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<keyword id="6354552" type="LOCATION" weightage="20" keywordseo="hyderabad">Hyderabad</keyword>, The health and police employees in Telangana will not only be paid full salary for March but will also get cash incentive in recognition for their efforts to check the spread of coronavirus. The decision to pay full salary and incentive to employees of the medical and health department and police personnel was taken at a high-level meeting chaired by Chief Minister K. <keyword id="199243" type="PERSON" weightage="20" keywordseo="Chandrashekhar-Rao">Chandrashekhar Rao</keyword> late Wednesday night. The Chief Minister will announce the incentive in a day or two. The government has already announced salary cut for all its employees in the wake of the crisis triggered by spread of COVID-19 and resultant lockdown. The cut has been imposed according to grade and service cadres. The highest cut of 75 per cent was imposed on salaries of the Chief Minister, State cabinet, MLCs, MLAs, <keyword id="8983024" type="COMPANY" weightage="20" keywordseo="state-corporation-chairpersons">State Corporation Chairpersons</keyword>, and Representatives of Local Bodies representatives. <keyword id="625922" type="ORGANIZATION" weightage="20" keywordseo="All-India-Services">All India Services</keyword> cadre employees such as IAS, IPS, IFS and other such Central services Officers stand to face the second highest cut of 60 per cent, while all other category of employees will see their salaries cut by 50 per cent. Salaries of Class IV, outsourced and contract employees will be cut by 10 per cent as per the government. SEE ALSO:<a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-hyderabad-telangana-news-and-updates/articleshow/74823424.cms" data-type="tilCustomLink"> Telangana Coronavirus cases rise to 129, 9 dead, 14 cured</a>

Telangana will pay police in full with extra cash incentives even as civil servants pay is slashed

Mumbai, May 25 () An investor advisory has blasted the corporate governance practices at State Bank of India, saying the nation's largest lender is weighed down by its own laws which mostly overrule all other regulations, making a mockery of the rights of public shareholders. The immediate reaction from Institutional Investor Advisory Services (IiAS) is the invite that SBI has sent out to shareholders for an EGM on June 17 amidst COVID pandemic, as the State Bank of India Act of 1955, which created it, does not envisage or allow it to hold the extra-ordinary general meeting digitally/electronically or even an e-voting. "SBI's ability to become a beacon of good corporate governance is being scuttled by the half-century old State Bank Act, 1955. It is compelled to hold a physical EGM on June 16 at a time when the COVID-19 pandemic is raging," IiAS says in a note, calling up on the board to advise government to amend the SBI Act. Stating that SBI shareholders have lesser rights compared to shareholders of other companies, it notes that "SBI continues to be governed in a quaint manner" by not making the changes that allow public shareholders to assert their rights, even though the SBI Act has been modified over the past half century, "but the investors have not been allowed inside the tent". The public own around 20 per cent of SBI valued at Rs 27,300 crore. "The SBI Act ensures that all the progressive changes that Sebi or any other regulator makes for listed companies, SBI need not follow them even though a listed company it's accountable to its public shareholders and therefore should not be allowed to operate in isolation," it says, adding SBI board must advise government to ensure that public shareholders enjoy the same rights as in any other listed company. It can be noted that the SBI Act allows for votes to be taken either by show of hands or by a poll. It cannot even issue a postal ballot, cannot allow e-voting, and holding a virtual meeting remains a far cry. "But these are relics of the past ages. Beyond the convenience an e-voting facility provides, it importantly changes the way votes are counted and called for e-voting also given the times we are in. "E-voting can be an important shift, since the decisions will be weighed by actual shareholding, not by those that have the time to attend a general meeting," it said. State Bank called for a public gathering of its shareholders at its auditorium here on June 17 despite the corporate affairs ministry allowing all other listed companies to hold virtual meetings due to the lockdown. "This is because SBI is weighed down by a Luddite Act that doesn't provide for such a meeting.. and the EGM may pose an unnecessary risk to the health and safety of shareholders and senior management," says IiAS. There are also other provisions of the SBI Act that have left shareholders irate in the past. It can be noted that SBI shareholders do not vote on dividends, which are subject to the RBI guidelines and require only board nod. Again like other state-owned banks, SBI does not need shareholders' approval to appoint auditors. SBI's board structure is defined in the SBI Act: it is required to have a chairperson and a vice-chairperson, two managing directors, one employee representative director, up to six directors (minimum two) having special knowledge of the working of co-operative institutions and of rural economy or experience in commerce, industry, banking or finance and four shareholder directors. An RBI nominee and the government too is a must. IiAS also questions the independence of the board, which according to the SBI Act, other than the shareholder directors, all board members need the government approval, raising legitimate questions about the board's ability to distance itself from the government agenda and run the bank independently because the interest of the largest shareholder and that of the entity are not always aligned. Similarly, SBI shareholders have not say on or a right to vote on mergers and acquisitions -- shareholders can only voice their objections and the grievance redressal mechanism will decide whether these concerns have merit. BEN BAL BAL

Corporate governance: SBI weighed down by its own laws, says IiAS

<ul><li>The upcoming <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword> may set aside big bucks to support new capacity in solar, wind and hydropower.</li><li>However, experts say, Prime Minister Modi needs the support of state governments to execute these projects and build up India’s capacity to meet the emission targets by 2030.</li><li>The reluctance at the level of states may not even be political. Even some of the BJP-ruled states have not performed as well as they should have in backing the party’s plan to curb emissions.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>Indian Prime Minister Narendra Modi’s <a href="https://economictimes.indiatimes.com/industry/renewables/modis-cop26-goals-could-mean-a-massive-energy-overhaul-in-india/articleshow/87494861.cms">speech </a>in Glasgow, at the COP26 Summit in October 2021, had set some steep targets for the country’s renewable energy sector. Based on that, expectations are rife that there may be big bucks allocated in the budget to promote the construction of new capacity in solar, wind and hydropower projects. <div type="image" title="2 (2)" height="900" width="1200" msid="89000322" hostid="261"></div>However, the government has been wanting to build up renewables capacity in a big way for a while now. But even for the current year, India is well short of the targets. <div type="image" title="renewable kotak" height="900" width="1200" msid="89000432" hostid="261"></div>The lack of support at the level of state governments is the reason for the shortfall, according to one expert. “The problem is to make those things happen (meet renewable energy commitments) the central government actually has very little tools and resources. These decisions are actually dealt at the state level and frankly states aren't always bought in for these commitments that the central government puts out there,” said Richard Rossow, the Wadhwani Chair in US India Policy Studies at the influential think-tank CSIS. Rossow points out that the states’ reluctance may not even be political. Even states ruled by Bharatiya Janata Party (BJP) ⁠— which is also ruling at the Centre ⁠— have not backed the Prime Minister’s agenda wholeheartedly. “Sometimes of the BJP states are some of the worst laggards. And sometimes states that oppose Modi’s agenda are the fastest to jump on board,” added Rossow. Among the top 10 states that have made the best progress in building up renewable energy ⁠— solar, wind and hydropower projects ⁠— sources, only three of them are ruled by, or aligned with, the BJP. <div type="image" title="renewable-states" msid="89000399" hostid="261"></div>Karnataka is the top state because of several reasons like offering incentives and subsidies to promote green buildings, electric vehicle (EV) charging infrastructure deployment, and energy-efficient technology adoption in industries. Recently, <a href="https://economictimes.indiatimes.com/industry/renewables/karnataka-invites-elon-musk-to-set-up-tesla-plant/articleshow/88973765.cms">Karnataka also invited Elon Musk </a>to set up a Tesla unit in the state. However, efforts are underway to boost India’s ability to curb emissions and combat climate change. On January 19, the Cabinet cleared ₹1,500 crore for the Indian Renewable Energy Development Agency (IREDA). This will enable IREDA to lend ₹12,000 crores to the renewable energy sector. State-owned lenders like the Power Finance Corporation and Rural Electrification Corporation have cut interest rates for long term loans to renewable energy projects to 7.85%. The market is excited too. Some of the best performing stocks in January 2022 are from the green energy space. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2022 change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BEML </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.72% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Electronics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr></tbody></table>Meeting targets is important because just having installed capacity doesn’t mean that energy production will be of the same scale as coal-powered plants. “You know, a wind farm or a solar farm doesn't generate 80% of the installed capacity. That that is not even targeted because it cannot happen, given the nature of the energy that's coming in. So, that often people don't make that adjustment. It's like not that you know 1000 megawatts of coal is the same as 1000 MW,” Devina Mehra, Founder, Chairperson &amp; Managing Director at First Global, explained on Business Insider, adding that only a small part of her investments are in the sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jiofiber-adds-0-2-million-subscribers-overtakes-bsnl-to-become-largest-fixed-broadband-provider/articleshow/88993140.cms">JioFiber adds 0.2 million subscribers, overtakes BSNL to become largest fixed broadband provider</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ashneer-gover-takes-leave-from-bharatpe-amidst-a-legal-battle-with-kotak-mahindra-bank/articleshow/88994415.cms">Ashneer Gover takes ‘voluntary’ leave from BharatPe amidst a legal battle with Kotak Mahindra Bank</a>

India is expected to make big budget allocation for renewable energy but Modi needs states on board to fight climate change

<ul><li><keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced a big boost for businesses by slashing <keyword id="118200" type="ORGANIZATION" weightage="20" keywordseo="corporate-tax">corporate tax</keyword>. </li><li>Business leaders across the country took to Twitter to rejoice the move. </li><li>Sensex posted its sharpest single-day gain in over a decade.</li></ul>Indian Finance Minister Nirmala Sitharaman announced a slew of initiatives that has the markets rejoicing – corporate tax rate has been slashed. A domestic company can pay income tax at 22% if they don’t seek any exemption or incentives and inclusive of surcharge, the effective tax on Indian firms will be 25.17%. <a href="https://www.businessinsider.in/India-cuts-corporate-tax-rates-to-end-the-economic-spiral-and-unleash-the-markets-animal-spirits/articleshow/71214158.cms">Read: The top tax changes announced by Finance Minister Nirmala Sitharaman here</a> With the current economic slowdown which had gripped the Indian business community, the recent announcement brought in the festive season early. Sudhir Kapadia, partner at EY, put these changes in India at par with the sweeping cuts announced by Donald Trump in 2017 after he took over the President of the United States. Here’s how Indian business leaders cheered the Finance Minister’s latest Friday announcement. <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword>, Chairperson and managing director, Biocon said that this move will revive growth and investment in India. 
	
	<div type="twitter" handle="kiranshaw" handlename="Kiran Mazumdar Shaw" image="http://pbs.twimg.com/profile_images/815537398444654592/o67mUQoz_normal.jpg" favoritecount="959" retweetcount="187" status="Corporate Tax Rate Cut From 30% To 25.2% To Spur Growth- this is a great move which will firmly revive growth n inv… https://t.co/ga33FThwlD" createdat="1568959900000" id="1174929094988845057"></div>





 <keyword id="52673" type="PERSON" weightage="20" keywordseo="harsh-goenka">Harsh Goenka</keyword>, chairman of RPG Enterprises called it a ‘Virat’ cut from the government. 
	
	<div type="twitter" handle="hvgoenka" handlename="Harsh Goenka" image="http://pbs.twimg.com/profile_images/1100471315016732672/VQXLpkHZ_normal.jpg" favoritecount="369" retweetcount="60" status="Landmark move by FM Sitharaman giving the biggest booster to business and economy. As India looks to become a globa… https://t.co/YNCS2Irtr1" createdat="1568966173000" id="1174955406164025344"></div>





 Uday Kotak, chairman of Kotak Mahindra, called it a bold and progressive move. 
	
	<div type="twitter" handle="udaykotak" handlename="Uday Kotak" image="http://pbs.twimg.com/profile_images/532114039342505984/y0x0ooJy_normal.jpeg" favoritecount="3823" retweetcount="1069" status="Reducing corporate tax rate to 25% is big bang reform. Allows Indian companies to compete with lower tax jurisdicti… https://t.co/xpEpTuURAK" createdat="1568960582000" id="1174931956624027648"></div>





 Hedge fund manager Samir Arora also seemed to be ecstatic about the move. 
	
	<div type="twitter" handle="Iamsamirarora" handlename="Samir Arora" image="http://pbs.twimg.com/profile_images/853146176295759872/YiAPXQ0s_normal.jpg" favoritecount="2665" retweetcount="615" status="This is not bigger than budget, this is bigger than last 20 budgets.😀😀😀" createdat="1568959335000" id="1174926727266463746"></div>





 Hitesh D Gajaria, head of tax at consulting firm KPMG too praised the government’s decision 
	
	<div type="twitter" handle="gajaria" handlename="Hitesh D Gajaria" image="http://pbs.twimg.com/profile_images/1051876467871817729/1_Qn5ur4_normal.jpg" favoritecount="17" retweetcount="6" status="#DreamCorporateTaxRates! Well Done India! Well Done @nsitharaman @nsitharamanoffc @narendramodi @FinMinIndia… https://t.co/vLDqcQYyk7" createdat="1568961486000" id="1174935750598483969"></div>





 See Also: <a href="https://www.businessinsider.in/India-cuts-corporate-tax-rates-to-end-the-economic-spiral-and-unleash-the-markets-animal-spirits/articleshow/71214158.cms">India cuts corporate tax rates to end the economic spiral and unleash the market's animal spirits</a> <a href="https://www.businessinsider.in/nirmala-sitharaman-says-investment-in-startup-incubators-will-count-as-csr/articleshow/71215354.cms">India offers a big incentive for Indian startups as well as industries to invest in the future</a>

India Inc is going gaga over Nirmala Sitharaman’s corporate tax cuts

The <keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword> on Wednesday dismissed the pleas of auditors of debt-ridden IL&amp;FS -- <keyword id="115294" type="COMPANY" weightage="20" keywordseo="Deloitte-Haskins">Deloitte Haskins</keyword> &amp; Sells and <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the <keyword id="3778499" type="COMPANY" weightage="20" keywordseo="NATIONAL-COMPANY">National Company</keyword> Law Tribunal, saying it can not be termed as "illegal". The NCLT had directed them to implead the auditors and independent directors as party. The NCLT is empowered to pass order to implead them under Section 242 of the Companies Act, 2013 in a petition under Section 241(2) if "it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest", the appellate tribunal further said. "Once such opinion is formed by the Tribunal, it may pass any order as it deem fit and proper,"said the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairperson Justice S J Mukhopadhaya. The case relates to IFIN, a subsidiary of IL&amp;FS. Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed. "As rules of natural justice are to be followed, if any order is passed against one or other, including investigation, it is always open to the Tribunal to ask such party to be impleaded," the NCLAT said. The MCA had asked the NCLT to freeze the assets of the former auditors in the case, involving alleged fraud in IFIN. The appellate tribunal, however, granted relief to both the auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. After the judgment was pronounced by the NCLAT in the open court, a request was made by counsels, representing accounting firms and other independent directors, to allow the interim order passed by it on July 29, 2019 for two weeks, which was accepted by the appellate tribunal. "We allow the prayer and continue the interim order passed on 29th July, 2019 for another two weeks," the bench said. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and independent directors of IL&amp;FS. Earlier on July 23, the NCLT had allowed the plea of the <keyword id="6376435" type="COMPANY" weightage="20" keywordseo="ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> (MCA) to implead the auditors and independent directors of IFIN. Moreover, visualsing the possible impact of IL&amp;FS crisis on the Indian economy, the NCLAT in its 72-page-long order said that various acts "prejudicial to public interest" have been highlighted, which has cascading impact on various sectors of economy and even the <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> -- which is responsible for the financial stability of the country -- too has raised "Red Signals" of the likely collapse of 'IL&amp;FS' in its confidential note dated September 30, 2018. "In the circumstances, before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal is of the opinion that it requires to give appropriate hearing to the concerned parties, including those who audited 'IL&amp;FS' and/ or those who have managed or were concerned with 'IL&amp;FS' or its Group Companies, it cannot be held to be illegal. "We find no merit in these appeals. They are accordingly, dismissed," the NCLAT said. The central government had submitted that the act of fraud perpetuated is on account of "mis-representation and falsehoods about the financial state of affairs" of the concerned company, which has jeopardized the financial health apart from causing serious damage and financial loss to various stakeholders. However, the tribuanl said that as the matter is still pending before the NCLT, it is "not inclined to express any opinion whether the allegations made against one or other require further investigation and the order what is required to be passed in public interest". While commenting on the development, Deloite India spokesperson said: "We will review the written order before determining our further course of action, which may include an appeal". Auditors cannot be treated as part of the management which is responsible for managing the affairs of the company and therefore should not be charged, the spokesperson said. "We will continue to present and protect its position, supported by the facts, to the relevant authorities. The firm remains committed to high standards of audit quality and ethical conduct in its professional practice," he added. There was no immediate comment from KPMG.

In the IL&FS scam, auditors will not be left off the hook for their role

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

<ul class="summary-list"><li>Two tribal nations are suing Meta, Google, TikTok, and Snapchat over youth mental health.</li><li>Native teenagers are up to four times as likely to die by suicide than other groups.</li></ul>Two <a target="_blank" href="https://www.businessinsider.com/native-american-life-history-photos-2021-10">tribes</a> are suing social media giants, accusing them of contributing to the high suicide rates among Native teenagers by purposely getting kids hooked on their platforms.The lawsuits were filed in Los Angeles County Superior Court on Tuesday. One was brought on behalf of the Spirit Lake Tribe in North Dakota, and the Menominee Indian Tribe of Wisconsin brought the other. The lawsuits name Facebook, Instagram, Snapchat, TikTok, YouTube, and their parent companies, including Meta and Google as defendants."Given historic teen suicide and mental health issues on our Reservation and across Indian Country, Native youth are particularly vulnerable to the negative long-term effects resulting from the intentional, profit-driven design choices being made by these social media platforms," Lonna Jackson-Street, chairperson of Spirit Lake Nation, said in a statement provided to Business Insider.The lawsuit said suicide rates for tribal youth in the US are three and a half to four times higher than other racial or ethnic groups, according to the Center for Native American Youth."Soaring suicide and mental illness have devastated Tribal communities and have pushed already chronically underfunded mental health programs to the breaking point," the lawsuits said.The lawsuits allege the addictive nature of the platforms has contributed to the youth mental health crisis, including among kids on reservations.The lawsuits said the <a target="_blank" href="https://www.businessinsider.com/social-media-splintering-new-less-toxic-era-meta-bluesky-twitter-2023-10">social-media companies</a> "deliberately tweaked the design and operation of their apps to exploit the psychology and neurophysiology of kids" and that the companies preyed on an already vulnerable group.Among other things, the lawsuits are seeking "equitable relief to fund prevention education and treatment for excessive and problematic use of social media.""Enough is enough. Endless scrolling is rewiring our teenagers' brains. We are demanding these social media corporations take responsibility for intentionally creating dangerous features that ramp up the compulsive use of social media by the youth on our Reservation," Gena Kakkak, chairwoman of the Menominee Indian Tribe, said in a statement.In a statement provided to BI, Google spokesperson José Castaneda said: "Providing young people with a safer, healthier experience has always been core to our work. In collaboration with youth, mental health, and parenting experts, we built services and policies to provide young people with age-appropriate experiences and parents with robust controls. The allegations in these complaints are simply not true."Meta, TikTok, and Snapchat did not immediately respond to requests for comment from Business Insider.Other lawsuits have been brought over social media addiction, including by <a target="_blank" href="https://www.businessinsider.com/states-sue-meta-allege-facebook-instagram-harm-youth-mental-health-2023-10">dozens of state attorneys general who sued Meta</a> last year. However, these are the first lawsuits over social media addiction brought by federally recognized tribes, according to Robins Kaplan, the firm that filed the suits."These social media giants have generated hundreds of billions of dollars in revenue, our complaint alleges, using a growth-at-all-costs strategy that comes at the expense of Native children and teenagers and the <a target="_blank" href="https://www.businessinsider.com/starbucks-faces-backlash-over-native-american-month-poster-2023-11">Tribal Nations</a> they are part of," Tim Purdon, chair of the firm's American Indian Law and Policy Group and lead counsel to the tribes, said in a statement.New York City also filed a lawsuit against Facebook, Instagram, TikTok, Snapchat, and YouTube in February, alleging the addictive nature of their platforms was contributing to the youth mental health crisis.In response, Snap Inc., the parent company of Snapchat, said in a statement to the <a target="_blank" href="https://apnews.com/article/meta-youtube-snap-tiktok-lawsuit-social-media-addiction-504f425f1c0606336d6039545bce572c">Associated Press</a> that their app "opens directly to a camera — rather than a feed of content that encourages passive scrolling — and has no traditional public likes or comments."The statement continued: "While we will always have more work to do, we feel good about the role Snapchat plays in helping close friends feel connected, happy, and prepared as they face the many challenges of adolescence."A TikTok spokesperson told AP at the time: "TikTok has industry-leading safeguards to support teens' well-being, including age-restricted features, parental controls, an automatic 60-minute time limit for users under 18, and more."Meta also said the company wants "teens to have safe, age-appropriate experiences online" and that they have dedicated features aimed at helping kids and parents.

Native teens are nearly 4 times as likely to commit suicide. Tribes suing Meta, Google, TikTok, and Snapchat say social media addiction fuels the problem.

One of the <keyword id="6355791" type="General" weightage="20" keywordseo="PIL" source="Orion">PIL</keyword> petitioners has moved the <keyword id="6354977" type="General" weightage="20" keywordseo="Supreme-Court" source="Orion">Supreme Court</keyword> opposing SEBI's plea seeking a six-month extension to complete the probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, saying the market regulator has already got sufficient time to inspect, examine, collect and seize relevant documents. The <keyword id="6355630" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) recently moved an application in the top court seeking six more months for ascertaining possible violations related to misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions, and completing the exercise. The top court had on March 2 asked SEBI to probe the matter within two months and also set up a panel to look into the protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. PIL petitioner and lawyer Vishal Tiwari Tuesday filed an application before a bench headed by Chief Justice D Y Chandrachud opposing the SEBI's plea, saying it will prolong the probe and cause inordinate delay. “That the Application filed by the respondent (SEBI) may prolong the matter and cause inordinate delay. The ...delay may allow the various corporate entities which are under the umbrella of investigation to manipulate the important data and figures and may cause tampering of evidence present in different shapes and modes,” Tiwari said in his reply. He said SEBI, even before the court ordered a probe, stated it had already begun the investigation and was enquiring into the situation emerging after the Hindenburg report. “When SEBI is already in action prior to the order passed by this court of investigation then it should have got the records and data which are required in the present investigation of several corporate entities and of Adani group,” Tiwari's reply said. The reply said SEBI has not stated in its plea as to who it has appointed to investigate the issue. “The reasons given in the application by SEBI for the extension time of six months are not acceptable because SEBI has already got sufficient time to inspect, examine, collect and cease (sic) the relevant documents, data, information, accounts statements etc. SEBI is trying to make the investigation process endless and delay will grant benefit to the wrong-doer companies and promoters,” it said. If SEBI does not take effective steps expeditiously without delay, then the investors' investments will remain in danger and the wrong-doers will manage to “manipulate or protect themselves by wrong means”, it said, insisting the market regulator should not be given more time for probe. In respect of the investigation related to 12 suspicious transactions, the SEBI has said these are complex and have many sub-transactions. A rigorous investigation of these transactions would require collation of data from various sources along with detailed analysis including verification of submissions made by the companies, it has said. The apex court, while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process, had said it was appropriate to constitute such a panel of experts in order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past. The court-appointed Justice Sapre panel is to be provided assistance by the Centre and other statutory agencies including the SEBI chairperson. The Centre had agreed to the apex court's proposal to set up the committee to go into regulatory regimes. Four PILs have been filed in the top court so far on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist. Adani Group's stocks had taken a terrible hit on the bourses after Hindenburg Research made a litany of allegations, including those of fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies and asserted it complies with all laws and disclosure requirements. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/here-are-the-industries-with-the-highest-labour-market-churn/slidelist/99957941.cms">New jobs for old: Media, govt, tech sectors see highest labour market churn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/godrej-properties-q4-profit-up-58-to-412-cr/articleshow/99959036.cms">Godrej Properties Q4 profit up 58% to ₹412 cr</a>

Adani-Hindenburg row: PIL petitioner moves SC, opposes Sebi plea for extension of time to complete probe

<ul class="summary-list"><li>Rudy Giuliani has to face two more claims in Smartmatic's defamation lawsuit.</li><li>An appeals court reinstated the defamation claims from the election tech company over 2020 conspiracy theories.</li></ul>A New York appeals court on Tuesday reinstated two claims in Smartmatic's defamation lawsuit against Rudy Giuliani over the lawyer's false claims that the election technology company rigged the 2020 election.<a href="https://www.businessinsider.com/smartmatic-sues-fox-news-over-election-conspiracy-theories-2021-2">Smartmatic first filed its lawsuit in February 2021</a> against the conservative media network; its hosts Jeanine Pirro, Maria Bartiromo, and Lou Dobbs; and Trump lawyers Giuliani and Sidney Powell. The lawsuit alleged Giuliani and Powell pushed a false theory that Smartmatic had flipped votes from then-President Trump to now-President Biden, and Fox News either egged them on or failed to sufficiently challenge those claims.In March, <a href="https://www.businessinsider.com/judge-denies-fox-news-motion-to-dismiss-smartmatic-defamation-lawsuit-2022-3">a lower court dismissed</a> two of the 16 counts filed against Giuliani, an attorney who fought on behalf of former President Donald Trump to overturn the 2020 presidential election results.The <a href="https://www.documentcloud.org/documents/23625429-appellate-division-smartmatic-v-fox-news">new decision</a>, from New York's appellate division, lets those two counts stand.An attorney representing Giuliani didn't immediately respond to Insider's request for comment.Tuesday's decision also reinstated Jeanine Pirro, a Fox News host, as a defendant in the case.Smartmatic has also tried to include Fox News's parent company, Fox Corporation, as a defendant in the case. A lower court tossed that claim but the appeals court gave the company another chance to bolster its argument.Smartmatic plans to file an amended lawsuit that details the involvement of Fox Corporation chairperson Rupert Murdoch and CEO Lachlan Murdoch, Smartmatic attorney Erik J. Connolly said in a statement."While recognizing that the complaint adequately alleged claims for defamation and disparagement by Fox News, the appellate court required Smartmatic to further identify the specific individuals at Fox Corporation responsible for the defamatory publications," Connolly said. "Smartmatic will do so."<div type="image" title="lachlan rupert murdoch" height="1478" width="1971" msid="97929912" hostid="261" sizebytes="207138"></div>Fox News has fought vigorously against the case, claiming it was simply doing its job by reporting on Trump's claims about the election."There is nothing more newsworthy than covering the president of the United States and his lawyers making allegations of voter fraud," a Fox News spokesperson told Insider. "We are confident we will prevail as freedom of the press is foundational to our democracy and must be protected, in addition to the damages claims being outrageous, unsupported, and not rooted in sound financial analysis, serving as nothing more than a flagrant attempt to deter our journalists from doing their jobs."The portions of Smartmatic's lawsuit against Powell <a href="https://www.businessinsider.com/smartmatic-restarts-defamation-lawsuit-against-sidney-powell-dc-court-2022-3">were moved to a court in Washington, DC</a>, where the case remains ongoing.Smartmatic's litigation runs parallel to a separate set of lawsuits from Dominion Voting Systems, another election technology company caught up in false conspiracy theories about the presidential election.Dominion's lawsuit against Fox News is set to go to trial in April in Delaware. Fox Corporation is a defendant in that lawsuit and the technology company was able to depose Rupert and Lachlan Murdoch, court records show."Hopefully the defendants are finally realizing they will be held accountable for the lies they intentionally spread about Smartmatic following the 2020 Presidential election," said Smartmatic's CEO Antonio Mugica said in a statement, adding: "The Fox defendants left us with no choice but to pursue legal action to repair the damage they caused to Smartmatic's reputation and business."

Rudy Giuliani gets hit with 2 more counts in Smartmatic's defamation lawsuit

Diversified conglomerate <keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Industries has contributed Rs 1,184.93 crore towards supporting a number of need-based and impactful Corporate Social Responsibility initiatives during the fiscal FY22. The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani. The works included in areas such as rural transformation, health, education, disaster response along with sports for development initiatives. Most importantly, its Covid-19 response to support the nation and the people, was rolled out through five missions, continued pivoted and intensified through the year, based on the urgent and emerging needs including Mission Oxygen and Mission Vaccine Suraksha. The other missions, including <keyword id="9080915" type="General" weightage="50" keywordseo="mission-anna-seva" source="Orion">Mission Anna Seva</keyword>, Mission <keyword id="8764262" type="General" weightage="80" keywordseo="covid" source="Orion">Covid</keyword> Infra and Mission Employee Care, were strengthened and sustained, based on the emerging pandemic situation. Through its wide range of initiatives, the foundation managed to reach out to over 5.75 crore people and served as many as 50,600 villages. During the once in a century pandemic, it produced 1,000 tonne medical oxygen every day exclusively for patients, over 8.5 crore meals distributed among needy ones, over 1.4 crore reusable masks distributed, over 2,000 Covid care beds set up across various locations, provided Covid related advisories to over 44 people, over 27 lakh litre fuels dispensed for emergency response vehicles, among many others. Providing crucial support to the nation to meet a sudden shortage of medical oxygen for Covid-19 patients, especially during the second wave, Reliance repurposed its factory in Jamnagar in record time to produce liquid medical oxygen. The infrastructure was ramped up to meet the life-saving needs of 100,000 patients on a daily basis, delivered free of cost to various states. The Jamnagar facility contributed to 11 per cent of India's total production of medical grade liquid oxygen. Even though Reliance was not a manufacturer of medical-grade liquid oxygen, it became India's largest producer of this life-saving resource from a single location in order to stand with the country in its hour of need. Besides, it enhanced India's covid testing capabilities by developing its own confirmatory tests with 15,000+ daily testing capacity. In education space, it had set up a Jio Institute Campus at Ulwe, Navi Mumbai, <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> in about 52 acres, which will commence its academic sessions in 2022 itself. Further, it reached 2.15 crore youth and children through different sports initiatives since the inception of the foundation. Reliance Foundation scholarship athletes put up outstanding performances at national and international events, winning 28 medals in all. Athletes have their sights set on multiple international events including the Commonwealth and Asian Games. AI enabled technologies deployed to identify footballing talent. Started in 2016, Reliance Foundation Youth Sports (RFYS) aims to lay a strong foundation for India's sporting future through the development of sports in schools and colleges. Further, it supported various other small-and-medium sized entrepreneurs in rural areas by holding their hands in making their endeavour success. During cyclone <keyword id="11256583" type="General" weightage="50" keywordseo="tauktae" source="Orion">Tauktae</keyword> in 2021, which hit the Arabian Sea in the second week of May and affected the livelihoods of many by damaging property and infrastructure, Reliance Foundation Information Services, through its mobile audio services reached out to more than 435,000 people across states hit by the cyclone with information on heavy rainfall, high wind, high wave, thunderstorm and lightning, pre and post-cyclone cautionary measures on the management of agriculture, livestock and fisheries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">Tomatoes, brinjal and green vegetable prices soar and will keep going up due to rains</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/environment/news/an-israeli-company-has-partnered-with-an-indian-company-to-locally-produce-a-machine-that-generates-drinking-water-from-air/articleshow/91791365.cms">To help fight water scarcity, a machine that produces drinking water from air has been launched in India</a>

You Searched For "state corporation chairpersons" and got 11 results

Telangana will pay police in full with extra cash incentives even as civil servants pay is slashed

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Corporate governance: SBI weighed down by its own laws, says IiAS

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India is expected to make big budget allocation for renewable energy but Modi needs states on board to fight climate change

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India Inc is going gaga over Nirmala Sitharaman’s corporate tax cuts

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Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

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After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

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Native teens are nearly 4 times as likely to commit suicide. Tribes suing Meta, Google, TikTok, and Snapchat say social media addiction fuels the problem.

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Adani-Hindenburg row: PIL petitioner moves SC, opposes Sebi plea for extension of time to complete probe

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Rudy Giuliani gets hit with 2 more counts in Smartmatic's defamation lawsuit

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Mukesh Ambani's Reliance Industries spends Rs 1,184 crore on CSR in 2021-22

IANS

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