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Supreme Court Upholds SEBI Probe In Adani-Hindenburg Case; Rejects Transfer To SIT

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The Supreme Court on Wednesday delivered its verdict on the Adani-Hindenburg case. The apex court held that there was ‘no ground to transfer the investigation from the Securities and Exchange Board of India to SIT (Special Investigation Team)’.

The apex court announced its ruling, stating that no valid grounds were presented to challenge the amendment to the Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirements (LODR) recommendations.

Additionally, the court directed the Securities and Exchange Board of India (SEBI) to finalize the remaining two investigations within a three-month timeframe.

A bench consisting of Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra issued the verdict. The petitions contended that the Adani Group, perceived to have close ties with the Modi government, inflated its share prices. Following the report from the short seller Hindenburg Research, the stock value of multiple group entities experienced a significant decline.

About the Adani-Hindenburg Controversy

The Adani-Hindenburg controversy emerged in January 2023 when Hindenburg Research published a report accusing the Adani Group of accounting fraud, stock price manipulation, and improper use of tax havens. This report triggered a significant stock market decline, wiping out nearly $150 billion in market value at its lowest point.

The Supreme Court of India had reserved judgment on a series of Public Interest Litigations (PILs) seeking a court-monitored investigation into these allegations. The court clarified that it cannot automatically accept Hindenburg’s claims as the “ipso facto true state of affairs” and directed the Securities and Exchange Board of India (Sebi) to conduct an inquiry. The court mandated Sebi to conclude its investigation into all 24 cases and take appropriate legal action based on the recommendations of an expert committee.

Adani Group Companies shares

The shares of Adani Group companies on Wednesday saw a significant surge ahead of the Supreme Court verdict of the Adani Hindenburg controversy.

The shares of Adani Enterprises, surged 7.24 percent, reaching Rs 3,144.80 each around 10 am. Similarly, Adani Ports and Special Economic Zone shares registered an uptick of 5.62 percent, trading at Rs 1,139 per share, positioning them as the top gainers on the Nifty50 index.

The shares of Adani Transmission jumped 15.77 percent, reaching Rs 1,230, nearing their 52-week high. Meanwhile, Adani Total Gas shares also climbed by 10 percent to Rs 1,100.95, and Adani Green Energy shares witnessed an 8.23 percent increase, trading at Rs 1,735.60. Adani Power shares recorded a percent increase, reaching Rs 544.50 per share, while Adani Wilmar gained 7.31 percent, trading at Rs 393.40.

Additionally, other companies under the Adani conglomerate, including NDTV, ACC, and Ambuja Cement, experienced positive movements, with NDTV rising by 10.21 percent to Rs 300, ACC shares showing a 2.64 percent increase, and Ambuja Cement gaining 3.13 percent.

International

UN chief warns of ‘rathole of retaliation’ after US strikes on Iran

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United Nations, June 23: UN Secretary-General Antonio Guterres warned of “a rathole of retaliation” in the wake of US strikes on Iranian nuclear sites.

The US bombing of Iranian nuclear facilities marks a perilous turn in a region that is already reeling, Guterres told an emergency meeting of the UN Security Council.

“From the outset of the (Israeli-Iranian) crisis, I have repeatedly condemned any military escalation in the Middle East. The people of the region cannot endure another cycle of destruction. And yet, we now risk descending into a rathole of retaliation after retaliation,” he warned.

To avoid further escalation, diplomacy must prevail, civilians must be protected, and safe maritime navigation must be guaranteed, Guterres said.

“We must act — immediately and decisively — to halt the fighting and return to serious, sustained negotiations on the Iran nuclear program,” he urged.

According to media, Guterres called for a credible, comprehensive and verifiable solution to restore trust, including inspections by the UN nuclear watchdog, the International Atomic Energy Agency.

He stressed that the Non-Proliferation Treaty is a cornerstone of international peace and security, adding that Iran must fully respect it.

All member states, he said, must act in accordance with their obligations under the UN Charter and other rules of international law, including international humanitarian law.

“The United Nations stands ready to support any and all efforts toward a peaceful resolution. But peace cannot be imposed, it must be chosen,” said Guterres.

“We face a stark choice. One path leads to wider war, deeper human suffering, and serious damage to the international order. The other leads to de-escalation, diplomacy and dialogue. We know which path is right.”

He also urged the Security Council and all UN member states to act with reason, restraint and urgency for peace.

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International

US, Iran clash at UN over nuclear site strikes as tensions escalate

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United Nations, June 23: The US and Iran exchanged sharp accusations at an emergency meeting of the United Nations Security Council on Monday (Indian time), following US military strikes on three of Iran’s major nuclear facilities, an operation that has drawn global attention and concern over the potential for broader conflict.

Addressing the Council a day after US President Donald Trump confirmed American forces struck the Fordow, Natanz, and Esfahan nuclear sites, acting US Ambassador to the UN, Dorothy Camille Shea, said that the strikes were aimed at dismantling Iran’s nuclear enrichment capacity and ending the nuclear threat posed by what she called the “world’s foremost state sponsor of terror”.

“This operation sought to eliminate a longstanding but rapidly escalating source of global insecurity and to aid our ally Israel in our inherent right of collective self-defence consistent with the UN Charter,” she added.

Shea accused Iran of long obstructing transparency in its nuclear activities, saying it has “stonewalled good-faith efforts” in recent negotiations.

“For 40 years, the Iranian government has called for ‘Death to America’ and ‘Death to Israel’ and posed a constant menace to the peace and security of its neighbours, the US, and the entire world,” she added.

Shea warned Tehran against further escalation, saying, “As President Trump said, any Iranian attack — direct or indirect — against Americans or American bases will be met with devastating retaliation.”

Meanwhile, Iran’s UN envoy Amir Saeid Iravani condemned the strikes as a “blatant crime” and accused the Israeli Prime Minister Benjamin Netanyahu of dragging Trump into a conflict that began on June 13 with an Israeli assault on Iranian nuclear sites and scientists.

“The US decided to destroy diplomacy,” Iravani said, adding that Iran’s armed forces would determine the “timing, nature and scale” of a proportionate response.

Blaming the Israeli Prime Minister directly, he said, “The internationally wanted war criminal Netanyahu succeeded in hijacking US foreign policy, dragging the US into yet another costly, baseless war.”

He called the strikes “profoundly heartbreaking,” stating, “Today, another stain was recorded in the political history of the US.”

He reminded the Council that the US, a founding member of the UN and signatory to the Nuclear Non-Proliferation Treaty (NPT), had once again resorted to the use of force despite being the only country to have used nuclear weapons in conflict.

Iravani also targeted Israel, calling it “an outlaw nuclear-armed regime that refused to join the NPT” and has for decades promoted a “false narrative” about Iran’s nuclear intentions without providing “a shred of evidence”.

“This is a historic test for this Council, for the United Nations as a whole. If this Council fails to act and condemn this blatant aggression, the stain of complicity will forever remain on its conscience, as it does with Gaza,” he warned.

Israel’s Ambassador to the UN, Danny Danon, defended the US actions, saying “history changed” with the strikes.

“The US, the leader of the free world, removed the greatest existential threat facing the free world. Just like our Operation Rising Lion, this was not a war of choice. This action was a necessity. It was a righteous act for the United States, for Israel, for the Middle East, and for the world,” he said.

Danon praised American leadership during the crisis: “Let the record show that when the world stood at the edge of a nuclear disaster, America stepped forward. When time ran out, America showed courage. And when the moment came to confront the forces of extinction, America led.”

He accused Tehran of using the negotiating table as a cover while advancing its missile and uranium enrichment programs.

“Make no mistake, the cost of inaction would have been catastrophic. A nuclear Iran would have been a death sentence just as much for you as it would have for us,” he said.

Danon also said that Iran’s influence extended well beyond its borders, arming militias in Iraq, funding the Houthis in Yemen, plotting murder in Europe, and threatening Western capitals with its growing ballistic missile arsenal.

UN Secretary-General Antonio Guterres expressed grave concern over the developments, warning that the US bombing of Iran’s nuclear facilities marks a “perilous turn” for a region already under immense strain.

“We must act immediately and decisively to halt the fighting and return to serious, sustained negotiations on the Iran nuclear program. We need a credible, comprehensive and verifiable solution, one that restores trust,” Guterres said.

He emphasised the crossroads facing the international community: “We face a stark choice amid the escalation in the Middle East. One way leads to wider war, deeper suffering and serious damage to the international order. The other leads to de-escalation, diplomacy and dialogue. We know which way is right.”

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Maharashtra

Mumbai launched a campaign against drug abuse, organised a cyclothon with the resolution of ‘Drug Free India’

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Mumbai: A unique sight was seen on the streets of Mumbai on Sunday morning when hundreds of people rode bicycles and united against drug abuse. Organised by the Narcotics Control Bureau (NCB) Mumbai and Greater Mumbai Police, the cyclothon gave the message of spreading awareness against drugs.

The “Drugs Free India” campaign started from Bandra Reclamation Bus Station and ended at Juhu Beach.

Big personalities gathered to flag off the cyclothon at 7 am. Naval Bajaj (ADG, ATS), Sharda Nikam (IG, ANTF), Amit Ghavate (Additional Director, NCB Mumbai), Navnath Dhawale (DCP, ANC) and Dr. Deepshikha Birla (Senior Superintendent of India Post) flagged off in the presence of Mumbai North Division and personnel from Narcotics Control Bureau, Mumbai Unit and Anti Narcotics Cell, Mumbai Police.

People of all ages participated in this cyclothon organized by Loha Foundation. From youth to the elderly, everyone raised their voice against drug abuse by riding bicycles. The route was specially chosen keeping in mind traffic and safety, so that the participants do not face any inconvenience.

The walk from Bandra to Juhu was not only good for health but also gave a social message.

The event concluded at Juhu Beach, where common citizens and officials shared their views. Participants said that such events remind us that drug addiction not only ruins the life of one person, but also the entire society. We all have to come together to stop it.

This effort of NCB highlighted the dangers of drug abuse and promoted a healthy, drug-free lifestyle. Officials said that this cyclothon is just a beginning; there will be more such events in the future, which will help in freeing the society from the clutches of drugs.

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