The budget session of the Maharashtra Legislative Assembly, beginning Thursday, promises to be a tumultuous one, with the Bharatiya Janata Party vowing not to allow the Assembly to function if Skill Development Minister Nawab Malik does not resign.
“Instead of seeking his resignation, Maha Vikas Aghadi has supported Nawab Malik who is doing money laundering for the Dawood Ibrahim gang. Supporting Malik despite his involvement is like supporting gangster Dawood Ibrahim who was involved in hundreds of Mumbai blasts. was involved in the killing of people.” State BJP chief Chandrakant Patil on Tuesday alleged that if the government does not tender his resignation, we will not allow the assembly to function.
Patil criticized Chief Minister Uddhav Thackeray and Nationalist Congress Party chief Sharad Pawar for not asking Malik to step down.
The MVA has said that it will not ask Malik to resign as he was the victim of political vendetta. It said that Union Minister Narayan Rane had not resigned after his arrest.
Two people aware of the development said that the lenders have entered the final stages of negotiations after the lenders declared Reliance Industries (RIL) the highest bidder for Syntex Industries on Monday evening.
In a committee meeting of creditors held on Monday evening, lenders asked the Reliance Industries and Asset Care and Reconstruction Enterprise (ACRE) team to submit a better proposal by Wednesday, people said.
In most cases, lenders negotiate with the highest bidder to maximize recovery from buyers of bankrupt companies, said one of Syntex’s lenders. The Reliance-ACRE offer is equivalent to a recovery of 36% for the lenders, excluding the 15% equity stake.
Reliance Industries did not respond to a request for comments.
In the second round of bidding, the Reliance Industries-ACRE team has offered ₹3,405 crore, which includes ₹2,700 crore as advance payment to lenders and 15% equity stake on conversion of ₹171 crore debt into equity, as per was previously reported by ET. , In addition, ₹72 crore will be distributed to business creditors and ₹11 crore to employees. ACRE Ares is an asset reconstruction company backed by SSG Capital.
In the first round, both offered lenders 10% equity stake and an upfront cash payment of Rs 2,280 crore.
The Reliance-ACRE team is among four applicants who submitted a resolution plan for the Gujarat-based textile manufacturing company. Among the other three bidders, Himmatsingka Ventures made an offer of ₹3,297 crore, Welspun Group’s unit made an offer of ₹3,102 crore and GHCL made an offer of ₹2,140 crore, as reported earlier.
Lenders expect the Reliance-ACRE team to improve the resolution plan by offering above liquidation value, said one of the persons cited above. If the offer exceeds the liquidation value, the resolution professional (RP) will invite the lenders to vote on the resolution plan. One lender said the liquidation price is 5-8% higher than the highest offer, but declined to give numbers due to privacy issues.
RP invited a second round of bidding early last month in hopes of getting a better offer that would be above the liquidation price.
Since the offers in the second round were also below the liquidation price, the lenders are now in talks with the highest bidder. In the past, lenders have considered various options such as holding Swiss challenge auctions and inviting fresh offers to get better offers.
The RP has accepted the claims of 27 financial creditors of ` 7,534.6 crore.
Ottlinger’s Christa Bosch and Cosima Gadient put a new spin on virtual reality with their fall show, staged in Espot, a cavernous gaming area in front of the Louvre. To view the Berlin-based label’s video, each attendee was assigned a different screen and headset in an underground space, with the screening followed by a real-life runway show.
“It’s like a gate to the meta-world,” Gadiente said of the unusual format—a runway show staged was a last-minute addition to the program that just made sense. “We’re spending so much time [on digital] That we thought it was fun to fully experience it and also have a physical fashion moment. ,
The collection, based on Ottolinger’s distinctive sci-fi body-con aesthetic, offers expanses of weave and adding texture with the use of crushed velvet, works close to the body in pieces padded with the label’s signature strapping detail or space-age vibe. .
Puffer designs also received the wraparound treatment, pulled in place and tied asymmetrically to form a sort of protective covering or draped in a gown-like form. The shearling pieces had a metallic sheen, done up bright blue, while the imitation fur accessories added a raw edge to the lineup, intended to add confidence and power.
With every brand under the sun looking to put its flag in the metaverse, to Ottlinger, it would seem a logical next step. But despite the creations suited to its avatar, the brand is content with the real world for now. “It hasn’t felt right to us yet,” Gadiant said. “We’ve seen people do Ottlinger wearables, but they’re not ours. Maybe we should be hiring those guys to do it. That’s definitely the future.”
Tory Burch was honored Monday night with the inaugural Retail Excellence Award from The Wharton School’s JH Baker Retailing Center in recognition of her industry leadership in supporting women entrepreneurs.
Guests hosted at the Rainbow Room in New York included Jay Baker, retired chairman and director of Kohls Corp; Jeff Rader, co-founder and co-CEO of Harry’s; Todd Kahn, CEO of Coach; Kering America chief Laurent Claquin; Revlon CEO Debra Perelman; Ryan Breslow, founder and executive chairman of Bolt; Jill Granoff, Managing Partner, Eurazio; Steven Sadov, former President and CEO of Saks Inc.; Joe Gromeck, former President of New School and former CEO of Varnako Group; Wolverine Worldwide CEO Brendan Hoffman and Bank of America Vice President of Global Markets Hayley Bosky.
The event marked the start of Wharton’s 2022 CEO Summit on March 1. The theme of the day-long event is “Values + Purpose: Leading the Neo-Renaissance”, featuring mission-driven leaders and companies.
Burch, who founded her namesake brand in 2004 with a boutique in New York City on Elizabeth Street, has created unique retail environments that feel like a home. Today it has 345 stores worldwide, including its new global flagship on Mercer Street in New York City, and sells at 3,000 department and specialty stores globally.
From the outset, Burch has made social responsibility a priority, and in 2009 she started the Tory Burch Foundation to advance women’s empowerment and entrepreneurship by providing access to capital, education and digital resources.
Mina Fader, Jay Baker, Panos Leonardos, Tory Burch, Robert Isen, Patty Baker and Tom Robertson.
Getty Images for The Wharton School’s Baker Retailing Center and Retail Leaders Circle
During cocktail hour, Baker said that he did J.H. Baker Retailing Center was founded when no students at the University of Pennsylvania were going into retail, and they realized they needed to cultivate the next generation of retail leaders. What started with five students now has 150 to 200 students a year.
Accepting his award, Burch, a University of Pennsylvania graduate, said, “As a Penn graduate, it is especially meaningful to be recognized by the Wharton and J. H. Baker Retailing Center. I have a lot of confidence. The school where I also hired a Wharton graduate, Pierre-Yves Roussel, and then I married him, and he’s my CEO.
Burch said it was difficult to measure the impact the pen had on him. While heWharton not only studying business and retail as an undergraduate, Penn College of Arts and Sciences is where she learned all-around critical thinking and tapped into her entrepreneurial side.
Being an art history major, it helped her to see everything through a creative lens and to be open to different perspectives. “Art is solid proof that there will always be another idea, there will always be another point of view. This applies to almost everything, including fashion, retail and building business,” she said.
He believes that “the market is never saturated if you have a unique vision.”
When Burch started his company, he set out to create luxury products that were aspirational, yet accessible—pieces that were missing in his own wardrobe. She said that she also wants to create a foundation for women. “It was in my business plan from day one. How do you build a company that can really transform mobility for women? Especially women entrepreneurs,” she said.
as a worker Mother, she said that she understands the obstacles women faced and are still struggling today. “I realize that I was lucky to have more access than others. I wanted to bridge the gap and help more women fulfill their dreams,” she said.
She said her views didn’t resonate with everyone at first, especially potential investors—many of whom were men. “One told me never to mention business and purpose in the same sentence, and another described it as charity work. But their skepticism made me stronger.”
He said the theme of the summit was “a reminder of how far we have come.”
birch said One in two entrepreneurs is a woman but receives only 2.3 percent of the venture capital. “With Bank of America Commitment of $100 Million” [to the Tory Burch Foundation]We’ve given nearly $75 million in loans to more than 4,800 women entrepreneurs and we’re just getting started,” Burch said. The foundation’s next Embrace Ambition Summit will take place on June 13 at Lincoln Center.
“Embracing my ambition has been part of my journey since I started the company nearly 18 years ago,” Burch said. He said he is also committed to bringing men into the conversation. “I’m sure many of them are fathers of ambitious daughters,” Burch said.
Burch said that from the very beginning, it was her dream to demonstrate how good it is to do good for business. He believes the foundation can help the bottom line, and “customers around the world are joining our mission, and it’s great to see that our employees are being inspired as well… . The business for this is undeniably strong.”
“There is an old saying that cash is king. Well I say, if cash is king, culture is queen,” said Burch.
For more stories:
Tory Burch RTW Fall 2022
Tory Burch to be honored by Wharton’s Baker Retailing Center, The Retail Leadership Circle
Fearless Fund Teams Up with Tory Burch Foundation and The Cruz
RSS national executive member Ram Madhav has said it is important for the central and state governments to take an “appropriately strong view” of organizations such as the Popular Front of India (PFI) and the Social Democratic Party of India (SDPI). Adopt it. These organizations are a “threat to civilization and peace” in the country.
“We have seen the consequences of PFI politics in states like Kerala, and the kind of violence it generates.. We see the same organizations now spreading their web in neighboring coastal Karnataka. These are the Kannur-Malappuram areas- Kozhikode belt which has strong presence of PFI and SDPI from where we have left youth in the past to join terrorist groups like ISIS. This is a clear warning that governments both at the central and state level must take a stronger approach About these organizations,” he told ET.
The PFI and its political wing SDPI and their allies such as the Campus Front of India have been accused of supporting Muslim women’s protests over their right to wear the hijab in the recent controversy in Karnataka and even sponsoring anti-CAA riots in Delhi. and for inciting communal violence in Uttar Pradesh in recent times.
Last year, the Center had told the Supreme Court that it was in the process of banning PFI, but the government is yet to take a decision on it. The PFI, however, has denied all the allegations and said that it is being defamed.
Ram Madhav said the hijab controversy, which started with Muslim girl students protesting against three junior colleges in Karnataka banning Muslim girl students from wearing hijab, should be handled more appropriately without making it a “war of religions” Yes, said Ram Madhav. , He said, “The matter between the students and the college administration should not have been allowed to become an inter-religious conflict… It has acquired a scale which is appalling…
Last week, the Karnataka High Court completed hearing a batch of petitions challenging the ban on hijab in some colleges. The matter was heard by a three-judge bench of Chief Justice Ritu Raj Awasthi and Justice Krishna S Dixit and Justice JM Khaji.
Describing it as an “inter-religious” matter, which took the form of an “inter-religious” conflict, Ram Madhav said that the dispute could result not only in the Muslim community, but also in the larger Indian society. “We are seeing students in hijabs wearing saffron scarves against students. This is what happens when one does not work on reform. One form of fundamentalism gives rise to another. The killing of a Bajrang Dal worker in Shivamogga is a case in point. Clear warning where this is heading,” he said.
He said that as far as educational institutions are concerned, “one has to abide by general rules and disciplinary obligations, irrespective of the religion he practices.
Arguing that the burqa or hijab is not a religious obligation in most countries of the world, he said, “In the Arab world which was once known for the most literal and strict interpretation of Wahhabi Islam, we see many Muslim countries Liberalizing its religious traditions and choosing a more humanistic form of Islam… Even Saudi Arabia, once known as the Mother of Wahhabism, today has a Crown Prince who is not a fan of driving rights and clothing. Provides more freedom to women in the matter… But here in the pocket we have groups like PFI which promote more regressive and medieval form of Islam in India which is not good for the country or its people.”
The National Company Law Tribunal (NCLT) has allowed withdrawal of insolvency proceedings against real estate development firm Nirmal Lifestyle and also lifted the stay on the company. Nirmal Lifestyle has entered into a separate settlement agreement with the financial creditor.
The Mumbai bench of the NCLT had admitted the company under the Corporate Insolvency Resolution Process (CIRP) last year after the company defaulted on dues of Rs 286 crore, based on a petition filed by IDBI Trusteeship Services on behalf of Altico Capital. was filed.
Another financial creditor SREI Equipment Finance and a homebuyer had separately opposed the withdrawal of insolvency proceedings against the company.
Advocate Darshit Dave of law firm AVP Partners, appearing for the company’s other financial creditor Srei Equipment Finance, had objected to the withdrawal of CIRP against Nirmal Lifestyle.
The Kolkata-based lender, through its counsel, had argued that the developer owed the company more than Rs 100 crore and a similar petition is pending before another bench in the NCLT.
“Withdrawal of CIRP will adversely affect all stakeholders including homebuyers,” argued Dave, on behalf of Srei Equipment Finance.
However, the NCLT Mumbai Bench has observed that these objections were not sustainable while allowing the withdrawal of the insolvency proceedings.
When contacted, Ashok Paranjpe, managing partner of law firm MDP & Partners on behalf of Nirmal Lifestyle, confirmed the development, but declined to divulge any details.
A division bench of the tribunal headed by judicial member HV Subba Rao and technical member Chandrabhan Singh passed the order on Monday.
As per the tribunal’s order last year, the Mumbai-based builder had approached Altico Capital to extend refinance facilities worth around Rs 300 crore through non-convertible debentures (NCDs).
Nirmal Lifestyle had also taken a term loan of Rs 1,120 crore from Altico and issued a guarantee in respect of term loan of Rs 1,280 crore by another associate firm Nirmal Lifestyle Holdings on March 27, 2019. The company had now defaulted on this guarantee. ,
Passing the order last year, the court had taken note of the submission of Nirmal Lifestyle that the company is in the process of settling the claims of all the creditors and some time may be given.
Promoted by Dharmesh Sardarmal Jain, Nirmal Lifestyle has a prominent presence in Mulund, a central suburb of Mumbai. In 2012, the builder partnered with the United States Tennis Association (USTA) to develop US Open branded residences in Mulund.
Bangalore: Business-to-business (B2B) fintech company Volopa has raised $29 million led by Jam Fund, Winklevoss Capital Management, Acial Capital and others, as it prepares to enter the Indian market.
Rapid Ventures, fintech giant Jeffrey Krutenden, White Ventures founder Sweta Rao, Pine Labs CEO Amrish Rao and Jupiter founder and CEO Jitendra Gupta; Antler Global and VentureSook also participated in the round.
The Singapore-based company said in a statement that the funding is a mix of equity and debt capital.
Volopay is now eyeing the West Asian markets as well as the entire Asia Pacific region.
The company sells customers a “financial control center,” which combines business accounts, corporate cards, bill payments, expense reimbursement, credit, cashback and accounting automation into a single platform.
“Volopay is an ambitious project. To be an alternative to Volopay, you have to launch five different startups,” said Rajith Shaji, co-founder of Volopa.
Find stories that interest you
“We are building control centers for modern companies for all their financial management needs. Our platform is as easy to use and seamless for a 5-person company as it is for a 500-person company.”
Clients include CoinDCX, MPL, InVideo and MX Media.
It has more than 150 employees in business centers in Singapore, Australia, India, Indonesia and the Philippines.
“We’ve known and worked closely with the amazing team at Volopay from the pre-seed stage,” said Justin Matin, Tinder co-founder and founder of Jam Fund. “We are delighted to be working with a leader in this field and helping them reach new heights.”
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
