According to sources Capital markets regulator Sebi has issued a show cause notice to textiles major Raymond citing several violations of the securities market. Meanwhile the Securities and Exchange Board of India (Sebi) has alleged that Raymond failed to obtain necessary approvals for related party transactions involving the lease of a city property and that the company did not comply with shareholder reclassification norms.
Furthermore Raymond had leased four flats in JK House to an entity named Pashmina in 2003 which the latter sub-leased to some individuals in the promoter group of Raymond, including Gautam Singhania, Veena Devi Singhania, Anant Singhania and Akshaypat Singhania. Accordingly the Sebi show cause notice says that in 2015-16, when the property was being reconstructed, Raymond paid the rent of all the sub-tenants, including the promoters, in alternative accommodation.
As per report while the promoters were paying Rs 7,500 a month for the sub-lease with Pashmina, Raymond paid Rs 12 lakh per month for the alternative accommodation of Singhanias. It added "The company has complied and shall continue to comply with provisions of applicable laws, including Regulation 30 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR)”.
Chiranjeevi To Bridge The Gap Between Tollywood and Jagan Megastar Chiranjeevi along with his wife Surekha Konidela met Andhra Pradesh Chief Minister YS Jagan Mohan Reddy at the Chief Minister's official residence in Tadepalli on Monday as a courtesy call. This is the first time that the Chiranjeevi or for that matter, any Telugu Film Industry Biggie met him after YS Jagan took charge.
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