Karnataka High Court rejects plea by SDPI against sealing of its offices in Mangaluru

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

Mangaluru: A tragic incident unfolded on Sunday, November 17, at Vazco Resort (VAZCO), situated at Battappadi Cross Road in Someshwara on the outskirts of the city, when three young women drowned in the resort’s swimming pool. 

Disturbingly, an iPhone recording and CCTV footage captured their final moments, providing insights into the heartbreaking accident.

According to City Police Commissioner Anupam Agrawal, the tragedy occurred at approximately 10:05 AM. The victims were identified as:

Keerthana N (21) from Devaraj Mohalla, Hebbal Second Stage, Vijayanagar Post.
Nishitha M.D (21) from 4th Cross, Kuribarahalli, Mysuru.
Parvathi S (20) from Ramanuja Road, K.R. Mohalla, Mysuru.

Sequence of Events

The three women had checked into Room No. 2 of the resort on the morning of November 16 and stayed overnight. On Sunday morning, around 10 AM, they entered the swimming pool to play. Reports suggest that they placed their clothes poolside and set an iPhone to record the activity.

Initial findings indicate one woman slipped underwater and began to struggle. When the second attempted a rescue, she too drowned, followed by the third woman. Within minutes, the tragedy claimed all three lives. CCTV footage from the resort corroborates the sequence, showing the young women struggling before succumbing to the water.

Investigation Underway

The resort staff discovered the lifeless bodies and immediately raised the alarm. Ullal Police Inspector H N Balakrishna and his team are conducting an investigation. Preliminary reports suggest the women were non-swimmers, and the lack of safety measures contributed to the tragedy.

The resort is owned by Manohar, as per police records. While the formal case is yet to be registered, the incident has raised serious questions about safety protocols at resorts offering pool facilities.

Bengaluru: The Prime Minister Narendra Modi led union government has requested the Karnataka High Court to direct the Mandya district administration and the state government to clear a madrasa operating within the premises of the historic Jama Masjid in Srirangapatna.

The Waqf Board, opposing this move, has claimed the mosque as its property and defended the right to conduct madrasa activities there.

The matter was brought before a division bench headed by Chief Justice N V Anjaria following a public interest litigation filed by a person named Abhishek Gowda from Kabbalu village in Kanakapura taluk. The petition alleged “unauthorised madrasa activities” within the mosque.

Representing the Central government, Additional Solicitor General of India for High Court of Karnataka, K Arvind Kamath argued that the Jama Masjid was designated as a protected monument in 1951, yet unauthorised madrasa operations continue there.

He noted that concerns over potential law and order issues have so far prevented any intervention. Kamath urged the court to direct the Mandya district administration to take action and vacate the madrasa from the mosque.

In defence, lawyers for the state government and the Waqf Board contested this request, stating that the Waqf Board had been recognised as the owner of the property since 1963 and, thus, conducting madrasa activities there is lawful.

After hearing both sides, the bench adjourned the case for further arguments, scheduling the next hearing for November 20.