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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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BMC Elections 2026: Mumbai Candidates Declare Massive Surge In Assets, Multi-Crore Wealth Revealed In Affidavits

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Mumbai, Jan 08: Details of assets, profession and criminal records of selected candidates contesting the upcoming civic elections in Mumbai, as declared in their affidavits, are as follows:

Shaila Dilip Lande – Shiv Sena (Shinde), Ward 163 (Saki Naka)
Profession: Business
Total movable and immovable assets as of 2025: ₹8,18,76,134
Total movable and immovable assets as of 2017: ₹14,27,651
Criminal cases: 0
Found guilty: 0

Kamalakar Naik – Independent, Ward 169 (Kurla Nehru Nagar)
Profession: Business
Total movable and immovable assets as of 2025: ₹11,83,36,519
Total movable and immovable assets as of 2017: ₹1,92,76,226
Criminal cases: 2
Found guilty: 0

Dhanajay Pisal – Nationalist Congress Party (Ajit Pawar), Ward 111 (Kanjur Village)
Profession: Service
Total movable and immovable assets as of 2025: ₹21,82,57,202
Total movable and immovable assets as of 2019: ₹8,55,21,925
Criminal cases: 0
Found guilty: 0

Sonam Manoj Jamsutkar – Shiv Sena (UBT), Ward 210 (Mumbai Central)
Profession: Business
Total movable and immovable assets as of 2025: ₹14,38,84,259
Total movable and immovable assets as of 2017: ₹7,08,67,928
Criminal cases: 0
Found guilty: 0

Geeta Gawli – Akhil Bhartiya Sena, Ward 212 (Mahalaxmi–Umar Park)
Profession: Business
Total movable and immovable assets as of 2025: ₹7,26,92,393
Total movable and immovable assets as of 2017: ₹3,45,32,902
Criminal cases: 0
Found guilty: 0

Sana Haji Halim Khan – Shiv Sena (UBT), Ward 96 (Bandra East)
Profession: Not mentioned
Total movable and immovable assets as of 2025: ₹9,46,03,435
Total movable and immovable assets as of 2017: Not contested
Criminal cases: 0
Found guilty: 0

Nehal Shah – Independent, Ward 177 (Matunga)
Profession: Business
Total movable and immovable assets as of 2025: ₹7,04,11,095
Total movable and immovable assets as of 2017: ₹1,69,77,255
Criminal cases: 0
Found guilty: 0

Rajul Sameer Desai – BJP, Ward 56 (Goregaon)
Profession: Business
Total movable and immovable assets as of 2025: ₹24,28,81,925
Total movable and immovable assets as of 2017: ₹1,79,69,000
Criminal cases: 0
Found guilty: 0

Prabhakar Shinde – BJP, Ward 106 (Mulund)
Profession: Business
Total movable and immovable assets as of 2025: ₹17,63,01,181
Total movable and immovable assets as of 2017: ₹57,46,971
Criminal cases: 0
Found guilty: 0

Neil Somaiya – BJP, Ward 107 (Mulund)
Profession: Business
Total movable and immovable assets as of 2025: ₹9,89,21,872
Total movable and immovable assets as of 2017: ₹1,99,37,809
Criminal cases: 0
Found guilty: 0

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Major Accident On Ghodbunder Road: Multi-Vehicle Crash Near Gaimukh Disrupts Traffic Between Thane & Mira Road

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Thane: A major road accident was reported on Ghodbunder Road near Gaimukh Ghat in Thane on Friday morning, leading to severe traffic congestion on one of the city’s most crucial arterial routes. The accident, which occurred around 7 am on National Highway 48 (NH-48), involved multiple vehicles and caused major disruption to traffic movement towards Mira Road and Gujarat.

According to reports, at least five to six vehicles were involved in a chain collision at a sharp curve near Gaimukh Ghat. The vehicles reportedly rammed into each other head-on in quick succession, resulting in extensive damage. Visuals from the spot showed several cars badly mangled, with some vehicles almost completely crushed due to the impact.

The accident triggered long queues of vehicles on Ghodbunder Road, a key connector between Thane, Mumbai’s western suburbs and Gujarat. Traffic from Thane towards Mira Road and the Gujarat-bound route was particularly affected, with commuters facing long delays during peak morning hours.

Emergency response teams rushed to the site soon after the incident. Personnel from the Regional Disaster Management Cell (RDMC) and the Fire Brigade were deployed to carry out rescue operations and remove the damaged vehicles from the road. Traffic police also reached the spot to manage congestion and divert vehicles where possible, while clearance work continued to restore normal traffic flow.

Despite the severity of the crash and the extent of damage to the vehicles, an Media report quoting officials confirmed that there were no fatalities. Considering the violent nature of the collision, authorities initially feared the possibility of serious casualties. However, it was later confirmed that no lives were lost in the incident. A few commuters sustained minor injuries and were provided medical treatment at nearby hospitals.

The exact cause of the accident is yet to be ascertained. Initial indications suggest that poor visibility, high speed or misjudgment at the ghat curve may have contributed to the collision. A detailed investigation will be carried out to determine the precise sequence of events.

In the aftermath of the accident, commuters were advised to avoid or postpone travel towards Gaimukh Ghat until further updates are issued. Authorities warned that traffic congestion is likely to persist for some time as clearance operations continue and normal movement is gradually restored.

Ghodbunder Road is considered one of Thane’s most important traffic corridors, handling heavy daily vehicular movement. The incident once again sheds light on the need for cautious driving on ghat sections, especially during early morning hours. Further details are awaited as officials continue to assess the situation and ease traffic conditions.

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Plot to shift Mumbai assets to Gujarat: Raj Thackeray in Saamana

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Mumbai, Jan 9: In a scathing revelation during the second part of the joint interview in ‘Saamana’ with Uddhav Thackeray, the Maharashtra Navnirman Sena chief Raj Thackeray on Friday alleged a deep-rooted “strategic plot” to strip Mumbai of its wealth and territory.

He warned that the threat to Mumbai’s autonomy is now greater than it was during the Samyukta Maharashtra movement of the 1950s.

Raj Thackeray noted a significant shift in the motives of those opposing Mumbai’s interests. While past conflicts were primarily about the city’s wealth, he claimed the current objective is to physically break off pieces of the city.

“During the Samyukta Maharashtra movement, a few non-Marathi wealthy elites wanted Mumbai to go to Gujarat. Today, those five people have grown into five hundred,” he stated. He emphasised that the manner in which the Central and state governments are coordinating projects suggests a level of danger never felt before.

Questioning the intent behind infrastructure projects in the Mumbai Metropolitan Region (MMR), Raj Thackeray asked why airports are being planned adjacent to the Vadhavan Port near the Gujarat border. He suggested these are not just development projects but “strategic manoeuvres” to connect Maharashtra’s economic hubs more closely with Gujarat while hollowing out Mumbai’s core.

Raj Thackeray claimed that the development of the Navi Mumbai International Airport and the Vadhavan Port are part of a larger plan to vacate prime land in the heart of Mumbai. He alleged that the government has already begun the process of shifting cargo operations from Mumbai’s “rightful” airport to Navi Mumbai. He predicted that eventually, all domestic and international operations would be moved out.

“The current Mumbai airport area is so vast that at least 50 Shivaji Parks could fit inside it. The plan is to move all flights to Navi Mumbai and then put this massive tract of Mumbai’s land up for sale,” he claimed.

“The math is clear: they want the wealth of Mumbai to flow to a specific class and eventually to Gujarat, while the physical land of the city is carved up for real estate exploitation,” he said.

Thackeray framed this move not as urban development, but as a “strategic dismantling” of Mumbai’s assets. He suggested that by shifting the city’s core infrastructure, the administration is clearing the way for a specific class of developers and business interests to take over Mumbai’s most valuable real estate.

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