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Tag: Adani row

  • Adani row: 6-month probe extension was requested to ensure justice, SEBI tells SC in rejoinder affidavit

    By Express News Service

    NEW DELHI: SEBI instructed the Supreme Court on Monday {{that a}} six-month extension for a probe into the Adani Hindenburg scenario is being seemed for guaranteeing carriage of justice.

    Underscoring the complexity of transactions referred, SEBI has talked about, “In respect of the investigation/examination relating to 12 transactions referred to in the Hindenburg Report, prima facie it is noted that these transactions are highly complex and have many sub-transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities along with other supporting documents. Thereafter, analysis would have to be conducted on the documents received from various sources before conclusive findings can be arrived at.” 

    Denying the allegation levelled by the petitioners that SEBI has been investigating Adani since 2016, the affidavit says that the investigation really pertained to the issuance of Global Depository Receipts by 51 Indian listed companies, which did not embrace any listed agency of Adani Group. 

    While proposing to grant three months to SEBI to complete the probe instead of the six months sought, CJI DY Chandrachud closing week had talked about, “To now extend 6 months time may not be appropriate and we will extend the time for 3 months because they have a point in saying that SEBI was already investigating. We’ll place the matter around August 14. 6 months cannot be given as a minimum time. SEBI cannot take an indefinitely long period and we will give them 3 months. There has to be some alacrity in completing the investigation. Put together a team.” 

    SEBI moreover submitted that for ascertaining doable violations related to misrepresentation of financials, circumvention of legal guidelines and/or fraudulent nature of transactions in respect of the 12 suspicious transactions, given the complexity of the matter, SEBI inside the common course would take a minimum of 15 months for completion of the investigation of these transactions, nevertheless is making all reasonably priced endeavours to conclude the similar inside six months.

    NEW DELHI: SEBI instructed the Supreme Court on Monday {{that a}} six-month extension for a probe into the Adani Hindenburg scenario is being seemed for guaranteeing carriage of justice.

    Underscoring the complexity of transactions referred, SEBI has talked about, “In respect of the investigation/examination relating to 12 transactions referred to in the Hindenburg Report, prima facie it is noted that these transactions are highly complex and have many sub-transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities along with other supporting documents. Thereafter, analysis would have to be conducted on the documents received from various sources before conclusive findings can be arrived at.” 

    Denying the allegation levelled by the petitioners that SEBI has been investigating Adani since 2016, the affidavit says that the investigation really pertained to the issuance of Global Depository Receipts by 51 Indian listed companies, which did not embrace any listed agency of Adani Group. googletag.cmd.push(function() googletag.present(‘div-gpt-ad-8052921-2’); );

    While proposing to grant three months to SEBI to complete the probe instead of the six months sought, CJI DY Chandrachud closing week had talked about, “To now extend 6 months time may not be appropriate and we will extend the time for 3 months because they have a point in saying that SEBI was already investigating. We’ll place the matter around August 14. 6 months cannot be given as a minimum time. SEBI cannot take an indefinitely long period and we will give them 3 months. There has to be some alacrity in completing the investigation. Put together a team.” 

    SEBI moreover submitted that for ascertaining doable violations related to misrepresentation of financials, circumvention of legal guidelines and/or fraudulent nature of transactions in respect of the 12 suspicious transactions, given the complexity of the matter, SEBI inside the common course would take a minimum of 15 months for completion of the investigation of these transactions, nevertheless is making all reasonably priced endeavours to conclude the similar inside six months.

  • Hope SEBI will clarify on possession of worldwide funds in Adani group: Congress

    By PTI

    NEW DELHI: The Congress on Wednesday talked about it hopes SEBI will use all means at its disposal to get readability regarding the last helpful possession of worldwide funds invested inside the Adani group.

    The event moreover asserted that public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness.

    Its assertion came to visit a media report which claimed that some worldwide funds invested in Adani group corporations have declined to determine their helpful homeowners, citing shopper confidentiality and worldwide privateness authorized pointers.

    Tagging the report, the Congress frequent secretary accountable for communications Jairam Ramesh talked about on Twitter, “We hope SEBI will use all the means at its disposal to get clarity about ultimate beneficial ownership of these funds given the serious and credible allegations of money-laundering, round-tripping and violations of securities laws against the Adani Group.”

    Public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness, he talked about, together with that that’s how Swiss banks acquired away for a few years.

    ALSO READ | Old Adani Group transactions beneath SEBI lens

    “Given a more than decade-long G20 initiative to increase international financial transparency, it would be a pity (but not inexplicable) if the Modi government were to choose the interests of its cronies over financial integrity during India’s much self-trumpeted G20 presidency,” the Congress chief talked about.

    All this makes the case for a Joint Parliamentary Committee (JPC) even bigger, Ramesh talked about.

    The Congress on Monday had talked about granting a six-month extension to the Securities and Exchange Board of India (SEBI) to complete its probe into the alleged stock worth manipulation by the Adani group would possibly create the notion that the investigation should not be being critically pursued nonetheless being “buried”.

    Market regulator SEBI has moved the Supreme Court, trying to find an extension to complete its investigation.

    The excessive courtroom had on March 2 requested SEBI to probe the alleged stock worth manipulation by the Adani group inside two months and as well as prepare a panel to look into the protection of Indian merchants after a damning report by a US short-seller worn out higher than USD 140 billion of the conglomerate’s market value.

    The Opposition led by the Congress has been trying to find a Joint Parliamentary Committee probe after the US-based Hindenburg Research made a litany of allegations in direction of the Adani group, along with fraudulent transactions and share-price manipulation.

    The Gautam Adani-led group has dismissed the charges as lies and talked about they modify to all authorized pointers and disclosure requirements.

    ALSO READ | Congress criticises SEBI’s six-month extension plea to complete Adani probe

    NEW DELHI: The Congress on Wednesday talked about it hopes SEBI will use all means at its disposal to get readability regarding the last helpful possession of worldwide funds invested inside the Adani group.

    The event moreover asserted that public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness.

    Its assertion came to visit a media report which claimed that some worldwide funds invested in Adani group corporations have declined to determine their helpful homeowners, citing shopper confidentiality and worldwide privateness authorized pointers.googletag.cmd.push(function() googletag.present(‘div-gpt-ad-8052921-2’); );

    Tagging the report, the Congress frequent secretary accountable for communications Jairam Ramesh talked about on Twitter, “We hope SEBI will use all the means at its disposal to get clarity about ultimate beneficial ownership of these funds given the serious and credible allegations of money-laundering, round-tripping and violations of securities laws against the Adani Group.”

    Public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness, he talked about, together with that that’s how Swiss banks acquired away for a few years.

    ALSO READ | Old Adani Group transactions beneath SEBI lens

    “Given a more than decade-long G20 initiative to increase international financial transparency, it would be a pity (but not inexplicable) if the Modi government were to choose the interests of its cronies over financial integrity during India’s much self-trumpeted G20 presidency,” the Congress chief talked about.

    All this makes the case for a Joint Parliamentary Committee (JPC) even bigger, Ramesh talked about.

    The Congress on Monday had talked about granting a six-month extension to the Securities and Exchange Board of India (SEBI) to complete its probe into the alleged stock worth manipulation by the Adani group would possibly create the notion that the investigation should not be being critically pursued nonetheless being “buried”.

    Market regulator SEBI has moved the Supreme Court, trying to find an extension to complete its investigation.

    The excessive courtroom had on March 2 requested SEBI to probe the alleged stock worth manipulation by the Adani group inside two months and as well as prepare a panel to look into the protection of Indian merchants after a damning report by a US short-seller worn out higher than USD 140 billion of the conglomerate’s market value.

    The Opposition led by the Congress has been trying to find a Joint Parliamentary Committee probe after the US-based Hindenburg Research made a litany of allegations in direction of the Adani group, along with fraudulent transactions and share-price manipulation.

    The Gautam Adani-led group has dismissed the charges as lies and talked about they modify to all authorized pointers and disclosure requirements.

    ALSO READ | Congress criticises SEBI’s six-month extension plea to complete Adani probe

  • Hope SEBI will clarify on possession of worldwide funds in Adani group: Congress

    By PTI

    NEW DELHI: The Congress on Wednesday talked about it hopes SEBI will use all means at its disposal to get readability regarding the last helpful possession of worldwide funds invested throughout the Adani group.

    The event moreover asserted that public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness.

    Its assertion came over a media report which claimed that some worldwide funds invested in Adani group corporations have declined to ascertain their helpful householders, citing shopper confidentiality and worldwide privateness authorized pointers.

    Tagging the report, the Congress frequent secretary accountable for communications Jairam Ramesh talked about on Twitter, “We hope SEBI will use all the means at its disposal to get clarity about ultimate beneficial ownership of these funds given the serious and credible allegations of money-laundering, round-tripping and violations of securities laws against the Adani Group.”

    Public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness, he talked about, together with that that’s how Swiss banks acquired away for a few years.

    ALSO READ | Old Adani Group transactions beneath SEBI lens

    “Given a more than decade-long G20 initiative to increase international financial transparency, it would be a pity (but not inexplicable) if the Modi government were to choose the interests of its cronies over financial integrity during India’s much self-trumpeted G20 presidency,” the Congress chief talked about.

    All this makes the case for a Joint Parliamentary Committee (JPC) even bigger, Ramesh talked about.

    The Congress on Monday had talked about granting a six-month extension to the Securities and Exchange Board of India (SEBI) to complete its probe into the alleged stock worth manipulation by the Adani group would possibly create the notion that the investigation should not be being critically pursued nevertheless being “buried”.

    Market regulator SEBI has moved the Supreme Court, looking for an extension to complete its investigation.

    The excessive courtroom had on March 2 requested SEBI to probe the alleged stock worth manipulation by the Adani group inside two months and as well as organize a panel to look into the protection of Indian merchants after a damning report by a US short-seller worn out higher than USD 140 billion of the conglomerate’s market value.

    The Opposition led by the Congress has been looking for a Joint Parliamentary Committee probe after the US-based Hindenburg Research made a litany of allegations in the direction of the Adani group, along with fraudulent transactions and share-price manipulation.

    The Gautam Adani-led group has dismissed the charges as lies and talked about they regulate to all authorized pointers and disclosure requirements.

    ALSO READ | Congress criticises SEBI’s six-month extension plea to complete Adani probe

    NEW DELHI: The Congress on Wednesday talked about it hopes SEBI will use all means at its disposal to get readability regarding the last helpful possession of worldwide funds invested throughout the Adani group.

    The event moreover asserted that public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness.

    Its assertion came over a media report which claimed that some worldwide funds invested in Adani group corporations have declined to ascertain their helpful householders, citing shopper confidentiality and worldwide privateness authorized pointers.googletag.cmd.push(function() googletag.present(‘div-gpt-ad-8052921-2’); );

    Tagging the report, the Congress frequent secretary accountable for communications Jairam Ramesh talked about on Twitter, “We hope SEBI will use all the means at its disposal to get clarity about ultimate beneficial ownership of these funds given the serious and credible allegations of money-laundering, round-tripping and violations of securities laws against the Adani Group.”

    Public curiosity shouldn’t be undermined using the excuse of confidentiality and privateness, he talked about, together with that that’s how Swiss banks acquired away for a few years.

    ALSO READ | Old Adani Group transactions beneath SEBI lens

    “Given a more than decade-long G20 initiative to increase international financial transparency, it would be a pity (but not inexplicable) if the Modi government were to choose the interests of its cronies over financial integrity during India’s much self-trumpeted G20 presidency,” the Congress chief talked about.

    All this makes the case for a Joint Parliamentary Committee (JPC) even bigger, Ramesh talked about.

    The Congress on Monday had talked about granting a six-month extension to the Securities and Exchange Board of India (SEBI) to complete its probe into the alleged stock worth manipulation by the Adani group would possibly create the notion that the investigation should not be being critically pursued nevertheless being “buried”.

    Market regulator SEBI has moved the Supreme Court, looking for an extension to complete its investigation.

    The excessive courtroom had on March 2 requested SEBI to probe the alleged stock worth manipulation by the Adani group inside two months and as well as organize a panel to look into the protection of Indian merchants after a damning report by a US short-seller worn out higher than USD 140 billion of the conglomerate’s market value.

    The Opposition led by the Congress has been looking for a Joint Parliamentary Committee probe after the US-based Hindenburg Research made a litany of allegations in the direction of the Adani group, along with fraudulent transactions and share-price manipulation.

    The Gautam Adani-led group has dismissed the charges as lies and talked about they regulate to all authorized pointers and disclosure requirements.

    ALSO READ | Congress criticises SEBI’s six-month extension plea to complete Adani probe

  • Assam CM Himanta says he’ll file defamation case in direction of Rahul over his ‘Adani’ tweet

    By PTI

    GUWAHATI: Assam Chief Minister Himanta Biswa Sarma on Sunday said he’ll file a defamation case in direction of Congress chief Rahul Gandhi over a tweet that linked him to the Adani group.

    Addressing a press conference proper right here, Sarma said the defamation case is likely to be filed after Prime Minister Narendra Modi’s go to to Guwahati on April 14.

    “Whatever Rahul Gandhi tweeted, it’s defamatory. We will respond after the PM leaves the state,” he said.

    “Definitely, a defamation case will be filed in Guwahati,” he added.

    It was our decency to have certainly not requested you, on the place have you ever ever hid the proceeds of crime from the Bofors and National Herald Scams.

    And the best way you allowed Ottavio
    Quattrocchi to flee the clutches of Indian justice quite a lot of cases .
    Any means we’re going to meet inside the Court of Law https://t.co/a9RGErUN1A

    — Himanta Biswa Sarma (@himantabiswa) April 8, 2023

    Gandhi on Saturday took a swipe at some leaders who’ve cease the Congress these days and some of whom have joined the BJP as he saved up his offensive in direction of the federal authorities over the Adani problem.

    “They hide the truth, that’s why they mislead everyday! The question remains the same – whose Rs 20,000 crore benami money is in Adani’s companies?” Gandhi requested in a tweet in Hindi, sharing an image with ‘Adani’ written as an acronym of sorts with letters of the names of the leaders.

    He cited the names of Ghulam Nabi Azad, Jyotiraditya Scindia, Himanta Biswa Sarma, Kiran Kumar Reddy and Anil Ok Antony in his tweet. After quitting the Congress, Azad formed his private event, whereas the remaining joined the BJP. Scindia is now a Union minister and Sarma the chief minister of Assam.

    ALSO READ | After Pawar backs Adani Group, Congress says 19 Oppn occasions happy that problem is ‘vital’

    Quoting Gandhi’s tweet, Sarma had earlier tweeted, “It was our decency to have never asked you, on where have you concealed the proceeds of crime from the Bofors and National Herald Scams. And how you allowed Ottavio Quattrocchi to escape the clutches of Indian justice multiple times. Any way we will meet in the Court of Law (sic).”

    PM Modi will go to Guwahati to attend quite a lot of programmes, along with the state’s try to create a file on Bihu with over 11,000 dancers and drummers.

    GUWAHATI: Assam Chief Minister Himanta Biswa Sarma on Sunday said he’ll file a defamation case in direction of Congress chief Rahul Gandhi over a tweet that linked him to the Adani group.

    Addressing a press conference proper right here, Sarma said the defamation case is likely to be filed after Prime Minister Narendra Modi’s go to to Guwahati on April 14.

    “Whatever Rahul Gandhi tweeted, it’s defamatory. We will respond after the PM leaves the state,” he said.googletag.cmd.push(function() googletag.present(‘div-gpt-ad-8052921-2’); );

    “Definitely, a defamation case will be filed in Guwahati,” he added.

    It was our decency to have certainly not requested you, on the place have you ever ever hid the proceeds of crime from the Bofors and National Herald Scams.
    And the best way you allowed Ottavio
    Quattrocchi to flee the clutches of Indian justice quite a lot of cases .
    Any means we’re going to meet inside the Court of Law https://t.co/a9RGErUN1A
    — Himanta Biswa Sarma (@himantabiswa) April 8, 2023
    Gandhi on Saturday took a swipe at some leaders who’ve cease the Congress these days and some of whom have joined the BJP as he saved up his offensive in direction of the federal authorities over the Adani problem.

    “They hide the truth, that’s why they mislead everyday! The question remains the same – whose Rs 20,000 crore benami money is in Adani’s companies?” Gandhi requested in a tweet in Hindi, sharing an image with ‘Adani’ written as an acronym of sorts with letters of the names of the leaders.

    He cited the names of Ghulam Nabi Azad, Jyotiraditya Scindia, Himanta Biswa Sarma, Kiran Kumar Reddy and Anil Ok Antony in his tweet. After quitting the Congress, Azad formed his private event, whereas the remaining joined the BJP. Scindia is now a Union minister and Sarma the chief minister of Assam.

    ALSO READ | After Pawar backs Adani Group, Congress says 19 Oppn occasions happy that problem is ‘vital’

    Quoting Gandhi’s tweet, Sarma had earlier tweeted, “It was our decency to have never asked you, on where have you concealed the proceeds of crime from the Bofors and National Herald Scams. And how you allowed Ottavio Quattrocchi to escape the clutches of Indian justice multiple times. Any way we will meet in the Court of Law (sic).”

    PM Modi will go to Guwahati to attend quite a lot of programmes, along with the state’s try to create a file on Bihu with over 11,000 dancers and drummers.

  • Rajya Sabha adjourned for the day over opposition protest

    By PTI

    NEW DELHI: Rajya Sabha proceedings had been adjourned for the day on Tuesday because the Opposition members continued their protest over the Adani concern.

    As quickly because the Upper House assembled at 2 pm after an adjournment within the morning, Chairman Jagdeep Dhankhar knowledgeable concerning the payments which had been scheduled for dialogue within the House.

    However, the Opposition MPs, a number of of them wearing black, created a ruckus over the Adani concern.

    In an announcement within the House, Union minister V Okay Singh corrected the reply to a starred query on behalf of his cabinet colleague Jyotiraditya Scindia given in Rajya Saha on February 6 relating to internet loss incurred by the aviation business.

    Immediately after that, Dhankhar adjouned the House until Wednesday.

    Earlier, Rajya Sabha was adjourned until 2 pm after members of the Congress and different events began elevating slogans akin to “Modi-Adani Bhai Bhai” as listed papers had been being laid on the desk of the House.

    Several Congress MPs had been within the Well whereas different Opposition members had been on their ft.

    They had been additionally elevating slogans demanding a probe by a joint parliamentary committee (JPC) into allegations of company fraud and inventory value manipulations towards the Adani Group.

    When Union minister Hardeep Singh Puri was making a listed assertion, Opposition members raised the pitch of their sloganeering, apparently asking him to apologise for his remarks towards Congress chief Rahul Gandhi.

    After the laying of papers and statements by ministers was over, Dhankhar stated he has obtained notices underneath Rule 267 of the House for suspension of listed enterprise and take the issues talked about within the notices.

    However, he couldn’t announce his resolution on the suspension notices as slogans continued.

    Sensing the temper, he had adjourned the proceedings until 2 pm.

    The Constitution (Scheduled Tribes) Order (Fifth Amendment) Bill, 2022, and the Constitution (Scheduled Tribes) Order (Third Amendment) Bill, 2022 had been listed for passage in the course of the day.

    The House earlier congratulated Nikhat Zareen, Lovlina Borgohain, Nitu Ghanghas, and Saweety Boora for creating historical past by successful 4 gold medals on the not too long ago held Women’s Boxing World Championships.

    While congratulating the ladies boxers, Dhankhar expressed his excessive happiness on the present of girls energy.

    NEW DELHI: Rajya Sabha proceedings had been adjourned for the day on Tuesday because the Opposition members continued their protest over the Adani concern.

    As quickly because the Upper House assembled at 2 pm after an adjournment within the morning, Chairman Jagdeep Dhankhar knowledgeable concerning the payments which had been scheduled for dialogue within the House.

    However, the Opposition MPs, a number of of them wearing black, created a ruckus over the Adani concern.googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );

    In an announcement within the House, Union minister V Okay Singh corrected the reply to a starred query on behalf of his cabinet colleague Jyotiraditya Scindia given in Rajya Saha on February 6 relating to internet loss incurred by the aviation business.

    Immediately after that, Dhankhar adjouned the House until Wednesday.

    Earlier, Rajya Sabha was adjourned until 2 pm after members of the Congress and different events began elevating slogans akin to “Modi-Adani Bhai Bhai” as listed papers had been being laid on the desk of the House.

    Several Congress MPs had been within the Well whereas different Opposition members had been on their ft.

    They had been additionally elevating slogans demanding a probe by a joint parliamentary committee (JPC) into allegations of company fraud and inventory value manipulations towards the Adani Group.

    When Union minister Hardeep Singh Puri was making a listed assertion, Opposition members raised the pitch of their sloganeering, apparently asking him to apologise for his remarks towards Congress chief Rahul Gandhi.

    After the laying of papers and statements by ministers was over, Dhankhar stated he has obtained notices underneath Rule 267 of the House for suspension of listed enterprise and take the issues talked about within the notices.

    However, he couldn’t announce his resolution on the suspension notices as slogans continued.

    Sensing the temper, he had adjourned the proceedings until 2 pm.

    The Constitution (Scheduled Tribes) Order (Fifth Amendment) Bill, 2022, and the Constitution (Scheduled Tribes) Order (Third Amendment) Bill, 2022 had been listed for passage in the course of the day.

    The House earlier congratulated Nikhat Zareen, Lovlina Borgohain, Nitu Ghanghas, and Saweety Boora for creating historical past by successful 4 gold medals on the not too long ago held Women’s Boxing World Championships.

    While congratulating the ladies boxers, Dhankhar expressed his excessive happiness on the present of girls energy.

  • BJP says irresponsible Opposition wilfully stalling Parliament, Congress hits again

    By PTI

    NEW DELHI: The BJP on Tuesday accused the Opposition of willfully stalling Parliament with its “irresponsible” feedback and “unfounded” allegations to mislead the nation amid world recognition of Prime Minister Narendra Modi’s management.

    With the all-party conferences known as by Rajya Sabha Chairperson Jagdeep Dhankhar and Lok Sabha Speaker Om Birla producing no breakthrough to finish the impasse in Parliament, Union ministers Piyush Goyal and Pralhad Joshi accused opposition events of repeatedly “insulting” Dhankhar.

    The Congress hit again on the BJP, noting that Goyal, who’s the Leader of the House in Rajya Sabha, acquired the ruling celebration MPs to forestall Leader of Opposition within the House Kharge from talking twice even after the Chairman had permitted him.

    “Silencing of LoP is also an issue quite apart from the JPC on Adani,” Congress basic secretary Jairam Ramesh mentioned on Twitter.

    He added, “How can the Oppn demand for a JPC into the PM-linked Adani scam be linked to the BJP’s demand for an apology from Rahul Gandhi on totally baseless accusations. The JPC is on a real, documented scam. The apology demand is a hoax being raised to divert attention from the Adani scam.”

    EDITORIAL | Adani, apology logjams threaten to stall homes until 2024 polls

    The Rajya Sabha chairperson personally known as up a number of opposition leaders, together with Mallikarjun Kharge of the Congress, to attend the assembly however they refused, Joshi mentioned.

    After virtually the complete opposition aside from regional events just like the TDP, YSR Congress and the BJD skipped the primary assembly earlier than midday, Dhankhar known as one other assembly within the afternoon.

    Though some events just like the TMC and DMK attended the second assembly after the Chairperson’s private intervention, different opposition events nonetheless stored away.

    This is a “great disrespect” to the Chair, Parliamentary Affairs Minister Joshi mentioned.

    Most opposition events, nonetheless, attended the assembly convened by Birla.

    Congress chief Adhir Ranjan Chowdhury represented his celebration within the assembly.

    Sources mentioned Birla requested the 2 sides to conform to let the House run and thrash out their variations outdoors.

    They added that Joshi mentioned the treasury benches will comply with the Chair’s choice.

    However, a number of opposition events have caught to their weapons on the demand for a probe within the Adani difficulty.

    With Opposition members protesting over the Adani difficulty from the primary ground of Parliament advanced, Goyal mentioned they had been resorting to petty ways to stay in headlines as they lacked any stable argument.

    Goyal and Joshi advised reporters that any significant dialogue on the price range in Parliament is sure to attract constructive response for the federal government and an extra enhance to Modi’s standing.

    Goyal mentioned at a time when the Union price range has drawn all-round reward, Modi is being recognised as the most well-liked chief on the earth and the BJP has received polls in northeast states, opposition events, particularly the Congress and its allies, are attempting to mislead the nation by making unfounded prices.

    Hitting again, Ramesh mentioned Kharge was given permission by the Chairman when the House proceedings started to talk. He acquired up to take action however was not allowed by sloganeering BJP MPs. “Chairman then adjourned RS. How can the logjam be broken if Modi Government behaves like this,” he mentioned.

    NEW DELHI: The BJP on Tuesday accused the Opposition of willfully stalling Parliament with its “irresponsible” feedback and “unfounded” allegations to mislead the nation amid world recognition of Prime Minister Narendra Modi’s management.

    With the all-party conferences known as by Rajya Sabha Chairperson Jagdeep Dhankhar and Lok Sabha Speaker Om Birla producing no breakthrough to finish the impasse in Parliament, Union ministers Piyush Goyal and Pralhad Joshi accused opposition events of repeatedly “insulting” Dhankhar.

    The Congress hit again on the BJP, noting that Goyal, who’s the Leader of the House in Rajya Sabha, acquired the ruling celebration MPs to forestall Leader of Opposition within the House Kharge from talking twice even after the Chairman had permitted him.googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2’); );

    “Silencing of LoP is also an issue quite apart from the JPC on Adani,” Congress basic secretary Jairam Ramesh mentioned on Twitter.

    He added, “How can the Oppn demand for a JPC into the PM-linked Adani scam be linked to the BJP’s demand for an apology from Rahul Gandhi on totally baseless accusations. The JPC is on a real, documented scam. The apology demand is a hoax being raised to divert attention from the Adani scam.”

    EDITORIAL | Adani, apology logjams threaten to stall homes until 2024 polls

    The Rajya Sabha chairperson personally known as up a number of opposition leaders, together with Mallikarjun Kharge of the Congress, to attend the assembly however they refused, Joshi mentioned.

    After virtually the complete opposition aside from regional events just like the TDP, YSR Congress and the BJD skipped the primary assembly earlier than midday, Dhankhar known as one other assembly within the afternoon.

    Though some events just like the TMC and DMK attended the second assembly after the Chairperson’s private intervention, different opposition events nonetheless stored away.

    This is a “great disrespect” to the Chair, Parliamentary Affairs Minister Joshi mentioned.

    Most opposition events, nonetheless, attended the assembly convened by Birla.

    Congress chief Adhir Ranjan Chowdhury represented his celebration within the assembly.

    Sources mentioned Birla requested the 2 sides to conform to let the House run and thrash out their variations outdoors.

    They added that Joshi mentioned the treasury benches will comply with the Chair’s choice.

    However, a number of opposition events have caught to their weapons on the demand for a probe within the Adani difficulty.

    With Opposition members protesting over the Adani difficulty from the primary ground of Parliament advanced, Goyal mentioned they had been resorting to petty ways to stay in headlines as they lacked any stable argument.

    Goyal and Joshi advised reporters that any significant dialogue on the price range in Parliament is sure to attract constructive response for the federal government and an extra enhance to Modi’s standing.

    Goyal mentioned at a time when the Union price range has drawn all-round reward, Modi is being recognised as the most well-liked chief on the earth and the BJP has received polls in northeast states, opposition events, particularly the Congress and its allies, are attempting to mislead the nation by making unfounded prices.

    Hitting again, Ramesh mentioned Kharge was given permission by the Chairman when the House proceedings started to talk. He acquired up to take action however was not allowed by sloganeering BJP MPs. “Chairman then adjourned RS. How can the logjam be broken if Modi Government behaves like this,” he mentioned.

  • Adani row: Opposition leaders name out ED’s inaction in criticism letter

    Express News Service

    NEW DELHI: In a criticism addressed to the Director of the Enforcement Directorate (ED), leaders of 18 Opposition events demanded an intensive probe into the New York-based brief vendor Hindenburg Research’s report, which accused the Adani group of inventory worth manipulation and fraud.

    The criticism to the ED was launched to the media shortly after the Delhi Police stopped a march taken out by 18 Opposition events to the company’s headquarters to submit it.

    “Over the last three months, several crucial pieces of evidence have been made available against the Adani Group in the public domain. Yet, the ED, which claims to pursue such cases with vigour and fairness has to launch even a preliminary inquiry into these very serious charges. We are constrained to file this official complaint so that the ED is compelled to investigate a relationship that has serious implications not just for our economy but most importantly, our democracy,” mentioned the letter written by Mallikarjun Kharge, Leader of Opposition in Rajya Sabha. 

    Soon after the march started from Parliament this afternoon, the Parliamentarians had been stopped by a big contingent of Police. Though many leaders tried to barter with the police to allow them to meet the ED Director in small teams, the police didn’t relent.

    Speaking to the media, Congress chief Pramod Tiwari mentioned that the members are returning to Parliament as they’re informed that the ED Director was unwilling to fulfill the MPs.

    ALSO READ | Adani row: Opposition MPs name off protest march after Delhi police blockade

    Calling the allegations ‘serious and far-reaching charges of corporate fraud’, the criticism mentioned, “This case involves stock-price manipulation through fraudulent means and the misuse/monopolization of public resources to benefit a single corporate group.”

    Trinamool Congress was lacking from the checklist of signatories of the letter and its members didn’t attend the march. 

    Reminding the ED that it can’t flip round and abdicate its jurisdiction, the letter mentioned “charges related to accounting fraud, the dubious nature of how the Follow-On Public Offer was manipulated behind the scenes, the shocking similarity with Adani’s previous actions for which they have been investigated by your predecessors, are all available in the public domain.” 

    “We are acutely aware of how in the recent past, the ED has also zealously pursued cases of alleged political favouritism including sharing concurrent jurisdiction with SEBI and CBI. We are also aware of the limited remit of the Supreme Court Commission appointed on the subject,” it mentioned.  

    In the letter, the leaders level out that the Adani Group firms are accused of getting established a community of offshore shell firms and offshore funds managed by events associated to the Adani Group for (1) artificially inflating inventory valuations and (2) to present a distorted image concerning the group firms’ monetary well being.

    ALSO READ | Now, Opposition MPs assault Centre over Adani involvement in defence sector

    “Data available in the public domain actively lists 38 Mauritius shell entities controlled by the Adani group through Vinod Adani or close associates; as well as other entities in Cyprus, the UAE, Singapore, and several Caribbean Islands. The purpose of these entities was to “round trip” cash into the Adani firms for the aforementioned causes,” it mentioned.

    The letter says that Vinod Adani, Gautam Adani’s brother, is alleged to have performed a key half in organising networks that create a causal hyperlink between the off-shore entities and Adani’s Indian firms. 

    “These actions are also patently illegal since they violate the basic rule that at least 25% of free float be held by non-promoter entities,” the letter mentioned, including, “It is surprising that despite all of the above, the ED has shown little to no interest in pursuing a basic investigation into the entities’ affairs,”.

    The letter additionally listed a number of different allegations towards the group, which had been out there within the public area, mentioned the leaders.

    NEW DELHI: In a criticism addressed to the Director of the Enforcement Directorate (ED), leaders of 18 Opposition events demanded an intensive probe into the New York-based brief vendor Hindenburg Research’s report, which accused the Adani group of inventory worth manipulation and fraud.

    The criticism to the ED was launched to the media shortly after the Delhi Police stopped a march taken out by 18 Opposition events to the company’s headquarters to submit it.

    “Over the last three months, several crucial pieces of evidence have been made available against the Adani Group in the public domain. Yet, the ED, which claims to pursue such cases with vigour and fairness has to launch even a preliminary inquiry into these very serious charges. We are constrained to file this official complaint so that the ED is compelled to investigate a relationship that has serious implications not just for our economy but most importantly, our democracy,” mentioned the letter written by Mallikarjun Kharge, Leader of Opposition in Rajya Sabha. googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2’); );

    Soon after the march started from Parliament this afternoon, the Parliamentarians had been stopped by a big contingent of Police. Though many leaders tried to barter with the police to allow them to meet the ED Director in small teams, the police didn’t relent.

    Speaking to the media, Congress chief Pramod Tiwari mentioned that the members are returning to Parliament as they’re informed that the ED Director was unwilling to fulfill the MPs.

    ALSO READ | Adani row: Opposition MPs name off protest march after Delhi police blockade

    Calling the allegations ‘serious and far-reaching charges of corporate fraud’, the criticism mentioned, “This case involves stock-price manipulation through fraudulent means and the misuse/monopolization of public resources to benefit a single corporate group.”

    Trinamool Congress was lacking from the checklist of signatories of the letter and its members didn’t attend the march. 

    Reminding the ED that it can’t flip round and abdicate its jurisdiction, the letter mentioned “charges related to accounting fraud, the dubious nature of how the Follow-On Public Offer was manipulated behind the scenes, the shocking similarity with Adani’s previous actions for which they have been investigated by your predecessors, are all available in the public domain.” 

    “We are acutely aware of how in the recent past, the ED has also zealously pursued cases of alleged political favouritism including sharing concurrent jurisdiction with SEBI and CBI. We are also aware of the limited remit of the Supreme Court Commission appointed on the subject,” it mentioned.  

    In the letter, the leaders level out that the Adani Group firms are accused of getting established a community of offshore shell firms and offshore funds managed by events associated to the Adani Group for (1) artificially inflating inventory valuations and (2) to present a distorted image concerning the group firms’ monetary well being.

    ALSO READ | Now, Opposition MPs assault Centre over Adani involvement in defence sector

    “Data available in the public domain actively lists 38 Mauritius shell entities controlled by the Adani group through Vinod Adani or close associates; as well as other entities in Cyprus, the UAE, Singapore, and several Caribbean Islands. The purpose of these entities was to “round trip” cash into the Adani firms for the aforementioned causes,” it mentioned.

    The letter says that Vinod Adani, Gautam Adani’s brother, is alleged to have performed a key half in organising networks that create a causal hyperlink between the off-shore entities and Adani’s Indian firms. 

    “These actions are also patently illegal since they violate the basic rule that at least 25% of free float be held by non-promoter entities,” the letter mentioned, including, “It is surprising that despite all of the above, the ED has shown little to no interest in pursuing a basic investigation into the entities’ affairs,”.

    The letter additionally listed a number of different allegations towards the group, which had been out there within the public area, mentioned the leaders.

  • Adani-Hindenburg row: SC agrees to listen to recent PIL of Congress chief on February 17 

    By PTI

    NEW DELHI: The Supreme Court on Wednesday agreed to listen to on February 17 a recent plea of a Congress chief in search of investigation beneath the supervision of a sitting apex courtroom choose in opposition to the Adani Group of firms in mild of the allegations made by the US-based Hindenburg Research.

    A bench comprising Chief Justice D Y Chandrachud and Justice P S Narasimha took be aware of the submissions of a lawyer, representing Congress chief Jaya Thakur, that the plea wanted an pressing listening to.

    The bench initially agreed to listing the PIL for listening to on February 24 and later determined to listen to on Friday after the lawyer identified that two different PILs are listed on February 17.

    Thakur has additionally sought a course for investigating the position of the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) in investing enormous quantities of public cash within the FPOs (observe on public provide) of Adani Enterprises, allegedly at a a lot increased price than the prevailing share value within the secondary market.

    A observe on public provide is a course of by which an organization already listed on a inventory alternate points new shares to the buyers or shareholders, often the promoters.

    ALSO READ | Adani Group hires Grant Thornton for audit 

    On Monday, the Centre agreed to the apex courtroom’s proposal to arrange a panel of consultants to look into strengthening the regulatory mechanisms for the inventory market following the current Adani group shares crash triggered by Hindenburg Research’s fraud allegations.

    The market regulator, Securities and Exchange Board of India (SEBI), in its be aware filed within the high courtroom indicated that it isn’t in favour of banning short-selling or sale of borrowed shares, and mentioned it’s investigating allegations made by a tiny short-seller in opposition to the Adani Group in addition to its share value actions.

    The high courtroom seized of two petitions alleging exploitation of harmless buyers and “artificial crashing” of the Adani Group’s inventory worth.

    Adani Group shares have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, together with these of fraudulent transactions and share value manipulation, in opposition to the enterprise conglomerate.

    The Adani Group has dismissed the fees as lies, saying it complies with all legal guidelines and disclosure necessities In her plea, Thakur has alleged, “The Hindenburg report has raised severe questions concerning the act and conduct of respondent no 13 (Adani Group of firms) and their associates, by which they’ve induced enormous losses to the varied public sector financial institution and LIC by inflating the share value of shares of their group of firm for acquiring loans and funding from banks and monetary establishment ibid.

    ALSO READ | Sebi, RBI must be on their toes to maintain market secure, Adani situation ‘firm particular’ matter: FM

    ” The plea, filed through advocate Varinder Kumar Sharma, claimed in accordance with the disclosure made in the Hindenburg report, the Adani Group and their associates have violated various laws, including the Indian Penal Code, the Customs Act, the Securities and Exchange Board of India Act, the Narcotic Drugs and Psychotropic Substances Act and the Prevention of Corruption Act, for “unlawful and undue profit” and have induced enormous losses to the general public sector financial institution and monetary establishments.

    “The Adani Group i.e.respondent no.13 is indulged in huge corruption, for gaining illegal and undue benefits, such as loans from various banks upon highly inflated share price of shares of their companies, due to which Rs 82,000 crore of public money is at risk,” it claimed.

    The plea alleged that after the allegations had been made within the Hindenburg report, the FPO of Adani Enterprises was opened in January and the LIC, SBI and a number of other public sector firms invested enormous quantities on the price of Rs 3,200 per share, whereas within the secondary market, the share was prevailing at Rs 1,600 to Rs 1,800 per share.

    It has urged the apex courtroom to order an investigation in opposition to the Adani Group and its associates by varied investigating businesses, together with the CBI, the Enforcement Directorate, the Directorate of Revenue Intelligence, the Narcotics Control Bureau, the Securities and Exchange Board of India and the Serious Fraud Investigation Office beneath the supervision and monitoring of a sitting choose of the highest courtroom.

    During the listening to of the 2 pending petitions on Monday, the Centre had careworn that market regulator SEBI and different statutory our bodies are “fully equipped”, not solely regime-wise, however in any other case additionally to take care of the scenario.

    The high courtroom had final week mentioned the pursuits of Indian buyers must be protected in opposition to market volatility within the backdrop of the Adani shares rout and requested the Centre to contemplate establishing a panel of area consultants headed by a former choose to have a look at strengthening the regulatory mechanisms.

    NEW DELHI: The Supreme Court on Wednesday agreed to listen to on February 17 a recent plea of a Congress chief in search of investigation beneath the supervision of a sitting apex courtroom choose in opposition to the Adani Group of firms in mild of the allegations made by the US-based Hindenburg Research.

    A bench comprising Chief Justice D Y Chandrachud and Justice P S Narasimha took be aware of the submissions of a lawyer, representing Congress chief Jaya Thakur, that the plea wanted an pressing listening to.

    The bench initially agreed to listing the PIL for listening to on February 24 and later determined to listen to on Friday after the lawyer identified that two different PILs are listed on February 17.

    Thakur has additionally sought a course for investigating the position of the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) in investing enormous quantities of public cash within the FPOs (observe on public provide) of Adani Enterprises, allegedly at a a lot increased price than the prevailing share value within the secondary market.

    A observe on public provide is a course of by which an organization already listed on a inventory alternate points new shares to the buyers or shareholders, often the promoters.

    ALSO READ | Adani Group hires Grant Thornton for audit 

    On Monday, the Centre agreed to the apex courtroom’s proposal to arrange a panel of consultants to look into strengthening the regulatory mechanisms for the inventory market following the current Adani group shares crash triggered by Hindenburg Research’s fraud allegations.

    The market regulator, Securities and Exchange Board of India (SEBI), in its be aware filed within the high courtroom indicated that it isn’t in favour of banning short-selling or sale of borrowed shares, and mentioned it’s investigating allegations made by a tiny short-seller in opposition to the Adani Group in addition to its share value actions.

    The high courtroom seized of two petitions alleging exploitation of harmless buyers and “artificial crashing” of the Adani Group’s inventory worth.

    Adani Group shares have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, together with these of fraudulent transactions and share value manipulation, in opposition to the enterprise conglomerate.

    The Adani Group has dismissed the fees as lies, saying it complies with all legal guidelines and disclosure necessities In her plea, Thakur has alleged, “The Hindenburg report has raised severe questions concerning the act and conduct of respondent no 13 (Adani Group of firms) and their associates, by which they’ve induced enormous losses to the varied public sector financial institution and LIC by inflating the share value of shares of their group of firm for acquiring loans and funding from banks and monetary establishment ibid.

    ALSO READ | Sebi, RBI must be on their toes to maintain market secure, Adani situation ‘firm particular’ matter: FM

    ” The plea, filed through advocate Varinder Kumar Sharma, claimed in accordance with the disclosure made in the Hindenburg report, the Adani Group and their associates have violated various laws, including the Indian Penal Code, the Customs Act, the Securities and Exchange Board of India Act, the Narcotic Drugs and Psychotropic Substances Act and the Prevention of Corruption Act, for “unlawful and undue profit” and have induced enormous losses to the general public sector financial institution and monetary establishments.

    “The Adani Group i.e.respondent no.13 is indulged in huge corruption, for gaining illegal and undue benefits, such as loans from various banks upon highly inflated share price of shares of their companies, due to which Rs 82,000 crore of public money is at risk,” it claimed.

    The plea alleged that after the allegations had been made within the Hindenburg report, the FPO of Adani Enterprises was opened in January and the LIC, SBI and a number of other public sector firms invested enormous quantities on the price of Rs 3,200 per share, whereas within the secondary market, the share was prevailing at Rs 1,600 to Rs 1,800 per share.

    It has urged the apex courtroom to order an investigation in opposition to the Adani Group and its associates by varied investigating businesses, together with the CBI, the Enforcement Directorate, the Directorate of Revenue Intelligence, the Narcotics Control Bureau, the Securities and Exchange Board of India and the Serious Fraud Investigation Office beneath the supervision and monitoring of a sitting choose of the highest courtroom.

    During the listening to of the 2 pending petitions on Monday, the Centre had careworn that market regulator SEBI and different statutory our bodies are “fully equipped”, not solely regime-wise, however in any other case additionally to take care of the scenario.

    The high courtroom had final week mentioned the pursuits of Indian buyers must be protected in opposition to market volatility within the backdrop of the Adani shares rout and requested the Centre to contemplate establishing a panel of area consultants headed by a former choose to have a look at strengthening the regulatory mechanisms.