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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.

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Drunk on power, Owaisi on Amit Shah’s Gujarat riots remark

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 AIMIM chief Asaduddin Owaisi on Saturday slammed Union Home Minister Amit Shah for stating that BJP taught a lesson to rioters in Gujarat in 2002 and remarked that he is drunk on power.

The Hyderabad MP took to Twitter to hit back at Amit Shah. “Drunk high on power, India’s home minister said we taught a lesson in 2002,” tweeted Owaisi.

The AIMIM leader reminder Shah that power is not permanent. “After coming to power, some people forget that power does not always remain with someone,” wrote Owaisi, who is currently campaigning for All India Majlis-e-Ittehadul Muslimeen (AIMIM) candidates in Gujarat Assembly elections.

Owaisi earlier asked Amit Shah what lesson he taught in 2002. “Naroda Patiya ka sabaq? Gulberg ka sabaq? Best Bakery ka sabaq? Bilqis Bano ka sabaq?,” he asked on Twitter while sharing a video clip from an election rally addressed by him in Juhapura.

Amit Shah had told an election meeting in Gujarat on Friday that BJP taught a lesson to rioters of Gujarat in 2002 and established permanent peace in the state.

“I want to tell the hom minister that the lesson you taught in 2002 was that Bilkis Bano’s rapists will be freed. The less you taught was that you will free murderers of Bilkis’ three-year-old daughter. You also taught us that Ahsan Jafri can be killed. You taught the lesson of Gulbarg Society, you taught the lesson of Best Bakery…whic lessons of yours will we remember,” Owaisi said.

“Amit Shah sahab, what lesson did you teach during Delhi communal riots,” he asked.

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National News

‘Women look good even without clothes’, says Ramdev

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 In a potentially controversial development, Yoga expert Ramdev on Friday commented on women’s attires, raising eyebrows in political and social circles.

Addressing a free Yoga training programme here, Ramdev said without batting an eyelid: “Women look good in saris, they look great in salwar suits, and in my view they look good even if they don’t wear anything.”

At that time, he was flanked by Thane’s Balasahebanchi Shiv Sena MP Shrikant Shinde, son of Chief Minister Eknath Shinde and singer Amruta Fadnavis — wife of Bharatiya Janata Party’s Deputy Chief Minister Devendra Fadnavis, and other prominent personalities.

Ramdev, 56, was speaking at a Yoga Science Camp & Women’s Meeting organised by Patanjali Yoga Peeth and Mumbai Mahila Patanjali Yoga Samiti here.

He interacted with women who had brought their yoga attires and saris for the conclave and attended a training camp conducted by Ramdev.

Since the meeting started soon after the training camp, many women did not get time to change and attended it in their Yoga suits.

Observing this, Ramdev said that there was no problem if they had no time to switch to saris and they could do it after going home, and then made his remark — termed as ‘sexist’ in some quarters.

He also urged the people to remain happy and smiling, similar to Amruta Fadnavis to live a long life.

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NF Railway to organise first-ever Northeast Half Marathon

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The Northeast Frontier Railway (NFR) will organise the first-ever Northeast Half Marathon in Guwahati on February 5 next year, officials said on Friday.

To organise the first-of-its-kind Northeast Half Marathon, the NFR has joined hands with Innovations India Pvt Ltd. The Half Marathon will be aimed at the empowerment of sportspersons and the development of sports infrastructure in the northeastern region.

NFR CPRO, Sabyasachi De said that the Northeast Half Marathon will be a series of Marathons that would be conducted across the northeast with the aim of empowering the sportspersons and developing sporting activity in this region.

He informed that the first Marathon of the planned series will be held at Maligaon on the 5th of February, and approximately 3,000 runners from all across India as well as abroad are expected to participate in the race.

Prizes worth Rs 11 lakh would be given to the winners in addition to the trophies, medals and certificates.

The aspiring participants would be able to register through online as well as offline mode for the Marathon.

The NE Half Marathon would highlight all states of the Northeast as one entity and would surely catapult this region into the limelight on both National & International Platforms, De claimed.

Anshul Gupta, General Manager of NFR said that beyond connectivity and promoting tourism, the NFR is also promoting sporting events in various places within its jurisdiction.

The curator of the event, Captain Rahul Bali appreciated the initiative taken by the Railways.

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