Earlier on August 20, the Supreme Court formed a 10-member task force to prepare a national protocol for ensuring safety and facilities for doctors. The Apex Court observed that the working conditions have made doctors and health professionals susceptible to violence. The 10-member task force will submit its interim report within three weeks and the final report within two months.

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