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Supreme Court Sets Up Expert Panel to Probe Hindenburg-Adani Row:Congress Demands JPC

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Supreme Court Sets Up Expert Panel to Probe Hindenburg-Adani Row:Congress Demands JPC
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The Supreme Court of India has set up an expert panel to investigate the Hindenburg-Adani controversy, after declining the government’s suggestion to have it probed by a panel of experts. The panel, headed by Justice Abhay Manohar Sapre, comprises experts on public sector banking, corporate governance, securities law, and financial sector regulations and competition law. The panel has been asked to submit its report within two months. The Supreme Court has also directed SEBI to continue its investigation and submit its report to the Sapre panel within the same time frame. This article examines the controversy and the panel members in detail.

The principal opposition party, Congress, has demanded a Joint Parliamentary Committee (JPC) investigation into the matter, but other opposition parties have not supported this demand. In the past four decades, many JPCs have been set up, but they did not produce reports that could fathom all issues involved. Harold Laski, a British political theorist and economist, had noted that MPs tend to be divided on party lines and had thus advocated that a judicial probe may be better. In Britain, JPCs were discontinued a century ago.

The composition of the Supreme Court-appointed panel is interesting. Somasekhar Sundaresan, a business journalist-turned-lawyer, whose nomination as a High Court judge was turned down by the government, brings expertise in securities law, financial sector regulations, and competition law. OP Bhatt, a former State Bank of India chairman, brings expertise on public sector financial institutions. Another eminent banker, K.V. Kamath, former chairman of ICICI Bank, brings expertise in banking, finance, and corporate governance. Another corporate honcho with an impeccable record, Nandan Nilekani, the co-founder and chairman of Infosys Technologies, brings expertise in corporate governance and digital commerce. Retired judge of the Bombay High Court Justice J.P. Devadhar has vast experience in judging matters related to the stock exchange.

The presiding judge of the probe, Justice Sapre, was part of the nine-judge bench of the Supreme Court that upheld citizen’s Right to Privacy in a historic judgment in the Puttaswamy case. A former chief justice of the Guwahati and Manipur High Courts, he was entrusted by the Supreme Court to safeguard the interest of investors in real estate firm Unitech last year. His pro-investor track record adds sheen to the panel.

Congress has not been satisfied with the Supreme Court’s decision to set up an expert panel, and the party has demanded a JPC investigation. However, other opposition parties have not supported this demand. JD(U), Congress’s Bihar ally, refused to be drawn into the JPC demand, stating that parliament usually does not discuss matters under judicial scrutiny.

The Sapre panel has been asked to suggest measures to investigate the Hindenburg-Adani imbroglio and suggest measures to retain the sanctity of and strengthen the statutory framework. The panel members have been chosen for their expertise in public sector banking, corporate governance, securities law, financial sector regulations, and competition law, as well as their experience in judging matters related to the stock exchange and safeguarding investors’ interests.

The controversy surrounding the Hindenburg-Adani deal has caused concern among investors and regulators. The expert panel’s report is expected to provide clarity on the matter and suggest measures to strengthen the regulatory framework. The two-month time frame set by the Supreme Court for the panel to submit its report is expected to be adhered to, and the interest of investors and the health of the stock market will be nursed back after the pitfalls are identified.

The Hindenburg-Adani controversy is not the first controversy in India’s stock market. In the past, many controversies have rocked the stock market, and regulatory authorities have

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Akhilesh Yadav Criticizes UP Govt on Hathras Tragedy

Akhilesh Yadav accuses the UP government of deflecting responsibility for the Hathras stampede by making minor arrests, calling for a judicial inquiry.

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Akhilesh Yadav Criticizes UP Govt on Hathras Tragedy
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Samajwadi Party leader Akhilesh Yadav has voiced strong criticism against the Uttar Pradesh government following the tragic stampede in Hathras that resulted in the deaths of 121 people. On Saturday, Yadav accused the state government of attempting to obscure its administrative failures by making insignificant arrests instead of addressing the root causes of the incident. His comments were made public through a post on the social media platform ‘X’, where he also shared a letter from Ankit Yadav, a resident of Mainpuri district, alleging that his father has been wrongfully implicated in the stampede.

Akhilesh Yadav

In his post on ‘X’, Yadav expressed concern that such tragic events will persist as long as the state government fails to learn from its past mistakes. He argued that the arrests made in connection with the stampede appear to be an attempt to shift blame and evade accountability for the deaths. According to Yadav, these actions indicate a lack of genuine effort to understand and rectify the administrative lapses that contributed to the disaster.

Yadav emphasized that the arrests being made by the government are not targeting the true culprits but rather individuals who were not directly involved in the incident. He called for an immediate judicial inquiry into these arrests to expose what he perceives as a politically motivated attempt by the BJP-led government to mislead the public. Yadav further argued that if the government claims to have no involvement in the event, it should not remain in power.

Highlighting the socio-economic backgrounds of many of the attendees at the event, Yadav underscored that the victims were largely from marginalized and disadvantaged communities. He criticized the government for its apparent disregard for these vulnerable groups, stating that the administration’s primary concern should be the welfare of the poor and oppressed.

The Uttar Pradesh government has responded by forming a three-member judicial commission, led by a retired high court judge, to investigate the circumstances surrounding the stampede. This commission will also explore the possibility of a conspiracy behind the incident. So far, police have arrested six members of the organizing committee of the ‘satsang’ held on July 2 in Fulrai village, Hathras. These individuals, referred to as ‘sevadars’, were responsible for organizing the event where the stampede occurred.

Devprakash Madhukar, identified as the main accused and the ‘mukhya sevadar’ of the event, surrendered to the Uttar Pradesh Police in Delhi. Madhukar is the only person officially named in the FIR lodged at Sikandra Rao Police Station in connection with the incident.

Akhilesh Yadav’s accusations bring to light the broader political and administrative challenges facing Uttar Pradesh in the wake of this tragedy. The incident has sparked a debate over the adequacy of the government’s response to large gatherings and the measures in place to ensure public safety. Critics argue that focusing on minor arrests does not address the systemic issues that led to the disaster.

The judicial commission’s findings will be pivotal in determining accountability and ensuring that justice is served for the victims and their families. As the political landscape in Uttar Pradesh continues to evolve, the handling of this incident could have significant implications for the upcoming electoral contests. The primary concern remains providing justice for the victims and implementing effective measures to prevent similar tragedies in the future.

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Bihar Takes Action on Bridge Collapse

Bihar suspends 16 engineers for bridge collapses; investigation reveals negligence. Accountability measures underway.

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Bihar Takes Action on Bridge Collapse

The Bihar government recently suspended 16 engineers following a series of bridge collapses in the state, according to a senior official. This decision came after a probe panel submitted its findings to the Water Resources Department (WRD). Chaitanya Prasad, the Additional Chief Secretary of the WRD, emphasized the seriousness with which the government is treating these incidents and the commitment to holding negligent officials accountable.

Bihar bridge collapse

Prasad indicated that the contractors responsible for the faulty bridges are being identified and will face consequences. “Such serious lapses can’t be ignored and those found guilty will not be spared, whosoever they may be,” he asserted.

In addition to the suspensions, explanations have been requested from two other engineers, and the roles of several executive engineers are under scrutiny. “The role of some executing contractors is being verified,” sources within the department revealed.

The action was prompted by the collapse of the 10th bridge in Saran district, marking the third such incident within 24 hours. Reports of bridge collapses have emerged from various districts including Saran, Siwan, Araria, Madhubani, East Champaran, and Kishanganj.

A senior executive engineer, referring to the probe report, noted that six of the collapsed bridges were very old, three were under construction, and one was a small bridge. The flying squad’s report highlighted a lack of precautionary measures and insufficient technical supervision by the engineers responsible for these structures.

The government’s response was catalyzed by a review meeting chaired by Chief Minister Nitish Kumar on July 3, where maintenance policies for bridges and culverts were discussed. During the meeting, it was revealed that the Road Construction Department had already developed a maintenance policy, while the Rural Works Department was yet to initiate such efforts. CM Nitish Kumar instructed the Rural Works Department to commence work on this policy immediately.

Rashtriya Janata Dal leader Tejashwi Prasad Yadav demanded explanations for the recent spate of bridge collapses, claiming that 12 bridges have fallen in Bihar since June 18. He criticized both Prime Minister Narendra Modi and Chief Minister Nitish Kumar for their silence on the issue, questioning the claims of good governance and a corruption-free administration in Bihar.

Yadav’s statements highlight the political ramifications of these infrastructure failures, suggesting widespread corruption within the state government. He noted that his tenure as deputy CM was brief compared to the long period under a JD(U) minister, further implicating the ruling party in these lapses.

The recent bridge collapses have raised urgent concerns about infrastructure quality and governance in Bihar. While the suspension of 16 engineers sends a strong message about accountability, it also points to deeper systemic issues. The involvement of senior engineers and contractors in these failures suggests that the problems may extend beyond mere negligence to include potential corruption and mismanagement.

The WRD’s probe has underscored significant flaws in the construction and maintenance processes. The absence of technical oversight and failure to implement necessary safety measures are particularly alarming. These incidents demonstrate an urgent need for rigorous supervision and stronger accountability mechanisms in Bihar’s infrastructure projects.

The government’s swift action following the review meeting with CM Nitish Kumar signals a commitment to addressing these issues, but the effectiveness of these measures remains to be seen. The political fallout, with opposition leaders like Tejashwi Yadav vocalizing criticisms, adds pressure on the administration to deliver tangible improvements.

Future infrastructure development in Bihar hinges on the government’s ability to enforce comprehensive reforms and maintain strict oversight. The suspension of engineers is a critical first step, but sustainable solutions will require addressing corruption, ensuring contractor accountability, and setting enforceable construction and maintenance standards.

In summary, the Bihar government’s suspension of 16 engineers following a series of bridge collapses highlights significant challenges in the state’s infrastructure management. While the move indicates a commitment to accountability, it also underscores the need for broader reforms and rigorous oversight. The political and public scrutiny following these incidents emphasizes the necessity for transparency, effective governance, and sustainable infrastructure practices to prevent future failures.

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Amritpal Singh to Take Oath as MP Amidst Controversy

Amritpal Singh, pro-Khalistani leader and ‘Waris Punjab De’ chief, is set to take oath as Lok Sabha member on July 5 despite being in jail.

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Amritpal Singh to Take Oath as MP Amidst Controversy
(Image : PTI)

Amritpal Singh, leader of ‘Waris Punjab De‘ and a controversial figure in Punjab politics, is poised to take a significant step amidst legal turmoil. Recently elected as the Member of Parliament for Khadoor Sahib, Punjab, he faces unique circumstances as he prepares to be sworn in on July 5.

Amritpal Singh

Currently incarcerated under the National Security Act in Dibrugarh jail, Assam, Amritpal Singh has been granted a brief four-day parole for the specific purpose of attending his oath-taking ceremony in Delhi. This development follows an application forwarded by the Punjab Government to Lok Sabha Speaker Om Birla.

Confirming the arrangements, Faridkot MP Sarbjeet Singh Khalsa announced on social media that the oath ceremony is scheduled and will proceed as planned. Despite his confinement, logistical preparations are underway to ensure Amritpal Singh’s presence in Delhi and his subsequent return to Dibrugarh Jail.

“The parole has been granted exclusively for the oath-taking ceremony,” stated a senior state government official, emphasizing the procedural aspects and the conditions communicated to Dibrugarh jail authorities.

Amritpal Singh’s journey to Parliament has been marked by controversy and legal entanglements. His victory in the 2024 Lok Sabha elections from Khadoor Sahib, defeating Congress candidate Kulbir Singh Zira by a significant margin, underscores his influence despite ongoing legal challenges.

Known for his association with Khalistani ideologies and styled after militant Jarnail Singh Bhindranwale, Amritpal Singh’s political career has been fraught with incidents of defiance against law enforcement. His arrest in Moga followed a dramatic series of events, culminating in a manhunt and subsequent charges related to public unrest and clashes with authorities.

The road to his parliamentary seat was not without hurdles, including the Ajnala incident that sparked widespread attention and legal repercussions. Despite these controversies, Amritpal Singh’s electoral success reflects deep-seated sentiments within certain segments of Punjab’s electorate.

As preparations intensify for his oath-taking on July 5, the spotlight remains firmly on Amritpal Singh, highlighting the intersection of politics, law, and public perception. His journey from activist to elected representative continues to provoke debate and scrutiny, encapsulating the complexities of contemporary Punjab politics.

Stay tuned as developments unfold around Amritpal Singh’s parliamentary induction amidst a backdrop of legal challenges and political controversy.

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