Business
Infamous Hindenburg, which targeted Adani Group, faced intense scrutiny from Indian regulators

New Delhi, Jan 16: Infamous short-selling firm Hindenburg Research, which is now being disbanded as per an open letter from its founder Nate Anderson, has been under the radar of Indian regulators like the Securities and Exchange Board of India (SEBI) over its report against the Adani Group, which was dismissed by the Supreme Court.
The Adani Group always vehemently rejected allegations by Hindenburg Research as “malicious, mischievous and manipulative selections of publicly available information” to arrive at “pre-determined conclusions for personal profiteering with wanton disregard for facts and the law”.
“For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg’s allegations are no more than red herrings thrown by a desperate entity,” according to the Group.
The SEBI last year issued a show-cause notice to Hindenburg Research, Nate Anderson and the entities of Mauritius-based foreign portfolio investor Mark Kingdon for trading violations in the scrip of Adani Enterprises Ltd leading up to Hindenburg Report.
The regulator alleged that Hindenburg and Anderson violated regulations related to fraudulent and unfair trade practices and the code of conduct for research analysts.
According to the show cause notice, SEBI alleged that prior to the report release, short-selling activity was witnessed in the futures of Adani Enterprises and after the report the share lost 59 per cent between January 24, 2023 and February 22, 2023.
The SEBI investigation revealed that K-India Opportunities Fund – Class F opened a trading account and started trading in the scrip of Adani Enterprises before the release of the report. The FPI then squared off the positions in February making a profit of $22.25 million or Rs 183.24 crore.
Hindenburg continued to defend its January 2023 report. The Adani Group denied allegations levelled by the short seller.
The Supreme Court in July last year dismissed a review petition that was filed against its January 3 judgement in the Adani Group-Hindenburg Research case, wherein the court reposed confidence in SEBI’s regulatory powers and ruled that petitioners could not provide enough material to transfer the probe to a special investigation team.
In January last year, the Supreme Court refused to form any SIT or group of experts to conduct an investigation into the Adani-Hindenburg controversy, saying that the media and third-party reports were not conclusive proof.
“SEBI should take its investigation to its logical conclusion in accordance with law. The facts of this case do not warrant a transfer of investigation from SEBI,” held a bench presided over by then CJI, D.Y. Chandrachud.
Despite continuous attacks from Hindenburg Research and other US-based entities in the past, the market cap of the Adani Group has increased to nearly Rs 12.80 lakh crore.
Every attack made the Group even stronger, and every obstacle became a stepping stone for a more resilient conglomerate. In the recent past, there have been many positive developments about Adani Group’s companies that boosted investors’ confidence.
Business
No toll proposed for 2-wheelers, says Nitin Gadkari amid viral reports

New Delhi, June 26: Union Minister for Road Transport and Highways, Nitin Gadkari, on Thursday dismissed media reports suggesting that two-wheelers will be required to pay tolls on National Highways from July 15.
He called the reports misleading and clarified that no such proposal is under consideration.
Taking to social media platform X, the Union Minister said: “Some media houses are spreading misleading news about toll tax being levied on two-wheelers. No such decision has been proposed.”
“Two-wheelers will continue to be exempt from tolls. Spreading such baseless news without verifying the facts is not responsible journalism. I strongly condemn it,” the Union Minister stated.
The clarification comes after a report claimed that toll payment would soon be made mandatory for two-wheelers at all national highway toll plazas, and that riders would need to equip their vehicles with FASTag.
The report also claimed that violators could face penalties of up to Rs 2,000. This comes just days after Gadkari announced a new annual FASTag pass worth Rs 3,000 for private four-wheelers, aimed at simplifying toll payments and reducing congestion.
Set to launch on August 15, the pass will be valid for one year or 200 trips — whichever comes first — and can be activated via the Rajmarg Yatra app or official websites of the NHAI and the MoRTH.
The government has significantly expanded its highway infrastructure in the last decade, with the total length of national highways increasing from 91,287 km in 2014 to 1,46,204 km in 2024 — a rise of over 60 per cent.
The pace of highway construction has also tripled from 11.6 km/day in 2014 to 34 km/day in 2024.
As of now, 1,366 highway projects covering 32,366 km are under construction across the country, many of which are expected to be completed in phases by FY 2028.
With a 570 per cent increase in the road transport and highways budget over the last decade, the Centre continues to prioritise infrastructure development — but for now, two-wheeler riders can rest assured that tolls are not on the horizon.
National
SC agrees to hear plea against Maratha quota law in July

New Delhi, June 26: The Supreme Court on Thursday agreed to hear, in July, a plea challenging the decision of the Bombay High Court, which had directed that the interim order passed last year, allowing the Maratha community to avail 10 per cent reservation in educational institutions and public employment, will continue to remain in force.
After a lawyer mentioned the matter for urgent listing, a Bench of Justices K.V. Viswanathan and N.K. Singh assured of listing the plea on the re-opening of the top court (i.e. after July 14).
In an order passed on June 11 this year, the Bombay High Court allowed the Maratha community to provisionally avail the benefit of 10 per cent reservation, subject to the final outcome of the petitions challenging the validity of the contentious Maharashtra State Reservation for Socially and Educationally Backwards Classes (SEBC) Act, 2024.
The SEBC Act, allowing 10 per cent quota for the Maratha community, was passed by the previous Eknath Shinde-led government in February last year after the Justice (retd) Sunil Shukre-led Maharashtra State Backward Class Commission (MSBCC) opined that “exceptional circumstances and extraordinary situations exist” to grant benefit of quota to Maratha community beyond the 50 per cent threshold.
Notably, the Supreme Court had struck down a similar quota law enacted by the Maharashtra legislature in 2018 for having breached the 50 per cent cap fixed in the 1992 landmark Indra Sawhney case (Mandal Commission case).
A five-judge Constitution Bench, in its judgment passed in May 2021, had opined that it could not find any exceptional circumstances or extraordinary situation for allowing a 12-13 per cent quota for the Maratha community and struck down the Maharashtra Socially and Educationally Backward Classes (SEBC) Act, 2018.
Further, the Supreme Court had declared that states do not have the power to prepare lists for socially and educationally backward classes and ruled that the President had the sole power to identify a community as backward.
It had also declined to entertain the review plea moved by the Maharashtra government seeking a relook at the judgment. Before this, the apex court had dismissed a plea by the Union government seeking reconsideration of the May 5, 2021, judgment.
Crime
Bengal BJP worker’s murder: Absconding man arrested by CBI after 4 years

Kolkata, June 26: After four years, a prime absconding accused in the killing of a BJP worker, Abhijit Sarkar, in the 2021 post-poll violence was arrested by the Central Bureau of Investigation (CBI) on Thursday.
The arrested person was identified as Arun Dey, for whom the CBI had earlier announced a reward of Rs 50,000. He was one of the five main accused persons in the murder of Sarkar, a resident of the Kankurgachi area in North Kolkata, during the violence that broke out after the 2021 West Bengal Assembly election.
Sources said Dey was finally arrested on Thursday from a secret hideout in the North 24 Parganas district of West Bengal. However, further details on the matter are still awaited.
Four other prime accused persons in the case, namely Sukhdeo Podder a.k.a. Sukha, Gopal Das a.k.a. Vishal, Amit and Biswajit Das a.k.a. Bomba, are still absconding.
All five of them were identified as Trinamool Congress strongmen in the area and were also known as close confidants of the ruling party legislator from Belegahta Assembly constituency in North Kolkata, Paresh Paul and Trinamool Congress councillor in Kolkata Municipal Corporation (KMC), Swapan Samaddar.
Paul has already been questioned by the CBI sleuths in this connection. However, his name was not in the charge sheet filed by the CBI in the matter, which angered the family members of the slain BJP worker.
To recall, Abhijit Sarkar was killed on May 2, 2021, soon after the results of the 2021 Assembly elections were declared, where Trinamool Congress bagged a landslide victory.
The CBI took over the investigation from the Kolkata Police following an order of the Calcutta High Court. In September 2021, a trial court in Kolkata declared the five accused absconders.
Thereafter, CBI declared a reward of Rs 50,000 on each of them. Finally, after over four years, one of the five accused and absconding persons has been arrested by the CBI sleuths. He might be presented at a special court in Kolkata later in the day, and the CBI counsel is expected to seek his custody for further interrogation, sources said.
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