Tag: Panel

Adani stocks crash: SC orders setting up of panel headed by ex-judge Sapre

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New Delhi: The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations and other regulatory aspects related to stock markets.
The court asked the panel to submit its report in a sealed cover within two months.
The top court observed that the PILs pertained to “the loss of investors’ wealth over the past few weeks due to the steep decline of share prices of Adani group companies, precipitated by the Hindenburg Research report which alleged manipulations and malpractices by the Adani group companies” and also directed market regulator SEBI (Securities and Exchange Board of India) to complete its ongoing probe into the issue in two months and file a status report.
Besides former apex court judge Justice Sapre, the other members of the court-appointed panel will be “O P Bhat (former Chairman of SBI), Justice J P Devadhar (retired judge of the Bombay High Court), K V Kamath, Nandan Nilekani, Somasekharan Sundaresan”.
A bench headed by Chief Justice D Y Chandrachud directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the Justice Sapre panel which will have to submit its report in a sealed cover within two months in the court.
The remit of the Committee shall be to provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past, the court said.
The committee will “suggest measures to strengthen investor awareness and to investigate whether there has been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies,” it said.
It will suggest measures to strengthen the statutory or regulatory framework, and secure compliance with the existing framework for the protection of investors, it said.

The court directed the SEBI to inform the court-appointed committee of domain experts about the steps taken by it so far during the ongoing probe.
The bench, however, clarified that the constitution of the committee was not an “adverse reflection” on the functioning of the regulatory agencies.
The bench, which also comprised Justices P S Narasimha and J B Pardiwala, in a judgement, said the panel will make an overall assessment of the situation, suggest measures to make investors aware and strengthen existing regulatory measures for stock markets.
The court also asked it to examine if there was a violation of market regulations, short selling norms or stock price manipulations.
On the ambit of the probe to be conducted by the panel, the bench said it would “provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past.”
The committee will also suggest measures to increase “investor awareness” besides investigating whether there was any regulatory framework to deal with the recent alleged violations of law in the securities market.
The Justice Sapre panel will be suggesting “measures to strengthen the statutory framework and regulatory framework and secure compliance with the existing framework for the protection of existing investors.”
“The Committee is at liberty to seek recourse to external experts. The honorarium payable to the members of the committee shall be fixed by the Chairperson and shall be borne by the Union Government,” it said.
The Union Ministry of Finance shall nominate a senior officer to act as a nodal officer to provide logistical support to the panel, it said.
The apex court said in order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past, it was of the view that it is appropriate to constitute an expert committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it.
The top court requested the SEBI Chairperson to ensure that all requisite information is provided to the Committee.
” All agencies of the Union Government including agencies connected with financial regulation, fiscal agencies and law enforcement agencies shall cooperate with the Committee. The Committee is at liberty to seek recourse to external experts in its work.
“The honorarium payable to the members of the Committee shall be fixed by the Chairperson and shall be borne by the Union Government. The Secretary, Ministry of Finance shall nominate a senior officer who will act as a nodal officer to provide logistical assistance to the Committee,” it said.
The top court said all the expenses incurred in connection with the work of the Committee shall be defrayed by the Union Government.
“The Committee is requested to furnish its report in a sealed cover to this Court within two months,” it said.
On February 17, the top court, while reserving its verdict on setting up of the panel, had said that it will maintain “fullest transparency” to protect investor interest and refused to accept the Centre’s suggestion given in a sealed cover on it.
On February 10, the top court had said the interest of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look at strengthening the regulatory mechanism.
The Centre had agreed to the apex court’s proposal to set up a committee, to be headed by a former Supreme Court judge, to go into the regulatory regimes.
SEBI, in its note filed in the top court, had indicated it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements.
Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.
Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
(Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)
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#Adani #stocks #crash #orders #setting #panel #headed #exjudge #Sapre
( With inputs from www.siasat.com )

March 2, 2023
SC orders panel comprising PM, LoP, CJI for selection of election commissioners

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New Delhi: The Supreme Court on Thursday ordered a panel comprising the prime minister, leader of opposition (LoP), Chief Justice of India (CJI) for selecting election commissioners.
A five-judge constitution bench headed by Justice K.M. Joseph said this panel will be enforced until a law in this regard is made by Parliament.
The top court emphasized that the Election Commission has to remain “aloof” from all forms of subjugation by the executive and added that a vulnerable Election Commission would result in an insidious situation and detract from its efficient functioning.
The top court’s judgment came on a batch of petitions recommending reform in the process of appointment of members of the Election Commission of India.
The top court emphasised that the Election Commission is duty bound to act in a fair and legal manner and to abide by the provisions of the Constitution.
The bench noted that democracy is inexplicably intertwined with power to the people and democracy facilitates the peaceful revolution in the hands of a common man if held in a free and fair manner.
The detailed judgment in the matter will be uploaded later in the day.

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#orders #panel #comprising #LoP #CJI #selection #election #commissioners
( With inputs from www.siasat.com )

March 2, 2023
Adani-Hindenburg row: SC to pronounce order on panel of experts on Thursday

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New Delhi: The Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations.
A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is likely to deliver its verdict over setting up of a panel of domain experts for strengthening existing regulatory measures for stock markets.
While reserving its order, the top court on February 17 refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts.
Observing that it wanted full transparency for the protection of investors, the top court had also ruled out the possibility of any sitting judge overseeing the functioning of the proposed panel.
Stressing that statutory bodies like the market regulator Securities and Exchange Board of India (SEBI) are fully equipped and are on job, the central government had expressed apprehension that any unintentional message to the investors that regulatory bodies in India needed monitoring by a panel may have some adverse impact on the flow of money into the country.
The Centre had told the bench that it wanted to provide details such as names and the scope of the panel’s mandate in a sealed cover.
Stock market regulator SEBI, in its note filed in the top court, had indicated it is not in favour of banning short-selling or sale of borrowed shares and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements.
Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.

Tiwari, in his PIL, sought a direction from the Centre to constitute a committee monitored by a retired apex court judge to inquire into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
Another PIL filed by advocate M L Sharma sought prosecution of short-seller Nathan Anderson of the US-based Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the “artificial crashing” of the Adani Group’s stock value in the market.
Congress leader Thakur, in his plea, has sought an investigation under the supervision of a sitting apex court judge against the Adani Group of companies in light of the allegations.
The fourth PIL seeks a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group following allegations of fraud and share price manipulation.
“Direct appropriate audit (transactional and forensic audits), inquiry and investigation by appropriate agencies such as Serious Frauds Investigation Office (SFIO); Registrar of Companies (RoC); Securities and Exchange Board of India (SEBI); ED (Directorate of Enforcement) on money-laundering aspect; I-T (Income-Tax Department on aspects of offshore transactions and tax-havens involved and DRI( Department of Revenue Intelligence), ” the fourth plea said.
Besides seeking a direction to the Centre and its agencies to render cooperation in the probe, the PIL has sought a direction to appoint a retired judge of the apex court or a committee to oversee and monitor the inquiry and investigation.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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#AdaniHindenburg #row #pronounce #order #panel #experts #Thursday
( With inputs from www.siasat.com )

March 1, 2023
WhatsApp bans 29 lakh accounts in India as country launches grievance panel

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New Delhi: Meta-owned WhatsApp banned more than 29 lakh accounts in India in the month of January, a figure that is drastically lower than 36.77 lakh accounts it blocked in the country in December last year, in compliance with the new IT Rules 2021.
Between January 1 and January 31, “2,918,000 WhatsApp accounts were banned. 1,038,000 of these accounts were proactively banned, before any reports from users,” the company said in its monthly compliance report.
The most popular messaging platform, which has nearly 500 million users in the country, received 1,461 complaint reports in January in the country, and the records “actioned” were 195.
“This report contains details of the user complaints received and the corresponding action taken by WhatsApp, as well as WhatsApp’s own preventive actions to combat abuse on our platform,” said a company spokesperson.
Meanwhile, in a bid to empower millions of Indian social media users, Minister of State for Electronics and IT, Rajeev Chandrasekhar, on Tuesday launched the Grievance Appellate Committee (GAC) that will look into their concerns regarding content and other issues.
The newly-formed panel, a move to strengthen the country’s digital laws to tame the Big Tech companies, will look into appeals by users against decisions of social media platforms.
The IT Ministry last month notified to establish three Grievance Appellate Committees (GACs) as required under the recently amended IT Rules, 2021.
In a major push towards an open, safe, trusted and accountable Internet, the Ministry of Electronics and IT has notified some amendments aimed at protecting the rights of ‘Digital Nagriks’.

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#WhatsApp #bans #lakh #accounts #India #country #launches #grievance #panel
( With inputs from www.siasat.com )

March 1, 2023
Electronic Spices Pack of 20 Panel Mounting Mini Micro USB black

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Micro USB Female 2 pin It is widely used for phone accessory, PCB Socket. color black best for electronic projects
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March 1, 2023
A panel of experts analyzes the strategic agenda of the Community
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E.F.Q. MURCIA.
Monday, February 27, 2023, 09:23
Set up a strategic agenda that contributes to reaching the cruising speed that the Region of Murcia needs to guarantee a prosperous and solid development. This is the main objective of the ‘En Futuro’ cycle, which will hold its second day tomorrow, February 28, with a panel of experts from different sectors of activity. A cycle that has set itself the purpose of unifying positions and shedding light on the challenges and trends that mark the short, medium and long-term future of the Community in different areas.
Moderated by the head of the Local Area of LA VERDAD, Manuel Buitrago, the meeting will take place in the Graduate Hall of the Faculty of Law, on the La Merced Campus of the University of Murcia, starting at 9:30 am. The president of the regional government, Fernando López Miras, will be in charge of the institutional opening of the act, which will include two round tables. The first, of a markedly institutional character, will have as protagonists Marcos Ortuño, Minister of the Presidency, Tourism, Culture, Youth, Sports and Spokesperson; Miguel López Abad, president of the Chamber of Commerce, Industry and Navigation of Murcia; José María Albarracín, president of Croem, and Ramón Madrid, dean of the College of Economists of the Region.
MORE INFORMATION
That.
‘In Future Region of Murcia’.
Organize.
LA VERDAD, sponsored by the Region of Murcia, CaixaBank, Universae, Grupo Orenes, Hozono Global, Hidrogea, University of Murcia and the Murcia Chamber of Commerce.
When.
Tuesday, February 28, at 9:30 a.m., at the UMU Law School.
Information and registration
in
120th anniversary.laverdad.es
The business table, for its part, will be made up of Joaquín Hernández, president of the Círculo de Economía de la Región de Murcia; Pilar Berral, notary and member of the Circle of Economy of the Region of Murcia; Carmen Ayala, director of AC Hotel and president of the Tourism Board of the Region of Murcia; Francisco Espín Sánchez, president of the Business Association for Renewable Energies and Energy Savings (Aremur), and Pedro García, director of Institutional Relations, Communication and Corporate Social Responsibility of Grupo Orenes.
sponsors
‘En Futuro: Región de Murcia’ is organized by LA VERDAD and is sponsored by the Region of Murcia, CaixaBank, Universae, Grupo Orenes, Hozono Global, Hidrogea, University of Murcia and the Chamber of Commerce of Murcia.
looks to the past

The ‘En Futuro’ cycle is complemented by ‘Expo 120 years’, an exhibition that rescues a selection of the most outstanding front pages of LA VERDAD from the year the newspaper was founded to the present day. The exhibition will open tomorrow at the Auditorium of the University of Murcia, when the event ‘En Futuro: Región de Murcia’ ends, and can be visited until March 28. It consists of a series of 40 covers, selected for the relevance of the news. Among them, the first cover of LA VERDAD stands out, dating from September 25, 1903; the approval of the Tajo-Segura Transfer, on September 14, 1968; the massive demonstration against the 11-M attacks, on March 13, 2004, and Carlos Alcaraz’s first Grand Slam at the US Open, on September 12, 2022. This initiative is organized by LA VERDAD, sponsored by the Region of Murcia, Murcia City Council, CaixaBank, Universae, Hozono Global, Hidrogea, Murcia Chamber of Commerce and University of Murcia.
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#panel #experts #analyzes #strategic #agenda #Community
( With inputs from : pledgetimes.com )
February 27, 2023
Leaders of House China panel condemn attack on Rep. Judy Chu

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Speaking last week on Fox News, Gooden said of Chu: “I question her either loyalty or competence.” Gooden, who was responding to her defense of Biden appointee Dominic Ng, also told host Jesse Watters that Chu should be barred from access to classified information.
Chu, who was born in Los Angeles, called Gooden’s statements “racist.” “It is based on false information spread by an extreme, right-wing website,” Chu said. “Furthermore, it is racist. I very much doubt that he would be spreading these lies were I not of Chinese American descent.”
Gallagher is the chair of a new House select committee focused on China’s ruling Communist Party and Krishnamoorthi is the panel’s ranking Democrat. Both discussed the criticism of Chu in light of their committee’s mission.
“Absolutely, we shouldn’t question anybody’s loyalty,” Gallagher added. “And going forward, I think what’s critical and the reason we actually got the committee renamed to focus on the Chinese Communist Party, is to constantly make that distinction between the party and the people.”
Krishnamoorthi concurred.
“The Chinese Communist Party loves it when we are internally fractious and they like it when we are stereotyping. We have to avoid that,” he said.
As for the work of the committee, which is designed to examine possible threats posed by the Chinese Communist Party, Gallagher said he expects to find a certain amount of bipartisan support for its efforts.
“I want both sides in some way to look to the committee as the area for the most forward-leaning, innovative, and bipartisan policy and legislation on China,” he said.

Host Margaret Brennan asked Gallagher how the American people can be sure the panel doesn’t end up as being seen as persecuting people, as in the 1950s loyalty hearings led by Sen. Joseph McCarthy (R-Wis.).
“Joseph McCarthy’s from my district, he’s buried in my district; we need not exhume his body and reanimate it,” Gallagher said, adding: “We must constantly be aware of going overboard as we try and win this competition with China.”
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#Leaders #House #China #panel #condemn #attack #Rep #Judy #Chu
( With inputs from : www.politico.com )

February 27, 2023
Welcome HC stay on re-election for MCD panel members, step towards justice: Delhi BJP

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New Delhi: The BJP on Saturday welcomed the Delhi High Court ruling putting a stay on the re-election for six members of the Standing Committee of the MCD that was scheduled for February 27, and said this was a “step towards justice”.
Interacting with reporters, Delhi BJP working president Virendra Sachdeva said Mayor Shelly Oberoi had made a “wrong, immoral and unconstitutional announcement” on Friday to hold the election afresh.
“Now, the high court has put a stay on this unconstitutional move. And, this is a good decision, a decision that will sustain democracy. We welcome this stay. Truth will triumph and whatever result will eventually come out of it… We feel that the results of the technical experts in the election for the members of the Standing Committee will hold good,” he said.
Kamaljeet Sehrawat, BJP councillor and one of three candidates from the saffron party in the election, said the court’s stay meass that “our demands were valid”.
“The hearing went for one hour and 35 minutes, and the other party’s counsel was asked what right the mayor has in announcing a fresh election for the standing committee’s members without finality on the election already held on Friday. So, this is a step towards justice,” she told reporters.
Sehrawat, a senior BJP leader and a former mayor of south Delhi, said the entire election process went smoothly and counting was also done without any disturbance, then on what grounds a fresh election was announced, without completion of the poll already conducted.
BJP councillor Shikha Rai alleged that Mayor Shelly Oberoi was behaving like a “dictator” on Friday and not announcing the results, despite the technical experts having submitted the documents on it.
“On February 22 also, she had held councillors captive in the House by stretching the proceedings overnight and till next morning,” Rai alleged.

Earlier in the day, addressing a press conference, Sachdeva had alleged that the re-election for members of the MCD panel, called by the mayor on Monday, was “undemocratic and unconstitutional”.
Later in the day, the Delhi High Court stayed the re-election for six members of the Standing Committee of the MCD, on two pleas.
Justice Gaurang Kanth, in a special hearing held on a court holiday, said prima facie it appeared that the mayor, who was also the returning officer, is conducting the re-election on Monday without declaring results of the previous poll held on February 24 which is in violation of regulations.
The high court said the regulations nowhere reflect that the Delhi mayor has authority to declare the election of Standing Committee members as null and void.
It issued a notice to the returning officer and others on two pleas challenging the decision to hold re-election without declaring the results of the earlier poll.
“Notice to hold re-election shall remain stayed till the next date of hearing,” the judge said.
The Delhi BJP tweeted in Hindi on Saturday evening, “Delhi High Court has failed AAP’s plan. Kejriwal ji, how will your game of dirty politics go on?”
It also shared a news clip on the stay granted by the high court.
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#stay #reelection #MCD #panel #members #step #justice #Delhi #BJP
( With inputs from www.siasat.com )

February 25, 2023
Student death: IIT Bombay forms panel for parallel’ investigation

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Mumbai: The Indian Institute of Technology Bombay has formed a panel to conduct a “parallel” probe into the death of a first-year B.Tech student amid allegations of caste bias and has urged its students to come forward if they have “relevant” information.
The panel is headed by Professor Nand Kishore and also has SC/ST Students Cell members, including faculty and students, a few student mentor coordinators and the in-charge chief medical officer of IIT Bombay hospital, said a statement by institute Director Subhasis Chaudhuri on Saturday.
Darshan Solanki (18), who belonged to a Scheduled Caste community, allegedly committed suicide by jumping off the seventh floor of a hostel building on the Powai campus of the IIT on February 12, but his family suspects foul play in his death and said he faced discrimination.
The Powai police are investigating the matter and have also visited Solanki’s home in Ahmedabad.
Highlighting that Prof. Nand Kishore was the chief vigilance officer of IIT Bombay till recently and is experienced “in these matters”, Chaudhari said that the committee is actively meeting everyone who might have relevant information.
“If you have any information that you believe may be relevant, please reach out to the committee by either meeting any of the committee members, or by emailing Prof. Nand Kishore or to the Powai Police,” Chaudhari appealed through the statement.
IIT Bombay and police are actively investigating the “environment, incidents, and reasons behind Darshan’s tragic death”, it said. The police have interviewed a large number of people, and also taken Solanki’s phone and laptop for forensic analysis, Chaudhari said.
In the statement, Chaudhari said IIT B is working towards changes in their UG curriculum, starting with the batch of 2022, to make it “more relevant and motivating to students, and to reduce some of the stress”.

Calling some media reports about the student’s death “premature”, Chaudhari said that “as the matter is sub-judice so we cannot comment on the causes until either police report or our inquiry committee report is ready”.
According to Chaudhari, IIT Bombay has an SC/ST students cell, where students can reach in case of issues including discrimination.
“We are working actively to create an inclusive campus where all students feel at home,” Chaudhari said.
He said they give strong warnings against any discrimination during new students’ formal orientation and also sensitise all students to not seek proxy information such as ranks in entrance exams. “We have a very strict policy on discrimination by faculty,” Chaudhari said.
Solanki’s family on Wednesday had claimed that he faced discrimination at the IIT B for belonging to an SC community and maintained that there was a strong possibility that he was “murdered”.
According to a police official, his parents had visited Mumbai to collect their son’s body. In their initial statements, they had not raised any objection to the probe or expressed doubt over the cause of their son’s death, said the official had said earlier.
Gujarat Congress MLA and Dalit leader Jignesh Mevani has demanded a probe by a Special Investigation Team (SIT) into Solanki’s death.
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#Student #death #IIT #Bombay #forms #panel #parallel #investigation
( With inputs from www.siasat.com )

February 18, 2023
Adani row: SC refuses to accept Centre’s suggestions on expert panel in sealed cover

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New Delhi: The Supreme Court on Friday refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.
Observing that it wants to maintain full transparency in the interests of investors, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said it would rather not accept the Centre’s suggestion in a sealed cover.
“We will not accept the sealed cover suggestion by you because we want to maintain full transparency,” the bench said.
On February 10, the top court had said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stock rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.
Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.
Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

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#Adani #row #refuses #accept #Centres #suggestions #expert #panel #sealed #cover
( With inputs from www.siasat.com )

February 17, 2023