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An opposition-driven impeachment motion to remove South Korean President Yoon Suk Yeol collapsed on Saturday after it failed to meet the required two-thirds majority in the National Assembly. The motion, which was filed over Yoon's short-lived imposition of martial law, was thwarted by a boycott from his conservative governing party, effectively preventing the opposition from reaching the necessary quorum.National Assembly Speaker Woo Won-shik declared the motion invalid, stating, "With a total of 195 votes, the number of members who voted did not reach the required two-thirds majority of the total members. Therefore, I declare that the vote on this matter is not valid." The opposition parties, which brought the impeachment motion, hold 192 seats in the 300-member assembly. However, only three lawmakers from the ruling People Power Party (PPP) participated in the vote, leading to a failure to reach the 200-vote threshold.Political Turmoil Deepens with Public ProtestsDespite the motion’s defeat, the political crisis in South Korea shows no sign of abating. Protests calling for President Yoon's resignation have intensified, with many South Koreans expressing support for his impeachment. A survey indicated that a majority of citizens favour his removal, adding to the pressure on the embattled president.Experts predict that the defeat of the impeachment motion may not resolve the crisis. Public protests are expected to grow, and many believe that Yoon’s leadership is severely undermined. "If the demands for impeachment continue to grow, it is possible that some lawmakers from the ruling party will join the opposition," experts have suggested. Should the impeachment process gain traction, Yoon's powers would be suspended until the Constitutional Court makes a final decision. If he is removed from office, a presidential election must be held within 60 days.Yoon's Apology and Ruling Party’s OppositionIn a bid to address public anger, President Yoon issued an apology on Saturday, acknowledging the distress caused by his martial law declaration. "The declaration of this martial law was made out of my desperation. But in the course of its implementation, it caused anxiety and inconveniences to the public. I feel very sorry over that and truly apologize to the people who must have been shocked a lot," Yoon said.However, his apology has not quelled the opposition's demands for his removal. Despite internal criticism over the martial law decision, the ruling party is determined to oppose impeachment, fearing that removing Yoon could lead to a shift of power to liberal factions. "We have to oppose impeachment because we fear losing the presidency to liberals," one ruling party member remarked.Martial Law: A Brief but Controversial EpisodeYoon’s martial law declaration, which lasted less than 24 hours, was a highly controversial move that escalated tensions within the political system. It marked the first such decree in South Korea in over 40 years. The declaration saw military forces encircle the National Assembly, with army helicopters hovering overhead. However, after the assembly unanimously voted to overturn the martial law, Yoon was forced to lift it before dawn.This episode has attracted international attention, with both the United States and Japan expressing concerns about the stability of South Korea’s political system. The martial law decree was issued after Yoon referred to the National Assembly as a “den of criminals” and vowed to eliminate “shameless North Korea followers and anti-state forces.” His remarks were widely seen as inflammatory and have fueled further public outrage.Rising Tensions and Ongoing ProtestsThe political divide in South Korea has become even more pronounced in recent days. Tens of thousands of people gathered near the National Assembly on Saturday, waving banners, chanting slogans, and singing altered K-pop songs demanding Yoon’s removal. Meanwhile, Yoon's supporters also took to the streets, defending him against the impeachment attempt, which they viewed as unconstitutional.The protests have grown both in size and intensity, with opposition lawmakers continuing to push for Yoon’s resignation or impeachment. "The only way forward is his immediate resignation or impeachment," said Lee Jae-myung, leader of the main opposition Democratic Party. The party described Yoon’s martial law decree as an “unconstitutional, illegal rebellion or coup.”The fallout from Yoon's martial law declaration has sparked further investigations. On Friday, PPP chair Han Dong-hun revealed that Yoon had allegedly ordered the country’s defence counterintelligence commander to arrest politicians accused of "anti-state activities" during the brief period of martial law. This includes several prominent opposition figures and even members of his own party.In response to these allegations, South Korea’s Defence Ministry suspended three military commanders, including the head of the defence counterintelligence unit. The Defence Ministry also confirmed that Vice Defence Minister Kim Seon-ho ordered the deployment of troops to the National Assembly in response to Yoon’s martial law decree. Kim Yong-hyun, the Defence Minister, resigned on Thursday, and prosecutors imposed an overseas travel ban on him.

Blackstone-backed International Gemological Institute's initial public offering (IPO) will hit the D-Street on December 13, Friday. Through the three-day issue, the company plans to raise Rs 4,225 crore.The offer comprises a fresh issue of Rs 1,475 crore while an offer for sale (OFS) amounts to Rs 2,750 crore.The company filed its draft papers on August 27, 2024, and it received an observation letter from the Securities and Exchange Board of India (Sebi) on November 28.About International Gemological InstituteThe Blackstone portfolio company provides services related to the certification and accreditation of natural diamonds, laboratory grown diamonds, studded jewellery and coloured stones as well as the offering of educational programs.IGI is the world’s second-largest independent certification and accreditation services provider based on revenue for CY2023 among global peers for diamonds, studded jewellery and coloured stones certifications, with a global market share of approximately 33%, based on the number of certifications of diamonds, studded jewellery and coloured stones performed in CY2023, according to the Redseer Report.IGI IPO: Net proceedsThe company proposes to utilise the net proceeds towards payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from the promoter and for general corporate purposes.IGI India, is part of IGI group which is one of the established reputed certifiers in the global market, according to the Redseer Report.IGI IPO lead managersAxis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private and SBI Capital Markets Limited are the book-running lead managers to the issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)