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Given that its 413-page response to Hindenburg Research’s allegations wasn’t enough to turn the narrative in its favour and get positive investor attention, the Adani Group has started collating news reports giving positive indications about the Group’s soundness on financial and operational fronts.
Unusually, the Group issued ‘News Highlights on Adani’ that included positive comments from Bank of Baroda MD and CEO Sanjiv Chadha and RBI statement saying, “banking sector remains resilient and stable,”.
It also highlighted comments from prominent figures such as former Solicitor General Harish Salve and Anand Mahindra’s Twitter post that said “never, ever bet against India.”
NCLT’s dress diktat
A new directive of National Company Law Tribunal (NCLT) principal Bench has created a flutter among legal circles in the Capital this past week. Reason: NCLT has come out with a dress code for those involved in NCLT proceedings.
Dress code for President and Members; for legal practitioners; for authorised representative; for IRP/RP/ liquidator is understandable. But what takes the cake is the dress code for ‘Parties in Person’. NCLT now requires all parties appearing in person before the Tribunal to be “properly dressed in any national dress and in sober colour”! This has left many wondering what constitutes national dress! Also, is “bhagwa” (saffron) sober or not, especially given the recent controversy over use of bhagwa colour dress in the Pathaan movie!
SAT setting the pace
Market participants were in for a pleasant surprise as Securities Appellate Tribunal started to upload its verdicts on the same day on their website since February 1. On February 2, SAT came out with a verdict on a 20-year-old Satyam Computer case— quashing SEBI’s order and directing the regulator to take a at relook the case. Earlier, updates of proceedings at SAT took weeks.
It also used to upload proceedings of various days together on a single day, making it difficult to track cases and their outcome. Given the importance of SAT verdicts, experts want this trend to continue.
Advantage Birla
Is Aditya Birla Group Chairman Kumar Mangalam Birla now in favour?
One would tend to think so given the spate of good tidings for Birla and his Group. The latest being th Centre agreeing to convert Vodafone Idea’s dues amounting to ₹16,000 crore to equity, giving the telco the much needed helping hand. This was preceded by the Centre last month conferring the Padma Bhushan award on Kumar Mangalam Birla. Our Bureaus
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