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Relief for NDTV as Bombay HC strikes down SEBI order against news channel

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NDTV

[vc_row][vc_column][vc_column_text]NDTV on Thursday (September 5) said the Bombay High Court on Wednesday (September 4) granted relief to its promoters Prannoy Roy and Radhika Roy by setting aside the Securities and Exchange Board of India’s (SEBI) orders that rejected the news channel’s delay in filing settlement applications. 

SEBI had in 2015 initiated adjudication proceedings against NDTV for alleged violations of clause 36 of listing agreement on the ground that there was non-disclosure of a tax demand of Rs 450 crores which was raised under an assessment order dated February 21, 2014 against the company for AY 2009-2010.

A division bench of Justices Akil Kureshi and SJ Kathawalla said the grounds made out for condonation of delay applications filed by NDTV were elaborate and sufficient. “These grounds were summarily rejected by recording one-line reason that the panel of whole-time members did not find the reasons sufficient,” the court said, adding that in their opinion the board has committed a serious error.

Advocates Fereshte Sethna and Adhiraj Malhotra, representing NDTV, said there was no contraction in minimum public shareholding and non-disclosure of tax demand as opposed what was alleged in the first two show-cause notices given to the channel in the case. They said in the third show-cause notice that SEBI could only trace proof of some of the disclosures but not of the rest.

Advocate Shiraz Rustomjee, appearing for SEBI, argued that the delay in both the cases was substantial, which was not satisfactorily explained. He said the applications for condonation of delay did not disclose any ground for such a long delay.

In 2018, NDTV filed writ petitions challenging SEBI orders dated August 23, 2017 and August 31, 2017 rejecting two separate applications moved by NDTV for condonation of delay. SEBI had initiated adjudication proceedings against NDTV through a show-cause notice dated February 12, 2015, alleging violation of clause 36 of listing agreement on the ground that there was non-disclosure of a tax demand of Rs 450 crore, which was raised under an assessment order dated February 21, 2014 against the company for the year 2009-’10. The markets regulator issued a corrigendum to the first show-cause notice on March 17, 2015.

In its response, NDTV said that they were given legal advice that the tax demand was not required to be reported under clause 36 of the listing agreement. On June 6, 2015, SEBI passed an order holding the petitioner liable for violation of clause 36 of the listing agreement and fined Rs 25 lakh under section 23A of the Securities Contracts (Regulation) Act, 1956. On June 8, 2016 a third show-cause notice was issued alleging further non-disclosures by NDTV.

The Securities and Exchange Board of India had in June barred the Roys from the securities market, as well as from holding any managerial posts in the news network for two years. SEBI said it passed the order because the Roys had allegedly violated insider trading regulations.

The markets regulator had initiated an investigation after an NDTV shareholder claimed that Prannoy Roy, Radhika Roy and RRPR Holdings had not disclosed information about loan agreements they entered into with a company known as Vishvapradhan Commercial. ICICI Bank was also part of this agreement.[/vc_column_text][/vc_column][/vc_row]

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West Bengal government to launch Annapurna scheme from June 1, offering monthly aid of Rs 3,000 to women

The West Bengal government has announced the Annapurna Yojana, providing Rs 3,000 monthly financial assistance to eligible women aged 25–60 starting June 1, 2026. Existing beneficiaries of the older scheme will be automatically migrated subject to verification.

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The West Bengal government has officially notified the rollout of the ‘Annapurna Yojana,’ a welfare initiative aimed at providing assured monthly financial assistance of Rs 3,000 to women across the state. Introduced by the Department of Women and Child Development and Social Welfare, the scheme is structured to foster the socio-economic upliftment of women and will officially come into effect on June 1, 2026.

Under this new initiative, financial benefits will be transferred directly into the Aadhaar-linked bank accounts of qualified beneficiaries using the Direct Benefit Transfer (DBT) system.

Strict eligibility criteria outlined

According to the official government notification, specific guidelines have been established to determine eligibility for the monthly cash assistance:

  • Target Age Group: Eligible women must be between 25 and 60 years of age.
  • Employment Status: Applicants must not hold permanent government employment or receive a regular salary or pension from the central government, state government, statutory bodies, panchayats, municipalities, local bodies, or government-aided educational institutions.
  • Tax Criteria: Women who are income tax payers are excluded from the scheme.

Automatic migration and scrutiny rules

The new order clarifies that all current beneficiaries of the erstwhile Lakshmir Bhandar Scheme will be automatically migrated to the Annapurna Yojana. However, the transition involves a rigorous filtering process. Individuals identified as deceased, shifted, deleted, or recorded as absentee electors during the SIR-2026 exercise or voter slip distribution will be systematically excluded from the beneficiary list.

On the other hand, individuals who have filed appeals before the SIR Tribunal or submitted applications under the Citizenship (Amendment) Act will continue to receive financial assistance until their applications are legally resolved by authorities.

Application process for new beneficiaries

For fresh applicants, a dedicated online portal for the Annapurna Yojana will be launched on June 1, 2026. To ensure transparency, all new applications will undergo a strict multi-tier verification process by designated local administrative officials:

  • Rural Areas: Block Development Officers (BDOs) will manage the verification and inquiries.
  • Urban Areas: Sub-Divisional Officers (SDOs) will oversee the process.
  • Kolkata: Officials of the Kolkata Municipal Corporation (KMC) will handle applications within their jurisdiction.

Following field inquiries, verified reports will be uploaded directly to the digital portal. The respective District Magistrates and the KMC Commissioner will serve as the final sanctioning authorities in their corresponding jurisdictions to approve the disbursement of funds.

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Tamil Nadu Chief Minister C. Joseph Vijay travels to New Delhi for first official meeting with PM Narendra Modi

Newly sworn-in Tamil Nadu Chief Minister C. Joseph Vijay embarked on his first official visit to New Delhi to hold a high-level meeting with PM Narendra Modi, focusing on economic aid, fertilizer supply, and water rights disputes.

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Tamil Nadu CM Vijay and PM Modi

Marking his maiden official visit to the national capital since assuming office, Tamil Nadu Chief Minister C. Joseph Vijay is scheduled to meet Prime Minister Narendra Modi on Wednesday to deliberate on a wide range of state-specific matters. The Tamilaga Vettri Kazhagam (TVK) chief, who led his fledgling party to a historic victory in the recent assembly elections, took the oath of office on May 10. While the Prime Minister had previously extended his congratulations via social media, this marks the first formal in-person meeting between the two leaders.

According to official sources, the Chief Minister departed from Chennai on a chartered flight at 10:00 AM. The high-profile meeting with the Prime Minister is slated for 4:30 PM, where Vijay is expected to submit a comprehensive memorandum outlining Tamil Nadu’s long-pending welfare and developmental demands.

Key state matters on the table

The core of the discussions is expected to center around financial assistance and clearances for major infrastructure projects in the state. Media reports indicate that the Chief Minister will heavily push for additional funds to bankroll ongoing developmental initiatives.

Furthermore, the interstate Mekedatu water dispute remains a high-priority issue. Chief Minister Vijay has already written to the Prime Minister, urging him to instruct the Union Jal Shakti Ministry and the Central Water Commission (CWC) to reject the Detailed Project Report submitted by Karnataka for a reservoir at Mekedatu.

Other critical administrative concerns to be raised include ensuring an uninterrupted supply of fertilizers for the upcoming Kharif farming season and the removal of the 11 percent import duty on cotton to protect the raw material supply chain for the state’s textile industry.

A packed diplomatic itinerary

Accompanied by a team of senior officials and select cabinet colleagues, the Chief Minister’s itinerary extends beyond the Prime Minister’s Office. Vijay is likely to sit down with Union Finance Minister Nirmala Sitharaman to directly advocate for financial backings for key state portfolios.

The new administration has also drawn national interest for its structural innovations, including retaining critical departments under the Chief Minister—such as Home, Police, and Women Welfare—and carving out a dedicated cabinet-level Artificial Intelligence department, making Tamil Nadu only the second state in the country to do so.

Navigating a complex political landscape, the TVK-led government, which holds 108 seats in the assembly and enjoys backing from coalition partners including the Congress, Left parties, VCK, and IUML, is also using this trip to engage with national opposition leaders. Chief Minister Vijay is scheduled to meet Congress leaders Sonia Gandhi and Rahul Gandhi during his stay in the capital.

Before wrapping up his tour, the Chief Minister is slated to participate in a cultural event at Jawaharlal Nehru University (JNU), where he will formally inaugurate a statue of the revered Tamil poet-saint Thiruvalluvar installed by the Tamil Nadu government. Sources indicate that Vijay will conclude his official engagements and return to Chennai on Thursday.

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Assam clears Uniform Civil Code bill, becomes third state after Uttarakhand and Gujarat

Assam has officially become the third state in India to pass the Uniform Civil Code bill. The legislation was cleared by the state assembly on Wednesday despite strong objections raised by opposition lawmakers who claimed it impacts minority rights.

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The Assam Legislative Assembly on Wednesday passed ‘The Uniform Civil Code, Assam, 2026 Bill’, making it the third state ruled by the Bharatiya Janata Party (BJP) to adopt a uniform legal framework after Uttarakhand and Gujarat.

Opposition flags concerns over rights during house debate

The bill was taken up for final passage in the state assembly on Wednesday, sparking a heated discussion among lawmakers. During the legislative floor debate, opposition MLAs strongly voiced their concerns regarding the proposed law, stating that the legislation will hurt and compromise the fundamental rights of a certain section of society.

Despite objections from the opposition benches, the treasury benches cleared the passage of the bill, cementing Assam’s position as the latest state to move away from diverse personal laws in favor of a uniform code. Media reported that the legislative move follows extensive political discussions in the state surrounding civil regulations. With this enactment, Assam joins Uttarakhand and Gujarat, which have previously passed their respective uniform civil codes.

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