Namaz should be offered in mosques, not on roads: Haryana CM on Gurugram incident

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

New Delhi, Feb 29: Former Union Minister M J Akbar told a Delhi court on Friday that journalist Priya Ramani had defamed him by calling him with adjectives such as 'media's biggest predator' in the wake of #MeToo movement in 2018 that harmed his reputation.

M J Akbar made the allegations before Additional Chief Metropolitan Magistrate Vishal Pahuja through his lawyer during the final hearing of a private criminal defamation complaint filed by him against Priya Ramani. Akbar resigned as Union minister on October 17, 2018.

Ramani in 2018 accused Akbar of sexual misconduct around 20 years ago when he was a journalist.

Senior advocate Geeta Luthra, appearing for Akbar, said that the allegations were intentional and malafide.

“When you call someone media's biggest predator, it is per se defamatory. Calling a person with such adjectives is on the face of it defamatory. In the eyes of the people, Akbar's reputation was harmed... The per se effect was lowering of my (Akbar) reputation in the eyes of the right thinking members of the society,” she told the court.

She said there was no due process in the allegations. “It has a cascading effect. Embarrassing questions were asked. I (Akbar) am a person of greatest integrity... There was no due process in the allegations. You cannot just make allegation and let that person suffer,” she added.

Luthra said that if there was any grievance, it had to be raised then and there before the appropriate authority.

“We need to realise the effect has what we say or what we do. It's not like she went to any authority or raised any grievance. Opportunity was there, rights were there but to attack so person behind their back on social media...knowing that his whole life will be adversely affected? It's not right,” she said.

M J Akbar has denied all the allegations of sexual harassment against the women who came forward during #MeToo campaign against him.

Akbar had earlier told the court that the allegations made in an article in the 'Vogue' and the subsequent tweets were defamatory on the face of it as the complainant had deposed them to be false and imaginary and that an “immediate damage” was caused to him due to the “false” allegations by Priya Ramani.

Ramani had earlier told the court that her “disclosure” of alleged sexual harassment by Akbar has come at “a great personal cost” and she had “nothing to gain” from it.

She had said her move would empower women to speak up and make them understand their rights at workplace.

Several women came up with accounts of the alleged sexual harassment by M J Akbar him while they were working as journalists under him.

He has termed the allegations “false, fabricated and deeply distressing” and said he was taking appropriate legal action against them.

May 22: A Pakistan International Airlines (PIA) flight on its way from Lahore to Karachi, crashed in the area near Jinnah International Airport on Friday, according to Civil Aviation Authority officials.

Geo News reported that the plane crashed at the Jinnah Ground area near the airport as it was approaching for landing. There were more than 90 passengers on board the Airbus aircraft. Black smoke could be seen from afar at the crash site, say eye witnesses.

There were no immediate reports on the number of casualties. The aircraft arriving from the eastern city of Lahore was carrying 99 passengers and 8 crew members, news agency AP said, quoting Abdul Sattar Kokhar, spokesman for the country’s civil aviation authority.

Witnesses said the Airbus A320 appeared to attempt to land two or three times before crashing in a residential area near Jinnah International Airport.

Flight PK-303 from Lahore was about to land in Karachi when it crashed at the Jinnah Garden area near Model Colony in Malir, just a minute before its landing, Geo News reported.

Local television reports showed smoke coming from the direction of the airport. Ambulances were on their way to the airport.

News agency said Sindh’s Ministry of Health and Population Welfare has declared emergency in all major hospitals of Karachi due to the plane crash.

It’s the second plane crash for Pakistani carrier in less than four years. The airline’s chairman resigned in late 2016, less than a week after the crash of an ATR-42 aircraft killed 47 people. The incident comes as Pakistan was slowly resuming domestic flights in the wake of the coronavirus pandemic, Bloomberg reported.