Russia’s exclusion may pave way for India into global bond index :ET

 

India has the biggest bond market among emerging economies that’s not covered by global indexes, but bankers say that may change soon, potentially drawing in billions of dollars in inflows. Russia’s recent exclusion is one reason why.

Morgan Stanley expects an announcement that India will be included in JPMorgan & Chase Co.’s emerging markets bond index as early as mid-September with the actual entry in the third quarter next year. Goldman Sachs Group Inc. sees that announcement coming in the fourth quarter this year and inclusion in the second or third quarter in 2023. Both expect India’s weight at 10%, the maximum for a country in the index, and potential inflows of $30 billion from the move.

Getting high-yielding Indian sovereign bonds into global indexes would make it easier for overseas investors to put their money into Asia’s third-biggest economy with its $1 trillion debt market. It would follow many false starts over the years that resulted from wariness about debt inflows and disagreements including one on tax breaks for foreigners. Russia’s exclusion from the JPMorgan gauges after it invaded Ukraine may have added to incentives for the index compilers to fill the hole with Indian debt.

JPMorgan, one of the major index providers, has been collecting feedback from investors over including India in its Government Bond Index - Emerging Markets Global Diversified, or GBI-EM. More than 60% of real money investors are ready or almost ready for India’s inclusion, a Morgan Stanley survey showed. A spokesperson for JPMorgan in India declined to comment.

“India would offer much needed diversification to the GBI-EM index given the different structure of its economy, and so would be a strong addition to the index from a long-term perspective,” said Nivedita Sunil, portfolio manager for Asia and EM debt at Lombard Odier (Singapore) Ltd. “We have held consultations with the index provider and we are broadly supportive of it.”

Bond traders in India have had their hopes dashed in the past on index inclusion. There were widespread expectations in February that the government would announce a tax break for foreign investors in the budget that would facilitate trading of the nation’s debt on platforms such as Euroclear.

Dashed Expectations

Instead, the budget was silent on the issue. Officials have said they decided not to exempt international bond transactions from taxes, and they would like settlement of bonds to be done locally.

“India has its own size and heft to act on its own,” said Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management. “But it is important to make a strategic decision and stick with it, rather than send out conflicting signals.”

Meanwhile, in the GBI-EM index Russia had a weight of about 8% before it was removed, and now there are seven countries with a weight of 10% each and 13 countries sharing the remaining 30%, according to the Morgan Stanley note.

“The exclusion of Russia has made the index more concentrated and unbalanced,” Morgan Stanley strategists Min Dai, Madan Reddy and Gek Teng Khoo wrote in a note early September. “Hence JPMorgan has more incentive to include India even without Euroclear, as long as GBI-EM investors don’t object to that.”

India is currently ‘on track’ to be placed on index watch for inclusion in JPMorgan’s bond index, according to the bank. It’s also on the FTSE Russell watch list to get into its emerging market debt index.

Bloomberg LP is the parent company of Bloomberg Index Services Ltd, which administers indexes that compete from those by other service providers.

Renewed market talk on index inclusion helped revive flows into rupee-denominated bonds last month after six continuous months of outflows. Foreign inflows will be crucial to meet the nation’s ever-growing bond supply as its funding needs expand. Yields are headed for a third month of decline with the benchmark 10-year bond yield down more than 30 basis points since June.

Authorities have taken some steps to ease rules for foreigners. Recent regulations like allowing custodian banks to pre-fund trades on behalf of foreign investors and extended settlement timings are examples, according to Goldman Sachs. Still, key issues remain.

“We think the two biggest operational challenges are account opening time and the burdensome trading requirements,” said Eric Lo, a fixed-income fund manager at Manulife Investment Management. He said it can take up to nine months to open a local India bond trading account, but operational constraints like those aren’t a “show stopper” for the firm to invest in the market.

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EY plans to spin off audit, consulting units to ease regulatory concerns London-based EY, which in June had denied reports on its restructuring plans, said it would provide its 13,000 partners with more information before voting on the split starts on a country-by-country :-Business Standard Sep 9, 2022

 

Professional services firm Ernst & Young said on Thursday it was planning to split its audit and consulting units into two companies, as it looks to ease regulatory concerns over potential conflicts of interest.

“This is something that will change the industry,” Carmine Di Sibio, EY’s global chairman and chief executive, said in an interview.

Rivals beg to differ. Deloitte, KPMG and PricewaterhouseCoopers have all said they plan to keep consulting and auditing under one roof. These other Big Four firms hope to exploit EY’s focus on its restructuring to poach clients and employees, according to people familiar with the matter.

“That’s to be seen, who’s wrong and who’s right,” Di Sibio said. The proposed breakup “provides tremendous opportunities for our people, our clients and our partners,” he added.

The green light for the break-up from Di Sibio and other EY leaders means the plan will now go to a vote with the firm’s roughly 13,000 partners. “This is a big step…in a very complicated process,” Di Sibio said.

For years, the Big Four accounting firms, comprising EY, Deloitte, KPMG and PricewaterhouseCoopers, have been under regulatory scanner over concerns their advisory services could undermine their ability to conduct independent reviews.

London-based EY, which in June had denied reports on its restructuring plans, said it would provide partners with more information before voting on the split starts on a country-by-country basis from late 2022. It is likely to conclude in early 2023.

UK auditing and accounting regulator, the Financial Reporting Council, had asked the Big Four firms in 2020 separate auditing as a standalone business in Britain by June 2024, partly spurred by corporate failures at builder Carillion and retailer BHS.

EY affiliates, which audited payments company Wirecard AG's books, are also facing heat from the German fintech firm's investors after it collapsed in 2020. EY has denied any wrongdoing.

The far-reaching proposal would separate EY’s accountants who audit companies such as Amazon.com from its faster-growing consulting business, which advises on tax issues, deals and more.

The company is expecting to report a record revenue of $45.4 billion for its most recent financial year, up 13.5 per cent from a year earlier, according to a report from the Financial Times.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Remembering Elizabeth II, the queen who transformed Windsors into a bourgeois yet mesmerizing dynasty :-ET

 

Britain’s longest-serving monarch has died.

RIP

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Finally we have a winner for the largest sale of stressed assets undertaken by any Indian Bank :-Cerberus-Arcil out of race to buy Yes loans Read more at: https://economictimes.indiatimes.com/news/india/

 Synopsis

Yes Bank will soon declare JC Flowers ARC as the winner and will transfer its distressed loans to the firm, making it a virtually zero bad loans bank.

Cerberus Capital and Asset Reconstruction Company of India (Arcil) have dropped out of the race to acquire more than ₹48,000 crore of distressed loans of Yes Bank.

They did not submit a counter-bid against a binding offer by JC Flowers ARC, two people aware of the development said.

Yes Bank will soon declare JC Flowers ARC as the winner and will transfer its distressed loans to the firm, making it a virtually zero bad loans bank.

The private bank, which received an offer of ₹11,183 crore for its distressed loan portfolio from JC Flowers ARC, invited counter-bids by September 7 under a Swiss challenge auction.

In the first round of auction, JC Flowers ARC emerged as the highest bidder, ET reported on May 20. If the Cerberus-Arcil team had given a counter-offer, JC Flowers ARC would have had the first right to match it.

Rahul Gupta, chairman and CEO of JC Flowers ARC, declined to comment.

Failed to Strike a Deal

Yes Bank and Arcil did not respond to ET's requests for comment. "The long-stop date of closing the transaction is 60 days from the official date of announcement of the deal. During this time, the bank will acquire 20% equity for ₹350 crore," said one person.

Yes Bank initially invited counteroffers by August 29 and later extended the deadline to September 7 following a request by the Cerberus-Arcil team.

Avenue Capital - which owns a majority stake in Arcil - and Cerberus Capital failed to strike a deal, following which they decided to drop out, the second person said.

JC Flowers ARC's ₹11,183 crore offer is a structured deal comprising 15% cash consideration and the balance in the form of security receipts.

The 15% cash consideration would imply that the ARC must arrange ₹1,677 crore as upfront cash payment.

It would issue security receipts for the balance 85% which would be redeemed as the ARC recovers the loans.

Yes Bank's exposure to Essel Group, Radius group and the Anil Dhirubhai Ambani Group are among the loans that would be sold to the ARC.

In May, Cerberus and JC Flowers ARC separately submitted binding offers to acquire Yes Bank's distressed loan portfolio.Though the offer from Cerberus was higher, the bank picked JC Flowers since it had an operational ARC making the transfer of stressed loans seamless, said a person cited earlier in the story.

Before bidding, Yes Bank indicated that it would prefer to sell its non-performing loans to a bidder with an operational ARC.

This prompted Cerberus to initiate talks for equity in an ARC. It offered to acquire a stake in International ARC, backed by Blackstone and later in ARCION Revitalisation, an ARC jointly owned by Apollo Global and ICICI Bank. However, talks with these two ARCs remained inconclusive.

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Vodafone paid its due loan amount to IDFC bank, what is the future of Vo...

Govt to acquire Vodafone Idea stake after share price stabilises at Rs 10 or above "There is a SEBI norm that the acquisition should take place at par value. DoT will clear the acquisition after VIL shares stabilise at Rs 10 or above," an official source told PTI.

 

Vodafone Idea: The company has prepaid a short term loan of around Rs 2700 crore to State Bank of India in a bid to shore up lenders confidence as it urgently seeks fresh bank funds to tie up equipment supply deals for 5G networks and also clear some of its near Rs15000 crore trade payables, comprising dues to tower companies, network gear vendors and other suppliers, ET report said.

The government will acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above, according to an official source.

Vodafone Idea (VIL) board has offered a stake to the government at a par value of Rs 10 per share. "There is a SEBI norm that the acquisition should take place at par value. DoT will clear the acquisition after VIL shares stabilise at Rs 10 or above," an official source told PTI.

VIL shares are trading below Rs 10 since April 19. The stock declined by 1.02 per cent to trade at Rs 9.68 on BSE on Thursday. The finance ministry had cleared the proposal to acquire stake in VIL in July.

Debt-ridden Vodafone Idea (VIL) has decided to opt for converting about Rs 16,000 crore of interest liability payable to the government into equity which will amount to around 33 per cent stake in the company while promoters' holding will come down from 74.99 per cent to 50 per cent. The government has given telecom operators an option of paying the interest for four years of deferment on the deferred spectrum instalments and AGR (adjusted gross revenue) dues by way of conversion into equity of the NPV of such interest amount.

The company's total gross debt, excluding lease liabilities and including interest accrued but not due, as of September 30, 2021, stood at Rs 1,94,780 crore. The amount comprises deferred spectrum payment obligations of Rs 1,08,610 crore, AGR liability of Rs 63,400 crore that is due to the government and debt from banks and financial institutions of Rs 22,770 crore as of January 11, 2022-- when it offered conversion of interest liability into equity.

At the end of the April-June 2022 quarter, VIL's total gross debt (excluding lease liabilities and including interest accrued but not due) stood at Rs 1,99,080 crore, comprising deferred spectrum payment obligations of Rs 1,16,600 crore, AGR liabilities of Rs 67,270 crore that are due to the government, and debt from banks and financial institutions of Rs 15,200 crore.

moneycontrol.com

Finance ministry okays Vi dues conversion to govt equity :-ET Sep 8, 2022

 

Synopsis

At June end, Vi's net debt was over Rs 1.98 lakh-crore, with its deferred spectrum payment dues at over Rs 1.16 lakh-crore and debt from banks and financial institutions at Rs 15,200 crore. Its cash and cash equivalents were at Rs 860 crore.

The finance ministry has cleared a proposal to convert Vodafone Idea's ₹16,130-crore worth of accrued interest on deferred adjusted gross revenue (AGR)-related dues into equity.

The ball is now in the telecom department's court, which has to finalize the transaction as per the package announced earlier.

"It (the equity conversion) has received the finance ministry's nod in line with the approved (telecom relief) package," said an official aware of the developments.

The equity conversion, which was subject to government confirmation, has been pending since January this year. It is vital for Vodafone Idea to conclude its long-pending ₹10,000 crore external fundraise via equity as potential investors want clarity on this issue. The carrier is also talking to banks for another ₹10,000 crore in debt as it needs to invest in its 4G network and roll out 5G to effectively compete with rivals Reliance Jio and Bharti Airtel and stem subscriber losses.

Stock Movement

It also needs cash to clear some of its near Rs 15,000-crore trade payables, comprising dues to tower companies, network gear vendors and other suppliers. At June end, Vi's net debt was over Rs 1.98 lakh-crore, with its deferred spectrum payment dues at over Rs 1.16 lakh-crore and debt from banks and financial institutions at Rs 15,200 crore. Its cash and cash equivalents were at Rs 860 crore.

Once the telecom department finalises the conversion as per the telecom relief package announced last September, the government will own around 33% of Vodafone Idea's equity and become the single largest shareholder in the loss-making entity. The co-promoters - UK's Vodafone Group Plc. and the Aditya Birla Group - together will continue to hold a combined majority stake of 50.1% in the Indian telco. Vodafone will hold 31.8% and ABG, 18.3%, according to brokerage Nomura.

The Rs 16,130-crore liability is the accrued interest on the telco's accumulated licence and spectrum usage charge (SUC) dues levied on AGR and deferred spectrum payments up to FY17. Under the terms of the government's rescue package for the sector, telcos had the option to convert these statutory dues into government equity. Vodafone Idea had opted for the option.

Another senior industry executive familiar with the matter said the conversion has been held up as Vodafone Idea's stock price has been hovering below Rs 10 and as per the company law provisions, any equity infusion cannot be below par value.

When Vodafone Idea opted to convert the accrued interest into equity on January 11, its shares closed at Rs 11.80. The price has remained below Rs 10 for most of the current financial year. But the stock has risen 3.4% between September 2 and 5, shortly after the telco prepaid a near Rs 2,700 crore short-term loan to SBI.

On Wednesday, the operator's shares jumped 6.9% to close at Rs 9.77 on the BSE.

Separately, Vodafone Idea also needs to inform the telecom department by September 16 if it would also opt to convert accrued interest on deferred licence fee dues for FY18 and FY19 into equity.

If the telco opts for the second round of conversion, the government could end up holding an additional 5-7% equity in the telco, apart from the currently expected 33%, say analysts.

The company on June 22 opted for a four-year deferment of licence fee-related dues amounting to Rs 8,837 crore for FY18 and FY19. But it hasn't yet taken a call on converting the accrued interest on these deferred dues into government equity.

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New milestone: Demat accounts surpass 100 million for the first time The tally was less than 41 million before Covid-19 pandemic :-Business Standard Sep 5 2022

 

The country’s demat account tally topped the 100 million-mark for the first time, in August. Over 2.2 million new accounts -- most in four months -- were opened last month, taking the cumulative figure to 100.5 million, according to data released by depository firms National Securities Depository Limited (NDSL) and Central Depository Services (CDSL).

India’s demat account tally was 40.9 million in March 2020 just before the outbreak of Covid-19 in the country.

The sharp surge in the market, greater lean hours due to the lockdown and mobility restrictions, shift to the work-from-home set-up, ease of account opening, increase in mobile and data penetration, and a drop in brokerage rates have underpinned this growth.

“The milestone of 100 million demat accounts is a testament to the acceptance of demat accounts and the securities market as an investment avenue against the backdrop of growth in household savings,” said Nehal Vora, MD & CEO, CDSL. “We witnessed a substantial increase in demat accounts in the past two years. It is equally important to note that NSDL’s custody value increased from Rs 174 trillion in April 2020 to Rs 320 trillion ($4 trillion) in August 2022. This indicates participation from both retail and institutional investors,” said Prashant Vagal, executive vice-president, NSDL.

In terms of number of accounts, CDSL, a listed firm, has a higher market share but NDSL is bigger when it comes to assets under custody (AUC). At the end of August, CDSL operated 71.6 million demat accounts with an AUC of Rs 38.5 trillion. On the other hand, NSDL had 28.9 million accounts with AUC of Rs 320 trillion.

The 100-million demat account tally isn't representative of unique investor count in the country. As an investor is allowed to open demat accounts with multiple brokerages, there is a lot of duplication. Industry players peg the unique investor tally between 60 million and 70 million. This translates into equity market penetration of less than 6 per cent. Besides direct investing, domestic retail investors are exposed to the equity markets through mutual fund (MF), insurance, and pension fund routes.

The demat account trajectory and investor count are interlinked. To illustrate, new demat openings fell to a 16-month low of 1.8 million in June, following a sharp correction in the market. But thanks to a sharp rebound in the markets from their June lows, investor confidence has once again improved.

“Growth in the demat account tally has a high correlation to the state of the market. A bullish market will get a lot of newer investors into the market fold. This is why we had that slight dip during the first quarter in new account openings but now things are again looking up. There is also a strong IPO pipeline, going by the number of filing and this, too, will help increase the demat count,” said E Prasanth Prabhakaran, MD & CEO, YES Securities.

Near-term factors aside, market players believe there is still a long runway ahead as brokerages try to penetrate into newer cities. “A large part of growth over the past two years has come from tier-2 and tier-3 cities. We have barely scratched the surface. Once investing becomes part of everyone’s life and the economy returns to high growth, structurally the broking industry has high growth potential,” said Prabhakaran.

THE I.P.O OF TATA STEEL :-THE YEAR 1906

 

                                                                    Sir Dorabji Tata

The year, 1906.  Jamsetji Tata, founder of the Tata group, had passed away two years earlier.  His dream of providing India its first integrated steel plant was still work in progress.  One big challenge ahead - significant capital would have to be raised.

Jamsetji's son, Dorabji Tata, had now taken over as Chairman.  He went to England trying to raise capital for the proposed steel plant.  However, English capitalists were wary of sending their money into India.  Dorabji Tata returned, utterly disappointed.  Would the steel project have to be abandoned, for lack of capital?

Dorabji decided that to ensure the steel venture took birth, he would raise the funds in India itself.  This was a very bold decision.  Such large sums of money had never before been raised domestically, for an Indian venture.  Many people predicted failure.  And failure would have impacted the Tata group hugely.

But Dorabji's belief in his country took over.  He was determined to do this for India, and he worked ceaselessly to make the case for investment in Tata Steel.  Then, on 27th August 1907 (which was also his birthday), he launched in Mumbai a formal prospectus for raising capital for the Tata Iron & Steel Company (see picture below).  

This was a milestone day for India - an IPO for the largest start-up of the day. The first of its kind in the country. Would it succeed?

Led by Dorabji's energetic efforts, the response from Indians was electrifying.  An observer wrote -  "From early morning till late at night, the Tata offices in Bombay were besieged by an eager crowd of native investors.  Old and young, rich and poor, men and women, they came, offering their mite...".   Indians who believed in their country, placing trust in an Indian enterprise.

Within three weeks, over 8,000 people had subscribed to this issue, and over Rs. 23 million had been raised.  This was an unbelievable sum of money being raised in Indian capital markets at that time.  India's first major IPO for an industrial enterprise had been a splendid success !

Later, Dorabji Tata was to write - "For the first time in India's financial history, I had succeeded in raising for industrial purposes such a vast sum from the hidden wealth of India for the development of our mineral resources.  It was the first time that the raw materials of India did not go out and return as finished articles to be sold in the country.  Above all, it was a purely Swadeshi enterprise, financed by Swadeshi money and managed by Swadeshi brains."

Yesterday, 27th August, we marked the 163rd birth anniversary of Sir Dorabji Tata, the man who made this happen.  When we speak of IPOs today, let us hark back to this path-breaking swadeshi IPO of Tata Steel, 115 years ago.  An act of courage by a legendary leader, based on the belief that we Indians have in our own country.

Source:- by my friend Devender Chachra Sep 5 2022

'Unpaid shares' in Dubai, BVI companies may come back to haunt many Indians :-ET Sep 5 2022 by Sugata Ghosh

 

Synopsis

Under the Indian Companies Act, a person is allotted shares only after full payment. While UAE Free Trade Zone (FTZ) rules require a minimum share capital of 50,000 dirhams (about ₹11 lakh at the current exchange rate), the authorities do not insist on the payment of the subscription amount.

Mumbai: An old, handy practice popularized by tax havens and sold by leading European banks is coming back to haunt many Indian businessmen.

Hundreds of them may be in for a nasty surprise for 'owning' companies in Dubai and other jurisdictions like the British Virgin Islands (BVI) by subscribing to shares without paying for the stocks.

Under the Indian Companies Act, a person is allotted shares only after full payment. While UAE Free Trade Zone (FTZ) rules require a minimum share capital of 50,000 dirhams (about ₹11 lakh at the current exchange rate), the authorities do not insist on the payment of the subscription amount.

Many chartered accountants and consultants practicing in the UAE don't advise investors to chip in the amount using banking channels. However, the records of the UAE authorities show investment by an Indian resident.

For incorporating and owning such companies all an investor needs to do is pay a few thousand dollars in fees to professional advisors and authorities in UAE. It is quick, cheap, and investors believe it's all kosher. But many to their dismay are today realising that ignorance of the law, wrong advice, and a cavalier attitude towards 'fancy' financial structures can exact a heavy price.

"This trend of being a shareholder without having subscribed to the share capital (and without comply with FEMA procedures) when detected, would lead to a lot of questioning both by the tax and exchange control regulators. A negative inference would be drawn of the arrangement which would be more difficult to disprove," said Bijal Ajinkya, partner at the law firm Khaitan & Co.

The Indian Income tax (I-T) department, which may have got a whiff of these deals - with the UAE sharing information on investments and assets of Indian passport-holders there - would immediately conclude that the shares in Dubai FTZ firms were either acquired through hawala fund transfers from India or out of undisclosed cash lying in UAE.

This is because there is no record of fund remittance (from India to UAE) through official banking channels against the allotment of shares in Dubai. The officers of the Enforcement Directorate (ED), who typically snoop around for evidence of forex violations by residents, may also assume that such firms were set up to carry out investments not allowed under the Reserve 

Bank of India

's liberalised remittance scheme (under which a resident can invest up to $250,000 a year in stocks and properties abroad).

"Legal practices and systems in India and UAE are very different. Most residents who have formed such companies have done it without proper knowledge of the regulations. Probably, they were not adequately advised. It's very important to correct and regularise these investments and refrain from incorporating such outfits without complying with FEMA procedures in future," said senior chartered accountant Rashmin Sanghvi.

IN FEMA CROSSHAIRS

Under the Foreign Exchange Management Act or FEMA, a resident Indian cannot invest abroad or own a foreign company without complying with the procedures under this law.

The price for such a lapse (of incorporating a company without fund transfer) can be stiff for investors who fail to get the benefit of the doubt from regulators and authorities in India.

The very transaction (owning shares without any payment proof) is against Foreign Exchange Management Act (FEMA) while the non-disclosure of the shareholding in the 'Foreign Assets' schedule of the Income Tax Returns is a violation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - a harsh law that permits the I-T department to apply it retrospectively, impose a penalty of ₹10 lakh a year and even initiate prosecution proceedings against offenders.

What has unnerved many is the possibility of the ED putting a question mark on all the earnings, businesses and trade payments in these Dubai companies.

"India has received diverse information from the UAE. Right now, tax and enforcement authorities are in an investigative mode. They have issued notices to various entities asking for detailed information. Other than the penalties for non-disclosure under Black Money Act, it remains to be seen how they would determine the tax. Allegations of hawala may arise if there is a possibility of valuation and consideration mismatch or if an assessee has created layers to cover the transactions. The courts however, have been taking a comparatively liberal view, and bona fide cases are not doubted," said Tejveer Singh, Partner DMD Advocates.

Legitimising such tax haven companies would require undergoing the compounding procedure with the Reserve Bank of India (RBI). A few residents are believed to have already filed applications to begin the compounding process. But the compounding fee can be very high if the central bank insists on levying the amount on the basis of total business profits since the inception of the foreign company.

For a genuine businessman, such run-ins with the authorities are a reminder that promises by tax havens, offshore banks and overseas service providers could mean unwittingly breaking laws in India. They are hoping that regulators would be lenient while scrutinising past mistakes.

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Reliance Power inks pact with Varde Partners to raise up to Rs 1,200 crore; stock jumps 10% Reliance Power and its subsidiary have entered into an indicative memorandum of understanding with Varde Partners for availing debt of up to Rs 1,200 crore MONEYCONTROL NEWS SEPTEMBER 05, 2022 / 12:07 PM IST

 

RELIANCE POWER LIMITED (RPL) and its subsidiary have inked a pact with Varde Partners, a global alternative investment firm, to raise long-term resources of up to Rs 1,200 crore.

“On September 4, 2022, RPL and its subsidiary entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to ~ Rs 1,200 crore (US$ 150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL,” Reliance Power said in a regulatory filing on September 5.

“The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations. The stock exchanges will be updated once the proposed financing terms are finalised and the definitive documents in relation to the proposed financing are executed,” it added.

At 11.50 am, the shares of Reliance Power were trading at Rs 23.20 apiece on the BSE, up 9.43 percent, while the benchmark Sensex climbed 380.11 points, or 0.65 percent, to 59,183.44.

Reliance Power Limited, a part of the Anil Ambani-led Reliance Group, has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.

Cyrus Mistry and co-passenger killed in car crash not wearing seat belts; over-speeding, error of judgment caused accident: police Read more at: https://economictimes.indiatimes.com

 

Mumbai: Former Tata Sons chairman Cyrus Mistry and a co-passenger killed in the car crash on Sunday were not wearing seat belts as per the preliminary probe, a police officer said, adding over-speeding and the "error of judgement" by the driver caused the accident. Prima facie, the luxury car was speeding. It covered 20 km of distance in just 9 minutes after crossing the Charoti check post in the Palghar district, 120 km away from Mumbai. The car hit a road divider on the bridge on the Surya river, killing Mistry (54) and Jahangir Pandole on the spot.

Mistry was returning to Mumbai, on Ahmedabad-Mumbai highway when the tragedy struck at 2:30 PM.

The car was driven by Mumbai-based gynaecologist Anahita Pandole (55).She and her husband were seriously injured in the accident.

"As per the preliminary investigation, overspeeding and the error of judgement caused the car accident. Both the deceased were not wearing seat belts," the officer said on Sunday night."While analysing the footages captured by CCTV cameras at the Charoti check post, Palghar Police found that the car had crossed the check post around 2.21 pm and the accident occurred 20 km ahead (in the direction of Mumbai)," he said.

This shows the Mercedes car covered 20 km of distance (from the check post) in just 9 minutes, the officer said, adding that the accident occurred at 2.30 pm on the bridge on the Surya river.

Mistry and Jahangir Pandole were in the back seats. Darius was in the front seat with Anahita, who was at the wheel, police had said.An eye-witness had said that a woman was driving the car and tried to overtake another vehicle from the left side, but lost control and crashed into the road divider.

The bodies of Mistry and Jahangir Pandole have been sent to state-run J J Hospital in Mumbai for postmortem, the officer said.

Anahita Pandole and her husband Darius Pandole (60) were seriously injured in the accident. They are being shifted to a Mumbai hospital by road from Vapi

 in Gujarat on Sunday late night, the officer added.

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Navy pushes for third carrier, a 65,000-tonne warship Centre is yet to give its approval :-THE TRIBUNE

As the euphoria over the commissioning of the indigenous aircraft carrier INS Vikrant ebbs, the time may be right to announce another aircraft carrier, taking their number to three in the naval fleet. Besides the new INS Vikrant, the 44,500-tonne carrier INS Vikramaditya procured from Russia is already in service.

Any delay in re-employing the hard-earned skill of making a carrier could be a missed opportunity. Navy Vice Chief Vice Admiral SN Ghormade, at a press conference last week, said: “The Navy’s plan has catered for a third aircraft carrier.” An indigenous ecosystem has been created by building the Vikrant. The stage is now well set to take the next step forward to indigenously build the next aircraft carrier to ensure the expertise gained is utilised to the maximum, Admiral Ghormade had said.

After having built the Vikrant – the biggest warship made by India ever — Madhu Nair, Chairman and Managing Director of Cochin Shipyard Limited, told The Tribune the “build time” for the next carrier could be cut down significantly.

PROBABLE ROOT CAUSE OF THE DEATH OF MR.CYRUS MISTRY

 

Cyrus Mistry was sitting on the rear seat, the two people that survived were sitting in front with seat belts on.

There were four people in the vehicle, of which two, including Mistry, died on the spot. The other deceased person has been identified as Jahangir Binshah Pandole. 

Those injured — identified as Anahita Pandole, a top doctor at Breach Candy Hospital, (who was driving the car) and Darius Pandole, the managing director and CEO of JM Financial Private Equity — have been shifted to a hospital. - 
Indian Express
Airbags are f no use if seat belt is not strapped....that is the first line of defence...Air bag is the second line of defence only if the first is complied
He was the varis of shapporji pallonji group....tragic end...great loss
If you not lock sitting chair seat belt properly Air bag will not open
👇👇👇👇👇👇👇👇

All the cars have rear seat belts as per government regulation, but very few people use them, it is an illusion that the rear is very safe. 

During the time of crash the person behind is sometimes thrown at a force of 40G (40 times the gravity, which means the person weighing 80kgs will be like 3200kgs). 

If the front passenger is wearing seat belt and rear passenger is not, during the time of crash the front passenger is likely to be severely injured or killed due to the rear passenger falling with a weight of an elephant. 

Totally surprised to hear this. Guys - You are paying for seat belts - why not use them and be safe. 

Pl forward to your friends and loved ones, it can save their life.
🙏🙏🙏🙏🙏
 It is like the importance of Helmet for pillion riders

10 dead, 15 injured in stabbings in Canada's Saskatchewan, say police The Royal Canadian Mounted Police said in a press conference on Sunday that they are looking for two suspects :-Business Standard Sep 5 2022

 

Canadian police have said that 10 people died and at least 15 were sent to hospitals after stabbings in multiple locations in Saskatchewan, Canada.

The Royal Canadian Mounted Police said in a press conference on Sunday that they are looking for two suspects. Alert issued for the suspects in random stabbings has been expanded to three provinces, Xinhua news agency reported.

Former Chairman of Tata Sons Cyrus Mistry dies in road accident in Mumbai :-ET

 

Former Chairman of Tata Sons Cyrus Mistry was killed in a car accident in Palghar on Sunday. Mistry was travelling from Ahmedabad to Mumbai in a Mercedes car.

The accident took place at 3.15 pm when Mistry and three others were enroute to Mumbai from Gujarat in a Mercedes car.

Prima facie it looks like the driver lost control of the vehicle and rammed into the divider. The vehicle was driven by a lady who is also injured in the accident. They have been take to a hospital at Vapi, said Police officials.

"Four people were present in the car; two died on spot and two were moved to hospital," ANI quoted Palghar police officials as saying.

The two dead people have been identified as Cyrus Mistry and Jehangir Pandole. Meanwhile, Anahita Pandole and Darius Pandole, the two other present in the car, have been severely injured.

Anahita Pandole, who is a gynaecologist in Breach Candy hospital and a family friend of Mistry, was driving the vehicle. She has been shifted to a hospital in Vapi as she too was injured during the accident, informed the district collector.

Mistry became the sixth chairman of Tata Sons in 2012. He was ousted from the position in October 2016. He had taken over as chairman in December post Ratan Tata’s retirement.

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https://economictimes.indiatimes.com/news/india/former-chairman-of-tata-sons-cyrus-mistry-dies-in-a-car-accident/articleshow/93984094.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst