AgenciesThe 11 entities that received notices are - Torus Buildcon, Artifice Properties, Rosestar Marketing, Oscar Investments, Ad Advertising, Zolton Properties, Saubhagya Buildcon, Star Artworks, Vitoba Realtors, Devera Developers and Harpal Singh.
The demand notices came after the entities failed to pay the fine imposed by Sebi in October 2022.
In October 2022, Sebi imposed penalties totalling ₹21 crore on 52 entities, including these 11 entities, for huge diversion and misutilisation of funds of Religare Finvest. In this case, the regulator levied a fine ranging ₹20 lakh to ₹85 lakh.
The case involved a complex web of transactions whereby the funds of listed Religare Enterprises were diverted through its subsidiary Religare Finvest for the ultimate benefit of erstwhile promoters - RHC Holding, Malvinder Mohan Singh and Shivinder Mohan Singh.
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Online Gaming, Casinos Set to Attract 28% GSTThe Goods and Services Tax (GST) Council Tuesday decided to impose the top 28% slab on online gaming, horse racing and casinos. It also made changes to provide uniformity in the taxation of multi utility and sports utility vehicles.
Foxconn Looking to Set up 4-5 Fab Lines in IndiaGlobal technology giant Foxconn has told the government it wants to set up at least four to five semiconductor fabrication lines in India, people aware of the development told ET.
Hindujas Look to Raise up to $1b to Finance Reliance Cap AcquisitionThe Hinduja family has sounded out global credit funds to raise up to $1 billion (about ₹8,200 crore) to finance the potential acquisition of Reliance Capital for which it is the favored bidder after lenders to the insolvent financial services company approved Hinduja’s resolution plan, sources familiar with the matter told ET.
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