India News
Relief for NDTV as Bombay HC strikes down SEBI order against news channel
[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]
India News
India-Canada ties: India asks Canada to withdraw 40 diplomats by October 10
Canada has currently a total of 62 diplomats in India. New Delhi has instructed Canada to decrease the number to 41 at their high commission.
India has asked Canada to withdraw around 40 diplomats by October 10 as the diplomatic row between the two nations over Ottawa’s allegations of New Delhi’s involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar in Canada. According to reports India has threatened to remove the diplomatic immunity of any candian diplomat if they remained in India after October 10.
Canada has currently a total of 62 diplomats in India. New Delhi has instructed Canada to decrease the number to 41 at their high commission. Boehm said PM Justin Trudeau does not expect to back down. He added India sees Canada as an easy mark. He said India is aware of Ottawa’s limited capacity to retaliate because of the presence of a minority government in Canada.
Trudeau is the leader of the Liberal Party. He shares power with Canadian Sikh leader and Indian origin Jagmeet Singh who is the head of the New Democratic Party in Canada. India had previously said it wanted an equal number of diplomats posted in the country and Canada. At the High commission in Delhi Canada has many diplomats compared to what India has in Ottawa.
Diplomatic crisis between Canada and India emerged after Canadian PM Justin Trudeau said the Canadian agencies have been actively pursuing credible allegation of a potential link the killing of Hardeep Singh Nijjar and the Indian government. India had stated Nijjar as a terrorist in 2020. India rejected Canada’s allegations and called them motivated and absurd.
Hardeep Singh Nijjar was the chief of the banned Khalistan Tiger Force (KTF). He was shot dead outside a Gurudwara in Surrey, British Columbia, Canada in the month of June. Ottawa expelled an Indian official over the case. India in response expelled a Canadian diplomat. Visa services were also expelled by the Indian government for Canadian citizens.
India News
Earthquake of 6.2 magnitude on Richter scale shakes up Delhi-NCR, North India
Reports said the tremors were felt acutely by people residing in high rises and many fled by staircase to the groundfloor and were awaiting more aftershocks.
Strong tremors lasting almost a minute rocked parts of Delhi-National Capital Region, and several northern states after a 6.2 magnitude earthquake at its epicentre hit Nepal.
Reports said the tremors were felt acutely by people residing in high-rises and many fled by staircase to the groundfloor and were awaiting more aftershocks. Similar sights were visible in the region’s office districts. The tremors were also felt in parts of Haryana, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand just after 2.45 pm. According to the Delhi Disaster Management Authority website, “Delhi is located in zone IV which has fairly high seismicity where the general occurrence of earthquakes is of 5-6 magnitude, a few of magnitude 6-7 and occasionally of 7-8 magnitude. Delhi thus lies among the high-risk areas.” The site adds that Delhi and the union territory region has already seen five earthquakes of the 5.5 to 6.7 scale since 1720.
There has been no report of damage to life and property as of now and reports are awaited on the situation in Nepal. Seismologists said the epicentre was 5 km underground in Bhatekhola in Nepal. The Himalayan country has already faced a massive quake on April 25, 2015 of 7.8 magnitude. Some 9,000 people died and injured more than 20,000.
According to the National German Research Centre for Geo sciences has said that magnitude 5.6 earthquake struck Nepal region. According to National Siesmological Centre an earthquake measuring 5.3 magnitude hit western parts of Nepal. No loss of property or life has been reported.
The earthquake was recorded with epicenter at Talkot area of Bajhang district, 700 km west of Kathmandu. Two earthquakes of magnitude 4.6 and 6.2 on the Richter scale jolted Nepal. The two tremors were felt within half an hour time. Union Health Minister Mansukh Mandaviya came out of Nirman Bhawan with others, as strong tremors hit different parts of North India.
India News
Watch: Nitin Gadkari takes a test drive on hydrogen bus in Prague
In the video Gadkari is seen seated on the bus while officials surround him standing. One of the officials asked about the distance the bus can cover in a single charge. Gadkari said the visit is part of India’s commitment to eco friendly and sustainable transportation solutions.
Union Minister Nitin Gadkari is currently on an official visit to the Czech Republic. He took a test drive in a hydrogen bus. Nitin Gadkari took to X (formerly Twitter) and shared a video of the bus ride. In the video Gadkari can be seen surrounded by a group of officials.
In the video Gadkari is seen seated on the bus while officials surround him standing. One of the officials asked about the distance the bus can cover in a single charge. Gadkari said the visit is part of India’s commitment to eco friendly and sustainable transportation solutions. The video is captioned Hydrogen buses are a beacon of hope in India’s fight against environment degradation and carbon emissions. The buses will pave a greener and cleaner future.
The union minister posted a series of photographs on X, which showed the Gadkari’s test drive. Hydrogen fuel celled powered buses use air and hydrogen to generate electricity. It is a more environment friendly and sustainable mode of public transportation.
Gadkari arrived in the Czech Republic on October 1. He received a warm welcome at the Prague airport. He also participated on the ministerial session on road safety at the 27th World Road Congress in Prague. The Minister reaffirmed India’s dedication to achieving road safety targets which are outlined in the Stockholm Declarartion.
Nitin Gadkari has clearly advocated asserting that advancements and transition to green fuel. This will reduce the cost of electric vehicles when compared to petrol run vehicles within a span of two years. Variety of comments started coming on X (formerly twitter). One social media user said all school and state run buses would be run on hydrogen in the coming days. One X User was asked about the mass production of hydrogen cars. One user said the video was highly inspiring.
