Srinagar, May 28, KNT: In the wake of a patient’s death that has triggered widespread outrage in Srinagar, the Chief Medical Officer (CMO) Srinagar has ordered the suspension of several doctors and paramedical staff associated with Paras Hospital, terming the action as a measure pending the outcome of an ongoing inquiry. The order comes amid growing public anger and accusations that the hospital is functioning more as a “money minting enterprise” than a patient care facility.

The deceased, identified as Waseem Ahmad Pathan, reportedly died under questionable circumstances inside the hospital, prompting his family and scores of local residents to protest outside the hospital premises. The protesters accused Paras Hospital of gross medical negligence and unethical profiteering at the cost of patient lives.

According to the order issued by the CMO, eight medical professionals and staff have been barred from practice, both within Paras Hospital and elsewhere in the region. They are Dr. Sheikh Zahoor Ahmad (Surgeon), Dr. Shah Naveed (Assistant), Dr. Zahid and team (Anesthetist), Dr. Syed Dawood (Anesthetist), Dr. Khawar (Anesthetist), OT Technician concerned, In-charge ICU and Nurse Insha.

“All the mentioned doctors and paramedical staff are directed to be available for the inquiry proceedings as and when called. Non-compliance shall be viewed seriously under rules and guidelines in vogue,” the order states.

The action is the result of preliminary findings by an inquiry committee formed to investigate the incident. According to family, the patient had undergone a surgical procedure, but developed complications allegedly due to mismanagement and delays in postoperative care.

Family members of the deceased allege that despite repeated pleas, the patient was not attended to properly in the ICU, and that the hospital kept demanding additional payments even during critical phases of treatment.

“He walked into the hospital and never walked out. All they did was shift him from one unit to another and ask us to pay more. There was no urgency, no care, just invoices,” said one of the relatives of the deceased.

Netizens on social media had called for a broader investigation into the practices of Paras Hospital. “This hospital has become a business hub. We want accountability, not apologies,” said one netizens.

Health activists have welcomed the CMO’s intervention but are urging for systemic reforms. “Temporary suspensions are not enough. There needs to be transparent audits, standardised protocols, and a regulatory mechanism to monitor private hospitals,” said a senior health rights advocate. [KNT]

Protests Erupt at Paras Hospital Srinagar as Pampore Youth Dies of Alleged Medical Negligence; Family Alleges Rs 5 Lakh Extortion, Terms Hospital a ‘Slaughter House’, Seeks Action from Health Minister and DC Srinagar

Srinagar, May 24, Tensions ran high at Paras Hospital Srinagar on Saturday as family members of a 34-year-old man from South Kashmir’s Pampore held a massive protest within the hospital premises, accusing the hospital, particularly a senior doctor, of gross negligence leading to the death of their loved one. The deceased, Waseem Ahmed Pathan, a resident of Bilal Colony Pampore, had recently returned from Saudi Arabia and was running a newly launched tour and travel business.

Waseem, according to his family, had been admitted to Paras Hospital Sonwar eight days ago after complaining of intestinal pain. He was attended to by Dr Zahoor Ahmed Sheikh, who diagnosed a cyst and recommended surgery, quoting a cost of Rs 2.5 lakh. The family agreed, paid the amount, and the surgery was carried out.
Sheikh Aamir, cousin of the deceased, told the news agency Kashmir News Trust that while Waseem was discharged after the initial surgery, his condition deteriorated rapidly and he had to be rushed back to the hospital. “Once again, we were charged another Rs 2.5 lakh for a second operation. We were kept in the dark and denied access to the ward. Later, we were told he had developed a 0.3 mm blood clot. If that was the cause of death, why wasn’t it detected and treated earlier? Why wasn’t the family informed during the first surgery?” he questioned.

In a harrowing account, Aamir alleged that during the patient’s final hours, Dr Zahoor was not present at the hospital and was instead giving instructions to junior staff over the phone. “We trusted the doctor with our brother’s life. But when it mattered the most, he wasn’t even there,” he said.

Waseem’s brother, visibly distraught, described the hospital as a “slaughter house” and a “money minting building.” He said his brother was unmarried, young, and full of dreams, having recently returned from the Gulf to start a new life in Kashmir. “Paras Hospital took Rs 5 lakh from us and returned a dead body,” he said bitterly.

As news of the incident spread, dozens of relatives and locals gathered outside the hospital and staged protests demanding action. The family raised slogans and urged the Health Minister Sakina Itoo and Deputy Commissioner Srinagar Dr Bilal Mohiuddin Bhat to launch an inquiry into the functioning of the hospital and hold the concerned doctor accountable.

The family also lamented the complete apathy shown by the hospital management. “No one from the administration came to us. We didn’t damage hospital property or shout slogans inside. Instead of consoling us, they hid themselves,” a family member said.

This incident is the latest in a string of controversies surrounding Paras Hospital Srinagar, which has increasingly been under public scrutiny for reported negligence and mismanagement. Multiple voices on social media have questioned the hospital’s commitment to ethical medical care, alleging that financial motives often take precedence over patient well-being.

All attempts to reach any official from the hospital proved futile.

The tragic death of Waseem Ahmed Pathan has reignited concerns about the accountability of private healthcare facilities in the region, with growing calls for the government to enforce stricter oversight and patient protection mechanisms.

The grieving family has vowed to continue their protest until justice is delivered and a case of negligence is formally registered against the concerned doctor and hospital authorities.

Accused of orchestrating one of the largest Ponzi schemes in India, which involve millions of investors, Roy was never sentenced, dying before any trial could be issued in the multiple cases against him. At the time of his death, he had spent years at the notorious Tihar prison in Delhi, only to be released on probation, as although even the law was not sure of the exact nature of his guilt.

When the Central Cooperative Companies Registry (CRCS) launched a portal for investors to claim funds raised by Roy companies, only ₹2,314 million rupees had been returned as of February 28, 2025, ₹15,775 million rupees available under an order of the Board of Securities and Exchange of India (SEBI). Many investors are still impossible to track, which adds to Enigma Roy left behind.

His fortune changed in 1976 when he took over a finance company with difficulties, Sahara Finance.

In the mid -1970s they were a tumultuous period in India. The very high inflation and the increase in unemployment were pushing people to look for alternatives to Staid bank deposits. It was a fertile terrain for the dubious financial schemes: the funds that promised exponential returns promised that they flourished. When Sahara launched her first background in Gorakhpur, …

गुप्ता ने यह भी बताया कि उन्होंने इस मामले की शिकायत पहले तत्कालीन DG (Prisons) को की थी, लेकिन कोई कार्रवाई नहीं हुई। इसके बाद उन्होंने अरविंद केजरीवाल से मुलाकात की और उन्हें पूरी स्थिति बताई। केजरीवाल ने उन्हें वीडियो बनाने को कहा लेकिन गुप्ता ने कहा कि वीडियो बनाना ठीक नहीं है, उन्हें खुद जेल आकर देखना चाहिए।

गुप्ता का कहना है कि उन्हें लगा कि इसके बाद एक्शन लिया जाएगा लेकिन ऐसा हुआ नहीं उलटा उन्हें ही रिटायरमेंट के वक्त फँसा दिया गया। बाद में कोर्ट केस चला वो निर्दोष साबित हुए, लेकिन तब तक उनके लिए चीजें मुश्किल की जा चुकी थीं

Jignesh Shah, often referred to as the “Exchange King,” was a prominent Indian entrepreneur who rose to fame as the founder of Financial Technologies India Ltd (FTIL). His vision for transforming India’s financial landscape led him to create several exchanges, with the National Spot Exchange Limited (NSEL) being one of his flagship ventures. Shah’s ambition was to build efficient and transparent market platforms to streamline India’s financial ecosystem.

Background of NSEL

National Spot Exchange Limited (NSEL), a subsidiary of FTIL, was launched with the goal of facilitating seamless spot commodity trading in India. The exchange gained significant attention for its innovative approach, but it became infamous due to the NSEL scam, a financial scandal that shook the Indian financial market.

Jignesh Shah’s Early Life and Family

Jignesh Shah was born into a middle-class Gujarati family in Mumbai. His early life was marked by hard work and a keen interest in technology, which led him to pursue an engineering degree in electronics and telecommunications. Despite his modest beginnings, Shah’s entrepreneurial spirit propelled him into the world of finance.
Key Facts:
• Education: Shah graduated with a degree in electronics and telecommunications engineering.
• Family: Shah met his wife in second grade, and they later married. They have a daughter, with whom Shah shares a strong familial bond Shah’s journey from humble beginnings to leading a billion-dollar empire demonstrates his resilience and vision, though it also ended in controversy.

The NSEL Scam

The NSEL Scam is one of the most significant financial frauds in India’s history. It came to light in 2013, although the fraudulent activities had been ongoing for several years.

Mastermind Behind the Fraud

Jignesh Shah, alongside several other officials at NSEL, was accused of orchestrating the scam, which involved exploiting regulatory loopholes and engaging in fictitious trading to deceive investors. The scam’s fraudulent activities led to massive financial losses and legal repercussions for those involved.

The Scam Amount

The estimated scale of the fraud amounted to a staggering ₹5,574.34 crore (around $750 million at the time), with over 13,000 investors left vulnerable to the massive default on payments.

Modus Operandi of the NSEL Scam

The NSEL scam relied on exploiting gaps in the regulatory framework and created a false sense of legitimacy among investors:

1. Fictitious Trading: NSEL allowed trading of non-existent commodities, generating an illusion of high trading volumes and returns.
2. Paired Contracts: Investors were sold contracts that promised guaranteed returns, a clear violation of the spot exchange rules.
3. Collusion with Borrowers: Borrowers continued to trade on the exchange without repaying debts or delivering commodities.
4. Regulatory Loopholes: NSEL capitalized on the lack of oversight from multiple regulatory bodies, evading scrutiny.
5. False Assurances: Investors were misled with false assurances regarding the safety of their funds.

How the Scam Was Uncovered?

The NSEL scam began to unravel in July 2013 when the exchange defaulted on payments totaling ₹5,574 crore. This led to the suspension of trading operations and a subsequent investigation by authorities:
• Payment Crisis: Investors were left without their due payments, sparking outrage.
• Regulatory Scrutiny: The Economic Offences Wing (EOW) and Enforcement Directorate (ED) initiated probes into the scandal, uncovering widespread malpractices.

Arrest of Jignesh Shah

Jignesh Shah was arrested by the EOW on May 7, 2014, facing multiple charges, including fraud, conspiracy, and money laundering. Though granted bail in August 2014, Shah was arrested again by the ED in 2016, continuing the legal battle surrounding the scam.

The Aftermath of the NSEL Scam

1. Ongoing Legal Battles
   Shah’s legal proceedings continue, with several cases still pending in Indian courts.
2. Asset Attachments
   The Enforcement Directorate (ED) has attached assets linked to Shah and his companies in an attempt to recover funds.
3. Regulatory Reforms
   The NSEL scam led to significant regulatory changes in India’s commodity markets. Stricter guidelines were introduced to prevent future frauds and ensure transparency in spot trading exchanges.
4. Investor Recovery Efforts
   While efforts to recover the lost funds continue, the full recovery of the defrauded amount remains uncertain. Legal action against defaulters and asset liquidation has provided some relief to investors.
5. Corporate Consequences
   FTIL, the parent company of NSEL, was declared “not fit and proper” to operate exchanges and was ordered to reduce its holdings in various market platforms.

Conclusion: Lessons from the NSEL Scam

The NSEL scam serves as a stark reminder of the dangers of inadequate regulatory oversight and systemic vulnerabilities. While it tarnished the reputation of Jignesh Shah as an entrepreneur, it also triggered significant reforms within India’s financial sector. The scam underscores the critical need for robust compliance mechanisms, transparent financial practices, and investor education to safeguard against such large-scale frauds in the future.
By understanding the NSEL scam, investors can remain vigilant and recognize the importance of thorough due diligence in their financial ventures.

JSW Steel, one of India’s leading steel producers, is anticipated to report a decrease in profitability for the first quarter, primarily due to reduced realization rates.

Impact of Lower Realization Rates

The expected decline in Q1 profits stems from lower average selling prices of steel products during the quarter. This reduction in realization rates has been influenced by various market factors affecting the steel industry.

Market Conditions and Challenges

JSW Steel has encountered challenges such as fluctuating raw material costs, global supply chain disruptions, and competitive pricing pressures in the steel market.

Strategic Responses

To mitigate these challenges, JSW Steel has implemented strategies aimed at optimizing costs, enhancing operational efficiencies, and maintaining a resilient market position amidst economic uncertainties.

Investor Considerations

For investors, the anticipated decrease in Q1 profits prompts considerations on their positions:

1. Evaluating Long-term Potential: Assessing JSW Steel’s ability to navigate short-term challenges and sustain long-term growth amid dynamic market conditions.
2. Monitoring Industry Trends: Keeping abreast of steel industry trends and global economic indicators that could impact JSW Steel’s performance and profitability outlook.

Future Outlook

Looking ahead, JSW Steel’s strategies to adapt to market conditions and capitalize on recovery opportunities will be crucial in determining its financial performance and investor confidence in subsequent quarters.

Conclusion

Stay informed about JSW Steel’s Q1 earnings report and its implications for the steel sector, as market dynamics continue to shape industry trends and investor sentiment.

D-Mart, a leading retail chain in India known for its efficient operations and customer-centric approach, reported a margin miss in its first-quarter earnings, raising concerns over its valuation in the market.

Q1 Performance Analysis

Despite its strong market presence, D-Mart’s first-quarter results fell short of expectations, particularly in terms of profit margins, impacting investor sentiment.

Challenges in Margins

The margin miss highlighted challenges faced by D-Mart in maintaining profitability amidst competitive pressures and economic uncertainties.

Market Reaction

Investors and analysts reacted to the news, expressing concerns over the company’s high valuations relative to its recent performance metrics.

Valuation Concerns

The expensive valuations of D-Mart’s stocks have come under scrutiny, with stakeholders questioning the sustainability of its growth trajectory given current market conditions.

Strategic Considerations

D-Mart’s management is likely evaluating strategic adjustments to address margin challenges and sustain its competitive edge in the retail sector.

Future Outlook

As D-Mart navigates through these challenges, its ability to adapt and innovate will be critical in shaping its future market performance and investor confidence.

Introduction to Emcure Pharma

Emcure Pharmaceuticals, known for its robust presence in the pharmaceutical industry, is poised to enter the stock market amid significant interest and expectations.

Correction in GMP (Grey Market Premium)

Ahead of its IPO, Emcure Pharma’s Grey Market Premium (GMP) has witnessed corrections, reflecting adjustments in investor sentiment and market dynamics.

Anticipated Market Performance

Analysts and investors are speculating on Emcure Pharma’s potential market performance post-listing, considering factors such as pricing, demand, and overall market conditions.

Investor Sentiment

The IPO’s reception among institutional and retail investors will be pivotal in determining Emcure Pharma’s early trading patterns and market valuation.

Strategic Insights and Long-term Outlook

Emcure Pharma’s debut marks a strategic milestone for the company as it seeks to capitalize on market opportunities and strengthen its position in the pharmaceutical sector.

Future Prospects

As Emcure Pharma prepares for its stock market debut, stakeholders are eager to observe how the company navigates its IPO and positions itself for sustainable growth in the competitive pharmaceutical landscape.

The Adani Group, a prominent conglomerate in India with diversified interests ranging from energy and infrastructure to logistics and resources, has recently faced scrutiny and market volatility.

Hindenburg Allegations

Earlier, Hindenburg Research made allegations against the Adani Group, raising concerns about governance and financial practices. The response from Adani Group sought to address these allegations, aiming to reassure investors.

Market Reaction

Despite the response from Adani Group, investors have largely shrugged off the developments, leading to Adani Enterprises (Adani Ent) and Adani Ports stocks trading flat in recent sessions.

Stable Trading Patterns

Both Adani Ent and Adani Ports have shown stable trading patterns, indicating that investors may be adopting a wait-and-watch approach amid ongoing developments.

Investor Sentiment

The response from investors reflects cautious sentiment as they evaluate the implications of the allegations and the Adani Group’s response on the company’s future prospects and market performance.

Long-term Implications

The outcome of these developments will likely influence market perceptions of the Adani Group’s corporate governance and its impact on investor trust and valuation in the long run.

Looking Ahead

As the situation evolves, stakeholders will continue to monitor how the Adani Group manages these challenges and its efforts to maintain transparency and credibility in the market.