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SC to examine on Friday plea seeking probe into Hindenburg report on Adani group

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The Supreme Court on Thursday agreed to examine a plea on Friday seeking a direction to set up a committee monitored by a retired apex court judge to investigate the Hindenburg Research report.

The Adani group has rubbished the allegations made by the Hindenburg Research.

Advocate Vishal Tiwari mentioned the matter for urgent listing before a bench headed by Chief Justice of India D.Y. Chandrachud and comprising Justices P.S. Narasimha and J.B. Pardiwala.

Tiwari contended before the bench that a separate petition has been filed on the issue, which is listed for hearing on February 10, and requested to hear his petition along with that petition.

Tiwari’s plea sought directions to set up a special committee to supervise the sanction policy for loans of over Rs 500 crore given to big companies.

The other PIL filed by advocate M.L. Sharma contended that the US resident Nate Anderson of Hindenburg Research and his Indian entities “hatched a criminal conspiracy, did short sale in hundreds of billion dollars prior and thereafter on 25th January 2023, they released a concocted news as research report qua to the Adani Group of the companies, got crash share market and squared up their short sell position at the lowest rate.”

American short seller Hindenburg Research’s report about Indian billionaire Gautam Adani has led to a stock rout, erasing over $ 100 billion from his empire and pushing him down on the global rich list.

Sharma’s plea further added, “They secured billions of profits by butchering citizens of India. However, SEBI did not suspend trading in the stock specially qua to the Adani group of the companies and allowed short sellers to exploit innocent investors.”

The plea said, “Issue writ of mandamus to the respondents to conduct inquiry to prosecute & register F.I.R. u/s 420 & 120-B of IPC r.w. S.15HA SEBI Act against the short sellers (Mr. Anderson and his associate (in India /USA) for exploiting innocent investors via short selling under the garb of artificial crashing via a short selling couple with further direction to recover their turnover of short selling with penalty to compensate investors in the interest of justice.”

National News

Constitution Day 2024: Video Shows Rahul Gandhi Leaving Without Namaste To Murmu, BJP Claims ‘He Insulted Tribal President’

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Constitution Day 2024: Video Shows Rahul Gandhi Leaving Without Namaste To Murmu, BJP Claims 'He Insulted Tribal President'

Congress MP Rahul Gandhi came under fire on Tuesday (November 26) for what is being called his avoidance of greeting President of India Droupadi Murmu. The Bharatiya Janata Party (BJP) has seized on to the incident that took place in Parliament of India and has now alleged that Gandhi did not greet President Murmu because she hails from tribal community.

The video, now being shared by BJP leaders and netizens alike, shows part of the proceedings of Constitution Day ceremony in the parliament. The ceremony kickstarted the year-long celebration of 75 years of adoption of Constitution of India. The constitution was adopted on November 26, 1949.

In the video, President of India Droupadi Murmu, flanked by other dignitaries like Vice-president Jagdeep Dhankhar, Prime Minister Narendra Modi, Lok Sabha Speaker Om Birla greet those present for the ceremony. Congress president Mallikarjun Kharge, alongwith Rahul Gandhi are among the leaders given place on the dais.

In the video, all leaders including Rahul Gandhi, can be seen greeting those in the audience but Gandhi is then seen breaking away from the group while everyone greets the president, apparently as a courtesy. Gandhi, moving away from the group of leaders, stops at a point to look back but doesn’t greet the president.

BJP’s Amit Malviya posted the video and had a strong reaction for Gandhi.

Malviya’s post had a lot of comments.

One of those who commented said that Rahul Gandhi’s actions were not a power move but he did what he did as he did not have a clue about what was happening.

‘Ye nahi sudharne wala…’ said another user.

At the time of publishing of this story, there was no reaction from Rahul Gandhi’s official handle on social media platform X (formerly Twitter).

It wasn’t immediately verifiable if Rahul Gandhi greeted the president off-camera.

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Maharashtra

President Droupadi Murmu Pays Tribute To 26/11 Martyrs, Reiterates India’s Commitment To Fighting Terrorism

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New Delhi: President Droupadi Murmu paid tribute to the martyrs of the 26/11 attacks on Tuesday.

“On the anniversary of cowardly terror attacks in Mumbai on 26th November 2008, I join the entire nation in paying homage to the bravehearts who lost their lives and expressing solidarity with their families,” said the President in a post on X.

She also reiterated India’s commitment to combat terrorism.

“A grateful nation salutes its valiant security personnel who made ultimate sacrifice while protecting our people. It is also the day to reiterate that India remains firmly committed to defeating terrorism in all its forms,” the post added.

Union Ministers Amit Shah & Rajnath Singh Pay Their Tribute

Union Ministers Amit Shah and Rajnath Singh also paid tribute to the security personnel who died during the attacks,

“Terrorism is a blot on the entire human civilization. The Modi government’s ‘zero tolerance’ policy against terrorism has been appreciated by the entire world and today India has become a world leader in anti-terrorism initiatives,” Union Home Minister Amit Shah’s post said.

“We remember, and we will never forget those wounds,” Defence Minister Rajnath Singh’s post said.

Union Minister Piyush Goyal Remembers Sacrifice Made By The People

Union Minister Piyush Goyal also remembered the sacrifice made by the people in a post on X.

“Respectful salute to the brave soldiers, policemen and innocent citizens who made the supreme sacrifice to protect the motherland in the 26/11 Mumbai terrorist attack. Their bravery, sacrifice and martyrdom will always be remembered,” the post said.

About 26/11 Terror Attack

Today is the 16th anniversary of the 26/11 attacks, a series of coordinated terror attacks at the Taj Hotel, Oberoi Trident Hotel, Chhatrapati Shivaji Terminus, Leopold Cafe, Mumbai Chabad House, Nariman House, Cama Hospital and Metro Cinema by ten Lashkar-e-Taiba terrorists.

Notably, at least 174 people, including 20 security force personnel and 26 foreigners, were killed and more than 300 injured in the 26/11 Mumbai terror attacks in 2008.

The ten Lashkar-e-Taiba terrorists came to Mumbai via the sea route from Pakistan and carried out the attacks.

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International News

Bangladesh High Court orders high-level probe into power deals with Adani group amid supply cuts

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Bangladesh’s High Court ordered the formation of a high-level enquiry committee comprising international energy and law experts to reevaluate all electricity-related agreements with the Adani group, The Business Standard, a local news portal, reported on Tuesday, November 19.

The bench of Justices Farah Mahbub and Debasish Roy Chowdhury has reportedly ordered the cabinet secretary to form the committee within a month and submit the report to the court in the next two months. 

Adani Power shares closed 0.47 per cent lower at ₹524.10 on Tuesday’, compared to ₹526.60 at the previous market close. 

The court, while hearing a petition, asked why instructions should not be given to cancel the uneven agreements made with the Adani group. It also asked for the documents related to the signing of the deal within a month.

Barrister M Abdul Qayyum, representing the petitioner, filed the writ in the High Court asking for the cancellation of all electricity deals with Adani group. Adani signed the 25-year power purchase agreement in 2017; at that time, no imported coal-based power plants were operational in Bangladesh, as per the report.

Adani’s Bangladesh power supply

Adani group’s Bangladesh power is supplied from Jharkhand’s 1,600 MW power plant. The cost of power is $0.1008 per unit or Tk12 per unit, a Bangladesh Power Development Board official was quoted as saying in the report.

This rate is 27 per cent higher than the rate of India’s other private producers and as much as 63 per cent more than the Indian state-owned plants. 

After Adani Power cut the Bangladesh power supply by half over the unpaid dues, the company also set a deadline of November 7 to switch off the flow of electricity if there was no clarity on the settlement of the outstanding amount.

Bangladesh reportedly owes Adani almost $850 million. Adani group later clarified that it had not demanded the full payment in seven days, as per the report.

Shortage of Power

Bangladesh continues to face a shortage of electricity, increasing the risk of blackouts, even after making a partial payment to Adani group, according to a Bloomberg report on Tuesday. 

Adani Power has received a letter of credit for $170 million, easing pressures from lenders, reported the agency, citing two people aware of the development. The partial payment doesn’t resolve the crisis, but the company won’t halt supplies for now, pending talks with the lenders of the Godda thermal plant in Jharkhand, the officials said. 

“Payments should have been made by this time,” Ahsan H Mansur, governor of Bangladesh Bank, said in a phone interview on Friday as per the report. The central bank “issued an instruction for the payment”, Mansur had said earlier this week.

The Adani electric supply accounts for nearly 10 per cent of Bengladesh’s total supply. The power company reduced its supply further to 500 megawatts on Thursday after cutting it to 700 megawatts earlier, as per the data collected from Power Grid Bangladesh cited in the news report.

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