Death threat to actor after standing against lynchings

New Delhi, April 5: Superstar Shah Rukh Khan on Sunday in a written message urged people to stay kind to each other and support each other in the testing times amid coronavirus crisis.
The message was shared by the actor's production company - Red Chillies Entertainment.

"At a time when the human race is facing an immense crisis, there can only be one true response: The expression of Humanity itself. This is a moment for all of us to come together in a collective effort to make each other kinder, stronger and braver to face the days ahead," said Khan.

The message from the megastar can be seen as an attempt to instill positivity and calm amidst the current situation of chaos.

"This crisis is not going to pass in a hurry, it will take its time and its toll on all of us. It will also show us that there isn't really a choice between looking out for ourselves and looking out for one another," he said.

"There's nothing more obvious in the spread of this pandemic than the fact that each one of us is inextricably connected to each other, without any distinction," he added.

He urged people to stay compassionate towards each other and also said that how we deal with this pandemic will define India as a Nation.

"So, while we do whatever we can to support each other in our own small ways, the compassion we show to those who are likely to face the most brutal brunt of both, the pandemic and its economic consequences will define us as a generation and as a Nation," the 'Kal Ho Na Ho' actor said.

"The scourge we are up against. is fearsome and unknown to us. Like all uncharted paths, our journey to overcome every new challenge it throws at us will be arduous. There will be times when the best intentions might yield the wrong results. There may also be times when we accidentally stumble upon important solutions," he added.

The 54-year-old actor urged people to confront each challenge with courage and said that he will do his best it.

"All we can really do is try our utmost to adapt and confront each challenge with courage. As a nation, and as a people, it is our duty to give it all we've got. I am going to try my best and I know each one of you will do so too. Only together we will able to fight through these difficult and unimaginable days. Together. we will overcome," he said.

He also added short poetry which said that a bright day follows this dark night and new beginnings of the day are awaiting.

"Raat ke baad naye diin ki sahar aayegi, Din nahi badlega, tareekh Badal jayegi..." read the message.

King Khan ended the message by urging people to ta maintain a physical distance with others.
"I pray for you and your families, please do the same for me. And follow Physical Distancing..........Physical Distancing.. Physical Distancing...PLEASE," said Shah Rukh Khan.
Earlier on Saturday, the Padma Shri awardee along with his wife Gauri Khan offered their personal office space in Mumbai for quarantine purpose for children, elderly and women.
The couple has also made donations to the PM CARES Fund and shared that his companies -- Kolkata Knight Riders, Red Chillies Entertainment, Meer Foundation, and Red Chillies VFX -- are taking several initiatives to support the relief efforts.

Mar 11: In a bid to keep its flock together, the crisis-hit Madhya Pradesh Congress has decided to shift its 92 MLAs either to Jaipur or some other place.

The move comes after 22 Congress MLAs loyal to former Union minister Jyotiraditya Scindia resigned on Tuesday, pushing the 15-month-old Kamal Nath government to the brink of collapse.

"We are going to take our 92 MLAs and those supporting our Madhya Pradesh government to a hotel," a senior Congress leader said on Wednesday.

The legislators would be taken either to Jaipur or some other Congress-ruled state like Chhattisgarh, a party source said.

Apart from its own MLAs, the Congress is also keeping a close watch on four Independents who are supporting the party-led state government.

On Tuesday, 22 Congress MLAs from Madhya Pradesh resigned soon after Scindia quit the party.

The development reduced the Congress government in the state to minority.

The state Congress unit is now making all efforts to save the Kamal Nath-led government.

The BJP on Tuesday night shifted its MLAs to Manesar at Gurugram in Haryana, sources in the saffron party said.

The Congress, whose tally before the rebellion was 114, has a wafer-thin majority in the Madhya Pradesh Assembly whose current effective strength is 228.

It also has the support of four Independents, two BSP legislators and one SP MLA, but some of them are now likely to switch sides to the BJP.

The BJP has 107 seats in the state Assembly.

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.