'Something big soon India': Hindenburg message raises eyebrows

News Network
August 10, 2024

Hindenburg Research, the entity which shorted Adani stocks and led to a massive crash in the conglomerate's market value, has posted a cryptic message on social media platform X, wherein it said, "Something big soon India".

Their post has already started garnering a lot of attention, with many X users slamming the short seller based on the recent Sebi show cause notice to the firm regarding the Adani issue.

"Tool kit activated to distract more from Bangladesh," one user commented.

"Like the actual Hindenburg, I find your India coverage to be mostly hot air," another said.

Adani Enterprises had decided not to proceed with a debut retail bond offering of up to Rs 1000 crore last year after US-based short-seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation.

Adani Group denied Hindenburg's allegations, but shares of its group companies lost more than $100 billion in value before recovering in late 2023.

Hindenburg Research had shared an advance copy of its damning report against Adani group with New York-based hedge fund manager Mark Kingdon about two months before publishing it and profited from a deal to share spoils from share price movement, according to market regulator Sebi.

The Securities and Exchange Board of India (Sebi), in its 46-page show cause notice to Hindenburg, detailed how the US short seller, the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from the over $150 billion routs in the market value of Adani group's 10 listed firms post-publication of the report.

Sebi charged Hindenburg of making "unfair" profits from "collusion" to use "non-public" and "misleading" information and induce "panic selling" in Adani Group stocks.

Hindenburg, which made public the Sebi notice, in its response, has described the show cause as an attempt to "silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India" and revealed that the vehicle used to bet against Adani's flagship firm Adani Enterprises Ltd belonged to Kotak Mahindra (International) Ltd, a Mauritius-based subsidiary of Kotak Mahindra Bank Ltd. 

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News Network
September 20,2024

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New Delhi: The Supreme Court today sought a report from the Karnataka High Court over controversial remarks made by Justice Vedavyasachar Srishananda during a recent court hearing.

Justice Srishananda, while addressing a landlord-tenant dispute, referred to a Muslim-majority area in Bengaluru as "Pakistan" and made a misogynistic comment involving a woman lawyer. 

A five-judge bench led by Chief Justice of India DY Chandrachud, along with Justices S Khanna, B R Gavai, S Kant, and H Roy, expressed the need for establishing clear guidelines for constitutional court judges regarding their remarks in court. 

The Supreme Court bench said that when social media plays an active role in monitoring and amplifying courtroom proceedings, there is an urgency to ensure judicial commentary aligns with the decorum expected from courts of law.

"Our attention has been drawn to some comments made by Karnataka High Court judge Justice V Srishananda during the conduct of judicial proceedings. We have asked the AG and SG to assist us. We ask the registrar general of the High Court to submit a report to this court after seeking administrative directions from the Chief Justice of Karnataka High Court. This exercise may be carried out in 2 weeks," the top court directed.

Videos of Justice Srishanananda have gone viral on social media.

In one video, he refers to a Muslim-dominated locality in Bengaluru as "Pakistan" and on another video he was seen making objectionable comments against a woman lawyer. In the second incident, Justice Srishanananda can be heard telling the woman lawyer that she seemed to know a lot about the "opposition party", so much so that she might be able to reveal the colour of their undergarments.

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News Network
September 10,2024

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The Israeli regime has attacked displaced Palestinians in the southern part of the Gaza Strip with US-provided 2,000-pound bombs, killing at least 40 civilians, mostly women and children.

As many as 60 others were injured in the attack that targeted an area previously declared by the Israeli military as a “humanitarian zone” at the al-Mawasi refugee camp in the city of Khan Younis on Tuesday.

The military alleged that it had struck members of the Hamas resistance movement, who were “operating a command and control center” inside the targeted area, a claim that was rejected by the group as a “blatant lie.”

“The resistance has repeatedly confirmed the absence of any of its members among civilian gatherings or the use of such areas for military purposes,” Hamas said.

The bloodletting took place as part of the regime’s ongoing genocidal war on Gaza, which began on October 7 in response to a retaliatory operation staged by the territory’s resistance groups.

So far, close to 41,000 Palestinians have been killed and more than 94,800 others wounded in the brutal military onslaught.

The Tuesday massacre came after the refugee camp witnessed an influx of homeless Palestinians, who had fled there from the death and destruction spree caused by the war elsewhere across the coastal sliver. Between 30,000 and 34,000 people were living upon each square kilometer of the camp at the time of the attack, the United Nations estimates show.

The weapons deployed during the massacre have been identified as American-made MK-84 bombs, which carry 900 pounds of explosives. 

The payload can create a crater about 15 meters wide and over 10 meters deep, besides being capable of causing deadly damage around it within a radius of approximately 73 meters. 

This is not the first time when the regime deploys the ammunition against civilian targets during the war. 

More than 70 Palestinians were killed after it struck the refugee camp with the same bombs in July.

As part of its unbridled military support for the regime, the United States has armed it with as many as 14,000 of the bombs since the onset of the war.

Hamas also called the US “complicit” in such massacres that “are being deliberately carried out without regard for international law, humanitarian law, or resolutions calling for an end to the aggression.”

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News Network
September 12,2024

New Delhi, Sep 12: Madrasas are "unsuitable" places for children to receive "proper education" and the education imparted there is "not comprehensive" and is against the provisions of the Right to Education Act, the National Commission for Protection of Child Rights (NCPCR) has told the Supreme Court.

The child rights body told the top court that children, who are not in formal schooling system, are deprived of their fundamental right to elementary education, including entitlements such as midday meal, uniform etc.

The NCPCR said madrassas merely teaching from a few NCERT books in the curriculum is a "mere guise" in the name of imparting education and does not ensure that the children are receiving formal and quality education.

"A madrassa is not only a unsuitable/unfit place to receive 'proper' education but also in absence of entitlements as provided under Sections 19, 21,22, 23, 24, 25, and 29 of the RTE Act," it said.

"Further, madrasas do not only render an unsatisfactory and insufficient model for education but also have an arbitrary mode of working which is wholly in absence of a standardised curriculum and functioning," the NCPCR said in its written submissions filed before the top court.

The child rights body stated that due to the absence of provisions of the RTE Act, 2009, the madrassas are also deprived of entitlement as in Section 21 of the Act of 2009.

"A madrassa works in an arbitrary manner and runs in an overall violation of the Constitutional mandate, RTE Act and the Juvenile Justice Act, 2015. It cannot be overlooked that a child getting education in such an Institution will be devoid of basic knowledge of school curriculum which is provided in a school.

"A school is defined under Section 2(n) of the RTE Act, 2009, which means any recognised school imparting elementary education. A madrassa being out of this definition has no right to compel children or their families to receive madrassa education," the NCPCR said.

It said most of the madrassas fail to provide a holistic environment to students, including planning social events, or extracurricular activities for 'experiential learning.

In a breather to about 17 lakh madrassa students, the apex court on April 5 had stayed an order of the Allahabad High Court that scrapped the Uttar Pradesh Board of Madarsa Education Act, 2004 calling it "unconstitutional" and violative of the principle of secularism.

Observing that the issues raised in the petitions merit closer reflection, a three-judge bench headed by Chief Justice D Y Chandrachud had issued notices to the Centre, the Uttar Pradesh government and others on the pleas against the high court order.

The top court said had the high court "prima facie" misconstrued the provisions of the Act, which does not provide for any religious instruction.

The high court had on March 22 declared the Uttar Pradesh Board of Madarsa Education Act, 2004, "unconstitutional" and violative of the principle of secularism, and asked the state government to accommodate students in the formal schooling system.

The high court had declared the law ultra vires on a writ petition filed by advocate Anshuman Singh Rathore.

It had said the state has "no power to create a board for religious education or to establish a board for school education only for a particular religion and philosophy associated with it."

"We hold that the Madarsa Act, 2004, is violative of the principle of secularism, which is a part of the basic structure of the Constitution," the high court had said.

The petitioner had challenged the constitutionality of the UP Madarsa Board as well as objected to the management of madrassas by the Minority Welfare Department instead of the education department.

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