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NSE Co-location Scam: Anand Subramanian Sentenced to 14-Day Judicial Custody

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On Wednesday, the CBI court in Delhi sentenced Anand Subramanian, the former Group Operating Officer and advisor to the previous MD of the National Stock Exchange (NSE), to 14 days in judicial prison in the NSE Co-location case, according to news agency ANI.

The CBI further informed the court that a special investigation team (SIT) consisting of nearly 30 officers, including senior officials, is examining the Indian stock exchange’s co-location fraud. Subramanian’s custody had previously been extended by a CBI judge until March 9.

Chitra Subramanian was brought before the court on Monday after being arrested the day before on Sunday. Chitra was faced with Anand Subramanian on March 6, before her arrest, but she denied recognizing him, according to the CBI, which is requesting her remand. Even though Chitra and Anand have exchanged at least 2,500 e-mails, she continues to claim that she is unfamiliar with him.

Anand was indeed a close colleague of Ramkrishna, the ex-CEO of the NSE, who was detained by the CBI on Sunday after her anticipatory release was denied by a special CBI court. According to sources, she was apprehended in Delhi and transferred to the CBI headquarters for a medical check-up. Later today, the former NSE boss is expected to appear in court.

From April 1, 2013, Subramanian served as NSE’s Chief Strategic Advisor, and from April 1, 2015, to October 21, 2016, he was re-designated as the Group Operating Officer (GOO) and Ramkrishna’s advisor.

Following “new findings” in a SEBI report that referred to a mystery Himalayan yogi guiding Ramkrishna’s conduct, the CBI expanded its investigation into the NSE colocation scandal on February 26.

According to CBI Counsel on Extended Judicial Custody Ramkrishna, Subramanian must also be confronted for the CBI counsel to grasp the depth and magnitude of the conspiracy.

Ramkrishna hired Subramanian as a consultant at the NSE without “following necessary protocol” or coercing the bourse’s HR department, according to the CBI. He was also given significant managerial authority, similar to that of the previous CEO and MD, according to the report.

The CBI questioned NSE officials last month, including former managing director Ravi Narain, in addition to Ramkrishna and Subramanian.

In a recent ruling, Sebi fined Ramkrishna and Ravi Narain, the NSE’s previous MDs and CEOs, as well as others, for multiple infractions in a case involving the hiring of Anand Subramanian as GOO and advisor to then-MD Ramkrishna.

The ‘Himalayan Yogi’ Perspective

In the appointment of Subramanian, Ramkrishna was influenced by a “yoga” living in the Himalayan mountains, according to the regulator’s order. She was also accused of exchanging confidential information with the yogi, including the bourse’s financial and business objectives, dividend scenario, and financial outcomes, as well as consulting the yogi on the exchange’s staff performance reviews.

As per Ramkrishna, the “yogi” was a “spiritual power that could present itself anywhere it liked, had no physical or locational coordinates, and mostly inhabited in the Himalayan range.”

Furthermore, the yogi and Ramkrishna exchanged e-mails indicating that the NSE was considering a self-listing, according to the ruling.

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With Chants Of “Pudhchya Varshi Lavkar Ya,” Panvel bids Goodbye to Ganapati Bappa

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Panvel locals said a tearful goodbye to their beloved Ganapati Bappa on Sunday, wishing him to return early the following year, as the joyous sounds of Ganesh Chaturthi reverberated throughout the city (pudhchya varshi lavkar ya). The community was heavily involved in the 1.5-day immersion, which got underway on Saturday with “Ganpati Bappa Morya” shouts.

This year, 89 specified locations were enabled by the Panvel Municipal Corporation, with oversight from Municipal Commissioner Mangesh Chitale.

This comprised 48 man-made ponds with distinct pools for Shadu clay and plaster of Paris (POP) Ganpati’s in addition to 41 natural immersion places. The locations have all the necessary amenities, including Nirmalya Kalash, stage setups, electrical systems, CCTV, and security personnel.

At 5 p.m., the immersion procedure began, and it lasted until 11 p.m. Department representatives, including Commissioner Chitale, kept a careful eye on the planning and administration.

Commendably, five unique ‘Nirmalya Raths,’ as proposed by Deputy Commissioner Dr. Vaibhav Vidhate, were set up to gather Nirmalya from more than 250 Ganesha Mandals spread across the municipal territory. The objectives of this program were to promote environmental sustainability and efficient garbage management. Approximately 1,500 tons of Nirmalya were collected during the immersion. Dedicated crews are cleaning up the Visarjan Ghats, and plans are in place to turn this garbage into agar batti and incense sticks.

 In addition, the Panvel Municipal Corporation honored followers who placed a high value on environmental preservation by submerging idols made of plaster of Paris and Shadu clay in the man-made lakes. In appreciation of their commitment to a greener Ganeshotsav, certificates were given out.

Municipal Commissioner Mangesh Chitale said, “This year’s immersion activities have set a benchmark for community participation and environmental stewardship, reflecting the city’s commitment to preserving cultural traditions while promoting sustainability.”

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Mumbai Traffic Blues, Good Bye! Travel Time To The Badlapur-Navi Mumbai Tunnel To Be Reduced To 20 Minutes

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The new tunnel that would link Badlapur and Navi Mumbai is expected to cut the journey time in half, to only 20 minutes. The tunnel connects Bendsheel village in Badlapur to Rayate in Kalyan Taluka as part of the Vadodara-JNPT expressway project. This would integrate Badlapur into a larger network that connects key towns like Navi Mumbai, Palghar, Gujarat, and Mumbai.

This four-lane, 22-meter-wide tunnel is an essential part of a bigger project that aims to guarantee the seamless flow of traffic between Vadodara and Mumbai. With the new road, the 550 km trip from JNPT Port in Mumbai to Vadodara, which currently takes 10–12 hours, would only take 4-5 hours.

Plastering has started on the tunnel, a significant project milestone that indicates how quickly the construction has progressed.

Additionally, the tunnel will be essential for facilitating speedier freight movement to the JNPT port, which will promote economic growth by facilitating access to the future Navi Mumbai Airport. Along the route, this can result in the development of warehouses and commercial centers, creating additional job possibilities for the surrounding towns.

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For Navi Mumbaikar’s, Ganeshotsav This Year Is More Greener

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This year, Ganeshotsav, a period marked by elaborate festivities and cultural displays, is also being used as a means of raising awareness of environmental issues. Encouraging the theme of “Eco-Idol to Save Environment,” households in Navi Mumbai are choosing biodegradable idols and integrating eco-friendly activities into their festival fun.

The creation and immersion of idols has changed significantly this year, making it a unique Ganeshotsav. Family eco-friendly Ganesha idols made of clay and other biodegradable materials are becoming more popular than plaster of paris (POP) idols, thanks to the efforts of Sri Bal Gangadhar Tilak to integrate ancient customs. This shift indicates a dedication to protecting nearby water bodies and an increasing understanding of environmental challenges.

Many homes are increasingly coordinating their activities with environmental considerations, while still adhering to the custom of doing Ganesh puja for one to ten days. The idols’ themes are as varied as the festivities themselves. While some homes are highlighting recent successes, like winning the World Cup, others are drawing attention to urgent societal challenges, like the recent Wayanad catastrophes.

In honor of winning the World Cup, Dr. Lokhande and his family at Mahavir Hospital in Koparkhairane have decided to celebrate with a clay statue of Ganesha dressed as a cricket player. Experienced idol builder Santosh Chaulkar has been hard at work creating more than a hundred clay idols especially for homes in the Koparkhairane node.

Big housing complexes like Nerul’s NRI Complex are acting together in addition to individual initiatives. It is suggested that locals retrieve the clay from submerged idols and give it back to the craftspeople in the area. By reusing the clay to construct new idols, this program seeks to establish a sustainable cycle that reduces waste and promotes ecological balance.

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