House panel head Digvijaya Singh writes to Modi, seeks white paper on paper leaks
Singh said the absence of a consolidated public record on paper leaks and the action taken was a key concern among students following the NEET-UG cancellation
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Singh said the absence of a consolidated public record on paper leaks and the action taken was a key concern among students following the NEET-UG cancellation
Trinamool Congress faces internal turmoil following a party split, with Lok Sabha MPs reportedly receiving overtures to abandon the Mamata Banerjee-Abhishek Banerjee leadership. Meanwhile, a faction of 58 MLAs has shown signs of wavering, with some demanding Mamata remain party chairperson. The Speaker's ruling invalidating expulsions further complicates the situation.
โโHis throw now trails only Arshad Nadeem's Olympic gold-winning mark of 92.97m from Paris 2024 in the Asian all-time list.
flames and thick black smoke were seen billowing out from the balcony of the flat
Shillong Teer Result Today: Here's full list of winning numbers for Shillong Teer, Juwai Teer, Khanapara Teer, and more for June 5, 2026.
Kerala Lottery Result Today: Suvarna Keralam SK-55 lottery result will be declared today, on Friday, June 5. Check the live updates and full list of winning numbers from 3 pm.
The proposed visit to Assam is expected to highlight the growing cooperation between the two countries in India's northeast region.
After Delhi's hotel fire killed 21, Mumbai's BMC has cut its 120-day compliance window to 30 days. Hotels that don't fix fire safety lapses now risk losing power and water.
Twin fires reported in Noida as blaze hits Ivy County flat and PG
With Mahayuti securing six seats out of 17, this is a major setback for the Opposition and the six unopposed seats are Pune, Thane, Wardha, Yavatmal, Solapur, and Ratnagiri
The building's design made it extremely difficult for occupants to escape, as the structure was completely sealed, accorduing to an official.
The concerns emerged following a meeting of the rebel legislature bloc led by Ritabrata Banerjee, who was recently recognised as the Leader of Opposition.
Google cofounders Larry Page and Sergey Brin each saw their fortunes drop by approximately $10 billion following Alphabet's announcement of an $80 billion stock sale. This massive fundraising aims to fuel the company's AI expansion amidst intensifying competition and projected significant capital expenditures. The market's reaction to the ambitious plan led to a sharp decline in Alphabet's share price.
Emerging talent Madhav Tiwari, a 22-year-old from Madhya Pradesh, made a significant Indian Premier League debut for Delhi Capitals in 2026 season, showcasing his all-round abilities with both bat and ball. Despite limited prior experience, Tiwari impressed by taking crucial wickets and playing a match-winning cameo, fueling his ambition to represent India.
Once the window closes, full penalties apply โ and with Rs 2,827 crore still recoverable, the state is unlikely to let dues slide indefinitely.
Varsha Gohil, now 61 and based in London, first filed for divorce from her husband, lawyer Bhadresh Gohil, in May 2002.
R Praggnanandhaa boosted his Norway Chess title hopes with a third straight classical victory, defeating world champion D Gukesh in their Round 9 rematch. After weathering Gukeshโs early aggression in the Nimzo-Indian Sรคmisch, Pragg defended accurately. The win avenged his earlier loss to Gukesh and moved him within half a point of leader Wesley So heading into the final round.
Mumbai: It is India's fourth biggest company by revenue, but the managing director of precious metals trader Rajesh Exports (REL) apparently doesn't know how and from where it gets the biggest chunk of the revenue, show the findings of a regulatory investigation.In its investigation report, the Securities and Exchange Board of India observed allegedly unscrupulous activities by REL's promoters, such as accounting irregularities and siphoning off of company funds into personal accounts, and also pointed out lapses by its auditors. The regulator said the company and its auditors were non-cooperative."The acts of REL constitute a deliberate device, scheme and artifice to mislead and defraud investors dealing in the shares of REL by portraying an inflated and misleading picture of its operational scale, revenue and financial health," Sebi observed in its report.The company, eponymously named after its chairman Rajesh Mehta, is accused of committing an elaborate financial fraud that includes dressing-up of revenues of โน15.15 lakh crore over the years, personal gold trades covered up as corporate sales and phoney gold mine investments of โน1,035 crore, according to the interim report.REL denied the charges of misdeeds. In a press release Thursday, the company said the revenues stated in its financials were correct and that the confusion arose because of a mix-up between Ebitda and revenue numbers at Swiss refiner Valcambi SA, an indirect subsidiary.Sebi has not made any adverse observation with regard to earnings, the company said, claiming that the regulator has only observed suspicion with regard to revenues which was primarily because of confusion over the Valcambi numbers.Numbers don't add upIn fiscal 2025, REL reported consolidated revenue of โน4.23 lakh crore against a profit after tax of just โน95 crore, translating into a net margin of barely 0.02%. The year before, on โน2.8 lakh crore revenue, profit was โน336 crore.Experts who have studied the Sebi report and the company's annual reports say the numbers did not add up. The business appeared to be operating at margins that were not merely thin but structurally negligible, they said."It looks like a case of pass-through accounting. There is no value creation. It was 'flow of gold' being booked as revenue," said a leading auditor on the condition of anonymity.Sebi, which began the investigations in March 2024 following a shareholder complaint about suspected accounting malpractices, said it found that about 97-99% of REL's consolidated revenues were attributed to its overseas subsidiaries, principally Valcambi. But Valcambi's own accounts, audited by KPMG SA, recorded only processing fees that were about โน3,027 crore across five years.Valcambi refined gold on behalf of clients and never took ownership of the precious metal or recognised the value of gold as revenue in its books. Yet, Global Gold Refineries AG (GGR), the parent of Valcambi that had no independent operating business, recorded gross revenues running into hundreds of crores by including the gross value of gold that actually belonged to others, according to the Sebi report.Rajesh Exports, which owns GGR through a Singapore subsidiary, used those unaudited figures in its financial statements, significantly bumping up the company's revenue, it said.In its press release, REL said: "The core observation in the order is with regard to the misreporting of the revenues. This has emerged primarily due to confusion because Sebi has considered the Ebitda of Valcambi instead of revenue hence it has stated that there is a difference of about 97% in the revenue.""There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," it said.Senior management in the darkThe senior management of REL told regulators that most of them were in the dark about the company's overseas operations and only the promoter, Rajesh Mehta, dealt with those activities."Valcambi SA does not have any gold mine on its own," managing director Suresh Gowda was quoted in the Sebi order as saying. "It refines the raw gold purchased by it from various entities, whose names I do not recollect, as these things are exclusively handled by Rajesh Mehta, chairman of REL. I have never interacted nor involved with any subsidiary/step-down subsidiary of REL, as these were exclusively taken care of by Rajesh Mehta," he told the investigators, as per the order.According to the report, REL booked โน11,487 crore in sales between 2021-22 and 2023-24 to Affluence Shares and Stocks, a broker that made up to 66% of the company's standalone revenue for that period. But Affluence, in formal depositions to the regulator, said it had not done any business with REL.Following the transaction trail, the investigators found out that the transactions were personal gold derivative trades executed by promoter Mehta using his own brokerage account and then recorded in the company's books as corporate sales, the order said.The investigators also found that Mehta used corporate funds. As per the Sebi observations, bank records show REL transferred โน338.90 crore directly into Mehta's personal accounts between April 2020 and September 2025.Unlike in the case of Nirav Modi or Gitanjali Gems, who are accused of bank fraud, Rajesh Exports doesn't appear to have borrowed big from banks or through sale of bonds, according to regulatory filings.The company's market cap was just over โน3,000 crore, as per Thursday's closing share price. LIC (10.8%) and Bridge India Fund (8.46%) are its major institutional shareholders."It is striking that, even at a peak market capitalisation of โน25,000 crore, the company did not hold any analyst calls, a basic expectation for a listed company of that scale," said Shriram Subramanian, founder and managing director of InGovern Research Services, a corporate governance advisory firm.The regulator in 2024 hired BDO India Services to investigate. But the forensic audit faced problems at almost every stage of the investigation. It was denied access to ERP systems and was not provided a complete journal dump, preventing independent verification of transactions recorded in the books, according to the regulatory report.And the company declined to share subsidiary-level records with the investigator, citing Swiss data protection laws, limiting auditors largely to reviewing financial statements prepared by the management itself rather than underlying evidence, it said.What's also come under the scanner was the conduct of statutory auditors for the last few years: CA PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and CA PL Venkatadri, partner at BSD & Co.The company's FY24 and FY25 annual reports, filed with the stock exchanges, carry an unqualified opinion from BSD & Co, which concluded that the financial statements presented a "true and fair view" in line with Indian Accounting Standards.The company's FY24 Directors' Report noted that the statutory and secretarial auditors had made no qualifications, reservations or adverse remarks.The Sebi report said for over five months, the auditors sat on the regulator's request for missing documents and statements.Emails sent to both audit firms did not elicit any response.REL closed 5% lower at โน103.92 Thursday on the NSE. The shares are down from their peak of โน1,028.40 on February 6, 2023.
Mumbai: Global investors continued to pare equity stake in the financial services sector in the second half of May, however the pace of selling came off.Foreign portfolio investors (FPI) sold shares worth โน5,181 crore from the sector in the period, significantly lower than the outflow of โน17,000 crore in first half of the month, according to the data from NSDL. Between January and March, global investors pulled out shares worth over โน60,000 crore from the sector."Banking stocks offered foreign investors an easy exit from India by virtue of being highly liquid," said U R Bhat, co-founder & director, Alphaniti. "Despite the sell-off, the sector has fared well, barring a few specific exceptions. Now investors are reducing exposure in other sectors."Bank Nifty fell 1% over the past one month compared with a 2.9% drop in the benchmark Nifty 50."Global investors toned down the selling in the banking and financial services sector and bought selectively- mostly smaller banks instead of the large caps which is why the pace of outflows moderated," said Sonam Srivastava, founder and CEO, Wright Research. Overseas investors sold shares worth โน14,621 crore across 13 sectors in the second half of May, after withdrawing โน38,443 crore across 19 sectors in the first half of the month.131518952FPIs have continued the selling spree in the current calendar year, offloading equities worth โน2.6 lakh crore up till June 03. This exceeds their outflow of โน1.7 lakh crore in the whole of 2025. A sustained selling pressure has intensified this year due to AI disruption and inflationary pressure on account of elevated oil prices given the US-Iran war. In addition, the net outflow of โน1.3 lakh crore in FY27 so far exceeds the net investment of โน84,132 crore by FPIs since FY17. The cumulative net foreign investment in Indian equities dropped to the lowest level in 12 years to โน7.1 lakh crore in FY27.In the second half of May, automobiles and oil and gas sectors reported worth over โน2,000 crore. On May 29, The MSCI rebalancing led to outflows worth โน8,000-8,500 crore which also factored in the outflows for this fortnight. "Changes in the MSCI Index shifts the composition of not just index funds that mimic the index but also weighs on decisions of other funds,who largely use MSCI indices as benchmarks" said Bhat.Among sectors that reported net inflows in the second half of May, metals attracted nearly 60% of the inflows -the highest foreign inflows worth โน4,999 crore for the period. The sector witnessed inflows worth over โน6,500 crore in May.
Cancer patients in India are facing a critical shortage of life-saving chemotherapy drugs, Cisplatin and Carboplatin, disrupting treatment schedules. Hospitals report dwindling stocks, forcing patients to scramble for supplies. Doctors warn that prolonged unavailability of these essential medicines, with limited alternatives, could negatively impact patient outcomes and survival rates.