Connect with us
Tuesday,05-May-2026
Breaking News

National News

SC issues contempt notice to SEBI on RIL plea on non-compliance of court order

Published

on

 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

TVK stakes claim to form government in TN; Vijay seeks time from Guv to prove majority

Published

on

Chennai, May 5: With the Tamilaga Vettri Kazhagam (TVK) emerging as the single-largest party in the Tamil Nadu Assembly elections, party President C. Joseph Vijay on Tuesday formally staked claim to form the government in the state.

He has written to Governor Rajendra Arlekar seeking an appointment and requesting an opportunity to prove his majority on the floor of the House.

In his communication sent to the Lok Bhavan (earlier Raj Bhavan), Vijay stated that the party, which has secured 108 seats in the 234-member Assembly, has received a clear mandate as the single-largest formation. He asserted that this position entitles TVK to be invited to form the next government in the state.

“We are the single largest party with 108 legislators and have the right to form the government. We request an opportunity to demonstrate our majority,” Vijay said in his message.

He also sought additional time to mobilise support and indicated that he would be able to prove his majority within 15 days.

The majority mark in the Tamil Nadu Assembly stands at 118, leaving TVK 10 seats short of a clear majority. This has triggered intense political activity, with the party expected to seek support from smaller parties and Independents in the coming days.

Sources in the Raj Bhavan indicated that the Governor is likely to invite Vijay to form the government shortly. Officials suggested that he may be granted a window ranging between seven and 15 days to prove his majority on the Assembly floor, a standard constitutional practice in cases where no party has secured an outright mandate.

Meanwhile, internal preparations within the party are underway. Vijay is set to be formally elected as the Legislature Party leader at a meeting of newly-elected TVK MLAs scheduled to be held at the party headquarters in Panaiyur later in the day.

This step is expected to complete the procedural requirements before government formation. The developments mark a significant moment in Tamil Nadu politics, with TVK’s rapid rise disrupting the state’s traditional political landscape and setting the stage for high-stakes negotiations in the days ahead.

Continue Reading

National News

Agnimitra Paul among six early BJP winners in Bengal as party leads in 192 seats

Published

on

Kolkata, May 4: BJP leader Agnimitra Paul won from the Asansol Dakshin Assembly constituency, the Election Commission of India (ECI) announced on Monday, as the counting for other seats in West Bengal is underway, with the BJP maintaining a significant lead over the ruling Trinamool Congress.

Agnimitra Paul got 1,19,582 votes and defeated Trinamool Congress’ Tapas Banerjee with a margin of over 40,800.

Apart from Agnimitra Paul, Darjeeling candidate Noman Rai, Kalimpong candidate Bharat Kumar Chetri, Medinipur candidate Sankar Kumar Guchhait, Monteswar’s Saikat Panja, and Bhatar’s Karfa Soumen were among the early winners from the BJP.

Meanwhile, after winning six seats, the BJP was leading in 192 seats, while the Trinamool Congress was ahead in 88. Trinamool’s Reyat Hossain Sarkar won in the Bhagawangola Assembly seat, according to the ECI trends as of 4:30 p.m.

Meanwhile, just weeks after Prime Minister Narendra Modi brought the Bengali snack ‘jhalmuri’ into the national spotlight, the BJP is now using the same as a symbol of celebration, as early trends in the Assembly elections show the party surging ahead.

‘Jhalmuri’ had emerged as an unlikely highlight during the final phase of campaigning after PM Modi’s widely shared roadside stop in Jhargram, where he was seen enjoying the snack. The moment quickly went viral, drawing political reactions, including criticism from Chief Minister Mamata Banerjee, who termed it a staged act by the BJP.

The snack, whose name derives from the Bengali word “jhal”, meaning spicy or hot, soon became a metaphor in the campaign, symbolising both the intensity of the political contest and regional identity. Later, during an election rally, PM Modi himself had added a political twist, remarking, “I ate jhalmuri, but TMC felt the jhal (spice).”

With the party holding a strong edge, leaders and workers embraced the ‘jhal’ symbolism, celebrating with the snack across different parts of the country.

Continue Reading

National News

West Bengal Elections 2026: TMC Loses Ground In Muslim-Dominated Seats As BJP Gains Momentum

Published

on

Kolkata: Early counting trends in the 2026 West Bengal Assembly elections suggest that the Trinamool Congress is no longer holding the same level of dominance in Muslim-majority constituencies as it did in previous elections. Of the 293 seats, as many as 43 constituencies with more than 50 percent Muslim population are reflecting a changed electoral mood.

According to initial figures, the TMC and its allies are leading in 30 of these seats, a drop of 12 compared to earlier performance. The Bharatiya Janata Party is ahead in nine such constituencies, while other parties account for four seats, marking a marginal rise.

The current trend marks a sharp departure from the 2021 Assembly elections, when the TMC swept 43 out of 44 Muslim-dominated seats with a vote share of nearly 58 percent. The BJP had failed to win any of these constituencies then, despite securing over 21 percent of the vote share. The Left and other parties had remained limited in influence.

The ongoing trends now suggest a fragmentation of votes in these constituencies, indicating that earlier consolidated support may be witnessing internal shifts.

Reacting to the early trends, West Bengal Leader of the Opposition Suvendu Adhikari said there has been consolidation among Hindu voters, while Muslim votes appear more divided this time. He claimed that the BJP has also made inroads in certain booths where it had previously struggled.

Adhikari further stated that after initial rounds of counting, the BJP was gaining momentum in several constituencies. He expressed confidence in the party forming the government, crediting the leadership of Prime Minister Narendra Modi.

Speaking about Bhabanipur, Adhikari said that early rounds showed a deficit in areas with higher minority populations, but later rounds shifted in his favour. He also claimed that Chief Minister Mamata Banerjee was trailing, though official confirmation is awaited.

With counting still underway, political observers urge caution. However, the early trends underline a significant shift in West Bengal’s electoral landscape, where voter behaviour appears more varied than in previous elections.

Continue Reading

Trending