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IndiaTV Business: Google News Feed: Digest for June 19, 2023

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The central government has reduced the import duty on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost domestic availability and check prices, a finance ministry notification said. Usually, India imports 'crude' soybean and sunflower oils, and not their 'refined' form. Yet, the government has reduced the duty on refined soybean and sunflower oils.
Stock markets: Equity benchmark indices rebounded in early trade on Friday amid positive global market trends and foreign fund inflows. The 30-share BSE Sensex jumped 280.62 points to 63,198.25 in early trade. The NSE Nifty climbed 82.8 points to 18,770.90.

Sensex, Nifty hit all-time highs, foreign fund inflows

Friday 16 June 2023 11:18 AM UTC+00
Equity benchmark indices Sensex and Nifty closed at fresh lifetime highs on Friday following gains in banking, financial and capital goods stocks amid a firm trend in the global market. A strengthening rupee and foreign capital inflows further bolstered sentiment, traders said.

India, China bought 80% of Russia's oil in May: Report

Friday 16 June 2023 11:44 AM UTC+00
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
Cloud major Oracle has laid off hundreds of employees and rescinded job offers in its $28 billion Cerner health unit, the media reported on Friday. According to a report in Insider, citing sources, the company has also cut back open positions within its health unit "after troubles with a massive government contract".
London: The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
The central government has reduced the import duty on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost domestic availability and check prices, a finance ministry notification said. Usually, India imports 'crude' soybean and sunflower oils, and not their 'refined' form. Yet, the government has reduced the duty on refined soybean and sunflower oils.
Stock markets: Equity benchmark indices rebounded in early trade on Friday amid positive global market trends and foreign fund inflows. The 30-share BSE Sensex jumped 280.62 points to 63,198.25 in early trade. The NSE Nifty climbed 82.8 points to 18,770.90.

Sensex, Nifty hit all-time highs, foreign fund inflows

Friday 16 June 2023 11:18 AM UTC+00
Equity benchmark indices Sensex and Nifty closed at fresh lifetime highs on Friday following gains in banking, financial and capital goods stocks amid a firm trend in the global market. A strengthening rupee and foreign capital inflows further bolstered sentiment, traders said.

India, China bought 80% of Russia's oil in May: Report

Friday 16 June 2023 11:44 AM UTC+00
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
Cloud major Oracle has laid off hundreds of employees and rescinded job offers in its $28 billion Cerner health unit, the media reported on Friday. According to a report in Insider, citing sources, the company has also cut back open positions within its health unit "after troubles with a massive government contract".
London: The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
Stock markets: Equity benchmark indices rebounded in early trade on Friday amid positive global market trends and foreign fund inflows. The 30-share BSE Sensex jumped 280.62 points to 63,198.25 in early trade. The NSE Nifty climbed 82.8 points to 18,770.90.

Sensex, Nifty hit all-time highs, foreign fund inflows

Friday 16 June 2023 11:18 AM UTC+00
Equity benchmark indices Sensex and Nifty closed at fresh lifetime highs on Friday following gains in banking, financial and capital goods stocks amid a firm trend in the global market. A strengthening rupee and foreign capital inflows further bolstered sentiment, traders said.

India, China bought 80% of Russia's oil in May: Report

Friday 16 June 2023 11:44 AM UTC+00
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
Cloud major Oracle has laid off hundreds of employees and rescinded job offers in its $28 billion Cerner health unit, the media reported on Friday. According to a report in Insider, citing sources, the company has also cut back open positions within its health unit "after troubles with a massive government contract".
London: The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach.
Stock markets: Equity benchmark indices rebounded in early trade on Friday amid positive global market trends and foreign fund inflows. The 30-share BSE Sensex jumped 280.62 points to 63,198.25 in early trade. The NSE Nifty climbed 82.8 points to 18,770.90.

Sensex, Nifty hit all-time highs, foreign fund inflows

Friday 16 June 2023 11:18 AM UTC+00
Equity benchmark indices Sensex and Nifty closed at fresh lifetime highs on Friday following gains in banking, financial and capital goods stocks amid a firm trend in the global market. A strengthening rupee and foreign capital inflows further bolstered sentiment, traders said.

India, China bought 80% of Russia's oil in May: Report

Friday 16 June 2023 11:44 AM UTC+00
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
Cloud major Oracle has laid off hundreds of employees and rescinded job offers in its $28 billion Cerner health unit, the media reported on Friday. According to a report in Insider, citing sources, the company has also cut back open positions within its health unit "after troubles with a massive government contract".
London: The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach.
Stock markets: Equity benchmark indices rebounded in early trade on Friday amid positive global market trends and foreign fund inflows. The 30-share BSE Sensex jumped 280.62 points to 63,198.25 in early trade. The NSE Nifty climbed 82.8 points to 18,770.90.

Sensex, Nifty hit all-time highs, foreign fund inflows

Friday 16 June 2023 11:18 AM UTC+00
Equity benchmark indices Sensex and Nifty closed at fresh lifetime highs on Friday following gains in banking, financial and capital goods stocks amid a firm trend in the global market. A strengthening rupee and foreign capital inflows further bolstered sentiment, traders said.

India, China bought 80% of Russia's oil in May: Report

Friday 16 June 2023 11:44 AM UTC+00
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
Cloud major Oracle has laid off hundreds of employees and rescinded job offers in its $28 billion Cerner health unit, the media reported on Friday. According to a report in Insider, citing sources, the company has also cut back open positions within its health unit "after troubles with a massive government contract".
London: The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach.
London: The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach.
The Finance Ministry stated on Sunday that the direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore.

Electric truck maker Nikola to lay off 270 employees

Sunday 18 June 2023 03:05 PM UTC+00
US-based electric truck manufacturer Nikola has announced that it will be laying off 270 employees, or about 23 per cent of its workforce, and limit its electric truck efforts to North America in order to preserve cash. According to the company, it will lay off 150 team members who were supporting the company's European programmes as well as 120 employees based at the company's Phoenix and Coolidge, Arizona sites in the US.
About 86 per cent of Indian employees responded positively to a sense of pride at the workplace in 2023, while 84 per cent of workers responded positively to fairness and respect for their workplaces, a new report has revealed.
Mukesh Ambani-led Reliance Industries could earn $10-15 billion by 2023 from its new energy business spanning solar to hydrogen but will need acquisitions or partnerships to make up for limited expertise in technology, reported PTI, citing a report by Sanford C Bernstein, on Sunday.
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach.
The Finance Ministry stated on Sunday that the direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore.

Electric truck maker Nikola to lay off 270 employees

Sunday 18 June 2023 03:05 PM UTC+00
US-based electric truck manufacturer Nikola has announced that it will be laying off 270 employees, or about 23 per cent of its workforce, and limit its electric truck efforts to North America in order to preserve cash. According to the company, it will lay off 150 team members who were supporting the company's European programmes as well as 120 employees based at the company's Phoenix and Coolidge, Arizona sites in the US.
About 86 per cent of Indian employees responded positively to a sense of pride at the workplace in 2023, while 84 per cent of workers responded positively to fairness and respect for their workplaces, a new report has revealed.
Mukesh Ambani-led Reliance Industries could earn $10-15 billion by 2023 from its new energy business spanning solar to hydrogen but will need acquisitions or partnerships to make up for limited expertise in technology, reported PTI, citing a report by Sanford C Bernstein, on Sunday.
Market regulator Sebi in its reply to the Securities and Appellate Tribunal (SAT) on the Zee Entertainment Enterprises Ltd's plea has called for urgent action against the promoters in the alleged fund diversion case to safeguard the management, investors and other stakeholders. In its affidavit, the Securities and Exchange Board of India (Sebi) pointed out that the applications made by Chairman Emeritus Subhash Chandra and Managing Director and CEO Punit Goenka on July 6, 2022, that "there was no urgency and that the same issue is the subject matter of the show cause notice dated July 6, 2022, is completely false and misleading." Sebi further stated that "not only have there been violations but also the issuance of multiple false disclosures and submission of statements to cover up such wrongdoings."
Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.
The World Bank's Board of Directors has approved a USD 150 million loan to support the Resilient Kerala programme designed to strengthen Kerala's preparedness for natural disasters, climate change impact, and disease outbreaks. This additional financing will further deepen Kerala's resilience in the critical areas of coastal erosion and water resource management, the World Bank said in a statement.

LIC announces relaxations for victims of Cyclone Biparjoy

Saturday 17 June 2023 06:00 PM UTC+00
Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy.
Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem.
Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach.
The Finance Ministry stated on Sunday that the direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore.

Electric truck maker Nikola to lay off 270 employees

Sunday 18 June 2023 03:05 PM UTC+00
US-based electric truck manufacturer Nikola has announced that it will be laying off 270 employees, or about 23 per cent of its workforce, and limit its electric truck efforts to North America in order to preserve cash. According to the company, it will lay off 150 team members who were supporting the company's European programmes as well as 120 employees based at the company's Phoenix and Coolidge, Arizona sites in the US.
About 86 per cent of Indian employees responded positively to a sense of pride at the workplace in 2023, while 84 per cent of workers responded positively to fairness and respect for their workplaces, a new report has revealed.
Mukesh Ambani-led Reliance Industries could earn $10-15 billion by 2023 from its new energy business spanning solar to hydrogen but will need acquisitions or partnerships to make up for limited expertise in technology, reported PTI, citing a report by Sanford C Bernstein, on Sunday.
Market regulator Sebi in its reply to the Securities and Appellate Tribunal (SAT) on the Zee Entertainment Enterprises Ltd's plea has called for urgent action against the promoters in the alleged fund diversion case to safeguard the management, investors and other stakeholders. In its affidavit, the Securities and Exchange Board of India (Sebi) pointed out that the applications made by Chairman Emeritus Subhash Chandra and Managing Director and CEO Punit Goenka on July 6, 2022, that "there was no urgency and that the same issue is the subject matter of the show cause notice dated July 6, 2022, is completely false and misleading." Sebi further stated that "not only have there been violations but also the issuance of multiple false disclosures and submission of statements to cover up such wrongdoings."
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