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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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Mayawati pays tribute to Ambedkar, asks when will ‘good days’ come for the Bahujan community

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Lucknow, Dec 6: On the 69th Mahaparinirvan Day of Bharat Ratna Dr Bhimrao Ambedkar, Bahujan Samaj Party (BSP) national president and former Uttar Pradesh Chief Minister Mayawati expressed concern that crores from the Bahujan community have yet to see the “good days” of self-respect and dignity, despite following the path shown by the architect of the Indian Constitution.

Taking to social media platform X, Mayawati wrote, “Today, on the death anniversary of Bharat Ratna, the most revered Babasaheb Dr Bhimrao Ambedkar, the messiah of crores of people from the Bahujan Samaj in the country, I paid tribute to him.”

She said that party leaders and followers gathered in large numbers at various Ambedkar memorials across the country to pay tributes to the architect of the Constitution.

“Members of the party from 12 organisational divisions of Uttar Pradesh, along with followers of Babasaheb, gathered in large numbers at the grand ‘Dr Bhimrao Ambedkar Social Change Site’ built by the BSP government on the banks of the Gomti River in Lucknow. People from Western Uttar Pradesh, Delhi, and Uttarakhand also gathered at the ‘National Dalit Inspiration Site and Green Garden’ established by the BSP government in Noida and paid their respects,” she added.

Mayawati further said that BSP National Coordinator Akash Anand also paid tribute at the Noida memorial. She noted that similar tribute programmes were held across various states at the zonal level.

“For this, I express heartfelt thanks and gratitude to everyone, especially to the people of Uttar Pradesh,” she said.

Reflecting on Ambedkar’s legacy, Mayawati questioned why millions from the Bahujan community were still waiting for dignity and social justice.

“On special occasions such as Independence Day, Republic Day, and on the birth and death anniversaries of Babasaheb, one question continues to arise — when will the ‘good days of self-respect and equality’ come for crores of Bahujans in the country, in line with the humanistic and welfare goals of the Constitution?” she wrote.

She asserted that the BSP, as the country’s only Ambedkarite political party, remains committed to Ambedkar’s mission.

“The BSP is conscious, alert, and deeply concerned about why true ‘good days’ have not yet come for the exploited, oppressed, and marginalised Dalits, tribals, and OBCs — the very communities for whom Babasaheb dedicated his life and enacted strong constitutional safeguards. Salute to him,” Mayawati added.

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Mega Block On Mumbai-Pune Line Tomorrow: Is Your Train Cancelled? Check Here

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Pune: For maintenance purposes, a mega block is in place on Sunday on the Mumbai-Pune Railway Line. Due to this, many key express trains have been cancelled, while some locals from Pune to Lonavala will also not provide the service on Sunday.

Express trains, which have been completely cancelled, include the Sinhagad Express, the Deccan Queen Express, the Pragati Express, the Mumbai Pune Intercity Express and the Indrayani Express.

Meanwhile, many Pune-Lonavala local trains have been cancelled as well. Some of them have been completely cancelled, and some of them will begin or end their journey at Talegaon Dabhade Railway Station. They won’t connect Pune to Lonavala. Railway authorities have asked commuters to be aware of this and act accordingly.

Mega-blocks on the Mumbai–Pune Railway Line and the broader Mumbai suburban network are scheduled mainly on Sundays to allow Central Railway to carry out large-scale maintenance that cannot be performed during heavy weekday traffic. These blocks provide uninterrupted time for essential work on tracks, overhead equipment, points, signals, and bridges, ensuring long-term safety and reliability of both suburban and long-distance operations.

Sundays (or public holidays) are chosen because commuter footfall is comparatively lower. This reduces disruption to daily travel patterns. Mega-blocks occur almost every Sunday across the Main, Harbour and Trans-Harbour lines and occasionally affect stretches on the Mumbai–Pune intercity route as well. Their duration typically ranges from four to seven hours; earlier blocks commonly lasted four to five hours, though recent examples include work between Vidyavihar and Thane from 8:00 a.m. to 1:30 p.m. Mega-blocks may also lead to temporary cancellations or diversions of Pune–Mumbai trains when work is scheduled on those sections.

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Stalin govt sanctions Rs 10 crore for delisting Parambikulam–Aliyar project canals

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Chennai, Dec 6: The Tamil Nadu government has approved a Rs 10-crore special package for desilting the Parambikulam–Aliyar Project (PAP) canals, with works scheduled to begin immediately after the completion of the ongoing water release to the fourth zone.

The order, issued by Water Resources Department (WRD) Secretary J. Jayakanthan, provides administrative sanction for 154 desilting works across three key divisions under the PAP.

A senior WRD official said the initiative includes clearing vegetation, removing loose debris, and desilting major and minor canals.

“We had originally planned 160 works, but 154 have received sanction. Our aim is to complete all desilting activities before Pongal, as water must be released for irrigation to the first zone during the festival season,” the official said.

Chief Minister M.K. Stalin had announced the allocation on August 11 during his visit to Tiruppur district, following requests from irrigation association leaders and farmers who highlighted the urgent need for desilting to improve water flow and irrigation efficiency.

The government subsequently earmarked Rs 10 crore exclusively for PAP canal works.

According to the government order, 44 works will be taken up in the Thirumurthy division at an estimated cost of ₹2.88 crore, 27 works in the Parambikulam division at Rs 2.15 crore, and 83 works in the Aliyar basin division at Rs 4.97 crore. The desilting programme is expected to benefit a total ayacut of 1,33,976.62 hectares across Coimbatore and Tiruppur districts.

At present, water is being released from the Thirumurthy Dam for the fifth wetting of the fourth zone.

As per the original schedule, water should be supplied until December 9. However, a recent breach in the main canal near Vavipalayam disrupted supply.

“To compensate for the interruption, we have extended water release for another ten days, from December 9. Desilting will begin soon after this cycle ends,” the WRD official said.

Welcoming the move, P. Velusamy, President of the PAP Vellakoil Branch Canal Water Conservation Movement, said desilting should ideally be carried out twice a year.

“For the last four years, PAP has not received adequate funds for regular desilting. The current special allocation is a much-needed intervention,” he noted.

The Parambikulam–Aliyar Project, a vital inter-basin water transfer and irrigation scheme, consists of seven reservoirs, four hydropower stations, six tunnels, one weir, and a contour canal system that diverts west-flowing rivers to irrigate vast rain-shadow regions of western Tamil Nadu.

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