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Here’s what Supreme Court told SEBI during Adani-Hindenburg report hearing

SC said SEBI cannot take as long time as it want and granted it a period of 3 months to complete the probe.

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Gautam Adani

The Supreme Court said it can grant the Securities and Exchange Board of India (SEBI) an extension of three months to finish the investigation into allegations made by American short-seller Hindenburg in their report of alleged manipulation in Adani Group stocks. 

The apex court said it cannot grant 6 months which SEBI had asked for and said the regulatory body should be pro-active in its investigation.

The Court asked SEBI to prepare a team and granted time till mid-August to submit the final report. The Supreme Court said SEBI cannot take as long a time as it wants and said it can grant a 3-month period to complete the probe.

The Court reserved its order for May 15, Monday. The Bench that heard the matter was led by Chief Justice of India DY Chandrachud and comprised Justice PS Narasimha and Justice JB Pardiwala.

On March 2, the Supreme Court had ordered an investigation into violations, if any, of the securities law by the Adani Group after a bloodbath at the stock market following the Hindenburg report. The Adani Group suffered a loss of more than USD140 billion after the claims.

Read Also: Delhi government moves Supreme Court over transfer of services dept chief

The apex court had ordered the investigation to SEBI, which regulates the capital market in the country, and had also constituted a six-member probe committee headed by retired SC judge Justice AM Sapre.

During the hearing, the CJI-led bench said the Justice Sapre committee had submitted its probe. SEBI had filed an application last month seeking extension in the time provided to it to probe the matter by six months.

In the application, SEBI mentioned that 12 transactions that were mentioned in the Hindenburg report requires rigorous investigations, which in the normal course need 15 months to complete, but looking at the situation, they would require at least 6 months to complete the probe.

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India News

PM Modi accuses Congress of anti-Sikh bias over Rahul Gandhi’s ‘traitor’ remark

Prime Minister Narendra Modi accused Rahul Gandhi of targeting BJP MP Ravneet Singh Bittu with a ‘gaddar’ remark because of his Sikh identity while speaking in the Rajya Sabha.

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PM Modi

Prime Minister Narendra Modi on Wednesday launched a sharp attack on Leader of the Opposition Rahul Gandhi, alleging that his “traitor” remark against BJP MP Ravneet Singh Bittu reflected the Congress party’s animosity towards the Sikh community.

The Prime Minister made the remarks in the Rajya Sabha while replying to the motion of thanks on the President’s address. Referring to an incident in the Parliament complex a day earlier, Modi said Gandhi’s comment had crossed all limits of political decency.

The controversy stems from a protest by suspended Opposition MPs, during which Ravneet Singh Bittu — a former Congress leader who joined the BJP ahead of the 2024 Lok Sabha elections — allegedly made a remark suggesting the protesters were behaving as if they had won a war.

In response, Rahul Gandhi was heard saying, “A traitor is walking by, look at his face,” before approaching Bittu and extending his hand. Gandhi then reportedly added, “Hello, brother. My traitor friend. Don’t worry, you will come back.”

Bittu refused to shake hands with the Congress leader and instead described him as an “enemy of the country” before walking away from the scene.

While the Congress later clarified that Gandhi’s remark was aimed at Bittu for leaving the party, the BJP seized upon the comment, calling it an insult to the Sikh community. Protests were subsequently held by members of the Sikh community outside the Congress headquarters and at other locations.

Addressing the House, Prime Minister Modi said that many leaders had quit the Congress in the past and that the party itself had split multiple times, but none of those leaders had been labelled a traitor. “He called this MP a traitor because he is Sikh,” the Prime Minister alleged, as treasury bench members raised slogans condemning the remark.

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India News

Manipur Assembly to meet at 4 pm today, floor test likely under new chief minister

The Manipur Legislative Assembly will convene at 4 pm today, with a floor test likely as the new chief minister seeks to prove his majority in the House.

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Manipur assembly

The Manipur Legislative Assembly will convene at 4 pm on Thursday in Imphal, a day after Yumnam Khemchand Singh was sworn in as the chief minister. A floor test is likely to be held on the first day of the session to establish the majority of the newly formed government.

In the 60-member Assembly, the BJP holds 37 seats, while its ally National People’s Party has six members, giving the ruling combine a clear majority in the House.

Singh chaired the first Cabinet meeting of his government late Wednesday evening, shortly after taking oath as the 13th chief minister of Manipur. The meeting marked the formal start of administrative functioning under the new Council of Ministers.

His appointment came nearly a year after the resignation of former chief minister N Biren Singh, who stepped down following months of ethnic violence between the Meitei and Kuki communities in the state.

After taking oath, Singh thanked Prime Minister Narendra Modi and said he would work with “utmost diligence to advance development and prosperity in Manipur,” aligning the state’s efforts with the vision of Viksit Bharat.

He said the government’s focus would be on inclusive economic growth while preserving Manipur’s cultural heritage, adding that he would discharge his responsibilities with sincerity and dedication, mindful of the trust placed in him.

The summoning of the 12th Manipur Legislative Assembly by Governor Ajay Kumar Bhalla, along with the first Cabinet meeting, signals the resumption of legislative and administrative processes in the state, officially bringing President’s rule to an end.

The sixth session of the 12th Manipur Legislative Assembly was last held from July 31 to August 12, 2024.

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New Delhi free to buy oil from any source, Russia says amid US deal claims

Russia has said India is free to purchase oil from any country, dismissing claims that New Delhi has agreed to stop buying Russian crude under a US trade deal.

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New Delhi free to buy oil from any source, Russia says amid US deal claims

Russia has said that India is free to purchase crude oil from any country, responding to claims by US President Donald Trump that New Delhi has agreed to stop buying Russian oil as part of a recent trade deal with Washington.

The Kremlin said Russia is not India’s only energy supplier and noted that India has long sourced crude oil from multiple countries. It added that there is nothing new in India’s efforts to diversify its oil imports.

Kremlin spokesperson Dmitry Peskov said that energy experts are well aware that India purchases oil and petroleum products from various global suppliers. He added that Moscow does not see any change in India’s approach to sourcing crude.

No official word from India on halting imports

A day earlier, Peskov said Russia has not received any official statement from India regarding the cessation of Russian oil purchases. Russia’s Foreign Ministry echoed the view, saying the hydrocarbon trade between the two countries remains mutually beneficial.

Foreign Ministry spokesperson Maria Zakharova said India’s purchase of Russian hydrocarbons contributes to stability in the global energy market and that Moscow remains ready to continue close cooperation with New Delhi in the energy sector.

Russian media also noted that, unlike the US president, Prime Minister Narendra Modi has not made any public statement indicating an agreement to stop Russian oil imports.

India’s oil imports from Russia

India has continued to import Russian crude even after the US imposed tariffs on Indian goods. According to global trade data provider Kpler, India has been importing around 1.5 million barrels of Russian crude per day, making it the second-largest buyer of Russian oil and accounting for more than one-third of India’s total crude imports.

India buys about 88 per cent of its crude oil needs from overseas, with roughly one-third sourced from Russia. At its peak, imports from Russia crossed 2 million barrels per day, before falling to around 1.3 million barrels per day in December. The volume is expected to remain broadly stable in the near term.

However, imports declined further to about 1.1 million barrels per day in the first three weeks of January following higher tariffs imposed by the US, including levies linked to purchases of Russian energy.

Complete switch unlikely, experts say

Energy experts believe Indian refiners cannot fully replace Russian crude with American oil. Igor Yushkov of the National Energy Security Fund said US shale oil is lighter in grade, while Russian Urals crude is heavier and contains more sulphur.

He explained that replacing Russian oil would require blending different grades, increasing costs for refiners. He added that the US is unlikely to be able to supply the volume currently exported by Russia to India.

Yushkov also recalled that when Russia redirected its oil exports from Western markets to India in 2022, it reduced production by about one million barrels per day, contributing to a sharp rise in global oil prices and record fuel prices in the US.

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