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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.

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J&K Heading For ‘Historic’ Assembly Elections Under National Flag & Constitution: Amit Shah

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J&K Heading For 'Historic' Assembly Elections Under National Flag & Constitution: Amit Shah

Jammu, Sep 7: Union Home Minister Amit Shah on Saturday assured restoration of statehood to Jammu and Kashmir after the assembly polls, which he said are the first under the national flag and the Constitution following the abrogation of Article 370 by the Modi government.

He accused the Congress-National Conference alliance of making attempts to revive the “old system”.

The NDA government will not allow the revival of terrorism, “autonomy”, and injustice with any community including Gujjars, Pahari, Bakerwals and Dalits who were granted reservation by the BJP dispensation, he said.

Shah is in Jammu on a two-day visit to boost the BJP’s election campaign for the three-phase assembly elections, beginning September 18.

He released the party’s manifesto on his first day of visit on Friday and also chaired two crucial meetings with senior leaders to discuss the campaign strategy.

“The coming elections in J-K are historic because after Independence, the polls are happening the first time under our national flag and Constitution, unlike in the past practice of two flags and two constitutions. We have only one prime minister from Kashmir to Kanyakumari and he is Modi,” the home minister told a BJP workers’ rally here on Saturday.

Taking a dig at the National Conference-Congress alliance, Shah alleged they are trying to push Jammu and Kashmir into the fire of terrorism once again when the government has brought down terror incidents in the union territory by 70 percent.

“The National Conference and the Congress will never be able to form a government in J-K, be confident about it,” Shah told the party workers, encouraging them to ensure the success of the BJP candidates to form the next government.

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Chandrababu Naidu Narrowly Escapes As Speeding Train Passes Inches Away From Him During Flood Inspection In Vijayawada

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Andhra Pradesh Chief Minister N Chandrababu Naidu had a narrow escape while inspecting flood-affected areas in Vijayawada. On September 3, Naidu was on a small bridge evaluating the damage caused by recent floods when a speeding passenger train passed dangerously close to him. 

Naidu, along with his security personnel and officials, was standing near the railing on a narrow platform when the train whizzed by. A video of the incident has gone viral, showing the Chief Minister and his team standing just inches away from the fast-moving train. Passengers aboard the train were seen waving at Naidu as it sped past. Fortunately, no one was injured during the incident.

Situation worsens due to heavy rains

Meanwhile, the flood situation in Andhra Pradesh has worsened due to heavy rains, claiming the lives of at least 32 people.

Vijayawada and surrounding areas have been particularly hard-hit, with thousands displaced from low-lying regions.

The NTR district, which encompasses Vijayawada, has suffered the most, with 24 fatalities. Other severely affected areas include Guntur, with seven deaths, and Palnadu, with one reported death.

More than 40,000 people have been moved to relief camps across the state as water levels continue to rise. Farmers, too, have borne the brunt of the flooding, with over 2.35 lakh farmers reporting significant crop damage due to the unrelenting rains.

In response to the crisis, Andhra Pradesh Deputy Chief Minister Pawan Kalyan has donated Rs 5 crore for flood relief. His contribution is aimed at supporting recovery efforts across the state, with 400 panchayats set to receive Rs 1 lakh each.

“I will make sure these funds are directly deposited into the panchayats’ accounts, ensuring they are used for immediate flood recovery,” said Kalyan in a statement.

The Andhra Pradesh government continues to monitor the situation closely, working to provide relief and assistance to affected areas as rains persist across the region.

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PM Modi To Not Address UNGA Debate This Time, Jaishankar To Represent India

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PM Modi To Not Address UNGA Debate This Time, Jaishankar To Represent India

Prime Minister Narendra Modi will not be addressing United Nations General Assembly debate scheduled to take place later this year and India’s Minister of External Affairs S Jaishankar will be representing India instead on September 28. PM Modi will be travelling to New York though, to attend a major community event at Nassau Veterans Memorial Coliseum in Long Island. The event is slated to take place on September 22. PM Modi will also be attending United Nations’ ‘Summit of the Future’ on September 22-23. This summit is focused on global co-operation for challenges that await humanity.

The general debate of the 79th UNGA session is scheduled to be held between September 24 and September 30. The summit will see major world leaders addressing the world. US President Joe Biden will address the assembly as well. This will be his last address to the UNGA as president of the United States as a new president will be elected in the presidential elections slated to take place in November this year. The contest will be between Republican Party nominee Donald Trump and Democratic Party nominee Kamala Harris.

Modi’s last address to the UNGA came in September 2021. He visited UN headquarters in June 2022.

The community event in Long Island has seen registration from over 24,000 Indian-Americans. PM Modi held his first such event at Madison Square Garden in 2014. This upcoming event marks the 10-year anniversary of the event.

That registrations for PM Modi’s event came through 590 community organisations in the US. There was a huge response from the tri-state area.

PM Modi’s community outreach events in the US have in past, drawn huge crowds. Last such event was ‘Howdy Modi’ which was held in Houston in 2019. The event had witnessed enthusiastic participation from Indian-Americans.

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