Experts said the outcome isn't surprising as the action initiated by Sebi was not after an investigation or findings.
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
Specific sections of the Companies Act need to be amended to empower Sebi to regulate or take penal action against an unlisted entity and its promoters for violating the insider trading and other securities norms.
The onus of the tax dues of Rs 22,100 crore on Vodafone India's British parent could also fall on the merged entity.
The reward could vary between 1% and 5% of the total tax paid.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
In the 25-page defence evidence affidavit, which was served to the UK Crown Prosecution Service, Mallya is learnt to have alleged that his was a case of "political vendetta" and "loss-making business".
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
'If anybody defaults on something which is due for today, they have to disclose it tomorrow.' 'The accumulation of NPAs is due to asymmetry in information.' 'The investor should have real-time information.'
It will launch jurisdiction-free assessment from October
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
Linking all accounts is a difficult and costly task for brokers
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
This is in addition to 60,000 identified under Operation Clean Money 2.0
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
Writes to Trai, Mumbai Police to catch unauthorised SMS senders
Most of these alleged tax evaders hail from Kolkata, Mumbai, Ahmedabad, Surat, and Delhi.
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