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Cash deposits in 3rd party accounts during demonetisation, ED attaches properties

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The Enforcement Directorate (ED) on Friday said it has attached properties worth Rs 8.05 crore of Sarvodai Traders in a case pertaining to the transfer of large amounts of cash to third party accounts during demonetisation.

Huge cash deposits were made in certain accounts in Bank of India, GB Road branch, Gaya, Bihar, prior to and during demonetisation. It was detected by the financial intelligence agencies after which action was initiated against them.

These attached properties are in the name of Dhiraj Jain of Sarvodai Traders, and his wife Rinki Jain and their firms.

Earlier, the ED had attached properties worth Rs 14.44 crore in the case. With the fresh attachment, the total value of attachment in this case is now Rs 22.49 crore.

The ED official said that investigation was initiated under PMLA during the demonetisation period on the basis of the FIR registered with the Civil Lines Police Station in Gaya, Bihar.

During investigation, it was found that Motilal, a businessman of Gaya, in connivance with officials of the Bank of India, misused the bank accounts in the name of complainants Shashi Kumar, Rajesh Kumar, their firms, brothers, besides relatives and friends.

“Huge cash deposits worth Rs 44.80 crore were deposited illegally in these bank accounts which were further transferred to the bank accounts of persons/firms/entities without the knowledge and consent of the account holders. These illegal transfer of funds was on the basis of forging documents by Motilal on the direction of Dhiraj Jain, Pawan Kumar Jain, both businessmen of Gaya and Bimal Jain, a broker of Delhi, during the period from July 2016 to December, 2016,” said the CBI official.

The ED official said that out of the said cash deposit, Rs 34.75 crore had been subsequently transferred to the bank accounts of fictitious and non-existent firms situated in Delhi.

The instant Provisional Attachment Order of Rs 8.05 crore includes immovable properties worth Rs 7.48 crore and movable properties worth Rs 57.14 lakhs (in the name of their firms and in the name of certain fictitious firms of Delhi).

Further investigation in the matter is underway.

Business

Tesla shareholders to vote on Musk board seat and $158 billion pay award on Dec 3

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Tesla has scheduled its annual shareholder meeting for December 3, where investors will vote on the re-election of Chief Executive Elon Musk and other directors, along with an advisory resolution on executive compensation and the appointment of the company’s auditor.

According to a proxy filing with the US Securities and Exchange Commission, Tesla has nominated Musk, Chair Robyn Denholm and director JB Straubel for new three-year terms on the board.

Shareholders will also be asked to approve, on a non-binding basis, executive compensation for 2025 and ratify PricewaterhouseCoopers as Tesla’s independent auditor for the fiscal year ending December 31.

Moreover, the proxy statement disclosed executive compensation attributed to Musk for 2025 of about $158.36 billion, consisting entirely of stock-based awards.

The figure reflects the accounting value assigned to performance-linked equity grants and does not represent cash compensation received by the billionaire entrepreneur.

Tesla said the awards remain contingent on the achievement of specified market capitalisation and operational targets.

The company previously reported in May that Musk’s realised compensation for 2025 was zero with none of the 12 tranches tied to the incentive program having been earned.

The equity package comprises roughly 423.7 million restricted shares that vest only after predetermined milestones are met.

In addition, any earned shares are generally subject to a five-year holding requirement, with limited exceptions.

The annual meeting will be held at Tesla’s Gigafactory Texas facility in Austin at 3 pm. However, Central Time and will also be accessible online.

Additionally, the filing highlighted several board-level links between Tesla and SpaceX.

However, the proxy statement did not reference any potential merger involving Tesla and SpaceX.

Apart from that, Elon Musk-backed SpaceX is scheduled to announce its third-quarter results on Tuesday after its shares fell nearly 35 per cent from their post-listing high.

This will be the company’s second quarterly earnings report since going public in June, following a volatile stretch for the stock.

The stock has dropped around 35 per cent from the record high it hit soon after its debut.

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Oversight Board criticises Meta over election-related moderation errors

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The independent Oversight Board on Tuesday criticised Meta, saying the social media firm must improve the transparency and consistency of its election-related enforcement after a series of moderation failures involving political accounts in the United States and Brazil.

In a statement, the Board said it remained concerned by what it described as recurring shortcomings in Meta’s election integrity efforts and warned that mistakes in content moderation risk either suppressing legitimate political speech or undermining public confidence in electoral processes.

It pointed to the removal of political activist accounts linked to the ‘No Kings’ movement in the United States and restrictions placed on accounts associated with Brazilian President Luiz Inacio Lula da Silva during election periods as examples of enforcement actions that fuelled concerns about electoral interference.

According to the Board, the erroneous action against the No Kings Instagram account should have been detected by Meta’s safeguards designed to prevent moderation mistakes.

Meanwhile, it also questioned why the accounts were not included in Meta’s Cross-Check program which provides additional human review for high-profile civic and political entities before actions are taken that could affect participation in major public events.

The Board said Meta’s enforcement of fraud-related policies against ad accounts linked to Lula during Brazil’s presidential election campaign similarly represented a failure that should have been escalated to specialist reviewers.

The comments revisit concerns raised by the board following Brazil’s 2022 presidential election, when it called on Meta to establish measurable benchmarks for assessing the effectiveness of its election integrity programs and to publish relevant performance data.

While Meta regularly discloses broad statistics such as the number of advertisements archived or accounts removed, the Board said the company has yet to provide public metrics that adequately measure the effectiveness of its enforcement systems or identify significant shortcomings.

Moreover, the Board also warned that the wrongful removal of political content ahead of elections could have a chilling effect on political participation and potentially undermine electoral integrity.

“Automated enforcement tools must take language, nuance, and political context into account to better protect political speech that does not incite violence,” according to Oversight Board.

Meta had pledged in 2025 to reduce moderation errors while allowing greater freedom of expression around elections and political debate.

The Board said recent incidents suggest further improvements are needed for the company to meet that commitment.

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Business

Indian stock markets closed on account of Dussehra

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Indian stock markets will remain closed on Tuesday on account of Dussehra with trading suspended across major segments on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Trading in equities, equity derivatives, securities lending and borrowing (SLB), currency derivatives and interest rate derivatives will remain closed for the day on both exchanges, according to them.

Notably, normal trading on NSE and BSE will resume on Wednesday.

However, the commodity derivatives segment will follow a different schedule. Trading will remain suspended during morning session from 9 am to 5 pm before resuming in evening. The session will continue till 11:30 pm or 11:55 pm depending on contract.

Multi Commodity Exchange of India (MCX) will not remain closed for entire day. Exchange will suspend trading during morning session from 9 am to 5 pm and reopen for evening session from 5 pm.

Investors will be able to trade commodities such as gold, silver, crude oil and base metals during evening session.

Meanwhile, National Commodity and Derivatives Exchange (NCDEX) will remain closed for both sessions on account of Dussehra.

Following Dussehra holiday, three regular trading holidays remain on NSE and BSE calendars for rest of 2026 — November 10, Tuesday, Diwali-Balipratipada; November 24, Tuesday, Prakash Gurpurb Sri Guru Nanak Dev; and December 25, Friday, Christmas.

In addition, exchanges have also scheduled a special Muhurat Trading session for November 8, 2026 on occasion of Diwali Laxmi Pujan. Timings for special session will be announced separately.

Notably, in the last session equity benchmarks closed in negative territory amid selling pressure in the banking and information technology (IT) sector stocks.

Sensex decreased over 850 points or 1 per cent to settle at 73,852.90 on Monday. Similarly, Nifty closed 257.20 points or 1.11 per cent lower at 22,888.95.

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