Jammu and Kashmir and Ladakh High Court
Case BriefsHigh Courts

Jammu & Kashmir and Ladakh High Court: The Division Bench of Pankaj Mithal, CJ, and Sanjay Dhar, J., asked Jammu and Kashmir government if there exist any law to regulate news portals in the Union Territory and whether there exist any provisions to keep a check on circulation of fake news.

The instant Public Interest Litigation was filed to raise the concern of mushrooming growth of news agencies on social media especially the news portals which were involved in circulating fake news. It was alleged by the petitioner that in the Union Territory, several news portals like Kashmir News, Kashmir Voice, Kashmir Breaking News, News Kashmir 24/7, Kashmir Business Hub and Bol Kashmir etc. were operating freely without any registration or license from any authority and those news portals were not under supervision and control of any authority whatsoever.

In the light of the aforesaid averments, the Bench asked upon the government of J&K to file a report pointing out the provisions of law under which such news portals if at all were required to be registered or licensed and if so, whether the abovementioned news portals were running with due permission in accordance with law and whether any agency was examining the contents of the news circulated by these news portals. The period of one month was granted to the government for compliance.[Jammu and Kashmir Peoples Forum v. UT of J&K, WP (C) PIL No. 10 of 2021, decided on 30-07-2021]

Kamini Sharma, Editorial Assistant has reported this brief.

Appearance by:

For the Petitioner/s: Shafqat Nazir, Adv. with Shabir Ahmad Bhat, Adv.

For the State: D. C. Raina, AG with Sajad Ashraf, GA.

Case BriefsTribunals/Commissions/Regulatory Bodies

Securities and Exchange Board of India (SEBI): S.K. Mohanty, Whole Time Member, exempted the Government of Jammu and Kashmir, from complying with the requirements of Regulation 3(2) of the Takeover Regulations with respect to the Proposed Acquisition of 6.06% equity shares in the Target Company viz., Jammu and Kashmir Bank Limited during the Financial Year 2021-22, through the proposed preferential allotment as mentioned in the Application.

In the instant case, the Jammu and Kashmir Government had sought an exemption from the open offer obligation arising under Regulation 3(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as the “Takeover Regulations”) due to the proposed/impending acquisition by the Proposed Acquirer.

received an application from the bank on behalf of its promoter, the Government of Jammu and Kashmir, seeking exemption from the open offer obligation arising under SAST (Substantial Acquisition of Shares and Takeovers) norms due to the proposed acquisition. The government of Jammu & Kashmir is infusing a capital up to ₹500 crore towards equity infusion or recapitalization of the bank against allotment of equity shares.

Utilised by the Target Company to meet the needs of its growing business, including long term capital requirements for pursuing its growth plans and to maintain its Capital Adequacy Ratio as per the regulatory guidelines/norms laid down by the Reserve Bank of India

The Tribunal after granting the exemption stated that it “is based on the premise that the statements/ averments made or facts and figures mentioned in the Application are true and correct”. And therefore, gave exemption subject to certain restrictions. However, directed to remain compliant with the minimum public shareholding requirement of 25 per cent.[Jammu and Kashmir Bank Ltd, In re, 2021 SCC OnLine SEBI 185, decided on 03-08-2021]

Agatha Shukla, Editorial Assistant has reported this brief.

Hot Off The PressNews

Jammu and Kashmir Government revokes Omar Abdullah’s detention order under Public Safety Act (PSA). He was under detention since the Central Government had abrogated Article 370 of the Constitution of India, that accorded special status to Jammu and Kashmir.

A few weeks prior to this, Farooq Abdullah was also released, while Mehbooba mufti is still under detention.

Also Read:

Former Chief Minister of J&K — Dr Farooq Abdullah’s preventive detention revoked by J&K Government

[Source: Media]

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