Bitcoin craze: BigB gets over $100 mn top-up;wiped out in days

Agencies
December 25, 2017

New Delhi, Dec 25: The Bitcoin frenzy, which is the new investment fad, has not spared even Bollywood megastar, Amitabh Bachchan.

The crazy swings of Bitcoin prices added more than USD 100 million to the star's fortunes within days, but most of it got wiped out even faster -- thanks to a small stake in a hitherto unknown firm associated with the web of cryptocurrencies.

There may be further such fluctuations with the craze for Bitcoins and other cryptocurrencies continuing to drive their prices. The regulatory risks remain a big drag on the prices that saw Bitcoin skyrocketing to near USD 20,000 just a few days back before plunging back by almost half and then again recovering to USD 15,000 level.

While lakhs of Indians are said to have taken a fancy to the Bitcoin and other such virtual currencies, Bachchan is probably the first big name from the country to get associated with this big buzzword -- albeit indirectly and because of a small investment that is at least 3-4 years old.

The link is a Hyderabad-based company named Stampede Capital, which describes itself as a "research-driven global trade house" and a "liquidity provider and market maker" at various exchanges driving "millions of dollars trading volume every day across the globe in nanoseconds".

In its regulatory filings, the company lists Bachchan as an "individual non-promoter shareholder" with a small stake of 2.38 per cent at the end of last quarter. As per the BSE records, Bachchan figures on the list of shareholders (with 1 per cent or more stake) since at least June 2014, though the quantum he is holding has been changing somewhat.

As on June 30, 2014, Bachchan held 3.39 percent in the company which could have been worth around Rs 9 crore at that time (going by the share price around then), while the value of his latest holding is almost half at about Rs 4.7 crore.

The Bitcoin-driven top-up to Bachchan's fortunes comes in the backdrop of Stampede recently listing one of its subsidiaries, Longfin Corp, on the Nasdaq exchange in the US.

Longfin got listed on Nasdaq last week with a market cap of USD 370 million, after it sold shares in a public offer at USD 2.5 a piece. Stampede now owns 37.14 percent stake in Longfin, by virtue of which Bachchan (with his 2.38 percent stake in Stampede) becomes an indirect beneficiary in the US-listed firm.

The stock suddenly saw a huge two-day surge of 2,500 percent post announcement of an acquisition of Ziddu.com, a website that claims to specialise in providing warehouse coins, powered by the blockchain technology, to importers and exporters of commodities against their warehouse receipts.

This made Longfin one of the few listed stocks with direct or indirect association with the Bitcoin buzz.

Longfin acquired the website from a Singapore-based entity named Meridian Enterprises Pvt Ltd, in which 95 percent of the equity was owned by Venkat S Meenavalli, the CEO and chairman of Longfin Corp and also the main promoter of Stampede.

Longfin has entered into an asset purchase agreement with Meridian, and with related affiliates collectively represented by Hong Kong-based Galaxy Media Ltd in exchange for 2.5 million restricted Class A common shares of the company -- and here comes another Bachchan link.

As per the regulatory filings made by Longfin with the US regulator SEC, the distribution of these 2.5 million shares for the acquisition of Ziddu.com is like this -- 2.15 million to Meridian, 100,000 shares to Galaxy Media, 125,000 to Amitabh Bachchan and another 125,000 to his son Abhishek Bachchan.

At the current stock price of USD 41, Longfin shares of the two Bachchans would be worth about USD 10.25 million.

The indirect holding, owing to Stampede stake, would be worth further USD 30 million going by the current market cap of about USD 3.4 billion of Longfin. The current market cap is itself nearly 10-times of the listing level.

An analysis of Longfin share price since its listing shows that it had hit a high of USD 142.82 each on December 18, when the market cap was over USD 10 billion.

At that peak, the value of Longfin shares, which the Bachchans got as part of Ziddu.com deal, was over USD 30 million. Besides, the indirect ownership through Stampede stake was worth about USD 100 million at the peak valuation.

On the other hand, all these holdings were just worth about USD 1 million before the listing, taking into account the USD 2.5 apiece public offer price proposed by Longfin. Now, the direct and indirect holdings are worth an estimated USD 40 million -- still over USD 100 million below the peak.

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News Network
April 2,2020

Mumbai, Apr 2: Ramayan, the over three-decade-old TV series based on Hindu mythology, garnered 170 million viewers in four shows over the last weekend in its new avatar, the BARC said on Thursday.

This catapulted the Ramanand Sagar production as the highest watched serial in the Hindi general entertainment space ever, the Broadcast Audience Research Council said.

The show was relaunched last Saturday amid the gloomy times of lockdown due to the COVID-19 pandemic, and a lot of thrust laid by the government machinery to popularise the series.

BARC's chief executive Sunil Lulla said the numbers notched up by the series was a bit surprising and called the move as a brilliant one by the Prasar Bharti.

He said eventually, we will also see advertisers flock the series which will be running for a few more days.

The inaugural show of the series on Saturday morning had 34 million viewers glued to their TV sets watching and enjoyed a rating of 3.4 per cent, while a telecast the same evening had 45 million viewers and a rating of 5.2 per cent.

The show bettered its performance on Sunday, with 40 million and 51 million people watching it in the morning and evening telecasts, respectively.

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News Network
April 16,2020

New Delhi, Apr 16: Actor Salman Khan on Thursday put out a sharp message to the "jokers" who were flouting government-imposed guidelines and venturing out during the ongoing lockdown, putting at risk countless lives to the deadly coronavirus.

In his characteristic 'Bhai' style, Salman also appealed to people to not attack doctors, nurses and police personnel who are in the frontline of the battle against COVID-19.

In a 10-minute hard hitting video shared on Instagram he begins with a "Hello, namaste, salaam, sasriyakaal, Kem Cho' in typical TV reality show 'Big Boss' style and goes on to say 'Zindagi ka Bigg Boss' has begun with the entire country staying in lockdown mode at home.
He said he had taken a two-day "chhutti" (leave) but "This corona, COVID-19 has given everyone a 'chutti'."

Khan said he was staying at his farmhouse in Panvel near Mumbai with his family including his mother, two sisters their children and some other people who had come to visit.

In the video he said that he had sent a friend to get rations for the family from a village around five kilometres away. He recounted that the police stopped him and in the process, his friend took off the mask to speak to the policeman who reprimanded him and asked him to put the mask back on. Salman said that he too chided his friend for doing such a thing.

"Don't go out, don't do social gatherings, stay with your family, the government has said if you are doing namaaz, do it at home, do pooja at home..." the actor said, adding that those who had a wish to kill their families should step out.
"Go out get your ration, nobody is stopping you, go nearby but wear your masks, your gloves, go alone," the actor said underlining that the government has assured that everybody will get ration.

The actor said that whoever does not understand a coronavirus positive patient's pain is anti-human.

He pointed out that doctors, nurses and policemen are putting in long hours to curb the spread of coronavirus and urged people to respect their work and stay inside.

The actor said policemen would not have taken action and hit people if they followed guidelines and stayed inside. "If you weren't going out with friends, police wouldn't have hit you. Do you think police are enjoying it?," he asked.

"Doctors and nurses are working to save your lives and what do you do? You started pelting stones at them? Those who have been diagnosed with coronavirus, are running away from the hospitals. Where are you running? Towards life or death?," he questioned in his video.

The 'Dabangg 2' star appreciated the efforts by the frontline warriors and said, "the virus that started in China is over in China now, but because of a few jokers, the whole of India will sit at home for a long time."

The 54-year-old star said that he was aware of many people who wouldn't come out of their homes earlier but have started doing so since they've been asked to not go out.

"You are putting everyone's lives at risk," the Bajrangi Bhaijaan actor said.

Salman concluded by urging people to respect the work of the doctors, nurses, police personnel and those who work in banks, take care to ensure that the disease does not spread further and pray that it does not come to a situation where the military has to be called in to stop people from doing the wrong thing.

Filmmaker Vivek Ranjan Agnihotri took to Twitter to shared the video message. "Very well said @BeingSalmanKhan I hope wisdom prevails everywhere," he tweeted.

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Agencies
June 16,2020

Mumbai, Jun 16: Director Abhinav Singh Kashyap appealed to the government to launch a detailed investigation into the demise of actor Sushant Singh Rajput and shared a hard hitting Facebook post about his own experience of bullying in the Bollywood industry.

The 'Dabangg' director wrote, "My experience is no different. I have experienced exploitation and bullying first hand."

He further said, "Arbaaz Khan on Dabangg and ever since. So here is my story 10 years after Dabangg. The reason I moved out of making Dabangg 2 ten years ago is that Arbaaz Khan in collusion with Sohail Khan and family was trying to take control of my career by bullying me. because Arbaaz Khan sabotaged my second project with Shree Ashtavinayak Films that I was signed up with by personally calling their head Mr. Raj Mehta and threatening him with dire consequences if they made a film with me. I had to return the signing money to Shree Ashtavinayak films and moved to Viacom Pictures. They did the same thing. Only this time the sabotager was Sohail Khan and he intimidated the then Viacom CEO Vikram Malhotra. My project was sabotaged and I was made to return my signing fee of Rupees 7 Crores plus interest of Ninety odd lacs. Its only then that Reliance Entertainment came to my rescue and we forged an enduring partnership for my film Besharam."

The 'Yuva' director added, "But to behold... Mr Salman Khan and family sabotaged the release of the film and got their PROs to run a sustained negative smear campaign against me and my film Besharam before release. This scared the distributors from buying my film. Reliance Entertainment and I were capable and courageous enough to release the film ourselves but the battle had just begun. My enemies, which there were many ran a sustained negative Trolling and badmouthing campaign against the film till the Box Office of my film collapsed. But to their horror, Besharam had still netted 58 crores before it went out of theatres."

"So they fought on... They sabotaged the Satellite release of the film that was pre-sold to Mr Jayanti Lal Gada who was the main agregator for Zee Telefilms those days. With Reliance's goodwill, they were able to re-negotiate the satellite rights sale with Gada for a much lesser price," he further said.

Talking about his projects and how they were affected, Kashyap added, "Over the next few years, all my projects and creative endeavours have been sabotaged and I have been repeatedly threatened with life and rape threats given to/for the female members of my family. The sustained gaslighting and bullying destroyed my mental health and that of my family and led to my divorce and breaking up of my family in 2017. They erred and sent some of these threats as texts, sent to me as sms from several numbers. Armed with evidence, I went to the police in 2017 to file an FIR which they refused to register but registered a non-cognizable complaint. When the threats continued, I forced the police to trace the numbers but they couldn't be traced back to Sohail Khan (the suspected sender). My complaint remains open to date and I still have all the evidence."

The director further wrote, "My enemies are sharp, cunning and always attack me from the back and stay Hidden. But the best part is after 10 Arbaaz Khan and Sohail Khan years, I know who my enemies are. Let it be known that they are Salim Khan, Salman Khan, Arbaaz Khan and Sohail Khan for. There are many other small fry's but Salman Khan family is the head of this venomous serpent. They use a clever mix of their ill-gotten money, political clout and connections with the underworld to intimidate anyone and everyone. Unfortunately truth is on my side and I am not going to give up like Sushant Singh Rajput. I refuse to cow down and will fight on till I see the end of either them or me. Enough tolerance. It's time to fight back."

The 'Dabangg' director wrote, "The suicide of Sushant Singh Rajput brings to the forefront a much bigger problem of what many of us have been dealing with. Exactly what might compel a person to commit suicide?? I fear his death is just the tip of the iceberg just like the #metoo movement was for a much bigger malaise in Bollywood."

Kashyap also made allegations that talent management agencies ruin the career and life of an actor, "The death of Sushant Singh Rajput brings under scanner the role YRF talent Management Agency might have played in pushing him towards his suicide but that is for the authorities to investigate. These people don't make careers. They ruin your career and life. Having suffered personally for a decade, I can confidently say every Talent Manager and all Talent Management Agencies of Bollywood are a potential death Trap for Artists. They are all basically white collared Dalaals and everyone is involved. They all have an unspoken code of conduct they adhere to. Their one simple mantra is, 'Hamaam me sab nange aur jo nange nahin hain, unko nanga karo kyonki agar ek bhi pakda gaya to sab pakde jayenge'. Following is mostly their modus Operandi'."

The director shared how the agencies find talented people and get them to sign a contract, "First the talent scout (Casting Directors, etc.) working on a cut/commission spots a needy wild talent from out of Mumbai with little connections or property. The talent is then lured with free invites to Bollywood parties and random Restaurant launches on the pretext of introducing them to celebrities. The Blinding glamour of celebs and lure of easy money is unleashed on the unsuspecting. Mind you they are all ignored and treated very badly at these parties so they feel demoralized and their self-confidence breaks."

He added, "Once the confidence is broken, the scouts offer them a multi-year exclusivity contracts and pressure them to sign-up for it by promising to protect them from predators or offering a pittance. Mind you, breaking these legal contracts means heavy penalties for these budding talents but the scout makes sure through bullying and coercion that there is very little option for the talent but to sign up. Once the talent is signed up with the Talent management agency, they give up their right to exercise free choice and their discretion in any matter concerning career and they are made to work as bonded labor with very little money. Even if they are brave and manage to escape the clutches of their Talent Management agency somehow, they are systematically boycotted and their name smeared till they jump ship to another Agency in the hope of a better tomorrow."

Talking further about the struggle of an actor, Kashyap said, "But that tomorrow never comes. Their new agency turns out to be the same. Over a period of few years, mostly the prime of any actor, the talent is repeatedly broken till they either commit suicide or they succumb to Prostitution and escort services (Yes male escorts also) to feed the ego and sexual appetite of the rich and powerful, not just in Bollywood but also in Corporate world and politics."

He concluded by writing, "So this is not a threat, it's an open challenge. Sushant Singh Rajput has moved on and I hope he is happier wherever he is but I will make sure that no more innocent will kill himself over lack of work with dignity in Bollywood. I hope suffering actors and creative artists will share my post on various social media platforms as will the media and people who patronize the entertainment industry."

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