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‘Open court hearing on Oct 12’, SC on SEBI’s review petition against RIL

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The Supreme Court will hear SEBIs petition, in an open court, seeking review of its August 5 judgment, which directed the market regulator to share certain documents with Reliance Industries Limited (RIL).

A bench headed by Chief Justice U.U. Lalit and comprising Justices J.K. Maheshwari and Hima Kohli said: “Considering the facts and circumstances on record and the submissions advanced in the review petition, we deem it appropriate to allow application for listing of the instant petition in open court. Let this review petition be listed in court on October 12, 2022.”

SEBI has refused to entertain RIL’s request to share the privileged documents on the grounds that under the Sebi (Settlement Proceedings) Regulations, the accused company has no right to seek information from it.

The apex court, in its judgement, had rejected this stand of the market regulator.

RIL had claimed that documents will exonerate it and its promoters from criminal prosecution initiated in a case related to the alleged irregularities in acquisition of its own shares between 1994 and 2000.

Last week, a bench headed by Justice Sanjiv Khanna had recused from hearing RIL’s petition seeking to initiate contempt proceedings against SEBI for failing to provide certain documents to the company.

On August 5, a bench led by then Chief Justice N.V. Ramana had said: “The approach of SEBI, in failing to disclose the documents, also raises concerns of transparency and fair trial. Opaqueness only propagates prejudice and partiality. Opaqueness is antithetical to transparency.”

The top court had said the market regulator should show fairness and furnish documents sought by RIL, and SEBI has a duty to act fairly, while conducting proceedings or initiating any action against the parties.

RIL filed a contempt petition as SEBI has not shared three documents — the two legal opinions by former apex court judge B.N. Srikrishna and former ICAI president Y.H. Malegam’s report which examined the irregularities.

The company claimed SEBI cannot continue to resist the production of these documents and it had also sent a notice to the regulator saying if documents were not received by August 18, then it will establish that SEBI does not want to comply with the apex court’s judgment.

In 2002, Chartered Accountant S. Gurumurthy filed a complaint with SEBI alleging irregularities by RIL, its associate companies and their directors/promoters, including Mukesh Ambani and his wife, Nita; Anil Ambani and his wife, Tina; and 98 others.

The complaint cited the issue of two preferential placement of non-convertible debentures in 1994.

SEBI had alleged that RIL along with Reliance Petroleum had circuitously funded the acquisition of its own shares in violation of the Sections 77 and 77A of the Companies Act, 1956.

health

Centre committed to provide quality healthcare for workers, families: Union Minister

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New Delhi, Feb 22: The government is committed to providing quality healthcare services for workers and their families, Union Minister for Labour and Employment, Dr Mansukh Mandaviya, said on Saturday, emphasising the welfare of workers.

Dr Mandaviya, who visited Chandigarh to review key institutions under the Ministry, said that data-driven decision-making is crucial for enhancing economic growth, governance and service delivery.

As part of his visit, the Union Minister toured the Labour Bureau and the Employees’ State Insurance Corporation (ESIC) Model Hospital, Chandigarh, assessing their ongoing initiatives and interacting with stakeholders.

At the Labour Bureau, he was apprised of the objectives, scope and status of various activities, including price indices, labour statistics and surveys.

Dr Mandaviya also took a review of the performance and initiatives of the EPFO Regional Offices under the Punjab & Himachal Pradesh Zone at the Labour Bureau.

The Union Minister highlighted that reforms in the IT system are continuously transforming the functioning of the EPFO.

Later, the Union Minister visited the ESIC Model Hospital in Chandigarh and toured the hospital facilities. He interacted with patients receiving treatment at the hospital and reaffirmed to them that the government is committed to providing quality healthcare services for workers and their families.

Earlier this week, Dr Mandaviya instructed officials to prioritise efficient medical service delivery and expedite the timely completion of hospital renovation and construction projects.

During his visit to ESIC Hospital in Mumbai, he interacted with patients and staff to understand their experiences and feedback on the services provided.

To improve efficiency and transparency, he directed officials to accelerate the digitisation of processes, including inspections, ensure better upkeep of laboratories, and maintain a strong focus on transparency in regulatory activities.

Meanwhile, the payroll data of the Employees’ State Insurance Corporation (ESIC), released on Friday, show that as many as 17.01 lakh new employees were added in December 2024 while 20,360 new establishments were brought under the social security ambit of the ESI Scheme during the month, ensuring social security to more workers.

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National News

Congress accuses US Prez and BJP of misleading public on USAID funding, demands white paper

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New Delhi, Feb 22: The Congress party has intensified its attack on the BJP and US President Donald Trump, accusing both of brazenly lying about USAID funding to India. The party has demanded the release of a comprehensive white paper detailing all funds received by political parties, individuals, NGOs, and organisations from international developmental agencies, aid mechanisms, and multilateral forums.

The Congress emphasised that this white paper should not be limited to USAID funding alone but should encompass financial assistance from all foreign entities operating within the framework of Indian law.

In a sharp critique aimed at Prime Minister Narendra Modi, the Congress urged him to address allegations made by President Trump, who had claimed that the US was preparing to provide $21 million to India to increase voter turnout. The Congress party said PM Modi should confront Trump directly and refute the “baseless” claims made by the US President.

“The RSS-BJP and their entire ecosystem are making wild allegations to bolster their fabricated narrative against credible civil society members, NGOs, and political parties. These actors must not only be named and shamed in public forums but also face legal action for spreading falsehoods and misleading the nation,” said Pawan Khera, Chairman of Media & Publicity (Communications Department), AICC at a press conference here on Saturday.

A report published by a leading Indian daily on Friday clarified that the $21 million in question was not directed toward India but was instead allocated to Bangladesh.

The Congress questioned the Modi government’s apparent ignorance of this development in a neighbouring country, asking, “If the funds were directed to Bangladesh, how can the Modi government remain unaware of such significant financial movements in the region? Does this not raise serious concerns about the government’s effectiveness in managing its neighbourhood policy?”

The party also dismissed the BJP’s claims regarding a 2012 agreement between the Election Commission of India (ECI) and the International Foundation for Electoral Systems (IFES) — a member of the Consortium for Elections and Political Process Strengthening (CEPPS) — as misleading.

“The IFES was engaged by the ECI to develop a curriculum on election management, not to influence elections in India,” Khera stated. “The course material developed by IFES was used not for domestic elections but to train electoral officials from across the world. The Election Commission itself highlights on its website that it has trained 69,362 election officials from 109 countries under this initiative.”

The Congress party’s demand for transparency and accountability on USAID funding in India has added fuel to the ongoing political slugfest between Congress and the BJP.

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Maharashtra

Maha minority panel to seek shorter working hours for Muslim staff during Ramzan

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Mumbai, Feb 22: After Telangana and Andhra Pradesh permitted Muslim government employees to leave offices early during the fasting month of Ramzan, similar demands are now being raised in Maharashtra and other states.

Maharashtra Minority Commission Chairman Pyare Khan confirmed that the commission has received multiple applications requesting the state government to allow Muslim employees to leave work an hour early during Ramzan.

“We have received several requests from people asking for permission to leave offices an hour early during Ramzan. India is a great example of ‘Ganga Jamuna Tehzeeb,’ where people from different communities live together in harmony,” Khan told media.

He added that he plans to present this demand to Maharashtra Chief Minister Devendra Fadnavis through an official letter.

The demand follows orders issued by the Telangana and Andhra Pradesh governments, allowing Muslim employees, including teachers and contract workers, to leave work at 4 p.m. instead of the usual 5 p.m. from March 2 to March 30 to perform religious rituals.

“The government hereby permits all the employees who profess Islam, including teachers and persons hired on contract, out-sourcing basis, and Village/Ward Secretaries, to leave their offices/schools early by an hour before closing time on all working days during the Holy month of ‘Ramzan’ to perform necessary rituals,” read the Andhra Pradesh government order.

Similarly, the Telangana government order stated: “Government hereby permits all Muslim government employees/teachers/contract/out-sourcing/boards/corporations and public sector employees working in the state to leave their offices/schools at 4 p.m. during the holy month of Ramzan, i.e., from March 2 to 31, to offer necessary prayers, except when their presence is required due to exigencies of services.”

The demand is also gaining traction in Karnataka, where Pradesh Congress Committee (KPCC) Vice Presidents M.R.M. Hussain and Syed Ahmad recently wrote to Chief Minister Siddaramaiah, urging the state government to grant Muslim employees a one-hour exemption from duty to facilitate prayers and iftar.

However, the Karnataka government has yet to make a decision on the request.

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