Rajasthani cuisine beckons at Sagar Ratna food fest

Newsroom, Apr 30: Beleaguered billionaire B R Shetty, who went into hiding after after a multi-billion fraud at UAE-based NMC Health came to light, has now put the blame on his companies employees.

The former chairman of the Abu Dhabi headquartered hospital operator said, investigations he commissioned found following things:

1. The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.

2. The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.

3. The creation and set-up of companies in my name that I neither authorised, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.

4. The fraudulent creation of powers of attorney, and the misuse of existing powers of attorney, again in my name, that I that I neither authorised, consented to, or had any knowledge of.

5. The creation and provision to me of false and misleading financial statements and information regarding the performance of some of my private companies and investments by members of my own management team.

6. The payments of expenses using my private companies and personal bank accounts, I believe to hide the true financials of the public companies."

This is the first time Dr. Shetty, who is reportedly hiding in India for the last couple of months, issued a statement based on investigations he commissioned privately. He had brought in a consultancy to conduct it after initial revelations came to light that NMC Health had not been fully transparent with its finances.

Dr. Shetty had stepped down as executive chairman after the then Board of Directors barred him from attending any meetings. “I intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them ensure that misappropriated or missing funds are returned by the perpetrators to their rightful owners,” said Dr. Shetty.

This month, ADCB, which has the highest exposure among UAE banks to NMC Health, brought charges against five former officials, including ex-board of directors, with Abu Dhabi prosecution. The former CEOs of NMC Health and Finablr are also currently not in the UAE.

Bengaluru, Jan 10: Education technology company Byju’s is learnt to have raised $200 million in a funding round from Tiger Global Management, which has valued the Bengaluru-based start-up at around $8 billion, making it the third-largest unicorn (start-up valued over $1 billion) in the country.

With this, the Byju Raveendran-founded company has seen over 50 per cent jump in its valuation in just around nine months. In March 2019, Byju’s was valued $5.4 billion, when it raised around $31 million from General Atlantic, and Chinese investment giant Tencent.

At the current valuation, Byju’s has now replaced home-grown cab-hailing major Ola as the third-largest unicorn, next only to Paytm and OYO, which are valued around $16 billion and $10 billion, respectively.

Byju’s confirmed the transaction through a press statement, though the company declined to share any specific details of the deal. Tiger Global could not be immediately reached for its comments.

“We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” said Raveendran. “This partnership is both a validation of the impact created by us so far and a vote of confidence for our long-term vision.”

This is Tiger Global’s first investment in the edutech space in India after Vendantu, an online tutoring platform, where it, along with WestBridge Capital, led a $42-million round in August.

An early backer of India’s internet growth story, the New York-headquartered Tiger Global has been a prolific investor in the Indian start-up space. Its portfolio in the country ranges from consumer focused e-commerce companies that are vital for the growth of the sector, such as Flipkart, Delhivery, Grofers, Quikr and PolicyBazaar, to mention a few.

After tasting success with Flipkart, one of its earliest investments, where it had pumped in around $1 billion, the PE major is now doubling down its focus on the Indian start-up space, under its new investment head Scott Shleifer.

Shleifer, who set up international private equity practice for Tiger Global, is said to be as aggressive deal maker like his predecessor Lee Fixel, who left the investment firm in March. Since then, Tiger has also invested in a host of technology-focused companies in diverse sectors including Ninjacart, CRED, NoBroker and Facilio to mention a few.

“Byju’s has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” Shleifer was quoted in the press statement issued by the edutech firm.

Bengaluru, Mar 13: Senior IPS officer KSR Charan Reddy, who was the Additional Director General of Police in Criminal Investigation Department, Karnataka passed away in Bengaluru on Friday after prolonged illness. 

He was reportedly battling cancer for at least three years now and had suffered multiple recurs after treatment. 

"Shri Charan Reddy, IPS, ADGP, Karnataka State, passed away this morning, after a prolonged illness. He was one of our finest officers. Always stood tall and held his head high!! May his soul rest in peace," Retired IPS officer and former Director General of Police (Fire Services) MN Reddi tweeted. 

IPS officer Charan Reddy was heading the Special Investigation Team of the Lokayukta when he arrested Vijayanagara MLA Anand Singh in 2015 for illegally transporting iron ore out of Ballari. The illegal mining scam had rocked the former BJP government in 2011.

Karnataka Chief Minister BS Yediyurappa condoled his death and said that he was an honest officer in the state. "Charan Reddy was a dedicated and honest officer. I pray that his soul rests in peace. I pray that god gives his family the strength to go through such a turbulent time after his departure," BS Yediyurappa tweeted. 

A 1993-batch IPS officer, Charan Reddy KSR is originally from Chittoor and has served under various departments of the state's police force. He was serving as the Inspector General of Police in Belagavi division in 2013, when he was transferred to Bengaluru as the IGP (Training). In 2014, he was posted as the IGP of the SIT probing the illegal mining scam in which former Tourism Minister Gali Janardhana Reddy is also allegedly involved.

He was transferred out of the SIT in Lokayukta in 2016 and posted as Additional Commissioner of Police (law and order) in Bengaluru. He served as the ADGP of Crime in Mangaluru in 2018 and was later appointed as the Additional Director General of Police (training) the same year. In 2019, he was transferred and appointed as the ADGP of CID.