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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.

Business

Foreign investors infuse Rs 8,500 crore into Indian equities this week

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Mumbai, April 19: Foreign investors have once again turned their attention to Indian equities, pumping in around Rs 8,500 crore during the week, as per the latest National Securities Depository Limited (NSDL) data.

The inflows came in during just three trading sessions — Tuesday, Wednesday, and Thursday — as stock markets remained closed on Monday and Friday due to public holidays.

This marks a positive turnaround after months of consistent selling by foreign institutional investors (FIIs) in the equity segment. Their return helped the markets end the week on a strong note.

Both the Indian equity indices wrapped up the week on a strong recovery by surging over 4.5 per cent — driven by positive signals from both domestic and global factors.

The rally was primarily fuelled by optimism surrounding the deferral of tariffs and recent exemptions on select products, raising hopes for potential negotiations that could mitigate the impact on global trade.

A key reason behind this fresh wave of investment is the weakening of the US dollar. As the dollar slips and currencies like the Indian rupee gain strength, global investors find it more attractive to move funds from the US to emerging markets like India.

While these inflows bring temporary relief to the markets, analysts say the coming weeks will be crucial.

“Investors will be watching closely to see whether this positive trend continues or if global factors once again influence foreign investment in Indian stocks,” experts noted.

As per market experts, in the coming week, market participants will closely watch the quarterly earnings of major companies like Infosys, HDFC Bank, and ICICI Bank.

Other key players, including HCL Technologies, Axis Bank, Hindustan Unilever and Maruti Suzuki India are also set to release their financial results.

Meanwhile, the expiry of the April derivatives series could add to market volatility. On the global front, any developments related to tariffs and their potential impact on international markets will also be closely tracked, the experts mentioned.

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National News

Uddhav and Raj Thackeray hint at unity to safeguard Maha interests and Marathi language

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Mumbai, April 19: In a significant development, estranged cousins Uddhav Thackeray and Raj Thackeray on Saturday signalled a willingness to set aside their past differences and unite for the larger cause of protecting Maharashtra’s interests and preserving the Marathi language.

Uddhav Thackeray, who leads the Shiv Sena (UBT), and Raj Thackeray, founder of the Maharashtra Navnirman Sena (MNS), voiced strong opposition to the MahaYuti government’s decision to make Hindi a compulsory subject from Classes 1 to 5 in Marathi and English-medium schools.

Both leaders, speaking on separate platforms, suggested they were open to collaboration on issues crucial to the state’s identity and culture — particularly at a time when Marathi has been granted classical language status by the BJP-led central government.

In an interview with actor-director Mahesh Manjrekar, Raj Thackeray said, “The disputes and fights between Uddhav and me are minor — Maharashtra is much bigger than all that. These differences are proving costly for the existence of Maharashtra and the Marathi people.”

He added, “Coming together is not difficult, it’s a matter of will. It’s not just about my desire or selfishness. We need to look at the bigger picture. All Marathi people across political parties should unite and form a single party.”

Raj Thackeray further distinguished his past political decisions from the rebellion led by Chief Minister Eknath Shinde. “I left Shiv Sena when MLAs and MPs were with me. Even then, I chose to walk alone because I couldn’t work under anyone except Balasaheb Thackeray. I had no objection to working with Uddhav. The question is — does the other side have the will to work with me?”

“If Maharashtra wants us to come together, let Maharashtra speak up. I don’t let my ego get in the way of such matters,” he said.

Responding at a Bhartiya Kamgar Sena function, Uddhav Thackeray expressed similar sentiments. “I’m ready to put aside petty disputes. I appeal to all Marathi people to unite in the interest of Maharashtra. But there is a condition — when we pointed out in Parliament that industries were being shifted to Gujarat, if we had united then, we could have formed a government that worked for Maharashtra. We cannot keep switching sides — supporting them one day, opposing them the next, and then compromising again.”

“Anyone who acts against Maharashtra’s interests — I will not welcome them, invite them home, or sit with them. Let this be clear first, and then let us work together for Maharashtra,” he asserted.

MNS general secretary Sandeep Deshpande welcomed the tone of reconciliation but posed a key question — “Raj Thackeray rightly asked — does the other party truly want to come together? Until that is clear, the conversation is incomplete. We all want what’s best for Maharashtra. But do others feel the same way?”

Echoing the sentiment, Shiv Sena (UBT) leader and Leader of Opposition in the Legislative Council, Ambadas Danve said, “As a Marathi manoos, it’s important for all forces to unite. Whether it is Uddhav or Raj, both are brothers. The political context may differ, but at the end of the day, the bond remains. There are many who are willing to mediate in this matter.”

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disaster

Strong 5.8 magnitude earthquake in Afghanistan; tremors felt in Delhi-NCR, J&K

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New Delhi, April 19: A powerful earthquake measuring 5.8 on the Richter scale struck Afghanistan on Saturday afternoon at 12:17 pm IST, as reported by the National Center for Seismology (NCS).

The quake’s epicentre was located at 36.10 degrees North latitude and 71.20 degrees East longitude, with a depth of 130 kilometres. Tremors from the earthquake were felt across several northern regions of India, including Jammu & Kashmir and the Delhi-NCR area.

While there have been no immediate reports of damage or injuries, authorities are keeping a close watch on the situation.

The NCS confirmed the seismic activity via a post on social media platform X.

“EQ of M: 5.8, On: 19/04/2025 12:17:53 IST, Lat: 36.10 N, Long: 71.20 E, Depth: 130 Km, Location: Afghanistan,” NCS said in a post on X.

This event follows a similar tremor that occurred earlier in the week. On Wednesday, a 5.6 magnitude earthquake was recorded in Afghanistan, with its epicentre approximately 164 km east of Baghlan.

The European-Mediterranean Seismological Centre (EMSC) initially reported the quake as 6.4 in magnitude but later revised it to 5.6.

In a related development, the Kishtwar region of Jammu & Kashmir also experienced a mild earthquake measuring 2.4 on the Richter scale on Wednesday morning around 5:14 AM IST.

The tremor occurred at a shallow depth of 5 kilometres.

The United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) highlights that Afghanistan is extremely susceptible to natural hazards such as earthquakes, landslides, and seasonal floods.

UNOCHA also pointed out that the frequent seismic activity in the region severely impacts already fragile communities, which have endured years of conflict and underdevelopment.

These conditions have significantly weakened their capacity to handle multiple crises at once. According to the Red Cross, Afghanistan has a long history of experiencing powerful earthquakes, especially in the Hindu Kush region, which is known for its intense geological activity and frequent tremors.

The country lies along several major fault lines where the Indian and Eurasian tectonic plates meet. One of these fault lines passes directly through Herat, increasing the area’s risk of seismic events.

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