India

Intelligence for Better Decision Making

Supreme Court's verdict on DMRC's (Delhi Metro Rail Corporation) case relating to payment to DAMEPL
April 11, 2024 | Indirect Indicator

- The Supreme Court in India overturned an earlier judgement that ordered the Delhi Metro Rail Corporation (DMRC) to pay 8,000 Crore Rupees to Delhi Airport Metro Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure.

- The decision results from a curative petition by DMRC, which contested the arbitral award initially given to DAMEPL.

- The DMRC was previously required to pay a high sum to DAMEPL, raising concerns. The latest court ruling now favours DMRC, bringing significant relief to the corporation.

- This ruling resolves a long-standing financial dispute between DMRC and DAMEPL.

- In an unprecedented move, the Supreme Court criticized its 2021 judgement which upheld an arbitral award against DMRC in favour of DAMEPL.

- The 2021 judgement was described as a complete misappreciation of the law leading to a grave miscarriage of justice.

- The Supreme Court's decision has immense impact on the infrastructure sector in India, affecting arbitration processes and legal responsibilities.

- The removal of DMRC's substantial financial obligation to DAMEPL lessens financial liabilities within the infrastructure sector.

- The DMRC, following the Supreme Court's ruling, is no longer required to pay Rs 8,000 crore to DAMEPL.

- This ruling resulted in a drop of Reliance Infrastructure's stocks as a consequence.

- The issue dates back to a 2008 concession agreement between DAMEPL and DMRC for a Build-Operate-Transfer (BOT) basis, which DAMEPL ended in 2012 citing structural defects in the metro line.

- The latest ruling ceases any proceedings to enforce the arbitral award and necessitates the refund of any amounts deposited by DMRC.

Arvind Kejriwal's arrest and legal appeals relating to Delhi excise policy case
April 11, 2024 | Indirect Indicator

- The Delhi High Court dismissed Delhi Chief Minister Arvriind Kejriwal's plea against his arrest in the Excise Policy case, stating there was enough material for the Enforcement Directorate (ED) to arrest him.

- Kejriwal was arrested in relation to the Excise Policy scam case, and he was sent to judicial custody until April 15, 2024.

- The case pertains to alleged irregularities and money laundering in framing and implementing the Delhi Excise Policy 2022.

- Unhappy with the decision, Kejriwal may approach the Supreme Court.

- The High Court ruled that there was enough material for arrest and remand, and the timing of arrest was irrelevant.

- Kejriwal has been accused of being actively involved in using and concealing proceeds of crime in relation to the excise policy case.

- The Aam Adami Party has allegedly been the major beneficiary of the proceeds of crime in an alleged liquor scam related to the excise policy.

- The Delhi High Court upheld Kejriwal's arrest and noted that the ED had few alternatives after Kejriwal repeatedly avoided summons and declined to participate in the investigation.

- A Delhi court has rejected Kejriwal's request for additional lawyer meetings during his judicial custody, citing insufficient grounds for granting the relief.

- Despite being in custody, Kejriwal has continued to issue governance instructions from behind bars, with his party asserting he will continue to govern.

- The ED has accused him of involvement in the Delhi liquor scam conspiracy, kickbacks and using proceeds for campaign purposes.

- Kejriwal moved the Supreme Court less than 24 hours after the Delhi High Court rejected his petition to release him from jail.

- The ED has received approval from the Delhi High Court to proceed with its money laundering probe against Kejriwal and plans to expedite the trial.

- Kejriwal's party has called his arrest in the liquor policy case the "biggest political conspiracy."

Monitored Intelligence for India - Jan. 25, 2024


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Erudite Risk takes an all risks approach to intelligence reporting. We categorize key intelligence into one of 40 different risk intelligence categories.

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Utkarsh Small Finance Bank pays Rs 1.24 cr to Sebi to settle LODR Regulations violation case

Business Today | English | News | April 12, 2024 | Regulatory Enforcement Actions

Utkarsh Small Finance Bank has settled a case with SEBI regarding violation of disclosure norms and paid Rs 1.24 crore towards the settlement charges. The settlement was proposed by the bank without admitting or denying the findings of the case. The settlement terms were recommended by Sebi's High Powered Advisory Committee and the case was settled after the bank paid the amount. The settlement order states that SEBI retains the right to take enforcement actions if the bank fails to make full and true disclosure or violates the undertakings or waivers.

Sivaganga Lok Sabha election 2024: Date of voting, result, candidates, main parties, schedule

Times of India | English | News | April 12, 2024 | Politics and Elections

The Sivaganga Lok Sabha constituency in Tamil Nadu is scheduled to vote on 19th April 2024, with the Election Commission announcing results on 4th June. The prominent candidates include Xaiver Dass from All India Anna Dravida Munnetra Kazhagam, Dr. Devanathan Yadav from Bharatiya Janata Party, A. Karti P. Chidambaram from Indian National Congress, and Ezhilarasi from Naam Tamilar Katchi. In the 2019 General Election, Karti P. Chidambaram of the Indian National Congress won with a victory margin of 3,32,244 votes.

Thanjavur Lok Sabha election 2024: Date of voting, result, candidates, main parties, schedule

Times of India | English | News | April 12, 2024 | Politics and Elections

The Thanjavur Lok Sabha constituency in Tamil Nadu is set to vote on 19th April 2024, with results being announced on 4th June. Prominent candidates include M Muruganandanam from Bharatiya Janata Party, Sivasesan from Desiya Murpokku Dravida Kazhagam, Murasoli from Dravida Munnetra Kazhagam, and M E Humayun Kabir from Naam Tamilar Katchi. The constituency witnessed a 72.48% voter turnout in the 2019 General Assembly Elections, with DMK candidate Palanimanickam.s.s winning the election.

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