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Lilavati Trust’s FIR: SC tells HDFC Bank CEO to pursue his plea before Bombay HC

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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.

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Bomb threat note found on IndiGo Ahmedabad-bound flight; police launch probe

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Bengaluru, July 17: A hoax bomb threat found inside the lavatory of an IndiGo flight bound for Ahmedabad triggered a security scare at Bengaluru’s Kempegowda International Airport, leading police to register an FIR and launch an investigation into the incident.

The threat was discovered on Thursday evening aboard IndiGo flight 6E-6423, which was scheduled to depart for Ahmedabad at 8 p.m.

According to police, a handwritten note bearing the message, “Don’t go. Bomb Hai! Please,” was found tucked inside the aircraft’s forward lavatory around 25 minutes before take-off.

The discovery prompted airport authorities and security personnel to immediately activate standard safety protocols.

The aircraft was subjected to a thorough security check, but no suspicious object or explosive material was found during the search.

Following the incident, IndiGo lodged a formal complaint with the airport police, stating that the hoax threat had caused operational disruption and raised serious safety concerns for passengers and crew.

Based on the airline’s complaint, police registered a First Information Report (FIR) and initiated an investigation to identify the person responsible for leaving the note and ascertain the motive behind the false bomb threat.

Meanwhile, last month, another IndiGo flight carrying around 180 passengers from Lucknow to Delhi was grounded after a bomb threat was discovered written on a tissue paper inside one of the aircraft’s lavatories, triggering a comprehensive security response at the airport.

The flight, scheduled to depart from Lucknow at 10:45 a.m. on June 12, was preparing for take-off when crew members were alerted to a possible security threat on board.

The aircraft was immediately halted at the apron and prevented from departing as security agencies initiated standard emergency procedures.

The scare began after a tissue paper bearing the word “bomb” was found inside one of the aircraft’s toilets.

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CEAT shares tumble over 9 pc after Q1 profit slumps 96 pc

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Shares of tyre maker CEAT fell more than 9 per cent in early trade on Friday after the company reported a sharp decline in net profit in its June quarter earnings, with higher input costs squeezing margins despite healthy revenue growth.

The stock dropped as much as 9.3 per cent to an intraday low of Rs 3,473.05 on the BSE by 10:18 a.m., compared with its previous close of Rs 3,829.30.

The company reported a 96 per cent year-on-year decline in consolidated net profit to Rs 4 crore in the first quarter of FY27, from Rs 112 crore in the corresponding period last year.

However, revenue from operations rose 22.4 per cent year-on-year to Rs 4,318 crore from Rs 3,529 crore, reflecting healthy demand across business segments.

According to the company, profitability came under pressure due to higher raw material costs triggered by the ongoing conflict in West Asia.

Managing Director and CEO Arnab Banerjee said the company increased tyre prices in phases to partially offset the rise in input costs while maintaining demand and market share. He added that raw material prices are expected to remain elevated during the second quarter.

The company’s operating performance remained under pressure, with EBITDA declining 5.7 per cent to Rs 365 crore from Rs 387 crore a year earlier. EBITDA margin contracted to 8.5 per cent from 11 per cent.

Over the past one year, CEAT shares have declined around 8 per cent, underperforming the broader market. The stock has fallen more than 8 per cent in the last six months and nearly 6 per cent so far this year.

The stock has touched a 52-week high of Rs 4,431.60 and a 52-week low of Rs 3,006.50 on the BSE.

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Govt proposes new fuel economy norms for cars from April 1, 2027

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New Delhi, July 16: The Ministry of Power on Thursday circulated the draft Corporate Average Fuel Economy 2027 Norms (CAFE-III) for stakeholder consultation, which propose a fresh five-year fuel efficiency regime for passenger vehicles, beginning from April 1, 2027.

The draft norms apply to M1 category vehicles, a classification that covers passenger cars carrying up to eight people besides the driver, which includes all hatchbacks, sedans and SUVs sold for personal use. The category excludes commercial goods carriers and buses, according to an official statement.

The existing CAFE-II norms are likely to lapse on March 31, 2027. Compliance under CAFE-III will be assessed in two phases, the first covering three years and the second the remaining two, with fuel efficiency targets progressing to more stringent levels through each passing year.

The framework, overseen by the Bureau of Energy Efficiency under the Ministry of Power, aims to bring down average fleet emissions from current levels to a significantly lower threshold by FY32, according to earlier drafts reported in the media.

Compliance credits have been priced at Rs 2,500 each, rising by Rs 500 every year through the period, with unused credits expiring once the compliance period ends. Automakers that fail to meet targets could face penalties, though the detailed amounts have not been mentioned. Manufacturers selling fewer than 1,000 vehicles annually will remain exempt.

Industry has differed in its response to earlier versions of the draft. The Society of Indian Automobile Manufacturers (SIAM) has backed the proposal as balanced, while some carmakers have pushed for relief on small petrol cars and others have opposed differentiated treatment for that segment.

The ministry has invited suggestions from stakeholders and the public. Feedback can be sent to the Under Secretary, Energy Conservation, at the ministry’s New Delhi office, or can be emailed.

The last date for submissions is August 6, 2026. The draft norms will also be uploaded on the websites of the Ministry of Power and the Bureau of Energy Efficiency shortly, the statement said.

M1 vehicles are subject to stringent fuel efficiency and emission targets under Corporate Average Fuel Economy (CAFE) norms, which are regularly updated to reduce greenhouse gases.

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