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SEBI imposes Rs 3 lakh fine on Raj Kundra, Shilpa Shetty for insider trading

Raj Kundra, 45 was arrested on July 19 by Mumbai Police in the case involving the production of pornographic content and uploading it via the app.

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Raj Kundra and Shilpa Shetty

The Securities and Exchange Board of India (SEBI) on Wednesday fined a penalty of ₹ 3 lakh on Shilpa Shetty, her businessman husband Raj Kundra aka Ripu Sudan Kundra, and their company Viaan Industries for violation of its Insider Trading rules. The market regulator further ordered Kundra, Shetty, and their company to remit/pay the penalty within 45 days of the receipt of the order. Shilpa and Ripu are the promoters of the firm.

The SEBI said that a fine has been imposed on Kundra, Shetty, and their company for a delay of three-year in the mandatory disclosure to stock exchanges. The market regulator said the penalty has to be paid jointly and severally by Kundra and Shetty.

Securities and Exchange Board of India had conducted an investigation into the trading/dealings in the scrip of Viaan Industries Limited (formerly known as Hindustan Safety Glass Industries Limited), during the period September 01, 2013, to December 23, 2015. Pursuant to the investigations, it was observed that Ripu Sudan Kundra, Shilpa Shetty Kundra, and Viaan Industries Ltd had allegedly violated the provisions of Regulations 7(2)(a) and 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI order said.

The SEBI order noted that in 2015, Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons but in the said preferential allotment, the company allotted 128,800 equity shares each to its two promoters–Kundra and Shetty amounting to ₹2.57 crore each.

As per Regulation 7(2) (a) of SEBI’s Prohibition of Insider Trading Rules, 2015, promoters of the company are required to disclose their transaction to the company within two days, if the amount exceeded ₹ 10 lakh.

Raj Kundra, 45 was arrested on July 19 by Mumbai Police in the case involving the production of pornographic content and uploading it via the app. He was booked under IPC sections 420 (cheating), 34 (common intention), 292, and 293 (related to obscene and indecent advertisements and displays) besides relevant sections of the IT Act and the Indecent Representation of Women (Prohibition) Act.

On Sunday, the police had informed that four employees of Kundra have turned witnesses against him in the pornography racket case, increasing troubles for him. The employees told police that they were asked to delete clips

Kundra and his associate Ryan Thorpe have been sent to judicial custody for 14 days.

Read Also: Covid antibodies highest in Madhya Pradesh, lowest in Kerala: ICMR Survey

In other India news, The latest findings by the Indian Council for Medical Research said Madhya Pradesh has the highest seropositivity or seroprevalence at 79 percent

India News

Election Commission responds after Kejriwal questions BJP’s involvement in home voting process

Upon approval, a polling team, comprising election officials and security personnel, will visit the voter’s residence prior to election day to facilitate the voting process.

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The Election Commission of India (ECI) issued a detailed clarification regarding the home voting facility for the upcoming Delhi Assembly elections scheduled for February 5, 2025. This initiative, designed to enhance accessibility for senior citizens (over 85 years old) and persons with disabilities (PwD), requires eligible voters to submit Form 12D to apply.

Upon approval, a polling team, comprising election officials and security personnel, will visit the voter’s residence prior to election day to facilitate the voting process.

Crucially, the ECI clarified that candidates or their authorized representatives will be permitted to accompany the polling team during these home visits. This provision addresses concerns raised by Aam Aadmi Party (AAP) leader Arvind Kejriwal, who had previously highlighted a video showing BJP representatives present during a home voting event.

While the ECI statement did not directly mention Kejriwal or any specific political party, the inclusion of candidate representatives aims to ensure transparency and alleviate concerns about potential irregularities. The commission’s statement emphasizes that the presence of representatives is permissible to uphold fairness and prevent any accusations of undue influence.

The ECI has received a significant number of applications for this facility: 6,447 from senior citizens and 1,058 from PwD voters. To date, 1,271 senior citizens and 120 PwD voters have already cast their ballots through this home voting system. The process itself involves the polling team providing the voter with a ballot paper, overseeing the casting of the vote, and ensuring strict adherence to ECI guidelines regarding confidentiality. To maintain transparency and accountability, the entire process is recorded on video.

The ECI unequivocally stated that participation in the home voting option is entirely voluntary. Voters choosing this method will not be allowed to cast their vote at a regular polling station on election day.

The commission reiterated its commitment to conducting free and fair elections and underscored the importance of this initiative in promoting inclusive participation in the democratic process. Voters facing any difficulties are urged to contact their local Returning Officer (RO) or district Election Officer (DEO), or utilize the central helpline at 1950.

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76th Republic Day: US sends warm wishes to India, says defining relationship of the 21st century

The meeting with his Quad counterparts—External Affairs Minister S Jaishankar of India, Takeshi Iwaya of Japan, and Penny Wong of Australia—focused on enhancing economic opportunities and ensuring peace and security in the Indo-Pacific. It served as a practical demonstration of the commitment to the strategic vision articulated in his Republic Day statement.

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The United States marked India’s 76th Republic Day with effusive praise, highlighting the enduring strength of the world’s largest democracy and the burgeoning partnership between the two nations. Secretary of State Marco Rubio, in a statement released on the occasion, extended warm congratulations to the people of India, emphasizing the significance of the Indian Constitution as the bedrock of this vibrant democracy. He went beyond simple well-wishes, however, painting a picture of a rapidly strengthening bilateral relationship destined for even greater heights.

Rubio’s statement explicitly described the US-India partnership as “the defining relationship of the 21st century,” a bold assertion reflecting the growing strategic alignment and mutual economic interests between the two nations. This statement was not merely ceremonial; it underscored the deepening cooperation across various sectors, from space research to joint efforts within the Quadrilateral Security Dialogue (Quad).

The Quad, comprising the US, India, Japan, and Australia, received significant attention in Rubio’s remarks. He emphasized the alliance’s crucial role in promoting a “free, open, and prosperous” Indo-Pacific region, a clear signal of the shared commitment to counterbalancing China’s influence in the region.

This emphasis was reinforced by Rubio’s actions earlier in the week, hosting a crucial meeting of Quad foreign ministers at the US Department of State. This meeting, his first official engagement as Secretary of State, underscored the immediate priority given to strengthening the Quad alliance and its collaborative efforts.

The meeting with his Quad counterparts—External Affairs Minister S Jaishankar of India, Takeshi Iwaya of Japan, and Penny Wong of Australia—focused on enhancing economic opportunities and ensuring peace and security in the Indo-Pacific. It served as a practical demonstration of the commitment to the strategic vision articulated in his Republic Day statement.

Furthermore, Secretary Rubio’s bilateral meeting with External Affairs Minister Jaishankar in Washington D.C. further cemented the strengthening ties between the two countries. The discussions covered a broad range of topics, including regional issues and avenues for further deepening the US-India relationship.

A notable point of discussion, as highlighted in an official press release, included a shared commitment to addressing concerns related to irregular migration, an area of mutual interest requiring collaborative solutions. This commitment, alongside the focus on economic ties, demonstrated the multifaceted nature of the burgeoning partnership, extending beyond strategic security concerns.

India’s own Republic Day celebrations showcased the nation’s unique blend of cultural diversity, unity, and military strength. The grand parade on Kartavya Path served as a vivid display of national pride and the successful integration of diverse elements into a cohesive and powerful nation. The presence of Indonesian President Prabowo Subianto as the Chief Guest further underscored India’s growing global influence and its capacity to foster strong relationships with key international partners.

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Ratan Tata featured in Jharkhand’s Republic Day tableau, pic surfaces

By celebrating both its industrial achievements and its vibrant cultural traditions, the tableau offered a nuanced and multifaceted portrayal of Jharkhand, highlighting its progress while deeply respecting its heritage.

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Jharkhand’s Republic Day tableau, a vibrant spectacle of colour and movement, presented a compelling narrative of the state’s journey from its rich heritage to its remarkable progress. The tableau, aptly titled “Swarnim Jharkhand: A Tradition of Heritage and Progress,” served as a powerful visual testament to the state’s multifaceted identity. Central to this narrative was the pivotal role played by the late industrialist, Ratan Tata, whose visionary leadership laid the groundwork for much of Jharkhand’s subsequent development.

The tableau’s design was meticulously crafted to showcase this multifaceted narrative. At its heart was Jamshedpur, India’s first planned industrial city, a legacy of Tata’s pioneering efforts. This iconic city, depicted in vivid detail, served as a powerful symbol of industrial growth and modernization. However, the tableau astutely avoided portraying a solely industrial narrative. It carefully integrated elements celebrating Jharkhand’s cultural richness and its commitment to social progress.

A striking image of two young girls engaged with laptop computers underscored Jharkhand’s significant strides in education. This symbolized the state’s dedication to expanding educational access, particularly for tribal children in both urban and rural areas, representing a crucial investment in the future.

The tableau cleverly juxtaposed this modern image with vibrant representations of traditional art forms. Sohrai and Khobar paintings, meticulously crafted by tribal artists, were displayed prominently, showcasing the enduring legacy of Jharkhand’s artistic heritage. Adding to the spectacle, performers enacted the energetic Chhau dance of Seraikela, a captivating dance form deeply rooted in the state’s cultural identity.

The tableau also subtly highlighted the contributions of women in Jharkhand’s economic landscape, acknowledging their significant role in generating employment and driving economic growth. This balanced depiction of industrial progress and cultural preservation made the tableau a truly comprehensive representation of Jharkhand’s identity.

By celebrating both its industrial achievements and its vibrant cultural traditions, the tableau offered a nuanced and multifaceted portrayal of Jharkhand, highlighting its progress while deeply respecting its heritage.

The inclusion of the Jaduguda uranium plant subtly acknowledged the state’s contribution to India’s nuclear energy program. In essence, the tableau was a powerful and memorable celebration of Jharkhand’s journey, skillfully weaving together its past, present, and future.

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