NEW DELHI: The Enforcement Directorate on Saturday moved the Supreme Court alleging interference and obstruction by the Mamata Banerjee-led West Bengal government during search operations at the Kolkata headquarters of political consultancy firm Indian Political Action Committee(I-PAC) and the residence of its director Pratik Jain. Meanwhile, the state government filed a caveat seeking to be heard before any adverse order is passed.The Bengal government’s caveat was filed after the ED carried out searches on Thursday at I-PAC’s office and Jain’s residence as part of a money laundering probe linked to an alleged multi-crore rupee coal pilferage scam. A caveat allows a party to ensure that no order is issued without giving it an opportunity to present its case.

The ED has alleged that chief minister Mamata Banerjee entered the raid locations and took away what it described as “key” evidence, including physical documents and electronic devices. Banerjee has rejected the allegations and accused the central agency of overreach.On Friday, the ED approached the Calcutta high court seeking judicial intervention, accusing the state police, allegedly acting in collusion with the chief minister, of obstructing its officials during the January 8 search operation. In its writ petition, the agency said the police failed to discharge their public duty in “flagrant and blatant disregard to law” and prevented ED officers from exercising their powers under the Prevention of Money Laundering Act, 2002.The Calcutta high court adjourned the hearing in the ED versus Trinamool Congress matter till January 14, 2026, citing an unconducive atmosphere in the courtroom due to heavy congestion caused by the presence of a large number of lawyers.In its 28-page petition, the ED alleged that the situation escalated after the Chief Minister entered the residential premises of Pratik Jain during the search and removed incriminating material. The agency said it had invoked the High Court’s writ jurisdiction to “instil public confidence” in the functioning of the state administration and to immediately stop what it termed as “overreach” by the state police and the Chief Minister.The raids and subsequent court proceedings sparked sharp political reactions. The Bharatiya Janata Party’s West Bengal unit questioned the role of I-PAC in the functioning of the state government after Banerjee said the firm was an authorised team of the All India Trinamool Congress.In a post on X, BJP West Bengal said, “Mamata Banerjee said that IPAC is in charge of Trinamool. It is their internal matter if they want a private agency to run the party and decide tickets and organisational positions. But what were Government of West Bengal documents doing in the IPAC office? Is IPAC intervening in the functioning of the West Bengal government?”Calling it a constitutional issue, the BJP alleged that bureaucrats appeared to be reporting to a private agency and demanded clarification from the chief minister. “This is a direct challenge to the Constitution, where the bureaucracy appears to be reporting to a private agency. In the past also, we have seen emails sent by bureaucrats to IPAC employees to decide the campaign of the West Bengal government. Mamata Banerjee is accountable to the people of West Bengal and should clarify whether an agency from outside the state, staffed by people from other states, is intervening in the functioning of the government,” the post said.Earlier on Friday, several Trinamool Congress MPs were detained in New Delhi while protesting outside Union Home Minister Amit Shah’s office against the ED raid on the I-PAC office. Condemning the detentions, Banerjee described the action as “shameful and unacceptable” in a post on X, accusing the BJP of “double standards” in its treatment of protests by ruling party leaders and opposition MPs.

Ramchander Rao (ANI image)

NEW DELHI: The Bharatiya Janata Party (BJP) has reignited political debate in Telangana by proposing to rename Nizamabad district as Indur if it comes to power in the state.Nizamabad MP Dharmapuri Arvind said names associated with the Nizam era reflect oppression and suffering and should be replaced to reflect cultural pride and nationalist identity.

Backing him, Telangana BJP State President Ramchander Rao said, “Our Nizamabad MP has given a statement that if the BJP comes to power, we will change the name of Nizamabad to Indur. The BJP is with him.”Rao added that the proposal is not limited to Nizamabad alone, alleging that several places in Telangana still carry names from the Nizam rule, which he described as marked by atrocities.“These names remind us of that period. That is the reason they need to be changed. Not only Nizamabad, but there are also many cities in Telangana whose names have to be changed,” Rao added. The statements drew sharp criticism from Congress. Former MP and senior leader Hanumanth Rao accused the BJP of unnecessarily creating new issues and attempting to divide the country. Rao alleged that Nizamabad had different names in the distant past and several governments have come to power since Independence, but none changed the city’s name.He warned that such statements could trigger law-and-order problems and cautioned the Telangana government to take note of the issue. Rao said that similar demands could follow for renaming landmarks like Charminar or Osmania University.Hanumanth Rao also accused the BJP of using identity-based politics for electoral gains, stressing that India is home to diverse cultures and religions. “At the time of Independence, people from all religions, castes, and creeds fought together for the nation. India is a secular country and cannot be turned into a Hindu nation,” he said.Rao accused the centre of following identity-based politics for electoral gains. He claimed that while Narendra Modi is Prime Minister, real influence lies with RSS chief Mohan Bhagwat and asserted that India’s secular character can’t be changed. The renewed push follows earlier demands in Telangana, including calls to rename Hyderabad as Bhagyanagar, first raised by Uttar Pradesh chief minister Yogi Adityanath during the 2020 Greater Hyderabad Municipal Corporation elections. Yogi had said, “Some people were asking me if Hyderabad can be renamed as Bhagyanagar. I said why not. I told them that we renamed Faizabad as Ayodhya and Allahabad as Prayagraj after BJP came into power in UP. Then why Hyderabad can’t be renamed as Bhagyanagar?”

NSA Ajit Doval (PTI photo)

NEW DELHI: National Security Advisor Ajit Doval on Friday said that India is on track to become a developed nation at the pace set by Prime Minister Narendra Modi, even if the country runs on “autopilot”. He also reflected on current global situation, pointing to ongoing wars and conflicts across the world.Speaking at the Viksit Bharat Young Leaders Dialogue in New Delhi, Doval urged young people to strengthen their decision-making skills, saying the ability to take strong and timely decisions is essential for leadership in every field.“I’ve forgotten my youth, and your youth has changed so much that I’m not even aware of many things. But one thing is very common in both: when I was young, and now, I’ve observed that it always stays with you… That is your decision-making ability… India will definitely develop. India, at the pace and speed that PM Modi has set. Even if it runs on autopilot, it will still be developed,” Doval said.He stressed that the real question is who will lead a developed India in the future and how capable that leadership will be.“But the question is: who will lead this developed India? How capable will they be? The greatest strength of a leader is making the right decisions. They make decisions on time and implement those decisions with complete faith and conviction. So if you want to become a leader of developed India, in any field, science, technology, security, you will have to make decisions, and you will have to develop this decision-making ability from now on,” he said.Doval also said that a nation’s willpower is its greatest strength, adding that wars are fought to break an opponent’s morale rather than for violence itself.His remarks came amid recent global tensions, including the Donald Trump-led US military action in Venezuela that led to the removal of President Nicolas Maduro, and Trump’s repeated warnings to other nations.He said, “You can increase your willpower. That same willpower becomes national power. Why do we fight wars? We’re not psychopaths who get great satisfaction or pleasure from seeing enemy corpses, dead bodies, and severed limbs. That’s not why wars are fought. Wars are fought to break a country’s morale, so that it will surrender according to our wishes and accept our terms, allowing us to achieve what we want… The will of the nation is what wars are fought for. Even today, look at all the wars and conflicts that are happening; some countries want to impose their will on others, and for that, they are using force.”Doval added that strength alone is not enough without morale and leadership. He said, “If you are so powerful that no one can oppose you, then you will always remain independent. But if you have everything but without that morale, all your weapons and resources will be useless, and for that, you need leadership.”He also praised India’s current leadership and the country’s progress in recent years. Doval said, “Today, we are very fortunate to have such leadership in the country. A leadership that, in 10 years, has taken the country from where it was to where it is now, putting it on the path to rapid progress. Their commitment, their hard work, and their total dedication are an inspiration for all of us.”

NEW DELHI: West Bengal leader of opposition Suvendu Adhikari on Friday sent a legal notice to chief minister Mamata Banerjee after she made allegation against him and Union home minister Amit Shah over coal smuggling case.Adhikari demanded Mamata to prove the allegations made by her within 72 hours, adding that failure to do so would compel him to initiate appropriate civil and criminal proceedings for defamation.In a social media post on X, Adhikari said that chief minister’s allegations were made in a desperate attempt to divert attention from the ongoing investigation by Enforcement Directorate.“Today, CM Mamata Banerjee, in a desperate attempt to divert attention from an ongoing ED investigation, made absolutely baseless defamatory allegations against me, linking me to an ‘alleged’ coal scam alongside the Hon’ble Union Home Minister. These reckless statements, laced with personal insults, were made publicly without any shred of evidence. Such unsubstantiated claims not only tarnished my reputation but also undermine the dignity of public discourse,” Adhikari said.“Today, through my Advocate, I have served a Legal Notice demanding that she provide all purported evidence within 72 hours. If she fails to do so, I will pursue appropriate Civil and Criminal actions for Defamation,” he added.This comes after Mamata alleged that Amit Shah and Suvendu Adhikari were involved in the alleged coal scam and claimed that money from the scam was routed to Amit Shah through Adhikari. The chief minister made these remarks while addressing a public gathering amid protests against the Enforcement Directorate (ED) raid in Kolkata’s I-PAC office on Thursday.In the notice, the leader of opposition termed the chief minister’s statements as “reckless, baseless, and wholly unsubstantiated,” accusing her of making defamatory allegations without producing any evidence.“It has come to the knowledge of my client that on 08.01.2026 and again on 09.01.2026, you have made reckless, baseless, and wholly unsubstantiated allegations against my client by publicly insinuating that my client, along with the Union Home Minister of India, is involved in an alleged coal scam. You have further claimed that you are in possession of evidence in support of such allegations,” the notice read.“On the contrary, my client states that such statements appear to be part of a calculated and sinister design to divert public attention from serious issues concerning you, your family members, and your political party, which are presently engaging public scrutiny…,” it added.This comes after Mamata, while addressing a gathering, said, “You know who is sitting in the Election Commission. He was the Cooperation Department Secretary of Amit Shah. I have no issues with that. If Gyanesh Kumar is vanishing votes, why will I stay quiet? If the voter’s rights are snatched, I will snatch your rights.”“TMC MPs have been dragged mercilessly when they were protesting in Delhi. All the agencies have been grabbed. I challenge them that they came to power in Haryana and Bihar forcefully. In one more state, they come to power forcefully. Now they are trying to do this in Bengal. Who gets the coal scam’s money? Amit Shah gets it. The money goes through Suvendu Adhikari. The money goes through BJP leader Jagannath Chattopadhyay to Suvendu Adhikari. Suvendu Adhikari sends it to Amit Shah,” she added.Meanwhile, the Bhartiya Janata Party Mahila Morcha on Friday held a protest march from Rabindra Sarovar to Deshapriya Park against Mamata over her recent alleged interference in a raid conducted by the Enforcement Directorate on Kolkata’s I-PAC office on Thursday.

MUMBAI: Even as startups are increasingly rushing to Dalal Street, buoyed by a booming primary market, many of the large, listed companies are trading below their IPO offer price, raising concerns over the long-term value they can generate for investors.Stock prices of close to 10 startups including Swiggy, FirstCry, Paytm, Ola Electric and Delhivery are trading below their offer price, data sourced from the exchanges and Prime Database showed (see graphic) . While market volatility and a broader correction have somewhat had a bearing, a bigger overhang has been the tepid growth of the companies which failed to keep pace with the expectations of the street, said analysts tracking the space.

“The realisation (on part of investors) that performance is not meeting expectations is resulting in disappointment and value correction,” said Nikunj Doshi, of Bay Capital. For many startups, acquisitions have been the way of reporting topline growth but whether they are getting reflected in the bottom line remains to be seen, said Doshi.Since 2021, over 30 startups have debuted on the exchanges, ditching larger private fundraises as regulatory easing and higher valuations in public markets made it smoother for firms to go for an IPO. Following a clutch of billiondollar startup listings floated by players such as Lenskart, Groww and Meesho last year, PhonePe, Zepto, Oyo and Flipkart, among others are gearing up for a debut in 2026.To be fair, most of the recently listed startups are trading above their offer price, but analysts said that the performance of digital companies should be weighed after six months of listing. “These companies are largely funded by VC, PE/HNI investors whose lock in expires after six months of listing and the floodgates of supply open. Some startups saw correction in their prices after six months,” said Doshi. A lock-in expiry is the time when restrictions on selling share ends, allowing shareholders to sell their stakes, increasing supply in secondary market which can be difficult to absorb.Public market valuations for tech-led businesses have meaningfully reset from the peak cycle. For instance, in the case of high-quality SaaS companies, which were earlier trading at mid-teens revenue multiples, current market benchmarks are materially lower, reflecting both multiple compression and a moderation in growth rate versus earlier expectations, said Mehekka Oberoi, fund manager at IIFL Fintech Fund. The next batch of startups may have to list at lower valuations compared to their last private fundings.

KOLKATA: Aftershocks of the showdown between Enforcement Directorate (ED) and Bengal CM Mamata Banerjee over raids on Trinamool-linked political consultancy I-PAC jolted Calcutta high court Friday, prompting Justice Suvra Ghosh to postpone hearing petitions filed by either side till Jan 14 on grounds of “enormous disturbance and commotion” in the courtroom.The judge, seemingly annoyed at her repeated pleas for “order” being ignored by lawyers and apprentices seeking to outshout each other, walked out of the courtroom after quickly announcing the forced adjournment.

Justice Ghosh specified in her order that she would have heard both petitions as scheduled had a large gathering of lawyers and others not entered the courtroom and caused a ruckus. “Several requests made by the court to maintain decorum and dignity fell on deaf ears. The environment in the courtroom is not conducive to commence/continue with the hearing,” she said.‘I cannot hear anything’: Judge said, leading to adjournmentEnforcement Directorate, the first mover in the legal battle over Bengal CM Mamata Banerjee’s alleged interference in the probe against I-PAC, immediately approached acting Chief Justice Sujoy Paul for an urgent hearing. The plea was turned down. Acting CJ Paul told the agency’s counsel Dhiraj Trivedi that there was no justification in pushing for an urgent hearing after the judge assigned to take up its petition had fixed a date.The face-off between ED and Mamata started Thursday afternoon after she drove to the Loudon Street residence of I-PAC director Pratik Jain when the agency was searching the premises for evidence linked to an investigation in a 2020 money laundering case. The CM next went to I-PAC’s office in Salt Lake’s Sector V, staying put for almost four hours and allegedly taking away sheaves of documents and storage devices that she claimed contained TMC’s election strategy.Besides Mamata, ED’s petition accuses DGP Rajeev Kumar and Kolkata Police commissioner Manoj Varma of “theft of digital devices and other evidence, and wrongful restraint and confinement of central govt officers”. Mamata’s petition against ED alleges that the central agency was doing BJP’s bidding and targeting I-PAC addresses to “snatch” Trinamool-specific and other data pertaining to the upcoming assembly elections.Friday’s hearing was scheduled for 2.30pm, but the crowd in court no. 5 started to swell after the lunch break ended at 2pm. ED counsel Trivedi and Trinamool’s Kalyan Banerjee complained that they were finding it impossible to reach the bench to argue their cases. “Anyone not associated with the case, please leave,” Justice Ghosh pleaded.After 15 minutes of chaos, HC officials and a Kolkata Police officer posted outside the courtroom managed to clear a section of the crowd, but the commotion refused to die down. “I cannot hear anything,” Justice Ghosh declared, leading to the adjournment.