Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.

A Central Bureau of Investigation (CBI) team also carried out raids at several places here after filing the FIR against the firm and its Promoters and Directors Tottempudi Salalith and his wife Tottempudi Kavita.

The CBI filed the case on the basis of a complaint filed by UBI which was cheated of Rs 303.84 crore by the firm.

“Loan was taken from a consortium of eight banks including UBI which was the lead bank. Total dues outstanding for the consortium is Rs 1,394.43 crore. This account became NPA on June 30, 2012 after loan and interest payment default,” a CBI official said.

Totem Infrastructure was in the business of road projects, water works and building construction.

It is alleged that funds were diverted and expenditure was inflated, the official said.

On Wednesday, the CBI filed a case against a Chennai-based jeweller, Kanishk Gold Pvt Ltd, for defrauding a consortium of 14 banks led by the State Bank of India to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset (NPA).

(IANS)

The CBI on Thursday said that it was questioning the directors of Kanishk Gold Pvt. Ltd. (KGPL) in connection with its ongoing probe into the alleged defrauding a consortium of 14 banks led by the SBI to the tune of Rs 824 crore.

A Central Bureau of Investigation official told IANS: “Questioning of KGPL Directors Bhoopesh Kumar Jain and Neeta Jain is being carried out at our Bengaluru office.”

Bhoopesh and Neeta Jain had arrived here on Wednesday evening, according to the official.

The questioning comes in the wake of the case it registered against the Chennai-based jeweller on Wednesday for defrauding the consortium of Rs 824.15 crore in the form of loans, now been declared a non-performing asset (NPA).

The agency also conducted searches at KGPL’s office as well as official and residential premise of accused persons at various places in Chennai.

National Entrepreneurship Network (NEN), the flagship initiative of Wadhwani Foundation was conferred the ‘IWFCI – India Award’ during a gilttering valedictory ceremony at “Global Women Investors, Entrepreneurs & Policy Influencers – Summit 2015” in the presence of business leaders, international delegates and media at The Lalit Ashok, Bangalore. Sashi Chimala, Executive Vice President –National Entrepreneurship Network (NEN) and Sunita Singh, Co-founder-NEN and Executive Vice President – Wadhwani foundation received the award on behalf of the NEN team.
The aim of the summit was to understand the challenges faced by women entrepreneurs to scale¬up and globalize and provide a white paper to the government for enabling policy makers to take the right decisions in terms of support, subsidies and schemes and encouraging women entrepreneurs to graduate from Micro Enterprises to Small and Medium Enterprises. Encouraging the attendees by their presence were the dynamic Member of the Karnataka Legislative Assembly, N.A Haris and Sudhakar Rao, former Chief Secretary of Karnataka.

On receiving the award, an elated Sashi Chimala, Executive Vice President –National Entrepreneurship Network (NEN) said, “It is gratifying to see the decade old hard work of NEN team being recognized. The NEN team has over the years worked tirlelessly and has shown immense passion in creating a vibrant entrepreneurship ecosystem in India. NEN has successfully connected beneficiaries [students, aspiring entrepreneurs, startups and SMEs] to its support services and programs that are learning based, network oriented and transactional in nature. Our vision is to create many silicon valleys in India and we will continue to work towards fructification of this paradigm shift. ”
National Entrepreneurship Network (NEN) was co-founded in 2003 with IIT Bombay, IIM Ahmedabad, BITS Pilani, SP Jain Institute of Management and Research and the Institute of Bioinformatics and Applied Biotechnology. The award recognized NEN’s outstanding contribution in creating and supporting high growth entrepreneurs, and driving entrepreneurship as a catalyst for high value job-creation and economic growth in India.
Over the last decade, NEN has championed the cause of entrepreneurship by establishing advanced curriculum at over 500 colleges and by setting up a national network of mentors that continue to inspire, educate and support emerging, high-growth entrepreneurs. Since inception, NEN has resulted in the creation of hundreds of sustained startups, and thousands of direct and indirect jobs. NEN has also built national platforms that showcase, reward and celebrate entrepreneurship.
About Wadhwani Foundation:
Wadhwani Foundation’s primary mission is accelerating economic development in emerging economies through large-scale job creation. Five Initiatives driving innovation, entrepreneurship and skill development cater to this mission. The Foundation is present in India, Indonesia, Pakistan and Malaysia, and has plans to expand to other countries in Southeast Asia, Africa and South America.
National Entrepreneurship Network (NEN) inspires, educates and supports student entrepreneurs, startups and SMEs for creating high-value jobs.
Skills Development Network (SDN) provides vocational training support to educational and training institutes, and employers for entry-level mid-skill jobs through a video based online platform.
Opportunity Network for Disabled (OND) mainstreams the educated disabled into sustainable high quality corporate jobs through a business value proposition.
Research and Innovation Network (RIN) aims to create a world-class innovation ecosystem in India with the goal of propelling India towardsthe top ten innovative nations in the world.
Policy Research Centre provides data driven research inputs for informed policy action towards accelerating economic growth. The initiative has also established a chair in U.S-India policy at the Center for Strategic & International Studies in Washington, D.C.

(IANS)

Geneva-based International Road Federation (IRF) on Monday expressed concern over increasing road accidents on Yamuna Expressway and suggested use of intelligent transport system and generating awareness about road condition of the “deadly” highway.

IRF Chairman K.K. Kapila said the driving conditions on Mumbai-Pune Expressway and Noida-Agra Expressway are different than other roads, and for safe driving there, Intelligent Transport Management System along with strict enforcement of speed limits must be implemented.

“Most of users are not aware about concrete construction of Yamuna Expressway. For using such surface, vehicle tyre and condition has to be checked along with driving conditions including weather and visibility,” he said.

A pre-warning about weather condition and driving conditions should be provided to drivers by the road maintenance authorities, he noted.

Kapila said that various studies conducted by the government and non-government agencies have shown that human error is the main reason for accidents on these expressways.

Installation of Intelligent Traffic Management System involving speed cameras and digital warning boards on both the expressways would go a long way in improving safety standards, he said.

“Several other road safety measures need to be taken on e-ways include setting up of trauma care centre, air ambulance, a highway surveillance system, truck terminals close to the two ends, and use of wire ropes crash barrier system,” he added.

To continue long-term measurements of the Sun’s incoming energy, NASA has powered on a new instrument installed on the International Space Station (ISS).

The instrument, Total and Spectral solar Irradiance Sensor (TSIS-1), became fully operational with all instruments collecting science data as of this March, NASA said.

“TSIS-1 extends a long data record that helps us understand the Sun’s influence on Earth’s radiation budget, ozone layer, atmospheric circulation, and ecosystems, and the effects that solar variability has on the Earth system and climate change,” said Dong Wu, TSIS-1 project scientist at NASA’s Goddard Space Flight Center in Greenbelt, Maryland.

TSIS-1 studies the total amount of light energy emitted by the Sun using the Total Irradiance Monitor, one of two sensors onboard.

This sensor’s data will give scientists a better understanding of Earth’s primary energy supply and provide information to help improve models simulating the planet’s climate.

The second onboard sensor, called the Spectral Irradiance Monitor, measures how the Sun’s energy is distributed over the ultraviolet, visible and infrared regions of light.

Measuring the distribution of the Sun’s energy is important because each wavelength of light interacts with the Earth’s atmosphere differently.

For instance, spectral irradiance measurements of the Sun’s ultraviolet radiation are critical to understanding the ozone layer — Earth’s natural sunscreen that protects life from harmful radiation.

“All systems are operating within their expected ranges,” said Peter Pilewskie, TSIS-1 lead scientist at the University of Colorado Laboratory for Atmospheric and Space Physics in the US.

(IANS)

Lakhs of Mumbai commuters were severely hit as more than 80,000 drivers of aggregator cabs like Ola and Uber went on strike here on Monday, an official said.

“The strike has been launched from midnight in support of various demands of the drivers who are being meted out injustice by the companies. If the government fails to intervene, they shall go on an indefinite strike,” Sanjay Naik, President of Maharashtra Navnirman Vahatuk Sena (MNVS), told,

The MNVS is affiliated to Raj Thackeray-led Maharashtra Navnirman Sena (MNS).

He added that several thousands of drivers of Ola and Uber had also joined the protest in Aurangabad, Nashik, Pune and other cities in Maharashtra as part of an all-India agitation.

Despite repeated attempts by IANS, spokespersons for both the companies declined to comment on the strike.

The worst-hit were people proceeding to airport or railway stations to catch flights or long-distance trains, besides local commuters rushing for business meetings.

Naik claimed that both Ola and Uber had promised big returns of more than Rs 1.25 lakh per month to the cab drivers who invested beteen Rs 5 and 7 lakhs.

“Now the situation is that many drivers earn barely half the promised amount which is not even sufficient to cover their costs. The drivers are practically on the verge of starvation owing to the mismanagement by the two companies,” Naik said.

Moreover, the companies give preference to their own vehicles rather than the driver-owned vehicles, which has led to a steep decline in the latter’s business.

Owing to these, Naik said there has been drop of more than 20 percent in Mumbai alone of the cabs running on this platform, hitting both the drivers and the commuters.

The MNVS has appealed to the Mumbai commuters to make alternative arrangements and “support the fight for justice” by the Ola and Uber drivers.

The Mumbai Taximen’s Union has supported the strike. Its General Secretary A.L. Quadros demanded that the Regional Transport Authority take strict action against Ola and Uber for violating permit conditions and eating into the business of autorickshaws and taxis.

IANS

Sony India on Monday announced the appointment of Sunil Nayyar as its new Managing Director, a first for an Indian.

Nayyar’s term as Managing Director of the company will take effect from April 1, Sony India said in a statement.

“Being one of the most recognised consumer electronics brand, it is an exciting time to lead the company’s direction in India,” Nayyar said on his appointment.

Nayyar replaces Kenichiro Hibi, who has now been appointed as President for Sony Brazil also with effect from April 1.

Hibi held the position as Managing Director of Sony India for six years from 2012 till 2018.

At Sony India, Nayyar held the position of Sales Head from April 2006 till April 2015 prior to moving to Sony North America as head of Retail Experience, a position which he held from May 2015 till March 2018.

Nayyar started his stint at Sony in 1995, as part of Sony Gulf’s sales team in charge of North and East Africa, Russia, Lebanon, Syria and several other Gulf Cooperation Council (GCC) countries.

“In this time of transition, I look forward for an insight from our stakeholders and help guide in further strengthening Sony’s presence in India,” Nayyar said after being appointed as Sony India’s Managing Director.

Sony India on Monday announced the appointment of Sunil Nayyar as its new Managing Director, a first for an Indian.

Nayyar’s term as Managing Director of the company will take effect from April 1, Sony India said in a statement.

“Being one of the most recognised consumer electronics brand, it is an exciting time to lead the company’s direction in India,” Nayyar said on his appointment.

Nayyar replaces Kenichiro Hibi, who has now been appointed as President for Sony Brazil also with effect from April 1.

Hibi held the position as Managing Director of Sony India for six years from 2012 till 2018.

At Sony India, Nayyar held the position of Sales Head from April 2006 till April 2015 prior to moving to Sony North America as head of Retail Experience, a position which he held from May 2015 till March 2018.

Nayyar started his stint at Sony in 1995, as part of Sony Gulf’s sales team in charge of North and East Africa, Russia, Lebanon, Syria and several other Gulf Cooperation Council (GCC) countries.

“In this time of transition, I look forward for an insight from our stakeholders and help guide in further strengthening Sony’s presence in India,” Nayyar said after being appointed as Sony India’s Managing Director.

(IANS)

About the survey: Expedia®, world’s largest full service online travel agency, released the results of the Generational Study, a report exploring the travel preferences and behavior of consumers across multiple generations. The report also highlights online travel searching and booking habits and critical details that influence travel consumer trends and action. The study suggests that over than 85% of Indians have personally booked travel online (Boomer: 85%, Gen X: 86%, Millennial: 90, Gen Z: 70%) in the last year.

Mr. Manmeet Ahluwalia, Marketing Head, Expedia in India said, “Travel is becoming a crucial part of life, especially with the younger generations- Millennials and Gen Z. While 61% of Gen Z are willing to get a part-time job to save money to go on a leisure trip, 91% Millennials save money for travel. Travel is not just a getaway, but also a time for self-reflection and introspection. No wonder the statistics suggest that 71% of millennials travelled alone last year”.

“We are also witnessing the older generations catching up with the online marketplaces. They are getting more and more comfortable with online purchases, be it fashion, home furnishings or travel. The study points out that 86% Gen X and 85% Boomers personally booked travel online in the past year,” he added.

DETAILED FINDINGS:
TRAVELER PROFILE & BEHAVIOR
· More than 85% of Indians have personally booked online travel in the past year. Married people of all ages, particularly those with children, are the sweet spot for booking travel.
o Boomer: 85%, Gen X: 86%, Millennial: 90%, Gen Z: 70%
o Married: 91% and Non Married: 78%
o With Kids: 87% and Without Kids: 80%
· Saving for travel is a top priority, especially for Millennials while Gen Z is the least likely to implement this into their budget. Overall 83% save money for travel with 69% Gen Z, 91% Millennials, 80% Gen X and 75% Boomers saving money for travel.
· There is higher propensity to spend extra money on experiences over products
o Experiences: Gen Z- 57%, Millennials – 63%, Gen X- 62%, Boomers – 63%, Total-61%
o Products: Gen Z- 43%, Millennials – 37%, Gen X- 38%, Boomers – 37%, Total-39%
· Interestingly 70% Baby Boomers, 74% of Gen X, and 81% of Millennials are willing to spend half or more of 1,000,000 rupees on leisure travel, while 77% of Gen Z would allocate half or less to travel.
o All: Gen Z- 5%, Millennials- 19%, Gen X- 10%, Boomers- 8%
o None: Gen Z- 11%, Millennials- 1%, Gen X- 3%, Boomers- 29%
· Preferred type of leisure travel experience
o Connections (Spending time with loved ones): Gen Z- 74%, Millennials- 81%, Gen X- 78%, Boomers- 80%
o Adventure (Exploring, meeting new people, trying new things): Gen Z- 76%, Millennials- 81%, Gen X- 69%, Boomers- 66%
o Relaxation (unwind, de-stress, sleep in): Gen Z- 68%, Millennials- 82%, Gen X- 74%, Boomers- 70%
o Traditional (site-seeing): Gen Z- 65%, Millennials- 78%, Gen X- 81%, Boomers- 81%
o Living like a local (unique experiences such as one-of-a-kind events, restaurants, etc.): Gen Z- 62%, Millennials-71%, Gen X- 20%, Boomers- 66%
· Most common reason for leisure travel
o Getaway (leisure trip or vacation): Gen Z- 40%, Millennials-47%, Gen X- 61%, Boomers- 59%
o Friend or family-related visits: Gen Z- 44%, Millennials-32%, Gen X- 31%, Boomers- 39%
o Holiday (Republic Day, Christmas): Gen Z- 38%, Millennials-40%, Gen X- 25%, Boomers- 12%
o Cultural (exploring a new area): Gen Z- 25%, Millennials- 34%, Gen X- 35%, Boomers- 35%
o Pilgrimage or religious travel: Gen Z- 16%, Millennials-14%, Gen X- 23%, Boomers- 31%
· Average amount of time spent on a typical leisure trip (including travel time)
o 2 Days (Weekends): Gen Z- 23%, Millennials-14%, Gen X- 10%, Boomers- 7%
o 3-5 Days (Long Weekend): Gen Z- 32%, Millennials-34%, Gen X- 38%, Boomers- 33%
o 1 Week: Gen Z- 21%, Millennials-26%, Gen X- 30%, Boomers- 28%
o 10 Days – 2 Weeks: Gen Z- 10%, Millennials-19%, Gen X- 14%, Boomers- 25%
· While overall 36% Indians travelled alone last year, a staggering 71% of millennials travelled alone. Boomers and Gen X split their travel time evenly between travelling with others and alone.
[Gen Z- 62%, Millennials- 71%, Gen X- 47%, Boomers- 50% ]
· Company on leisure trip (usually or always)
o Spouse: Gen Z- 14%, Millennials- 60%, Gen X- 73%, Boomers- 84%, Total – 53%
o Family Members: Gen Z- 50%, Millennials- 52%, Gen X- 36%, Boomers- 29%, Total – 47%
o Child(ren): Gen Z- 12%, Millennials- 51%, Gen X- 68%, Boomers- 51%, Total – 44%
o Significant other: Gen Z- 18%, Millennials- 43%, Gen X- 38%, Boomers- 45%, Total – 36%
· Travel cost split for leisure trips last year: Spouse
o We pay together: Boomer – 11%, Gen X – 18%, Millennials – 17%, Gen Z- 8%
o Partner pay for them: Boomer – 61%, Gen X – 37%, Millennials – 35%, Gen Z- 11%
· Travel cost split for leisure trips last year: Friends
o We pay for our own individual costs: Boomer – 31%, Gen X – 21%, Millennials – 37%, Gen Z- 25%
o We pay together: Boomer – 30%, Gen X – 36%, Millennials – 37%, Gen Z- 47%

SEARCH AND BOOKING TRAVEL
· 84% Indian travelers think it is helpful to be able to book all travel and hotel accommodations on one website. Generational Preference: Gen Z- 77%, Millennials- 85%, Gen X- 86%, Boomers- 89%
· Preferred way to book leisure travel and accommodations
o Online travel agency website: Gen Z- 50%, Millennials- 59%, Gen X- 45%, Boomers- 59%
o Visit websites separately: Gen Z- 23%, Millennials- 16%, Gen X- 14%, Boomers- 20%
o Talk to or work with a travel agent: Gen Z- 16%, Millennials- 12%, Gen X- 26%, Boomers- 13%
· Saving between 20% – 29% is the sweet spot (minimum savings required) necessary for half of travelers to book flight and hotels together
· Factors to absolutely choose an online travel agency website over an individual website when booking transportation and/or accommodations for a leisure trip:
o Best price available/guaranteed: Gen Z- 28%, Millennials- 36%, Gen X- 42%, Boomers- 53%
o Excellent customer service: Gen Z- 23%, Millennials- 29%, Gen X- 29%, Boomers- 28%
o Free cancellation on hotels: Gen Z- 23%, Millennials- 17%, Gen X- 24%, Boomers- 18%
o Cash back offers: Gen Z- 24%, Millennials- 18%, Gen X- 20%, Boomers- 13%
o Discount coupons on hotels: Gen Z- 21%, Millennials- 14%, Gen X- 15%, Boomers- 10%
· Primary motivating factors when selecting the details of a leisure trip:
o Best Deal (By Total): Airline Flight: 60%, Hotel: 60%, Rental Car: 54%, Restaurants or bars: 39%, Sightseeing or activity: 29%, Cruise: 22%
o Best Experience (By Total): Sightseeing or activity: 61%, Restaurants or bars: 39%, Cruise: 32%, Hotel: 32%, Rental car: 24%, Airline Flight: 22%
· Advance flight and accommodation bookings for leisure trip:
o 0-14 Days: Gen Z- 42%, Millennials- 19%, Gen X- 20%, Baby Boomers- 14%
o 15-30 Days: Gen Z- 28%, Millennials- 38%, Gen X- 31%, Baby Boomers- 30%
o 30-60 Days: Gen Z- 17%, Millennials- 35%, Gen X- 34%, Baby Boomers- 39%
o 60-90 Days: Gen Z- 6%, Millennials- 5%, Gen X- 9%, Baby Boomers- 14%
o Over 90 Days: Gen Z- 8%, Millennials- 4%, Gen X- 6%, Baby Boomers- 4%

ONLINE TRAVEL BOOKING INFLUENCES
· Important features for booking accommodations for a leisure trip on an online travel website are Clear Pricing: 86%, Easily accessible information: 85%, Online Reviews: 82%, Online Ratings: 81%, Website easy to navigate: 78%
· Top conditions that would absolutely prevent you from booking a hotel online
o Lack of information about the hotel, rooms, or amenities: Gen Z- 40%, Millennials- 37%, Gen X- 44%, Boomers- 47%
o Multiple poor online reviews: Gen Z- 39%, Millennials- 36%, Gen X- 37%, Boomers- 42%
o Pricing that is notably different than similar hotels in the area: Gen Z- 26%, Millennials- 33%, Gen X- 35%, Boomers- 36%
o Not enough or poor quality online photos of the hotel, rooms, or amenities: Gen Z- 27%, Millennials- 20%, Gen X- 25%, Boomers- 21%
o If it takes too long to complete the online booking process: Gen Z- 16%, Millennials- 25%, Gen X- 12%, Boomers- 19%
· Good hotel reviews are an absolute necessity, nearly 1/3 of all travelers say that a hotel must have good reviews in order for them to stay there. The other conditions include:
o Good Hotel Reviews: Gen Z- 24%, Millennials- 30%, Gen X- 40%, Boomers- 31%
o Restaurants with good reviews: Gen Z- 22%, Millennials- 18%, Gen X- 17%, Boomers- 20%
o Room Service: Gen Z- 21%, Millennials- 18%, Gen X- 13%, Boomers- 16%
o Wi-Fi: Gen Z- 15%, Millennials- 10%, Gen X- 12%, Boomers- 6%
· What would you do to go on a trip?
o 61% of Gen Z would get a part-time job to save money to go on a leisure trip
o 42% of Gen Z would stay off the Internet for a week in order to go on a trip
o 52% of Millennials would take on an odd job or freelance work to go on a leisure trip
o 48% of Millennials have postponed a breakup with a significant other in order to still go on a planned trip
· Social media plays a huge part in gen z and millennial travel decisions
o 66% of Millennials have posted a potential travel trip on social media to get the opinion of their friends and family before booking a trip.
o 62% of Gen Z have chosen a destination, flight, hotel, or car rental because they saw it on social media
o 47% of Gen Z have chosen a hotel room or leisure trip destination so they could get a positive response on social media.
· The majority of all generations feel obligated to send a text to a significant other or family member but over 80% of Millennials feel this pressure.
o Yes: Gen Z- 65%, Millennials- 81%, Gen X- 70%, Boomers- 74%
o No: Gen Z- 35%, Millennials- 19%, Gen X- 30%, Boomers- 26%
· Last person you text before you have to turn off wi-fi on the plane?
o Spouse: Gen Z- 4%, Millennials- 35%, Gen X- 32%, Boomers- 44%, Total- 28%
o Mom: Gen Z- 25%, Millennials- 20%, Gen X- 20%, Boomers- 7%, Total- 20%
o Friend: Gen Z- 36%, Millennials- 17%, Gen X- 12%, Boomers- 9%, Total- 20%
o Dad: Gen Z- 15%, Millennials- 10%, Gen X- 7%, Boomers- 4%, Total- 10%

Methodology
The study was jointly led by Expedia and The Center for Generational Kinetics and administered to 1,250 Indian respondents ages 18-65 including a 250-person oversample of Gen Z ages 18-21. Gen Z is defined as those born 1996 and after, Millennials are defined as those born between 1977 and 1995, Gen X is defined as those born between 1965 and 1976, and Baby Boomers are defined as those born between 1946 and 1964. The sample was weighted to the current census data for age, gender, and region. The survey was conducted online from August 8, 2017 to August 17, 2017 and has a margin of error of +/-3.1 percentage points.

About Expedia:
Expedia is world’s largest full service online travel agency with localized sites in 33 countries. Expedia is a one-stop solution for all travel needs, with a comprehensive and distinctive suite of travel with 25000+ holiday activities, 500+ airlines, 500,000 properties and 40M+ post-stay reviews and 30M+ real-time reviews . Expedia in India helps consumers book flights, hotels, flight + hotel, car rentals and tourist attractions, all supported by a call center in India. Also Expedia loyalty program, Expedia+, besides earning points on bookings, allows consumers amenities like room upgrade, spa discounts, breakfast, wi-fi and more. For more information, visit- https://www.expedia.co.in/ or Download the app.
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