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Here’s what Supreme Court told SEBI during Adani-Hindenburg report hearing

SC said SEBI cannot take as long time as it want and granted it a period of 3 months to complete the probe.

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Gautam Adani

The Supreme Court said it can grant the Securities and Exchange Board of India (SEBI) an extension of three months to finish the investigation into allegations made by American short-seller Hindenburg in their report of alleged manipulation in Adani Group stocks. 

The apex court said it cannot grant 6 months which SEBI had asked for and said the regulatory body should be pro-active in its investigation.

The Court asked SEBI to prepare a team and granted time till mid-August to submit the final report. The Supreme Court said SEBI cannot take as long a time as it wants and said it can grant a 3-month period to complete the probe.

The Court reserved its order for May 15, Monday. The Bench that heard the matter was led by Chief Justice of India DY Chandrachud and comprised Justice PS Narasimha and Justice JB Pardiwala.

On March 2, the Supreme Court had ordered an investigation into violations, if any, of the securities law by the Adani Group after a bloodbath at the stock market following the Hindenburg report. The Adani Group suffered a loss of more than USD140 billion after the claims.

Read Also: Delhi government moves Supreme Court over transfer of services dept chief

The apex court had ordered the investigation to SEBI, which regulates the capital market in the country, and had also constituted a six-member probe committee headed by retired SC judge Justice AM Sapre.

During the hearing, the CJI-led bench said the Justice Sapre committee had submitted its probe. SEBI had filed an application last month seeking extension in the time provided to it to probe the matter by six months.

In the application, SEBI mentioned that 12 transactions that were mentioned in the Hindenburg report requires rigorous investigations, which in the normal course need 15 months to complete, but looking at the situation, they would require at least 6 months to complete the probe.

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Yogi Adityanath hits back after Akhilesh Yadav says organising cabinet meeting at Kumbh is political

Adityanath juxtaposed the global acclaim for the Maha Kumbh with Yadav’s condemnation, portraying it as a symptom of the Samajwadi Party’s alleged long-standing opposition to significant religious symbols such as the Ram Mandir and Kashi Vishwanath Temple.

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The political atmosphere in Uttar Pradesh sizzled as Chief Minister Yogi Adityanath launched a blistering attack on Samajwadi Party leader Akhilesh Yadav, accusing him of disrespecting the Maha Kumbh and the religious sentiments of the Indian people. This sharp rebuke, delivered during a public rally in Milkipur ahead of crucial by-elections, followed Yadav’s criticism of the state government holding a cabinet meeting at the Kumbh Mela site.

Adityanath juxtaposed the global acclaim for the Maha Kumbh with Yadav’s condemnation, portraying it as a symptom of the Samajwadi Party’s alleged long-standing opposition to significant religious symbols such as the Ram Mandir and Kashi Vishwanath Temple.

He further escalated his attack, painting the Samajwadi Party as being mired in internal property disputes and insinuating connections to criminal elements, thereby attempting to discredit Yadav’s criticisms as coming from a morally compromised position.

Yadav’s initial criticism focused on the perceived impropriety of holding a cabinet meeting within the sacred space of the Kumbh Mela. He argued that the government was inappropriately using a religious event for political purposes, a charge that Adityanath vehemently rejected.

The Uttar Pradesh cabinet meeting itself was significant. All 54 ministers attended, approving numerous development schemes designed to boost Prayagraj and the surrounding region.

A key announcement involved extending the Ganga Expressway, a crucial infrastructure project designed to connect Prayagraj, Mirzapur, Bhadohi, Kashi, Chandauli, and ultimately, the Purvanchal Expressway in Ghazipur. This ambitious project, Adityanath claimed, would significantly contribute to sustainable development in the region.

Logistical adjustments were made to minimize disruption to the Kumbh Mela pilgrims. The cabinet meeting’s venue was shifted from the Mela Authority Auditorium to the Triveni Sankul in Arail to avoid inconveniencing devotees and managing the security arrangements for the VIP attendees.

The day concluded with Adityanath and his entire cabinet participating in the Kumbh Mela’s sacred rituals, taking a ceremonial dip in the Triveni Sangam. This highly publicized event, mirroring a similar participation in 2019, served as a powerful visual counterpoint to Yadav’s earlier criticism. The event simultaneously showcased the government’s commitment to religious traditions while promoting its developmental agenda.

The clash between Adityanath and Yadav underscores the deep political divisions and the strategic use of religious symbolism in Uttar Pradesh’s political landscape. The Maha Kumbh, a significant religious event, became a battleground for political point-scoring, highlighting the complex interplay between religion and politics in the state.

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Relief for AAP as Delhi High Court denies BJP’s plea over central audits

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Delhi High Court turns down BJP's plea for special assembly sitting on CAG reports

In a significant legal development, the Delhi High Court on Friday dismissed a petition by the BJP, which had sought a directive for a special sitting of the Delhi Assembly to table several audit reports by the Comptroller and Auditor General (CAG). The court emphasized that while the tabling of such reports is mandatory under the Constitution, there was no compelling need to summon an extraordinary session of the legislative body at this time.

Justice Sachin Datta, who was presiding over the case, observed that there had been a considerable delay on the part of the Delhi government in addressing the matter. However, he clarified that the court was not inclined to compel the Speaker of the Delhi Assembly to call for a special sitting, particularly as the state was heading into elections.

The petition, filed by BJP’s opposition leader Vijender Gupta alongside several other party legislators, including Mohan Singh Bisht, Om Prakash Sharma, and Ajay Kumar Mahawar, among others, had called for the immediate tabling of the CAG audit reports. They argued that the government’s failure to do so had impeded transparency and accountability in the state’s financial governance.

The petitioners, represented by senior advocates Neeraj and Satya Ranjan Swain, claimed that the reports contained critical findings and should be presented before the Assembly at the earliest. In response, the counsel for the Delhi government and the Speaker opposed the plea, arguing that the timing of the request, just before the elections, was politically motivated. They asserted that the delay in tabling the reports did not constitute an immediate or urgent issue.

Justice Datta’s ruling came as a relief to the ruling AAP, which has faced significant political pressure ahead of the upcoming elections. The decision underscores the court’s reluctance to intervene in the procedural workings of the legislature, especially in the run-up to an election, unless there is an explicit violation of constitutional duties.

Despite this setback for the BJP, the court’s comments highlight the constitutional requirement for audit reports to be presented in the Assembly. The issue, while not immediately resolved through judicial intervention, remains a point of contention between the AAP government and the opposition.

As the election date approaches, this ruling adds another layer to the ongoing political battle between the ruling party and its rivals in Delhi.

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National Girl Child Day: Rahul Gandhi says daughters are symbol of strength, courage, calls for ensuring girls secure future

National Girl Child Day, observed annually on January 24 in India, serves as a crucial platform to advocate for the rights, education, and well-being of girls. This year, the day saw prominent figures reiterate the urgent need for societal change to ensure a brighter future for the nation’s daughters.

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Lok Sabha Leader of the Opposition and Congress leader Rahul Gandhi said on Friday that daughters are the symbol of strength, courage and dedication and emphasized the responsibility of providing a secure and promising future for girls.

In a post on X (formerly Twitter), he eloquently described daughters as symbols of strength, courage, and unwavering dedication, brimming with hopes and aspirations for a better tomorrow. He issued a powerful call to action, urging a commitment to granting full rights to this half of the population, underscoring the inherent injustice of denying them equal opportunities.

National Girl Child Day, observed annually on January 24 in India, serves as a crucial platform to advocate for the rights, education, and well-being of girls. This year, the day saw prominent figures reiterate the urgent need for societal change to ensure a brighter future for the nation’s daughters.

Congress President Mallikarjun Kharge further reinforced the importance of gender equality as the cornerstone of true progress. He underscored the historical significance of National Girl Child Day, established in 2008 by the Congress-led UPA government, as a testament to India’s constitutional commitment to gender justice.

His message on X emphasized the need for a concerted effort to ensure girls receive quality education, essential healthcare, unwavering safety, and adequate nutrition. He framed the observance of this day not merely as a symbolic gesture but as a potent reminder to recommit to dismantling gender discrimination and providing every girl with the opportunities she rightfully deserves.

The origins of National Girl Child Day lie in the Ministry of Women and Child Development’s initiative to address the systemic inequalities faced by girls in India. The day’s significance extends beyond symbolic gestures; it serves as a vital catalyst for broader societal conversations. It highlights the persistent challenges girls face, including issues like female foeticide, the alarming decline in the sex ratio, and the pervasive biases that limit their potential.

National Girl Child Day provides an annual opportunity to assess progress, identify shortcomings, and galvanize collective action. It compels us to examine deeply entrenched societal attitudes and biases, to challenge discriminatory practices, and to advocate for policy changes that genuinely promote gender equality.

The ultimate goal is to create a society where every girl child has the chance to thrive, reaching her full potential without facing the barriers of gender discrimination. This requires a sustained and multifaceted approach, encompassing educational reforms, improved healthcare access, enhanced safety measures, and a concerted effort to challenge deeply ingrained societal norms.

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