DailyBrief: The unveiling of the Ram Temple in Ayodhya; and the unravelling of the Sony-Zee merger

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Market Watch

• The markets were closed today on account of the Ram Temple consecration ceremony.

The unveiling of the Ram Temple in Ayodhya

Prime Minister Narendra Modi performed the Pran Pratishtha of the Ram Lalla idol at the Ram Mandir in Ayodhya, marking a significant moment in Indian history.

What is the ritual? The Pran Pratishtha ceremony signifies the consecration of the idol, which includes the opening of the idol's eyes, previously covered since the first day of the ritual, and the application of kajal by the Prime Minister.

• The Pran Pratishtha ceremony is part of a series of rituals, including Shobha Yatra, Adhivas, ritual bath, and opening of the eyes, with the historic participation of various tribal and spiritual representatives from across India.

A minor controversy: None of the four prominent Shankaracharyas attended the Ram temple consecration on January 22. They claimed that consecrating the idol in an incomplete temple was against the shastras.

The timeline: The historical backdrop includes Marathas' claims to the temple in 1751, followed by assertions from Nihang Sikhs in support of the Maratha claims in 1858.

• However, the turning point came in 1885 when Raghubar Das filed the first legal suit, laying the foundation for the prolonged legal and communal battles that ensued.
• A crucial moment in the dispute occurred in 1949 when 'Ram Lalla' idols were allegedly placed inside the Babri Masjid, intensifying the conflict and leading to a series of legal battles.
• Tensions reached a boiling point with the mosque's demolition in 1992 by Hindu activists, triggering widespread riots across the country.

The Court's verdict: The legal struggle unfolded with events like the opening of the Babri Masjid locks in 1986, the Allahabad High Court's verdict in 2010 advocating a three-way land division, and the landmark decision by the Supreme Court in 2019 to award the land for the construction of the Ram Temple.

Is it really against India’s secular fabric/constitution? Part III bearing the fundamental rights in the original constitution, was hand-written and had an illustration of Ram, Sita and Lakshmana returning to Ayodhya after defeating Ravana.? This was part of the final draft submitted by Dr B R Ambedhkar and was overseen by Nandalal Bose, the famous artist from Santiniketan

Why this matters to Hindus: In the minds of India's Hindus, this moment is one that allows them to escape centuries of Hindu apologist politics. It also represents a rare public victory for Hindus, who have been fed centuries of selective history.

• While a section believes that the Prime Minister leading the rituals and the government announcing a half-working way to offices is a politicisation of a secular state, this Ram Mandir title dispute was won through a decades-long legal battle by the Hindu plaintiffs within the constitutional framework in the highest court of India.?

Of note: From New York to Sydney, celebrations were held across the world to mark the occasion.

• The temple is now being presented as a place on par with the Vatican or Mecca, and is expected to draw millions of tourists.

Yes, but: While everything went smoothly, there was a minor clash between Hindus and Muslims in Mumbai’s Mira Road area. The situation was brought under control eventually, and we hope that this was just an aberration in what was otherwise a peaceful event.

Pic du jour

This epic picture of THE HC Verma - your physics books guy - at Ayodhya.

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Sony-Zee saas-bahu saga finally comes to an end? Another twist may be imminent

This has been the most convoluted saas-bahu script that neither Sony nor Zee ever wrote. Sony Group Corp has decided to terminate its merger with Zee Entertainment, putting an end to the anticipated creation of a media powerhouse.

Why? Issues with the merger conditions not being met and a leadership dispute involving Zee’s CEO Punit Goenka, who is under investigation by India’s capital markets regulator, led to the collapse of the deal, as seen in the termination letter.

• Despite a 30-day grace period to resolve the leadership disagreement, both companies failed to reach a consensus by the deadline, leading Sony to issue the termination notice.
• The disagreement centred on Punit Goenka's role in the merged entity, with Zee insisting on his leadership as per the 2021 agreement while Sony expressed reservations due to the ongoing regulatory probe
• Sony has sought a $90 million termination fee from Zee, alleging breaches of the merger agreement; however, Zee denies these claims.

So is it over? No (sigh!) because Zee has refuted all claims made by Sony about alleged breaches in their agreement and is exploring legal options to protect its stakeholder interests, including contesting the claims in arbitration proceedings.

An unlikely winner: Reliance! Reliance's potential acquisition of Disney's India assets is now set to make a massive media behemoth (unless this falls through too), which would eclipse other players.

ICYMI

• In a tragic incident, a landslide in southwest China's Yunnan province claimed multiple lives and left many missing.
• Irony jumped off a cliff after Pakistan condemned the consecration of the Ram Temple calling it an oppression of minorities.
• Switzerland and India have finally reached an agreement on a free-trade pact that has been under negotiation for 16 years.
• The 11 convicts in the Bilkis Bano case adhered to the Supreme Court's ruling by surrendering before the deadline at Godhra sub-jail.
• The newly inaugurated Atal Setu in Mumbai witnessed its first accident when a car flipped over after ramming into the railing.
• Hamas has admitted to faults during the October 7 attacks against Israel.
• In 2024, 40 national elections are scheduled across countries representing 41% of the world's population and 42% of its global GDP.