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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.

Business

IndiGo disruptions may cause revenue loss, penalties to company: Report

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New Delhi, Dec 8: Widespread flight disruptions at IndiGo are credit negative, and refunds and compensation could cause it “significant financial damage”, credit rating agency Moody’s warned on Monday.

In a note, Moody’s said that regulatory penalties from the Directorate General of Civil Aviation (DGCA) remain possible as the airline failed to plan for aviation rules communicated over a year earlier.

The crisis struck as the airlines entered their peak winter schedule, with “significant lapses in planning, oversight and resource management” as the Phase 2 of the Flight Duty Time Limitation (FDTL) rules were introduced on November 1, 2025, after being communicated more than a year earlier, it noted.

The rules reclassified midnight–6 a.m. duties as night duty and cut permissible landings in 24 hours from six to two or three. The agency said that IndiGo’s lean operating model lacked resilience to integrate the change, forcing a system‑wide schedule reset.

Over 1,600 flights were cancelled on December 5, and over 1,200 were grounded in November, with cancellations beginning on December 2. Moody’s said IndiGo is yet to fully restore normal operations.

IndiGo said it was set to operate over 1,800 flights on Monday, up from 1,650 on Sunday, adding that more than 4,500 bags have been delivered to respective customers, and “we are on track to deliver the rest in the next 36 hours”.

The airline said it expects a return to full schedules by mid-December, adding that it is working “round the clock” to normalise operations.

It has so far refunded Rs 827 crore to affected passengers, and the rest is under process for cancellations up to December 15.

Union Civil Aviation Minister K. Rammohan Naidu said in the Parliament on Monday that the government has initiated a thorough inquiry into the matter.

“IndiGo was supposed to manage the crew and roster…We will take strict action. We will set an example for every airline. If there is any non-compliance, we will take action,” he said on the floor of the Rajya Sabha.

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Crime

Palghar Crime: 40-Year-Old Constable Arrested For Allegedly Raping Woman Inside Kasa Police Station

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Palghar, Maharashtra, Dec 08: A 40-year-old police constable has been arrested for allegedly raping a woman inside the Kasa police station in Maharashtra’s Palghar district, officials said on Monday.

According to a senior official from the Palghar rural police, the incident took place last week when the woman had visited the station to record her statement in connection with an ongoing case. The constable allegedly assaulted her within the premises.

Following a complaint filed by the woman, a case of rape was registered and the constable was arrested on Sunday, officials confirmed.

In the aftermath of the incident, the in-charge of the Kasa police station has been transferred. Further investigation is underway.

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National News

PM Modi recalls how Vande Mataram defied British oppression, stood ‘like a rock’

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New Delhi, Dec 8: Prime Minister Narendra Modi, on Monday, invoked the enduring spirit of ‘Vande Mataram’ while initiating a day-long discussion in the Lok Sabha to mark the 150 years of the national song.

He described it as a hymn that stood “like a rock” against British oppression and continued to inspire unity across generations.

Tracing the song’s journey from its composition by Bankim Chandra Chattopadhyay in 1875 to its role in the freedom struggle, PM Modi said ‘Vande Mataram’ became a current of emotion that bound the nation together.

“Even when crises like the coronavirus pandemic struck, the spirit of ‘Vande Mataram’ continued to connect the country. Today, as we march towards an ‘Atmanirbhar Bharat’ (Developed India), this hymn remains a source of strength,” he noted.

The Prime Minister quoted Mahatma Gandhi, who had described ‘Vande Mataram’ as a song that united the nation.

“Pujya Bapu (Mahatma Gandhi) said ‘Vande Mataram’ connects us. It is the dream of today’s generation to build a prosperous India, and this song continues to inspire that vision,” PM Modi said.

He emphasised that the hymn was more than just words — it was a mantra of sacrifice, resilience, and unity.

From the days of colonial bans, when people were punished for speaking or printing the words, to the sacrifices of countless freedom fighters who embraced martyrdom with ‘Vande Mataram’ on their lips, the song has remained a symbol of defiance and hope.

PM Modi urged the Parliament to ensure that the legacy of ‘Vande Mataram’ is preserved and passed on to future generations.

“This is not just a tribute to history but a reaffirmation of our democratic spirit. The lessons of the past must continue to guide our future,” he said, adding that the 150th anniversary was an opportunity to restore pride in a hymn that has been the heartbeat of Bharat.

Initiating a day-long discussion on 150 years of ‘Vande Mataram’ in the Lok Sabha, PM Modi noted that ‘Vande Mataram’ stood like a rock and inspired unity despite British oppression.

“When ‘Vande Mataram’ completed 100 years, the nation was chained by the Emergency. At that time, the Constitution was throttled and those who lived and died for patriotism were pushed behind bars,” he said.

“The Emergency was a dark chapter in our history. Now we have the opportunity to restore the greatness of ‘Vande Mataram’. And I believe this opportunity should not be allowed to pass,” PM Modi added.

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