National News
SC issues contempt notice to SEBI on RIL plea on non-compliance of court order
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.
National News
Child killed, 12 students injured as school van overturns in Bihar Nawada

Patna, April 13: A nine-year-old girl was killed and over a dozen school children were injured after a school van overturned in Bihar Nawada district on Monday morning, police said.
The incident occurred on Kamlapur Road in the Govindpur block around 8.15 a.m. on Monday, where the vehicle reportedly lost control, plunged nearly 20 feet off the road, and overturned multiple times.
Eyewitnesses described a chaotic scene as the vehicle rolled repeatedly before coming to a halt. Local villagers — who were harvesting wheat in nearby fields — rushed to the spot upon hearing the crash. They played a crucial role in rescuing the children, pulling them out of the wreckage and transporting them to nearby hospitals.
According to the police, one student named Arohi Kumari (9) lost her life in this mishap, and two students have critical conditions at the moment. Other students are also under the close observation of doctors.
Preliminary findings suggest that the vehicle belonged to a private school. Local residents have alleged that the vehicle was overloaded beyond capacity. The vehicle has a capacity to transport 15 students, but it was carrying more than 25 at the time of the accident.
The eyewitnesses have also said that the driver of the vehicle was in an inebriated condition and travelling at high speed. These factors are believed to have contributed to the accident.
Police have reached the spot and initiated an investigation into the incident. Authorities are examining all aspects, including vehicle condition, driver’s conduct, and compliance with safety norms.
The Nawada police arrested the errant driver and lodged an FIR against him under the relevant sections of rash and negligent driving at the Govindpur police station. The district police will also conduct a medical check-up of the driver.
The incident has sparked widespread anger among villagers, who are demanding strict action against the school administration. Residents have emphasized the urgent need for enforcing safety regulations to prevent such tragedies in the future.
National News
‘Respected Modi ji, please save West Bengal’ poster at PM’s Asansol rally draws attention

Kolkata, April 9: A striking visual emerged during Prime Minister Narendra Modi’s public rally in Asansol on Thursday, as a person in the crowd held up a poster appealing directly to the Prime Minister with the message, “Respected Modi ji, please save West Bengal.”
The moment came as the election campaign in West Bengal gathered momentum ahead of the upcoming Assembly polls.
The state is set to vote in two phases, scheduled for April 23 and April 29.
In the first phase, polling will take place across 152 Assembly constituencies, while the remaining 142 seats will go to the polls in the second phase.
The counting of votes is slated for May 4.
Amid loud cheers and slogans, the Prime Minister addressed a large and enthusiastic gathering in Asansol.
During his speech, attention briefly shifted to a person in the audience, who was seen holding up a poster featuring PM Modi’s portrait along with a map of West Bengal.
The poster prominently displayed the message, “Respected Modi ji, Please save West Bengal”, and also highlighted several issues faced by the public, including “Corruption, law and order, infiltration, women safety and unemployment”.
These concerns mirror the key themes on which the Bharatiya Janata Party (BJP) has been targeting the ruling Trinamool Congress government in the state.
The visual quickly stood out amid the rally, reflecting the charged political atmosphere as political parties intensify their campaigns in the run-up to the state elections.
Meanwhile, PM Modi launched a blistering attack on the Trinamool Congress government, claiming that the ruling-party-linked syndicate and mafia were looting the state’s resources and also warned that all those goons will be held accountable and answerable after the election results on May 4.
PM Modi, addressing his second election rally in Asansol, pinned the blame on previous dispensations from the Congress to Trinamool Congress for West Bengal’s “disgraceful decline from prosperity to deprivation” and said that the BJP’s good governance is the only solution for West Bengal’s burgeoning woes.
Accusing the Mamata Banerjee government of taking the state back to ‘dark ages’, the Prime Minister said that it is essential for West Bengal’s progress that the state is freed from Trinamool’s clutches.
“For Bengal’s progress, freedom from Trinamool is necessary, because while the entire country is moving ahead at a rapid pace, Trinamool is pushing Bengal backwards,” he added.
“Trinamool’s time is over. The next government will be a double-engine government of the BJP. After May 4, Bengal will enter a new era of development,” he said.
Making a fervent call to the electorate to choose their options wisely in the upcoming state polls, Prime Minister Modi said that the people of West Bengal won’t get fooled this time, as they want a “performing” government with a proven track record.
Business
Crude oil prices tank up to 20 pc over Iran ceasefire announcement

New Delhi, April 8: Global crude oil prices on Wednesday plunged sharply up to 20 per cent, after US President Donald Trump announced a two-week ceasefire with Iran that includes a pledge to restore navigation through the Strait of Hormuz — the narrow waterway at the heart of the world’s most acute energy crisis in decades.
The international benchmark Brent crude futures shed nearly 16 per cent or $17.39 to $91.88, hitting an intraday low, while US WTI crude declined almost 20 per cent or $21.90 to $91.05.
The Strait of Hormuz, through which roughly a fifth of global oil flows, has been at the centre of the conflict. Iran had restricted passage for several weeks, contributing to rising prices and supply concerns. Markets had been on edge ahead of Trump’s deadline for Iran to reach a deal, with traders fearing a major escalation could disrupt shipments across the Gulf and send prices sharply higher.
Oil prices had surged in recent weeks amid fears that the strait could be closed or severely restricted. The waterway handles shipments critical to global supply chains, including crude oil and liquefied natural gas.
The US-Israel-Iran conflict has been paused for two weeks after approximately 40 days of hostilities that began in February.
President Trump’s shift in stance came just ahead of his stated deadline for Iran to reopen the Strait of Hormuz or risk extensive strikes on its civilian infrastructure.
Meanwhile, Iran indicated it would halt its military operations provided attacks against it ceased simultaneously. Foreign Minister Abbas Araghchi, in a formal statement, confirmed that safe passage through the Strait of Hormuz would be ensured for two weeks in coordination with Iranian armed forces.
The conflict had triggered an unprecedented surge in oil prices in March, with gains exceeding 60 per cent during the period.
Additionally, Indian equity benchmarks also rallied sharply on the development, trading more than 3 per cent higher in early trade. The Sensex jumped nearly 4 per cent, while the Nifty surged 3.5 per cent to their respective intraday highs.
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