MUNEESH DHAWAN
25 July 2008 at 23:43
Dear Friends, my client is a manager in a pvt bank in delhi..he has received insider trading violation letters, first letter states violation of code for first time for shares bought & hence warning letter issued..second letter states second violation for scrips sold which were bought in same April month, hence warning letter,accompanied with Rs. 1000 as fine with forwarding his name to audit committee of the bank as well as SEBI.
It is pertinent to mention that he has not bought or sold scrips of that bank or its group companies but as per bank’ s code he has violated the norms/policy as amount of trading exceeded 10 lacs though that was margin trading. My client has been trading into shares since three years much before joining bank (he joined in Dec 2007). He was completely ignorant of the insider trading policy & trading was carried out in complete ignorance of the rules/policy..mails were sent to all employees by bank regarding this policy but were not read by my client.
First/second violation as per bank was buy/sale respectively of same shares in April and bank will surely treat continuous viloations (3rd,4th, 5th etc.) whereas my client was intimated about April violations on 8th July (violations of May are yet to be intimated)..all transactions happened in April (for which 1st n 2nd violation notice) and May (for which 3rd violation notice is expected)
Now he is expecting third violation letter also which states as policy termination from the bank..my client first got information regarding his trading from bank on 8th July ... and thereafter stopped trading in shares since then...however bank will consider violations of policy since he joined bank irrespective that mail was first sent regarding his trading on his demat account on 8th July...they ought to have intimated then and there in April when first violation happened rather then in July till when it was continuing.
Please suggest what to advice my client so that he is not terminated and that too for his ignorance which was unintentional..to add last point that there were net loss arising from the transactions and no profits accrued
Anand
25 July 2008 at 23:41
Dear Legal Experts
Whether a society registered under West Bengal Registration of Societies Act can be construed as operating under commercial laws?
Thanks and Regards,
Anand
MUNEESH DHAWAN
25 July 2008 at 23:37
Dear Friends, my client is a manager in a pvt bank in delhi..he has received insider trading violation letters, first letter states violation of code for first time for shares bought & hence warning letter issued..second letter states second violation for scrips sold which were bought in same April month, hence warning letter,accompanied with Rs. 1000 as fine with forwarding his name to audit committee of the bank as well as SEBI.
It is pertinent to mention that he has not bought or sold scrips of that bank or its group companies but as per bank’ s code he has violated the norms/policy as amount of trading exceeded 10 lacs though that was margin trading. My client has been trading into shares since three years much before joining bank (he joined in Dec 2007). He was completely ignorant of the insider trading policy & trading was carried out in complete ignorance of the rules/policy..mails were sent to all employees by bank regarding this policy but were not read by my client.
Now he is expecting third violation letter also which states as policy termination from the bank..my client first got information regarding his trading from bank on 8th July ... and thereafter stopped trading in shares since then...however bank will consider violations of policy since he joined bank irrespective that mail was first sent regarding his trading on his demat account on 8th July...they ought to have intimated then and there in April when first violation happened rather then in July till when it was continuing.
Please suggest what to advice my client so that he is not terminated and that too for his ignorance which was unintentional..to add last point that there were net loss arising from the transactions and no profits accrued.
CHIDANANDA K R
25 July 2008 at 17:31
Dear Sir,
If a Ltd company issues a additonal equity shares to other than existing sharehoders of the company on preferential basis.
what are the doucments required for we have to submitt to the stock exchange for permission of trading and listing of addditional equity shares issued on pref. basis.
Kindly advise me.
With regards,
KR CHIDANANDA
Prity
22 July 2008 at 18:34
I would like to know how the law would be considering a case where a husband leaves the company to his wife and if she is declares as mentally unfit the power would go to the natural sucessor, say, the son. What decisions can the son take while he has the power in his hands. Can the mother fight it in court of law if she is back?
Bela
22 July 2008 at 12:26
The first AGM of the Company is to be held within 18 months of the date of incorporation. Is it possible to hold the adjourned AGM after the 18 months and if yes, when the Balancesheet and Profit & Loss of the Company to be filed with Roc within 30days of the adjourned AGm or the actual one.
Kindly advise
Heaven 2011
21 July 2008 at 17:59
Dear All,
Kindly advise me whether a pvt. ltd. company can grant loans or advances to its shareholders though the company concerned has not booked any profit? Does Companies Act or any other law for the time being in force prohibits any such transaction?
Regards
Adv. Sanjaykumar Sharma
20 July 2008 at 23:17
Please advice me with ciation as regards to forfeiture of Earnest Money Deposited while submitting tender for contract work with deparment. Deparment failed to communciate acceptance of tender within validity period as prescribed in Notice inviting tenders.
RAM DEO KAKRA
20 July 2008 at 16:02
one person through court purchased bifr company and issued postdated cheques at the instruction ofearliar management of bifr co.cheques where issued on account of pressing creditors.further as per agreement earliar management aggred to clear earliar electricity dues and c.exise liability.earliar managment not complied,not paid aggreed liability,and buy the time and send the cheques in clearing which bounced as payment stopped by drawer. it appears on scruity that their was no liability of pressing creditor and earliar managment on wrong pretxet take the post dated cheques in the name of subsidary co.managed by earliar management.now 138 proceeding is going on.my querry is what will be the defence of drawer and is 138 procedig valid one. what is the remedy to drawer.pl.advice with case law.
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SARFAESI ACT
What's the period of limitation to publish notice after taking possession of secured assets U/S 13(4) of the Act.
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