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SC issues contempt notice to SEBI on RIL plea on non-compliance of court order

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 The Supreme Court has issued a contempt notice to the Securities and Exchange Board of India (SEBI) on Reliance Industries (RIL) plea alleging non-compliance of the court’s August 5 order, which directed the market regulator to provide access to certain documents to the company.

A bench comprising Justices M.R. Shah and M.M. Sundresh said: “Issue notice to the respondent, making it returnable on December 2, 2022. Abhishek Singh, counsel accepts service of notice on behalf of the respondent.”

Senior advocate Harish N. Salve, appearing on behalf of RIL, vehemently submitted that despite the August 5 order passed by the apex court by which the respondent (SEBI) was directed to furnish a copy of the documents, the same has not been furnished till date.

Senior advocate and former Attorney General of India K.K. Venugopal, representing SEBI, submitted that the review petition preferred by the respondent is pending before this court and, therefore, no further order be passed in the present proceedings.

The bench, in its order, noted: “We have gone through the subsequent order passed by this court dated October 12, 2022 in review petition. The pendency of an appeal and/or writ petition along with stay cannot be equated with pendency of the review petition.

I”There is a final decision by this court in an appeal. Merely because the stay application is pending in review petition cannot be a ground to grant stay by the respondent on its own and not to comply with the directions issued by this court.”

The bench said it is required to be noted that the State of J&K Vs. Mohd. Yaqoob Khan and others was a case where against the ex-parte order passed by the single judge, pending writ petition, the contempt proceedings were initiated.

“Therefore, this court observed that when the stay application is yet to be heard and decided and disposed of, the contempt proceedings cannot be initiated. Under the circumstances, the said decision(s) cannot be of any assistance to the respondent,” said the apex court.

The bench has scheduled the matter for further hearing on December 2.

The company had sought three documents from SEBI that it had claimed would exonerate it and its promoters from criminal prosecution initiated in a case related to the alleged irregularities in acquisition of its own shares between 1994 and 2000.

On August 5, a bench led by then Chief Justice N.V. Ramana, had said: “The approach of SEBI, in failing to disclose the documents, also raises concerns of transparency and fair trial. Opaqueness only propagates prejudice and partiality. Opaqueness is antithetical to transparency.”

The top court had said the market regulator should show fairness and furnish documents sought by RIL, and SEBI has a duty to act fairly, while conducting proceedings or initiating any action against the parties.

RIL filed a contempt petition as SEBI has not shared three documents — the two legal opinions by former Supreme Court judge B.N. Srikrishna and former ICAI President Y.H. Malegam’s report which examined the irregularities.

The company claimed that SEBI cannot continue to resist the production of these documents and it had also sent a notice to the market regulator saying if documents were not received by August 18, then it will establish that SEBI does not want to comply with the apex court’s judgment.

In 2002, Chartered Accountant S. Gurumurthy filed a complaint with SEBI alleging irregularities by RIL, its associate companies and their directors/promoters, including Mukesh Ambani and his wife, Nita; Anil Ambani and his wife, Tina; and 98 others.

The complaint cited the issue of two preferential placement of non-convertible debentures in 1994.

SEBI had alleged that RIL along with Reliance Petroleum had circuitously funded the acquisition of its own shares in violation of the Sections 77 and 77A of the Companies Act, 1956.

National News

Congress MP Imran Masood calls for banning liquor during Navratri

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Saharanpur, March 29: Congress lawmaker Imran Masood said on Saturday that not just meat shops, liquor establishments should be shut during the nine-day festival of Navratri and called for embracing and promoting the spirit of brotherhood and communal harmony.

“Everybody is demanding a ban on meat shops during Navratri. Why is no one asking for a ban on liquor shops? Why is there no outpouring on the free flow of liquor during Navratri? Will this not spoil the purity and sanctity of the festival?” Saharanpur MP said in a special interaction with media.

The Congress Parliamentarian said that peaceful celebration supersedes everything, and it is incumbent upon all communities to maintain decorum during festivities and also make certain sacrifices, be it Eid or Navratri.

Notably, Eid-ul-Fitr and Navratri are coinciding on the same day this year. Both festivals are set to fall on Monday, with little possibility of change in the Eid schedule on account of moon sighting.

Days ago, the Congress MP also extended support to the demands of a meat ban during Navratri celebrations. In an apparent message to the Muslim community, he said that nothing would change if one did not eat meat for ten days.

“What matters above everything is the peaceful co-existence of communities. At no point in time, the differences over food preferences lead to communal strife,” Masood told newspersons.

Congress MP, when asked questions on the party’s strategy for the Waqf (Amendment) Bill, said that the Opposition is fully prepared to take on the Centre on “partisan legislation”.

“We opposed the amendments in the JPC meeting, tooth and nail. We will strongly voice our dissent in Parliament too,” he said.

Notably, Union Home Minister Amit Shah said on Friday that the Waqf Bill will not be delayed any further and will be reintroduced in the ongoing session of Parliament.

Only four working days of the Budget Session are left, as it concludes on April 4.

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National News

‘PM Narendra Modi Relies On Crutches Of Nitish Kumar And Chandrababu Naidu To Pass Waqf Bill”: AIMIM Chief Asaduddin Owaisi

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Hyderabad: All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi spoke on the Waqf Amendment Bill 2024 and said that the BJP does not have a majority in the Lok Sabha, and if Chandrababu Naidu and Nitish Kumar oppose it, it won’t be passed.

While speaking to media, Asaduddin Owaisi said that PM Narendra Modi is relying on the crutches of Chandrababu Naidu and Nitish Kumar. He stated that Union Home Minister Amit Shah is spreading lies in the country regarding the Waqf Bill.

“Amit Shah is the Home Minister of the Government of India and his statement is proof of the fact that you trying to make an unconstitutional law which can be challenged in the court. This is a violation of the articles of the Constitution and the Waqf of the entire country will suffer because of it. You are removing the section of the Waqf property, who will benefit from it. You are omitting the revenue of lakhs of rupees. Amit Shah is lying to the country that you can challenge the Waqf Tribunal in the court. Prime Minister Narendra Modi relies on the crutches of Nitish Kumar and Chandrababu Naidu and if they do not support this unconstitutional bill, then this law will not be made”, Asaduddin Owaisi said.

Earlier on Friday, Owaisi supported the ‘black band’ protest against the Waqf (Amendment) Bill. Owaisi, who is also part of the JPC on the Waqf bill, joined in the symbolic protest on Friday by wearing a black armband as he offered prayers.

Meanwhile, Union Home Minister Amit Shah said on Friday that Waqf Amendment Bill, on which JPC has given its report, will be tabled in the Budget session of Parliament. The Budget session is slated to conclude on April 4.

“Nobody needs to get afraid of the Waqf Bill. In 2013, the Congress-led government passed the Waqf Bill and made several provisions that are not aligned with our Constitution. We are now trying to align the bill with constitutional principles,” he said.

Asked about Asaduddin Owaisi’s black arm band protest, Amit Shah said people have a right to do so. “Some do it through their clothes, some through their words. In Parliament, one opposes through logic,” he said.

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Crime

Accused in Saif Ali Khan stabbing case files bail plea, claims innocence

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Mumbai, March 29: Mohammad Shariful Islam Shahzad, the accused in the stabbing of Bollywood superstar Saif Ali Khan, has filed a bail petition in the Mumbai Sessions Court, asserting that he is innocent and the case against him is fabricated.

The attack took place in the early hours of January 16 when the accused allegedly entered Saif’s Bandra residence through his youngest son Jeh’s room.

The actor, who was reportedly trying to fend off the assailant, suffered multiple stab wounds. Despite his injuries, Saif managed to go to the hospital on his own, accompanied by his son Taimur.

Shariful Islam Shahzad’s petition, filed through his lawyer, claims that the FIR was wrongly registered and that he has fully cooperated with the police investigation.

His legal team argues that since all evidence is already in police custody, there is no risk of tampering, and therefore, he should be granted bail.

Currently, the case is being handled by the Bandra Magistrate Court, but it falls under the jurisdiction of the Mumbai Sessions Court. Once the police file a charge sheet, the case will be transferred to the Sessions Court. However, the charge sheet is yet to be filed.

According to media reports, doctors removed a 2.5-inch knife from Saif’s wound. The actor sustained six stab injuries, two of which were serious as they were near his spine.

The incident reportedly occurred around 2:15 am on January 16 when the accused broke into the house, attacked the house help, and then stabbed Saif when he intervened.

Saif was alerted by noises from Jeh’s room, where he found the accused in an altercation with the house help. Attempting to protect the staff, Saif fought off the intruder with his bare hands before being stabbed multiple times.

Investigations have revealed that the accused, a Bangladeshi national, intended to rob a wealthy individual to finance his mother’s medical treatment in his home country. He has a history of petty theft and was previously dismissed from restaurants in Worli and Thane for stealing.

It is also reported that the attacker was unaware of Saif Ali Khan’s celebrity status and targeted the residence purely because it was located in an upscale apartment complex.

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