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Factually baseless: SEBI on claims of investigations against Adani Group since 2016

The Securities and Exchange Board of India (SEBI) on Monday told the Supreme Court that all claims that the market regulator has been investigating the Adani Group since 2016 are “factually baseless” and one must not jump to “premature and wrong conclusions” in the case.

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Adani Group

The Securities and Exchange Board of India (SEBI) on Monday told the Supreme Court that all claims that the market regulator has been investigating the Adani Group since 2016 are “factually baseless” and one must not jump to “premature and wrong conclusions” in the case.

In an affidavit filed in the Apex court, SEBI said that no listed company of the Adani Group was among the list of 51 companies that it had investigated for issuing of Global Depository Receipts or GDRs.

According to the affidavit, filed in response to a plea claiming that SEBI had been investigating the Adani group since 2016 and had opposed a six-month extension to its ongoing probe, the market regulator clarified that the ‘investigation’ “referred to in paragraph 5 of the reply affidavit has no relation and/or connection to the issues referred to and/or arising out of the Hindenburg Report.”

It further said that matter pertains to the issuance of GDRs by 51 Indian listed companies which the SEBI was investigating, adding that no listed company of Adani Group was part of the aforesaid 51 companies.

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The SEBI said that after the completion of the investigation, appropriate enforcement actions were taken. Hence, the claims that the SEBI is investigating the Adani Group since 2016 are “factually baseless.”

The regulator said the six-month extension is to ensure that a thorough investigation is carried out keeping in mind the interest of investors and the securities market.

The Supreme Court had on March 2, directed the SEBI to investigate violations by the Adani Group, if any, before and after the release of the damning Hindenburg report.

The SEBI had been asked to file a report within two months, however, on April 29, the regulator filed for a six-month extension to complete the investigation.

Adani Group endured over $120 billion in market losses- nearly half of the conglomerate’s estimated value—since the damning report released by US short-seller Hindenburg Research.

In its critical report, Hindenburg Research accused the Adani Group of indulging in improper use of offshore tax havens and stock manipulation while also raising concerns about high debt and the valuations of seven listed Adani companies.

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Uniform rules for WhatsApp, Telegram under review as Centre examines legal aspects

The Centre is reviewing responses from WhatsApp, Telegram and Zoho Bharat Eye over username-based messaging features, with a notification on uniform rules likely within 20 days.

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WhatsApp

The Centre is reviewing responses submitted by WhatsApp, Telegram and Zoho Bharat Eye regarding their username-based messaging features, as the government evaluates whether regulatory action is required. A notification on the issue could be issued within the next 20 days.

MeitY examines responses from messaging platforms

According to sources in the Ministry of Electronics and Information Technology (MeitY), WhatsApp, Telegram and Zoho Bharat Eye have responded to government notices concerning username-based messaging features.

The ministry’s legal team is scrutinising the replies to determine whether any existing legal provisions have been violated and whether any clauses can be invoked for regulatory action or sanctions.

Speaking on the sidelines of the launch of a cybersecurity report on Monday, MeitY Secretary S. Krishnan confirmed that WhatsApp’s response had been received over the weekend and is currently under examination.

“The reply was received last week. We are examining the response and action, if any, will be taken after that examination,” he said.

Government stresses uniform regulatory approach

The government has maintained that any regulatory framework introduced in connection with username-based messaging will apply equally across all messaging platforms rather than targeting any single service.

Union Minister Ashwini Vaishnaw has indicated that a notification on the matter is expected within the next 20 days. The ongoing review is focused on examining the legal implications rather than being a purely policy exercise.

Why the government raised concerns

MeitY had issued notices to WhatsApp, Telegram and Signal after expressing concerns that username-based messaging, which allows users to communicate without sharing their phone numbers, could be misused for impersonation, phishing, identity theft and so-called “digital arrest” scams.

Earlier, a WhatsApp spokesperson said the platform is primarily designed as a private messaging service that helps people stay connected with friends and family.

The review forms part of the government’s broader efforts to strengthen online safety, curb the misuse of digital communication platforms and ensure that any future regulations are implemented uniformly across messaging services.

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Delhi Police arrest 2 Lucknow University law students for disrupting Supreme Court proceedings

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The Delhi Police on Tuesday arrested Lucknow University law students Prabal Pratap Singh and Chandrabhan for disrupting proceedings inside the Supreme Court. The incident took place on July 10 in Courtroom No. 13 during a hearing before the bench of Justice K.V. Viswanathan and Justice Alok Aradhe.

Police said Prabal Pratap Singh, a third-year LLB student from Etawah, Uttar Pradesh, interrupted the court proceedings by shouting slogans, using abusive language against Chief Justice of India Justice Surya Kant, throwing court papers into the air, and creating chaos inside the courtroom. His associate, Chandrabhan, allegedly supported the disruption.

Security personnel in the Supreme Court overpowered the two and removed them from the courtroom, allowing the hearing to resume. The Court had magnanimously let them go without punishing them, CJI Surya Kant had also dismissed any action against the two law students saying they were like children.

Police said the accused had approached the Supreme Court in connection with a legal dispute after challenging an order of the Allahabad High Court. Investigators believe the disruption was linked to dissatisfaction with the progress of the case, although the exact motive is still being examined.

Following the incident, the Tilak Marg Police Station registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita (BNS), including charges of obstructing public servants from performing their duties, disturbing judicial proceedings, and acting with common intention. After their arrest, both accused were produced before a Delhi court, which remanded them to two days of police custody for questioning.

The incident has raised fresh concerns over security inside the country’s highest court. Although the Supreme Court has strict entry procedures and multiple security checks, the disruption has prompted authorities to review existing security arrangements to prevent similar incidents in the future.

Police are now analyzing CCTV footage, questioning the accused, and investigating whether anyone else was involved or if the act was planned in advance. Further legal action will depend on the findings of the investigation.

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Congress invites Mamata Banerjee to July 21 event, asks her to admit leaving party was a mistake

The West Bengal Congress has invited Mamata Banerjee to its July 21 programme, asking her to publicly acknowledge that leaving the Congress was a political mistake while paying tribute to the 1993 martyrs.

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Mamata Banerjee

The West Bengal Congress has invited Trinamool Congress (TMC) chief Mamata Banerjee to its July 21 programme in Kolkata, saying she should publicly acknowledge that quitting the Congress nearly three decades ago was a political mistake.

The invitation came from West Bengal Congress president Subhankar Sarkar, who addressed reporters after reviewing preparations for the party’s ‘Martyrs’ Day’ programme at Shahid Minar.

Congress asks Mamata to acknowledge 1993 movement

Sarkar said Banerjee should recognise the historical importance of the July 21, 1993 movement instead of trying to alter its legacy.

According to him, the movement was organised under the banner of the Youth Congress, making it an integral part of the Congress’ political history.

He said political leaders who respect their own political journey earn greater public respect and urged Banerjee to pay tribute to the martyrs at the Congress programme.

‘Leaving Congress was a mistake’

Sarkar said Banerjee’s participation in the event would carry greater significance if she publicly admitted that leaving the Congress was the wrong political decision.

He described such a move as an act of political atonement and said the Congress stage remains open for anyone wishing to pay homage to those who died during the July 21, 1993 movement.

July 21 remains politically significant in West Bengal

The July 21, 1993 protest, led by Mamata Banerjee during her time in the Youth Congress, ended in police firing in which 13 people allegedly lost their lives.

After leaving the Congress in December 1997 to form the Trinamool Congress, Banerjee continued observing July 21 every year through large public rallies that gradually became a major display of the party’s organisational strength. The Congress, meanwhile, continued marking the day with comparatively smaller programmes.

Multiple events planned this year

The political landscape has changed following the TMC’s loss of power in the West Bengal Assembly elections, with the party also facing internal rebellion.

A rebel TMC faction led by Ritabrata Banerjee has announced a separate observance near the Mahatma Gandhi statue in Esplanade. Meanwhile, police have denied permission to another group loyal to the former chief minister to hold its programme at its traditional venue in front of Victoria House. The matter is currently pending before the court.

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