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SC issues contempt notice to SEBI on RIL plea on non-compliance of court order

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 The Supreme Court has issued a contempt notice to the Securities and Exchange Board of India (SEBI) on Reliance Industries (RIL) plea alleging non-compliance of the court’s August 5 order, which directed the market regulator to provide access to certain documents to the company.

A bench comprising Justices M.R. Shah and M.M. Sundresh said: “Issue notice to the respondent, making it returnable on December 2, 2022. Abhishek Singh, counsel accepts service of notice on behalf of the respondent.”

Senior advocate Harish N. Salve, appearing on behalf of RIL, vehemently submitted that despite the August 5 order passed by the apex court by which the respondent (SEBI) was directed to furnish a copy of the documents, the same has not been furnished till date.

Senior advocate and former Attorney General of India K.K. Venugopal, representing SEBI, submitted that the review petition preferred by the respondent is pending before this court and, therefore, no further order be passed in the present proceedings.

The bench, in its order, noted: “We have gone through the subsequent order passed by this court dated October 12, 2022 in review petition. The pendency of an appeal and/or writ petition along with stay cannot be equated with pendency of the review petition.

I”There is a final decision by this court in an appeal. Merely because the stay application is pending in review petition cannot be a ground to grant stay by the respondent on its own and not to comply with the directions issued by this court.”

The bench said it is required to be noted that the State of J&K Vs. Mohd. Yaqoob Khan and others was a case where against the ex-parte order passed by the single judge, pending writ petition, the contempt proceedings were initiated.

“Therefore, this court observed that when the stay application is yet to be heard and decided and disposed of, the contempt proceedings cannot be initiated. Under the circumstances, the said decision(s) cannot be of any assistance to the respondent,” said the apex court.

The bench has scheduled the matter for further hearing on December 2.

The company had sought three documents from SEBI that it had claimed would 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.

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 Supreme Court judge B.N. Srikrishna and former ICAI President Y.H. Malegam’s report which examined the irregularities.

The company claimed that SEBI cannot continue to resist the production of these documents and it had also sent a notice to the market 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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Mobile phones banned at Mumbai BMC election polling centre

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Preparations for the Mumbai Municipal Corporation (BMC) elections are in the final stages. On the instructions of the Election Commission, Mumbai Police has banned mobile phones at polling stations and the use of mobile phones is prohibited within a radius of 100 meters. The code of conduct will be applied at polling stations. There will be a complete ban on the use of mobile phones and wireless within 100 meters. In addition, advertising campaigns and advertising of election symbols are also prohibited. Candidates cannot attract voters at polling stations. If anyone is found involved in this process, action will be taken against them. This order has been issued by Mumbai DCP Operation Akbar Pathan on the instructions of Mumbai Police Commissioner Devin Bharti.

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Delhi HC stays order requiring second review of RBI Ombudsman complaints

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New Delhi, Jan 8: The Delhi High Court on Thursday stayed a single-judge direction that required the Reserve Bank of India (RBI) to institute a second level of human review for consumer complaints dismissed by its banking ombudsman.

A division bench of Chief Justice D.K. Upadhyaya and Justice Tejas Karia passed the interim order on an appeal filed by the RBI against a ruling delivered by Justice Prathiba M. Singh, which required such reviews to be conducted by legally trained professionals, including retired judicial officers or lawyers with a minimum of ten years’ experience.

While staying the impugned directions, the CJ Upadhyaya-led Bench observed that, prima facie, it found force in the submissions advanced on behalf of the RBI.

“Accordingly, we provide that the directions contained in paragraph 47(5) and 48 of the impugned judgment by the learned single judge dated November 27, 2025, shall remain stayed,” it ordered.

The bench also stayed the single-judge’s direction requiring the RBI Deputy Governor to submit a compliance affidavit by January 15, 2026. The matter has now been scheduled for further hearing on March 17.

Appearing for the RBI, Solicitor General of India Tushar Mehta submitted that the single judge had travelled beyond the permissible scope of judicial review under Article 226 of the Constitution.

The Centre’s second-highest law officer submitted that the Reserve Bank-Integrated Ombudsman Scheme, 2021, is a statutory scheme framed under Section 35A of the Banking Regulation Act and Section 18 of the Payment and Settlement Systems Act, and can be altered or modified only by authorities empowered under those enactments.

In her November 27, 2025, ruling, Justice Prathiba M. Singh had expressed concern over complaints being rejected through “system-generated responses” and held that the Ombudsman Scheme must be “an effective Scheme and not a mere toothless division of the RBI”.

The judgment was delivered in a writ petition filed by advocate Sarwar Raza, who had approached the Delhi High Court alleging harassment and wrongful rejection of his complaints by the RBI Ombudsman following a disputed credit card transaction of Rs 76,777.

The single-judge Bench had directed the RBI to ensure that customer complaints are not rejected merely through a mechanised process and that complainants should be given an opportunity to correct minor errors.

It had further ordered that whenever complaints are finally rejected, they must undergo a second level of human supervision by legally trained personnel, observing: “If the complaint redressal mechanism adopted by the Ombudsman is made more effective and efficient, litigation in courts and consumer forum/s can be reduced considerably.”

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Mumbai: Train Delays, Sudden Cancellation Throw Trans-Harbour Line Schedule Out Of Gear

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Thane: The local trains on the Trans-Harbour line are running 15 to 20 minutes late. Due to this, there was a rush of passengers at important railway stations including Thane, Digha, and Airoli during the peak morning hours. Also, passengers suffered a lot when the train leaving Thane railway station for Vashi at 8.56 am was suddenly cancelled. Many could not reach their workplaces on time.

National and international companies have offices and factories in Navi Mumbai. Therefore, lakhs of employees from Thane to Karjat, Kasara, Mulund, Bhandup areas travel to Navi Mumbai via the Trans-Harbour route from Thane railway station. Also, the number of passengers coming to Thane city from Navi Mumbai is high. Due to this, there is a huge rush of passengers at Thane railway station in the morning.

Since Thursday morning, trains on this route have been running 15 to 20 minutes late. Due to this, the entire railway timetable has collapsed and there is a rush of passengers at the main stations. In the morning, a large number of employees travel to Navi Mumbai from Thane station. However, the train leaving Thane station for Vashi at 8.56 am every day was suddenly canceled. This created confusion among the passengers. Even after that, all the trains are running 15 to 20 minutes late.

Due to this, there was a huge rush of passengers at many important railway stations including Thane, Digha, Airoli. Due to the disruption of railway services during the morning rush hour, passengers suffered a lot. Many could not reach their workplaces on time, while some had to wait for hours to travel. Many passengers expressed displeasure over the sloppy functioning of the railway administration. One angry passenger reacted that due to such a breakdown in the morning, our planning collapsed. The railway administration should take this seriously.

Passenger reaction: The timetable of railway trains on this route has collapsed since last night. The train which leaves Vashi for Thane daily at 8:50 PM had not arrived even after 9 PM last night, said a passenger who travels from Thane to Vashi for work.

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