Business
Equities fall further, Sensex down over 400 pts on Thursday

The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on National Stock Exchange extended their losses on Thursday from the previous session due to renewed fund outflow by FPIs and in line with bearish trend in the US market — which is considered the global benchmark.
At 10.30 a.m., Sensex traded at 59,664 points, down 0.7 per cent from the previous close of 60,098 points. It opened at 60,045 points.
Nifty traded at 17,828 points, down 0.6 per cent from the previous close of 17,938 points. It opened at 17,921 points.
HDFC, Infosys, Bajaj Auto, Reliance Industries, and Bajaj Finserv were some of the top losers, NSE data showed.
Top gainers during the early trade were Power Grid Corporation, Coal India, Tata Consumer, Hero Motocorp and Brittania.
“Meanwhile investors may stick to the safety of high quality large-caps in performing sectors like IT, financials and construction. Many low-grade small-caps driven by speculation are heading for disaster,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Investors have to be cautious since rising global inflation and the expected monetary tightening will be major headwinds for markets at least in the first half of 2022. The situation might change in the second half if supply disruptions ease and inflation comes down.”
Business
Lilavati Trust’s FIR: SC tells HDFC Bank CEO to pursue his plea before Bombay HC

suprim court
New Delhi, July 4: The Supreme Court on Friday declined to entertain a plea of HDFC Bank CEO and Managing Director Sashidhar Jagdishan to quash an FIR lodged against him, following a complaint by the Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai’s Lilavati Hospital, that he has accepted a bribe of Rs 2.05 crore.
A Bench of Justices P.S. Narasimha and R. Mahadevan opined that it would be improper on the part of the apex court to intervene in the matter when Jagdishan’s plea to quash the criminal complaint is tentatively listed before the Bombay High Court for hearing on July 14.
Following the recusal by judges of the Bombay High Court at least on three different occasions, Jagdishan approached the Supreme Court over the delay in listing of his petition and prayed for an immediate interim relief.
Senior advocate Mukul Rohatgi, appearing on behalf of Jagdishan, argued that the reputation of HDFC Bank is affected because of an internal dispute between the trustees of the Lilavati Trust, requiring an interim protection order. However, the Justice Narasimha-led Bench declined to pass any interim order and asked Rohtagi to raise all contentions before the Bombay High Court.
“We sympathise that the Bench after the Bench (of the Bombay HC) have recused. It is unfortunate! But, now it is listed,” remarked the apex court, hoping that the matter would be taken up by the Bombay High Court for hearing on July 14.
On Thursday, the top court agreed to urgently list Jagdishan’s plea for hearing on July 4 (Friday) after it was contended that a “frivolous” FIR was filed as “part of an arm-twisting tactic” to prevent the HDFC Bank from recovering money from the Lilavati Trust.
Jagdishan’s plea had come up for hearing in the Bombay High Court on June 30; however, noting that there was no urgency in the matter, it listed the matter on July 14, prompting him to move the Supreme Court for relief.
The FIR, registered last month at the Bandra police station in Mumbai under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant), and 420 (cheating), levels serious allegations against Jagdishan.
The Lilavati Trust has claimed in its complaint that Jagdishan accepted a bribe of Rs 2.05 crore as a quid pro quo for providing financial advice to help the Chetan Mehta Group retain illegal and undue control over the governance of the Trust. It has accused Jagdishan of misusing his position as the head of a leading private sector bank to interfere in the internal affairs of a charitable organisation.
On the other hand, Jagdishan has strongly denied the allegations, calling the case a malicious attempt to defame him and HDFC Bank. He stated that HDFC, along with a consortium of banks, had granted loans to Splendour Gems Limited in 1995.
When the firm defaulted, recovery proceedings were launched in 2002 against its guarantors, including Kishor Mehta, Prashant Mehta’s father. An arrest warrant was issued in 2020, and though Kishor Mehta passed away in 2024, the proceedings continued against his sons.
Crime
ED raids eight locations linked to ex-Cong MLA Amba Prasad in Jharkhand

Ranchi, July 4: The Enforcement Directorate (ED) on Friday carried out raids at eight locations linked to close associates of former Congress MLA Amba Prasad from Jharkhand’s Barkagaon Assembly constituency.
The raids are part of an ongoing money laundering probe involving a prominent company engaged in coal transportation, infrastructure, and the power sector.
According to sources, simultaneous searches were conducted in Ranchi, Hazaribagh, and Barkagaon.
Among the locations searched are the residence of Amba Prasad’s aide Sanjeet in Kishoreganj (Ranchi) and the homes of her personal assistants — Sanjeev Sao, Manoj Dangi, and Pancham Kumar — in Barkagaon.
Security forces have been deployed in large numbers at all the premises where raids are being conducted.
This move comes months after the ED conducted a similar crackdown between March 12 and March 14 this year, targeting Amba Prasad, her father, and former Minister Yogendra Sao, brother Ankit Raj, and several other relatives and associates.
During those raids, the agency had seized Rs 35 lakh in cash, digital devices, fake stamps of banks and government offices, handwritten receipts, diaries, and other incriminating documents.
Officials believe that the current searches are based on evidence and leads gathered during the earlier raids. The ED is now closely examining documents related to financial transactions, land deals, and mining activities.
Ten companies reportedly registered in the names of Amba Prasad and her family members are under scrutiny.
Earlier, the ED had questioned Amba Prasad, her father Yogendra Sao, and her brother Ankit Raj at its zonal office in Ranchi in connection with the same case.
Amba Prasad was elected to the Jharkhand Assembly from Barkagaon in 2019 on a Congress ticket. Her parents — Yogendra Sao and Nirmala Devi — have also represented the same constituency in the past.
National
Waqf rules on portal, database of properties notified

New Delhi, July 4: The Centre has notified the Unified Waqf Management, Empowerment, Efficiency and Development Rules, 2025, regarding multiple aspects of the newly amended legislation, including the portal and database of the properties, audit and maintenance of accounts.
This will set in motion the process for uploading and updating Waqf properties on the portal. The Joint Secretary in the Ministry of Minority Affairs will monitor the operational control of the portal and database.
The portal and database will auto-generate a unique identification number for each Waqf property on record. It will be used for all future references and to ensure tracking and monitoring of the properties, reported a leading law portal.
According to the notified rules, mutawallis will be entrusted to enrol it on the portal and database by using their mobile number and e-mail address. In case there is a complaint of wrongful declaration of any property as Waqf, the probe has to be completed by the designated government officer within a year of the reference from the District Collector.
Notably, the Union Minority Affairs ministry sent the drafted rules to the Union Law Ministry recently, to operationalise the controversial Waqf (Amendment) Act, 2025. This is likely to be presented in the upcoming Monsoon session of Parliament, beginning July 21.
The Waqf (Amendment) Act, which aims to bring sweeping changes in the regulation and management of Waqf properties, was passed by Parliament in April. Following a raft of petitions against controversial provisions of the law, the Supreme Court had reserved its judgment.
After the notification of Central rules, the next step is the formulation of model rules for the state. A committee comprising retired law ministry officers and other experts will be roped in to create model rules, which states can then adapt, with some modifications.
For uploading details of Waqf and properties, maintenance of accounts, state governments will have to appoint a Joint Secretary rank officer in the respective states, as the nodal officer who will work in tandem with the centralised support unit.
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