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SEBI Fines Jai Anmol Ambani Rs 1 Crore for Improper Due Diligence in Loan Approvals
- The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 1 crore on Jai Anmol Ambani, son of businessman Anil Ambani, for not exercising proper due diligence while approving general-purpose corporate loans (GPCLs) in the case of Reliance Home Finance
- Krishnan Gopalakrishnan, the former chief risk officer of Reliance Home Finance, has also been fined Rs 15 lakh for his role in the approval process. Both have been instructed to pay the penalties within 45 days.
- SEBI stated that Jai Anmol Ambani, as a non-executive director of the company, acted in his own interests rather than those of the shareholders and did not maintain high ethical standards.
- The regulator noted that Jai Anmol Ambani, who served on the boards of Reliance Capital and Reliance Home Finance and was also a director in other Reliance ADAG group companies where the funds were subsequently lent, did not exercise reasonable due diligence with respect to the entire GPCL lending and onward lending to other Reliance ADAG group companies.
- Last month, SEBI imposed a five-year stock market trading ban on Anil Ambani, three key officials of his company, and 23 associated companies, following an investigation that revealed a pattern of financial misconduct orchestrated by Anil Ambani and his associates.
Netanyahu expresses regret over tragic mishap killing journalists in Gaza hospital
- Israeli Prime Minister Benjamin Netanyahu expressed deep regret over the tragic incident at Nasser Hospital in Gaza that killed 20 people, including five journalists.
- The attack involved a double missile strike hitting the hospital’s fourth floor while rescue teams were attending the injured.
- Among the deceased journalists were members from Reuters, Associated Press, Al Jazeera, and NBC.
- Netanyahu emphasized that Israel values journalists, medical staff, and civilians, and said Israel’s war is against Hamas terrorists, aiming to bring hostages home.
- The incident received global condemnation, with calls for impartial investigation and ceasefire to protect civilians and press freedom.
PM Modi launches Rs 5,400 crore development projects in Gujarat spanning railways, roads, power, housing, and urban infrastructure
- PM Modi launched development projects worth Rs 5,400 crore in Gujarat across railways, roads, power, housing, and urban infrastructure.
- Key railway projects include doubling Mahesana-Palanpur line and gauge conversions to improve connectivity.
- Road projects include widening roads and building overpasses to ease traffic and boost trade.
- Power sector upgrades focus on distribution efficiency and outage reduction in Ahmedabad, Mehsana, and Gandhinagar.
- Social welfare projects include slum rehabilitation with 1,500 homes for urban poor under PMAY (U).
PM Modi stands firm ahead of US tariff hike deadline, pledges unwavering support for Indian farmers and small businesses
- PM Modi stated India will not compromise on the interests of farmers and small businesses, even as the US prepares to impose 50% tariffs on Indian imports.
- The government is ready to face increased pressure and will put the nation’s priorities first.
- Modi urged citizens and businesses to support ‘Made in India’ products, promoting self-reliance.
- Protection of small entrepreneurs, farmers, and cattle rearers will remain top priority for the government.
- Modi condemned the US tariffs as unfair, reaffirming that India stands strong against external pressure.
Human Remains Found in Lancashire Home May Belong to Children, Police Say
- Builders found human remains on August 15 at a site on Cleveland Road, Lytham, Lancashire.
- Police believe the remains may belong to children and are part of a historical burial.
- Authorities do not consider the discovery suspicious and treat it as isolated and historical.
- Investigations are ongoing to identify the remains, including their age and cause of death.
- The remains were removed from the property, and the police thanked homeowners and contractors for cooperation.
India Temporarily Suspends Most Postal Services to the US From August 25 Amid New US Customs Rules
- India halts most postal shipments to the US starting August 25, except letters and small gifts.
- The US revoked duty-free status for imports under $800, effective August 29 under Executive Order 14324.
- Only letters, documents, and gift items up to $100 worth remain exempt from customs duties.
- Indian postal services paused due to unclear processes for collecting and remitting new US tariffs.
- Customers with pre-booked undeliverable parcels can get postage refunds; efforts to resume soon ongoing.