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SEBI Chief’s New Statements on Allegations Pressed Against; ‘Completely False’

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Dhruv
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SEBI chief Madhabi Puri Buch has stated that she has fully complied with all disclosure and recusal requirements established by the markets regulator. This response comes in light of criticism from Hindenburg Research and opposition political parties regarding alleged conflicts of interest in investigations involving the Adani Group and other corporations.

According to a statement, “Madhabi has not been involved with any files related to Agora Advisory, Agora Partners, the Mahindra Group, Pidilite, Dr. Reddy’s, Alvarez and Marsal, Sembcorp, Visu Leasing, or ICICI Bank at any time since joining SEBI.”

Since her appointment as a whole-time member of SEBI in 2017, Madhabi Puri Buch has consistently disclosed her shareholding in Agora Advisory and has transparently declared her stake in Agora Partners, the statement emphasized.

The statement further added, “Based on these facts and communications from the involved companies, the allegations are entirely false, malicious, and defamatory.”

Regarding the allegations of rental income, the Buch family clarified: “Questions have been raised about the rental income from a property owned by Madhabi and Dhaval. The property was leased out in the usual course of business, and it later emerged that the lessee was affiliated with Wockhardt, a listed company that was under investigation. Madhabi has had no involvement with any files concerning Wockhardt.”

Centre Decides to Rename Port Blair as Sri Vijaya Puram

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Dhruv
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The central government has decided to rename Port Blair, the capital of the Andaman and Nicobar Islands, to Sri Vijaya Puram. Union Home Minister Amit Shah announced the change on Friday, calling it a tribute to the victory achieved during India’s freedom struggle.

“Guided by Prime Minister @narendramodi Ji’s vision to remove colonial remnants, we have chosen to rename Port Blair as Sri Vijaya Puram. While the previous name had colonial roots, the new name symbolizes the triumph of our freedom movement and the unique role played by the Andaman and Nicobar Islands,” Shah shared on his X account.

He also highlighted the significance of the islands in India’s history, noting that they were once a naval base for the Chola Empire and are now a key location for India’s strategic and developmental ambitions.

Additionally, Shah mentioned that the Andaman and Nicobar Islands are historically significant as the site where Netaji Subhash Chandra Bose first hoisted the national flag and where freedom fighters, including Veer Savarkar, endured imprisonment at the Cellular Jail.

In January 2023, Prime Minister Narendra Modi named 21 large, previously unnamed islands in the Andaman and Nicobar archipelago after Param Vir Chakra recipients.

Situated on the eastern coast of South Andaman Island, Port Blair (now Sri Vijaya Puram) serves as a gateway to over 500 untouched islands. It is also the commercial center of the Andaman and Nicobar Islands and offers various water-based activities such as snorkeling, scuba diving, and sea cruises for tourists.

BJP Believes ‘Organ Trade Nexus’ at RG Kar Hospital; Wants Answers from Mamata

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Dhruv
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**EDS: IMAGE VIA WB CMO** Howrah: West Bengal Chief Minister Mamata Banerjee addresses a press conference at Nabanna in Howrah, Monday, May 15, 2023. (PTI Photo)(PTI05_15_2023_000135B)

BJP IT Cell chief Amit Malviya, referencing news reports, has alleged that the ongoing CBI investigation into the RG Kar Medical College rape and murder case is pointing towards a multi-crore organ trafficking racket linked to the West Bengal government. He also raised concerns about Chief Minister Mamata Banerjee’s involvement.

Malviya shared screenshots and links to two news articles on X, posing several questions to Mamata Banerjee and her government regarding the brutal rape and murder of a junior doctor at RG Kar Medical College on August 9.

“CBI probe into RG Kar Medical College & Hospital suggests a 200-crore rupee organ trade nexus in Bengal’s medical institutions. Dr. Sandip Ghosh, former Principal of RG Kar Medical College & Hospital, whom Mamata Banerjee allegedly tried to shield, is the chief coordinator of this racket,” Malviya posted on X.

He also speculated whether the female doctor was raped and murdered because she had uncovered Dr. Ghosh’s alleged illegal activities. “Did Mamata Banerjee protect Ghosh because she, too, benefited from this, and was it all done under her patronage?” Malviya questioned.

“The West Bengal Health Minister must have known about this. If she didn’t, then she’s incompetent and should be removed immediately,” he added.

Malviya further demanded a CBI probe into the presence of three doctors—Soutrik Roy, Avik De, and Saurav Paul—on the RG Kar Hospital campus the night of the crime, asserting they have strong political connections.

According to a report by The Week, the preliminary CBI investigation has uncovered alleged organ trafficking involving unidentified dead bodies at RG Kar Medical College, a racket that has reportedly been operating for several years. Two individuals close to former principal Dr. Sandip Ghosh have been identified and questioned by the CBI, which has reportedly found substantial evidence of illegal organ trading. HT has not independently verified this information.

Currently, Sandip Ghosh is in CBI custody as the investigation into financial and procedural irregularities during his tenure continues. Ghosh is also accused of embezzling hospital funds, and several properties linked to him have been raided by the CBI and ED.

Trump Aims to Launch his Sons’ Crypto Business

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Dhruv
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Former President Donald Trump is set to deliver a speech next Monday regarding cryptocurrency and the launch of World Liberty Financial, a crypto platform managed by his sons, Donald Jr. and Eric. The speech, scheduled just 50 days before Election Day, highlights Trump’s use of his remaining campaign time to promote a family business. Throughout his 2024 campaign, Trump has blended his political and business ventures, promoting products like sneakers, photo books, and Trump-branded Bibles.

In a video posted Thursday on X (formerly Twitter), Trump expressed his enthusiasm for crypto, stating, “We’re embracing the future with crypto and leaving the slow and outdated big banks behind.” His address will be broadcast at 8 p.m. EDT on Monday from his Mar-a-Lago residence.

As part of his campaign, Trump has vowed to transform the U.S. into the “crypto capital of the planet,” raising concerns about the potential for him to use federal resources to benefit a business linked to his family. Cryptocurrencies, which are digital forms of money traded online independently of the traditional banking system, often rely on marketplaces that charge fees for transactions to convert them into U.S. dollars and other currencies.

While Trump opposed cryptocurrencies during his presidency, he has since shifted his stance. He has even suggested the government establish a Bitcoin reserve and pledged to block the development of a Federal Reserve-controlled Central Bank Digital Currency (CBDC), a digital form of central bank money.

Cristiano Ronaldo Breaks Record By Breaching One Billion Barrier on Social Media

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Dhruv
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Soccer Football - Euro 2024 - Quarter Final - Portugal v France - Hamburg Volksparkstadion, Hamburg, Germany - July 5, 2024 Portugal's Cristiano Ronaldo shoots at goal from a free kick REUTERS/Fabian Bimmer

Since the start of his career, Cristiano Ronaldo has been known for breaking records both on and off the field. The Portugal star has made history once again by becoming the first individual to reach one billion followers across all social media platforms.

Ronaldo is the most followed person on Instagram and recently launched his YouTube channel, ‘UR. Cristiano.’ The channel amassed 50 million subscribers within a week and achieved one million subscribers in just 90 minutes.

Announcing the milestone on social media, Ronaldo shared, “We’ve made history — 1 BILLION followers! This is more than just a number; it’s a testament to our shared passion, drive, and love for the game and beyond.”

“From the streets of Madeira to the world’s biggest stages, I’ve always played for my family and for you, and now 1 billion of us stand together. You’ve been with me through every high and low. This journey is ours, showing that there are no limits to what we can achieve.”

He continued, “Thank you for believing in me, supporting me, and being a part of my life. The best is yet to come, and we’ll keep pushing, winning, and making history together.”

Ronaldo recently appeared on Rio Ferdinand’s podcast, where he expressed satisfaction with the management of his current club, run by INEOS boss Jim Ratcliffe. He also offered advice to manager Erik Ten Hag about utilizing former United teammate Ruud van Nistelrooy, who has been appointed as an assistant coach.

This social media milestone follows Ronaldo’s achievement of becoming the first football player to score 900 career goals, including a decisive goal in Portugal’s Nations League match against Croatia.

Alia Bhat and Diljit Dosanjh Comeback Together For Jigra After 8 Years

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Dhruv
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Eight years ago, audiences were treated to a casting coup when Alia Bhatt, Shahid Kapoor, Kareena Kapoor Khan, and Diljit Dosanjh came together for Udta Punjab. The film was notable for two major reasons: Diljit’s Bollywood debut and the on-screen reunion of Shahid and Kareena after their breakup. Beyond the stellar performances and gripping storyline, one standout aspect was the unexpected collaboration between Alia and Diljit, whose soulful track “Ikk Kudi” remains etched in our memories. Now, fans can gear up for another chart-topping hit from this incredibly talented duo!

To the excitement of fans, Alia and Diljit are reuniting for Alia’s upcoming Bollywood film Jigra, which also stars Vedang Raina as her on-screen brother. This prison-break drama is one of the most anticipated releases of the year. The buzz reached new heights this morning when Alia and Diljit teased their latest collaboration by sharing a sneak peek from the set. In the photo posted on social media, Alia is seated in a chair labeled “The said Kudi,” while Diljit’s chair humorously reads “Sings about Kudi.”

Alia captioned the post, “chairs say it all 🎙️,” sending fans into a frenzy. The comment section quickly filled with excitement, with one fan exclaiming, “I can’t wait for another banger they’re about to create 🌟🥹💛,” and another writing, “OMG woahhh. What a wholesome crossover!!! Can’t waittt🫶🏻🫶🏻🫶🏻.” Referring to Diljit’s sold-out Dil-Luminati Tour 2024, a user commented, “While the world fights for tickets, she collabs with the man himself 🫶🏻,” while another added, “Can’t wait to experience the magic you both are gonna create🥹.”

With this exciting reunion, there’s yet another reason to eagerly await Jigra. Directed by Vasan Bala, the film is set to hit theaters on October 11.

Supreme Court Gives Bail to CM Arvind Kejriwal

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Dhruv
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On Friday, the Supreme Court granted bail to Arvind Kejriwal, emphasizing that bail is the rule and jail the exception. However, restrictions on him entering the chief minister’s office and signing files will remain in place.

A bench comprising Justices Surya Kant and Ujjal Bhuyan delivered two judgments after reserving their verdict. Justice Bhuyan emphasized that courts must ensure the prosecution and trial process do not become a form of punishment. He questioned the Central Bureau of Investigation’s (CBI) arrest of Kejriwal, suggesting it was aimed at hindering his bail in a related Enforcement Directorate (ED) case. Bhuyan further stated that “non-cooperation does not equate to self-incrimination,” criticizing the CBI’s actions. He also remarked that the CBI must shed the perception of being a “caged parrot” and uphold its integrity.

While Justice Bhuyan expressed concerns over the restrictions on Kejriwal’s access to the chief minister’s office and file signing, he eventually agreed to uphold them, as previously set by another bench in the ED case.

Kejriwal had challenged the August 5 decision of the Delhi High Court, which upheld his CBI arrest and dismissed his bail plea due to his bypassing the trial court.

Earlier hearings had seen the bench emphasize the importance of ensuring the criminal justice system’s evolution while maintaining the authority of lower courts. The CBI had warned that a decision in Kejriwal’s favor could set a dangerous precedent. The bench reassured that its ruling would preserve the integrity of judicial institutions. The court has repeatedly reaffirmed that bail should be the norm, even in cases involving stringent laws like the Unlawful Activities (Prevention) Act (UAPA) and the Prevention of Money Laundering Act (PMLA).

In a landmark ruling on Monday, the court stated that a person already in custody for one offense could still seek anticipatory bail for another offense, underscoring the importance of safeguarding personal liberty under Article 21 of the Constitution. The court further highlighted the need for a fair and speedy trial, as enshrined in Article 21, cautioning against turning the legal process into a punishment in itself.

Kejriwal’s legal team, led by senior advocate Abhishek Manu Singhvi, argued that the CBI violated procedural safeguards under the Criminal Procedure Code (CrPC) by arresting him. Despite receiving bail from the ED, Kejriwal has been in custody since June 26, following his CBI arrest. Singhvi asserted that the CBI’s arrest, based on non-cooperation, was unjustified, given that for two years, the agency had not deemed it necessary.

Referring to the Supreme Court’s ruling in the Manish Sisodia case, Singhvi argued it would be unfair to send Kejriwal back to the trial court for bail, comparing it to a “snake and ladder” game.

In defense, Additional Solicitor General (ASG) SV Raju maintained that the CBI followed proper legal procedures. He criticized Kejriwal for bypassing the trial court and directly approaching the high court, accusing him of seeking “special treatment” and behaving as if he were an “extraordinary person.”

In his closing argument, Singhvi questioned how non-cooperation could justify an arrest, stressing that Kejriwal was not a “hardened criminal” and his arrest was both unwarranted and unnecessary.

IAF Chief Wants to Boost Production of LCA

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Dhruv
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On Thursday, Indian Air Force (IAF) Chief Air Chief Marshal VR Chaudhari called for an increase in the production of the indigenous light combat aircraft (LCA Mk-1A) to meet the growing demands of the IAF.

His remarks come amid concerns over the slow pace of the LCA Mk-1A program and the potential risks posed by delays in the induction of new fighter jets to the air force’s combat readiness. Hindustan Aeronautics Limited (HAL), the manufacturer, has been urged to expedite the ₹48,000-crore contract for 83 aircraft.

“The challenge is aligning production capacity with our needs,” Chaudhari said during a press briefing at the conclusion of Tarang Shakti 2024, India’s largest multilateral air combat exercise, held at the Jodhpur airbase.

He suggested the creation of multiple production lines to increase output. “The industry must address this challenge and propose a solution, possibly through public-private partnerships, joint ventures, or other models, with HAL leading the way,” he added, emphasizing the need for additional production lines to not only meet domestic requirements but also support exports.

To meet the IAF’s rising demand, HAL has already established a new production line for LCA Mk-1As in Nashik. The state-owned firm claims it can produce 16 jets annually at its Bengaluru facility, with the Nashik line boosting production to 24 jets per year. The delivery of the 83 jets is scheduled for completion by 2028-29.

Additionally, the defense ministry is likely to award HAL a contract for 97 more LCA Mk-1As, valued at ₹67,000 crore, by the end of the year, further enhancing the IAF’s capabilities.

The LCA is set to become a cornerstone of the IAF’s combat power in the coming decade, with the air force expected to operate around 350 LCAs (Mk-1, Mk-1A, and the future Mk-2). A third of these have already been ordered, with some inducted, and the rest are integral to the IAF’s modernization plans.

Chaudhari praised the performance of the LCA Mk-1, the first variant, during the Tarang Shakti exercise, where it successfully carried out various missions alongside larger and more advanced global fighter jets. The first phase of the exercise was held in August at the Sulur airbase in Tamil Nadu, with the final leg beginning in Jodhpur on August 30. Air forces from seven countries, including the US, Australia, the UAE, and Greece, participated.

IAF has so far inducted 36 of the 40 LCA Mk-1s ordered, with these being the initial operational clearance (IOC) and final operational clearance (FOC) configurations. The LCA Mk-1A, an upgraded version, is currently on order.

Despite concerns about HAL’s ability to meet the delivery timeline for the 83 LCA Mk-1As, there is some optimism. One of the key challenges has been delays in the supply of F404 engines from US firm GE Aerospace. However, officials have said that GE Aerospace has committed to delivering two engines per month starting in November 2024.

HAL is also looking to expand exports of the LCA and helicopters, proposing the creation of a new vertical, led by a CEO-ranked officer, who will report directly to the company’s chairman.

North Korea Showcases Images of Uranium Enrichment Facility

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Dhruv
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For the first time on Friday, North Korea revealed images of its uranium enrichment facility, featuring leader Kim Jong Un touring the site and urging the expansion of centrifuges to bolster the nation’s nuclear capabilities.

Although North Korea conducted its initial nuclear test in 2006 and has been subjected to numerous UN sanctions for its illicit weapons programs, it had never previously shown its uranium enrichment facility to the public.

These facilities are crucial in producing highly enriched uranium by using centrifuges to spin the raw material at high speeds, essential for creating nuclear warheads.

Kim Jong Un toured the Nuclear Weapons Institute and the “production base of weapon-grade nuclear materials,” according to a report by the official Korean Central News Agency (KCNA), which did not disclose the location or timing of his visit.

State media shared images of Kim inspecting the facility, where he emphasized the necessity of increasing the number of centrifuges to exponentially boost the nuclear arsenal for self-defense.

Kim also reviewed the production of nuclear warheads and the current status of nuclear materials, KCNA reported, noting that he was informed about the facility’s development of nuclear materials through advancements in systems like centrifugal separators.

He called for the implementation of new types of centrifuges to further solidify the nation’s ability to produce weapon-grade nuclear materials and urged the setting of long-term goals to increase production.

North Korea’s nuclear weapons programs are prohibited by UN sanctions, yet the country has repeatedly violated these restrictions, partially with backing from allies such as Russia and China.

Experts suggest that the public revelation of the enrichment facility may be intended to influence the upcoming U.S. presidential election. Hong Min, a senior analyst at the Korea Institute for National Unification, said the images send a message to the next U.S. administration that denuclearizing North Korea is not feasible and demand recognition of the country as a nuclear state.

However, Hong noted that another nuclear test is unlikely to occur immediately following this disclosure.

North Korea recently reported heavy flooding in its northern regions near China due to record rainfall in late July, which resulted in casualties, the flooding of homes, and widespread agricultural damage. A report from the Stimson Center’s 38 North program on Wednesday indicated that North Korea’s primary nuclear test site had also been damaged by floodwaters.

“The main nuclear test site is in poor condition, with roads and railways washed away, and the ground is severely weakened,” Hong stated.

Tensions between North and South Korea have worsened in recent years, with North Korea recently deploying 250 ballistic missile launchers near the southern border. The North has also been sending trash-laden balloons across the border, including a five-day campaign last week.

On Thursday, South Korea reported that the North had fired multiple short-range ballistic missiles into waters east of the Korean Peninsula. However, KCNA later clarified that this was a test of a “new-type 600mm multiple rocket launcher,” supervised by Kim Jong Un.

Huawei Teases Brand-New Folding Smartphone; Set to Compete with Apple

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Dhruv
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On Tuesday, China’s Huawei Technologies unveiled a three-way foldable smartphone as it aims to strengthen its lead over Apple in the world’s largest smartphone market with a unique form factor gaining traction in China.

Just hours after Apple introduced its latest iPhone model, Huawei hosted a launch event for its new Z-shaped foldable smartphone, the Mate XT, set to hit stores on September 20—the same day as Apple’s new iPhone release.

Huawei’s website revealed that it had already received over 3.6 million pre-orders for the Mate XT, though no deposit was required.

For comparison, the global market for foldable phones totaled around 4 million units in the second quarter, according to research firm IDC.

The launch follows a string of successful smartphone releases by Huawei over the past year, highlighting the company’s ability to navigate U.S. sanctions and solidifying its position against Apple in China. Some Chinese consumers have criticized Apple’s new iPhone 16 for its lack of AI features, a point of frustration as Apple has yet to announce an AI partner for China, and its AI software, Apple Intelligence, won’t be available in Chinese until next year.

“Why buy it if you can’t use AI?” a user commented on Weibo, China’s equivalent of X. Another remarked, “Without AI as its main selling point, it should be half the price.”

Huawei already offers two-way foldable phones, and their strong sales in China helped the company surpass Samsung as the world’s largest vendor of foldable phones this year.

However, analysts suggest the new Mate XT, likely to come with a hefty price tag, may be more of a symbol of Huawei’s technological capabilities than a major revenue driver. Limited availability and a high price are expected to restrict its market impact.

“The new Huawei products aren’t expected to significantly affect Samsung and Apple in terms of sales volume,” said Jene Park, an analyst at research firm Counterpoint. “However, there could be some effect on sales in certain Chinese markets.”

The foldable smartphone market grew 57% year-on-year in the second quarter, reaching 3.9 million units, largely driven by Chinese smartphone makers expanding into overseas markets, according to IDC. Despite this growth, foldables still make up just 1.3% of the wider smartphone market, which saw 292.2 million units shipped in the second quarter.

“The average consumer still lacks awareness of these devices, let alone understanding their benefits,” said IDC senior researcher Will Wong. High prices remain another challenge, with last year’s Mate X5 retailing for over 10,000 yuan domestically, almost double the cost of a new iPhone 15.

Addressing issues such as screen wrinkles and reduced durability from additional hinges will also be crucial for the wider adoption of foldables, Park added.

Huawei led the global foldable smartphone market in the second quarter with a 27.5% share, ahead of Samsung’s 16.4%, according to IDC. In China, Huawei’s market share climbs to 42%, surpassing rivals like Vivo and Honor, a former Huawei subsidiary spun off due to U.S. sanctions in 2020.

In the broader Chinese smartphone market, Apple dropped from third to sixth place in the second quarter, while Huawei became the third-largest vendor, buoyed by strong sales of its latest models.

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