Vikram Solar IPO opens today: Know About Company Details,GMP, Lot Size & Share Price
K N Mishra
19/Aug/2025

What’s covered under the Article:
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Vikram Solar opens its ₹2,079 crore IPO today with a price band of ₹315–₹332 and subscription open until August 21, 2025
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IPO proceeds will be used to fund Phase-I and Phase-II green power projects through its subsidiary VSL Green Power and for general corporate purposes
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Despite strong revenue growth and leadership in solar module manufacturing, the issue appears fully priced with no grey market premium—leading to a cautious “Avoid for listing gain” recommendation
The Supreme Court of India has granted bail to Partha Chatterjee, the former Education Minister of West Bengal, who was arrested in July 2022 in connection with the multi-crore School Service Commission (SSC) recruitment scam. The decision comes after over two years of incarceration, during which the Central Bureau of Investigation (CBI) conducted extensive probes into the large-scale irregularities in teacher and non-teaching staff recruitment in government schools across the state.
The two-judge bench, comprising Justice MM Sundresh and Justice NK Singh, also extended bail to two other accused — Dr. Subiresh Bhattacharya, former Vice Chancellor of North Bengal University and Chairman of the West Bengal Central School Service Commission (WBSSC), and Shantiprasad Sinha, a former advisor to the WBSSC. The court stated that the continued incarceration of the accused was not justified, especially since charges had already been framed and investigations had been substantially completed.
Background of the Case
The SSC recruitment scam, often referred to as the "cash-for-jobs" scam, pertains to allegations of large-scale corruption in the recruitment of Group C and Group D staff, assistant teachers, and other non-teaching personnel through the West Bengal Central School Service Commission (WBSSC). The scandal shook the state’s political and administrative circles, with huge sums of cash and gold bars recovered during investigations, leading to national attention.
Partha Chatterjee, a senior leader of the Trinamool Congress (TMC) and a close aide of Chief Minister Mamata Banerjee, was arrested by the Enforcement Directorate (ED) in July 2022 following the seizure of over ₹50 crore in cash and valuables from the residence of his alleged close associate, Arpita Mukherjee. He was later handed over to the CBI for investigation under the direction of the Calcutta High Court.
Soon after the arrest, Chatterjee was suspended from the Trinamool Congress, and he was stripped of all ministerial portfolios. The TMC leadership distanced itself from Chatterjee, terming the corruption charges as a betrayal of public trust.
CBI’s Allegations Against Chatterjee
During the Supreme Court proceedings, the CBI strongly opposed the bail plea, asserting that Partha Chatterjee was the mastermind behind the entire scam. The agency claimed that he orchestrated a widespread manipulation of the recruitment process by ensuring key appointments of loyal individuals to important administrative positions within WBSSC and the West Bengal Board of Secondary Education (WBBSE).
The agency stated that appointments to sensitive posts like Secretary, President, and Chairman of statutory bodies were carried out with Chatterjee’s direct approval. It also alleged that the then Chairperson of WBSSC, Dr. Sharmila Mitra, was illegally removed and replaced with Professor Saumitra Sarkar — a move that was reportedly approved based on a handwritten bio-data, bypassing standard procedures.
Further, the CBI emphasized Chatterjee's long-standing influence in Bengal's education system and argued that he continues to hold significant political sway, which could pose a risk of evidence tampering or influencing witnesses. The agency stressed that granting bail could adversely affect the integrity of the ongoing investigation.
Supreme Court’s Observations
Despite the CBI’s strong objections, the Supreme Court noted that extended detention of the accused, in the absence of any fresh evidence or procedural violations, was not warranted. The bench underscored that the principle of bail, not jail, must be upheld unless there are compelling reasons to deny it.
The court did not find sufficient merit in the argument that Chatterjee’s release would obstruct the ongoing trial, especially since the investigation was largely complete, and the charges had already been formally framed in the case. The court also took into account the age and health conditions of the accused, along with the fact that there was no evidence suggesting a risk of absconding.
Reaction from the Political Sphere
The development has sparked political reactions in West Bengal. While Chatterjee remains suspended from the Trinamool Congress, some sections within the party have chosen to maintain a cautious distance, reiterating that the TMC continues to uphold zero tolerance for corruption. Opposition parties, particularly the Bharatiya Janata Party (BJP) and the Congress, have criticised the bail decision, alleging that it could weaken the anti-corruption narrative and erode public faith in judicial accountability.
Some political observers noted that while bail is not an acquittal, the optics of the decision could prove politically sensitive, especially ahead of the West Bengal civic polls and the 2026 Assembly elections.
Current Status of the Case
The case continues to be one of the most significant corruption cases in recent West Bengal history. While multiple charge sheets have been filed, including against several officials, education department staff, and political operatives, the trial is still at an early stage.
The Supreme Court has instructed all accused to cooperate fully with the trial court and has laid down strict conditions for bail, including restrictions on leaving the country, tampering with evidence, or contacting witnesses.
Conclusion
The Supreme Court's decision to grant bail to Partha Chatterjee, Subiresh Bhattacharya, and Shantiprasad Sinha marks a significant turn in the ongoing SSC recruitment scam case. While the apex court emphasized the importance of fair legal procedure and the right to bail, the CBI’s stance highlights concerns about political interference and the potential undermining of justice.
The focus now shifts to the trial court proceedings, where the charges will be examined, and witnesses cross-examined. Whether or not Partha Chatterjee and his co-accused are ultimately convicted, the case continues to symbolize the complex nexus between politics, education, and corruption in India’s governance structures.
As the judicial process unfolds, the case will remain under intense public and media scrutiny — a test not only of individual accountability but also of institutional credibility in India’s fight against corruption in public recruitment.
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