UAE amnesty to end on Nov 30; no more extensions

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, Jan 20: The BJP has got a brand new President in the form of JP Nadda. At around 2.30 pm, the announcement was made, bringing an end to the Amit Shah era in BJP. The party's Working President Jagat Prakash Nadda won unopposed, sparking celebrations outside the BJP headquarters here on Monday. 

Amit Shah himself was among the people who proposed Nadda's name along with Nitin Gadkari and Rajnath Singh. Soon after his annointment, BJP election returning officer Radha Mohan Singh told the media, "I announce JP Nadda as the new BJP President." Shah was also seen hugging Nadda.

The nomination process for the post of the BJP President began at 10 am and went on till 12.30 pm. For the next hour, the filed nomination paper, which was just one, was examined. Party members waitied till 2.30 pm for the candidate to withdraw if he wished to. It was after this that Nadda was declared as the man who would step into the shoes of Amit Shah.

Many in the BJP believe that although Nadda is the BJP chief now, Shah would still make all macro-level decisions like pre poll alliances or top organisational appointments. Nadda would be in charge of monitoring the day-to-day needs of the organisation. BJP sources say that Amit Shah himself wanted an arrangement like this one and personally wanted Nadda to take over. as he helped Shah formulate legislations like Triple Talaq and Citizenship Amendment Act.

The party constitution mandates completion of election of at least 50 per cent of state Presidents for the election of national President to happen. In the last few days, the BJP has completed the election of a slew of state Presidents like in West Bengal, Nagaland among others.

The process of election of the national BJP President is quite elaborate and has been described in detail in the party constitution, which says that the national president shall be elected by an electoral college, comprising members of the national council and the state councils.

"Any 20 members of the electoral college of a state can jointly propose the name of a person, who has been an active member for four terms and has 15 years of membership, for the post of national president. Such joint proposal should come from not less than five states where elections have been completed for the national council. The consent of the candidate is necessary," it says.

Who is JP Nadda?

Jagat Prakash Nadda, 59, who has his roots in the Rashtriya Swayamsevak Sangh (RSS) and its affiliates, was appointed the Bharatiya Janata Party (BJP) national President on Monday, replacing his 'mentor' and Union Home Minister Amit Shah.

Former environment, health and law minister from Himachal Pradesh, which has just four of the Lok Sabha's 543 seats, Nadda has tried to carve out his own space in national politics with his low profile and astute organisational skills, believe his party leaders.

He rose through the ranks from the Akhil Bharatiya Vidyarthi Parishad (ABVP), the student wing of the RSS, from where he has managed to build inroads from university to the state politics.

Nadda has been active on the national political scene since 2010 when he was picked by then BJP chief Nitin Gadkari to join his new team. He was made the party's national general secretary.

Born on December 2, 1960, Nadda did his graduation from Patna and holds a post-graduate degree in political science and Bachelor of Legislative Law (LL.B) from Himachal Pradesh University in Shimla.

Starting his political career as a student leader of the ABVP in 1978, Nadda had also worked both with Gadkari and Shah even in the party's youth wing -- the Bharatiya Yuva Morcha -- from 1991 to 1994.

His wife Mallika Nadda, who teaches history at the Himachal Pradesh University and is currently posted in university's campus in Delhi, was an ABVP activist too, and its national general secretary from 1988 to 1999.

In the previous BJP government (2007-12) in the state, Nadda was forced to resign as Forest Minister in 2010 owing to differences between him and then chief minister Prem Kumar Dhumal.

He was elected to the Rajya Sabha in 2012.

Nadda won his first Assembly election from Bilaspur (Sadar) in Himachal in 1993. In 1998, he again won from that seat and became the state Health Minister.

He lost the Assembly elections in 2003, but again won in 2007 and was appointed the Forest Minister in the Himachal Pradesh.

Nadda, as a forest minister, was the brain behind opening forest police stations to check forest crimes, launching community-driven plantation, setting up forest ponds and the massive plantation of deodars to boost the depleting green cover of the 'Queen of Hills', as Shimla was fondly called by the British.

A close confidant of Prime Minister Narendra Modi, Nadda was among those who were mentioned as likely aspirants to the BJP top post after Rajnath Singh was inducted into the Central government as the Home Minister in 2014.

Later, Nadda was inducted into the union cabinet in its first expansion in 2014 as the Health Minister.

Hailing Nadda's appointment, Chief Minister Jai Ram Thakur told IANS it is a proud moment that a leader belonging to a small state in the national politics is today the leader of the country's biggest national party.

His father N.L. Nadda, who was a Vice-Chancellor of the Ranchi University, resides in Bilaspur town.

Dhaka, Jan 3: Bangladesh's paramilitary force chief said on Thursday that a total of 445 Bangladeshi nationals returned from India in last two months following the publication of the National Register of Citizens (NRC) by the Indian government.

Border Guard Bangladesh (BGB) Director General Maj Gen Md Shafeenul Islam disclosed the figure during a press briefing here.

"About 1,000 people were arrested in 2019 for illegal border crossings from India to Bangladesh, with 445 of them returning home in November and December," he said.

After verifying their identities through local representatives, BGB came to know that all the intruders are Bangladeshis, Islam said, adding that 253 cases were lodged against them for illegal trespass, while initial investigations found that at least three of them were human traffickers.

The BGB Director said the trespassing did not create any tension between the border forces of Bangladesh and India.

Last week, Islam visited India where he said that the creation of the NRC is completely an "internal affair" of India and the cooperation between the border guarding forces of the two countries is very good.

He said the BGB will continue to do its work of preventing illegal border crossings as per its mandate.

A BGB delegation, led by Islam, was on a bilateral visit to India to hold DG-level border talks with its counterparts, the Border Security Force (BSF).

The talks took place from December 26-29, during which a host of issues related to cross-border smuggling and activities of criminals and others along the 4,096-km-long front were discussed.

Responding to a question, Islam said, "No discussion was held at the conference over the (NRC) issue".

He said during the five-day talks held in New Delhi, the BGB demanded that the BSF should take effective steps to prevent killings of Bangladeshis on frontiers as casualty figures sharply rose in 2019.

"The number of border killings in 2019 was highest in the last four years. As per our calculation, the number of such unexpected deaths was 35," the BGB chief said.

However, the BSF estimate of the casualty figure is much lower than our calculation, he said.

Islam said the BSF is following the policy of maintaining maximum restraint and minimal use of force even after being attacked by "armed border offenders".

A statement issued by the BSF last month in New Delhi after the conclusion of the DG-level talks said, "On the concern of the BGB regarding the death of Bangladeshi nationals on borders, it was informed to them that a non-lethal weapon policy is strictly followed by BSF personnel on borders.

"Firing is resorted to only in self-defence, when BSF patrols are gheraoed and attacked by ‘dah’ (a sharp-edged weapon) etc. It was specified that the BSF does not discriminate between criminals based on nationality," it said.