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Business Standard
21-05-2025
- Business
- Business Standard
SC urges Centre to set up permanent bodies for timely consumer redressal
The Supreme Court has asked the Centre to consider setting up a permanent forum for consumer disputes and file a report within three months, stressing the need for permanent staff Prateek Shukla New Delhi The Supreme Court on Wednesday (May 21) asked the central government to respond within three months about the possibility of setting up a permanent forum to handle consumer disputes. A bench comprising Justices Abhay S Oka and MM Sundresh said that consumer rights are rooted in the Constitution, and therefore, there should be no reason to have temporary appointments for staff, members, and presidents of consumer forums. "The Union of India is directed to file an affidavit on the feasibility of a permanent adjudicatory forum for consumer disputes, either in the form of a consumer tribunal or a consumer court, within a period of three months from today, on the touchstone of the constitutional mandate." These directions were issued while hearing a petition that pointed out shortcomings in how the Consumer Protection Act, 1986, is being enforced. Suggestion for structure and leadership While leaving it to the Centre's discretion to introduce comprehensive reforms, the SC bench stressed the urgent need for a lasting institutional structure. Need for security of tenure The bench pointed out that permanent appointments at all levels — including presidents and members — could give the consumer bodies more stability. "The security of tenure attached to an office administering justice enhances its efficiency and functionality. Any person appointed to an office with a fixed tenure would not be as motivated as one appointed on a permanent basis." According to the court, having temporary roles may reduce the quality of decisions made, ultimately affecting consumers. Timely and quality justice essential The judges observed that consumers deserve timely and quality decisions from these forums. They also noted that such decisions reflect positively on the broader idea of consumer protection. "A consumer is ideally expected to get a qualitative and timely decision from the consumer forum concerned. Such a decision is the best advertisement for the concept of consumerism. We feel that the time has come to effect a change in mindset qua revamping the tenure of office in Consumer fora." The court added that permanent positions would help build and strengthen the idea of consumerism in the country. The apex court encouraged detailed evaluation and appropriate action. "We may also point out that though provisions for taking action against those who have erred is part of the current legal framework, there is no clear mechanism available, similar to the one provided for under Article 227 of the Constitution. At this juncture, we deem it fit to suggest that the Union of India may consider increasing the strength of Consumer fora at all levels."
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Business Standard
25-04-2025
- Business
- Business Standard
Reliance Q4 results: Net profit rises 2.4%, declares ₹5.5 dividend
The company has announced a dividend of Rs 5.5 per equity share for FY25 Prateek Shukla New Delhi Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated net profit of Rs 19,407 crore for the quarter ended March (Q4FY25). This was up nearly 2.4 per cent year-on-year (Y-o-Y) from Rs 18,951 crore. The company has announced a dividend of Rs 5.5 per equity share for FY25. Profit was also up sequentially from Rs 18,540 crore in the October–December quarter. The company's revenue from operations rose to Rs 2.6 trillion from Rs 2.4 trillion recorded in January–March 2024. Besides, RIL has also approved a plan to raise funds through the issuance of listed, secured/unsecured, redeemable non-convertible debentures up to Rs 25,000 crore in one or more tranches on private placement basis. On Friday (April 25), Reliance Industries stock was down 0.12 per cent to Rs 1,300.05 apiece on the Bombay Stock Exchange (BSE). The benchmark Sensex ended 0.74 per cent lower at 79,212.53 points. For the third quarter of FY25, Reliance Industries had reported a consolidated revenue of Rs 2.4 trillion, up 6.7 per cent year-on-year. Its net profit rose to Rs 18,540 crore, reflecting a 7 per cent increase from the previous year. Our focus on operational discipline: Mukesh Ambani "FY2025 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. Our focus on operational discipline, customer-centric innovation and fulfilling India's growth requirements has helped Reliance deliver a steady financial performance during the year," said RIL Chairman Mukesh Ambani in an official statement. Significantly, Reliance Industries reported a 15.4 per cent Y-o-Y rise in revenue for its oil to chemicals (O2C) segment at Rs 1.65 trillion. The segment also saw the highest ever annual total throughput at 80.5 MMT. "The Oil to Chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins. Our business teams ensured optimization of integrated operations and feedstock costs to enhance margin capture across value chains. The Oil & Gas business recorded its highest ever annual EBITDA led by higher production from our KGD6 and CBM blocks," the statement added. Reliance Jio continues to drive consistent outperformance: Akash Ambani Reliance Jio's average revenue per user (ARPU) rose to Rs 206.2 in March quarter as against Rs 203.3 in the previous quarter. "Jio continues to drive consistent outperformance in customer engagement with best-in-the-world network technologies and a wide bouquet of digital services for all Indians. Jio is proud to have served millions of users at world's largest congregation of people, the Mahakumbh mela where its network scalability and flexibility was well demonstrated. Jio is working on enabling large scale AI infrastructure and services that will add an intelligence layer to all Jio services," said Akash Ambani, Chairman of Reliance Jio Infocomm, in a statement. Reliance Retail delivered strong growth: Isha Ambani In the fourth quarter of FY25, Reliance Retail reported a 2.4x quarter-on-quarter increase in daily gross orders from quick commerce. Its Consumer Brands division emerged as India's fastest-growing FMCG player, recording approximately Rs 11,450 crore in sales in just its second year. The registered customer base rose 14.8 per cent year-on-year to 349 million, while total transactions grew 10.6 per cent Y-o-Y to 1.39 billion. Similarly, Reliance Retail expanded its presence by adding 2,659 new outlets during the year. After rationalisation, the total number of stores stood at 19,340, covering 77.4 million square feet. JioMart leveraged this extensive network to boost its quick, hyperlocal delivery services. ALSO READ | Isha Ambani, Executive Director, Reliance Retail Ventures Limited, said, 'Reliance Retail delivered strong growth in revenue and profits, powered by improved efficiencies, innovative formats, a sharper product mix, and continued investments in technology and customer experience. We remain focused on shaping the future of retail with agility and purpose.'
Hans India
22-04-2025
- Business
- Hans India
Cyber crime police arrest UP man in stock trading fraud
Hyderabad: The Hyderabad cyber crime police apprehended a 23-year-old man from Uttar Pradesh involved in an investment fraud, stock trading. He was involved in nine cases across India including one case pertaining to Hyderabad Cyber Crimes. The police arrested Prateek Shukla, a resident of Ghaziabad, Uttar Pradesh who worked as the account supplier. According to the police, a 68-year-old male victim from Hyderabad filed a complaint stating that he was cheated by three bogus online investment companies – 5paisa Capital Ltd, Barclays and Shanda Capital Group Ltd. The victim was added to a WhatsApp group through a link called VIP 5paisa Group. In that group, Priya Agrawal and Gourav Munjal as assistants registered new members through their fake app and recommended upper circuit shares, IPOs, and OTC trading. By sharing fake screenshots in the WhatsApp group, the new members get motivated to invest and gain profit. Believing them to be genuine the victim deposited an amount multiple times totaling to Rs 52,29,500. Following the complaint, cyber crime police registered a case U/sec 66 C, 66 D IT Act, and Section 111(2) (b), 308(2), 318(4), 319(2), 336(3), 338, 340(2) of BNS and investigated. The cyber crime police said that fraudsters contact victims through social media platforms, Telegram app, WhatsApp calls and messages and offer double or triple profits in a short time through stock market trading. They display huge returns in their application initially, allowing withdrawals to a certain extent to build trust. They show virtual profits to lure victims to invest more and later blocks withdrawals once larger amounts are invested. To protect themselves from cyber crime and financial fraud, police urged the citizens to be cautious of online stock trading suggestions and investment frauds and offers like – huge returns in short term, multi bagger stock suggestions, investment in IPOs and mutual funds. If you are a victim of cyber crime fraud, immediately dial 1930 (or) visit for assistance.
