Ayodhya’s Renaissance: A new chapter of progress unfolds as PM Modi unveils a string of key infra projects amid public extravaganza and tight security – See Photos1/18 Prime Minister Narendra Modi’s fourth visit to Ayodhya on Saturday since becoming Prime Minister in 2014 was one of the grand unveilings and a renewed promise for the holy city. On December 30, 2023, amidst cheers and religious fervor, PM Modi inaugurated a slew of projects that marked a significant step in Ayodhya’s transformation into a world-class pilgrimage destination. From the much-anticipated revamped Ayodhya Railway Station, now resplendent in its architectural blend of tradition and modernity, to the gleaming six Vande Bharat Express trains promising swifter journeys, each project unveiled resonated with the city’s aspirations for a brighter future. Here we will take you through the day’s momentous events, capturing the essence of a city embracing progress while cherishing its heritage. Witness the palpable excitement with these celebratory photos. (Images: PTI)2/18 Prime Minister Narendra Modi with Uttar Pradesh Governor Anandiben Patel, Chief Minister Yogi Adityanath, Deputy Chief Minister Keshav Prasad Maurya, Union Civil Aviation Minister Jyotiraditya Scindia and Union Minister of State for Civil Aviation VK Singh inaugurates Maharshi Valmiki International Airport in Ayodhya on December 30. (Image: PTI) The interiors of the airport are adorned with local artifacts, paintings, and murals depicting the life of Bhagwan Shri Ram. (Image: PTI) PM Modi with UP CM Yogi Adityanath, Deputy CM Keshav Prasad Maurya, Union Railways Minister Ashwini Vaishnaw and others during the inauguration of the redeveloped Ayodhya Dham Station. (Image: PTI) A view of the old building of Ayodhya Dham Junction. (Image: PTI) The Phase-I of the redeveloped station has been completed at a cost of more than Rs 240 crore. (Image: PTI) The newly-inaugurated extension wing of the Ayodhya Dham Junction. (Image: PTI) People cheer during the flag-off ceremony of Amrit Bharat train and inauguration of the redeveloped Ayodhya Dham Station on December 30. (Image: PTI) The railway station features a modern three-storey building equipped with state-of-the-art amenities, including lifts, escalators, food plazas, and child care rooms. (Image: PTI) Artists in Ayodhya engage in rehearsals in preparation for PM Modi’s roadshow which was scheduled for December 30, 2023. (Image: PTI) Artists were seen rehearsing all over for PM Modi’s arrival, welcoming the dawn of a new era in Ayodhya. (Image: PTI) Prime Minister Narendra Modi greets the crowd of Ayodhya with a wave during a roadshow preceding the inauguration of a revamped station and a newly constructed airport. (Image: PTI) Prime Minister Narendra Modi flags off a train as he inaugurates the redeveloped Ayodhya Dham Station in Ayodhya on Saturday, December 30, 2023. Also present are Uttar Pradesh Chief Minister Yogi Adityanath, Deputy Chief Minister Keshav Prasad Maurya, and Union Railways Minister Ashwini Vaishnaw. (Image: PTI) Security personnel were seen on guard in anticipation of the arrival of Prime Minister Narendra Modi in Ayodhya on Saturday. (Image: PTI) Uttar Pradesh Chief Minister Yogi Adityanath clicks a selfie at Lata Mangeshkar Chowk, in Ayodhya. (Image: PTI) A view of the entry gate of the Ayodhya Airport. (Image: PTI Photo) The Maharishi Valmiki International Airport Ayodhya Dham, recently built, will also be inaugurated on December 30 by Prime Minister Narendra Modi. (Image: PTI) Devotees capture images on their mobile phones of the illuminated temples along the Sarayu riverbanks in Ayodhya, India, after evening prayers on December 29, 2023. (Image: Reuters)
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
The regulator had undertaken a series of surveillance actions to ensure that the volatility in the Adani group companies’ share prices was contained. This will be a part of the brief to the finance minister on Wednesday, the sources said.