BJP's Kerala unit chief Rajasekharan sworn in as Mizoram Governor

Patna, Jun 27: As Sushant Singh Rajput’s family tries to come to terms with his loss, they have decided to honour his legacy and celebrate his passion for cinema, science and sports.

In an emotional statement shared on Saturday, the Bollywood actor’s family remembered him as a “free-spirited” person who worked hard to turn his dreams into reality.

“He was free-spirited, talkative and incredibly bright. He was curious about just everything. He dreamed without restraints, and chased those dreams with the heart of a lion. He smiled generously. He was the pride and inspiration of the family,” the statement read.

Rajput, 34, known for films like Kai Po Che!, MS Dhoni: The Untold Story and Chhichhore, was found dead in his Bandra apartment on June 14, sending shockwaves in the film industry and elsewhere.

The family said that the actor’s untimely demise has created an irreparable void in their lives.

“We can’t bring ourselves to accept that we wouldn’t get to hear his easy laughs anymore. That we wouldn’t see his sparkling eyes again. That we wouldn’t hear his endless rants about science again. His loss has created a permanent, glaring void in the family that will never be filled.”

Thanking his admirers for being a constant support as they try and recover from the loss, the family added that Rajput, “truly loved and cherished every single one of his fans.”

The actor, who made the storybook transition from Patna boy to television and then the starry lights of the Hindi film industry, was the youngest of five siblings and is survived by his father and four sisters. His mother had passed away in 2002 when he was a young teen.

To honour his memory and legacy, the family has decided to set up Sushant Singh Rajput Foundation (SSRF) that will support young talents in cinema, science and sports.

His childhood home in Rajiv Nagar, Patna, will be turned into a memorial, where all his personal memorabilia and belongings, that include thousands of books, his Meade 14’’ LX-600 telescope, flight-simulator, will be on display for his fans and admirers.

The actor’s family, who used to fondly call him Gulshan, will also maintain his social media accounts as legacy accounts to keep his memories alive.

Rajput started his acting career with television after dropping out from Delhi Technological University in the early 2000s. He was one of the few talents to have made a successful transition to movies.

The actor made his Bollywood debut in 2013 with Kai Po Che!. In past seven years, he had featured in a number of hits including blockbusters Neeraj Pandey’s MS Dhoni: The Untold Story and Chhichhore by Nitesh Tiwari.

Tiwari’s 2019 hit was Rajput’s last theatrical release.

On Thursday, it was announced that Dil Bechara, which is the actor’s last movie he shot for, will premiere on Disney + Hotstar on July 24.

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

Thiruvananthapuram, April 5: Kerala Health Minister KK Shailaja on Sunday said that the state's preparations for containment of COVID-19 were satisfactory and added that PCR tests were going on in nine laboratories, in which upwards of eight thousand samples have been tested so far.

"Our strategy for the containment of COVID-19 is satisfactory. We are yielding good results from our strategy for tracing, isolation, testing & treatment. PCR test is going on in 9 laboratories. We have tested more than 8000 samples so far," Shailaja told ANI here.

She further said that the state government wanted to implement Rapid test in Kerala and added that they had ample PPEs and N95 masks.

"We want to implement Rapid Test in Kerala. Yesterday, we got 2000 kits; Right now, we have sufficient PPEs and N95 masks. If the number of COVID19 cases increases in the coming weeks then we will need more equipment," Shailaja said.

Keeping up with the need of the hour, the new administrative block of Kasaragod Medical College will soon be converted into a COVID-19 hospital for providing better treatment facilities to the coronavirus patients.

A team constituting 26 doctors and medical staff of the Government Medical College, Thiruvananthapuram will join the efforts of converting the new administrative block into a COVID-19 Hospital in Kasaragod on Sunday.

The total number of COVID-19 positive cases rose to 3,374 in India on Sunday, as per the data provided by the Ministry of Health and Family Welfare.