New Delhi, Nov 18: The Supreme Court on Tuesday issued notices to the Union government, Anil Ambani, and Reliance Communications Ltd. (RCOM) on a Public Interest Litigation (PIL) seeking a court-monitored probe into an alleged “large-scale, organised bank fraud” perpetrated by the company and its group entities.

A Bench led by Chief Justice of India (CJI) B.R. Gavai and comprising Justice K Vinod Chandran sought responses from all respondents within three weeks.

The plea seeks the constitution of a Special Investigation Team (SIT) comprising officers from the CBI and Enforcement Directorate (ED), contending that only a judicially supervised probe can ensure a “comprehensive, coordinated, and transparent investigation” into the alleged offences.

As per the PIL, the FIR registered by the CBI in August this year covers only a fraction of the financial irregularities despite extensive material pointing to diversion of funds, round-tripping, fictitious transactions, and systematic misuse of bank loans by RCOM and its group companies.

The plea alleged that the State Bank of India (SBI), the lead lender in a consortium that extended Rs. 31,580 crore between 2013 and 2017 waited five years to lodge an FIR despite being in possession of a detailed forensic audit report since 2020.

“Despite being in possession of the 2020 Forensic Audit Report, based on which the complaint was filed which contains detailed issues regarding diversion, evergreening, fictitious transactions, and use of shell entities, the bank chose to take no statutory action until August 2025, a delay that cannot be explained without examining whether officers acted in collusion or with deliberate intent to shield the borrower group,” the plea stated.

“The five-year delay in filing the FIR by the bank clearly indicates involvement of bank officials and other public servants whose conduct enabled, concealed, or facilitated the fraud,” it added.

The petition, relying on multiple materials, including, SBI and RBI forensic audits, the Grant Thornton CIRP report, technical analyses, news investigations, and the Cobrapost report, argued that the ADA Group engaged in a “sustained, organised and coordinated scheme” to siphon public money.

“These reports uniformly demonstrate diversion of funds, round-tripping, misuse of external borrowings, fabrication of accounting entries, and operation of shell entities,” the plea alleged.

It further stated that suspected shell companies such as Netizen Engineering Pvt Ltd and Kunj Bihari Developers Pvt Ltd “were found to be non-existent at their registered addresses”, demonstrating a deliberate corporate structure created to siphon and launder public funds.

Despite searches at over 35 locations and alleged frauds aggregating to more than Rs. 20,000 crore, the PIL stated that “no arrests have been made, no assets have been seized, and no accounts have been frozen.”

“This indicates difficulty on part of the investigating agencies and necessitates judicial supervision,” the plea contended, adding that a fraud of such magnitude “involving public money and public institutions cannot be investigated in a piecemeal manner.”

The PIL also sought the constitution of an expert committee under the supervision of the Supreme Court to recommend structural reforms in banking and regulatory oversight.

Mumbai, Nov 18: Gold and silver prices dropped sharply in the domestic futures market on Tuesday morning as hopes of a US Federal Reserve rate cut in December faded and concerns over US tariffs eased.

This reduced the appeal of safe-haven assets like bullion. At early trade, MCX Gold December futures were trading 1.19 per cent lower at Rs 1,21,466 per 10 grams.

MCX Silver December contracts also declined 1.65 per cent to Rs 1,52,750 per kg.

“Gold has support at $4000-3965 while resistance at $4075-4110. Silver has support at $49.70-49.45 while resistance is at $50.75-51.10,” market watchers said.

“In INR gold has support at Rs1,22,350-1,21,780 while resistance at Rs1,23,750-1,24,500. Silver has support at Rs1,53,850-1,52,100 while resistance at Rs1,56,540, 1,57,280,” they added.

Internationally, gold prices slipped for the fourth straight session on Tuesday.

A stronger US dollar and weakening expectations of a rate cut next month continued to weigh on the metal.

The dollar index rose to 99.59, making gold more expensive for buyers using other currencies.

Gold, which is priced in US dollars, becomes costlier when the greenback strengthens, resulting in reduced demand.

The recent US government shutdown, which lasted a record 43 days, had delayed the release of important economic data, creating uncertainty about the condition of the world’s largest economy.

With the shutdown now over, attention has shifted to key data releases expected this week, including the September nonfarm payrolls report on Thursday.

These numbers will play a major role in shaping expectations around the US Federal Reserve’s next move on interest rates.

Meanwhile, Fed officials continue to send mixed signals on the future path of monetary policy, adding further uncertainty to the market.

With no major positive fundamental triggers in recent days, bulls remain hesitant—especially with both metals still trading at historically high levels.

“Traders now await a fresh round of US economic data later this week. Meanwhile, a firmer US Dollar Index and slightly higher 10-year Treasury yields added pressure to precious metals,” analysts said.

New Delhi, Nov 18: Former India cricketer Aakash Chopra spoke in depth about India’s transition struggles in the red-ball format and how the Shubman Gill-led side has been trying different permutations and combinations to get a settled long-term XI. He said that while India drawing the five-match Anderson-Tendulkar trophy in England earlier this year was encouraging, the team is still experiencing ‘labour pains before new growth emerges.’

Chopra discussed India’s current transition in Test cricket on JioStar, providing an in-depth analysis as he said, “Transition is always painful, though the England series temporarily hid this harsh reality due to unusual English pitch conditions. While drawing that series felt encouraging, we must acknowledge we’re still in the labour pains before new growth emerges.”

Adding further about the uncertainties in the team’s playing XI, he said, “The number three position remains unsettled – we’ve seen Sai Sudharsan, Karun Nair, and now Washington Sundar batting there. Dhruv Jurel shows promise but has played only five Tests. Role clarity remains a concern. Is Sundar primarily a batter or bowler when he only delivered one over? We faced similar uncertainty with Nitesh Kumar Reddy recently. Rather than pretending we’re a finished product, we must accept this transition continues and will involve challenging phases before achieving stability.”

India suffered a disappointing 30-run defeat to South Africa in the recently concluded first Test of the two-match series in Kolkata on Sunday, raising questions about the players’ preparation and mindset ahead of a home game. While the pitch and the pitch curator faced criticism after the match ended in the second session of Day 3, head coach Gautam Gambhir clarified that the team received exactly the kind of pitch they had requested.

Chopra further spoke on India’s pitch preparation strategy after their Test defeat, saying, “Our practice sessions should feel like real match conditions. Players like Pant and Jurel needed time on rank turners, and someone like Gill, coming from bouncy Australian pitches, needed that adjustment too.

“Pitch preparation isn’t an exact science, but we still need to ask whether extreme turning tracks are the best way for us to win. When a Test ends in two and a half days, it shows something isn’t balanced. With four spinners compared to their two, why bring the contest down to their level? We’ve seen this happen against New Zealand, Australia, and South Africa before. If this becomes our only home strategy, then every batsman will need very different and specific preparation just to cope.”

When the pitch was dubbed difficult to bat on, South African skipper Temba Bavuma put up a terrific knock with the bat and scored a remarkable half-century, which was the turning point in the game as his knock, coupled with the bowlers’ brilliance, helped the visitors go one up in the series.

On the pitch debate through statistical evidence, Chopra noted, “Exceptions define the norm, and Temba Bavuma’s fifty stands as the exception among 38 wickets that fell in this match. If batting were straightforward, multiple players would have scored heavily, not just one batter. While Bavuma’s performance deserves credit, the reality remains that only one person succeeded where others failed. Learning through victory feels rewarding, but learning through defeat creates bigger challenges for team development.”

The second and final Test will be played from November 22 in Guwahati’s Barsapara Cricket Stadium.