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Delhi, India’s capital city, one with vast history attached is always a traveler’s delight. A reason why travelers from across the world throng it to have dekko at the Mughal-era monuments, temples and mosques in addition to getting a taste of its rich diverse culture, woven intricately through many years and several narratives. But, if you aren’t one of those lucky souls to have relished all this first-hand, we have a unique solution for you, that too in under 3 minutes. 
 <keyword id="3391163" type="UNKNOWN" weightage="100" keywordseo="The-Storygraphers">The Storygraphers</keyword>, a group of filmmakers from Delhi, have created a short time-lapse kind of video that takes you through Delhi and its most ravishing parts in just 2.5 minutes, called ‘<keyword id="3391164" type="UNKNOWN" weightage="100" keywordseo="Delhi-in-Motion">Delhi in Motion</keyword>’. 
 
Using video, video lapse and time lapse, the video takes you through a tour of Delhi, showing you its monuments, eateries, people and streets. You can spy the rickshaws of Old Delhi and the new-age e-rickshaws of New Delhi within the blink of an eye, while also catching a glimpse of Delhi’s lifeline, the metro, running silently, like the pleasant breeze at India Gate. 
 
Naveen Kumar was the one holding the camera and was assisted by Akshay Kapoor and Hardik Gaurav, while Ashish Tripathi edited the video to make Delhi look even more beautiful. Other than this, the added feature in the video is the soothing music and the voice over by Rahul Augustine. 
 
Here, have a look!

All of Delhi
in under 3 minutes

New Delhi, Dec 19 () Markets regulator Sebi on Thursday levied a fine of Rs 3 lakh on Valecha Investments Pvt Ltd for failing to make requisite disclosures in accordance with takeover norms and insider trading regulations.
 "The obligation to make disclosures within the stipulated time frame is mandatory and penalty is attracted for non-compliance with the mandatory obligation," Sebi said.
 The order follows an examination conducted by Sebi in the scrip of Valecha Engineering Ltd (VEL) between October 2018 and December 2018.
 "As per the transaction statement of the noticee as provided by National Securities Depository Limited and Central Depository Services (India) Limited for the period October 01, 2018 to December 31, 2018 it is observed that Yes bank, the depository participant had invoked pledge of 29,28,504 shares of VEL held by the noticee," Sebi noted during the probe.
 Valecha Investments failed to make timely disclosures with respect to the transactions of invocation of pledge of shares of VEL, Sebi said.
 Accordingly, Valecha Investments has been fined for violating provisions of Prohibition of Insider Trading (PIT) regulations and Substantial Acquisition of Shares and Takeovers (SAST) norms.
 "The timely disclosures of invocation of pledge of shares of VEL by the noticee under the relevant provisions of the PIT Regulations and the SAST Regulations, were of significant importance from the point of view of the investors," the regulator said. SRS 
RVK

Sebi fines Valecha Investments for disclosure lapses

New Delhi, Dec 23 () Capital markets regulator Sebi on Monday imposed Rs 5 lakh fine on Karvy Financial Services Ltd for making requisite disclosures after a delay of nearly seven years. 
Sebi found that three promoters of Regalia Realty in order to obtain a project loan for the company, created encumbrance on the shares held by them by way of a pledge in favour of Karvy Financial Services to secure repayment of the loan.
Karvy Financial Services was required to disclose creation of pledge to the company as well as the BSE in accordance with the market norms.
Thereafter, the pledge created over the shares of the promoters of the company was invoked by Karvy Financial Services and subsequently, shares of the firm amounting to 55.56 per cent of its total share capital were transferred in its favour.
"By virtue of the pledge being invoked, Noticee shareholding in Regalia Realty increased from 0 per cent to 55.56 per cent and the said disclosure under Regulation 29(1) of SAST Regulation and Regulation 13(1) of PIT Regulation was made on December 26, 2018 to company and stock exchange i.e. after a delay of 6 years and 11 months," Sebi said.
The regulator thus imposed the monetary penalty on Karvy Financial Services for violating Substantial Acquisition of Shares and Takeovers (SAST) norms and Prohibition of Insider Trading (PIT) regulations.
Besides, through two separate orders, Sebi levied a fine of Rs 2 lakh each on Divine Waters Pvt Ltd and Sonia Finvest Pvt Ltd for failing to make timely disclosures with respect to reduction in their shareholding in Secure Earth Technologies Ltd. SRS ANU
ANU

Sebi fines Karvy Financial Services for disclosure lapses

Acting on the urination incident onboard an <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> <keyword id="267936" type="General" weightage="20" keywordseo="new-york-delhi" source="Orion">New York-Delhi</keyword> flight last November, the flag carrier on Saturday issued show cause notices and de-rostered four cabin crew and a pilot pending investigation. Air India has also initiated internal investigations into whether there were lapses by other staff on other aspects, including the service of alcohol on flight, incident handling, complaint registration and grievance handling. In a statement, <keyword id="5863894" type="General" weightage="50" keywordseo="campbell-wilson" source="Orion">Campbell Wilson</keyword>, the CEO and Managing Director of Air India, said: "Air India is deeply concerned about the in-flight instances where customers have suffered due to the condemnable acts of their co-passengers on our aircraft. We regret and are pained about these experiences. "Air India acknowledges that it could have handled these matters better, both in the air and on the ground and is committed to taking action." The CEO said that the airline has initiated multiple steps with a view to materially strengthen and improve how such incidents would be addressed in future, which includes commencing a comprehensive education program to strengthen crews' awareness of and compliance with policies on the handling of incidents and unruly passengers, and to better equip crew to empathetically assist those affected, review of the airline policy on service of alcohol in flight and review the meeting frequency of the DGCA-prescribed "Internal Committee", tasked with assessing incidents, so that cases are assessed and decisions reached in a more timely manner. The steps also include improving the robustness of its legacy incident reporting processes, which are presently paper-based and manual, Air India signed a Letter of Intent in December 2022 to acquire a license for the market-leading provider of incident management software, <keyword id="15995247" type="General" weightage="50" keywordseo="coruson" source="Orion">Coruson</keyword>. In addition to this state-of-the-art software, the airline is also in the process of deploying iPads to Pilots and Senior Cabin Crew. When used together, crew will be able to enter voyage and incident reports electronically, which will then be rapidly and automatically routed to relevant parties including, as required, the Regulator. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/ar-smart-lens-developer-mojo-vision-lays-off-75-of-its-workforce/articleshow/96808833.cms">AR smart lens developer Mojo Vision lays off 75% of its workforce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/this-startup-is-using-abandoned-gas-pipelines-from-1800s-to-ease-telecom-traffic-via-network-as-a-service/articleshow/96809621.cms">This startup is using abandoned gas pipelines from 1800s to ease telecom traffic via network as a service</a>

Air India issues show cause notices, de-rosters 4 cabin crew, 1 pilot

New Delhi, Jan 16 () Markets regulator Sebi on Thursday imposed a fine totalling Rs 9 lakh on Zee Media Corporation and its promoter entity 25FPS Media for shareholding disclosure lapses.
The regulator has levied a fine of Rs 6 lakh on 25FPS Media Private Limited and Rs 3 lakh on Zee Media Corporation Ltd (ZMCL), Securities and Exchange Board of India (Sebi) said in an order.
The order comes after Sebi received a reference from Zee Media Corporation, wherein it informed the regulator regarding non-compliance of PIT (Prohibition of Insider Trading) Regulations by 25FPS during the period April 8 to April 23, 2019.
Following this, the regulator conducted examination in the scrip of ZMCL from April 8, 2019 to April 26, 2019 to ascertain whether there was any disclosure violation of PIT norms and SAST (Substantial Acquisition of Shares and Takeovers) Regulations by 25FPS and/or ZMCL.
During the examination, the regulator observed that IFCI Ltd had invoked pledge in respect of certain equity shares of the company pledged by 25FPS. The shareholding of 25FPS in ZMCL was continuously decreasing by virtue of invocation of pledge by IFCI during the period.
It further said that 25FPS was required to disclose details of such change in its shareholding within stipulated timeframe. Besides, ZMCL was required to notify the exchanges regarding the particulars of trades within two trading days of it "becoming aware of the same".
"By not making the relevant disclosures on time, both the noticees have conveniently kept the general investors in dark regarding the change in the shareholding of one of the promoters," Sebi said.
The entities have not complied with the relevant provisions of PIT Regulations and SAST norms, it noted. SP BAL
BAL

Sebi fines Rs 9 lakh on Zee Group for shareholding disclosure lapses

<ul><li>President Ram Nath Kovind to address joint sitting of both houses of Parliament on the first day </li><li>Union Budget to be presented on July 5.</li><li>Triple Talaq among 10 key ordinances on table</li><li>Virendra Kumar to be pro-term speaker, Speaker elections on Wednesday. </li></ul>The 17th Lok Sabha is all set to begin functioning on Monday, June 17 a day after Prime Minister Narendra Modi’s government took charge of the office. On the top of government’s agenda are Union Budget, along with clearing a pending bill on abolishing triple talaq amongst other key legislations. The Union Budget will be presented on July 5, at 11:00 am, by the new Finance Minister Nirmala Sitharaman, Union Minister Prakash Javadekar <a href="https://www.livemint.com/politics/news/next-parliament-session-from-17-june-26-july-ls-speaker-to-be-elected-19-june-1559311708760.html">confirmed</a> at a press briefing on June 14. The Economic Survey, which summarises the annual economic development in the country, will be presented on July 4. The govt has promulgated as many as 10 ordinances for the session. Along with triple talaq,<a href="https://www.news18.com/news/india/in-its-first-lok-sabha-session-modi-govt-2-0-plans-to-convert-10-ordinances-into-law-2175295.html"> key ordinances</a> lined up are an amendment of the Indian Medical Council (Amendment) Ordinance, the Companies (Amendment) Ordinance, and the Banning of Unregulated Deposit Schemes Ordinance. Also on the list are Jammu and Kashmir Reservation (Amendment) Ordinance, the Aadhar and other laws (Amendment) Ordinance, the New Delhi International Arbitration Centre Ordinance, the Homeopathy Central Council (Amendment) Ordinance, the Special Economic Zone (Amendment) Ordinance and the Central Educational Institutions (Reservation in Teacher’s Cadre) Ordinance. The Indian Medical Council (Amendment) Ordinance will hope to allow a committee run the scam-infected Medical Council of India (MCI). The Banning of Unregulated Deposit Scheme <a href="https://www.news18.com/news/india/in-its-first-lok-sabha-session-modi-govt-2-0-plans-to-convert-10-ordinances-into-law-2175295.html">Ordinance</a> seeks to curb the menace of false schemes and set punishment for unregulated deposit schemes. This will help set-up a checking system on illicit deposit activities such as Shradha scam and Rose Valley chit fund scam. The Muslim Women (Protection of Rights on Marriage) Bill, 2019, popularly known as the<a href="https://www.livemint.com/news/india/triple-talaq-bill-to-be-reintroduced-in-parliament-1560348286816.html"> Triple Talaq Bill</a>, one of the signature legislative initiatives of the previous NDA government, was stuck in Rajya Sabha by the opposition over demand for closer scrutiny by a select committee. This will also to be re-presented to make it a law. Issued in February-March 2019, the previous government could not turn them into Acts in the last Parliament session. These ordinances will have to be converted into laws within 45 days once the 17th Lok Sabha begins, else they will lapse. On the first day, President Ram Nath Kovind will address the joint sitting of the two houses of Parliament. A pro-tem Speaker, who performs the duties of the Speaker from the day the session starts till the election, is also likely to be appointed the same day. Virendra Kumar is expected to be appointed as the protem speaker. He will be assisted by a panel of senior members. The first two days of the session will be devoted to oath-taking by 542 members of the lower houses of the Parliament. Two MPs will be nominated by the President from the Anglo Indian community. The Speaker of Lok Sabha will be elected on Wednesday. Both houses will also take up the Motion of Thanks on which PM Modi will give his response.

Union Budget and Triple Talaq are among key bills as the first session of India's new Parliament rolls on

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

<ul class="summary-list"><li>An Air India pilot spent over an hour in the cockpit with a "female friend" on a flight to Dubai in February.</li><li>According to a complaint reported by Indian media, he asked cabin crew to serve her food and alcohol.</li></ul>Air India had to remind its pilots to keep cockpits "sterile" after being rebuked by regulators when a pilot let a friend onto the flight deck, the <a href="https://www.hindustantimes.com/india-news/air-india-directs-pilots-to-maintain-sterile-cockpit-following-safety-violation-by-pilot-entertaining-female-friend-during-flight-101683052877844.html" target="_blank" rel="noopener">Hindustan Times</a> reported.The pilot from the national airline – which was state-owned until 2021 – spent over an hour in the cockpit with the woman on a Delhi to Dubai flight, according to a complaint seen by the newspaper.The captain also asked for the cockpit to "appear welcoming, warm and comfortable, as though he was preparing his living room for a lady friend," aviation news site <a href="https://simpleflying.com/air-india-sterile-cockpit/" target="_blank" rel="noopener">SimpleFlying</a> reported.A cabin crew member filed the complaint with Air India four days after the February 27 incident, but the country's aviation watchdog wasn't involved until April 21. <a href="https://timesofindia.indiatimes.com/city/delhi/air-india-pilot-in-dock-for-inviting-woman-friend-to-cockpit-on-dubai-delhi-flight/articleshow/99678356.cms?from=mdr" target="_blank" rel="noopener">According to the Times of India,</a> the complaint also said that the pilot asked the crew member to bring his friend "drinks and snacks" and "serve her in the cockpit.""I told him, 'Captain, I am not comfortable serving alcohol in the cockpit'," the complaint adds, saying that the pilot then became "snappy and rude" toward other the crew member.The Directorate General of Civil Aviation then issued notices to Air India CEO, Campbell Wilson, and its head of safety, for taking too long to report it, per the HT. It also took the whole crew off the flight roster pending investigation.On Monday, Air India warned all its pilots — numbering over 1,800 per the <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/air-india-to-hire-more-than-1000-pilots/articleshow/99809550.cms" target="_blank" rel="noopener">Economic Times</a> — reminding them of the sterile cockpit rule. It says that any non-essential activities are forbidden in the cockpit during the critical phases of flight, meaning when the plane is below 10,000 ft. "Recent incidents have highlighted that there have been instances of a lapse in maintaining a sterile cockpit, which resulted in avoidable errors posing flight safety hazards," Air India said, per the Hindustan Times.The sterile cockpit rule was first adopted by the US's Federal Aviation Administration in 1981, after accidents like <a href="https://www.businessinsider.com/stephen-colbert-talks-tragic-plane-crash-on-howard-stern-show-2015-8">Eastern Air Lines Flight 212</a> were attributed to unnecessary conversation between pilots.A spokesperson for Air India told Insider it is conducting an internal investigation into the incident alongside the regulator's independent inquiry. "The pilot in command of the flight has been chargesheeted following an internal inquiry by Air India and the crew is off-rostered as instructed by DGCA," they added.

An airline had to remind its pilots to keep cockpits 'sterile' after one invited a friend onto the flight deck and asked crew to serve her food and alcohol, reports say

New Delhi, <keyword id="10443303" type="UNKNOWN" weightage="20" keywordseo="smartphone-maker-oppo">Smartphone maker OPPO</keyword> on Wednesday launched a new A-series smartphone '<keyword id="10430345" type="COMPANY" weightage="20" keywordseo="Oppo-A15S">OPPO A15s</keyword>' for ₹11,490 in India. According to the company, the smartphone will be available across all mainline retail channels and Amazon starting December 21 in three vibrant colour variants - dynamic black, fancy white as well as rainbow silver. The smartphone <keyword id="35660" type="PERSON" weightage="20" keywordseo="features">features</keyword> a 6.52-inch waterdrop display with an 89% screen-to-body ratio and an HD+ resolution and 720 x 1600 pixel. Under the hood, OPPO A15s is powered by Helio P35 processor coupled with 4GB of RAM and 64GB of internal storage. It is backed up by a 4,230 mAh battery. The phone has a square-shaped AI triple-rear camera setup of 13MP, 2MP (macro), and 2MP (depth) sensors which includes features like Night mode, Time-lapse, slow-motion and more. For selfies, there is 8MP camera on the front with AI beautification mode. The device runs on ColorOS 7.2 that supports features such as system-wide dark mode, <keyword id="10443302" type="PERSON" weightage="20" keywordseo="icon-pull-down-gesture">Icon Pull-Down Gesture</keyword> feature. The phone also sports a fingerprint reader on the back. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-idbi-bank-pnb-bank-axis-bank-mm-embassy-reit-pvr-and-others/articleshow/79750662.cms">Top stocks to watch — IDBI Bank, PNB Bank, Axis Bank, M&amp;M, Embassy REIT, PVR, and others</a> <a href="https://www.businessinsider.in/defense/news/india-inaugurates-new-railway-line-with-bangladesh-to-save-its-chickens-neck-from-china-on-vijay-diwas/articleshow/79750869.cms">After 55 years, India will inaugurate a new railway line with Bangladesh to save its ‘Chicken’s Neck’ from China</a> <a href="https://www.businessinsider.in/finance/news/gold-loan-providers-in-india-face-a-rise-in-robberies-as-gold-prices-rise/articleshow/79752387.cms">Gold loan providers in India face a rise in robberies as gold prices rise</a>

Oppo launches A15s budget smartphone in India at ₹11,490

<keyword id="6354742" type="General" weightage="20" keywordseo="Flipkart" source="Orion">Flipkart</keyword> co-founder <keyword id="225032" type="General" weightage="20" keywordseo="Sachin-Bansal" source="Orion">Sachin Bansal</keyword> has moved the Madras High Court challenging a show cause notice (SCN) dated July 1 this year issued by the Enforcement Directorate (ED), which held that he and another individual were personally responsible for the alleged violation of FDI policy involving a staggering amount of approximately ₹23,000 crore. Justice R Mahadevan, before whom the writ petition from Bansal came up for hearing on Friday, pulled up the authorities for the delay of 12 years in issuing the notice and adjourned the matter by three weeks, after directing the ED and its officials to file the counters. The petition sought to quash the notice as illegal and arbitrary, insofar as he is concerned. The interim prayer is to stay its operation. The SCN was issued on the basis of a complaint filed by the Deputy Director of Enforcement in Bengaluru, for instituting adjudication proceedings under Sec.16 of the Foreign Exchange Maintenance Act (FEMA) against the petitioner, another co-founder Binny Bansal of the e-commerce giant, Accel, Tiger Global, Subrata Mitra (nominee director of Accel) and Lee Fixel (nominee director of Tiger Global) on the alleged contravention of the various provisions of the FEMA. The notice was issued pursuant to an alleged non-compliance with a condition prescribed vide the Consolidated Foreign Direct Investment Policy of 2010 dated April 1, 2010 in respect of issuance of shares of certain Flipkart group companies to foreign investors during 2009-14. According to Bansal, he ceased to have any association with Flipkart and its group of companies, pursuant to his unanticipated exit following the acquisition of Flipkart by Wal-mart International Holding, Inc. on August 17, 2018. Among other things, he contended that issuance of the SCN was arbitrary, unreasonable and patently a perverse one, as it was issued after 12 years. The complaint followed an investigation by the Directorate of Enforcement in New Delhi, which commenced in 2012, i.e. 9 years ago. He had proactively participated and cooperated in the investigation undertaken by the ED. Given the substantial lapse of time following the inquiry, the petitioner has conducted himself under the bonafide belief that after due study of the materials obtained during the course of the probe, the ED had concluded that no action was warranted in the matter. And, he had effected bonafide transfers to third parties in the intervening period and had completely exited from the Flipkart group in August 2018. However, to the utter shock and dismay, the ED issued the notices, he contended. Specifically, there is no statutory period prescribed under FEMA within which the authorities concerned were required to file the complaint for initiating the adjudication proceedings. In the absence of any period of limitation under the statute, it has been settled by the <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> in various judgments that the Constitution requires every authority, including the ED, to exercise its power to file a complaint within a reasonable time, failing which the actions taken by the statutory authority will be amenable to the writ jurisdiction of constitutional courts, petitioner said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambanis-reliance-acquires-majority-stake-in-strand-life-sciences-for-393-crore-/articleshow/85900998.cms">Mukesh Ambani's Reliance acquires majority stake in Strand Life Sciences for ₹393 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/doge-meme-nft-increases-55-times-in-value-to-220-billion/articleshow/85899796.cms">Doge meme NFT's value flies from $4 million to $220 million overnight after getting split into 17 billion pieces</a>

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All of Delhi in under 3 minutes

Nandini Sharma

Sebi fines Valecha Investments for disclosure lapses

PTI

Sebi fines Karvy Financial Services for disclosure lapses

PTI

Air India issues show cause notices, de-rosters 4 cabin crew, 1 pilot

IANS

Sebi fines Rs 9 lakh on Zee Group for shareholding disclosure lapses

PTI

Union Budget and Triple Talaq are among key bills as the first session of India's new Parliament rolls on

BI India Bureau

10 financial scams that shook India: A dive into deception

Ashmita Gupta

An airline had to remind its pilots to keep cockpits 'sterile' after one invited a friend onto the flight deck and asked crew to serve her food and alcohol, reports say

Pete Syme

Oppo launches A15s budget smartphone in India at ₹11,490

IANS

Flipkart's Sachin Bansal moves Madras High Court challenging ED notice

PTI

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