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Archives for April 2019

Lenders Invoke IBC Norms To Keep Stressed Assets In Tribunal: Report

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With relation to Avantha Power (Jhabua) an Rs. 100 crore settlement for PFC got stalled after one of the operational creditors took the asset to NCLT.

Lenders Invoke IBC Norms To Keep Stressed Assets In Tribunal: Report

[Nasheman news] NEW DELHI:

Lenders will cite one day default clause under Insolvency and Bankruptcy Code (IBC) to defend their action against erring promoters taken to insolvency under the now defunct February 12, 2018 circular of the Reserve Bank of India (RBI).

Sources said promoters of about half a dozen stressed power entities referred to National Company Law Tribunal have approached the bankruptcy court to quash insolvency proceedings against them as it has become non-maintainable following the Supreme Court order declaring the RBI circular ultra vires.

But banker’s are confident that stressed assets referred to NCLT will continue to face bankruptcy proceedings as IBC clearly states such referral even if there is one day delay or default by any entity in meeting its loan commitments.

“There is no question that stressed assets referred to NCLT will come out from there following the apex court’s ruling. These assets continue to remain stressed and lenders are sure that resolution under IBC framework would work best for all stakeholders,” said chairman and managing director of a leading state-owned financial institution asking not to be named.

“If need be, lenders would also file an affidavit with NCLT to continue the bankruptcy proceedings in the case of companies that faced such action over the earlier RBI circular,” he added.

Five stressed power producers, including 3,600 MW KSK Mahanadi Power Co. Ltd., 1920 MW Lanco Amarkantak Power Ltd., 600 MW Avantha Power (Jhabua), 1350 MW Rattan India Nashik Power Ltd. (formerly Indiabulls) and 1,350 MW Rattan India Power (Amravati project) are preparing to oppose insolvency proceedings as lenders filed petitions against them as per February 12 RBI circular. The projects owe about Rs. 50,000 crore to banks.

Lanco Amarkantak has sought time from the NCLT to submit documents that suggests that Axis Bank had initiated insolvency proceedings against it under the now-defunct RBI circular. KSK Mahanadi and Avantha Power have also cited the apex court order in earlier NCLT hearing. The other projects are also thinking of taking up the matter in the court.

The February 12 RBI circular had also mandated resolution process by lenders even if there was one day delay in repayment by debtors. This stands annulled by Supreme Court. 

However, IBC gives powers to any creditor to take a company to NCLT even if there is one day delay in repayments and the outstanding amount is in excess of Rs. 1 lakh. As this provision stands, lenders want to maintain bankruptcy proceedings against assets that remain in stress.

In all about 70 cases with total bank exposure of about Rs. 4 lakh crore was declared as stressful by the banks post the RBI circular. This included 34 stressed power projects worth 40,000 MW having total bank of close to Rs. 1.8 lakh crore.

Its not that institutions, including PFC did not try to resolve certain power projects, but none of the attempts remained successful. In the case of KSK Mahanadi, Adani Group showed interest but it soon withdrew from the race as lenders were divided on the level of hair cut and UP state regulator sought cut in tariff for the project. 

In case of an Rs. 600 crore one time settlement scheme worked out for Lanco Amravati, the sole investor backed out from the race at the last minute.C

With relation to Avantha Power (Jhabua) an Rs. 100 crore settlement for PFC got stalled after one of the operational creditors took the asset to NCLT.

Ford May End Independent India Business With New Mahindra Deal: Report

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Under the terms of the deal being negotiated, Ford will form a new unit in India in which it will hold a 49 per cent stake.

Ford May End Independent India Business With New Mahindra Deal: Report

[Nasheman news] Ford Motor is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India.

Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India, a move that will likely see the US automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters.

The deal would make Ford the latest automaker to pare back its interests in India. At the end of 2017, General Motors Co downsized its Indian operations and stopped selling cars locally, dealing a blow to Prime Minister Narendra Modi’s strategy to encourage domestic manufacturing.

Over two decades, Dearborn, Michigan-based Ford invested more than $2 billion in India but has consistently struggled – it currently has a market share of just 3 per cent in India, one of the world’s fastest-growing car markets.

Under the terms of the deal being negotiated, Ford will form a new unit in India in which it will hold a 49 per cent stake, while Mahindra will own 51 per cent, the two sources said.

The US carmaker’s Indian unit will transfer most of its current automotive business to the new entity, including its assets and employees, according to one of the sources.

“It’s like a partial exit (for Ford from India),” the source said.

The deal is expected to close within 90 days, the sources said, adding the value of the transaction was not yet clear.

They spoke on condition of anonymity because of the sensitivity of the matter.

Ford said it does not comment on speculation, but added both companies continue to work together “to develop avenues of strategic cooperation that help us achieve commercial, manufacturing and business efficiencies”.

Mahindra too said it does not comment on speculation. It said in a statement it was “working together in identified areas” with Ford after a 2017 partnership arrangement, and “will announce further definitive agreements as we progress on some of the other areas.”

Currently, Ford manufactures and sells its cars in India through its wholly-owned subsidiary. In 2017, it formed a strategic alliance with Mahindra under which, among other things, they will build new cars together, including sport-utility vehicles and electric variants.

Ford has been globally restructuring its businesses with an aim to save $11 billion over the next few years. Last month, its Russian joint venture said it would close two assembly plants and an engine factory in Russia, exiting the country’s passenger vehicle market.

Tough market

India has been a major growth area for global car manufacturers but growth has slowed of late – car sales grew by 3 per cent to just over 3.3 million units in the last fiscal year to March 31, compared with 8 per cent the previous year.

Even so, India is set to become the world’s third-largest car market by 2023 with sales of over 5 million cars annually, according to forecasting firm IHS Markit.

Ford’s decision is a stark reminder of how most foreign automakers have struggled to make major inroads in India, a market dominated by players such as Maruti Suzuki and Hyundai Motor Co.

Ford sold close to 93,000 vehicles in the country last fiscal year, a far cry from market leader Maruti Suzuki which commands a 51 per cent market share and sold more than 1.7 million cars.

Automakers such as Maruti benefit from their vast dealership network and an autonomous local team that can quickly react to market changes.

One of the sources said the Ford-Mahindra deal would lead to more affordable Ford cars in the country, as the company would not need to pay any royalty to its global parent, as the Indian unit has to now.

The funds that accrue to Ford’s India unit because of the deal will also be used to clear some of its accumulated losses, the two sources said.

Puneet Gupta, associate director at IHS Markit, said the deal would help Ford and Mahindra launch new models at a faster pace and lower development cost, which is critical to success in a price sensitive market like India.

AB de Villiers Comes Up With Hilarious Nickname For Virat Kohli After Eden Gardens Masterclass

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After Virat Kohli’s brilliant century in the KKR vs RCB IPL 2019 match, AB de Villiers christened him with a new nickname.

AB de Villiers Comes Up With Hilarious Nickname For Virat Kohli After Eden Gardens Masterclass

[Nasheman news] AB de Villiers called Virat Kohli a “little biscuit” after a brilliant century in KKR vs RCB IPL match.

Virat Kohli produced a batting masterclass to smash his fifth Indian Premier League (IPL) century. Virat Kohli’s stunning knock in the KKR vs RCB IPL 2019 match at the Eden Gardens helped his team register only it’s second win in IPL 12. Virat Kohli’s knock was all the more significant for RCB as star batsman AB de Villiers had been ruled out before the start of the match in Kolkata. After Virat Kohli reached the three-figure mark, AB de Villiers took to Twitter to hail the RCB captain and christen him with a new nickname.

Virat Kohli goes by a lot of names ‘Cheeku’, ‘King Kohli’ but ‘little biscuit’ has never cropped up before.

Surveen Chawla Blessed With A Baby Girl, Shares Pic Of Newborn Daughter

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Surveen Chawla wrote: “We now have her tiny feet to fill the tiny shoes! Blessed by her wonderful arrival in our little family!”

Surveen Chawla Blessed With A Baby Girl, Shares Pic Of Newborn Daughter
  1. Surveen announced her pregnancy in November 2018
  2. She married Akshay Takker in 2015 but made an announcement in 2017
  3.  Surveen and akshay have named their daughter Eva

Actress Surveen Chawla and her husband Akshay Thakker welcomed a baby girl recently. Surveen, who has starred in films such as Hate Story 2 andParched, shared a picture of her daughter’s tiny feet and wrote: “We now have her tiny feet to fill the tiny shoes! Blessed by her wonderful arrival in our little family! Welcoming our daughter Eva.” The comments section of the post is filled with congratulatory messages for the new mother and blessing for the little one. Surveen’s small screen celebrity friends including Ekta Kapoor and Aashka Goradia congratulated her on Instagram.

Here’s Surveen Chawla’s post announcing her daughter’s arrival:

Surveen Chawla married Akshay Thakker in Italy in 2015 but she revealed about her wedding two years later. In an interview with news agency IANS, Surveen had said that she kept her marital status a scret partly to “break the myth” about married actresses. “I strongly believe that being married has nothing to do with my profession. It does not make me less beautiful, less charming or sexy. Being married does not make me a less artiste or a professional,” she had said.


Before films, Surveen Chawla starred in several K-Soaps. Ekta Kapoor launched her in Kahin To Hoga, which made Surveen a household name. Surveen also starred in Kasautii Zindagi Kay and Kaajjal. She was last seen on Anurag Kashyap and Vikramaditya Motwane’s web-series Sacred Games.

Will not disappoint fans’: Actor Rajinikanth promises to contest Assembly polls

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Actor-politician Rajinikanth, who sat out the Lok Sabha and bye-polls in the state, has announced that he will contest in the Tamil Nadu assembly elections, whenever announced. While speaking to the media in Chennai on Friday, a day after polls to 38 Lok Sabha seats and 18 assembly seats in the state concluded, Rajinikanth was asked when his entry to electoral politics could be expected. “Whenever assembly elections come,” he replied, adding, “We are prepared.”

When asked about the less-than-ideal voter turnout in the state, he said, “Seventy percent is a reasonable turnout.” Referring to the low turnout in Chennai, the state capital, a smiling Rajini added, “I think a lot of people went to their hometowns because of the four-day continuous holiday.”

View image on Twitter

The actor also said that it would be good if the number of booths in the state were increased.On caste-based violence on poll day, he said, “It’s definitely less than what has happened before. They (the Election Commission) have conducted the polls well this time; there is no doubt about that.”

With Tamil Nadu witnessing 22 bye-polls this poll season, the fate of the Edappadi Palaniswami-led AIADMK government hangs in the balance. When a journalist asked if Rajinikanth would announce his political party in the event of a regime change, he said, “Let’s see. We will decide all that after May 23. “

With the regard to rampant allegations of cash-for-votes this poll season, Rajinikanth said that the Election Commission has to look into it, refusing to comment further.

When asked if there is a chance that Prime Minister Narendra Modi would be re-elected, all the actor said was, “It would become apparent on May 23 (when results are announced).”

In February, the actor had announced that he will not be contesting in the parliamentary elections and that his goal was the legislative assembly elections. Rajinikanth made this statement in the run-up to the Lok Sabha elections, which was held in Tamil Nadu on Thursday.

He had also stated that he does not support or endorse any political party for the polls and that the flag of Rajini Makkal Mandram, his political outfit, and his pictures shall not be used by anybody for poll campaigns.

On April 9, the actor had welcomed BJP’s poll promise to set up a separate authority to link rivers and said that if the party comes to power, it must implement it. He had asked the people of Tamil Nadu to vote for a party that would address the water crisis in the state.

Hindi Film Review

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Kalank

“Kalank Is Indeed A Visual Spectacle That Lacks The Soul”

Banner: Fox Star Studio, Dharma Productions & Nadiadwala Grandson Entertainment

Producer: Karan Johar, Hiroo Yash Johar, Sajid Nadiadwala & Apoorva Mehta

Director: Abhishek Varman

Star Cast: Sanjay Dutt, Maadhuri Dixit, Varun Dhawan, Alia Bhatt, Aditya Roy Kapur, Sonakshi Sinha, Kunal Khemu, Kiara Advani, Hiten Tejwani, Kirti Sanon, Pavail Gulat & Achint Kaur

Music: Pritam, Sanchit & Ankit Balhara

At one time, the multi-starrers were indeed in vogue but of late, such films barely come out of Bollywood. A few franchises like Golmaal & Housefull have kept this tradition alive. Even Dhamaal can be counted here & its recent installment Total Dhamaal was one of the biggest multi-starrers in a long time as Ajay Devgn, Anil Kapoor & Madhuri Dixit got added to the star cast. Kalank goes one step ahead as it stars 6 actors, all of whom are big & prominent names in their own right.

The scripted Scenario of Kalank is the story of lovers not destined to be together. The year is 1945. Satya Chaudhry (Sonakshi Sinha), wife of Dev Chaudhary (Aditya Roy Kapur) is diagnosed with cancer & she is told that she has just a year or maximum 2 years to live. Realizing that Dev Chaudhary will be shattered after her demise, she decides to find a 2ndwife for him. Her search takes her to Rajputana, Rajasthan where Roop (Alia Bhatt) resides. The families of Roop & Satya Chaudhary go back a long way. Roop at 1st rejects Satya Chaudhary’s offer but upon knowing her medical condition, she agrees. However, she has a condition, that Dev Chaudhary will have to marry her at 1st & only then she’ll move into the house of the Chaudhry’s. Satya Chaudhary, Dev Chaudhary & Dev Chaudhary’s father Balraj Chaudhary (Sanjay Dutt) agree. So Dev Chaudhary & Roop get married & Dev Chaudhary makes it clear to Roop that this will be a marriage of convenience only. After marriage, Roop moves to Husnabad near Lahore where the Chaudhary’s reside. At 1st Roop feels lonely but then she gets curious by the voice of Bahaar Begum (Madhuri Dixit). She decides to learn music under her tutelage. Satya Chaudhary & others at 1st are aghast on hearing this decision since Bahaar Begum runs a brothel & that too in the infamous part of the city called Heera Mandi. But Roop protests & then the Chaudhary’s give in. Bahaar Begum meanwhile is impressed by Roop & decides to teach her singing. At Heera Mandi, Roop bumps into the flirtatious Zafar (Varun Dhawan). Both of them get attracted to each other. Zafar is a blacksmith & works for Abdul (Kunal Kemmu) who has a communal mindset. He’s also against Dev Chaudhary’s newspaper named Daily Times that promotes the idea of 1 nation theory, rejects the notion of Partition & recommends industrialization even at the cost of job loss of the blacksmiths. Bahaar Begum senses that Roop is getting attracted to Zafar & she gets horrified. After all, she knows that Zafar has ulterior motives behind romancing Roop & it can lead to the disastrous consequences. What happens next forms the rest of the crux of the film.

Shibani Bathija’s story is poor & silly and totally rests on a wafer thin plot. Except for Roop & Zafar’s track, all other parts of the story are not well fleshed out & are full of loopholes. Abhishek Varman’s screenplay doesn’t do much to salvage the situation either. Instead of wrapping up the scenes quickly, he lets them go on & on. And again, he doesn’t do much to hide the glaring glitches. Hussain Dalal’s dialogues are quite good at places. But in some scenes, it’s too filmy & might even induce unintentional laughter.

Abhishek Varman’s direction is not at all up to the mark. He was quite in control in his directorial debut, 2 States which was released in the year 2014. But in case of Kalank, he makes a mess. Anyways he couldn’t have done much when the script itself is flawed. The only plusses are that the climax is engaging & he is able to handle the visual grandeur of the film very well.

Kalank has a surprising commencement since the trademark & the famous title card of Dharma Productions is not displayed in its usual style! The 3 production houses associated with the film are quickly mentioned & the film begins. Again, here the principle cast is depicted quite smartly, without showing their faces. This might make everyone believe that one is about to see a film laced with a superlative script & execution. In no time, it becomes evident that it’s not going to be the case. The biggest problem with the film is that most of the developments are not convincing. In the beginning itself, audience will be bewildered as to why Satya Chaudhary went to Rajputana of all the places to search for a bride. Roop in fact reminds Satya Chaudhary that her family had helped her own family at one point but no details are ever given. It is also quite laughable that Zafar had never seen the face of Dev Chaudhary ever despite the fact that he had so much poison against the Chaudhary’s & also that Dev Chaudhary is a prominent figure of the town. The entire track of the blacksmith’s revolting against the industrialization process & also for a separate nation also seems superficial. Why was Abdul so insecure about what gets published in Dev Chaudhary’s newspaper? Agreed that Dev Chaudhary’s daily newspaper must be having a wide readership. But it can’t be the only newspaper in circulation? He could have taken the help of other newspapers to spread his agenda. The film moreover is too long & some scenes could have been done away with. The bull fight sequence, for instance, serves no purpose & was just added to appeal to the masses. On the positive side, a few sequences are well directed. The intermission point, though predictable, makes for a nice watch. The sequence of Bahaar Begum, Balraj Chaudhary & Zafar in the 2nd half is quite dramatic. Also, the climax & the madness at the railway station will keep the viewers engrossed.

Pritam’s music could have been much better. “Ghar More Pardesiya” leaves impact followed by “Tabaah Ho Gaye”. The title track is relegated to the background. “First Class” is catchy & “Rajvaadi Odhni” is okay, but they come almost back to back. “Aira Gaira” is forcefully added. Sanchit Balhara & Ankit Balhara’s background score is dramatic & adds to the effect.

Binod Pradhan’s cinematography is captivating & has the big screen appeal. Amrita Mahal Nakai’s production design is surreal & though it might remind one of Sanjay Leela Bhansali films, it is praiseworthy. The Heera Mandi set & especially the brothel of Bahaar Begum is stunning. Manish Malhotra & Maxima Basu Golani’s costumes are appealing but don’t seem authentic in terms of the era & the economic condition of some characters. Sham Kaushal’s action is fine & not too violent. Remo Dsouza, Bosco-Caesar & Saroj Khan’s choreography is praise worthy. Fluiidmask Studios & NY VFXWaala’s VFX is good overall but quite bad at certain places, especially in the bull fight sequence. Shweta Venkat Mathew’s editing is very disappointing as the film is quite lengthy at 168 minutes.

Performance wise it is indeed Varun Dhawan & Alia Bhatt who save the film from becoming an ultimate disaster. Varun Dhawan is as always at his best & gives his 100% to the role. He also contributes to the laughter quotient. In the climax however, he is terrific. Alia Bhatt also puts her best foot forward & just like Varun Dhawan, even she is let down by the poor writing. She arguably has the maximum screen time out of all the 6 actors & makes great use of it. Aditya Roy Kapur seems monotonous but this is how his character is. His dialogue delivery is quite good & in the scene with Varun Dhawan, he does quite well. Sonakshi Sinha is sincere but her role will remind one of her act in the 2nd half of Lootera which was released in the year 2013. Madhuri Dixit looks stunning & gives a decent performance. Sanjay Dutt, credited as special appearance, is okay. Kunal Kemmu as Abdul plays the villainous role with panache. Achint Kaur as Saroj, Hiten Tejwani as Ahmed & Pavail Gulati as Aditya; the journalist interviewing Roop are fine. Kiara Advani is royally wasted. Kriti Sanon looks glamorous in the item song.

On the whole, Kalank is a visual spectacle that lacks soul & falters big time on account of its writing, length as well as music.

At the box office turnstiles, the film will suffer due to negative word of mouth publicity & therefore the collections will drop after the initial euphoria subsides. Period!!!!!

CENTENARY MARATHON 2019 AT 26 EQUIPMENT DEPOT, AIR FORCE

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A 21 Km long Half Marathon run was organized by 26 ED, Air Force on
14 Apr 19 to commemorate the birth centenary of Late Marshal of Air Force Arjan Singh DFC.

The aim of the event was to propagate the accomplishment of thelegendary Marshal of the Indian Air Force and inculcate sportsmanship amongst the AF personnel.

The run was flagged off at 0530h by Air Commodore MR Mishra,Air Officer Commanding, 26 Equipment Depot, Air Force. The Half Marathon runners followed the route commencing from Murgeshpalaya Camp via Wind Tunnel Road, Challaghatta Road, 26 ED Main Gate, HAL Signal, MP Camp Gate, ISRO Signal and finally finished the run at 26 ED Main Gate.

To mark the occasion, Depot personnel and their family members also participated in the event with great zeal and enthusiasm. On completion of the event the winners were awarded cash prizes by AOC, 26 ED Air Force.

Hollywood Round Up

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‘Rocketman” Will Be Lanched In India On 31st May 2019

The movie Rocketman will be launched in India on 31st May 2019. The film stars Taron Egerton, Richard Madden, Bryce Dallas Howard & Jamie Bell. Rocketman has been directed by Dexter Fletcher.

The music & the magic of Elton John’s incredible life comes to the big screen in Rocketman. The film Rocketman depicts Elton John’s journey from prodigy to icon in this special look at Rocketman, launching into cinemas on  31st May, 2019.

ROCKETMAN is an epic musical fantasy about the incredible human story of Elton John’s breakthrough years. The film follows the fantastical journey of Elton John’s transformation from a shy piano prodigy Reginald Dwight into international superstar Elton John.

This inspirational story, set to Elton John’s most beloved songs & performed by star Taron Egerton,  tells the universally relatable story of how a small-town boy became one of the most iconic figures in the pop culture arena.

Manoj Sinha threatens detractors, says ‘anyone pointing fingers at BJP will pay

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Ghazipur, Apr 19 : Triggering a controversy, Union minister Manoj Sinha has warned the detractors, that anyone who points a finger at BJP workers will find himself paying for it within four hours.

Sinha, who is seeking re-election from Ghazipur seat, was addressing ‘Kisan Panchayat Sammelan’ in Saidpur area on Thursday evening.

“If any finger is pointed at a BJP worker, then I assure you, in four hours the person will pay for it,” the 59-year-old sitting MP said.

Sinha further said that party workers are ready to bury corruption and illegal wealth.

“No one has the temerity to look a BJP worker in the eye. If they do, then rest assured, those eyes will not be safe,” he warned during the election meeting in his constituency.

The Union minister was apparently trying to convey that BJP would not allow those steeped in corruption and crime to enter in his constituency.

Sinha faces the joint opposition candidate Afzal Ansari of the Bahujan Samaj Party (BSP), who had defeated him in 2004.

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