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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.

National News

‘Cash at judge’s home’: As CJI peruses in-house enquiry report, HC roster retains Justice Yashwant Varma’s name

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New Delhi, March 22: Key facts about the March 14 fire incident and subsequent developments at the residence of Delhi High Court Judge Yashwant Varma are reported to have been mentioned in an in-house enquiry report being perused by Chief Justice of India (CJI) Sanjiv Khanna over the alleged ‘cash at home’ episode.

The report was submitted by Delhi HC’s Chief Justice, D.K. Upadhyay, late on Friday, recreating the chain of events and the information gathered by fire-fighters and other first responders.

The findings of the in-house probe hold significance as the laid down procedure prescribes that if the enquiry finds credible evidence of wrongdoing against a judge the matter may call for a formal impeachment process.

Despite Justice Varma’s recommended transfer to the Allahabad High Court and speculation over recovery of unaccounted for cash at his home, his name on Saturday continued to appear in the Delhi High Court’s Roster for sitting of judges effective from March 17, 2025.

In the Roster, Justice Varma’s name appeared along with Justice Harish Vaidyanathan Shankar under Division Bench-III which deals with writ petitions challenging Constitutional validity of any Act, Statutory Rule, Regulation or Notification pertaining to Municipal Tax. The Bench is also designated for dealing with matters related to Sales Tax and GST.

Even the Advance Cause list of the High Court for March 24 uploaded on the official website mentioned 45 matters likely to be taken up on Monday by DB-III headed by Justice Varma. On Friday, the day when the alleged ‘cash at home’ was reported, Justice Varma had not reported to office.

In response to the speculation, the Supreme Court issued a clarification stating that Justice Varma’s recommended transfer to the Allahabad High Court was not related to the alleged discovery of cash at his official residence. The court stressed that the transfer decision was made independently of the ongoing enquiry into the matter.

Chief of Delhi Fire Services (DFS), Atul Garg, on Friday denied reports attributing to him a statement claiming that no cash was found during firefighting operations at the residence of Justice Varma.

In a related development, some reports said that Justice Varma was earlier named in a Central Bureau of Investigation (CBI) FIR filed in 2018 over an alleged sugar mill bank fraud dating back to 2011-12.

The CBI registered an FIR against Simbhaoli Sugar Mills, its directors, and others, including Yashwant Varma, who was then a non-executive director of the company. The case originated from a complaint by the Oriental Bank of Commerce (OBC), accusing the sugar mill of defrauding the bank of nearly Rs 98 lakh through a fraudulent loan scheme.

The CBI FIR registered in Hapur in Uttar Pradesh against the firm was quashed by the Supreme Court in March last year, disagreeing with the Allahabad High Court’s decision to order a probe by the federal agency into the matter. The top court, however, said action by other agencies could be taken, if required.

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Crime

Notorious robber involved in Tanishq heist killed in police encounter in Bihar’s Araria (Ld)

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Patna, March 22: Notorious robber Chunmun Jha succumbed to multiple gunshot injuries on Saturday following a fierce encounter with the police in Bihar’s Araria district, an official said.

Araria Superintendent of Police (SP) Anjani Kumar told media that Jha died while undergoing treatment at Sadar Hospital, Araria.

The encounter occurred at Dhalha Canal under the jurisdiction of Narpatganj police station. A joint team of the Special Task Force (STF) and district police conducted a raid to apprehend Jha, a wanted criminal involved in multiple high-profile heists. During the operation, Jha sustained three gunshot wounds.

“Our team managed to overpower him after a fierce exchange of fire. The injured police officers were sent to Sadar Hospital for treatment, while Jha, who also suffered gunshot wounds, succumbed during treatment,” SP Kumar said.

As the police approached Dhalha Canal, Jha and an accomplice attempted to flee, resulting in a gun battle. Jha was eventually captured, but his accomplice managed to escape. Five police personnel sustained injuries during the encounter.

The injured officers have been identified as Mohammad, a sub-inspector with the STF; Kumar Vikas, the station house officer (SHO) of Narpatganj police station; Nagesh Kumar, an STF driver; and STF jawans Sahabuddin Ansari and Deepak Kumar.

Following the encounter, a heavy police presence was deployed in the area to prevent any untoward incidents.

Jha was a key suspect in several major crimes, including the Purnea and Arrah Tanishq showroom heists.

On July 26, 2024, a gang of six criminals, including Jha, looted gold jewelry worth Rs 2 crore from a shop in Purnea. On March 10 this year, Jha and his associates stormed a Tanishq jewelry store in Arrah, Bhojpur district, escaping with jewelry worth over Rs 25 crore.

In response to the Arrah heist, Bhojpur police apprehended two of the robbers after a brief encounter the same day. Both criminals sustained leg injuries, and two bags containing parts of the stolen jewelry were recovered from their possession.

Jha was known for his involvement in serious offenses across multiple districts, particularly in the Seemanchal region of Bihar.

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Crime

Bombay HC to hear Disha Salian death case on April 2

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Mumbai, March 22: The Bombay High Court will hear a petition filed by Satish Salian, father of the late Disha Salian, on April 2. The petition seeks the registration of an FIR against Shiv Sena (UBT) leader Aaditya Thackeray and others in connection with Disha’s death. However, Aaditya Thackeray has categorically denied all allegations and claims related to the case.

In his petition, Satish Salian alleges that his daughter hosted a party at her residence on June 8, 2020, which Aaditya Thackeray and actors Sooraj Pancholi and Dino Morea attended.

He claims that there are unanswered questions regarding the circumstances of her death and has requested the court to direct authorities to register an FIR and conduct a thorough investigation.

A copy of the petition has also been served to former Narcotics Control Bureau (NCB) officer Sameer Wankhede through the advocate representing Satish Salian.

Wankhede’s lawyer, Advocate Faiz Merchant, has said that his client will submit a detailed affidavit in the High Court, addressing all points raised in the petition and offering clarifications regarding his role in the case.

As part of the legal proceedings, Wankhede is expected to present key evidence collected during his official investigation, specifically related to Rhea Chakraborty and Aaditya Thackeray.

Sources indicate that Wankhede’s affidavit, prepared before the filing of the petition, was circulated in the media and contains serious allegations that could potentially implicate several high-profile individuals.

The court is expected to review the case in light of Satish Salian’s plea, focussing on concerns surrounding the events leading up to Disha’s death. The outcome of the hearing could mark a significant turning point in the case.

Disha Salian, who was a former manager of the late Bollywood actor Sushant Singh Rajput, died on June 8, 2020, after allegedly falling from the 14th floor of a high-rise building in Mumbai. At the time, the Mumbai Police registered an Accidental Death Report (ADR).

Six days later, Sushant Singh Rajput was found dead at his Bandra residence. While the Central Bureau of Investigation (CBI) took over the actor’s death probe, an SIT (Special Investigation Team) was constituted by the Maharashtra government in 2023 to investigate Disha’s death.

Meanwhile, the Shiv Sena has demanded a CBI investigation into Disha Salian’s death. Party legislators have called for a probe into the role of former Mumbai Mayor Kishori Pednekar, questioning whether undue pressure was exerted on Disha’s family.

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