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SC sets up committee headed by ex-SC judge to probe Adani-Hindenburg controversy

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The Supreme Court on Thursday formed a committee headed by its retired judge A.M. Sapre to probe into the Adani-Hindenburg controversy.

A bench headed by Chief Justice of India D.Y. Chandrachud and comprising Justices P.S. Narasimha and J.B. Pardiwala delivered the order on a batch of petitions filed by advocates Vishal Tiwari, M.L. Sharma, Congress leader Jaya Thakur, and one Anamika Jaiswal.

The top court said the committee will consist of O.P. Bhat, Justice J.P. Devadhar (retired), K.V. Kamat, Nandan Nilekani and Somasekhar Sundaresan.

The bench added that the expert committee will be headed by retired justice Abhay Manohar Sapre, former judge of the Supreme Court.

The committee will provide an overall assessment of the situation and the causal factors led to the volatility in the security markets. The committee will suggest measures to strengthen investors’ awareness and also investigate whether there has been regulatory failure in the alleged contravention of laws pertaining to the securities markets in connection with Adani group or other companies, it added.

On February 17, the Supreme Court had said it would not accept sealed cover names of experts suggested by the Centre for inclusion on the committee to be set up to examine Hindenburg report, which resulted in crashing of Adani group company share prices and caused massive loss to investors.

The top court had said the court will select experts and maintain full transparency, and if the court were to take names suggested by the central government, then it would amount to a government constituted committee.

The bench added that the court wants full transparency for protection of interest of investors and it will form a committee so that there is a sense of confidence in the court.

On the aspect of the remit of the committee, Solicitor General Tushar Mehta, representing the Centre, submitted that there should be a holistic view and no unintended impact is caused in the security market. The bench orally observed that it cannot be denied that investors have lost a lot.

Mehta added that “so far as your lordship’s suggestion that a former judge should sit on it, we don’t mind”.

In a written response, the central government had told the Supreme Court that the “truthfulness” of allegations made by a US short seller against the Adani Group should be examined and a fact-finding exercise required to be undertaken as a one-time measure and without making it a precedent.

National News

Vashi’s Raheja Residency Fire Tragedy: Case Registered Against Building Manager & Fire Service Contractor After 4 Deaths, Including 6-Year-Old Girl

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Navi Mumbai: A case has been registered against two people in connection with the fire that broke out in Vashi’s Raheja Residency, which killed four residents, including a 6-year-old girl. The incident occurred on October 21 when the blaze, which started around 12.40 a.m. on the 10th floor, quickly spread to the 11th and 12th floors.

a case has been registered at Vashi Police station against Sanjay Ubale, Raheja Residency manager and Pradeep Patil of Life Save Fire Service. The report stated that the building had appointed Life Save Fire Service to carry out fire prevention measures, while Ubale, as the manager, failed to ensure that the work was being completed, leading to the tragic fire that claimed the lives of innocent residents.

The four deceased were identified as Vedika Sundar Balakrishnan (6), Kamla Hiralal Jain (84), Sundar Balakrishnan (44), and Pooja Rajan (39) — all residents of Raheja Residency. While several other residents were injured due to the fire.

Among the injured members were Manabendra (69), Malika (58), and Ritika Ghosh (39) from Room 1106; Bhavna (49), Mahavir (51), and Krish Jain (21) from Room 1005; Nirmal (53) and Mehul Jain (32) from Govind Complex; and Damayanti Agrawal (80) and Sumanti John Topno (18) from Room 1105.

The fire brigade official said the situation was brought under control after several hours of firefighting, followed by extensive cooling operations. According to the Navi Mumbai Municipal Corporation (NMMC) Fire Department, several fire engines from Vashi, Nerul, Airoli, and Koparkhairane stations were rushed to the spot.

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National News

BJP dares CM Mamata to protest against DMK MP’s ‘derogatory’ remarks about Vande Mataram writer

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Kolkata, Dec 9: The Bharatiya Janata Party (BJP), on Tuesday, challenged Chief Minister Mamata Banerjee to speak against the Dravida Munnetra Kazhagam (DMK) MP A. Raja, for making baseless allegations linking Bankim Chandra Chattopadhyay, Vande Mataram’s composer and legendary Bengali writer, to past communal tensions in the state.

BJP had raised the question whether Mamata Banerjee would dare to speak against Raja, considering that both Trinamool Congress and FMK are part of the opposition Indian National Development Inclusive Alliance (INDIA).

“Mamata Banerjee must speak up against the INDI Alliance, of which she is a part, as it continues to denigrate and defile the rich legacy of Rishi Bankim Chandra Chattopadhyay. Is TMC’s alliance with the DMK and Congress more important than the pride of West Bengal? Shame on her,” observed BJP’s Information Technology Cell Chief and the party’s central observer for West Bengal, Amit Malviya, in a social media statement.

Earlier, the BJP had also issued a statement accusing Raja of “irresponsibly” linking West Bengal’s communal tensions to Bankim Chandra’s writings and thus “twisting facts” in an attempt to paint him as “regressive”.

“Raja’s accusation that Bankim Chandra opposed women’s education and social reform is deeply misleading. Bankim believed real reform must arise from a renewed and awakened Hindu society, not just from superficial legislation – a difference in approach, not in values. Through his novels, Bankim Chandra introduced strong, layered, assertive female characters and consistently encouraged women’s education,” the statement issued by the BJP read.

The BJP also claimed that Mamata Banerjee should answer whether West Bengal’s pride was negotiable for power.

Incidentally, the BJP’s observations come just a couple of hours after CM Mamata, earlier in the day, criticised Prime Minister Narendra Modi over his inadvertent reference to Bankim Chandra Chattopadhyay as “Bankim Da” during his speech in Parliament.

The Prime Minister immediately amended his words and said he would henceforth address Chattopadhyay as “Bankim Babu”.

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Mumbai Press Exclusive News

When will the dilapidated roads in Bhiwandi city be repaired? Raees Sheikh asked a question in the Maharashtra Assembly, expressing concern over road accidents.

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Nagpur: Samajwadi Party MLA from Bhiwandi East Raees Sheikh raised the issue of dilapidated roads, debris lying everywhere and increasing road accidents in Bhiwandi city on the first day of the ongoing winter session of the Maharashtra Assembly in Nagpur. Raees Sheikh asked in the Maharashtra Assembly that when will the roads be constructed in Bhiwandi and when will the road accidents due to bad roads be controlled.

Raees Sheikh said that looking at Bhiwandi city, it seems that there is debris lying everywhere in the entire city and there is no explanation as to when will the roads be constructed in Bhiwandi city and where will the funds for its work come from? Raees Sheikh said that the Chief Minister had called a meeting regarding the construction of roads in Bhiwandi city and in this meeting the Chief Minister had formed a committee which includes the Municipal Corporation Commissioner and MMRDA officers and for the construction of these roads the Chief Minister had said that a proposal of Rs 1,000 crores would be presented. Raees Sheikh said that the people who are being affected during the development work and whose structures are being affected should get compensation from the government. Raees Sheikh also stressed that a policy on this should be made in the current meeting and at the Mumbai level and the government should also clarify by when the roads will be constructed? Raees Sheikh raised the issue of road accidents in the assembly

Raees Sheikh, while raising the issue of dilapidated roads in Bhiwandi city in the Maharashtra Assembly, said that recently, Dr. Omar was taking his five-year-old daughter home from school in Bhiwandi city, during which his five-year-old daughter Khadija died in a tragic road accident while he was also seriously injured. Apart from this, a person named Raj Singh also lost his life due to a road accident. He said that the increasing number of road accidents due to dilapidated roads and potholes in Bhiwandi city is a matter of great concern, so the government should explain when these accidents will be controlled and when the roads will be constructed.

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