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Infosys employee banned from stock markets on insider trading charges
In an interim order, the market regulator SEBI has barred two individuals from the securities market for violating insider-trading regulations.
In the order earlier this week, SEBI noted that Ramit Chaudhri, Solution Design Head at Infosys, and Keyur Maniar of Wipro earned Rs 2.6 crore from insider trading in the Infosys stock after the company announced a strategic partnership with Vanguard in July last year. Between July 10 and July 31 last year, Infosys share price surged nearly 20% higher.
SEBI in its order said that Ramit Chaudhri was directly/indirectly associated with the Infosys-Vanguard deal. Being an employee of Infosys he is termed as a connected person and was reasonably expected to have access to the UPSI (Unpublished price sensitive information). The market watchdog further noted that Ramit Chaudhri and Keyur Maniar were connected through frequent telephonic communication both had earlier worked together in Wipro BPS during the period from March 2012 to December 2014.
The market regulator highlighted that while Ramit Chaudhri was in talks with Vanguard on behalf of Infosys, Keyur Maniar was doing the same on behalf of Wipro. SEBI added that Ramit had used both his mobile numbers to communicate with Keyur.“ based on the preponderance of probability, it is prima facie found that Keyur has procured the UPSI from Ramit; and that Ramit has communicated the UPSI to Keyur,” SEBI said.
Reacting to the SEBI order, Wipro said that Keyur Maniar is no longer an employee of Wipro. “We are in receipt of the interim ex parte order issued by the Securities and Exchange Board of India in the matter of insider trading relating to shares of Infosys Ltd. Effective September 28, 2021, Keyur Maniar is not an employee of Wipro Ltd,” the IT company said in a statement.
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Navi Mumbai Police Ask Ganesh Mandals to Skip DJs and Laser Lights
Ahead of Ganeshotsav, police issue safety guidelines to protect public peace and aircraft operations.
The Protocols
As preparations for Ganeshotsav gather pace, Navi Mumbai Police have asked Ganesh mandals to keep celebrations safe and peaceful by avoiding loud DJ systems and laser lights during processions.
Police said excessive DJ music can disturb senior citizens, children and patients. Mandals have been encouraged to use traditional musical instruments instead, particularly during Ganesh idol arrival and immersion processions.
Authorities have also warned that sound systems crossing the permitted noise limits will not be allowed. Those who ignore the rules could face legal action. The police have issued a special warning about laser lights in the Panvel area because of its proximity to Navi Mumbai International Airport. Strong laser beams can temporarily affect a pilot’s vision and create a serious safety risk, especially when aircraft are taking off or landing.
According to officials, the airport operates around the clock, with a large number of flight movements every day. Police said there have already been complaints from pilots about laser lights during aircraft approaches. Deputy Commissioner of Police Rashmi Nandedkar has directed local police stations to inform Ganesh mandals about the restrictions while granting loudspeaker permissions.
Police Commissioner Milind Bharambe said devotees should enjoy the festival with enthusiasm while also respecting public safety and the peace of residents. The police have urged organisers to cooperate with the guidelines so that Ganeshotsav can remain festive, traditional and safe for everyone.
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Vashi May Get Modern Mental Health Hospital Under New Proposal
Corporator Kishor Patkar suggests using vacant CIDCO plots in Sector 19-F for a dedicated mental health facility.
The Hospital
Navi Mumbai could soon have a dedicated mental health hospital if a new proposal for two plots in Vashi moves forward.
Shiv Sena (Eknath Shinde) corporator Kishor Patkar has proposed that the Navi Mumbai Municipal Corporation (NMMC) take over two CIDCO plots in Sector 19-F and use them to develop a modern mental health hospital. The proposal is expected to be discussed at the NMMC general body meeting.
Patkar has asked the civic body to first check the legal and physical status of the plots. He has sought information about their original allotment, ownership records, pending dues and whether the land has been reserved for any specific purpose under the development plan.
He has also asked NMMC to verify construction permissions and whether CIDCO’s required No-Objection Certificate is available. According to Patkar, if the plots are vacant and suitable for development, they should be acquired from CIDCO and put to public use by creating a modern mental health facility.
The proposal comes amid an ongoing debate over major hospital projects in Navi Mumbai, including a separate controversy surrounding a proposed super-speciality hospital and medical college. With mental health gaining greater attention, the proposal has brought a different aspect of public healthcare into the city’s development discussion. The next step will depend on NMMC’s verification of the plots and the decision taken on the proposal.
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Vashi Encroachment Protest Suspended After NMMC Assurance
Protester Pradeep Waghmare pauses hunger strike for 15 days, warning of renewed agitation if action is delayed.
The Pause
A hunger strike over encroachments in Vashi has been temporarily suspended after the Navi Mumbai Municipal Corporation (NMMC) assured protester Pradeep Waghmare that action would be taken on the issue.
Waghmare had started his three-day hunger strike on August 31, demanding the removal of encroachments from marginal spaces in Vashi. He also sought action against civic officials whom he alleged had failed to properly address the problem.
On September 2, NMMC Assistant Commissioner Ramesh Rathod and other civic officials met Waghmare at the protest site and handed him a written assurance. The civic body said that action against encroachments in Vashi would continue on a regular basis.
Officials also reportedly informed Waghmare that the process of transferring Assistant Commissioner Sukhdev Yedve and encroachment officer Jambhale had been initiated. Following the assurance, Waghmare agreed to suspend his hunger strike for 15 days. However, he made it clear that the protest could resume if the promised transfers do not take place within the given period.
The agitation had received support from several political parties and social organisations, including NCP (Sharadchandra Pawar), Vanchit Bahujan Aghadi, Republican Sena and women’s groups. For now, the protest has been paused, but Waghmare’s warning puts the civic administration under pressure to act on its assurances.
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