BOMBAY HIGH COURT

PIL in Bombay HC against Dhankhar, Rijiju for recent remarks over judiciary (2 FEB 2023)

The Bombay Lawyers Association has filed a plea in the Bombay High Court against Vice President Jagdeep Dhankar and Union Law Minister Kiren Rijiju for their remarks against the Judiciary and Collegium System, claiming that both "lowered the prestige of the Supreme Court in public".  

The Public Interest Litigation filed by the BLA through its chairman Ahmed Abidi sought a declaration from the high court that the Law Minister and Vice President have disqualified themselves from holding the constitutional post by expressing a lack of faith in the Constitution of India.

NEWS REPORT : PIL in Bombay HC against Dhankhar, Rijiju for recent remarks over judiciary | Business Standard News (business-standard.com)

NCLT

NCLT rejects second auction of Reliance Capital; creditors likely to appeal (2 FEB 2023)

The National Company Law Tribunal (NCLT) Mumbai on Thursday declared as illegal the second auction planned by the committee of creditors (CoC) of Reliance Capital.

The CoC planned a second auction after the Hinduja group’s offer of Rs 9,000 crore after the first auction was concluded. Torrent was the highest bidder in the first auction, offering Rs 8,640 crore for Reliance Capital.  

Reliance Capital was sent to NCLT for debt resolution in November 2021 after it defaulted on its debt worth Rs 24,000 crore.

DETAILS : Reliance Capital Auction: NCLT rejects second auction of Reliance Capital; creditors likely to appeal | Business Standard News (business-standard.com)

RBI

RBI asks banks to share information on exposure to Adani Group companies (2 FEB 2023)

According to bankers, the regulator on Wednesday asked banks to furnish details of the amount of loan sanctioned and that outstanding to the group as on January 31.

Hindenburg Research alleged last week that the Adani Group was engaged in “a brazen stock manipulation and accounting fraud scheme”. The group, which late Wednesday evening cancelled its follow-on public offer, has lost $100 billion in market capitalisation in the last six trading sessions.

Indian banks have around Rs 80,000 crore exposure in Adani, which is 38 per cent of the group’s total debt.

NEWS REPORT : RBI asks banks to share information on exposure to Adani Group companies | Business Standard News (business-standard.com)

NEWS AT GLANCE

  • First Sustainable Finance Working Group Meeting of G20 under India's Presidency begins at Guwahati in Assam.  
  • G20 Employment Working Group meeting to commence at Jodhpur in Rajasthan this afternoon.  
  • US Secretary of State Antony Blinken says, America is expanding cooperation with India to address global challenges. 
  • India and US agree to constitute task force to boost cooperation in semiconductor industry.

WORD OF THE DAY 

Ad hoc – For this purpose.

MARKET TODAY (as on 2.02.2023)

BSE SENSEX                  59,932.24 INR▲ +224.16 (+0.38%)      

NIFTY 50                        17,610.40 INR▼ -5.90 (-0.033%)

1 US Dollar = 82.05 Indian Rupee (Last updated · 2 February at 1:42 pm UTC)

MyLawman is now on Telegram (t.me/mylawman) Follow us for regular legal updates. Follow us on Google News, Instagram, LinkedIn, Facebook & Twitter or join our Whatsapp group .You can also subscribe for our Newsletter for Email Updates.