Court refuses bail to Bengaluru company COO in tramadol smuggling case
This is the fourth bail plea filed by the 49-year-old COO of M/s First Wealth Solutions, Gudipati Subramaniyam. The firm had allegedly mis-declared the banned psychotropic substance as Tamol-X-225, a calcium carbonate tablet and was trying to smuggle it abroad, but the central intelligence unit of the customs department intercepted and seized the shipment. On examination of the drug substance at the Air Cargo Complex in Sahar, reports declared it as tramadol. As per the prosecution, Subramaniyam attempted to export the mis-declared tramadol tablets earlier as well.
The COO had sought bail contending that there were irregularities in terms of the procedures followed to examine the seized drugs. He stated that as per section 52 A of the NDPS act, the magistrate is required to certify photographs and sign on the samples of the seized materials. Gudipati alleged that there was a violation of the said section and that the samples were not signed by the magistrate and argued that in such a case, he was entitled to be released on bail. To this, the court observed that any procedural irregularity under section 52 A of NDPS Act would not entitle him to be released on bail or make the entire evidence collected during the course of investigation inadmissible.
'As earlier bail applications of the accused were rejected by the trial Court till Apex Court observing that, applicant along with co-accused were acting pursuant to their criminal conspiracy to export Tramadol to Sudan without export authorization', observed special judge CS Datir while rejecting Subramaniya's bail plea. The judgement further added that there was no gross violation of any section of the Narcotic Drugs and Psychotropic Substance Act, 1985 as alleged by the accused. Additionally, the court has stated that the criminal activities and the conspiracy of the applicant has been established prima-facie.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
33 minutes ago
- Mint
NRT in talks to raise ₹450-crore Series B round from Cornerstone Ventures, others
NEW DELHI : Bengaluru-based defence startup NewSpace Research and Technologies Pvt. Ltd (NRT) is in talks to raise a ₹450-crore Series B round, led by Cornerstone Ventures, by the end of this year, said three people close to discussions. Founded in April 2017 by Sameer Joshi and Julius Amrit, the startup is currently raising a ₹267-crore bridge round, with about ₹140 crore already subscribed by existing investors. 'Cornerstone Ventures did not participate in the bridge round but plans to come in during the upcoming Series B," said one of the three people. The company has appointed LGT Wealth India, among others, as advisors to help with the fundraising, and the transaction is undergoing due diligence, the people said. 'The company has grown well over the last year as Operation Sindoor gave it an uptick for its Loitering Munition Systems (LMS) drones," said the second of the three people. In Operation Sindoor, India's precision strikes on terror camps in Pakistan in the aftermath of the Pahalgam terror attack, loitering munitions systems were deployed—with NRT's swarm drone technology reportedly playing a key role. Mint queries sent to NRT, Cornerstone, 360 One Asset, an investor in the company, and LGT Wealth India did not elicit a response. The fundraising comes as India's drone sector enters a high-growth phase. According to a FICCI-EY report, India's drone manufacturing potential is projected to grow from about $4.2 billion by 2025 to $23 billion by 2030, driven largely by defence, agriculture, logistics, and infrastructure demand. The study notes that defence applications—particularly swarm drones and high-altitude, long-endurance platforms—are expected to account for a significant share of this growth as India seeks to become a global drone hub. In expansion mode For 2023-24, NRT's revenue from operations stood at ₹96.25 lakh, down sharply from ₹103.02 crore a year ago. Total revenue for the year stood at ₹5.20 crore, compared to ₹108.15 crore in the previous fiscal. It reported a loss of ₹62.07 crore in 2023-24, against a profit of ₹1.24 crore a year ago, showed company filings with the ministry of corporate affairs, accessed by data platform Tofler. 'They've already closed a significant part of the bridge round, and the Series B will help tide them over until payments from larger defence contracts come through," said the first of the three people cited above. In February 2022, it secured $21 million in a Series A led by Pavestone Technology Fund to support deliveries to the armed forces. This was followed in December 2022 by a ₹26.6 crore (~$3.21 million) pre-Series B, backed by QRG Investments & Holdings, Ahmed Ali Husain Nalwala, and DS Group. This fresh round comes a year after its biggest boost in March 2024, when it raised $52 million in a bridge round—$33 million in equity from investors including Cornerstone Venture Partners, 360 ONE Asset, and Volrado Venture Partners, along with $19 million in debt from State Bank of India's startup hub and Small Industries Development Bank of India—marking one of the largest equity raises for an Indian defence startup. This capital influx has enabled the company to expand production and innovation in swarm drones and related aerospace systems. NRT designs and develops high-altitude, long-endurance drones (HAPS) capable of operating for months at altitudes of 5-20 km, as well as AI-enabled autonomous swarm drone systems for both military and civilian applications. The company collaborates closely with the Defence Research and Development Organisation (DRDO), India's premier military R&D agency. Its top competitors include US-based Anduril Industries and Shield AI, both of which develop AI-enabled autonomous defence systems, and Tata Advanced Systems, a major Indian defence manufacturer with growing capabilities in unmanned platforms. Like NRT, these companies focus on integrating advanced sensors, autonomy, and swarming capabilities for military operations, according to market intelligence platform Tracxn.
Mint
an hour ago
- Mint
South Africa's Nedbank Sells Stake in Ecobank for $100 Million
(Bloomberg) -- Nedbank Group Ltd. agreed to sell its stake in Ecobank Transnational Inc. to a company controlled by the former chairman of the pan-African lender for $100 million. Johannesburg-based Nedbank will sell its 21.2% stake to Bosquet Investments, which is the private investment vehicle of Alain Nkontchou, the managing partner and co-founder of Enko Capital Management LLP and a former chairman of Ecobank, according to a regulatory filing on Friday. The sale of its stake in Togo-based Ecobank will mark the end of a 17-year strategic alliance that enabled Nedbank to expand its footprint beyond its home region. Ecobank's stock, which trade on the BRVM regional stock exchange in Ivory Coast, has plunged 75% over the past decade. 'We would prefer to own or control all of the operations that we're involved in,' Nedbank Chief Executive Officer Jason Quinn said in an interview on Bloomberg TV on Aug. 5. 'You can execute strategy much more deliberately when you own businesses.' The South African lender became Ecobank's largest shareholder in 2008 through a $500 million investment that was formalized into a partnership in 2014. The purchase gave Nedbank access to the West African bank's presence in 33 countries, including 32 across sub-Saharan Africa and one in France. Nedbank said its initial investment case had been negatively impacted by the deterioration in the economy of Nigeria — where Ecobank has a large operation — and the exit of various South African clients from the region, which has limited cross-sell opportunities. Synergies between the two businesses had not been forthcoming, it said. More stories like this are available on
The Hindu
an hour ago
- The Hindu
184 Palestinian journalists killed since October 7, 2023
An Israeli strike on Al Jazeera staff in a tent near Al-Shifa Hospital in Gaza City on August 10, 2025 (Sunday) killed six journalists, four of whom were members of the Al Jazeera staff comprising correspondents Anas al-Sharif and Mohammed Qreiqeh, and cameramen Ibrahim Zaher and Mohammed Noufal. The two other journalists killed were Moamen Aliwa and Mohammad al-Khaldi. The deadly strike on the tent was deliberately carried out by the Israeli military who labelled Anas al-Sharif as a 'terrorist' affiliated with Hamas, although many rights advocates stated that he was targeted for his frontline reporting. According to the Committee to Project Journalists (CPJ), a US-based independent non-profit that promotes press freedom and defends the rights of journalists, the strike on August 10 also injured Ahmed al-Harazein, a 29-year-old driver and logistics provider for Al Jazeera. and two other journalists in the vicinity. With the six journalists killed on August 10 the worrisome tally of the number of journalists and media workers killed in Gaza since October 7, 2023 escalated to 184. Two-thirds of the killings of Palestinian journalists since October 7, 2023 were due to Israeli airstrikes, according to CPJ. The Palestinian journalists and media workers who have been killed since October 7, 2023 are shown in the graphic below. Palestinian journalists killed since 2023 outnumber the total number of journalists killed in the world, as shown below. Two Israeli journalists, Roee Idan and Yaniv Zohar, were killed by Hamas on October 7, 2023. In what has been deemed as the deadliest period for journalists, CPJ's analysis shows that as of August 12, 2025, a total of 192 journalists were killed as a direct consequence of the Israel-Gaza War; comprising 184 (96%) Palestinians, 2 (1%) Israelis, and 6 (3%) Lebanese. Additionally: 132 journalists were reportedly injured. 2 journalists were reportedly missing. 90 journalists (including those in West Bank and Jerusalem) were reportedly arrested where Israel arrested 85 and Palestinian authorities arrested 5. Multiple instances of assault, threats, cyberattacks, censorships, and killings of family members. As of August 13, 2025, around 86.3% of the Gaza Strip remains under Israeli militarized zones or under displacement orders, or where these overlap, according to the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA). Palestinian fatalities as of August 13, 2025 stand at 61,722 with 18,430 or around 30% of those killed being children.
