rbi: Grant loans to real estate sector after ensuring govt approvals for project: RBI to NBFCs

The Reserve Bank on Tuesday said that while sanctioning loans to the real estate sector, non-banking finance companies (NBFCs) will have to ensure that borrowers get permission from the government and other regulatory authorities for their projects. Further, the regulator said that NBFCs should not extend loans and advances aggregating Rs 5 crore and above to their own directors including the Chairman and Managing Director or their relatives and other related entities.

The rules will come into effect from October.

In a notification on revised regulatory restrictions on NBFCs while granting loans and advances, the RBI said that proposals for credit facilities of less than Rs 5 crore to these borrowers may be sanctioned by the appropriate authority in NBFCs, but the matter should be referred to the Board. gave information.

“While evaluating loan proposals involving real estate, NBFCs shall ensure that the borrowers have obtained prior permission for the project from the government/local government/other statutory authorities, wherever required,” it said.

RBI he said.

With regard to lending to senior officers of an NBFC, it said that such loan should be sanctioned by the Board and no senior officer or any committee of any senior officer shall sanction loan to the relation of that senior officer.

Such loan should be sanctioned by the next higher sanctioning authority, it said.

Further, the RBI said that the term ‘loans and advances’ should not include loans or advances against government securities, life insurance policies, fixed deposits, stocks and shares.

These guidelines, effective from October 1, 2022, are applicable to Medium Layer (ML) and Upper Layer (UL) NBFCs.

Base Level (BL) NBFCs are non-deposit taking entities with asset size of less than Rs 1,000 crore; ML is not accumulating with asset size of Rs 1,000 crore and above; ULs are those which are specifically identified by RBI to raise regulatory requirement.

An NBFC may also be classified as a ‘top layer’ if the RBI is of the opinion that the UL has substantially increased the potential systemic risk from the specific NBFC.

For base level NBFCs, they will have a board-approved policy on lending to directors, senior officers and relatives of directors and entities where directors or their relatives hold a major stake.

The Board-approved policy should include a limit beyond which loans to these individuals will be reported to the Board.

The regulator has also asked NBFCs to disclose the total amount of such loans and advances sanctioned in their annual financial statements.

“These guidelines will be effective from October 1, 2022,”

said.

Regulatory restrictions were necessitated due to the contribution of NBFCs to support genuine economic activity and their role as a complementary channel to banks as well as credit intermediation.

Over the years, the sector has grown significantly in terms of size, complexity and interconnectedness within the financial sector.

Many entities have grown and become systemically important and hence there is a need to align the regulatory framework for NBFCs keeping in view their changing risk profiles, RBI said in its ‘Revised Regulatory Framework for NBFCs’ in October 2021. said.

Originally published at Pen 18

What to Know, Date, Details, Hosts, Theme and More – WWD – Pen 18

Although part one didn’t seem like long ago, part two of the 2022 Met Gala is almost here.

After two years without the traditional markings of the prestigious event, the Met Gala will be held again on the first Monday in May this year.

This year’s exhibition, called “In America: An Anthology of Fashion,” is the second part of the Metropolitan Museum of Art’s two-part series celebrating American fashion. The first part, called “In America: A Lexicon of Fashion”, began in September after the 2021 Met Gala, which was held that month due to the COVID-19 pandemic.

In March, celebrity co-chairs for the event were revealed, with Vogue editor-in-chief Anna Wintour, Council of Fashion Designers of America president Tom Ford and Instagram head Adam Mosseri as honorary co-chairs of the Met Gala. continued his role.

Here, we break down everything you need to know about the WWD 2022 Met Gala. Scroll for more.

When and where is the 2022 Met Gala?

This year’s Met Gala will take place on May 2 at the Metropolitan Museum of Art. Last year, the annual event was postponed till September due to the pandemic.

In previous years, the Met Gala has usually been held on the first Monday of May.

What is this year’s theme?

The museum exhibit at the 2022 Met Gala and beyond focuses on the theme “In America: An Anthology of Fashion.” This year’s dress code will be “Gilded Glamour,” which takes inspiration from The Gilded Age in New York during the period between 1870 and 1890.

Who is the co-chair of the 2022 Met Gala?

Blake Lively, Ryan Reynolds, Regina King and Lin-Manuel Miranda Are Hosting the 2022 Met Gala
AP

The costume exhibition in March revealed that Blake Lively, Ryan Reynolds, Regina King and Lin-Manuel Miranda will co-chair the 2022 Met Gala.

Which celebrities are participating?

Apart from the celebrity co-chairs, no other star has confirmed their appearance for the Met Gala. The event’s guest list has always been closely guarded, with attendees usually kept secret until the event itself.

In late March, @metgalaofficial, an Instagram fan page dedicated to the Met Gala but not officially associated with the event or the museum, posted a guest list of who might attend.

Some of the people on the list included general appearances like Kendall Jenner, Kim Kardashian, Rihanna, Gigi Hadid, and others, though the account clarifies that it’s not 100 percent sure who will attend.

What Designers Will Celebrities Wear to the 2022 Met Gala?

It is expected that celebrities will wear creations by American designers to celebrate the theme, although last year’s event saw most stars wearing European labels such as Balenciaga, Prada, Louis Vuitton, Valentino, Givenchy and Chanel .

What will the museum exhibit look like?

The Costume Institute’s exhibition will be a two-part examination of American fashion. The first started in mid-September, coinciding with the 2021 Met Gala, while the second will be presented this May after the 2022 Met Gala.

According to Met director Max Hallin, the exhibition is said to address issues of social justice, identity and diversity, meant to “portray the changing tide of American fashion”.

The “In America: An Anthology of Fashion” exhibit opens on May 7 and the 2022 Met Gala will take place on May 2.

How can I watch 2022 Met Gala coverage?

Vogue is streaming coverage from the event and red carpet exclusively on its website and social media platforms.

Read more here:

Blake Lively, Ryan Reynolds, Regina King and Lin-Manuel Miranda will co-host the 2022 Met Gala

How American Was This Year’s Met Gala Red Carpet?

The Met Gala, Like Fashion Week, Is Officially For The Masses

Originally published at Pen 18

children vaccine: Covovax for 7-12-year-olds: Panel seeks more data

India’s Expert Committee on COVID-19 Vaccines has consulted Serum Institute of India (Serum Institute of India) to review its application to allow use of its Kovovax vaccine in the age group of 7-12 years, amid rising coronavirus infection among school children, people. SII) asked for more data. Said in the address.

SII presented interim safety and immunosuppression data over a two-month period after a second dose of Kovovax was administered to 225 participants aged 7-12 years.

DCGI’s Subject Expert Committee, which reviewed the data last week, has sought additional information from the company. “The application will be taken up for evaluation once again after the company submits the data asked from them,” said one of the persons quoted earlier. Kovovax received emergency use authorization in March in the 12-17 year age group. However, it is still not included in the country’s vaccination campaign.

Originally published at Pen 18

Shiv Sena walks the tightrope on Hindutva amid BJP-MNS push

Shiv Sena chief Uddhav Thackeray had not signed a recent letter written by 13 leaders of national opposition parties to the Center expressing concern over the increase in communal incidents in the country. According to party circles, this step has been taken in the backdrop of pressure from BJP and MNS on Hindutva.

There is panic in Shiv Sena over the perception of BJP and MNS that the party has weakened its core ideology after sharing power with NCP and Congress. The party mouthpiece had recently criticized the BJP for “trying to create communal unrest”. Spokesperson Sanjay Raut had said, ‘BJP is trying to incite communal riots in Maharashtra and the country.

Party leaders believe that signing the letter would enable the BJP to accuse the Shiv Sena of weakening Hindutva. Many Shiv Sena leaders are of the opinion that leaving the BJP and the MNS as “only protectors of Hindutva” will destroy the Shiv Sena’s vote base. Shiv Sena leaders have taken similar stances in the past to protect their base. For example, in Amravati last November after a march by Muslims rioted, the BJP organized a bandh, which led to another riot, but Shiv Sena functionaries participated in the BJP bandh.

The specifics of its stand by the MVA government allowing the use of loudspeakers for religious purposes should be seen in this background. It is a departure from its stand that it will not take action against loudspeakers in mosques. Home Minister Dilip Walse Patil said on Monday, “The DGP and Mumbai Police Commissioner will soon draft a policy on loudspeakers at religious places and a notification or guidelines will be issued in the next two days.”

Patil later met Thackeray to discuss the issue. Another meeting of senior police officers is to be held on Tuesday on this issue. State government insiders said there were plans to regularize the use of loudspeakers by asking mosques and other religious institutions to apply for permits, which would be given subject to decibel conditions.

Meanwhile, a minor communal clash was reported in Amravati’s Achalpur on Sunday over removal of religious flags from public places.

Originally published at Pen 18

ukraine war: Russia seeks scientific collaboration with India after Chinese pause

Russia has recently approached India to initiate new collaborations between scientific establishments and bodies, after refusing to continue the partnership with the Russian Academy of Sciences, a 300-year-old body dedicated to Europe’s leading scientists. One of the establishments.

According to Alexander Sergeev, president of the Russian Academy of Sciences, China suspended scientific cooperation after the Russian invasion of Ukraine. ET has learned that following Beijing’s move, Russia has approached India for cooperation in specific areas. Sergeev’s remarks on China were made at the Digital International Relations 2022 conference held in Russia last week. Interactions with Chinese scientists became more complicated after the imposition of the sanctions. He said that due to the restrictions, contact with science academies in Western countries has also been cut off.

“If we talk about the southern or eastern directions, unfortunately, I can directly say that our Chinese scientific colleagues have also paused, and in the past month we have been in serious discussions, despite excellent cooperation with regular communications. Haven’t been able to enter. We had,” said Sergeev. He said that India is a positive example compared to China and the West and the Russian Academy of Sciences wants to discuss the possibilities of cooperation with India in pharmaceuticals, space and digital.

Russian diplomats have been tasked to explore partnership between scientific bodies of India and Russia, ET has learned. Russia has also recently ordered medicines and medical equipment from India.

Originally published at Pen 18

Revolve Festival at Coachella Draws Big Social Engagement and Backlash – WWD – Pen 18

It wouldn’t be Coachella without the inclusion of the Revolve Festival.

The online retailer’s two-day event returned to La Quinta, Calif., after a two-year hiatus due to the pandemic. Produced this year in collaboration with The H.Wood Group, the party took place on April 16 and 17.

In the past, special events including Kendall Jenner, Cardi B, SZA, Shay Mitchell and Victoria’s Secret models Elsa Hosk, Jasmine Tookes and more have made appearances, including performances by Souvette, 2 Chainz, Rae Sremmurd and Tyga. ,

This year was no different with the appearance of some of the biggest stars and influencers including Kim Kardashian, Timothée Chalamet, Sidney Sweeney, Halsey and more. Musicians such as Jack Harlow and Willow Smith sang some of their top hits on stage, with Travis Scott pulling in for a surprise performance.

According to data from Traackr, an influencer marketing platform, Revolve Festival earned over 5,000 posts from over 700 influencers as of Monday morning, resulting in more than 25 million engagements (in terms of likes, comments, shares and more). Happened. Popular e-tailer.

On Instagram, there were over 4,800 posts with over 13 million engagements and nearly 21.5 million video views. Meanwhile, TikTok had 520 posts about the event, garnering nearly 12 million engagements and over 90 million video views.

However, the post that garnered the most engagement was the one that captured the downside of the festival, which was the busy mode of transport for the event.

A short TikTok video by content creator Avery Danielle Bishop discussing the “chaos” of the Revolve Festival has garnered nearly 3 million views and over 300,000 likes. The clip shows Bishop talking about how long he had to wait to get on the shuttle to get to the event and short videos of the crowd standing in the parking lot. The only way to get to the invitational event was the shuttles provided by Revolve. Guests could not come by any other means of transport.

@averiebishop

I hope you made it to the @kate bartlett celebration!! #revolvefestival @revolve

Original Sound – Aves

The bishop then confessed that she did not attend the celebration, despite waiting two hours. She and her friends then discuss in the video how the logistics of the event are reminiscent of the infamous Fyre Festival from 2017, in which guests were stranded in the Bahamas without proper accommodation or food when they thought they were at a luxurious and exclusive concert. are participating. Hosted by Billy McFarland and Ja Rule.

“People pushing, pushing, yelling, people standing in the middle of buses, like, when they were walking,” Bishop said in his post. “Big yikes. Sorry, Revolve, but I hope you keep everyone’s safety and security in mind next year.”

Bishop noted that waiting in line had an upside: She got to meet New York City fashion influencer Kate Bartlett.

Read more here:

Kim Kardashian, Kendall Jenner and Timothée Chalamet among VIPs at the Revolve Festival during the first weekend of Coachella

The Best Fashion Moments at the 2022 Coachella Valley Music and Arts Festival

EXCLUSIVE: Revolve Festival Returns

Originally published at Pen 18

twitter shares: Twitter gains as board plots Defence strategy against Musk

Shares of Twitter Inc gained on Monday after the social media company launched a poison pill defense to thwart an unsolicited bid by Elon Musk to take the company private at $54.20 a share.

A security filing on Monday confirmed the defense strategy Twitter outlined last week, which would allow the company to issue new stock that all shareholders except Musk can buy at a discounted price. According to the filing, it imposes a “significant penalty” on any person or entity that would acquire more than 15% of the company without board approval. Musk currently owns more than 9% of Twitter’s shares.

According to the filing, “the board adopted the rights agreement to protect shareholders from coercive or otherwise unfair takeover tactics.”

The stock rose 3.8% to $46.78 at 1:00 p.m. in New York.

According to a person familiar with the company, Twitter is using the poison pill defense to buy time to come up with a plan in the best interest of its shareholders. Shares are rising amid speculation that Twitter will strike a deal that will be more favorable to shareholders.

According to a person familiar with the matter, the company is fielding acquisition interest from other parties, including technology-focused private equity firm Thoma Bravo LLC. Private equity firm Silver Lake, which already owns a significant stake in Twitter, also makes sense as a partner because it also has an existing relationship with Musk, but it’s not clear if they’re interested. . Meanwhile, Musk could partner with Oracle Corp. and a private equity consortium that includes Thoma Bravo to thwart Twitter’s poison bullet, according to analysts at Bloomberg Intelligence, “increasing the bid by 10-15% to nearly $50.” Billion.”

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Musk, for his part, has said that Twitter’s rejection of his $43 billion bid would require him to re-evaluate his stake. Over the weekend, Musk said the economic interests of Twitter’s board do not align with those of shareholders. He was responding to a tweet about board members’ stock holdings, saying that with the imminent departure of co-founder Jack Dorsey, the board “collectively holds almost no shares.” In a tweet on Monday, Musk, who is also the chief executive officer of Tesla Inc., said that if his Twitter bid is successful, the board members will not be paid salaries.

Tesla pays its own directors an annual cash retainer of about $20,000 and some additional fees in recent years, but they also receive stock option grants every few years—meaning they pay off Tesla’s stock price. stand to make tens of millions of dollars or more. Benefit.

Since proposing last week, Musk has been actively posting on his Twitter account what appears to be a social media campaign to sway public opinion in favor of his bid.

The billionaire entrepreneur just released a cryptic tweet with the word “tender,” a likely blink-and-miss reference to a potential tender offer.

If Musk is serious about pursuing his takeover offer for Twitter, said Andrew Friedman, co-president of the shareholder activism exercise, he should launch a tender offer to acquire shares in the company, which has already been poisoned. Despite the bullet, he does not have it. In the law firm Olshan From Volosky.

“Although Musk won’t be able to turn down his tender offer, even with the majority of shares tendered, given the poison pill and other hurdles, it’s a ‘get your money where your mouth is’ type of trick.” and shows that he really wants to buy this company,” Friedman said.

Friedman said Musk could simultaneously launch a proxy contest where he would ask shareholders to withdraw their votes for the two directors who would stand for re-election at this year’s annual meeting, which takes place on May 25. is going to happen. He said this would serve as a referendum on his proposal, and would also allow him to seek votes to amend the company’s charter to declassify the board, meaning that all directors stand for election every year. Would be, not something. Last year, a similar proposal nearly achieved the 80% vote limit needed to change the company’s bylaws, he said.

If Musk doesn’t take action in the next few months, he won’t be able to do much on Twitter until next year’s annual general meeting because the company doesn’t allow shareholders to call special meetings or act with written consent. Friedman noted that Twitter CEO Parag Agarwal and chairman Brett Taylor will both run for re-election next year. Dorsey is due to leave the board after his term ends at the next shareholder meeting.

If Musk can “get fairly broad support this year, it could force the company to arm the company in talks with Musk before they want to announce or announce the sales process and run. Music next year.” All to avoid facing that,” he said.

Originally published at Pen 18