India

New Delhi, Jan 16 (IANS) Infamous short-selling firm Hindenburg Research, which is now being disbanded as per an open letter from its founder Nate Anderson, has been under the radar of Indian regulators like the Securities and Exchange Board of India (SEBI) over its report against the Adani Group, which was dismissed by the Supreme Court.

The Adani Group always vehemently rejected allegations by Hindenburg Research as “malicious, mischievous and manipulative selections of publicly available information" to arrive at "pre-determined conclusions for personal profiteering with wanton disregard for facts and the law”.

“For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity,” according to the Group.

The SEBI last year issued a show-cause notice to Hindenburg Research, Nate Anderson and the entities of Mauritius-based foreign portfolio investor Mark Kingdon for trading violations in the scrip of Adani Enterprises Ltd leading up to Hindenburg Report.

The regulator alleged that Hindenburg and Anderson violated regulations related to fraudulent and unfair trade practices and the code of conduct for research analysts.

According to the show cause notice, SEBI alleged that prior to the report release, short-selling activity was witnessed in the futures of Adani Enterprises and after the report the share lost 59 per cent between January 24, 2023 and February 22, 2023.

The SEBI investigation revealed that K-India Opportunities Fund – Class F opened a trading account and started trading in the scrip of Adani Enterprises before the release of the report. The FPI then squared off the positions in February making a profit of $22.25 million or Rs 183.24 crore.

Hindenburg continued to defend its January 2023 report. The Adani Group denied allegations levelled by the short seller.

The Supreme Court in July last year dismissed a review petition that was filed against its January 3 judgement in the Adani Group-Hindenburg Research case, wherein the court reposed confidence in SEBI's regulatory powers and ruled that petitioners could not provide enough material to transfer the probe to a special investigation team.

In January last year, the Supreme Court refused to form any SIT or group of experts to conduct an investigation into the Adani-Hindenburg controversy, saying that the media and third-party reports were not conclusive proof.

“SEBI should take its investigation to its logical conclusion in accordance with law. The facts of this case do not warrant a transfer of investigation from SEBI,” held a bench presided over by then CJI, D.Y. Chandrachud.

Despite continuous attacks from Hindenburg Research and other US-based entities in the past, the market cap of the Adani Group has increased to nearly Rs 12.80 lakh crore.

Every attack made the Group even stronger, and every obstacle became a stepping stone for a more resilient conglomerate. In the recent past, there have been many positive developments about Adani Group's companies that boosted investors’ confidence.

--IANS

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New Delhi, Jan 16 (IANS) Chief Justice of India Sanjiv Khanna on Thursday administered the oath of office to Justice K Vinod Chandran as a judge of the Supreme Court.

On Monday, the Centre cleared the appointment of Justice Chandran to the Apex Court on the recommendation made by the Supreme Court Collegium.

In a post on social media platform X, Union Minister of State (Independent Charge) for Law and Justice Arjun Ram Meghwal announced that the President, after consultation with the Chief Justice of India (CJI), was pleased to appoint Justice K Vinod Chandran, Chief Justice of the Patna High Court, as a Supreme Court judge.

Earlier, the Supreme Court Collegium recommended the name of Patna High Court Chief Justice Chandran for elevation as a judge of the Apex Court.

"While recommending his name, the Collegium has taken into consideration the fact that there is no representation on the Bench of the Supreme Court from the High Court of Kerala," said a statement released by SC Collegium.

Justice Chandran was appointed as a judge of the Kerala High Court in November 2011 and was elevated to the Chief Justice of the Patna High Court on March 29, 2023.

"He has served as a Judge of the High Court for more than 11 years and as a Chief Justice of a big High Court for more than a year. During his long tenure as a Judge and Chief Justice of the High Court, Mr Justice Chandran has acquired significant experience in diverse fields of law," the SC Collegium said.

In its meeting, the apex court Collegium deliberated on and discussed the names of Chief Justices and senior puisne judges of the High Courts eligible for appointment to the Supreme Court.

Born on April 25, 1963, Justice Chandran stands at serial no. 13 in the combined all-India seniority of High Court Judges.

He obtained a law degree from Thiruvananthapuram’s Kerala Law Academy Law College and started practice in 1991.

Before elevation, he served as Special Government Pleader (Taxes) of the Kerala government from 2007 to 2011.

--IANS

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Hyderabad, Jan 16 (IANS) Bharat Rashtra Samithi (BRS) working president and former minister K. T. Rama Rao on Thursday appeared before the Enforcement Directorate (ED) in Formula-E race case.

Amid tight security, he reached the ED's regional office in Basheerbagh around 10.45 a.m.

One lawyer was allowed into the ED office with KTR.

Tension prevailed at the ED office as several BRS workers gathered to show solidarity. They staged a protest and raised slogans against the Central government.

Police detained the protesters, including women, and whisked them away in police vans.

Former ministers Gangula Kamalakar and Srinivas Goud, BRS MLAs and MLCs were among those who gathered outside the ED office to show solidarity with KTR.

Police made elaborate security arrangements at the ED office. About 200 policemen were deployed to maintain law and order.

Three Assistant Commissioners of Police and eight inspectors were among the officers deployed. Teargas vehicles and water canons were also kept ready as a precautionary measure.

The ED is conducting the probe under the Prevention of Money Laundering Act (PMLA) based on the First Information Report (FIR) filed by the Anti-Corruption Bureau (ACB).

The Central agency is looking into possible violations of the Foreign Exchange Management Act (FEMA). The ED already questioned two other accused in the case - former Municipal Administration and Urban Development department special chief secretary Arvind Kumar and former chief engineer of Hyderabad Metropolitan Development Authority (HMDA) B. L. N. Reddy.

The ED is likely to question KTR about different aspects of the transfer of about Rs 55 crore to UK-based Formula-E Operations (FEO) in foreign exchange, allegedly in violation of the provisions of FEMA and PMLA.

The former minister may be asked why no clearance was taken from the Reserve Bank of India (RBI) for the transfer of the money.

The ACB last month registered an FIR against KTR, Arvind Kumar and BLN Reddy for alleged irregularities in payment by HMDA to FEO and associated entities without adhering to established financial procedures.

The FIR was registered under Sections 13 (1) (A) and 13 (2) of the Prevention of Corruption Act, along with Sections 409 and 120 (B) of the Indian Penal Code.

KTR had appeared before the ACB on January 9. He was questioned for over six hours focusing on his role as then minister of municipal administration and urban development in signing the agreement to conduct Formula-E race in 2023 when BRS was in power.

The anti-graft agency has also questioned the other two accused. The Supreme Court on Wednesday dismissed the quash petition of KTR.

Earlier, the Telangana High Court on January 7 refused to quash the FIR. It was on October 25, 2022 that the Municipal Administration and Urban Development Department entered into a tripartite agreement with Formula E Operations (FEO) Limited and Ace Nxt Gen Private Limited (sponsor) for conducting Formula E races for 9, 10, 11 and 12 seasons in Hyderabad.

The 'Season 9' of the race was held on February 11, 2023, when the BRS government was in power. However, later the sponsor backed out citing financial losses.

The HMDA which was under KTR's Ministry transferred about Rs 55 crore to FEO. The money in British Pounds was transferred allegedly without mandatory approval from the Reserve Bank of India (RBI).

The Congress government that took over in December 2023 cancelled the E race and also sought an enquiry into the transfer of government funds without following the norms and also the allegations of corruption.

--IANS

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Guwahati, Jan 16 (IANS) Assam Chief Minister Himanta Biswa Sarma on Thursday said the government was creating a strong environment to support the startups in the state.

In his X handle, CM Sarma mentioned, “In Assam, we are building a robust startup ecosystem through empowering our entrepreneurs with policy, monetary and incubation support.”

He also said, “Today is National Startup Day; a day to celebrate the extraordinary achievements of our startups and their contributions to the Indian economy.”

To recall, Assam is set to host a big investor summit, 'Advantage Assam' in February in Guwahati.

The CM mentioned that there will be multiple key areas that will be focussed in the two-day summit.

“Infrastructure development, Electronics and semiconductors, Aerospace and Defence Manufacturing, Renewable energy and Hydrocarbons, Tourism, Food and beverage, Fragrance and Flavours, Mobility and Logistics -- these are the areas that will be given thrust in the Advantage Assam this time,” CM Sarma added.

He said that this summit is set to bring more investments in the state. He mentioned that more government jobs and entrepreneurship support will be provided to the people of the state.

According to the Chief Minister, the event, which is set for February 25 and 26, would highlight the traditional Jhumur dance of the tea tribe clans. He said, “This summit is a platform to showcase Assam's rich traditions to a global audience in addition to attracting investors.”

A spectacular Jhumur dance performance with more than 7,500 dancers and artists will be part of the event. It will be an extraordinary show, the CM said.

The preparations are underway for this cultural event. The Chief Minister said, “Perfect execution will be ensured by master training workshops, constituency-level sessions, district-level performances, and final rehearsals in Guwahati.” The concert, which is planned for either day of the summit, is anticipated to have a lasting effect on those present.

--IANS

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Bhopal, Jan 16 (IANS) The Madhya Pradesh government will host the seventh Regional Industry Conclave (RIC) today in Shahdol district. The event, set to take place at the engineering college ground in Shahdol, will be inaugurated by Chief Minister Mohan Yadav.

Beside addressing the gathering of industrialists, CM Yadav will also hold one-on-one meeting with many of them. It would be the last industrial conclave which was started in March last year. This is an initiative to bring economic and industrial growth in every part of the state.

Meanwhile, Chief Minister Mohan Yadav will also perform Bhoomi Pujan of 28 industrial units during the conclave, which will see an investment of Rs 570 crore and will create 2,600 employment opportunities.

Apart from this, Torrent Power is likely to invest Rs 18,000 crore for a 1600 MW thermal plant.

More than 4,000 participants and 2,000 industrialists will attend the event.

Over 40 industrialists including Torrent Power's Executive Director Prakash Sajnani, ACCL's Managing Director Harish Dohan, Sharda Energy Limited's Chairman, Bajrang Power Limited, Orient Paper Mill's GM are expected to attend the Regional Industry Conclave.

Hundreds of other industrialists have registered online for the event.

According to reports, there will be seminars on agriculture and tourism during the event and an exhibition of various departments will also be held. Before that, six RICs were organised between March and Dec 2024 and the state government has received investment proposals worth more than Rs 3.75 lakh crore.

Chief Minister Mohan Yadav said that the total investment proposals received from six RICs were expected to generate nearly 85,000 jobs in the state, besides ensuring industrial growth.

For Shahdol's RIC, the state government has already received investment proposal of more than Rs 20,000 crore, said CM Yadav after a virtual interaction with investors on Monday.

The total investment is likely to increase further after the conclave is organised.

Notably, the first edition of the RIC was organised in Chief Minister Yadav's home district Ujjain on March 1 and 2, 2024. Later, the second edition was held in Jabalpur on July 20 and the third in Gwalior on August 28. The fourth edition of RIC was organised in the Sagar division on September 27, while the fifth edition was held in Rewa on October 23. The sixth edition was organised in Narmadapuram (Hoshangabad) division on December 7, 2024.

Subsequently, the state government will kick-start preparation for 'Madhya Pradesh - Global Investors Summit' - 2025' to be held in Bhopal on February 24. CM Yadav said that Prime Minister Narendra Modi will inaugurate the Global Investors Meet.

Notably, the state government has declared 2025 as the 'Year of Industry and Employment' to promote industrial development in Madhya Pradesh. For this, interactive sessions on investment opportunities are organised at national and international levels.

--IANS

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Bengaluru, Jan 16 (IANS) The Congress high command has sought a report on the ministers who have made statements on change of leadership in Karnataka despite the warning by the high command.

Karnataka Pradesh Congress Committee (KPCC) Working President Manjunath Bhandary stated on Thursday that despite warnings from the party's high command, ministers who violate Congress discipline and give statements to the media have been taken note of.

"AICC Karnataka in-charge Randeep Surjewala has already said that the party is like a mother and the government is its child. He has warned that no one should harm the dignity of the party. Despite this, some leaders continue to make statements, which is not acceptable. Excise Minister R.B. Thimmapura, Minister for PWD Satish Jarkiholi, and Minister for Social Welfare H.C. Mahadevappa have repeatedly spoken out, and the high command is taking their actions seriously," Manjunath Bhandary said.

"The high command is meticulously examining the report cards of all ministers. It has also issued a clear warning that those who repeatedly violate party directives by speaking about party leadership matters will face consequences in the future, he warned.

“Those who disobey the high command's directives are not considered disciplined soldiers of Congress,” he stated.

“The leadership of AICC President Mallikarjun Kharge, senior leader Sonia Gandhi, and the Leader of Opposition in the Lok Sabha Rahul Gandhi is strong in our party. Decisions regarding who should be replaced, retained, or appointed as KPCC president, chief minister, or ministers will be made by the party high command,” Bhandary stated.

“However, no minister should make statements in this regard. The decision to change leadership is not to be discussed in the media but lies solely with the party's high command. Hence, any matters must first be brought to the high command's attention and not disclosed publicly. Reports on ministers who have made such statements have been sought by the high command,” he said.

Bhandary said that questions have been raised regarding the performance of ministers over the past one and a half years in their respective departments. "Chief Minister Siddaramaiah and Deputy Chief Minister D.K. Shivakumar have already stated that they are committed to any decision the party high command makes. However, the high command has sought a comprehensive report on ministers causing unnecessary confusion by making inappropriate statements," he said.

“Key aspects under scrutiny include: During district tours, did ministers visit district Congress offices or not? Are they focusing on strengthening the party organisation? Are they cooperating with the party and government in implementing the promises made in the manifesto? Additionally, have they implemented departmental plans effectively?” Bhandary stated.

He further stated that the high command has asked for detailed information on these aspects. Ministers who repeatedly violate party discipline by making statements to the media are being closely monitored, and their complete records have been requested. The development is likely to stir controversy within the state Congress unit as all three of the ministers, who have been red-flagged, are from Chief Minister Siddaramaiah’s camp.

--IANS

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Hyderabad, Jan 16 (IANS) Ahead of his appearance before the Enforcement Directorate (ED) in the Formula-E race case on Thursday, Bharat Rashtra Samithi (BRS) working president and former minister K. T. Rama Rao denied that there was any corruption, misappropriation or money laundering in the deal to host the event.

Rama Rao posted his statement on the social media platform 'X'.

"Hosting Formula E in India/Telangana/Hyderabad remains one of my most cherished decisions as a Minister. The pride I felt, witnessing international racers and E-Mobility industry leaders praise our city, is memorable. No amount of frivolous cases, cheap mudslinging, or political witch-hunting can erase that sense of accomplishment For me, Brand Hyderabad is paramount- yesterday, today, tomorrow, and always. Formula E elevated our city on the international sporting stage. It takes vision, passion, and genuine love for one's city and state to understand the significance of such initiatives," said KTR, as the BRS leader is popularly known.

"Setting the record straight: Rs 46 crore was paid to Formula E Operations Limited (FEO) through a transparent bank-to-bank transaction. Not a single rupee was misappropriated and every rupee is accounted for Where is the alleged corruption, misappropriation, money laundering?" he asked.

KTR slammed Chief Minister Reddy for cancelling the event for the second year saying this caused a loss to the exchequer.

"If anything, the shortsightedness of CM Revanth Reddy and his thoughtless, unilateral decision to cancel the second year of the event that has caused a loss to the exchequer. Even though there is No wrongdoing, driven by malice and political vendetta, Congress Govt is hell-bent on dragging these well-documented events through the courts and investigating agencies," he said.

"I am confident that the truth will soon be revealed for all to see, including the honourable courts Until then, we'll continue to fight for justice," he added.

KTR's statement came just ahead of his appearance before the ED, which is probing alleged money laundering in the case.

The Supreme Court on Wednesday dismissed KTR's petition to quash the First Information Report (FIR) registered by the Anti-Corruption Bureau (ACB).

KTR had last week appeared before the ACB, which is likely to summon him again for questioning.

--IANS

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New Delhi, Jan 16 (IANS) This success of the 'StartUp India' initiative reflects that today's India is dynamic, confident and future-ready and the government reaffirms its commitment to continue fostering an entrepreneurial ecosystem that uplifts every dream and contributes to 'Aatmanirbhar Bharat,' Prime Minister Narendra Modi said on Thursday.

Marking the nine successful years of 'Startup India', the Prime Minister said it is a landmark initiative that has redefined innovation, entrepreneurship and growth.

"This is a programme very close to my heart, as it has emerged as a powerful way of furthering youth empowerment. Over the past nine years, this transformative programme has empowered countless youngsters, turning their innovative ideas into successful StartUps," PM Modi posted on X social media platform.

From tech-driven solutions to rural innovations, healthcare advancements to biotech breakthroughs, Fintech to EdTech, and clean energy to sustainable technology, Indian startups are solving global challenges while at the same time creating employment opportunities and boosting our quest towards self-reliance, PM Modi emphasised.

Startup India has propelled India to become among the largest and most vibrant StartUp ecosystems.

"This was when people doubted India's ability to thrive in this system just a decade ago," PM Modi noted.

The government has left no stone unturned to encourage a culture of startups.

With more than 1.59 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of January 15, India has firmly established itself as the third-largest startup ecosystem in the world.

From 2016 to October 31, 2024, recognised startups have reportedly created over 16.6 lakh direct jobs, significantly contributing to employment generation.

PM Modi further stated that the policies have focused on ‘Ease of Doing Business’ greater access to resources and, most importantly, supporting them at every juncture.

"We are actively promoting innovation and incubation centres so that our youngsters become risk-takers. I have personally been regularly interacting with upcoming startups," the Prime Minister said.

--IANS

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New Delhi, Jan 16 (IANS) The BJP on Thursday said Hindenburg Research’s decision to disband was surprising and slammed Rahul Gandhi and the Congress party for relying on its reports to disrupt Parliamentary proceedings.

Amit Malviya, in charge of BJP's National Information & Technology Department and member National Executive in a social media post, said that Hindenburg Research’s decision to disband came as a little surprise, coinciding with the Trump administration’s transition into office. "As the US Department of Justice plans to investigate the firm’s operations, it’s worth reflecting on how Rahul Gandhi and the Congress party relied on Hindenburg’s reports. They frequently held press conferences and disrupted parliamentary proceedings, basing their actions on findings from this dubious George Soros-funded organization," Malviya said.

He further accused the Congress party of aligning with the forces. "Hindenburg and its sponsors targeted the Indian stock market, which sees massive participation from retail investors, with the Congress party acting in alignment with their sinister agenda."

Earlier, Hindenburg Research founder Nate Anderson announced the disbanding of the short seller firm, saying there is not one specific thing -- “no particular threat, no health issue and no big personal issue”.

The short-seller firm targeted several top corporate leaders across the world, including in India, mostly at the behest of vested interests to create economic turbulence.

In a letter posted on his website, Anderson said that the intensity and focus “has come at the cost of missing a lot of the rest of the world and the people I care about. I now view Hindenburg as a chapter in my life, not a central thing that defines me.”

“As I’ve shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today,” he wrote.

The Hindenburg founder further stated that for now, “I will be focused on making sure everyone on our team lands where they want to be next”.

“Some are going to start their own research firm, which I will strongly and publicly encourage, even as I will have no personal involvement. There are others on our team who are now free agents—so feel free to reach out to me if you have a need for anyone who is brilliant, focused, and easy to work with, as they all are,” he said.

Over the next 6 months or so, Anderson plans to work on a series of materials and videos to “open-source every aspect of our model and how we conduct our investigations”.

In India, Hindenburg's allegations against Indian corporate leaders were touted as not merely frivolous but cheap antics.

--IANS

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New Delhi, Jan 16 (IANS) Sandeep Dikshit, Congress candidate for the New Delhi Assembly constituency, expressed confidence in securing a victory in the upcoming elections as he is filing nomination on Thursday.

Reflecting on his interactions with the public, Dikshit said he is optimistic about the party’s prospects, that his meetings with residents have shown a positive shift in sentiment toward the Congress.

"I have a very good feeling about our chances," he stated, adding that after meeting numerous people and gauging their opinions on other political parties, he realised that there was growing support for Congress.

He emphasised that understanding the public mood was crucial in forming his outlook for the elections. Dikshit also shared his belief that voters were increasingly dissatisfied with the performance of the AAP government.

In response to the ongoing controversy surrounding BJP leader Parvesh Verma, including an FIR related to his actions at a temple, Dikshit commented on the allegations, particularly the incident of distributing shoes.

He criticised such tactics, noting, "These actions are not representative of someone committed to social service. Our focus is on public service, not handing out charity." He emphasised that politics should be about policies and not about making promises through material giveaways.

"If even a few voters change their votes based on inducements, it goes against the very spirit of democracy," he added.

Dikshit also addressed the recent approval by the Ministry of Home Affairs for a money laundering case against Delhi Chief Minister Arvind Kejriwal. He remarked that this was expected given the ongoing rumours and the financial irregularities observed during elections in Goa and Punjab.

"We had seen significant financial activity by the Aam Aadmi Party on the ground," he said. He also referenced a report from the Comptroller and Auditor General (CAG) of India that exposed financial misconduct within Kejriwal's party.

In Delhi, the election to the 70-member Assembly will be held on February 5 and the counting of votes on February 8.

--IANS

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