VHP man announces Rs 50 lakh booty on Swami Omji’s head

Jan 15: Uttar Pradesh Chief Minister Yogi Adityanath said on Tuesday that the Muslim population in India increased manifold since the partition because they were given special rights and facilities, according to a report by The Indian Express.

"The Muslim population in India has increased manifold since 1947, it has gone up by seven to eight times. No one has any objection. If they, as citizens of the country, work for development, they are welcome. Their population has increased because they have been given special rights and facilities. All possible steps were taken to ensure their growth," Adityanath said while addressing a rally in Gaya organised by the BJP in support of the Citizenship (Amendment) Act.

He asked the audience, "But what happened in Pakistan?" Claiming that the Hindu population in Pakistan had decreased since 1947, he asked why it was so.

Yogi said that the countrywide anti-CAA protests are a "conspiracy" hatched from afar by those resentful of a united and grand India and these are being aided by a "crooked" opposition. He further charged that those opposing the legislation were committing the "paap" (sin) of working against national interests.

"For taking such a step, Prime Minister Narendra Modi and Home Minister Amit Shah deserve acclaim. Instead, they are being attacked", Yogi lamented.

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.

Karachi, May 29: Investigators and rescue officials have found around Rs 3 crore in cash in the wreckage of the Pakistan International Airlines' aircraft that crashed wth 99 people on board, killing 97 people, including nine children.

Flight PK-8303 from Lahore to Karachi crashed in a residential area near Karachi International Airport on Friday, with only two passengers miraculously surviving the crash.

Investigators and rescue officials have found currencies of different countries and denominations worth around Rs 30 million from the aircraft's wreckage, an official said on Thursday.

"An investigation has been ordered into how such a huge amount of cash got through airport security and baggage scanners and found its way into the ill-fated flight," the official said.

He said that the amount was recovered from two bags in the wreckage.

"The process of identifying the bodies and their luggage which will be handed over to their families and relatives is going on," he said.

A total of 97 people including the aircraft crew died in the crash, one of the most catastrophic aviation disasters in Pakistan's history.

A government official said on Thursday that the identification of 47 bodies had been completed, while 43 bodies were handed over for burial.

Friday's accident was the first major aircraft crash in Pakistan after December 7, 2016 when a PIA ATR-42 aircraft from Chitral to Islamabad crashed midway. The crash claimed the lives of all 48 passengers and crew, including singer-cum-evangelist Junaid Jamshed.