Indra Nooyi inducted into US' National Portrait Gallery

Panaji, Feb 9: RSS general secretary Suresh Bhaiyyaji Joshi on Saturday said that anybody who wants to work (in India) will have to do so with the Hindu community and for their empowerment.

Addressing a lecture on the topic "Vishwaguru Bharat, an RSS perspective" at Dona Paula in Panaji, Mr Joshi referred to his communication with an intellectual who had said that India should become a "supre-rashtra" in the year 2020.

"Anybody who wants to work (in India) will have to work with the Hindu commumnity by taking them along and for their empowerment. Hindus have witnessed the rise and fall of India since the time immemorial. India cannot be separated from (the) Hindu (community). Hindus have always been at the centre of this nation," Mr Joshi said in Marathi.

He also added that since Hindus are not communal or antagonist, "nobody should be reluctant to work for the Hindu community".

The RSS leader further said, "The world says India will become a superpower in 2020, but I remember my conversation with an intellectual who had said that India should become a super-rashtra (super nation) in 2020".

Goa Chief Minister Pramod Sawant was among those who attended the lecture.

"To create awareness and unity amongst Hindus does not amount to (taking) an action against others (community). No one should feel it that way. We can say with utter self confidence before the entire world that Hindus becoming strong won't result in destructive activities, but (such proposition) will work for the society and humanity," he added.

Invoking history, Mr Joshi said Hindus never invaded other countries. "Whatever wars (they had fought) were for self defence. Everyone has the right to self defence," he said.

"It is India's duty to teach the world to walk on the path of ''samanvay'' (coordination). Nobody else other than India and Hindus can do this," Mr Joshi said.

He said some communities in the world keep preaching that only their path is "great".

"But we are from the (Hindu) community which says that we have our own path so as you. When the world will accept this ideology, then all the issues would get solved. It is the duty of India to take the world on that path," he added.

Mar 16: An investigation into Coffee Day Enterprises Ltd., initiated by its board after the death of founder V.G. Siddhartha, is likely to conclude that at least Rs 2,000 crore is missing from its accounts, according to people familiar with the matter.

The months-long probe following the suicide of Siddhartha in July examined the financial transactions of India’s largest coffee chain and its dealings with dozens of private companies owned by the entrepreneur. The draft report, running more than a hundred pages, points to thousands of rupees that have gone missing, said the people, asking not to be named because the details aren’t public. It also details hundreds of transactions between the founder’s listed and personal businesses that were not conducted at arm’s length, they said.

Though the report is in its final stages, the precise details could change before its release, expected as early as this week, the people said. The missing funds could total more than Rs 2500 crore, one person said.

“The investigation report is still a work in progress, and not finalized,” a spokesman for the company said. “The board of directors and the company are unaware of its content at this point of time. Hence it would be premature to speculate on the investigation findings.”

The priority for management and Siddhartha’s family “is to keep the business running in a challenging environment and meet all stakeholder commitments, including 30,000 jobs associated with the group,” the spokesman added.

The disappearance of the 59-year-old founder last year stunned India’s business community. He had last been seen telling his driver he was going for an evening walk along a bridge in southern India; his body was found by local fishermen two days later. A letter delivered to Coffee Day’s board and employees, which appeared to be signed by Siddhartha, described massive debts and complained of pressure from lenders and tax authorities. It claimed he bore sole responsibility for the company’s financial transactions.

The probe began about a month later when the company brought in Ashok Kumar Malhotra, a retired senior official from India’s federal enforcement agency, to investigate. A senior lawyer practicing in India’s top court is assisting, the company said in a regulatory filing at the time.

The publicly traded Coffee Day was supposed to be India’s answer to Starbucks Corp. More than 1,500 of its Café Coffee Day outlets blanketed cities and highways, with affordable options for the country’s aspiring middle classes. The chain’s tagline: “A lot can happen over coffee.”

But the empire has been battered since the founder’s death. Its shares plummeted about 90% and its market value dropped to about $80 million. Trading was suspended in February.

India’s regulators are tracking the situation and may use the company’s final report as part of a deeper dive into its internal affairs, the people said. Coffee Day showed about Rs 2400 crore in cash and cash equivalents on its balance sheet as of March 2019, the most recent figures the company has issued.

After the death of Siddhartha however, the company faced a severe liquidity crunch and had “zero cash in the bank,” according to one of the people. It struggled with day-to-day expenses and paying salaries has been a strain, the person said.

The draft report details personal guarantees by Siddhartha for loans taken by Coffee Day, and his unsecured loans at high interest rates from local money lenders, the people said. It also probes Coffee Day’s defaults to coffee growers and other vendors, they said.

A related issue is that coffee estates owned by Siddhartha and several employees had been used as collateral for bank loans. The report found that valuations for properties were inflated to get the loans, one person said.

Investigators have examined several theories about what happened to the company’s money, including whether Coffee Day was manipulating its finances to show cash and profit and whether Siddhartha was taking cash out of the listed company to pay off a large investor to whom he had guaranteed a return, the person said. From the filings of his listed and private companies, the entrepreneur’s loans had totaled more than Rs 10,000 crore, and he had been squeezed by borrowing to repay interest on earlier loans, the person said.

In the letter purportedly from Siddhartha, the entrepreneur said he had tried his best but failed as an entrepreneur. “I am solely responsible for all mistakes,” the letter read. “Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me and only me accountable, as I have withheld this information from everybody including my family.”

As the report nears release, Coffee Day is finalizing a deal with Blackstone Group Inc. for real estate assets. A large tranche of the payment is due in about a week, one person said.

Coffee Day said it is working to reduce its debt load by divesting non-core enterprises.

“The aim is to save employment and preserve this iconic Indian brand,” the spokesman said.

Jaipur, Jan 26: Rajasthan on Saturday on Saturday became the third state in the country to pass a resolution urging the Centre to repeal the Citizenship Amendment Act (CAA).

he resolution was passed in the state Assembly amid opposition by the BJP which accused the ruling Congress of pursuing appeasement politics.

It is the second Congress-ruled state to pass such a resolution after Punjab. The Kerala Assembly too had passed such a resolution against the CAA moved jointly by the ruling Left Front alliance and the opposition Congress-led UDF.

The Rajasthan Assembly resolution, passed by voice vote, also asked the Centre to withdraw the new fields of information that have been sought for updation of the National Population Register (NPR) 2020.

"It is evident that the CAA violates the provisions of the Constitution. Therefore, the House resolves to urge upon the government of India to repeal the CAA to avoid any discrimination on the basis of religion in granting citizenship and to ensure equality before law for all religious groups of India," the state's parliamentary affairs minister Shanti Dhariwal said, moving the resolution.

Leader of the opposition Gulab Chand Kataria of the BJP questioned the state's right to challenge the Act.

"Granting citizenship is a matter for the Centre. In such a situation do we have the right to challenge the CAA? The Congress should stop doing appeasement and vote bank politics," he said.