Wrapping up her remarks to the crowd, Write to Mahita Gajanan at mahita. paired to create a strong and steady source of ratings for Comedy Central for nearly a decade. northeast of Paris,Credit: GettyAndys mate, Flares began going off, they had ‘liked’ the photos posted on Facebook?of each other and/or their respective wives Based only on this connection SEBI has alleged that they are co-conspirators in insider trading And they have been asked by this interim order to cough up and deposit profits allegedly made plus interest @ 12 percent per annum The interim findings of SEBI are as classic as can be found in matters of insider trading To paraphrase and simplify what SEBI has alleged there is a listed company engaged in oil exploration and allied/other activities It was awarded three contracts for hiring of mobile drilling rigs over a period of several months The process of award of contracts was such that it involved certain steps of tender possibly some revision opening of the bids and being declared as top (L1) bidder This was then followed by a final and formal award There was a gap of several weeks/months between the date of being declared as a top bidder and the formal award The declaration as successful bidder as per SEBI made it more or less certain that the formal award would be granted Hence declaration as such was a vital event Then SEBI checked the value of the contracts and found that they constituted a substantial percentage of the total revenues of the company Thus this information about being awarded contracts was price-sensitive Till this information was made public company ‘insiders’ were barred from dealing in the shares of the company Sebi Representational image Pic courtesy: IBNLive SEBI however alleged that the managing director of the company had acquired shares of the company during this period before the information was made public It thus alleged that he was guilty of insider trading The deemed profits were calculated based on his purchase price and the closing price on the date when the information was made public This difference was deemed to be profits The MD has been ordered to deposit this profits plus interest @ 12 percent per annum in an escrow account The question then was of another person Sujay Hamlai and a private limited company in which he was a 50 percent shareholder and his brother held the remaining 50 percent The brothers were also directors of this private company Sujay and this company both had bought shares during the period when the price-sensitive information was not yet made public They sold the shares after it was made public and made profits The MD and Sujay were asked whether they were connected They both replied that they were socially acquainted but had no business connection However SEBI checked their Facebook profiles and found that the MD Sujay and his brother were ‘friends’ and also they had ‘liked’ each other’s and/or their respective wife’s photos posted on Facebook SEBI decided that this was sufficient to establish connection for purposes of the law relating to insider trading Thus Sujay and his company were both alleged to have engaged in insider trading They both have been similarly ordered to deposit the profits allegedly made by them plus interest This interim order also doubles up as a show cause notice On the one hand it requires the MD to deposit Rs 175 crores Sujay Rs 1820 lakhs and the private limited company Rs 4786 lakhs in an escrow account On the other it hasasked them to reply to these allegations explaining why such amounts should not be formally disgorged and they be debarred from accessing capital markets/prohibited from dealing in securities for a specified period This Order is not the first time SEBI has examined Facebook profiles of suspects to gather information about connection By an order dated 4 February 2016 SEBI had similarly used such information to determine connections In that case there were allegedly other suspicious factors too In the case of Sujay the Facebook connection is the only ‘connection’ found This has of course been compounded by allegations that Sujay/his company had bought shares during the period when the price-sensitive information was not public and sold them after it was made public at a profit It has to be accepted that ‘connections’ on Facebook can often be casual and between persons who are for all practical purposes strangers This goes for other social media forums like Twitter Instagram etc too Conclusions of ‘connections’ have to be very carefully drawn It is also curious that after over two and half years SEBI could find only this social media connection between the parties We can now wait for further proceedings in this matter including possibly in appeal Whatever may be the outcome this is a also a lesson of caution for all of us of about whom we ‘associate’ with on social media (*In the matter of Deep Industries Limited Order Number SEBI/WTM/MPB/IVD/ID–6/162/2018 ) (The writer is a Chartered Accountant He tweets @JayantThakur) The Indian embassy in Nepal’s Biratnagar was attacked late on Monday night damaging a wall media reports said Two youths on a motorcyclereportedly planted the bomb #BREAKING — Indian embassy in Nepal’s Biratnagar attacked yesterday west side wall damaged 2 people on motorcycle planted the bomb Sources say possible role of ISI behind the attack and also say that they are planning attacks on other Indian embassies also pictwittercom/5HNLcvpYCh — News18 (@CNNnews18) April 17 2018 Thereis no confirmation onanyinjuries yet? according to?

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The causes of air pollution vary dramatically from place to place. air pollution from agriculture kills more than 600.