SUPREME COURT
Supreme Court To Hear Plea Challenging Andhra Pradesh Reorganisation Act ( APR 11, 2022 )
The Supreme Court has agreed to hear a plea related to the bifurcation of Andhra Pradesh in 2014. The plea contended that the Andhra Pradesh Reorganisation Act was passed by both houses of Parliament in a "controversial" manner.
A bench headed by Chief Justice N V Ramana was told by advocate Prashant Bhushan, appearing for a petitioner, that though the challenge to the bifurcation of Andhra Pradesh, one of the key aspects of the petition, has become “infructuous” with the passage of time, there are other important issues which needed to be adjudicated upon.
Telangana was carved out of Andhra Pradesh through the legislation in 2014. The Andhra Pradesh Reorganisation Act was passed in Lok Sabha and Rajya Sabha on February 18 and 20 respectively and got the assent of the then President Pranab Mukherjee on March 1. It was published in the official gazette a day later.
Several petitions, including the one which was filed by former Andhra Pradesh chief minister Kiran Reddy, challenging the bifurcation and the “controversial manner” in which the bill was cleared in Parliament were filed in the apex court in 2014 and they are pending.
DHFL case: SC stays NCLAT order; to hear appeals of Piramal, banks in May ( APR 11, 2022 )
The Supreme Court on Monday stayed the National Company Law Appellate Tribunal's (NCLAT) order which ruled a stipulation in the DHFL resolution plan as "illegal" on recovery of avoidance transactions.
Issuing a notice on appeals filed by Piramal Capital and Housing Finance Ltd (PCHFL) and some banks that formed part of the Committee of Creditors (CoC), an apex court bench headed by Chief Justice of India NV Ramana said the appeals will be heard on May 5. Meanwhile, the order passed by the NCLAT in January will be stayed.
In September last year, PCHFL acquired DHFL for a total consideration of Rs 34,250 crore.
DELHI HIGH COURT
Delhi HC refers to RBI PIL seeking probe into 'fit and proper' status of IndusInd Bank promoters Hindujas ( APR 11, 2022 )
The Delhi High Court (HC) has referred to the Reserve Bank of India (RBI) a public interest litigation (PIL) seeking a special investigation team (SIT) probe into the "fit and proper" status of Hindujas as the IndusInd Bank promoters.
The PIL seeks for restrictions on Hindujas from being allowed to increase promoter stake to 26 percent, citing alleged criminal antecedents. The HC has directed for the RBI to consider and examine the PIL and the issues raised against Hindujas. The PIL has been filed by Delhi-based tax advocate Mahek Maheshwari.
It has cited dispute within the Hinduja family, allegations of tax evasion through overseas entities, and Bofors kickback case to imply that the Hindujas are not "fit and proper".
It also sought stay on implementation of Internal Working Group recommendation allowing increase in promoter stake from 15 percent to 26 percent. The PIL has alleged inaction by the Centre and RBI by allowing "a corrupt scenario in banking sector".
SEBI
Comprehensive Risk Management Framework for Electronic Gold Receipts (EGR) segment ( APR 11, 2022 )
SEBI Board in its meeting held on September 28, 2021 approved the framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021.
Government of India vide Gazette notification S.O. 5401 (E) dated December 24, 2021, has notified “electronic gold receipts” as ‘securities’ under Section 2(h)(iia) of the Securities Contracts (Regulation) Act 1956, and vide Gazette notification dated December 31, 2021, SEBI (Vault Managers) Regulations, 2021, have been notified, paving the way for operationalization of Gold Exchange. Pursuant to the said notifications, various circulars were issued specifying the framework for operationalizing the Gold Exchange in India.
In continuation to the aforesaid circulars, the risk management framework applicable to the EGR segment on the recognized Stock Exchange/s is prescribed in Annexure A to this circular.
This circular shall come into force with immediate effect. This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992.
Enforcement Directorate (ED)
ED questions senior Congress leader Mallikarjun Kharge in National Herald case (APR 11, 2022)
The 79-year-old Leader of Opposition in the Rajya Sabha was summoned to appear before the federal agency with regard to the probe, the officials said.According to them, Kharge's statement will be recorded under the Prevention of Money Laundering Act (PMLA) as the agency wants to understand some issues in the investigation.
The case was filed by Indian economist and politician Subramanian Swamy against politicians Sonia Gandhi and Rahul Gandhi, their companies and associated persons in a Delhi court.
The National Herald, which was said to be a Congress mouthpiece, was started by former prime minister Jawaharlal Nehru. It was published by the Associated Journals Limited (AJL) but in 2010, it was taken over by a newly-floated company called Young Indian Private Limited (YIL). Following this, Swamy accused Sonia Gandhi, her son, Rahul, and others of conspiring to cheat and misappropriate funds by paying only Rs 50 lakh, through which YIL obtained the right to recover Rs 90.25 crore that AJL owed to the Congress.
WORD OF THE DAY
A black box model designed for use in the financial markets is a software program that analyses market data and produces a strategy for buying and selling based upon that analysis. The user of the black box can understand the results but cannot see the logic behind them.
MARKET TODAY ( as on 11.04.2022 )
BSE SENSEX 58,964.57 ▼ 482.61 (0.81%)
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DOLLAR VS RUPEE
1 US Dollar = 75.84 Indian Rupee ( April 11, 6:59 PM )
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