Courts Financial News

Additionally, Sonia Gandhi has mentioned her share in her ancestral property in Italy, which is currently valued at over Rs 26 lakhs. She possesses 88 kg of silver and 1267 grams of gold and jewelry. Furthermore, Sonia Gandhi owns three bighas (2529.28 square meters) of agricultural land in Dera Mandi village, New Delhi. The market value of this property is estimated to be Rs 5.88 crore at the current market rate. In terms of income, she receives a salary as an MP, royalty income, interest on bank deposits, dividends from mutual funds, and capital gains. She also receives royalties from various publishers, including Penguin Book India, Oxford University Press, Ananda Publishers, and Continental Publications. The affidavit mentions a royalty receipt of Rs 1.69 lakh from Oxford University Press.

electoral bonds. These bonds were not actual tradable instruments but allowed for contributions to be made by individuals or companies to a political party through a banking channel. The controversial element — which led to the court case — was a government decision to keep the donors anonymous. Also Read: SC unanimously strikes down poll bonds scheme, terms it ‘unconstitutional’ What did the court decide?

By Andrew Goudsward

Supreme Court struck down the electoral bond scheme as unconstitutional and violative of the "right to information of voters" due largely to their anonymity in a far-reaching ruling on Thursday. Also scrapped were amendments made to the Income Tax Act, the Representation of People Act and the Companies Act to usher in the 2018 scheme. State Bank will stop issuing such bonds immediately and provide complete details on those issued since 2019 to the Election Commission of India, which will make this information public by March 13, the court said. Also, bonds issued and still within the 15-day validity period have to be returned and the money refunded to the purchaser. The ruling Bharatiya Janata Party (BJP) has been the leading beneficiary of the anonymous funding scheme and the court's decision comes just months before general elections set to be held in April-May. The scheme had been announced by then finance minister, the late Arun Jaitley, in the budget for FY18.

electoral bonds should make poll funding more transparent as payments can be declared in books of accounts. Others said the move may result in a greater role for cash. Electoral bonds allowed companies and individuals to donate to political parties anonymously and without constraints. Some companies are worried that opposing political parties will now try and call them out on such funding and cause reputational harm. The Supreme Court has said State Bank of India, which was the sole issuer of the instrument, has to pass on details of all such purchases since 2019 to the Election Commission of India, which will make them public next month. Several executives, speaking anonymously to ET, expressed concern about the potential for harassment once these details are known. The Supreme Court had cited the quid pro quo involved in companies funding parties. That shouldn't be considered unacceptable, said a leading promoter.

Unitop Chemicals started arbitration against promoters of Rossari Biotech, the company which had acquired Unitop in 2021. The Unitop shareholders have alleged that Rossari Biotech has breached the agreement for acquiring 100% stake in Unitop Chemicals. In 2021, Rossari Biotech had agreed to acquire 100% stake in Unitop in 3 tranches for ₹415 crore. However, Rossari have acquired 80% stake in Unitop in two tranches and refused to acquire the remaining 20% stake worth ₹83 crore, they allege. On 2 June 2021, a sales and purchase agreement (SPA) was executed between the two parties, under which Rossari Biotech would purchase the shares in Unitop in three tranches for an aggregate consideration of ₹ 415 crore.

By Dietrich Knauth

MUMBAI : Senior BJP leader Subramanian Swamy on Thursday moved the Delhi High Court alleging a scam of nearly ₹5,100 crore in the way Axis Bank sold and purchased shares of insurer Max Life Insurance Company. Max Life is a joint venture between Max Financial Services and private lender Axis Bank. On 6 February, the Insurance Regulatory and Development Authority of India (Irdai) approved Axis Bank’s proposal to purchase another 7% in Max Life for ₹1,612 crore.

Reuters. This ruling paved the way for the first-ever criminal trial of a former US president. For the case, Justice Juan Merchan set a trial date of March 25 – one of four criminal prosecutions Trump faces as he pursues the Republican nomination to challenge Democratic President Joe Biden in the 5 November 5 US election. Earlier, Trump has asked Merchan to toss the 34-count indictment, which charges him with falsifying business records to cover up the $130,000 payment to porn star Stormy Daniels before the 2016 election.

government on Thursday invited applications for appointment to the posts of judicial members and technical members in the GST Appellate Tribunal (GSTAT). There are 63 vacancies for the post of judicial members and 32 vacant positions for technical member (Centre) and 1 for technical member (state). GSTAT will have one principal bench at Delhi and 31 state benches at various locations across states.

₹5 lakh being ferried on a bullock cart, Hindustan Times reported on Thursday. In Bihar, considered a ‘dry state’, time and again people come up with novel, innovative methods for easy access to alcohol. Consumption of alcohol has been banned in the state since 2016.

Supreme Court verdict striking down the electoral bonds scheme is a «great boon for democracy», former chief election commissioner S Y Quraishi said on Thursday. N Gopalaswami, who was the chief election commissioner from June 2006 to April 2009, said, «We are still very long way off in cleaning up the electoral funding system.» A five-judge bench of the apex court headed by Chief Justice of India D Y Chandrachud said the electoral bonds scheme violates the right to information and the freedom of speech and expression under the Constitution. The top court directed that the SBI must disclose details of each electoral bond encashed by the political parties. The information should include the date of encashment and the denomination of the bonds and be submitted to the poll panel by March 6.

₹763.90 apiece on the BSE after the Supreme Court (SC) ordered the state-owned lender to disclose details of electoral bonds encashed by the political parties, including date and denomination. Earlier today, the top court declared the controversial electoral bonds scheme as 'unconstitutional' and in violation of the right to information and Article 19(1)(a). The ruling stated that allowing corporates to make unlimited contributions is arbitrary and against the fundamental rights of citizens.

Supreme Court on Thursday banned electoral bonds that had become a major source of funding for political parties in India. The scheme, termed 'unconstitutional' now by the apex court contributed over Rs 16,000 crore to political parties' coffers since 2018. Among the beneficiaries, the ruling Bharatiya Janata Party (BJP) stands out, receiving a lion's share of around 55%, or approximately Rs 6,565 crore, PTI reported citing data from the Election Commission and the Association for Democratic Reforms (ADR). These bonds, which allow for anonymous donations, have been a key component of political funding, with some regional parties relying heavily on them for financial support.

Supreme Court withdrew their pleas on Thursday, saying they have decided to move appropriate forums. A bench of Justices Bela M Trivedi and Pankaj Mithal, which had on Wednesday said it will not allow «proxy litigation» to challenge the vires of the anti-terror law UAPA, allowed as many as eight petitions to be withdrawn, after the petitioners' counsels said they would like to approach the jurisdictional high courts for relief. The bench had asked the counsel for petitioners to seek instruction by Thursday whether they want to approach the high court to quash the FIR in UAPA cases or they want to challenge the vires of the law in the top court. Advocate Prashant Bhushan, appearing for three civil society members, including a journalist, who were booked under the anti-terror law by Tripura Police in 2021 over their social media posts on riots in the state, said he has received instructions from his clients to withdraw the petitions.

BJP leader Suvendu Adhikari, along with four legislators, were detained by the police at Rampur village en route to Sandeshkhali. The policeman allegedly assaulted him as staged a sit-in protest in Rampur along with the legislators. "… A police officer named Amin Ul kicked me with his boot. They did that to the LoP. I will protest for a while, and if they do not rethink their decision, I will move the HC… A mere DSP kicked a four-time MLA, ex-minister, LoP, two-time MP, and three-time councillor. What kind of behaviour is this," he said as he along with six Bharatiya Janata Party (BJP) leader were suspended from the West Bengal Legislative Assembly early this week for staging protests and demanding a statement by Chief Minister Mamata Banerjee on the Sandeshkhali issue in the House.

Securities and Exchange Commission (SEC) Chair Gary Gensler has remained tight-lipped regarding spot Ethereum (ETH) exchange-traded funds (ETFs).

dividends. Foreign investors are also permitted to invest in CCDs issued by Indian companies under the foreign direct investment (FDI) route in any sector except those sectors that are prohibited. The guidelines on FDI treat CCDs as equity for the purposes of Indian exchange control laws.

Supreme Court has declared the electoral bonds scheme as "unconstitutional," stating that anonymous corporate contributions to political parties are «violative of the right to information.» The decision was announced by a bench led by Chief Justice of India DY Chandrachud on Thursday. The decision comes ahead of the Lok Sabha elections scheduled for April-May this year. Key Observations and Directions from the Bench

Congress on Thursday welcomed the Supreme Court verdict striking down the electoral bond scheme, and said it will reinforce the power of votes over notes. In a post on X, Congress general secretary Jairam Ramesh said, «The Supreme Court has held the much-touted Electoral Bonds scheme of the Modi Sarkar as violative of both laws passed by Parliament as well as the Constitution of India.» The long-awaited verdict is hugely welcome and will reinforce the power of votes over notes, he said. Read Also | Electoral bond SC verdict: India will know all info about all donors and receivers, hidden so far, by March 13

Haldwani Civil Court has issued orders to confiscate the property of nine miscreants, including Abdul Malik and his son, the alleged mastermind of the violence that broke out in Banbhoolpura town of Haldwani area following the demolition of an allegedly «illegal structure» as part of an anti-encroachment drive on February 8. The court has permitted the police to take action against all the accused under sections 82, and 83 of CrPC. Earlier on Tuesday, the civil court issued non-bailable warrants against all nine accused.