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- | Gautam Adani’s empire hit by fresh allegations against | + | Protecting women from deceitful men or criminalizing break-ups? A new law in India stirs debate |
- | Adani Group companies shed as much as $19 billion in market value on Monday after Hindenburg Research accused the Indian market regulator probing the group of having | + | Men who deceitfully break off promises |
- | Billionaire Gautam Adani’s flagship firm Adani Enterprises fell 2% in morning trade, while other companies in the group fell between 2% and 4.5%. Adani Enterprises and Adani Ports were among the biggest losers on India’s blue-chip Nifty 50 index. Total losses in Adani companies narrowed to $9 billion after the early plunge. | + | But the new law has also provoked questions about how it will be applied, whether it can effectively protect women from sexual exploitation |
- | Hindenburg, named after the 1937 airship disaster, is a New York-based short seller. It caused one of the most stunning upheavals | + | Prime Minister Narendra Modi’s government introduced |
- | Adani denied all the allegations at the time and shares in his companies have mostly recovered from a $150 billion rout. An investigation | + | Section 69 of the new statute criminalizes having sex with a woman “by making a promise to marry (her) without any intention of” doing so, or by “deceitful means” such as falsely promising career advancement or marrying under a fake identity. |
- | On Saturday, Hindenburg said, citing whistleblower documents, that SEBI Chair Madhabi Puri Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Gautam Adani. | + | The crime is punishable by up to 10 years’ imprisonment |
- | “The allegations are coming for the second time. (A) lot of investigations have happened over the last year and a half. This is a temporary, knee-jerk reaction. Things will get back to normalcy,” said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities. | + | Though |
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+ | Indian society has generally conservative attitudes towards sex, with a strong emphasis on female virginity | ||
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+ | Audrey Dmello, director of Majlis Law, a women’s rights NGO in India, supports the new law. She argues “promise to marry” rape cases are under-reported and needed to be tackled through legislation. | ||
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+ | “Having such a law gives women validity as to what happened | ||