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Union Minister <keyword id="20150028" type="General" weightage="20" keywordseo="Chirag-Paswan" source="keywords">Chirag Paswan</keyword> expressed his disagreement with the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword>'s observation on <keyword id="22418374" type="General" weightage="20" keywordseo="creamy-layer" source="keywords">creamy layer</keyword> among Scheduled Castes and Scheduled Tribes, and said that the <keyword id="22663720" type="General" weightage="20" keywordseo="Lok-Jandhakti-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Jandhakti Party" meta.hostid="261" meta.entityid="Lok Jandhakti Party">Lok Jandhakti Party</keyword> (Ram Vilas) will be filing a review peition against the ruling. Emphasising that <keyword id="20053971" type="General" weightage="20" keywordseo="Dalit" source="keywords">Dalit</keyword> people in various spheres of life still face <keyword id="21301343" type="General" weightage="20" keywordseo="untouchability" source="keywords">untouchability</keyword>, Paswan said that the basis of giving <keyword id="19914887" type="General" weightage="20" keywordseo="reservation" source="keywords">reservation</keyword> to Scheduled Caste is 'untouchability,' so there is no point of creamy layer in it. "We disagree with the observation of the Supreme Court and we have registered this disagreement prominently. We are clear about this that the base of the Scheduled Caste is untouchability. It does not have an educational or economic basis. In such a situation, there can be no provision of creamy layer in it, reservation within the reservation is not correct, because even today the example of a Dalit youth is given who is prevented from riding a mare," Chirag Paswan told reporters on Sunday. "There are many such big names, who are on high posts, but even after they go to the temple, the temple is washed with Ganga water, so even today discrimination takes place based on untouchability... We, LJP (Ram Vilas) are also going to file a <keyword id="20143564" type="General" weightage="20" keywordseo="review-petition" source="keywords">review petition</keyword> in the Supreme Court regarding this matter," he added. The Supreme Court, in a landmark ruling on Thursday, ruled that states have the power to sub-classify SCs and STs and said that the authority concerned, while deciding if the class is adequately represented, must calculate adequacy based on effective and not quantitative representation. The top court ruled by a majority judgement of 6:1, that sub-classification within the SCs and STs reservation is permissible. As many as six separate opinions were delivered in the case. The judgement was delivered by the seven-judge bench led by Chief Justice of India DY Chandrachud, which overruled earlier judgement in the EV Chinnaiah matter, which had held that sub-classification was not permissible because SC/STs form homogenous classes. Besides CJI Chandrachud, other judges on the bench were Justices BR Gavai, Vikram Nath, Bela M Trivedi, Pankaj Mithal, Manoj Misra, and Satish Chandra Sharma. Justice Bela M. Trivedi, in a dissenting opinion, said that she disagreed with the majority judgement that sub-classification within the Scheduled Caste and Scheduled Tribes is permissible.

We will file review petition against top court's verdict on SC/ST subclassification: Chirag Paswan

<ul class="summary-list"><li>The US Supreme Court heard Nvidia's arguments against a class action securities fraud lawsuit.</li><li>Nvidia is accused of misleading shareholders about cryptocurrency mining-related sales.</li></ul>The US Supreme Court on Wednesday heard arguments in a case in which <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-ai-employees-workers-2024-11">Nvidia</a> is trying to dodge a securities fraud lawsuit brought by shareholders. But some of the justices expressed concern over the chip giant's assertions.Nvidia petitioned the nation's highest court after a lower court permitted a 2018 class action lawsuit alleging that the company and its CEO <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-huang-softbank-masayoshi-son-tech-stock-buyout-ai-microchips-2024-11">Jensen Huang</a> misled investors about its cryptocurrency mining-related sales to move ahead.Attorneys for Nvidia argue that the plaintiffs in the lawsuit, led by a Swedish investment management firm, have not met the stricter pleading standards laid out by the 1995 Private Securities Litigation Reform Act.The decision by the US Court of Appeals for the Ninth Circuit to allow the lawsuit to proceed "creates an easy road map for plaintiffs to evade the Reform Act," Nvidia attorney Neal Katyal argued before the justices.The Private Securities Litigation Reform Act or PSLRA was designed, in part, to curtail frivolous securities lawsuits."When a stock drops, all they have to do is find an expert with numbers that contradict the company's public statements, then allege the company keeps records that executives look at, and then argue those records would have matched the hired expert's numbers," said Katyal, who argued that the plaintiff's complaint relies on expert opinion and lacks company documents.When asked by Justice Clarence Thomas what the plaintiff's complaint would look like in order to comply with the PSLRA, Katyal said it would have to answer "what did the CEO know" and "when did he know it.""I guess my concern is that you appear to be requiring for plaintiffs to actually have the evidence in order to plead their case," said Justice Ketanji Brown Jackson, adding, "part of my concern is that you seem to be wanting a bright line that says the contents of the documents are necessary."Justice Sonia Sotomayer said that she was "concerned" by Nvidia's petition to the court and told Katyal, "We often don't grant cert to error correct.""I'm not actually sure what rule we could articulate that would be clearer than our cases already say," Sotomayer said.Chief Justice John Roberts said the aspect that concerned him about both sides' arguments was that it was "a little black and white.""If I think that the positions on both sides are a little too absolute, how do you find sort of the sweet spot in terms of when the PSLRA is satisfied?" Roberts asked."It can't be just a little bit of direct evidence because that statute was intended to do something," Roberts said. "On the other hand, it seems to me, you can't insist on only the direct evidence before a complaint goes forward. So if I don't think it's black and white, how do I decide where the balance is?"A Nvidia spokesperson told BI the company "appreciated the opportunity to answer the Court's detailed questions this morning. We brought this case to the Supreme Court to protect shareholders and the economy from groundless lawsuits, and look forward to the Court's resolution of this matter."In his arguments, Deepak Gupta, an attorney representing the plaintiffs, said the PSLRA "demands particularity.""Everyone agrees you can't circumvent the statute with conclusory allegations or unsubstantiated expert opinions," Gupta said."But that's not what happened here," said Gupta. "On falsity, the Court of Appeals holding expressly rested on a combination of facts showing that a substantial part of gaming revenues came from crypto."This included accounts from former employees, detailed accounts of internal data and meetings, expert analysis, and "Huang's eventual acknowledgment of the crypto hangover, which sent the stock tumbling 28%," said Gupta.A district court previously dismissed the plaintiffs' class action lawsuit and the Ninth Circuit reversed that decision.The plaintiffs allege in their brief to the Supreme Court that in 2017 when Nvidia's sales of graphic processing units (GPUs) were surging, the company and Huang "knew those record sales were due in substantial part to demand from cryptocurrency miners.""But for more than a year, Huang denied that mining-related sales were driving NVIDIA's revenue growth because he knew that the securities market looked askew at GPU sales to miners, which are notoriously cyclical," the brief says."Huang's strategy fell apart in late 2018, when cryptocurrency prices collapsed, GPU purchases by miners withered, and demand for GeForce GPUs shrank dramatically," the brief says. "NVIDIA then finally admitted that — contrary to Huang's previous denials—its record revenue growth had been largely due to mining-related demand for GeForce GPUs."Nvidia's attorneys argued in its petition to the Supreme Court that on public calls with investors, company executives "made clear that they believed crypto miners were buying both GeForce GPUs and Crypto SKUs.""This case aptly demonstrates the danger of allowing plaintiffs to guess at the pleading stage what internal company reports could have said," the petition says. "Plaintiffs speculate that internal NVIDIA sales reports would have reflected the amount of gaming segment revenue driven by sales to miners rather than to gamers."It adds, "But there is no basis in Plaintiffs' allegations to assume that this information was available to NVIDIA."In 2022, Nvidia agreed to pay the Securities and Exchange Commission $5.5 million to settle charges for "inadequate disclosures" regarding the impact of crypto mining on the company's gaming business. Nvidia agreed to pay the penalty without admitting or denying the SEC's findings.A decision from the Supreme Court is expected by June.

Some Supreme Court justices scrutinized Nvidia's attempt to dodge a securities fraud lawsuit

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The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>, which had stayed <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against ed-tech firm <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">BYJU's</keyword> and approving its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, "The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is." "I will get it listed as early as possible," the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

Defending its 2019 law criminalising <keyword id="20415107" type="General" weightage="100" keywordseo="triple-talaq" source="keywords">triple talaq</keyword>, the Centre has told the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> that the practice is "fatal" for the social institution of <keyword id="19896575" type="General" weightage="20" keywordseo="marriage" source="keywords">marriage</keyword>. In an affidavit filed in response to petitions challenging the law, the Union of India said despite the top court setting aside the practice in 2017, it has "not worked as a sufficient deterrent in bringing down the number of divorces by this practice" among the members of the community. "It is submitted that Parliament in its wisdom has enacted the impugned Act to protect the rights of married <keyword id="19943278" type="General" weightage="20" keywordseo="Muslim-women" source="keywords">Muslim women</keyword> who are being divorced by triple talaq. "The impugned Act helps in ensuring the larger constitutional goals of <keyword id="20809677" type="General" weightage="20" keywordseo="gender-justice" source="keywords">gender justice</keyword> and <keyword id="20250318" type="General" weightage="20" keywordseo="gender-equality" source="keywords">gender equality</keyword> of married Muslim women and helps subserve their fundamental rights of non-discrimination and empowerment," the affidavit said. On 22 August 2017, the <keyword id="19936355" type="General" weightage="20" keywordseo="apex-court" source="keywords">apex court</keyword> had declared instant triple talaq (talaq-e-biddah) unconstitutional. On August 23, 2019, the top court agreed to examine the validity of the Muslim Women (Protection of Rights on Marriage) Act, 2019. Violation of the law entails imprisonment of up to three years. Two Muslim organisations -- <keyword id="22278513" type="General" weightage="20" keywordseo="Jamiat-Ulama-I-Hind" source="keywords" meta.keywordsubtype="org" meta.entityname="Jamiat Ulama-I-Hind" meta.hostid="261" meta.entityid="Jamiat Ulama-I-Hind">Jamiat Ulama-I-Hind</keyword> and Samastha Kerala Jamiathul Ulema -- have urged the court to declare the law "unconstitutional". Jamiat claimed in its petition that "criminalising a mode of <keyword id="19911325" type="General" weightage="20" keywordseo="divorce" source="keywords">divorce</keyword> in one particular religion while keeping the subject of marriage and divorce in other religions only within the purview of civil law, leads to discrimination, which is not in conformity with the mandate of Article 15".

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We will file review petition against top court's verdict on SC/ST subclassification: Chirag Paswan

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Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

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Centre defends 2019 law on triple talaq in SC, says practice 'fatal' for marriage

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