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Hindenburg report: Congress slams PM Modi-led BJP Govt for defending Adani, SEBI, says Blackstone, Agora played important role

She further highlighted that despite the Supreme Court’s repeated requests for investment information, SEBI showed reluctance to provide the necessary details.

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The Congress on Sunday slammed Prime Minister Narendra Modi-led BJP government for defending Adani Group and SEBI after US-based short-seller Hindenburg Reserch’s latest report. Apart from this, the two companies Blackstone and Agora played an important role in the AdaniMega scam, the grand old party said.

Addressing a press conference, Congress spokesperson Supriya Shrinate questioned why the Adani mega scam was not being investigated. Shrinate raised concerns that the person responsible for the investigation might be involved in the scam. She further highlighted that despite the Supreme Court’s repeated requests for investment information, SEBI showed reluctance to provide the necessary details.

The report points out significant conflicts of interest involving Boch’s offshore investments, her consulting firm Agora, and Blackstone, Shrinate highlighted. These conflicts are so glaring that they cannot be ignored. The central question now is whether Madhabi Buch will continue as SEBI Chief, she said. The report undermines the credibility of the regulator and severely damages the integrity of India’s Prime Minister, she added.

Citing a report, the Congress leader said, “From April 2017 to March 2022, when Madhabi was an all-time member and chairperson at SEBI, she held a 100% stake in an offshore Singaporean consulting firm called Agora Partners.”

In March 2022, upon becoming SEBI Chairperson, she transferred her shares to her husband Dhaval Buch, the Congress leader claimed. “Agora Partners company was registered in Singapore in the year 2013. SEBI Chairperson Madhabi Buch currently holds a 99% stake in the company. Madhabi’s husband Dhawal Buch is its director. In 2022, Agora had earned a revenue of $2,61,000, which is about 4.5 times the salary of SEBI chief Buch”, she added.

The latest report spotlight falls on Blackstone, SEBI’s push for Real Estate Investment Trusts (REITs), and the public endorsement of REITs by Madhabi, she said. An accusation from Hindenburg suggests that during Madhabi’s tenure as SEBI chief, her husband became a senior advisor at Blackstone, she added.

Blackstone, a substantial player in India’s REIT sector, stands at the center of concerns raised by Hindenburg regarding regulatory changes benefiting REITs – particularly Blackstone, given Madhabi’s husband’s role at the company, Shrinate said.

Furthermore, she said that the discussion on these allegations comes alongside Blackstone’s significant sale of 33 crore units in Nexus Select Trust for Rs 4,550 crore, sparking questions about the timing and implications of the transaction.

The Congress spokesperson narrated a story to take a jibe at the BJP government. She said the situation has drawn parallels to a village robbery, where suspicions arose regarding the village head’s involvement with the robbers. Similarly, the Adani mega scam has garnered attention, with allegations of offshore funding and stock manipulation, she slammed.

Notably, Hindenburg’s recent report emphasises Madhabi and Dhaval’s investments in Bermuda/Mauritius funds associated with the Adani Group, prompting concerns about conflicts of interest and accountability within SEBI and the broader financial landscape.

Amid these revelations, probing questions have arisen regarding the credibility of SEBI Chief Buch, as well as the involvement of the PM Modi-led Central government. The allegations have also led to inquiries into Madhabi’s financial engagements during her SEBI tenure, including her investments and potential conflicts of interest, she alleged.

The allegations are raising widespread concerns about the transparency and integrity of SEBI’s operations and have prompted calls for immediate action, she said. Notably, the lines of questioning have been directed at Madhabi Buch, seeking clarification on her past financial involvements, disclosures, and interactions with companies associated with Adani and Blackstone, she added. These developments underscore the need for thorough investigations and potential repercussions for those implicated, the Congress said.

   

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Chaos mars Lionel Messi’s Kolkata GOAT Tour event as fans protest poor arrangements

Lionel Messi’s brief appearance in Kolkata was overshadowed by chaos as fans alleged mismanagement, prompting an apology and an official enquiry by the state government.

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Messy event Chaos kolkata

Lionel Messi’s much-anticipated appearance in Kolkata turned chaotic on Saturday after thousands of fans alleged mismanagement at the Yuva Bharati Krirangan, leaving many unable to even see the Argentine football icon despite holding high-priced tickets

Fans express anger over limited access

The Kolkata leg of the G.O.A.T. Tour was billed as a special moment for Indian football fans, with ticket prices ranging between Rs 5,000 and Rs 25,000. However, discontent grew rapidly inside the stadium as several attendees claimed their view of Messi was obstructed by security personnel and invited guests positioned close to him.

As frustration mounted, some fans resorted to throwing chairs and bottles from the stands, forcing organisers to intervene and cut the programme short.

Event cut short amid disorder

Messi reached the venue around 11:15 am and remained there for roughly 20 minutes. He was expected to take a full lap of the stadium, but that plan was abandoned as the situation deteriorated soon after he emerged from the tunnel.

The disorder also meant that prominent personalities, including actor Shah Rukh Khan, former India cricket captain Sourav Ganguly and West Bengal Chief Minister Mamata Banerjee, could not participate in the programme as scheduled.

Organisers whisk Messi away

With fans breaching security and some vandalising canopies set up at the Salt Lake Stadium, the organisers, along with security personnel, escorted Messi out of the venue to prevent further escalation.

Several attendees described the event as poorly organised, with some fans calling it an “absolute disgrace” and blaming mismanagement for spoiling what was meant to be a celebratory occasion.

Mamata Banerjee apologises, orders enquiry

Chief Minister Mamata Banerjee later issued a public apology to Messi and the fans, expressing shock over the mismanagement. She announced the formation of an enquiry committee headed by retired Justice Ashim Kumar Ray, with senior state officials as members.

The committee has been tasked with conducting a detailed probe, fixing responsibility and suggesting steps to ensure such incidents are not repeated in the future.

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Delhi enforces new law to regulate fees in private schools

Delhi has notified a new law to regulate private school fees, capping charges, banning capitation fees and mandating transparent, committee-approved fee structures.

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Delhi School fees

The Delhi government has officially brought into force a new law aimed at regulating fees in private schools, notifying the Delhi School Education (Transparency in Fixation and Regulation of Fee) Act, 2025. The notification was issued on Wednesday, nearly four months after the Bill was cleared by the Delhi Assembly and received approval from Lieutenant Governor V K Saxena.

The Act establishes a comprehensive framework to govern how private unaided schools fix and collect fees, with a clear emphasis on transparency, accountability and relief for parents facing repeated fee hikes.

What the new Act provides for

Under the legislation, private unaided recognised schools can charge fees only under clearly defined heads such as registration, admission, tuition, annual charges and development fees. The law caps registration fees at Rs 25, admission charges at Rs 200 and caution money at Rs 500, which must be refunded with interest. Development fees have been restricted to a maximum of 10 per cent of the annual tuition fee.

Schools have also been directed to disclose all fee components in detail and maintain separate accounts for each category. Any fee not specifically permitted under the Act will be treated as an unjustified demand.

The law strictly prohibits the collection of capitation fees, whether direct or indirect. It further mandates that user-based service charges must be collected strictly on a no-profit, no-loss basis and only from students who actually use the service.

Accounting norms and restrictions on surplus funds

To ensure financial transparency, schools are required to follow prescribed accounting standards, maintain fixed asset registers and make proper provisions for employee benefits. The transfer of funds collected from students to any other legal entity, including a school’s managing society or trust, has been barred.

Any surplus generated must either be refunded to parents or adjusted against future fees, according to the notification.

Protection for students and parents

The Act also places restrictions on punitive action by schools in fee-related matters. Schools are prohibited from withholding results, striking off names or denying entry to classrooms due to unpaid or delayed fees.

The law applies uniformly to all private unaided schools in Delhi, including minority institutions and schools not built on government-allotted land.

School-level committees to approve fees

A key feature of the legislation is the mandatory formation of a School-Level Fee Regulation Committee by July 15 each year. The committee will include five parents selected through a draw of lots from the parent-teacher association, with compulsory representation of women and members from Scheduled Castes, Scheduled Tribes and socially and educationally backward classes.

A representative from the Directorate of Education will also be part of the panel, while the chairperson will be from the school management.

Schools must submit their proposed fee structure to the committee by July 31. The committee can approve or reduce the proposed fees but cannot increase them. Once finalised, the fee structure will remain fixed for three academic years.

The approved fees must be displayed prominently on the school notice board in Hindi, English and the medium of instruction, and uploaded on the school website wherever applicable.

The Delhi government had earlier described the legislation as a significant step towards curbing arbitrary fee hikes after widespread complaints from parents at the start of the academic session.

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Delhi air quality nears severe as smog blankets city, airport issues advisory

Delhi recorded very poor to severe air quality on Saturday, with dense smog affecting visibility and prompting an advisory from the city airport.

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Delhi pollution

Residents across Delhi and adjoining areas woke up to dense smog on Saturday morning, with air quality levels edging close to the ‘severe’ category in several locations

Data from the Central Pollution Control Board showed the overall Air Quality Index (AQI) at 390 at 8 am, placing it in the ‘very poor’ category. However, multiple monitoring stations in the national capital recorded AQI readings in the ‘severe’ range.

Areas reporting severe air quality included Anand Vihar (435), Ghazipur (435), Jahangirpuri (442), Rohini (436), Chandni Chowk (419), Burari Crossing (415), and RK Puram (404). The high pollution levels were accompanied by a mix of smog and shallow fog, which reduced visibility in several parts of the city during the early hours.

Smog reduces visibility, health risks rise

As per AQI classification, readings between 401 and 500 fall under the ‘severe’ category, indicating serious health risks. Officials note that prolonged exposure at such levels can trigger respiratory problems even among healthy individuals, while those with existing conditions face higher risks.

Dangerous pollution levels have become a recurring concern in Delhi during the winter months. On Friday as well, a thick haze covered the city, with the overall AQI recorded at 386 and visibility remaining poor in several localities.

Delhi airport activates low visibility procedures

Amid the deteriorating air quality, Delhi airport issued an advisory stating that low visibility procedures were in place. In a post on X, the airport confirmed that flight operations were normal at present but advised passengers to stay in touch with their respective airlines for the latest updates.

Despite some marginal improvement over recent weeks, large parts of the capital continue to remain under a blanket of toxic smog. The worsening situation has also intensified political sparring over pollution control measures in the city.

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