The Anusuchit Jati Bachao Manch (AJBM) delegation of Dalits on Monday, May 22, presented a petition to the Ahmedabad collector opposing any proposal to offer Scheduled Caste reservation benefits to those Dalits who have converted to Islam or Christianity.
According to the organisation, giving quota privileges to Dalits who converted to Islam or Christianity would jeopardise the future of Scheduled Caste generations to come.
The Supreme Court has agreed to take scheduled caste status petitions for Dalit Christians and Muslim converts under consideration in July. The appeals in the case stated that it was unfair to exclude Dalits of both Abrahamic faiths from the list of Scheduled Castes.
The Constitution (SC) Order, 1950, specifies that only Dalits of Hindu, Sikh, and Buddhist beliefs are presently eligible to be classified as members of the scheduled caste community.
After a brief hearing in April this year, the three-judge panel of Sanjay Kishan Kaul, Ahsanuddin Amanullah, and Aravind Kumar issued their ruling, declaring that the plaintiffs maintain that the process of waiting for the most recent Commission report will be never-ending and that the case will never be resolved. The Court agreed with their argument that the records’ documentation was sufficient to proceed with the matter.
While attorneys Prashant Bhushan, Colin Gonsalves, and CU Singh submitted the petitioners’ case, additional solicitor general K.M. Nataraj represented the union government.
The Justice Ranganath Mishra Commission’s 2007 report on religious and linguistic minorities had previously been rejected by the Centre. The Centre established a special committee under the direction of former judge KG Balakrishnan to examine the prospect of awarding SC membership to those who historically belonged to the SC group but have converted to faiths other than Hinduism, Buddhism, and Sikhism.
The bench remarked that it was important for the court to first consider whether empirical data from the 2007 report can be relied upon for deciding a constitutional question.
The Supreme Court agreed to explore the constitutional question of whether the exclusion of Muslims and Christians from the 1950 decree violated Articles 14 (equality before the law), 15 (prohibition of discrimination), 16 (equality of opportunity in matters of public employment) and 25 (freedom of conscience and free profession, practice and propagation of religion) in 2011.
The bench pointed out that it was crucial to have a first debate on the topic regarding the implications of the center’s rejection of the findings and the applicability of the empirical data for resolving the constitutional issue because the court had concerns about the objectivity of the study.
The Constitution (Scheduled Castes) Order 1950, as it has been periodically modified, is alleged to be discriminatory and to violate Articles 14 and 15 of the Constitution by discriminating against Scheduled Caste converts to religions other than Hinduism, Sikhism, and Buddhism in a writ plea filed in 2004 which contests the exclusion of Christians and Muslims from the order.
On May 25, Advocate CR Jaya Sukin filed a petition in the Supreme Court seeking directions to the Lok Sabha Secretariat to have the President of India Droupadi Murmu inaugurate the new parliament building on May 28 instead of Prime Minister Narendra Modi.
In the plea, advocate Sukin claimed that the invites issued by the Secretary General of Lok Sabha for the inaugural function of the new building violated the Constitution of India. It read, “That President is the First Citizen of India this regard and head of the institution of Parliament…That all important decisions regarding the country are taken in the name of the Indian President.”
It further stated that the Parliament, which consists of the President and two houses, Lok Sabha and Rajya Sabha, holds the supreme legislative authority of India. It further added that the President has the authority to summon and prorogue the Parliament or dissolve the house.
The plea further cited Article 79 of the Constitution of India to contend that the President is an integral part of the Parliament and should not be kept away from the inauguration. The petitioner further accused the Lok Sabha Secretariat of malpractice.
Congress and other opposition parties targeting the Central govt over the inauguration by PM Modi
19 opposition parties on Wednesday issued a joint statement saying they will boycott the inauguration of the new Parliament building on May 28, saying, “When the soul of democracy has been sucked out from the Parliament, we find no value in a new building.”
Pressing on the presence of President Murmu, the opposition parties indicated that PM Modi inaugurating the new Parliament building without the President was an insult to the President and the Indian constitution. Interestingly, what the parties said in their statement and what Sukin said in the petition are very similar.
The statement read, “The President is not only the head of the state in India but also an integral part of the Parliament. She summons, prorogues, and addresses the Parliament. She must assent for an act of Parliament to take effect. The parliament cannot function without her. Yet, the Prime Minister has decided to inaugurate the new parliament building without her. This undignified act insults the high office of the President and violates the letter and spirit of the Constitution. It undermines the spirit of inclusion which saw the nation celebrate its first Adivasi woman President.”
Notably, opposition parties have a history of boycotting the President’s address in the parliament. Several opposition parties had boycotted the address by President Murmu as well as the previous President Ram Nath Kovind’s address.
Interestingly, the opposition parties, who then boycotted the President’s address in their protest against the BJP, are now fighting for the dignity and honour of the President.
On Wednesday, May 24, Home Minister Amit Shah announced that the Chola dynasty sceptre ‘Sengol’ will be placed in the new Parliament building. Since then, it has come to light that Sengol was mentioned in the DMK-led Tamil Nadu government’s document from 2021-22.
Sengol was presented to the first Prime Minister of India Jawahar Lal Nehru by Lord Mountbatten as a symbol of the transfer of power. The historic artefact, linked to the Hindu religion, was since then placed in a hidden corner of Anand Bhawan, Nehru’s residence in Prayagraj, mislabelled as the ‘golden walking stick gifted to Nehru’.
Sengol was mentioned on page 27 of Hindu Religious and Charitable Endowments Policy Note 2021-2022 by Tamil Nadu Government’s Tourism, Culture and Religious Endowments Department under the section ‘Head of Mutts as Royal Counsel’. While speaking about the significance of Sengol, HM Shah pointed out that Tamil media had covered it widely, and the Tamil Nadu government also mentioned it. On May 25, BJP IT cell head Amit Malviya also shared a screenshot of the policy note on Twitter.
This is very interesting. The Hindu Religious and Charitable Endowments Policy Note of 2021-22, published by the DMK Govt, proudly recounts the Sengol ceremony of 1947.#SengolAtNewParliamentpic.twitter.com/KuMZPOEh85
It read, “At the time of enthronement, the traditional guru or the preceptor of the King would hand over the ceremonial Sceptre to the new ruler. Following this tradition when the Oduvars completed the singing of the last line of “11th stanza” from Kolaru Pathigam, Thevaram, Thiruvavaduthurai Aadheenam Thambiran Swamigal handed over the goldplated silver sceptre to Pandit Jawaharlal Nehru. This signified the transfer of power from the British Governor-General Lord Mountbatten to the first Prime Minister of India.”
About Sengol and GoI’s decision to place it in the new parliament building
On May 24, HM Shah talked about the historical significance of the sceptre. He said that while the historically significant sceptre was used as a transfer of power in 1947, it vanished after that as it was kept in a museum, and the successive Congress governments and the general public quickly forgot about it. Now the Modi government is reviving the glory of the Sengol by placing it in India’s parliament.
Sengol is a Tamil world, which means full of wealth. “This Sengol has huge significance. When PM Modi got to know about this, he asked to get more info on this,” Amir Shah said. He added, “August 14, 1945, around 10:45, Nehru accepted this Sengol from the people of Tamil Nadu. It is a sign of a shift of power from Britishers to the people of this country.”
When it was decided that the British will hand over power to the Indians, Lord Mountbatten asked Pandit Nehru about the cultural symbol that should be used as a representation of the transfer of power. However, Nehru was also not sure, he sought some time to discuss with others. He discussed the matter with C Rajagopalachari. He studied multiple historic books and informed Jawaharlal Nehru about the Sengol.
The golden sceptre is studded with jewels and was worth about Rs 15000 at that time. Nandi, the bull vahana of Lord Shiva, sits on the top of the sceptre. Nandi is the protector and symbol of justice, said the description given at the press conference. The Sengol is 5 feet long, which is a masterpiece of Indian art with rich workmanship from top to bottom.
Following that, the head of the Thiruvaduthurai Mutt Sri La Sri Ambalavana Desika Swamigal sent the Sengol to Nehru, who accepted it to use as a symbol of power. The seer had sent a delegation carrying the spectre in a special aircraft arranged by the government.
The historic sceptre ‘Sengol’ is set to take pride of place in India’s new parliament building. The Chola-inspired sceptre will be installed near the chair of the Lok Sabha Speaker in the new parliament building which will be dedicated to the nation by PM Narendra Modi on May 28, 2023.
Addressing a press conference today in Delhi, home minister Amit Shah said that the ‘Sengol,’ which is from the Chola dynasty, will be introduced as a ‘significant historical’ symbol of Independence, as it was a symbol of the transfer of power from the British to Indians.
Sengol is a Tamil world, which means full of wealth. “This Sengol has huge significance. When PM Modi got to know about this, he asked to get more info on this,” Amit Shah said. He added, “August 14, 1945, around 10:45 Nehru accepted this Sengol from the people of Tamil Nadu. It is a sign of a shift of power from Britishers to the people of this country.”
Reportedly, when the British handed over power to Indians in 1947, the momentous occasion was symbolised by the handing over of a Sengol (sceptre) to the first Prime Minister of India Jawaharlal Nehru by the last Viceroy Lord Mountbatten through Hindu saints from Tamil Nadu.
न्याय और निष्पक्षता का प्रतीक ऐतिहासिक सेंगोल।
28 मई को संसद के नए भवन के लोकार्पण के शुभ अवसर पर PM @NarendraModi जी, भारत की धार्मिक और सांस्कृतिक धरोहर पवित्र 'सेंगोल' को ग्रहण कर नए भवन में इसकी स्थापना करेंगे। आइए इस पुण्य अवसर के हम सभी साक्षी बनें।#SengolAtNewParliamentpic.twitter.com/IIb3j6kN2r
But what happened to the sceptre in the intervening years?
Mislabelling of the ‘Sengol’ as Nehru’s “golden walking stick” and its revival due to PM Modi
The Sengol, a testament to India’s emergence as a new, sovereign independent nation, had languished in a nondescript museum in Prayagraj, Uttar Pradesh for nearly seven decades. The display box’s description tag read, “Golden walking stick given to Pandit Jawaharlal Nehru.”
Sengol displayed in a museum in Prayagraj (Source: Twitter user Himanshu Jain)
Source: India Today
The five feet long sceptre of the ‘Sengol’ was retrieved from the Allahabad Museum after a one-minute video by Chennai-based Vummudi Bangaru Jewellers (VBJ) reportedly caught PM Narendra Modi’s attention.
“It had been lying there for decades, mislabelled as Nehru’s ‘golden walking stick’. We were not aware of the ‘sengol’ story until we read about it in a magazine in 2018. We found it in the museum in 2019 and planned a press conference with Allahabad Museum officials,” said VBJ managing director Amarendran Vummudi. “That did not happen because of the pandemic. So, we made a video. It caught the attention of PM Modi,” Amarendran said.
The ‘sengol’ had been forgotten by the Vummudi family. Bangaru Chetty, who created the ‘sengol’ out of more than 100 sovereigns of gold and charged the government roughly Rs 15,000, died. His son Vummudi Ethiraj, who was 22 at the time of independence, had vague memories of Madras Presidency VVIPs visiting their shop to inspect the ‘sengol’ before it was packed and shipped to Delhi.
“He told us they took less than a month to make it. But he did not know what it was made of or how it looked,” Amarendran added.
The jeweller’s marketing head Arun Kumar found it at the Allahabad Museum. “It was displayed along with a miniature brass cannon and a multi-component storage box within a glass box. The description tag in the display box read: ‘Golden walking stick gifted to Pandit Jawaharlal Nehru’,” he said. However, he recognised the sceptre which had Goddess Lakshmi surrounded by flowers on the orb and a Rishabha (sacred bull) atop it.
Later, when a team appointed by the PMO, comprising journalist S Gurumurthy, contacted the Vummudi group, a documentary with input from the Indira Gandhi National Centre for the Arts (IGNCA), historians, and Shaivite mutt leaders from Tamil Nadu was made by filmmaker Priyadarshan and National Award-winning production designer Sabu Cyril.
“We recreated a replica of the sengol,” Amarendran said, adding that the piece is kept in his office.
Less than a month ago, the IGNCA officials approached Vummudi Bangaru Jewellers and tasked them with creating a copy of the gold sengol (sceptre). Vummudi had to create a copy of the gold sceptre on a silver sheet this time. Later, it was gold-plated. The silver sceptre will be used for public exhibition, while the original will be retained in Parliament indefinitely.
“We were given just eight days. We had three teams of artists working day and night,” he said. The gold-plated sceptre was handed over to officials at Chennai Airport and flown in a separate seat to Delhi.
Source: Twitter
The lesser-known facts about the Chola-Inspired Sceptre
The sceptre known as ‘sengol’, derived from the Tamil word for righteousness, was received by Nehru to represent the transfer of power from the British. It was later moved to a museum in Allahabad (today’s Prayagraj) in Uttar Pradesh. For all these years, the historic sceptre was regarded as Nehru’s “golden walking stick”.
Sengol, as few people know, was the brainchild of India’s last Governor General C Rajagopalachari, whom Nehru met after Lord Mountbatten asked how India’s freedom could be symbolised. He studied multiple historic books and informed Jawaharlal Nehru about the Sengol. Rajaji relied on a Chola-era practise in which the state’s high priest would give the new king a sceptre upon assuming power.
After Nehru agreed to the suggestion, Rajaji contacted the Thiruvaduthurai Aadheenam, a 14th-century Saivite mutt in the Mayiladuthurai district town of Thiruvaduthurai. The mutt’s seer arranged for the sceptre. Prominent Chennai jeweller Vummidi Bangaru Chetty was handed over the task to create the sceptre, topped with a statue of Nandi, the bull vahana of Lord Shiva.
Source: TNIE
On the eve of India’s independence, the Sengol was specifically flown to Delhi, with the deputy pontiff of the mutt Kumaraswamy Thambiran Swamigal initiating the transfer of power. The Sengol was sanctified with holy water minutes before the clock struck 00:00, and verses from the Thirumurais’ Kolaru Padhigam (a collection of poetry honouring Hindu God Shiva) were chanted. Swamigal gave the sceptre to Nehru, completing the transfer of power.
This high-profile historical event was, however, kept under wraps. The historic Sengol vanished after the event because it was housed in a museum. Worse, the sacred totemic Sengol, which represents authority and justice, became known as Nehru’s “golden walking stick.” Thanks to the Nehruvian ecosystem and succeeding Congress governments, the general people eventually forgot about it, and it ended up languishing in a mundane museum as Jawaharlal Nehru’s “Golden Walking Stick” for over 7 decades.
Today, thanks to the Modi government’s efforts, this Sengol has been restored to new life and will be installed in India’s new temple of democracy, majestically near the Speaker’s chair.
Amidst the ongoing wrestlers’ protest against Wrestling Federation of India (WFI) chief Brij Bhushan Singh, a social activist and chief of Atal Jan Shakti Party, Bam Bam Maharaj Nauhatiya has lodged a criminal complaint in a Delhi Court against wrestler Vinesh Phogat, Bajrang Punia, and Sakshi Malik for pressing “false allegations” of sexual harassment on Brij Bhushan Singh and also for involvement in delivering a hate speech against Prime Minister Narendra Modi. The matter will be heard today (May 25) by an Additional Chief Metropolitan Magistrate at Patiala House Court, Delhi.
According to the plea filed by Bam Bam Maharaj Nauhatiya, a social activist and National Chief of the Atal Jan Shakti Party, the claims made by the accused persons against Brij Bhushan Singh are “false” and are linked in a direct or indirect way, by any “influence or personal gain.”
Nauhatiya’s complaint filed through his counsel Dr AP Singh stated that none of the accused wrestlers are physically weak to be unable to oppose the alleged offence. “The Accused persons are well-known wrestlers who also play international tournaments and any one of them is not physically weak or poor to oppose the alleged offence. So, it is hard to believe that they were harassed by a 66-year-old man—Brij Bhushan Sharan Singh,” the complaint read.
The plea further states that none of the protesting wrestlers protested or lodged a police complaint, or notified the Women Helpline or the State Women Commission, Ministry of Women Welfare, Indian Olympic Association, etc against Singh over the alleged harassment.
The plea also argues that Brijbhushan Sharan Singh’s character had been assassinated as a result of false accusations and actions taken by the accused wrestlers at the protest site.
Furthermore, it has been alleged that the wrestlers’ protest at Jantar Mantar in New Delhi was just aimed to exert unnecessary pressure on the Police and the Court in order to obtain the desired actions.
“According to the telecast news on National news Channels, MODI TERI KABRA KUDEGI, the slogan was raised openly at the Jantar Mantar protest organised by the wrestlers, which falls under the category of Hate Speech, and it is clear that the protestors threatened to kill Narendra Modi,” the plea contended.
“Hate Speech is a crime in law and a serious offence according to the latest precedents set by the Supreme Court of India,” the petition stated.
It is pertinent to recall that on 28th April 2023, ‘Modi Teri Kabar Khudegi’ slogans were raised at the wrestlers’ protests at Jantar Mantar in Delhi. These slogans were being raised in the presence of several wrestlers including Bajrang Punia, Sakshi Malik, Vinesh Phogat, Sangeeta Phogat etc
On Wednesday, Bhagwan Prshuram Yatra organized by Hindus in the Jurhera village of Kaman, Rajasthan was attacked by some persons from a specific community who pelted stones at the participants, leaving them injured.
According to an ETV Bharat report, the Yatra was organized on a massive scale on the afternoon of May 24. Amid the yatra, some of the shopkeepers from the specific community opposed the loud sound of the DJ system. The Hindu participants assured to reduce the volume of the DJ. In spite of this, the shopkeepers called some more people from their community and complained about the Yatra.
The mob belonging to the specific community then pelted stones at the Yatra and also used lathis to stop the Hindus from dancing to the DJ music. It is also alleged that a police constable named Shaheed provided the attackers with sticks, instead of trying to calm the situation.
The Hindus eventually stopped the Yatra and called the police. They also demanded strict action against the accused persons. The police took cognizance of the incident and assured the detention of the accused persons. The Yatra was then officially concluded.
Law Minister Arjun Ram Meghawal also commented on the issue and slammed the ruling party in the state for favouring and boosting the specific community for votes. He also indicated that the Congress party was torturing the Hindu society in the state of Rajasthan.
जहां दंगा वहां कांग्रेस!
कामां में भगवान श्री परशुराम जी की शोभायात्रा पर असामाजिक तत्वों द्वारा पत्थरबाजी राजस्थान सरकार की तालिबानी मानसिकता का प्रदर्शन है।
एक समुदाय विशेष के वोटों के लिए कांग्रेस हिन्दू समाज को प्रताड़ित करने में लगी है।
— Arjun Ram Meghwal (@arjunrammeghwal) May 25, 2023
Tensions continue to prevail in the Juraher village after the incident. Additional SP Himmat Singh, DSP Pradeep Yadav, Kaman Police Station Officer Ramkrishna Yadav, Gopalgarh Police Station Officer Ramnaresh along with some other police personnel have been deployed at the spot. Reports mention that some of the people have also been taken into custody and are being interrogated in the case.
“During the Shobha Yatra, there was a dispute due to misunderstanding between the two parties. After reaching the spot, the police persuaded the people and got the Shobha Yatra completed. Some people have also been detained from the spot. Sector’s Police personnel has been posted in Jurhara town,” Pradeep Yadav, DSP Kaman confirmed.
It is also believed that the Hindu Brahmin community who had organized the Yatra held a meeting after the incident and has planned to file an official complaint against the accused. The injured persons were immediately shifted to the hospital and are attaining proper treatment.
On May 24, India’s largest life insurer LIC reported an impressive growth for the fourth quarter of Financial Year 2022-23. The Consolidated Profit After Taxes (PAT) of LIC stood at an impressive Rs 13,190.79 crores. The company has seen a 5.5 folds year-on-year rise of 447.47%. Notably, for the financial year 2021-22’s fourth quarter, LIC’s PAT was only Rs 2,409.39 crores. The company’s growth for Q4 was 107.77%.
The company earned a consolidated net premium income of Rs 1,32,233.21 crores. It has come down by 8.27% compared to Q4 of the previous year which was Rs 1,44,158.84 crores. However, compared to Q3 of FY 2022-23, the company saw a growth of 17.7%. The net premium income of the company has declined by 8.34% on a year-on-year basis but rose by 17.87% on a quarter-on-quarter basis.
On the sidelines of the impressive performance by the company, the board of directors have recommended a dividend of Rs 3 per equity share for the FY 2022-23. Chairperson of LIC Siddhartha Mohanty said, “Our results demonstrate the resilience of our business, built in every nook and corner of the country, over a period of more than six decades. Our efforts towards enhancing the share of non-par products in the overall product mix are bearing fruits.”
In FY 2021-22, the company’s profit was Rs 4,043.12 crores. It has increased to Rs 35,397.40 crores in FY 2022-23. Furthermore, the Value of New Business on the gross bases of the company has increased from Rs 9,920 crores in FY 2021-22 to Rs 11,553 crores in FY 2022-23.
Speaking on the increased profits, Mohanty said, “We are well positioned to continue our growth journey, in the service of the nation and its citizens. The regulatory initiatives towards Insurance for All by 2047 will present opportunities to grow for the sector and we intend to participate in that growth. As we move forward to grow our business further, we will endeavour to create superior value for all our stakeholders. Finally, we thank all our policyholders, agents, employees and shareholders for maintaining their faith in us.”
The current price of LIC shares on BSE is Rs 607.75 per share.
The share price dropped after the Hindenburg report
It is pertinent to note that LIC’s price has seen ups and down since it was listed on May 20, 2022. The base price started at Rs 826.15 and plunged to its lowest at Rs 534.35 on March 31, 2023. It reached its lowest point before that in 2022 on October 21, 2022, at Rs 589.20. Since March 31 this year, the price has been rising persistently.
On January 24, 2023, Hindenburg Research, a short-selling company that pose as a whistleblower to gain profits, published a report against Adani Group alleging the company was manipulating its share prices. As LIC holds a substantial amount of shares of Adani Group in its portfolio, the Indian public sector insurer faced a direct impact. From Rs 712.80 per share, the price drastically dropped and kept touching lower points till March 31 this year.
On May 18, it was reported that there was a 35% drop in the market capitalisation of LIC. In May 2022, it was Rs 5.48 crore which dropped to Rs 3.59 crore in May 2023. Congress leader and disqualified MP Rahul Gandhi used the opportunity to gain some brownie points.
LIC का मार्केट कैपिटलाइजेशन
मई 2022: ₹5.48 लाख करोड़ मई 2023: ₹3.59 लाख करोड़
गिरावट: 35% ⬇️
साहेब का बस एक ही फोकस – सेठ को कैसे बचाएं! चाहे जनता की मेहनत की कमाई लुट जाए, या शेयर धारकों का निवेश डूब जाए!
Opposition, journalists and liberals attack Modi govt over alleged LIC losses
For Congress Party, Rahul Gandhi became the frontrunner to attack the Modi government over LIC market share and its holdings in Adani Group since the Hindenburg report came. Other opposition leaders, journalists and liberals joined the crusade.
In March 2023, Rahul Gandhi released an influencer-style video claiming that the investors were losing around Rs 1,000 crore every day as LIC had invested in Adani Group shares. He questioned who pressured LIC-SBI to invest in the Adani Group.
LIC को अडानी ग्रुप के शेयर्स के भाव गिरने के कारण अपने निवेश में हर दिन लगभग ₹1000 करोड़ का नुकसान हो रहा है।
देश पूछ रहा है – आखिर किसके दबाव में, LIC-SBI ने जनता की कमाई अडानी पर लुटाई?
In the same month, Congress coined the term “Modani” to target the Modi government and claimed that the money from LIC, SBI and EPFO was transferred to the Adani Group.
LIC की पूंजी, अडानी को! SBI की पूंजी, अडानी को! EPFO की पूंजी भी, अडानी को!
‘मोडानी’ के खुलासे के बाद भी, जनता के रिटायरमेंट का पैसा अडानी की कंपनियों में निवेश क्यों किया जा रहा है?
प्रधानमंत्री जी, न जांच, न जवाब! आख़िर इतना डर क्यों?
In January 2023, Congress President Mallikarjun Kharge targeted the Modi government by stating LIC shares plunged after the Hindenburg report and the investors lost Rs 22,442 crores in two days. He said, “Modi Govt changes its name to LOOT INVESTMENT for CRONIES!”
After the Hindenburg exposé —
1️⃣ LIC shares have lost ₹22,442 Cr in just 2 days
2️⃣ LIC is plowing more money into Adani’s flagship unit
LIC is “Life Insurance Corporation” of India with 29 Cr Policyholders!
Modi Govt changes it’s name to LOOT INVESTMENT for CRONIES!
Congress Secretary Randeep Surjewala said, “LIC is public money! Post Hindenburg Report, the value of LIC investment in Adani Group shares have fallen from ₹77,000 Crore to ₹53,000 crores — loss of ₹23,500 crores.”
In February 2023, AIMIM leader Asaduddin Owaisi said, “Poora kuppa kar diye” as we say in Hyderabad. LIC is putting the common man’s savings at risk; all for the sake of one man’s friendship. @PMOIndia’s motto seems to be “profit before people”.”
“Poora kuppa kar diye” as we say in Hyderabad. LIC is putting common man’s savings at risk; all for the sake of one man’s friendship. @PMOIndia’s motto seems to be “profit before people”. https://t.co/gcgf5kEUpI
In a letter to PM, AAP leader Sanjay Singh claimed, “Adani’s mountain of lies and fraud is crumbling like a pack of cards. Crores of investors in the country are worried. Those who have invested in LIC, and SBI because both of them have given loans worth crores of rupees. The Prime Minister should come forward and address the issue.”
In April, AAP targeted the government by saying LIC lost Rs 60,000 crores by investing in Adani Group companies. Singh gave notice to Rajya Sabha for discussion claiming crores of investors were lost as LIC and SBI invested in Adani group.
AAP MP @SanjayAzadSln ने Adani Group द्वारा किए गए Fraud के मुद्दे पर संसद में दिया Notice‼️
▪️नियम 267 के साथ-साथ शून्यकाल में इस मुद्दे को उठाने के लिए भी नोटिस दिया
▪️Adani के Fraud के चलते LIC, SBI सहित कई सरकारी संस्थाओं और देश की जनता के करोड़ों रुपए डूबे pic.twitter.com/ehoD5rYMVM
BRS leader Prof Dasoju Srravan said, “Just for the sake of one crony capitalist (#Adani), #Modi Govt is destroying #LIC affecting crores of its policyholders.. How come such a steep fall of market value from Rs 5.48 Lakh to Rs 3.59 Lakh Cr wiping away an amount of Rs 1.9 Lakh Cr within an year?” (sic)
Just for the sake of one crony capitalist (#Adani), #Modi Govt is destroying #LIC affecting crores of its policyholders.. How come such a steep fall of market value from Rs 5.48 Lakh to Rs 3.59 Lakh Cr wiping away an amount of Rs 1.9 Lakh Cr within an year? pic.twitter.com/oBiMymYYmV
— Prof Dasoju Srravan (@sravandasoju) May 17, 2023
Journalist Ravish Kumar questioned if LIC was safe and insinuated as if the investors’ money would be lost. Interestingly, LIC’s exposure in the Adani Group is 0.975 per cent at book value, as per The Hindu Businessline report from March 2023.
The Hindenburg report definitely affected the share price of LIC. However, its price was already fluctuating a lot since it was issued in May 2023. The company’s share is recovering since FY 2023-24 started. Since LIC release its Q4 report, the price has seen a jump of 2.06% by the time this report was published.
Gautam Adani, the founder and chairman of the Adani Group, has re-entered the top 20 Bloomberg list of the world’s billionaires. He now holds the 18th position in the Bloomberg Billionaires’ Index and has a net worth of $64.2 billion. Adani’s net worth increased by $4.38 billion in a day due to an increase in Adani Group stock prices.
The stocks of the Adani Group shot up on Tuesday, May 23, after its most recent investor, GQG Partners, increased its holdings in the group by almost 10%. In March of this year, they acquired a share in Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Transmission for a total of Rs 15,446.35 crore. Tuesday’s intraday transaction witnessed a 65 percent increase in this investment’s value to Rs 25,515.50.
Rajiv Jain, the owner of GQG Partners, praised Adani Group shares as “the best infrastructure assets available in India” in a Bloomberg interview.
After Hindenburg Research’s report on the Adani group and its founder, Gautam Adani’s net worth significantly dropped, and he dropped off the top 20 list on February 3. Gautam Adani, who had a net worth of $154 billion in September 2022 and was once the second-richest person in the world, has lost $56.4 billion since the year’s beginning.
Following the publication of the Hindenburg report, the group withdrew its follow-on public offer (FPO) for Rs 20,000 crore and took action to ease concerns about debt-related issues.
After the Justice AM Sapre committee report suggested that it was not possible to conclude that there had been a regulatory failure when it comes to Adani stocks, the market capitalization of Adani Group surpassed the Rs 10 lakh crore mark earlier this week.
Their market capitalization increased from Rs 9,34,485 crore on Friday’s close to Rs 10,03,861 crore in Monday’s action. This is still 48% below their M-cap of Rs. 19.20 lakh crore on January 24, the day the Hindenburg report was released.
Increase in Adani share price
Rajiv Jain’s GQG Partners increased their holdings in Adani Enterprises by 10% on Tuesday and declared their intention to continue contributing to future fundraising attempts for the ports-to-power business. The holding company’s stock price increased 19% on the same day.
The bullish trend spread to other Adani group firms, resulting in significant price increases for their stocks. Notably, after the publication of the report, Adani Ports became the first company in the group to recover all of its losses.
Hindenburg Research report
Hindenburg Research, a short seller located in the US, charged Adani Group with engaging in stock manipulation and accounting fraud at its companies. A report titled “Adani Group: How The World’s Third Richest Man Is Pulling The Largest Con In Corporate History” was released by Hindenburg Research on January 24.
It alleged that Gautam Adani and his brothers had engaged in stock manipulation, controlled several offshore shell firms, and taken a short position in the Adani Group firms using derivatives traded outside of India and US-listed bonds.
The research claimed that due to exorbitant valuations, its seven most important listed firms had an 85% downside purely on a fundamental premise.
“Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing. 5 of 7 key listed companies have reported ‘current ratios’ below 1, indicating near-term liquidity pressure,” the research charged.
As per the Hidenberg study, 8 of the 22 crucial positions are filled by members of Gautam Adani’s family. The conglomerate has, however, refuted every charge.
On Wednesday, the UK-based British Broadcasting Corporation’s journalist, Stephen Sackur was roasted by a top official in South Africa’s ruling party, Fikile Mbalula over the issue of war crimes committed by Britain and other Western nations in Iraq and Afghanistan. He also indicated and exposed the hypocrisy of the organization and the country when asked about the arrest warrant of Russian President Putin after the Russia-Ukraine war.
The saga began as African National Congress (ANC) Secretary General Fikile Mbalula in an exclusive interview with the BBC stated that he would want Putin to visit Africa and that the country would welcome him as part and parcel of BRICS. The remarks by the African leader about Putin were made in relation to the Russian president visiting a BRICS conference in South Africa in August. Brazil, Russia, China, India, and South Africa make up the group.
“If it was according to the ANC, we would want President Putin to be here, even tomorrow, to come to our country. We will welcome him to come here as part and parcel of BRICS,” the leader said.
On this the journalist questioned the leader saying, “You would? You will welcome President Putin here? Right now? A man who is being investigated for war crimes by the International community?” The leader then nodded in affirmation and reiterated that the country will welcome him as a part and parcel of BRICS. He also said that though the country was constrained by the International Criminal Court treaty, a head of the state cannot be arrested anywhere.
South Africa is required to imprison Putin if he arrives in the nation since it has signed the International Criminal Court pact. Even while it hasn’t stated it clearly, the South African government has hinted that it won’t execute the arrest order if Putin attends the conference.
“Do you think that a head of state can just be arrested anywhere?” Mbalula cross-questioned the journalist and slammed the country and the media organization for being a hypocrite. Britain and other Western nations committed crimes in Iraq and Afghanistan and no heads of state were arrested, he stated.
[WATCH]: BBC Hard Talk interview with Stephen Sackur.
A head of state cannot just be arrested anywhere. All we want between Ukraine and Russia is peace, that is what is important so that the world can thrive.
He continued slamming the United Kingdom as he said, “You are making a lot of noise about putting a state in working for peace between Ukraine and Russia and you yourself have failed to resolve the war. Where are the weapons of mass destruction? Former Prime Minister of the United Kingdom Tony Blair went to Iraq and claimed that they are weapons of mass destruction. Do you see anybody standing against the United Kingdom or Britain? More than millions of people have died in Iraq and Afghanistan and there are no weapons of mass destruction.”
The ANC leader further said that South Africa is well aware what the war between Ukraine and Russia is actually about and that the country demands peace. “We want peace and only that can help the world survive,” he countered ultimately leaving the BBC journalist red faced.
Notably, Mbalula last month referred to the United States as one of the countries ‘messing up the world.’ Since Russia’s invasion of Ukraine last year, the country’s insistence that it is taking a neutral stance in the conflict has raised the worries of the western world.
[WATCH]: BBC Hard Talk interview with Stephen Sackur. We are non-aligned when it comes to the Ukraine-Russia conflict. I met with the USA ambassador, and he has apologized for being overzealous, saying things that he shouldn't have said.#ANCRenewal
South Africa and Russia have a long history of cooperation given the former Soviet Union’s political and military backing for the ANC when it was a liberation entity striving to overthrow the racist apartheid state that oppressed the country’s Black population.
South Africa has also played and continues to play a major role in the economic development of Africa and it is an influential democracy in the developing world. The US and other Western allies of South Africa therefore are concerned that the ANC’s historical ideological links to Russia are currently bringing South Africa into Moscow’s political sphere. Notably, Africa, and China are also developing commercial connections.
Recently, the South African government came under increased fire on Wednesday for its decision to withhold cargo records pertaining to a Russian ship’s visit, which the US claims was used to gather a shipment of weapons for Moscow. The government has absolutely denied engaging in any weaponry trade with Russia, but it hasn’t ruled out the idea that someone else did so covertly. Cyril Ramaphosa, the president of South Africa, has mandated an investigation in the case.
In the Surat district of Gujarat, a case has been registered against two persons for cow slaughter and sale of beef. According to a Divya Bhaskar report, Ismail Yusuf, who runs a snack shop in Kosadi village of Mangrol panchayat, sells samosas stuffed with beef. The police initiated action after receiving information about selling cow meat at the snack shop.
Police laid a trap to nab accused Ismail Yusuf after getting information that the accused will be passing by Mosali Chaar Rasta. Police stopped a suspicious auto rickshaw and searched it. Following the search, the police seized 2 Kg samosas and arrested Ismail Yusuf.
Md Ismail Yusuf used to fill cow meat in Samosa & feed the customers, got arrested by Gujarat Police.
During the questioning, Ismail Yusuf admitted that used to buy cow meat from one Suleiman alias Sullu Salim Bheekhu and Nageen Vasava alias Simon Vasava to make beef-stuffed samosas. He also informed that Suleiman and Nageen slaughter cows near the Kosadi village river bank. Suleiman and Simon butchered cows on the river bank of Kosadi village, according to Ismail. The seized samosas were sent to the Regional Justice Assistant Science School in Surat for testing.
The FSL official’s certificate confirmed the presence of beef (cow meat) in the seized samosas. Following this, the Gujarat police registered an FIR and is taking further necessary action.
