Israel launches massive airstrikes on Gaza Strip, prompting retaliatory attacks

Bengaluru, Mar 10: The Karnataka High Court has quashed the circular issued by the state government changing the method of assessment for class 5 and 8 students for the academic year 2022-23.

Justice Pradeep Singh Yerur said that the circular issued in this regard is not in consonance with section 38 (4) of the RTE Act which states that every rule or notification shall be placed before the state legislature as soon as possible.

The court also said that the order does not stop the state government from implementing the new method of assessment in accordance with the provisions under RTE Act. 

The petitioners had challenged the decision to conduct state level ‘board exams’ instead of school-level assessment. The petitions filed by the Organization for Unaided Recognized Schools, Registered Unaided Private Schools' Management Association and others had challenged the December 12, 2022 circular issued by the state government.

The petitioners claimed that the decision to change the assessment has come at a time when the students were preparing for their final examinations. They claimed the introduction of board exams would adversely affect the interest of both the students as well as the teachers.

New Delhi, Mar 19: Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller, sources said.

The group's flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat.

But after Hindenburg Research's January 24 report alleging accounting fraud, stock manipulations and other corporate governance lapses chopped off about $140 billion from the market value of Gautam Adani's empire, the apples-to-airport group is hoping to claw back and calm jittery investors and lenders through a comeback strategy.

The comeback strategy is based on addressing investor concerns around debt by repaying some loans, consolidating operations, and fighting off allegations.

The group has denied all allegations levelled by Hindenburg. As part of this, projects are being re-evaluated based on cashflow and finance available.

And of the projects the group has decided not to pursue for the time being is the 1 million tonne per annum Green PVC project, two sources with knowledge of the matter said.

The group has shot off mails to vendors and suppliers to "suspend all activities" on immediate basis.

In the mails, seen by PTI, the group has asked them to "suspend all activities of the scope of work and performance of all obligations" for Mundra Petrochem Ltd's Green PVC project "till further notice."

This is the following "unforeseen scenario". The management, it said, was "re-evaluating various project/s being implemented at group level in different  business verticals. Based on future cashflow and finance, some of the project/s are being re-evaluated for its continuation and revision in timeline."

Reached for comments, a group spokesperson said AEL will be evaluating the status of growth projects in primary industry vertical over the coming months.

"The balance sheet of each of our independent portfolio companies is very strong. We have industry-leading project development and execution capabilities, strong corporate governance, secure assets, strong cashflows, and our business plan is fully funded. We remain focused on executing our previously outlined strategy to create value for our stakeholders," the spokesperson said.

"AEL will be evaluating the status of growth projects in the primary industry vertical over the coming months".

The unit was to have a poly-vinyl-chloride (PVC) production capacity of 2,000 KTPA (kilo tonne per annum) requiring 3.1 million tonne per annum (MTPA) of coal that was to be imported from Australia, Russia and other countries.

PVC is the world's third-most widely produced synthetic polymer of plastic. It finds wide applications - from flooring, to making sewage pipes and other pipe applications, in insulation on electrical wires, packaging and manufacture of aprons etc.

Adani Group had planned the project as PVC demand in India at around 3.5 MTPA was growing at the rate of 7 per cent year-on-year. With near stagnant domestic production of PVC at 1.4 million tonne, India is dependent on imports to keep pace with the demand.

The Hindenburg report had alleged "brazen stock manipulation and accounting fraud" and use of offshore shell companies to inflate stock prices. The group has denied all Hindenburg allegations, calling them "malicious", "baseless" and a "calculated attack on India".

As part of the comeback strategy, the group has cancelled a Rs 7,000 crore coal plant purchase as well as shelved plans to bid for stake in power trader PTC to conserve expenses. It has repaid some debt and pre-paid some of the finances raised by pledging promoter stake in group companies.

Riyadh, Mar 16: Saudi Arabia is open to “quickly” investing in Iran following the restoration of diplomatic relations, according to the Kingdom’s Finance Minister Mohammed Al-Jadaan. 

Saudi Arabia and Iran agreed last Friday to reassert their diplomatic ties and will reopen their respective embassies within two months.  

Speaking at the Financial Sector Conference in Riyadh, Al-Jadaan was asked when Saudi Arabia could start making “significant” investments in Iran.

“I would say quickly,” he replied, later adding: “Our aim is to have a region that is stable, able to provide for its people, and prosper, and there is no reason for that not to happen, Iran is our neighbor and has been and will continue to be for hundreds of years.”

“There are a lot of opportunities in Iran, and we provide a lot of opportunities, as long as goodwill continues,” Al-Jadaan said. 

The finance minister added that as long as both sides “stick to agreements” around sovereignty and non-interference, there is no reason the relationship between the countries cannot see a “ normalization.”

“I don’t see any impediments,” Al-Jadaan added.