Bollywood legend Sridevi passes away due to cardiac arrest in Dubai

Jan 23: Calling himself an optimist who believes in the goodness of people, director Kabir Khan says everything these days is being looked at through the prism of religion but India is about more than that.

The director of blockbusters such as Bajrangi Bhaijaan and Ek Tha Tiger said he is happy he has a platform as a filmmaker to present a counterpoint to the prevailing narrative based on religious fault lines.

"I’m an optimist who believes in the goodness of the people. But yes, there is a certain level of bigotry that has crept in. Everything is being looked at through the prism of religion but India is not about that.

"It sounds like a cliché but when I was growing up, I was not aware of my religion. That was the greatness of this country,” Kabir told news agency.

He said he is a product of a mixed marriage and is pained to see the social fabric being tattered.

“I have celebrated the best that Indian secularism has to offer. But to see the greatness of this country being simplified and broken down into religious fault lines is a painful experience,” he added.

According to Kabir, it is dangerous to see history through the prism of religion, whether in cinema or society. But it is important to revisit history to know what happened and one can always find something that is relevant for the present, he said.

The director, who started as a documentary filmmaker, returns to his roots for a five-episode series on Subhas Chandra Bose's Indian National Army, The Forgotten Army: Azaadi Ke Liye, on Amazon Prime, his most expensive project yet.

Asked whether this is a difficult time for filmmakers, Kabir said he believes art thrives in the time of strife and, as a storyteller, his politics will always reflect in his work.

“Every film has its politics and every filmmaker has to reflect his or her politics. Every film of mine will reflect my politics and it will never change according to the popular mood of the audience. But a film should not be just about that. Politics should be in the layers beneath," he said.

He terms his 2015 Salman Khan-starrer Bajrangi Bhaijaan an "extremely political" film. At face value, it can also be enjoyed as the story of a mute Pakistani girl who drifts into India and is taken back to her homeland by a Hanuman devotee. But there is so much more. The "chicken song", for instance, was a sly reference to the beef ban controversy at the time, he said.

"I won’t say it is a difficult time for me as a filmmaker. It is good that I have a platform where I can talk and present a counterpoint and I refuse to believe that the entire country believes the narrative that is being sent out. There are millions and millions of people, and perhaps the majority, that does not believe. And if I present the counterpoint, they will think about it.”

Discussing his new series, the director said it has always fascinated him that the sacrifice of the men and women who comprised the INA is just a forgotten footnote in history.

“I wanted to make something that stands the test of time. It goes down in posterity,” Khan, who first explored the subject in a Doordarshan documentary 20 years ago, said.

For the documentary, he traveled with former INA officers Captain Lakshmi Sahgal and Captain Gurbaksh Singh Dhillon from Singapore to India via erstwhile Burma, retracing the route that the INA followed.

“The documentary got me a lot of attention and acclaim but the story just never left me. It's actually the first script I ever wrote and I landed up with that script in Bombay from Delhi. I realised very soon that nobody's going to give me a budget of this size to make my first film.

"And then after every film, I would pick up the script and say, ‘Okay, this is the one I want to make’, because this is the story that made me want to become a filmmaker. On the way, I ended up making eight other films but this is really the story that I wanted to make,” he said.

Kabir is happy that the story has come out as a series, not a film, as it would have required to compromise with the budget and other elements.

"Without giving any numbers, this is the most expensive project I have ever worked on… It required that kind of budget."

Kabir believes the INA was responsible for bringing down the morale of the British establishment, which realised it would be impossible to keep the country colonised without the support of the local army.

"There are a lot of debates and discussions about what happened with the INA and the controversies around it. The whole point is that, if you want to judge what the Army did, sure that's your prerogative, but at least get to know what they did. Nobody knows what happened with the Army from 1942 to 1945."

He added that 55,000 men and women of the INA fought for independence and 47,000 of them died.

"Not a single person from that Army was ever taken back into the independent Army, which is such an amazing fact... the fact that the British called them traitors became the narrative and we also started assuming that they were traitors."

"They were the only women's regiment in the whole world 70 years ago. That's what they thought about women's importance in society. I don't know whether they will be happy with what the current situation is," he said.

New Delhi, Feb 23: Hailing the role of first Prime Minister Jawaharlal Nehru in shaping India a modern nation state, former Prime Minister Manmohan Singh on Saturday hit out at the Narendra Modi-led Central government, saying "nationalism" and the slogan of 'Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India.

Speaking at the launch of a book on Jawaharlal Nehru's works and speeches, Singh said: "I am extremely happy that this book makes an effort to revisit Pandit Nehru. He had led this country in its volatile, formative days when we adopted democratic way of life, accommodating divergent social and political views."

The former Prime Minister said that Nehru, who was very proud of Indian heritage, "assimilated it", and harmonised them into the needs of a "new modern" India.

"A great visionary, Nehruji laid the foundation for shaping India as a modern nation state," he said.

Highlighting the works of the first Prime Minister, Singh said: "If India is recognized in the comity of nations as a vibrant democracy and, if it is considered as one of the important world powers, it was Nehru, who should be recognised as its main architect."

He said Nehru was not only a statesman of high international standing, but a great historian and literary figure too.

"With an inimitable style, and a multi-linguist, Nehru laid the foundation of the universities, academies and cultural institutions of Modern India. But for Nehru's leadership, Independent India would not have become what it is today," he said.

Taking an apparent dig at the BJP government, he said: "But unfortunately, a section of people who either do not have the patience to read history or would like to be deliberately guided by their prejudices, try their best to picture Nehru in a false light.

"But I am sure, history has a capacity to reject fake and false insinuations and put everything in proper perspective," he said.

He said the book "Who is Bharat Mata" is such an attempt to set the narrative in the right direction.

Singh said that selecting appropriate pieces from Nehruji's works, the book justifies its title "Who is Bharat Mata?"

"As this book contains a timely collection of writings by and on Pandit Jawaharlal Nehru- the leader, who shaped India and the Icon whose legacy is the subject of intense and often angry reaction today.

The book also comprises reminiscences and assessments of Nehru by some of his contemporaries and near contemporaries-among them, including Mahatma Gandhi, Bhagat Singh, Sardar Patel, Maulana Azad, Aruna Asaf Ali, Sheikh Abdullah, Ramdhari Singh Dinkar, Ali Sardar Jafri, Baldev Singh, Martin Luther King Jr, Richard Attenborough, Lee Kuan Yew and Atal Bihari Vajpayee.

"It is a book of particular relevance at a time when nationalism and the slogan of ‘Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India that excludes millions of residents and citizens," Singh said attacking the BJP government.

The two time Prime Minister further said that in the pages of the carefully complied anthology-which also carries illuminating introductions by the authors Nehru emerges as a "remarkable man of ideas and action", who had an instinctive understanding of India's civilisational spirit and as a visionary with clear commitment to the promotion of scientific temper, who despite the compulsions of politics, remained a true democrat.

"His legacy continues to be of immense significance-perhaps more today than at any other time in our history," he said.

He also warned that "Nehru makes a very significant and time relevant remark on the dangers of leaderships falling into a trap and getting removed far away from the common people whom they are supposed to serve".

"In an atmosphere, when emotions are deliberately get provoked and the gullible are misled by false propaganda, misusing communication technology, this book makes a refreshing break through," Singh added.

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.