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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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Not just a leader, MP Dr. Shrikant Shinde became an example of humanity, assured workers, “I will empower every worker”

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In politics, leaders are often identified by their speeches and rallies, but sometimes there are times when the human face of a leader touches the hearts of people. Shiv Sena MP Dr. Shrikant Shinde has set such an example. Rasool Ghafoor Syed, who lost his son ten days ago, went to meet MP Dr. Shrikant Shinde in Kejriwal to share his grief. There, he suffered a sudden heart attack. He was immediately taken to the hospital but died during treatment. Two major tragedies have befallen a single family in a few days. As soon as the news of the incident was received, MP Dr. Shrikant Shinde went straight to the family home. He not only offered his condolences but also sat with the family and shared their grief. During this, Dr. Shinde provided financial assistance of Rs 5 lakh and assured the responsibility of the children’s education. This incident once again proved that Dr. Shrikant Shinde is not just a politician but also a sensitive human being who understands the pain and suffering of the common people. The way he supported his family in difficult times and showed humanity is being talked about in the entire region. Minister Bharat Sheth Gogawale, MP Sandipan Bhumare, former MLA Sangeeta Thombare and Yuva Sena Inspector Bajirao Chavan were also present with Shrikant Shinde during the event.

Shiv Sena Parliamentary Party leader and MP Dr. Shrikant Shinde, who is on a visit to Maharashtra, said that Marathwada has always been the stronghold of Shiv Sena, and the party will work to empower every worker there. As part of his “Shiv Samavad” tour, he interacted with workers and office bearers in Bed district to review the preparations for the upcoming elections. At a meeting held in Kej, MP Dr. Shinde said that it is necessary to strengthen the organisation at the booth level in view of the Zilla Parishad and Panchayat Samiti elections. He urged the workers to go to the villages and strengthen the party. He said that the party leadership is also focusing on the common workers and those who work hard will get organizational responsibilities. He said that appointments for Taluka Heads, Deputy Taluka Heads, Branch Heads and Deputy Branch Heads in Parli and Kej assembly constituencies will be made soon. Minister Bharat Sheth Gogawale highlighted the important role of BLA in the voter list revision campaign and stressed the need to collect accurate voter information at every booth. He urged the workers to work diligently for the organization. Meanwhile, MP Dr. Shinde addressed three separate meetings from Kej, Parli, Beed, Majalgaon, Ashti, and Giurai assembly constituencies of Beed district. A large number of Shiv Sena members were present in the meetings.

During his tour of the “Shiv Samavad”, Dr. Shrikant Shinde visited 23 assembly constituencies of Marathwada in the last three days, directly interacted with party workers, and conveyed the message of strengthening the organization.

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National News

US President Donald Trump’s Daughter Tiffany Visits India’s Iconic Taj Mahal With Husband During Private Trip

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India’s most iconic monument just welcomed another high-profile visitor. Tiffany Trump, daughter of US President Donald Trump, made a stop at the world-famous Taj Mahal on May 30 during her private trip to India, accompanied by her husband, Michael Boulos.

The couple reportedly arrived in Agra on Saturday and spent time exploring the historic marble mausoleum before continuing their travels to Rajasthan. Videos from the visit, shared by press, showed Tiffany embracing the Indian summer in a breezy floral dress, while Michael opted for a relaxed casual look as they admired one of the world’s most celebrated architectural wonders.

Inside Tiffany Trump’s India visit with husband

Tiffany travelled to Agra via a chartered aircraft. Given the family’s global profile, authorities made special security arrangements during the visit. However, officials have clarified that the trip is entirely personal, with no political meetings or official engagements on the schedule.

Before arriving in Agra, Tiffany also visited Swaminarayan Akshardham in Delhi. Sharing her experience on social media, she described the visit as an “Incredible visit to Akshardham Temple,” offering followers a glimpse into her cultural tour across India.

The visit has naturally sparked interest, not only because of Tiffany’s famous family name but also due to the Trump family’s longstanding connection with India. Over the years, members of the family have frequently expressed admiration for India’s culture, heritage, and historic landmarks.

Tiffany, the daughter of Donald Trump and actress Marla Maples, married Michael Boulos in 2022. Since then, the couple has often been spotted together at family celebrations, public appearances, and international events.

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Tejashwi Yadav To Lead Major RJD Organisational Overhaul After MLC Polls; Bihar Chief Mangani Lal Mandal Likely To Be Replaced

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Patna: RJD national working president Tejashwi Yadav may effect a major organisational rejig after the MLC polls, scheduled next month.

In the party`s organsiational overhaul, RJD is also likely to have a new Bihar chief, replacing the incumbent Mangani Lal Mandal. Ahead of the organisational rejig, Tejashwi is scheduled to hold meetings with the party’s district presidents, senior leaders, and party workers.

Senior RJD leaders will hold discussions in these meetings to formulate strategy for strengthening the party at the booth level. The announcement of the new team is expected to follow immediately thereafter. It is widely believed that, in addition to the state president, leaders holding various other organisational positions will also be replaced.

Mandal was  made state RJD president last year. Recently, Mandal created a flutter in party circles after he  expressed his displeasure regarding the working methods of party leaders and workers.

He alleged that several important events were being organised without informing senior office-bearers, and that party protocols were  not followed. He also warned that strict disciplinary action would be taken against those found violating party norms.

Amid the speculation over Mandal’s potential departure, names of former ministers Kumar Sarvajeet and Alok Mehta are doing the rounds for the post of state party chief.

Sarvajeet is considered the frontrunner in this race. He is the RJD MLA representing the Bodh Gaya assembly constituency and is known for his close proximity with both party chief Lalu Prasad and Tejashwi. 

The second major name in this race is Alok Mehta. He possesses extensive political experience at both the central and state levels in Bihar. He is a former MP and currently serves as the RJD MLA from the Ujiarpur constituency.

He is widely regarded as having a strong command over the party’s grassroots cadre. The third name in contention is that of RJD MP Sudhakar Singh. He is the son of the  former state RJD chief, Jagdanand Singh. 

The second major name in this race is Alok Mehta. He possesses extensive political experience at both the central and state levels in Bihar. He is a former MP and currently serves as the RJD MLA from the Ujiarpur constituency.

He is widely regarded as having a strong command over the party’s grassroots cadre. The third name in contention is that of RJD MP Sudhakar Singh. He is the son of the  former state RJD chief, Jagdanand Singh. 

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