With investors asking for a change in the board structure at Byju's, the edtech giant's founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control. The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
He said the Maharashtra government was providing all possible assistance to those affected.
The Ahmedabad Municipal Corporation (AMC) had decided to pull down the Chhatrapati Shivaji Maharaj flyover constructed by the AEIPL in the city's Hatkeshwar locality at a cost of Rs 44 crore and commissioned in 2017.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
West Bengal Chief Minister Mamata Banerjee visited the building collapse site at Azan Molla Lane in the city's western periphery and assured local residents of stern action against illegal construction.
Photographs from the spot show a deep, long crack running along the divider.
'Find a name that changes the words honor killing and hopefully it includes the word murder.' 'If you use the words, you are trying to justify the murders.'
'We need to find out whether any structural element has got fatigue.' 'We want to increase the lifespan of the bridge.'
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
An expert committee has recommended to Defence Minister Manohar Parrikar that supply of equipment need not be blocked even if bribery charges emerge.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
Nitin Bhatnagar, a Maltese citizen and a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act on Tuesday.
"We have prepared a broad platform where we have assessed the top 50 judges of the country who would be considered for appointment to the Supreme Court of India. We have data on judgments and the quality of judgments. The idea is to make the process of appointment in the Supreme Court more transparent," the CJI said.
'If you are constructing the tunnel in the Himalayan region, then if you have constructed 10 metres of tunnel, first you will have to do proper treatment and ensure the stability of this constructed structure.' 'You cannot just throw concrete on the ceiling and sidewall of the tunnel for permanent stability. That will not work.'
As Mumbai almost came to a halt after overnight rains, netizens and Mumbaikars took a dig at the Shiv Sena for the plight of their beloved city.
Anil Agarwal-led Vedanta's Sterlite Copper on Monday came out with an advertisement inviting expression of interest (EoI) for carrying out plant "restart activities" at its Thoothukudi unit in Tamil Nadu, that got closed more than five years ago following an order issued by the Tamil Nadu Pollution Control Board (TNPCB). The EoI for restart comes when the company is still awaiting the final judgement on the issue, and the court has only allowed it to do maintenance work. "We have initiated the upkeep and maintenance activities at the plant as allowed by the Supreme Court vide its order dated May 4, 2023, in coordination with the district authorities.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
The UGC chairperson stressed that foreign varsities with campuses in the country can only offer full-time programmes in physical mode and not online or distance learning.
Opposing the Centre's stand that the PM CARES Fund was not a government fund, a lawyer told the Delhi High Court Wednesday that there was no factor to show that the fund was private in nature.
Nine members of a family were among the deceased in the first incident which took place around 11.15 pm on Wednesday, when Mumbai experienced heavy rains throughout the day, at the New Collector Compound on Abdul Hamid Road in the Malwani area of suburban Malad, the officials said.
The "opaque" electoral bonds scheme for funding political parties will "destroy democracy" as it promotes corruption and does not allow a level playing field between the ruling and opposition parties, the petitioners challenging the validity of the scheme told the Supreme Court, which on Tuesday observed election funding was a "complicated issue".
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
There have been more than 49,000 fire incidents in Mumbai in the last one decade, killing over 600 people, the Maharashtra government had told the assembly in November 2018.
'They (the ransomware attackers) are not after any VVIP data.' 'Had that been the case, they would have quietly installed a different malware.'
Everything Everywhere All forgets to tell a coherent story, complains Mayur Sanap.
According to a 2020 study Analysis of bridge failures in India from 1977 to 2017, as many as "2,130 bridges" -- excluding culverts and pedestrian bridges -- have collapsed during various phases of construction in the last four decades.
'The world that we live in today has no space for nuance or conversation or debate.' 'So how does a small film that's not made for the sole reason of earning back your money and which is actually trying to say something that's fragile find its way?'
Maharashtra CM said a high-level committee will probe the circumstances under which the 40-year-old overbridge collapsed.
The Delhi high court on Friday advanced to December 10 the hearing on pleas to declare the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund a 'State' under the Constitution and a 'public authority' under the Right to Information Act to ensure transparency in its functioning.
The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
Incessant rains apparently caused cracks in the bridge, resulting in its collapse, an official said.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Earlier on Thursday morning, a 300 kg magnet was lowered with the help of a crane in the river to trace the missing buses.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
An opportunity to enter a burgeoning sector at a low valuation and favourable policies are propelling some of India's largest corporate groups to scoop up drone start-ups. "Indian corporations lost the race in aerospace and space tech. "No one wants to miss the bus this time. "These are seasoned businessmen and they realise that the market cap of tech companies with problem-solving capabilities will exponentially rise in future," says Vipul Singh, CEO of Aarav Unmanned Systems (AUS).
If you are a budding developer and interested in Web3, chances are that you will be headed to one of India's largest-ever meetings of Web3 developers, being held by Polygon, a Web3 platform. The company's ongoing "Web3: Made in India Tour" is expected to see close to 4,000 developers coming together at the inaugural Polygon Connect event in Bengaluru on December 1. The event highlights the growing dominance of Web3 developers from India, as well as the sector's rising interest to investors, who continue to invest in startups despite a funds crunch.
With the use of e-wallets gaining momentum after the note ban, e-wallet service providers have doubled down on developing new security features in their apps. Sharath Chowdary reports.
