Modi leaves for US, hopes visit will mark new chapter

September 25, 2014

New Delhi, Sep 25: Describing America as India's "vital partner", Prime Minister Narendra Modi today embarked on his first visit to the US confident that his five-day trip will mark a "new chapter" in bilateral strategic ties.

modiAs Modi seeks to promote India as open for business and to mend ties with the US after a bitter diplomatic row last year, Modi said he was looking forward to meeting President Barack Obama in Washington over two days.

The Prime Minister said he will discuss with Obama how Indo-US ties can be taken to a "new level" in the interest of the two countries as well as of the world.

Obama will host a rare private dinner for Modi at the White House on September 29, so as to establish a personal relationship with the Indian leader ahead of summit talks the next day. The two leaders are meeting for the first time.

The Prime Minister is expected to have only tea and lemonade at the dinner as his US visit coincides with the Navratri fast which he religiously observes every year.

"I will discuss with President Obama how we can use the strength of all that we share and all that we have built so far to take our relationship to a new level in the interest of our two countries and the cause of this world. I am confident that the visit will mark the start of a new chapter in our strategic partnership," he said in a statement before he took off on a special Air India plane.

Modi will have a stopover in Frankfurt tonight and will reach New York tomorrow and later proceed to Washington on September 29.

"I see the United States as a vital partner for our national development, drawing especially on the rich possibilities of partnership in education, skills, research, technology and innovation – and, above all, a shared commitment to human values.
Working together, and with others, we can bridge the many divisions of our times and contribute to building a more peaceful, stable, secure, sustainable and prosperous world," the Prime Minister said.

The case involving Indian diplomat Devyani Khobragade last year had escalated into a full-blown diplomatic spat between India and the US, casting a shadow on their ties. Khobragade was arrested and then strip-searched in New York for allegedly mistreating her domestic maid.

In New York, Modi will deliver his maiden address at the UN General Assembly on Saturday.

In his address at the 69th session of the UNGA, Modi said he will call for a stronger global commitment and more concerted multilateral action in addressing challenges of fragile global economy, turbulence and tension in many parts of the world, growth and spread of terrorism, the Ebola health crisis in Africa, climate change and eradication of poverty.

"I will also stress the urgency of early reforms in the United Nations, to ensure that it remains relevant and effective in dealing with the challenges of the 21st Century," he said.

Modi would be meeting as many as 11 top corporate honchos over breakfast on September 29 apart from one-on-one meetings with six more business captains the same day in New York. He will also be participating in a business meet, to be organised by USIBC that is expected to be attended by 300-400 businessmen in Washington on September 30.

"I look forward to meeting business leaders to invite them to participate more actively in India's economic growth and transformation. This is message that I will also convey to the US business community in Washington DC.

"My participation in a public event in Central Park in New York on poverty is to focus international attention on this great challenge for humanity and affirm my support for global civic action, especially involving the youth, to address it," said Modi.

Referring to his scheduled address at the Madison Square Garden in New York on September 28, he said he was keenly awaiting the opportunity to meet the Indian-American Community there.

"Their success in diverse fields, their contribution to the United States, their abiding bonds with India and their role as a vibrant bridge between the two largest democracies is a source of pride for us. They serve as a window to our heritage, progress and potential," he said.

Modi would also be meeting the top American political leadership ranging from former President Bill Clinton and former Secretary of State Hillary Clinton to Indian-American South Carolina Governor Nikki Haley.

In Washington, there is a very high level of expectation from Modi's meeting with President Obama.

Obama has gone out of his way to host a rare private dinner for Modi at the White House on September 29, so as to establish a personal relationship with the Indian leader.

Ahead of his main summit at the White House on September 30, Modi would visit the Martin Luther King Memorial and Lincoln Memorial in Washington and pay floral tribute to Mahatma Gandhi's statue in front of the Indian Embassy.

This would be for the first time that an Indian Prime Minister would have so many public and private engagements during a US visit.

New York City Mayor Bill de Blasio would make a courtesy call on the Prime Minister shortly after he arrives. Modi would also meet Nobel laureate Harold Eliot Varmus, who is the current Director of the National Cancer Institute.

He will pay a visit to the 9/11 memorial in New York on Saturday following which he is expected to drive down to the United Nations headquarters to address the 69th annual session of UN General Assembly. He would also meet UN General Secretary Ban Ki-moon.

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News Network
March 16,2020

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.

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News Network
June 22,2020

New Delhi, Jun 22: With an increase of 14,821 new cases and 445 deaths, India's COVID-19 count reached 4,25,282 on Monday.

According to the latest update by the Union Ministry of Health and Family Welfare (MoHFW), 13,699 deaths have been recorded due to the infection so far in the country.

The rise in confirmed cases today is lower than the highest spike of 15 thousand plus cases registered on Sunday.

The count includes 1,74,387 active cases, and 2,37,196 cured/discharged/migrated patients.

Maharashtra with 1,32,075 confirmed cases remains the worst-affected by the infection so far in the country. The state's count includes 60,161 active, 65,744 cured, discharged patients while 6,170 deaths have been reported due to the infection so far.

Meanwhile, the national capital today became the second-worst affected region in the country with the number of confirmed cases in Delhi reaching 59,746 as opposed to Tamil Nadu's 59,377 cases.

While 2,175 deaths have been reported in Delhi due to the infection so far, the toll in Tamil Nadu stands at 757.

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News Network
February 1,2020

New Delhi, Feb 1: India has uplifted 271 million people out of poverty, Finance Minister Nirmala Sitharaman said on Saturday.

In her second Budget presentation, the finance minister said the Budget for 2020-21, is woven around aspirational India, economic development and caring society.

The government aims to achieve seamless delivery of services through digital governance, she added.

"We shall strive to bring ease of living for every citizen," Sitharaman said.

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