Procedural hitches cast doubt on SC’s relief to West Bengal voters

Procedural hitches cast doubt on SC’s relief to West Bengal voters


Following the apex court’s order, West Bengal Chief Minister and Trinamool Congress supremo Mamata Banerjee said she was very happy about the development
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Shibu Paul of Habra Assembly constituency in North 24 Parganas and Ubaid Rashed Molla of Kolkata’s Chowrangee Assembly constituency now share the same uncertain fate — both are eagerly awaiting notices from appellate tribunals.

Paul, who applied before the appellate tribunals for inclusion of his name and those of his four family members in the electoral rolls after they had been struck off following SIR adjudication process, has so far not received any notices.

“We are a family of five. After discovering that all of our names were deleted from the voters list even after judicial scrutiny, we promptly applied before the appellate tribunal. Twenty days have gone by, we are yet to get any notices for hearing. Our constituency is going to polls on April 29. Time is running out fast. I doubt we will be able to vote this time despite all necessary and valid documents,” says the thirty-eight year old, who had casted votes in previous Assembly and Lok Sabha elections.

Twenty-year-old Molla, a first year medical student, welcomes the Supreme Court’s order, which stated that electors purged from the voters list during the Special Intensive Revision (SIR) in West Bengal, but cleared by the appellate tribunals at least two days before polling, should be allowed to vote in the Assembly elections this month.

“But I am completely perplexed right now. Although I applied before the appellate tribunal on April 5 after my name was deleted from the voters list even after the adjudication procedure, I have not so far received any notices from it for hearing. I checked the status last night, it is still showing pending. I would be able to vote if the tribunal clears my case by April 27. Only ten days are remaining,” said Molla, who casted his vote in the 2024 Lok Sabha elections. Moreover, his parents’ names were in the 2002 voter list, and their names are also present in the current electoral rolls.

According to lawyers of applicants, approaching the appellate tribunals for inclusion of their names in the electoral rolls, time taking procedures at appellate tribunals and procedural hitches thereafter have casted doubt on the Supreme Court’s significant relief to West Bengal citizens whose right to vote was denied in SIR under the “logical discrepancy” category. 

“So far my knowledge and practicing experience are concerned, it is quite impossible for any of the applicants, who would get appellate tribunals’ order in favour of him or her, to cast votes in the upcoming Assembly elections. Time is the major factor here. As of now no applicants have received hearing notices. Moreover, there is no clarity on how many days would be required for hearing. After the hearing, tribunals will prepare orders on inclusion or exclusion in the voters list. Remember that in our State, the first phase of polling will happen on April 23,” senior advocate Somen Dutta said. 

Notably, more than 34 lakh appeals were filed before the appellate tribunals in the State as on April 11. The Election Commission of India (ECI) has constituted 19 appellate tribunals in Bengal to hear appeals related to the inclusion or exclusion of voters in the electoral rolls as part of the Special Intensive Revision exercise in the State.

The apex court, issuing directions in exercise of its extraordinary constitutional powers under Article 142, ordered the Election Commission to publish a “supplementary revised electoral roll” containing the names of those who won their appeals by April 21, ahead of the first phase of polling on April 23, or by April 27, prior to the second phase on April 29.

“Wherever the Appellate Tribunals are able to decide the appeals by April 21 or April 27, as the case may be, such appellate orders shall be given effect to by issuing a supplementary revised electoral roll, and all necessary consequences with respect to the right to vote shall follow. However, it goes without saying that the mere pendency of appeals preferred by excluded persons before the Appellate Tribunals shall not entitle them to exercise their right to vote,” the court ordered. However, those whose appeals remain pending before the tribunals would not be allowed to vote.

Following the apex court’s order, West Bengal Chief Minister and Trinamool Congress supremo Mamata Banerjee said she was very happy about the development. “I am proud of our judiciary. This decision has come in the case filed by me. Maa Maati Manush jindabad. There is no one who is happier than I today,” she said.

West Bengal BJP president Samik Bhattacharya said the saffron party was not satisfied with the manner in which the SIR was carried out in Bengal. He alleged that the Trinamool Congress “colluded” with a section of officials and used the SIR to delete the names of Matuas, Hindu refugees, and people who have been living in the State for generations.

Published on April 17, 2026



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IPO size cuts by selective issuers may offer a middle path

IPO size cuts by selective issuers may offer a middle path


Institutional investors are expected to remain selective, while retail interest could be supported by more reasonably sized and priced offerings.
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ThinkNeo

For companies caught between weak market sentiments and funding needs, the option to sharply cut IPO size, in some cases by as much as half, could offer a middle path, with industry participants expecting issuers to use the flexibility selectively depending on their comfort with lowering the raise.

Deal Support

The markets regulator may allow companies going public to cut their issue sizes by as much as 50 per cent without much paperwork amid the weak investor sentiment and geopolitical uncertainties. Market participants said the relaxation is unlikely to be exercised uniformly but could help unlock deals that are otherwise at risk of being deferred.

“The recent regulatory flexibility is optional in nature and will be exercised only by those promoters who are comfortable recalibrating their fundraise,” said Narinder Wadhwa, Managing Director and CEO of SKI Capital Services.

While a reduced issue may not fully meet original fundraising plans, it can still address immediate funding requirements. Wadhwa said companies may still be able to “tap the market, secure essential funding, and avoid indefinite delays,” even if the raise is smaller than initially envisaged.

“There are several companies keen to list, and what’s been holding them back is really the size of their originally planned IPO and exit expectations of selling shareholders,” said Manan Lahoty, Partner (Head – capital markets) at Cyril Amarchand Mangaldas. “For these issuers, a smaller raise is clearly preferable to deferring the listing altogether.”

Capex focus

Companies may prioritise essential capital expenditure, debt repayment, and near-term needs while deferring less critical expansion. At the same time, regulatory safeguards are expected to ensure that the core objectives of the issue are not diluted, with any reduction largely coming from secondary components or discretionary allocations.

“The relaxation is case-specific, time-bound, and conditioned on regulatory approval, public disclosure, and certification by lead managers that compliance remains intact. That suggests the bar for readiness remains high,” Rohit Jain, Managing Partner at Singhania & Co, said.

By aligning supply more closely with demand, issuers may see improved subscription dynamics. Wadhwa said that such calibration could support “better price discovery” and lower the risk of weak listing performance.

“If issuers can right-size their offerings while still meeting investor expectations on liquidity, these IPOs should find takers. Smaller, well-priced issues are often easier to place in a cautious market, and that typically leads to healthier demand discovery,” Lahoty said.

Institutional investors are expected to remain selective, while retail interest could be supported by more reasonably sized and priced offerings.

Published on April 16, 2026



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India’s wheat procurement plummets 40% due to delayed start in Madhya Pradesh

India’s wheat procurement plummets 40% due to delayed start in Madhya Pradesh


The purchase in Uttar Pradesh has been reported at 1.62 lt against 3.42 lt and in Rajasthan at 2.52 lt from 4.80 lt year-ago
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PTI

With relaxations in quality of the grain to be purchased from Punjab approved on Friday, the Centre’s wheat procurement is expected to get further momentum even as over all purchase so far was nearly 40 per cent lower. After similar relaxations approved earlier for Haryana, the purchase has already moved up in the state.

Total wheat procurement has reached 51.34 lakh tonnes (lt) until April 16 after the purchase season began from April 1, as against 83.57 lt in the year-ago period.

According to the latest data, the procurement in Punjab reached 5.94 lt as against 5.27 lt year-ago and in Haryana 37.74 lt from 29.89 lt. The daily procurement on April 16 also was higher at 3.48 lt as against 2.66 lt year-ago in Punjab and 8.91 lt as against 6.36 lt year-ago in Haryana.

The wheat purchase in Madhya Pradesh is very low at 3.43 lt from 40.08 lt due to delayed start despite the Centre approving the purchase to start from March 15 instead of normal April 1. The state government has been implementing additional bonus over and above the Minimum Support Price (MSP) of Rs 2,585 per quintal to procure wheat in Madhya Pradesh.

The purchase in Uttar Pradesh has been reported at 1.62 lt against 3.42 lt and in Rajasthan at 2.52 lt from 4.80 lt year-ago, the data show.

Relaxation for Punjab

Meanwhile announcing the relaxation for Punjab, Union Food Minister Pralhad Joshi said the decision will help reduce hardship for farmers and prevent any distress sale of wheat.

“The relaxations will be applicable from the commencement of rabi marketing season (RMS) 2026–27.The request for relaxation in wheat procurement due to untimely rainfall was received on April 9 and promptly thereafter, teams were deputed on April 10 to assess the situation across all districts. Based on field inputs, the Centre has approved relaxations for wheat procurement in RMS 2026–27 in all districts of Punjab and the Union Territory of Chandigarh,” Joshi said.

After the norms revised, the permissible limit of ‘luster loss’ in wheat would be 70 per cent across Punjab and Chandigarh. Similarly, shrivelled and broken grains limit for has been relaxed from the existing 6 per cent to 15 per cent. However, the combined limit for damaged and slightly damaged grains will remain capped at 6 per cent.

The Centre has asked the State agencies to keep wheat procured under relaxed specifications separately stored and accounted. “Any deterioration in stock quality during storage will be the responsibility of the respective state governments,” it said.

Unseasonal rains in March and April led to higher moisture content in wheat grains, along with issues such as shrinkage and loss of luster. As a result, a large portion of the crop was falling outside the prescribed quality standards, affecting the procurement process.

Other FAQ norms which remain unchanged include moisture in excess of l2 per cent and up to l4 per cent will be discounted at full value. Stocks containing moisture in excess of l4 per cent are to be rejected, the Centre has prescribed. Within the overall limit specified for foreign matter (0.75 per cent), the poisonous weed seeds shall not exceed 0.4 per cent of which Dhatura and Akra (Vicia specres) shall not be more than 0.025 per cent and 0.2 per cent by weight, respectively.

Similar relaxations have already been made for wheat procurement in Rajasthan and Haryana, though not exactly same as in Punjab.

Published on April 17, 2026



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SEBI clears 3 IPO papers including Brookfield-backed Avaada Electro

SEBI clears 3 IPO papers including Brookfield-backed Avaada Electro


The Securities and Exchange Board of India has cleared three public issue proposals – Brookfield-backed Avaada Electro, Grand Housing, Sonaselection India Ltd – this week.

Avaada Electro Ltd, the solar manufacturing subsidiary of Avaada Group filed confidential draft red herring prospectus (DRHP) with SEBI in October 2025. According to sources, the company plans to launch ₹9,000-10,000 crore initial public offering, comprising a mix of fresh issue and offer-for-sale (OFS) by existing shareholders.

Avaada Electro is part of the Avaada Group, a diversified clean-energy conglomerate spanning Solar PV manufacturing, renewable power generation, green hydrogen and derivatives.

The company plans to use the proceeds from the fresh issue for the development of an additional 5.1 GW solar module manufacturing facility in Uttar Pradesh and to enhance capacity at its Butibori plant in Maharashtra.

The group, backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group) raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.

The IPO of Rajasthan-based cotton fabrics producer Sonaselection India will be entirely a fresh issue of 1.43 crore shares. The funds raised will be utilised for debt repayment, purchase of plant and machinery, besides general corporate purposes.

The proposed IPO of Chennai-based Grand Housing, on the other hand, will be entirely of an offer-for-sale of 3.55 crore shares by promoter J Vijay Surana.

Published on April 17, 2026



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Global steel demand set to rise despite West Asia conflict risks

Global steel demand set to rise despite West Asia conflict risks


Though the ongoing West Asia conflict poses a risk, the global steel demand is poised to rise marginally by 0.3 per cent to 1,724 mt in 2026. This will be followed by an accelerated growth of 2.2 per cent in 2027 to reach 1,762 mt, according to the short range outlook (SRO) released by World Steel Association. However, the ongoing West Asia conflict might have a negative impact on the demand of that region in 2026.

After a protracted period of decline, all major developed economies, including the European Union, the US, Canada, Japan, and Korea, are expected to post positive growth in 2027. Consequently, global steel demand, excluding China, is expected to growth 4 per cent in 2027. While this outlook reflects data available as of mid-March 2026, the escalating West Asia conflict presents a significant stress test.

The developed world’s steel demand grew by 0.2 per cent in 2025, marking the end to a three-year consecutive decline since 2021. The outlook expects this stabilisation to pave the way for a gradual recovery, with growth reaching 1 per cent in 2026 and gaining further momentum to 2.3 per cent in 2027.

ASEAN economies

Steel demand growth across developing economies, excluding China, is projected to moderate to a 2.5 per cent pace in 2026, a significant deceleration from the roughly 5 per cent annual growth recorded in recent years. This cooling is primarily driven by a sharp contraction in the West Asia, where regional conflict has abruptly reversed previous growth expectations.

Furthermore, the forecast predicts normalisation of demand across ASEAN economies. Following a strong expansion in 2025, growth in this region is expected to temporarily soften as stockpiling activity subsides. However, the outlook for 2027 is more robust, with growth forecast to rebound to 5.1 per cent.

The ongoing West Asia conflict might have a negative impact on the demand of that region in 2026.

Alfonso Hidalgo Calcerrada, Chief Economist, UNESID, and Chair of the Worldsteel Economics Committee, said: “Our latest forecasts validate the trajectory established in our October 2025 SRO, confirming that global steel demand is bottoming out over the 2025-2026 period. This follows a protracted and challenging phase of global structural adjustments that has suppressed demand since 2022. We are now transitioning to a path of modest growth in 2026, with a more pronounced acceleration projected for 2027. This broader recovery is being driven by distinct shifts in regional dynamics.”

China & India

In China, the rate of demand contraction is finally decelerating in 2026, while demand growth across key developing markets, most notably India, remains vibrant, he added.

The contraction in Chinese steel demand is expected to narrow to -1.5 per cent in 2026, as the housing market correction nears its bottom. Infrastructure investments in the country are expected to edge up this year, supported by local government efforts to maintain moderately strong GDP growth.

In 2027, Chinese steel demand is projected to remain essentially flat relative to 2026 levels. This outlook is grounded in the expectation that the protracted real estate sector correction will have largely run its course by 2027, mitigating the severe downward pressure that has dominated the industry since 2021.

Meanwhile, India maintains its position as the world’s fastest-growing major steel market, with demand projected to expand by 7.4 per cent in 2026 and accelerate to 9.2 per cent in 2027. This robust outlook is underpinned by broad-based strength across all key steel-consuming sectors. Growth is primarily driven by sustained, infrastructure-led construction and a thriving automotive sector, fueled by increasing freight demand.

Furthermore, a resilient capital expenditure cycle continues to bolster demand for capital goods, while nationwide rail network expansion and an affordability-driven surge in consumer durables provide additional structural tailwinds.

In Africa, a transformative shift has been underway since 2023, with clear indicators of a robust resurgence in construction activity and domestic steel consumption. The latest forecasts validate this trajectory, projecting a 3.8 per cent growth in 2026 and 4.6 per cent in 2027. This reflects an intensifying focus on large-scale urbanisation, critical infrastructure development and economic diversification efforts, positioning Africa as an increasingly significant and resilient driver of the global steel market.

The EU+UK region’s demand is expected to grow 1.3 per cent in 2026 and 3 per cent in 2027. The long-awaited return of steel demand growth in the EU reflects the impact of increased infrastructure and defence spending in the continent in combination with the expected improvement in macroeconomic conditions such as improvements in real household income. However, the region’s high exposure to energy price spikes remains a significant downside risk for 2026.

Steel demand in the US is projected to grow by 1.7 per cent in 2026 and 2 per cent in 2027. This expansion is expected to be supported by strong, technology-driven and policy-backed private sector investment, along with continued public infrastructure spending.

“We anticipate a healthy recovery in the residential construction sector, driven by significant pent-up demand and gradually easing financing conditions,” the report said.

However, the pace of this rebound is likely to remain constrained by persistent structural challenges, including elevated material costs, high mortgage rates, affordability pressures, and ongoing labour shortages. Additionally, demand for durable goods may be tempered amid a softening labour market.

Published on April 17, 2026



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IRDAI notifies obligatory cession for FY27

IRDAI notifies obligatory cession for FY27


Obligatory cession refers to the compulsory sharing of insurance risk by insurers with the national reinsurer
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ipopba

The Insurance Regulatory and Development Authority of India (IRDAI) notified the obligatory cession for the financial year 2026-27.

As per the Gazette notification, the percentage cession of the sum insured on each general Insurance policy to be reinsured with the Indian re-insurer(s) was four per cent respect of insurance attaching during the financial year beginning from April 1, 2026 to March 31, 2027, except the terrorism premium and premium ceded to nuclear pool wherein it would be made ‘NIL’. 

The entire obligatory cession is to be placed with General Insurance Corporation of India with a notice of information on cession. There would be no limit on sum insured applicable for the cessions made during the current financial year. 

On the commission, the notification also decided the said percentage of commission on obligatory cession for different classes of business. It will be a minimum 5 per cent for motor third party and oil & energy insurance and minimum 10 per cent for group health insurance. For crop insurance it was pegged at minimum 7.50 per cent.

Obligatory cession refers to the compulsory sharing of insurance risk by insurers with the national reinsurer. The main purpose of this is strengthen the domestic reinsurance capacity, providing stability to the insurance market, among others.

Published on April 17, 2026



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