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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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Allu Arjun granted interim bail after arrest over Hyderabad stampede incident

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Allu Arjun

Telugu superstar Allu Arjun, who was arrested on Friday afternoon in connection with a stampede at Hyderabad’s Sandhya Theatre, has been granted interim bail by the Telangana High Court. The tragic incident occurred on December 3 during an unscheduled appearance by the actor at a special screening of his much-anticipated film, Pushpa 2: The Rule.

The stampede led to the death of a woman and left her nine-year-old son with serious injuries. Following the arrest, the High Court ordered Mr. Arjun’s release on interim bail for four weeks, citing his constitutional right to liberty. The court also emphasized that “being an actor does not justify prolonged detention.”

Allu Arjun was taken into custody from his residence in Jubilee Hills earlier in the day and brought to the Chikkadpally Police Station. According to the actor, the police allegedly entered his bedroom to execute the arrest, a move that his family, including his father, veteran filmmaker Allu Aravind, strongly criticized.

The arrest followed a complaint filed by the husband of the woman who lost her life in the incident. The complaint alleged that the actor and the theatre’s management failed to notify local authorities about his appearance, resulting in inadequate crowd control measures.

However, representatives from Allu Arjun’s office and the Sandhya Theatre management countered these claims, insisting that the police were informed well in advance. To substantiate this, a letter purportedly sent to the authorities detailing the actor’s planned visit was released shortly after his arrest.

Earlier, a lower court had remanded Allu Arjun to judicial custody for 14 days and dismissed his plea to delay the arrest until Monday. This prompted his legal team to approach the High Court for relief. On December 11, the actor also filed a petition seeking to have the case quashed entirely.

Hyderabad Police have launched an investigation into two critical aspects of the case: whether the actor had prior permission from authorities to appear at the theatre and whether he was authorized to interact with fans in the vicinity.

The incident has raised questions about crowd management at high-profile events and the responsibility of organizers in ensuring public safety. As the legal process continues, the spotlight remains firmly on one of Telugu cinema’s biggest stars.

Also Read: Actor Allu Arjun arrested over Hyderabad theatre stampede

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Magnus Carlsen hails Gukesh Dommaraju’s historic Chess World Championship 2024 win

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Magnus Carlsen hails Gukesh Dommaraju's historic Chess World Championship 2024 win

Indian chess prodigy Gukesh Dommaraju etched his name in history by becoming the youngest-ever Chess World Champion 2024, defeating defending champion Ding Liren in the final round. The 18-year-old’s victory marks a monumental achievement, making him the second Indian to claim the title after Viswanathan Anand.

Gukesh’s remarkable performance throughout the tournament, including a standout display at the Candidates event, has drawn widespread praise, including from world number one Magnus Carlsen. The Norwegian legend lauded Gukesh’s strategic prowess and predicted a bright future for the young champion, suggesting he could soon become the world’s second-ranked player and possibly challenge for the top spot.

Carlsen, who chose not to defend his title in 2023 after a decade of dominance, commended Gukesh’s team for their innovative strategies. “It’s an incredible achievement. Gukesh’s performance in the FIDE circuit, the Chennai tournament, and the Candidates event was extraordinary,” Carlsen said during a recap stream.

The former world champion, however, ruled out the possibility of a title match with Gukesh. “I’m not part of this circus anymore,” Carlsen said, maintaining his decision to step away from world championship clashes.

Despite this, Gukesh expressed his admiration for Carlsen, stating his desire to compete against the Norwegian at some point. “Winning the Chess World Championship 2024 doesn’t make me the best player—Magnus Carlsen is still the benchmark. It would be an amazing challenge to face him,” Gukesh said during a press conference.

Gukesh’s victory has been celebrated as a milestone for Indian chess, highlighting the nation’s growing prominence in the global chess arena. Carlsen called it a “massive moment for India,” emphasizing the collective efforts that have fueled such successes.

“This is just the beginning,” Carlsen remarked. “There are many more success stories to come. Gukesh’s win is a testament to the hard work being done in India’s chess ecosystem. It’s heartwarming to see what it means to him and the country.”

With his victory, Gukesh Dommaraju has not only claimed the prestigious title but also set the stage for an exciting new chapter in international chess. As he aims for even greater heights, the chess world watches with bated breath to see how far this young talent will go.

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Priyanka Gandhi speaks on Unnao rape, Sambhal violence in first Lok Sabha speech

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Priyanka Gandhi

Congress leader Priyanka Gandhi Vadra delivered a powerful debut speech in the Lok Sabha on Friday, raising critical issues such as the Unnao rape case and the recent violence in Sambhal. Her remarks came as a pointed response to Defence Minister Rajnath Singh’s opening address, which set the tone for a contentious two-day debate on the Constitution.

Ms. Gandhi Vadra took center stage as she led the opposition’s charge, addressing a mixed response of applause and dissent from the House. Her speech critiqued the BJP’s alleged efforts to “redefine” the Constitution while bringing to light pressing social issues that have gripped the nation.

Ms. Gandhi Vadra began her address by sharing a poignant story from the Sambhal violence. “A few days ago, members of the bereaved families from Sambhal came to meet us. Among them were two boys, Adnan and Uzair. One was my son’s age (24) and the other was 17. Their father, a tailor, had a simple dream: to see his sons educated,” she said.

“The police shot their father dead,” she continued. “Adnan told me he would become a doctor to fulfill his father’s dream—a dream shaped by the ideals enshrined in the Constitution of India.”

The Congress MP’s speech also criticized the BJP for what she described as an attempt to undermine the nation’s founding document. While addressing the House, she highlighted the importance of safeguarding constitutional values amidst allegations of growing authoritarianism.

Her maiden speech not only marked a significant moment in her parliamentary career but also underscored her party’s commitment to addressing human rights issues and holding the ruling party accountable for alleged injustices.

The two-day debate is expected to continue with fiery exchanges between the opposition and the government, as the Lok Sabha addresses pressing constitutional and societal concerns.

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