Rosestar Marketing, Artifice properties, Torus Buildcon and Artifice Properties received notices.
The demand notices came after Sebi did not pay the fine imposed in October 2022.
In October 2022, Sebi imposed penalties totalling 21 lakh rupees for massive diversion and misappropriation of funds of 52 individuals, including these 11 individuals.
The case involved a complex network of transactions whereby the funds of listed Religare Enterprises were diverted through its subsidiary Religare Finvest for the ultimate benefit of former promoters.
The Securities and Exchange Board of India Sebi issued notices to 11 individuals seeking to pay 6 crore within 15 days in a case regarding the dismantling of funds of Religare Finvest an arm of Religare Enterprises. The notices came after the companies failed to pay the fine imposed by Sebi in October 2022. Sebi has imposed penalties totalling 21 crore on 52 institutions, including these 11 entities, for massive diversion and misuse of funds of Religare Finvest. The court imposed a fine of Rs. 20 lakh to Rs. 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 former promoters - RHC Holding Malvinder Mohan Singh and Shivinder Mohan Singh.
7 Comments
Muchacha
The post mentions that the case involves a complex web of transactions. This complexity adds weight to the allegations and suggests that the diversion of funds may not have been a simple oversight or mistake.
AZUuuuu
The post only mentions the fines imposed on the 11 entities without providing details about the penalties imposed on the other 41 entities. This one-sided presentation of information creates an incomplete picture of the situation.
AZUK00
The post does not provide information about the process followed by Sebi in imposing the fines. Without transparency, it is challenging to determine if the penalties were justified or if there were any potential biases involved.
Habibi
The post mentions that Sebi had imposed fines on these entities in October 2022. This suggests a pattern of non-compliance and raises concerns about the entities' conduct.
ZmeeLove
The post does not discuss the broader implications of the alleged diversion of funds. It fails to mention the impact on investors, the market, or the economy as a whole.
BuggaBoom
The post mentions that Sebi has issued notices to the entities asking them to pay the fines within 15 days. This suggests that Sebi is taking prompt action to address the alleged violations and hold the entities accountable.
Habibi
The post mentions that funds were diverted through Religare Finvest, a subsidiary of Religare Enterprises. The involvement of subsidiary companies raises questions about the level of oversight and control within the organization.