An Indian court rejected a bail application for Aryan Khan on Wednesday, nearly three weeks after he was arrested in a cruise ship drug bust case.
Mr Khan, 23, son of Bollywood star Shah Rukh Khan, and seven others were arrested in the early hours of October 2 after undercover agents from the Narcotics Control Bureau raided the Cordelia cruise liner as it sailed to Goa from Mumbai.
He will remain in Mumbai’s high-security Arthur Road jail until a fresh application from his lawyers can be heard at the High Court of Bombay.
Mr Khan is facing charges of selling, consuming and procuring banned substances, as well as “conspiracy” under India’s stringent anti-narcotics laws.
Prosecutors had opposed his release on the grounds that the investigation was at a preliminary stage and claimed Mr Khan could use his “influence” to tamper with evidence and witnesses.
Investigators said they did not directly seize any drugs from Mr Khan during the raid but alleged he conspired to procure drugs after they found “incriminating” WhatsApp conversations on his mobile phone.
The agency said the chats link him to a nexus of drug peddlers and smugglers. It said his detention was necessary to “uncover the international drug trafficking chain”.
Mr Khan has denied all charges. He also claimed that he was implicated in the case by the agency, despite clear proof that he was not in possession of any drugs.
His lawyers have said the charges are “absurd” and “false".
The agency has so far arrested 20 people in the case, including five drug dealers.
Mr Khan’s father Shah Rukh, 55, a Bollywood megastar and one of the most followed actors globally, has not yet commented on his son’s arrest.
The actor has starred in more than 100 films and has remained a non-controversial figure throughout his three-decade film career.
His son’s arrest has divided India’s social media, with Twitter buzzing with trends supporting or opposing Mr Khan.
Bollywood has been dogged by allegations of widespread drug abuse in recent years.
Last year a top actor Sushant Singh Rajput allegedly committed suicide following a history of narcotics abuse.
Teaching in coronavirus times
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
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WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
9.20pm: Handicap | $135,000 (T) | 1,600m
Sholto Byrnes on Myanmar politics
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Read more about the coronavirus
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
