New Delhi, March 5: India will play a key role as a manufacturing hub in achieving Hyundai Motor Company’s aim of selling 20 lakh electric vehicles in the global market by 2030, according to the company’s president and CEO Jose Munoz.

Addressing Hyundai Motor India employees at a town hall meeting in the company’s headquarters in Gurugram on the outskirts of Delhi, he said the company’s new factory that is coming up at Talegaon in Maharashtra would not only help meet domestic demand but also position HMIL as a global manufacturing hub.

HMIL aims to reach a total annual production capacity of 1.1 million vehicles when its facility at Talegaon becomes fully operational. The company HMC will continue to support HMIL to expand its EV offering and invest in the necessary infrastructure to support this shift, he added.

To meet the growing demand for vehicles, HMIL’s upcoming manufacturing facility in Talegaon will play an important role in improving local manufacturing capabilities. HMIL is dedicated to making EVs more accessible and suited to Indian consumers’ needs, aligning with the country’s push for green and eco-friendly vehicles. mobility solutions.

Munoz said, “India is the third-largest market in Hyundai’s global operations. HMIL’s IPO has helped HMC to invest and expand in new products and additional production capacity in India. HMIL has emerged as a world-class automotive manufacturing and regional export hub and is integral to Hyundai’s global vision.”

In a statement, HMIL said, “Muñoz’s visit reinforced HMC’s commitment to HMIL while highlighting the overarching strategic goals, exploring new opportunities and fostering a culture of collaboration, innovation, and excellence. He also emphasized the importance of Hyundai’s customer-centric philosophy and achieving the highest standards of quality and customer care to ensure sustainable success amid the rapidly evolving business environment.

He reinforced HMC’s unwavering support to HMIL’s commitment towards India by continuing to contribute actively towards building a ‘Viksit Bharat’, the statement added.

In a major step toward India’s goal of net-zero emissions by 2070, Tata Motors has initiated the country’s first hydrogen-powered heavy-duty truck trials. The launch marks a significant move towards greener cargo transportation and was officially flagged off by Union Ministers Nitin Gadkari and Pralhad Joshi. The event also saw key industry leaders, including Tata Motors’ Executive Director Girish Wagh, along with government officials and representatives from partnering companies. This trial aims to showcase the potential of hydrogen fuel technology in transforming India’s freight transport sector.

Tata Motors has taken a significant step in advancing sustainable mobility with the launch of India’s first hydrogen-powered truck trials. Funded under the National Green Hydrogen Mission by the Ministry of New and Renewable Energy, the project aims to evaluate the commercial feasibility of hydrogen-powered long-haul transport.

Over the next two years, 16 trucks with Hydrogen Internal Combustion Engine (H2-ICE) and Fuel Cell (H2-FCEV) technology will be tested across major freight corridors, including Mumbai, Pune, Delhi-NCR, Surat, Vadodara, Jamshedpur, and Kalinganagar. This initiative also focuses on developing essential infrastructure to support the future deployment of hydrogen-powered vehicles in the country.

While flagging off the trial, Nitin Gadkari, Hon’ble Union Minister of Road Transport and Highways, Government of India, stated, “Hydrogen is the fuel of the future with immense potential to transform India’s transportation sector by reducing emissions and enhancing energy self-reliance. Such initiatives will accelerate the transition to sustainable mobility in heavy-duty trucking and move us closer to an efficient, low-carbon future. I congratulate Tata Motors for taking the lead in this significant step towards enabling hydrogen-powered green and smart transportation.”

Pralhad Joshi, Hon’ble Union Minister of New and Renewable Energy, Government of India, stated, “Hydrogen is a crucial fuel for India’s journey towards a sustainable and zero-carbon future. The launch of this trial marks a significant step in demonstrating the potential of green hydrogen to decarbonize the country’s transportation sector. As part of the National Green Hydrogen Mission, this initiative underscores our dedication to fostering innovation and achieving energy independence while supporting global climate objectives. I commend Tata Motors for leading this groundbreaking effort.”

Mumbai: In a major relief to the former SEBI chairperson and five others, the Bombay High Court on Tuesday stayed the special court’s order directing the registration of an FIR against them in connection with an alleged stock market fraud and regulatory violations dating back to 1994.

The court noted that the special judge had passed the order mechanically, without examining the details or attributing any specific role to the accused.

Observation Made By Justice Shivkumar Dige

“It appears that the learned judge (special ACB judge) has passed the order mechanically, without going into the details and without attributing any specific role to the applicants. Hence, the order is stayed till the next date,” Justice Shivkumar Dige ordered.

Bombay HC Stays The Order

The HC stayed the order while hearing petitions filed by Buch, three current whole-time SEBI directors — Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney — and two BSE officials — Managing Director and Chief Executive Officer Ramamurthy, and its former chairman and public interest director, Pramod Agarwal.

On March 1, the special court had directed the Anti-Corruption Bureau to register an FIR against the six individuals.

They approached the HC on Monday, seeking to quash the special court’s order, contending that it was “unjust” and “harsh.” The officials argued that none of them held their current positions in 1994 and that the trial court ought to have recognized that “no vicarious liability can be fastened” on them.

Arguments Made By Solicitor General Of India

Solicitor General of India Tushar Mehta, appearing for the three whole-time SEBI directors, submitted that the complainant, Sapan Shrivastava, was a habitual litigant. He also pointed out that the high court had previously imposed a cost of Rs5 lakh on him for filing a frivolous petition.

Terming Shrivastava’s allegations vague, Mehta argued that no specific accusations had been leveled against the officials. He said the complainant sought a probe into an IPO from 1994, when the six officials were not holding any positions in SEBI or BSE.

“No averments, no explanations given — just a statement that SEBI has failed to discharge its duties. The complaint has been filed against officers who are in office now, for an alleged offense presumed to have taken place in 1994. How can they be held responsible?” Mehta questioned.

Arguments Made By Senior Advocate Amit Desai, Representing The Two BSE Officials

Senior advocate Amit Desai, representing the two BSE officials, said the complainant had made scandalous statements with serious ramifications for the economy, as vague allegations were being made against members of the principal capital market regulatory body.

Further, Desai argued that the special court judge had erred by not ensuring compliance with the Prevention of Corruption Act, which requires sanction for investigating public servants.

“Today’s economy largely survives on an inflow of funds. Taking this type of action (ordering the registration of an FIR) is an attack on the country’s economy. Such action against a market regulator — how frivolous can it get? Unfortunately, the judge did not realize the extent of the matter,” Desai submitted.

Moreover, Desai pointed out that the company in question had been delisted from the BSE in 2019, while the complaint was filed before the court in March 2024.

Senior advocate Sudeep Pasbola, appearing for Buch, also argued that action could not have been taken based on vague allegations made by the complainant.

The complainant, Shrivastava, sought time to file a reply to the petitions.

Justice Dige granted time for the reply and scheduled the matter for hearing after four weeks while staying the special court’s order.