Congress demands removal of Gujarat CM Vijay Rupani over SEBI penalty

Congress demands removal of Gujarat CM Vijay Rupani over SEBI penalty”

The opposition Congress, on the other hand, fancies its chances of making a comeback to the corridors of power in the aftermath of Narendra Modi moving out of the state politics after taking over as the Prime Minister of the country. Both Jay Shah and Shaurya Doval have denied the allegations against them.

The Congress, however, made it a political issue. "Shah-zada, Shaurya aur ab Vijay Rupani (Another story of "will not do corruption myself, nor allow others")", Gandhi tweeted.

Gujarat is going to poll in two phases on December 9 and December 14.

Speaking to reporters, Singh said, "The people who talk about zero tolerance against corruption should show zero tolerance in this case. If he doesn't, the prime minister should sack him".

The individual penalty amount was varied for entities and was Rs 15 lakh in the case of Hindu Undivided Family (HUF) of Rupani, who took over as the chief minister in August 2016 and is now heading BJP's campaign for the state's two-phase assembly polls on December 9 and 14.

Surjewala claimed Rupani refused to reply to the notice a couple of times. Then he told SEBI that he was on bed-rest and didn't reply.

The HUF was been asked to pay up ₹15 lakh as fine.

"The SEBI found Rupani's family entity guilty of malpractices and artificial trading whereby the 22 entities shared amongst themselves more than 2 crore shares which were 87.17 per cent of market volume", he added.

However, the Securities Appellate Tribunal's (SAT) order put up on its website on Thursday said that SEBI has set aside its October 27 order and will issue a fresh order in the case.

"During investigations, 21 entities/Noticee (s) "Group" were identified as connected/related through common address, telephone number, off-market transfers of shares and family members etc. Investigation Report (IR) revealed that the Group/Noticee (s) had bought 2,76,97,860 shares i.e. 32.97% of the market volume (8,40,17,121 shares) and sold 7,24,08,293 shares i.e. 86.18% of market volume during the investigation period", Sebi said in its order.

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