Togadia speading venom: Cong, other parties; EC seek recording

April 22, 2014

EC_seekNew Delhi/Rajkot, Apr 22: Congress and several other parties today came down heavily on Pravin Togadia for "spreading venom" through his reported remarks that Muslims should be stopped from buying property in Hindu areas and said that the VHP leader should be "hospitalised" for treatment.

Meanwhile, the Election Commission has sought the recording of the speech made by Togadia in Bhavnagar on Saturday.

"They (EC officials) are in the process of acquiring the recording of the statement made by Togadia and after listening to it they will decide the future course of action," Bhavnagar District Collector and Returning Officer P K Solanki said in Rajkot today.

While NDA ally Shiromani Akali Dal said the Indian society has no place for such people, RSS dismissed the report, saying that "no swayamsevak thinks on such divisive lines."

"He always spreads venom, you know that. And he belongs to that category of people in this country who do not believe in the unity and the integrity of India. What can you say about people like this?," Congress leader and Union Minister Kapil Sibal said.

"It (statement) spreads venom and it is for the authorities to decide," he said.

Togadia had reportedly joined a group of VHP and Bajrang Dal members in a street protest in Rajkot on Saturday outside a house purchased by a Muslim businessman. Togadia reportedly told the gathering to take forcible possession of the house.

Condemning the statement, Congress leader Rashid Alvi said, "I think Togadia should be given treatment. He should be hospitalised.

"In this country, if Hindus stay in a Hindu area and Muslims in a Muslim area, and they are not allowed to buy property in each other's areas, it will be against the Constitution," Alvi said.

Naresh Gujaral of Shiromani Akali Dal said while he is not aware of what Togadia has exactly said, India has survived because of its democracy.

"Democracy can survive only if there is accommodation and acceptance for each other....We can't be rigid about these things and anybody who speaks this kind of language has no place in our society," he said.

Denying the reports that Togadia has made such a statement, RSS spokesperson Ram Madhav said, "I have spoken to Praveen Togadia. He completely denies making such comments. It is fabricated.

"No Swayamsevak thinks on such divisive lines. They think of all people as one. One people, one nation," he said.

Slamming the statement, JD(U) leader K C Tyagi said, "Togadia seems to be influenced by Taliban mentality....No action has been taken against him due to a weak government".

Fatehpuri mosque's Mufti Mukkaram said the VHP leader should be arrested immediately.

The "government should take action against him. The Election Commission should also take action against him. This is conspiracy to spread riots. He should be booked for spreading communal tension," he said.

CPI(M) lashed out at the VHP leader for his "hate speech" and sought his immediate arrest, saying that Gujarat Chief Minister Narendra Modi, who also holds the Home portfolio, should take this action.

"As the Home Minister of Gujarat, Modi should himself act (against Togadia) for his hate speech. If he doesn't, then it is clear that Togadia said all this with his blessings," CPI(M) leader Sitaram Yechury said.

Yechury's party colleague Brinda Karat demanded the immediate arrest of Togadia, saying, "This shows the Modi style of governance of giving protection to those who should be behind bars for his hate speech and communal statement in Bhavnagar."

Yechury said that under the 'Gujarat model', "there has already been compartmentalisation of areas in the state for Hindus and Muslims. This is ghettoisation of India and is the real Gujarat model which is the real danger."

He also demanded immediate action against Togadia by the Election Commission and the law and order machinery.

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News Network
June 9,2020

New Delhi, Jun 9: Petrol price on Tuesday was hiked by 54 paise per litre and diesel by 58 paise a litre - the third straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.00 per litre from 72.46, while diesel rates were increased to Rs 71.17 a litre from Rs 70.59, according to a price notification of state oil marketing companies.

This is the third daily increase in rates in a row. Oil companies had on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.

Oil PSUs - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.

International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.

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News Network
June 19,2020

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.

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News Network
July 23,2020

New Delhi, Jul 23: Riding high on foreign investors buying stakes in Jio Platforms, Reliance Industries Ltd Chairman Mukesh Ambani became the world’s fifth-richest person Wednesday, edging past American investor Warren Buffett on the real-time ranking of billionaires by Forbes. With an estimated wealth of $75 billion, Ambani is only next to Facebook co-founder and CEO Mark Zuckerberg, whose wealth is pegged at $89 billion.

Buffet had slipped down the rankings after donating more than $37 billion of Berkshire Hathaway Inc. stock since 2006 to charity. Berkshire Hathaway’s stock performance has also underwhelmed recently.

Amazon founder and CEO Jeff Bezos still sits at top in the richest list, with a net worth of $185.8 billion. He is followed by Microsoft co-founder Bill Gates with net worth of $113.1 billion and luxury group LVMH Moet Hennessy Louis Vuitton’s chief Bernard Arnault, with a net worth of $112 billion. Facebook CEO Mark Zuckerberg is at the fourth position in the Forbes list.

Shares of Ambani’s conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc, Silver Lake, Intel, and most recently, Google. The US tech giant has committed a capital infusion of Rs 33,737 crore for a 7.7 per cent stake on Jio Platforms.

The total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore. RIL has raised a total of Rs 2,12,809 crore through a rights issue, the combined investments in Jio Platforms and investment by BP.

During the Reliance AGM last week, Ambani had said RIL has made its net-debt free ahead of a March 2021 target due to recent investments. Ambani said Jio has designed and developed a complete 5G solution that’s ready for launch as soon as spectrum is made available next year.

Jio and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store, Ambani said.

RILs market value jumped to Rs 12.7 lakh crore or $170 billion on Monday, making it the 51st most valued company in the world. Between April 1 and July 13, RIL has gained $81 billion in market capitalisation and has climbed 47 places from being the 98th most valued company on April 1 to 51st most value company now.

The share price of RIL has risen by 120 per cent over the last four months for Rs 883 per share on March 23, 2020 to Rs 1,939 on Monday. Since April 22, when Facebook Inc announced an investment of Rs 43,574 crore in Jio Platforms for 9.99 per cent equity stake, Jio Platforms has announced investments by 12 other investors. The total investment by these 13 investors over the last 12-weeks amounted to Rs 118,318 crore.

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