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In dissenting order, Justice BV Nagarathna calls demonetisation notification unlawful

The Supreme Court Constitution bench, with 4:1 majority, backed the notes ban decision by Central Government

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Justice BV Nagarathna

The Supreme Court has given its verdict on demonetisation. The Constitution Bench of the court with a 4:1 majority has upheld the decision of the Central Government to ban the notes of 500 and 1000 rupees six years ago. Along with this, the court has also dismissed all the 58 petitions. 4 judges have taken the decision by majority. At the same time, a judge has raised questions on demonetisation. While giving the verdict, the bench said that no error has been found in the notification of November 8, 2016 and all series of notes can be withdrawn.

Justice BV  Nagarathna’s opinion regarding demonetisation appeared different. She said that demonetisation of all series of notes at the behest of the central government is a far more serious issue than bank demonetisation. Therefore, it should be done first through executive notification and then through legislation. She further said that as per section 26(2), the proposal for demonetisation can come only from the Central Board of RBI.

Justice Nagarathna said the RBI did not apply an independent mind and only approved the Centre’s wish for demonetisation. She also said that a perusal of the records produced by the RBI shows that the entire exercise was done in just 24 hours due to the will of the Centre.

Justice Nagarathna said that in her considered view, action of demonetisation was unlawful but status quo ante could not be restored since it was in 2016. She also said that the demonetisation was an exercise of power, contrary to law, ergo unlawful.

Read Also: Demonetisation valid: Supreme Court Constitution Bench approves move to demonetize Rs 1000, Rs 500 notes

She continued by saying that the way it was carried out was illegal. According to the RBI Act, the board of the Reserve Bank of India should recommend demonetisation, however in this instance, the Centre addressed a letter to RBI on November 7 advising for such a decision, she said.

Additionally, Justice Nagarathna ruled that rather than an executive notification, a Parliamentary Act may have been used to start the demonetisation process, as it had in the past.

Phrases like “as requested by Centre Govt” suggest there was no independent application of mind by RBI, Justice Nagarathna observed after reviewing the documents and data that the Centre and RBI gave.

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Supreme Court issues notice to CBI, ED on Manish Sisodia bail plea

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Manish Sisodia

The Supreme Court on Tuesday issued notice to the Central Bureau of Investigation and the Enforcement Directorate in connection with the bail pleas moved by former Delhi Deputy Chief Minister Manish Sisodia.

The Supreme Court’s decided to issue notice to the two agencies after arguments on Sisodia’s petitions for bail in two cases relating to alleged irregularities in the now-scrapped Delhi liquor policy. The court granted two weeks to the agencies to file their views.

“Views of agencies have to be heard before any decision is taken,” said Chief Justice DY Chandrachud, pointing at the seriousness of the charges slapped on Sisodia. The former Delhi Deputy CM has been under judicial remand since February 2023 over corruption and money laundering charges.

According to Sisodia’s counsel, the charges against him are politically motivated and lack enough evidence. The counsel had sought bail on medical grounds, to which the CBI or ED objected, saying his release might hamper the ongoing investigation into the case by influencing the witnesses or tampering with evidence.

According to the CBI and ED, Sisodia’s involvement in the liquor policy scheme was responsible for substantial state revenue loss and worked in favor of private liquor vendors.

Manish Sisodia, known for his transformational work in the field of education under the Delhi government, is not the only Aam Aadmi Party leader in jail. Delhi Chief Minister Arvind Kejriwal and Satyendar Jain are also behind bars. While Kejriwal is jailed in connection with the liquor policy case, Jain is in prison for corruption charges.

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PayTm share price slips 2 per cent over SEBI warning

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Paytm

The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

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VIP Party Chief Mukesh Sahani’s father found murdered in Bihar

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In a shocking incident that has shaken Bihar’s Darbhanga district, Jitan Sahani, the father of Vikassheel Insaan Party (VIP) leader Mukesh Sahani, was discovered brutally murdered at their ancestral home. His gravely damaged body was found on his bed this morning, prompting immediate police action.

Authorities, led by senior officer Jagannath Reddy, have launched a Special Investigation Team to probe the heinous crime. Initial assessments suggest the possibility of a robbery gone awry or personal enmity leading to the tragic demise of the former Bihar minister.

The incident has sent shockwaves through the community, with local residents expressing deep concern over the safety situation. The VIP party, known for its significant support among the OBC community and currently aligned with the RJD and Congress in the Opposition bloc, has been thrust into mourning.

Opposition parties, particularly the RJD, have vehemently criticized the state government under Nitish Kumar for failing to maintain law and order. RJD spokesperson Shakti Yadav condemned the incident, questioning the government’s ability to protect its citizens.

In response, Deputy Chief Minister Samrat Choudhary assured swift and strict action against the perpetrators. “The government stands firmly with Mukesh Sahani ji’s family during this tragic time,” he stated.

Meanwhile, Union Minister Chirag Paswan of LJP offered condolences and pledged to expedite the identification and arrest of the culprits. “Justice will be served,” he affirmed.

As investigations unfold, the people of Darbhanga await answers and justice for the senseless murder that has gripped their community.

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