Connect with us
Friday,21-January-2022
Breaking News

Business

Sahara files contempt petition in Supreme Court against SEBI

Published

on

SEBI

Sahara has moved the Supreme Court and claimed that SEBI seeking a Rs 62,000 crore deposit from it is a clear case of contempt of court and to cause public outrage against Sahara.

Sahara India Pariwar, filed a contempt petition in the Hon’ble Supreme Court against SEBI and prayed to the apex court to punish the concerned officials in SEBI for its conduct.

Sahara claims, SEBI’s application seeking deposit of Rs. 62,602 crores by Sahara is absolutely wrong and SEBI has done contempt of court.

Sahara in its petition has accused that, to mislead the apex Court and to cause public outrage against Sahara, SEBI has filled a baseless and unfounded application.

Sahara says that the apex court in its order dated February 6, 2017, had directed that it is concerned with the principal amount and the issue of interest shall be adverted to later but SEBI in utter disregard of the directions has been including interest amount.

Sahara says that, it seems that SEBI has developed certain vested interests to evade the verification exercise on flimsy pretexts.

As on date, an amount of Rs. 22,500 crore is lying in the SEBI-Sahara Refund Account against the principal amount of Rs 24029.73 crores meaning Sahara is supposed to deposit only Rs. 1529 crores towards principal amount.

The only purpose of SEBI’s application is to create prejudice and to ensure deterioration of public confidence in the entire Sahara group. It is really not expected from such responsible and respected institution, Sahara said.

SEBI after giving four rounds of advertisements in 152 newspapers in last 8 years across the country received total 19,532 claims and has repaid only Rs. 107 Crore to the esteemed investors.

In its last advertisement that was published in April, 2018, SEBI made it clear that it would not entertain any further claim received after July, 2018. It means that for SEBI there is no more claimant at all. It is a typical case of double payment. Sahara has maintained that as per the directives of the Supreme Court, this amount of Rs. 22,500 Crore will eventually come back to Sahara after due verification.

For more than eight years have passed and yet SEBI has not conducted the exercise of verification of 3.03 crores investors and refund, which is important for the interest of the investors and resolution on SEBI-Sahara dispute.

Instead SEBI lacks the intention to resolve the issue and rather is of perpetuating it by attempting to circumvent the compliance of the directions passed by the Court.

Sahara has revealed that SEBI was required to verify the repayment for which the Indian Postal Department had developed a mechanism at the instance of SEBI, but SEBI abandoned the proposal in March 2013.

In addition to this, ‘Smart Chip Ltd.’ an agency which was empaneled for the enrolment of Aadhar Card by Govt. of India and is a global leader in bio metric and security technology had submitted a proposal to SEBI on 4th September, 2014 to undertake the verification process but SEBI again did not take any decision on the said proposal. SEBI has incurred an expenditure of around 100 crores out of Sahara’s money for making preparation for undertaking the verification process while it has not actually done the verification. It can only be seen as a deliberate disobedience of the direction of the Hon’ble Supreme Court that it is blatant contempt of court.

Business

Decline in equities continue for 4th straight sessions

Published

on

By

The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

Continue Reading

Business

Consumer Price Index numbers for Agri, Rural labourers up by 5 points in Dec 2021

Published

on

By

The All-India Consumer Price Index Numbers for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) for the month of December 2021 increased by 5 points each to stand at 1097 and 1106 points respectively.

The major contribution towards the rise in general index of Agricultural Labourers and Rural Labourers came from Fuel & Light group and miscellaneous group to the extent of 1.72 & 1.58 points and 1.02 & 1.06 points respectively mainly due to rise in prices of firewood, kerosene oil, medicine, barber charges, bus fare, toilet soap, washing soap, etc., a release from the Ministry of Labour and Employment said on Thursday.

The rise/fall in the index varied from state to state. In case of Agricultural Labourers, it recorded an increase of 1 to 20 points in 11 states and a decrease of 1 to 12 points in eight states while it remained stationary for Odisha. Tamil Nadu with 1,290 points topped the index table whereas Himachal Pradesh with 861 points stood at the bottom.

In case of Rural Labourers, it recorded an increase of 1 to 20 points in 11 States and a decrease of 1 to 14 points in eight states while it remained stationary for Odisha. Tamil Nadu with 1,276 points topped the index table whereas Himachal Pradesh with 915 points stood at the bottom.

Amongst states, the maximum increase in the CPI-AL and CPI-RL was experienced by Tamil Nadu (20 points each), mainly due to rise in the prices of vegetables & fruits, onion, chillies green/dry, tamarind, etc.

On the contrary, the maximum decrease in the CPI-AL and CPI-RL was experienced by Himachal Pradesh (12 points and 14 points respectively), mainly due to fall in the prices of wheat atta, pulses, onion, vegetables, and fruits etc.

Point to point rate of inflation based on the CPI-AL and CPI-RL stood at 4.78 per cent & 5.03 per cent in December 2021, compared to 3.02 per cent & 3.38 per cent respectively in November 2021 and 3.25 per cent and 3.34 per cent respectively during the corresponding month of the previous year.

Similarly, Food inflation stood at 2.99 per cent & 3.17 per cent in December 2021, compared to 0.88 per cent & 1.07 per cent respectively in November 2021 and 2.97 per cent & 2.96 per cent respectively during the corresponding month of the previous year.

Continue Reading

Business

Air India to commence normal ops to US from Friday

Published

on

By

Air-India

National carrier Air India will commence normal operations to US from Friday, the airline said.

On Tuesday, the national carrier said that it will not be able to operate a number of US-bound flights due to the deployment of 5G communications in the US.

As per industry insiders, the 5G network technology might cause certain crucial flight instruments to malfunction.

The airline informed passengers via its official Twitter handle: “#FlyAI : Flight operations to/from destinations in USA were affected during last two days.

“We would like to inform our passengers traveling to/from destinations in the USA that effective 0001hrs of 21st January 2022 normal flights operations will recommence to/from USA.”

Earlier in the day, Boeing had cleared AI to operate to the US on Boeing 777 aircraft.

Accordingly, the first Air India flight left from New Delhi to JFK airport on Thursday morning.

Besides, Air India is expected to operate other flights to Chicago and San Francisco.

“Arrangements to carry stranded passengers are being worked out,” the airline said.

The US air transport regulator, Federal Aviation Administration (FAA), has been concerned that a version of 5G could interfere with some airplane instruments.

Earlier, aviation industry groups had shared those fears. This is despite reassurances from federal telecom regulators and well as wireless carriers.

Specifically, the FAA has been worried that 5G cellular antennas near some airports – not air mobile devices – could throw off readings from some aircraft equipment designed to tell pilots how far they are from the ground.

The systems, radar altimeters, are used throughout a flight and are considered critical.

At present, Air India operates to 5 destinations in the US.

Continue Reading

Trending