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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.

Entertainment

‘Yeh Kaisa Insaan Hai’: Telangana CM Revanth Reddy Slams ‘Pushpa 2’ Star Allu Arjun For Stampede During Screening 

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Hyderabad: Despite police permission being denied, top Telugu actor Allu Arjun attended the theatre where ‘Pushpa-2’ was screened on December 4, Telangana Chief Minister A Revanth Reddy charged on Saturday.

Even after the death of a woman in a stampede, the actor did not leave the cinema hall, prompting the police to force him out, CM alleged.

Responding to the issue after AIMIM MLA Akbaruddin Owaisi raised it in the Assembly, Reddy, referring to videos in circulation, found fault with Allu Arjun for holding a roadshow and waving to the crowds in spite of the heavy crowd.

Reddy further said the theatre management gave a letter to the police on December 2 seeking security for the visit of top actors and others on December 4. However, the police rejected the application, citing difficulties in crowd management.

Before entering the theatre and exiting, the actor stood through the sunroof of his car and waved to the crowds leading to thousands of fans jostling to get a glimpse of him, he said.

He slammed film personalities for making a beeline for Allu Arjun’s residence to meet him after his arrest but not showing empathy to visit the boy who is undergoing treatment in hospital after suffering injuries in the incident.

“I appeal to the top film personalities that they should not be inhuman,” he said.

He also said there won’t be any special privileges when untoward incidents like death in a stampede happen and said the government would not spare those who troubled common people.

A 35-year-old woman died and her eight-year-old son was hospitalised on December 4 during a stampede-like situation at the Sandhya Theatre in Hyderabad when thousands of fans jostled to have a glimpse of the actor at the premiere of the blockbuster ‘Pushpa 2,’.

Following the incident, the city police registered a case against Allu Arjun, his security team, and the theatre management under different sections of Bharatiya Nyaya Sanhita (BNS) at the Chikkadpally police station based on the complaint lodged by the deceased woman’s family.

Allu Arjun was arrested by the city police in connection with the death of the woman on December 13. The Telangana High Court granted him a four-week interim bail on the same day and he was released from the prison here on December 14 morning.

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National News

Conscience itself will deliver justice: Shivakumar on obscene remark row

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Bengaluru, Dec 21: Karnataka Deputy Chief Minister D. K. Shivakumar said on Saturday that conscience itself will deliver justice in the derogatory remark case against BJP MLC C. T. Ravi.

The Deputy Chief Minister’s remark came close on the heels of the release of Ravi, who was arrested over alleged derogatory remark against Minister Laxmi Hebbalkar.

On Ravi’s allegations that police harassed him throughout the night, Shivakumar told reporters: “In this matter, you and the police are involved. Whether it’s at his house or his party, I am the cause of everything.”

“Let the BJP accept that disrespecting women and using abusive language is their culture. We will not object,” said Shivakumar.

“C.T. Ravi has not only spoken disrespectfully about Minister Lakshmi Hebbalkar but also about CM Siddaramaiah. In the Assembly, he used the term ‘Nitya Sumangali’ (a Kannada term used to demean a woman). BJP leaders must introspect whether Ravi’s remark was right or wrong,” he claimed.

“Chikkamagaluru (native place of Ravi) is known for its cultured people. Unfortunately, someone like him hails from there,” he added.

“If any leader from our party had spoken like this, I would have condemned it. However, BJP leaders are standing in defence of their leader,” he claimed.

State Home Minister G. Parameshwara said, “The matter is before the court. I won’t issue any statements as the matter is sub-judice. It is not appropriate to discuss the issue.”

“The police claim that they have initiated steps lawfully. The matter is before the court and they will decide what is right and what is wrong. I have been told that while obtaining information on various circumstances, the judgment has come without asking the version of police. Now, we can’t comment or criticise the decision,” Parameshwara stated.

When asked about the Legislative Council Chairperson Basavaraj Horatti stating that there are no records of Ravi making derogatory remark, Minister Parameshwara said that he does not know anything.

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BRS MLAs will resign if Congress proves 24-hour power claim: KTR

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Hyderabad, Dec 21: Bharat Rashtra Samithi (BRS) Working President K. T. Rama Rao on Saturday told the Telangana State Assembly that all BRS MLAs will resign if the Congress government proves that it is supplying 24-hour electricity to farmers or that it has waived loans of all farmers.

He alleged that the Congress government is making false claims that it is giving round-the-clock uninterrupted power.

Throwing the challenge during the debate on Rythu Bharosa, the BRS leader told Minister for Roads and Buildings Komatireddy Venkat Reddy that he was ready to come with him to Nalgonda district. “If you can show us even in one log book that 24-hour power is being supplied, all we MLAs will resign,” he said.

Similarly, KTR, as Rama Rao is popularly called, also offered to accompany the minister to any village in Kodangal or Sircilla constituency to check on farm loan waivers. “If you can show that loans of 100 per cent farmers were waived even one village, I will resign as MLA and take retirement from politics,” he said.

The BRS leader slammed the Congress government for not properly implementing the Rythu Bandhu scheme launched by the previous BRS government.

KTR said Congress promised enhanced investment support to farmers under Rythu Bharosa but failed to provide the assistance even under the existing scheme.

He claimed that the BRS started Rythu Bandhu to increase the area under cultivation. Citing the statement made by the government, he said the area under cultivation in the state increased from 1.41 crore acres in 2019-20 to 2.04 crore acres in 2020-21.

KTR mentioned that when the BRS came to power in 2014, Telangana had the second-highest number of farmer suicides in the country. He claimed that due to the measures taken by the BRS during the last 10 years, the farmer suicides came down from 11.1 per cent to 1.5 per cent.

The BRS leader alleged that the government was planning to impose cuts under the Rythu Bharosa scheme.

He demanded that the Assembly session be extended by 10 days for a comprehensive debate on electricity, irrigation, and Mission Bhagiratha.

The debate saw a sharp exchange of words and challenges and counter-challenges between BRS and Congress MLAs.

Minister Venkat Reddy threw a challenge at the BRS, saying if it could prove that every household was supplied drinking water under Mission Bhagiratha during its rule, he would not seek votes in the next elections.

He alleged that there was Rs 50,000 crore corruption under Mission Bhagiratha. To this, BRS MLA and former minister Harish Rao mentioned that the total cost of the scheme was only Rs 28,000 crore.

Earlier, Minister for Agriculture Tummala Nageswara Rao said the government has not yet formulated the guidelines. He said the guidelines will be framed after taking suggestions from the legislators.

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