Sebi clean chit: Adani says those spreading false narratives using fraudulent report owe apology
New Delhi (PTI): Buoyed by Sebi clean chit, billionaire Gautam Adani on Thursday said those who spread false narratives using Hindenburg Research's 'fraudulent and motivated' report owe the nation an apology.
In a post on X accompanied by the national tricolour, Adani said the Sebi clean chit has reaffirmed what his group has always maintained -- "that the Hindenburg claims were baseless".
Sebi on Thursday cleared Adani and his group of stock manipulation allegations made by US short-seller Hindenburg Research, saying it found no evidence that the conglomerate used related parties to route funds into its listed companies.
"After an exhaustive investigation, Sebi has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group," the Adani Group Chairman said in the post.
Hindenburg report of January 2023 had triggered a stock market rout of Adani group companies, who at their lowest point lost USD 150 billion in value.
"We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology," he said. "Our commitment to India's institutions, to India's people and to nation building remains unwavering."
He signed off the post with, "Satyamev Jayate! JAI HIND!"
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Ordinance issued to increase number of Supreme Court judges from 34 to 38
New Delhi (PTI): The government has promulgated an ordinance to increase the strength of the Supreme Court from the present 34 judges to 38, including the Chief Justice of India.
The law ministry notified the ordinance on Saturday, which amended the Supreme Court (Number of Judges) Act, 1956, to increase the sanctioned strength of the top court.
So far, the sanctioned strength of the top court was 34, including the Chief Justice of India (CJI). Now, the number of judges has been increased by four, taking the sanctioned strength to 38.
The top court will now have 37 judges, other than the CJI.
With the apex court having two vacancies at present, and the ordinance coming into force immediately, the Supreme Court Collegium will now have to recommend six names for appointment as judges in the top court.
A bill will be brought in the Monsoon Session of Parliament to convert the ordinance – an executive order – into a law passed by Parliament.
The Union Cabinet had cleared a draft bill on May 5 to increase the number of apex court judges.
The strength of the Supreme Court was last increased from 30 to 33 (excluding the CJI) in 2019.
The Supreme Court (Number of Judges) Act, as originally enacted in 1956, put the maximum number of judges (excluding the CJI) at 10.
This number was increased to 13 by the Supreme Court (Number of Judges), Amendment Act, 1960, and to 17 by another amendment to the law.
The Supreme Court (Number of Judges) Amendment Act, 1986, augmented the strength of judges from 17 to 25, excluding the CJI.
A fresh amendment in 2009 further increased the strength from 25 to 30.
Article 124(3) of the Constitution lists the qualifications required to become a Supreme Court judge.
An Indian citizen who has either served as a high court judge for at least five years, or as an advocate for 10 years, or is a distinguished jurist, can be appointed to the top court.
The strength of the Supreme Court is increased based on the recommendations of the CJI, who writes to the Union law minister. After consulting the finance ministry, the Department of Justice under the law ministry moves the Cabinet with a draft bill.
