Business Line Twenty Years Ago Today: SEBI suspends RCS for 6 months

October 17 | Updated on January 16, 2018 Published on October 16, 2016

SEBI has suspended the certificate of registration of Reliance Consultancy Services (RCS), the share registrars and transfer agents for the Reliance group of companies, for six months from February 1, 1997, to July 31, 1997, for violating SEBI regulations in the REL duplicate share issue case. Mr. D. R. Mehta, Chairman, SEBI, while announcing the decision today, said the companies had been given time to make alternative arrangements in order to protect the interest of the large number of investors.

Reliance to appeal to Finance Ministry

The Reliance group has said that it will prefer an appeal against the six-month suspension order issued to its share registrar and transfer agent, RCS, before the Ministry of Finance. The Finance Ministry is the relevant appellate authority as provided under Regulation 29 of the SEBI (Registrars to the Issue and Share Transfer Agents) Regulations, 1993.

Karnataka, TN CMs resume talks on Cauvery

Chief Ministers of Karnataka and Tamil Nadu on Wednesday began their fourth round of talks in an effort to resolve the decades-old issue of sharing of Cauvery waters between the two riparian States. The Karnataka Chief Minister, Mr. J. H. Patel, and his Tamil Nadu counterpart, Mr. M. Karunanidhi, assisted by their respective Irrigation Ministers and a host of top officials, discussed the issue for well over 45 minutes at the Karnataka Bhawan, and are scheduled to continue their discussions. Claiming there were signs of progress in the talks, Mr. Patel said, “We have been trying to find a permanent solution which should be in the interest of farmers of both the States.”

Published on October 16, 2016
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