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Adani-Hindenburg Case: Supreme Court rejects SIT probe into allegations against Adani group, directs SEBI to continue investigation

The Supreme Court directed SEBI to complete its investigation into the two remaining cases within three months. After the verdict, shares of Adani Enterprises jumped 2.98% to Rs 3019.30 on the Bombay Stock Exchange.

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The Supreme Court on Wednesday refused to allow a probe by a special investigation team into allegations against the Adani Group last January’s Hindenburg Research report. It said the Securities Exchange Bureau of India would continue its investigation as the Court did not have any reason to interfere with Sebi’s powers.

The Supreme Court directed SEBI to complete its investigation into the two remaining cases within three months. After the verdict, shares of Adani Enterprises jumped 2.98% to Rs 3019.30 on the Bombay Stock Exchange. Adani Group founder Gautam Adani has reacted to the Supreme Court Verdict. He took to X(formerly Twitter) and wrote Truth has prevailed. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind.

Advocate and petitioner Vishal Tiwari told the media that the Supreme Court has very clearly said that whatever report, given by any third party, cannot be taken as conclusive proof and there must be evidence that must that may support (the case).

The Supreme Court has asked the Union government and SEBI to look into whether there is any infraction of law by the Hindenburg report on short selling. In the verdict the Supreme Court has cautioned that petitions lacking adequate research and relying on unverified materials can be counter-productive to public interest jurisprudence.

The Chief justice of India – led bench said that Hindenburg or any other such report cannot become the basis of ordering a separate probe. The Supreme Court said SEBI should proceed and conclude its probe as per the law.

On 24 January 2023, Hindenburg Research released a report alleging malpractices at Adani Group companies, leading to the cancellation of a $2.4 billion share sale and significant drop in the group’s market capitalization. Adani Group issued a 413-page response denying the allegations

Entertainment

The Sabarmati Report: PM Modi praises film based on Godhra train burning incident, says truth coming out

The Prime Minister’s remarks came in response to an X user who had shared a video of the film’s trailer, which was released on Friday.

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Prime Minister Narendra Modi on Sunday praised the film ‘The Sabarmati Report’, based on 2002 Godhra train incident, saying the truth is coming to out.

He expressed his thoughts on social media platform X, saying, “Well said. It is good that this truth is emerging, especially in a manner accessible to the general public. A deceptive narrative can only last for so long. Ultimately, the facts will prevail!”

The Prime Minister’s remarks came in response to an X user who had shared a video of the film’s trailer, which was released on Friday.

‘The Sabarmati Report’ focuses on the tragic incident involving the burning of the S-6 coach of the Sabarmati Express near Godhra station in Gujarat on February 27, 2002, resulting in the deaths of 59 Hindu pilgrims returning from Ayodhya. This event ignited widespread riots in Gujarat that year.

Directed by Dheeraj Sarna, the film is produced by Shobha Kapoor, Ektaa R Kapoor, Amul V Mohan, and Anshul Mohan, and features actors Vikrant Massey, Raashii Khanna, and Ridhi Dogra.

In response to PM Modi’s commendation, producer Ekta Kapoor expressed her gratitude, highlighting that his praise provided a significant morale boost for the film’s team. Resharing the Prime Minister’s post, she wrote in Hindi on X: “Respected Prime Minister, thank you very much for your encouraging words about #TheSabarmatiReport. They have invigorated our spirits. Your recognition of #TheSabarmatiReport confirms that we are on the right path. Thank you for your love and support.”

This is not the first instance of PM Modi praising a film. In 2022, he lauded Vivek Agnihotri’s ‘The Kashmir Files’. He stated, “History must be conveyed in the correct context. Books, poetry, literature, and films all play a crucial role in this. You’ve likely heard the discussions surrounding ‘The Kashmir Files’; it has certainly ruffled the feathers of those who champion freedom of expression.” The film depicts the 1990 exodus of Kashmiri Pandits from the Valley and features Anupam Kher, Pallavi Joshi, Mithun Chakraborty, Darshan Kumar, among others.

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Nitin Gadkari slams Rahul Gandhi after he compares Modi to Biden over memory loss

Gandhi, the Leader of Opposition in the Lok Sabha, on Saturday took a swipe at the Prime Minister, saying Modi is suffering from memory loss like the outgoing United States president.

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Union Minister Nitin Gadkari on Sunday slammed Congress leader Rahul Gandhi after the latter compared Prime Minister Narendra Modi to outgoing US President Joe Biden over memory loss, saying Gandhi should not be taken seriously.

The senior BJP leader expressed confidence that the people of Maharashtra would support the BJP-led Mahayuti alliance in the upcoming state Assembly elections on November 20.

“The way Rahul Gandhi speaks, nobody takes him seriously. I think people should not take his remarks seriously,” Gadkari said while speaking to PTI.

Gandhi, the Leader of Opposition in Lok Sabha, on Saturday took a swipe at the Prime Minister, saying Modi is suffering from memory loss like the outgoing United States president.

During an election rally in Maharashtra’s Amravati on Saturday, Gandhi said: “My sister was telling me that she listened to PM Modi’s speech. She said that these days Modi ji is essentially repeating whatever we say. Perhaps he has suffered memory loss. Like the former President of America. He used to forget things and had to be reminded from behind about what to say, and what not to.”

The Rae Bareli MP commented on the incident where Biden mistakenly called Ukrainian President Volodymyr Zelenskyy “President Putin” during the NATO summit held in Washington in July.

Gadkari, responding to Gandhi’s allegations about PM Modi suffering from memory loss like Biden, hit out at the Congress leader for speaking irresponsibly.

On Maharashtra Deputy Chief Minister Ajit Pawar’s dissent regarding Uttar Pradesh Chief Minister Yogi Adityanath’s ‘batenge toh katenge’ remark, which suggested increasing tensions within the Mahayuti alliance, Gadkari downplayed the issue, stating, “First of all, we are different parties, and it is not necessary that we share the same opinion.”

He elaborated that “the media also distorts what is said. This creates misconceptions. The call for unity was to unite against terrorism and Naxalism”.

On being asked about the challenges confronting the Mahayuti alliance following its less-than-stellar performance in the recent Lok Sabha elections, Gadkari attributed the results to the confusion propagated by the Opposition. “A narrative was created that if we win 400-plus seats, we will amend the Constitution drafted by Dr. Babasaheb Ambedkar.”

Gadkari strongly denied these assertions, saying, “There is no question of changing the Constitution. We will neither do it, nor allow others to do it. Now people have realised that the campaign by the opposition during the Lok Sabha polls was based on lies, and they have decided to support with positivity the Mahayuti in Maharashtra under PM Modi’s leadership.”

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Rahul Gandhi says continuing bloodshed in Manipur deeply disturbing

The former Congress chief urged the Prime Minister to work towards restoring peace and healing in the Valley.  

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Urging Prime Minister Narendra Modi to visit violence-hit Manipur, Leader of Opposition in the Lok Sabha Rahul Gandhi said that the recent string of violent clashes and continuing bloodshed in Manipur is deeply disturbing.

The former Congress chief urged the Prime Minister to work towards restoring peace and healing in the Valley.  

“After more than a year of division and suffering, it was the hope of every Indian that the Central and State governments would have made every effort at reconciliation and found a solution,” Gandhi said in a post on X.

On Friday night, three bodies, believed to belong to six individuals who had gone missing from the Jiribam district, were found near the confluence of the Jiri and Barak rivers along the Manipur-Assam border.

Following the development, the residences of two Ministers and three MLAs were attacked by protesters in Manipur’s Imphal on Saturday. The protesters were seeking justice for the murder of three persons in the Jiribam district.

In view of the situation, the government suspended internet services in seven districts, and a curfew was imposed. A mob also attacked the residence of Health and Family Welfare Minister Sapam Ranjan in the Lamphel Sanakeithel area.

In the Sagolband area, agitators gathered outside the residence of BJP legislator RK Imo, who is also the son-in-law of Chief Minister N Biren Singh, expressing demands for an appropriate response from the government regarding the killings and urging authorities to arrest the culprits within 24 hours.

The protesters who went to meet with independent legislator Sapam Nishikanta Singh at his residence on Tiddim Road vandalised the office of a local newspaper owned by him after knowing he was out of state. The mob reportedly destroyed several temporary structures in front of the office.

Imphal West, Imphal East, Bishnupur, Thoubal, Kakching, Kangpokpi and Churachandpur were the districts where the internet services were suspended for two days, as per the reports.

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