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Adar Poonawalla Appointed Chairman of Magma Fincorp

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Adar Poonawalla Appointed Chairman of Magma Fincorp

Adar Poonawalla Photo Credits: PTI

New Delhi, 1 June: Adar Poonawalla has been appointed as Additional Director in the capacity of Non-Executive Director and has been named as Chairman of Magma Fincorp. He was appointed on Tuesday after the approval of the shareholders. The company aims to be among the top 3 NBFCs for consumer and small/medium business finance. Poonawalla is also the CEO of Serum Institute of India, the manufacturer of the Covishield Vaccine. Also read: Serum Institute of India CEO Adar Poonawalla gets Y category security, order issued by Ministry of Home Affairs

Magma Fincorp is now a subsidiary of Rising Sun Holdings Pvt Ltd (owned and controlled by Adar Poonawalla) after an equity investment of Rs 3,456 crore on May 6. The process of rebranding the institutions is underway. As a result of equity infusion, the company’s Tier-1 capital adequacy ratio has increased substantially to 66.8 per cent as on May 15, with the leverage standing at 1.3X as on the same date.

Magma Fincorp had on May 31 infused equity of Rs 500 crore in Magma HFC, taking the total assets of the HFC to around Rs 1,000 crore. Also read: Serum Institute of India CEO Adar Poonawalla’s big announcement – ​​State governments will now get Rs 300 per dose of Covishield vaccine

Magma HDI has received a fresh capital commitment of Rs 250 crore from ICICI Venture, Morgan Stanley PE Asia, along with a secondary sale of Rs 275 crore by promoters to comply with RBI guidelines for stake ownership in insurance companies is included. Magma will continue to provide support and distribution for Magma HDI.

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Uttar Pradesh District Panchayat Election 2021: Final phase of Uttar Pradesh district panchayat election this month

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Uttar Pradesh District Panchayat Election 2021: Final phase of Uttar Pradesh district panchayat election this month

Vote/Vote (Photo Credits: ANI)

Lucknow, June 15: The State Election Commission has informed the Panchayati Raj Department that it is ready to conduct district panchayat elections between June 15 and July 3. On behalf of the Governor, Additional Chief Secretary (Panchayati Raj) Manoj Singh issued a notification to this effect on Monday. Sources said the department would soon seek inputs from the Directorate of Panchayati Raj before issuing the notification. The Zilla Panchayat Presidents of 75 districts will be elected by 3,050 members from different districts. Jaunpur has the maximum number of 83 wards, followed by Sitapur and Lakhimpur Kheri with 79 and 72 wards respectively. Also read: Uttar Pradesh Panchayat Election 2021: 3.19 Lakh Candidates Elected Unopposed In UP Panchayat Election

There are 68 wards in Gorakhpur, the home area of ​​Chief Minister Yogi Adityanath. The formal notification of district panchayat elections will be issued on Tuesday after which the observers will be appointed. The election of district panchayat presidents is a major prestige issue for all political parties, especially the BJP which has decided to field its office bearers in most of the district panchayat wards. The ruling party is facing a tough challenge from the Samajwadi Party.

The BJP is trying to maximize its footprint in rural parts of the state to take on smaller, regional parties, the SP and BSP, ahead of next year’s state assembly elections. Both the SP and the BJP have started back-channel talks with independent candidates, who have won a large number of wards. His support to candidates supported by various parties will be crucial in the district panchayat elections.

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UP: Girlfriend and friends tried to gang-rape the girl student by calling her on a date, after failing, stabbed her 24 times, died

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UP: Girlfriend and friends tried to gang-rape the girl student by calling her on a date, after failing, stabbed her 24 times, died

Symbolic Image (Photo Credits: File Photo)

Lucknow: Her boyfriend and two friends tried to rape a B.Sc first year student. When the girl objected to this, the furious lover, along with his companions, stabbed her 24 times with a knife. In this connection, two more youths, including the victim’s lover Mohammad Kaif, have been arrested in Sarojini Nagar area on Monday. The other two people arrested are Vishal and Akash. Tripura: 4 teenagers gang-raped in Tripura, 8 youths arrested

According to reports, Kaif had called the girl on a date and had picked up the girl from near her house on this day. The girl’s father was not at home at that time and her mother had gone to her maternal home in Sitapur.

DCP, Central, Somen Barma said, “Kaif told the police that his friends came to know about his meeting with the girl as he was talking to her on the phone in their presence. As per the plan, Kaif took Vishal’s name. Using his brother’s bike, Gaharu went to the forest area with his friends in the village.After dropping his friends there, he went to pick up the girl and then proceeded towards the place where his friends were waiting for him. When Kaif reached the spot with the girl, everyone tried to rape her.”

Kaif confessed that the incident had dealt a big blow to the girl and threatened to file a police complaint. She somehow freed herself from their clutches and started running.

The accused chased and caught him. The police officer said that his friend Akash knocked him down and Vishal stabbed him several times, killing him on the spot.

Akash Yadav and Vishal Kashyap have also been arrested and the police have also recovered the knife which was used by the accused to stab the victim.

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PNB Scam: Mehul Choksi’s application for relinquishing Indian citizenship rejected, still an Indian citizen

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PNB Scam: Mehul Choksi's application for relinquishing Indian citizenship rejected, still an Indian citizen

Mehul Choksi (Photo Credits-ANI Twiiter)

New Delhi, 15 June: Indian authorities have said in their affidavit filed in the Dominica High Court that Mehul Choksi’s application to renounce Indian citizenship has been rejected. He is still an Indian citizen. Mehul is accused of defrauding Punjab National Bank to the tune of Rs 13,500 crore. This affidavit, filed by the Indian Embassy officials, states that the claim that he had renounced his citizenship of the country under the Indian Citizenship Act 1955 is flawed. His application has been rejected.

The 14-page affidavit, filed on June 8, said that Mehul Choksi’s Indian citizenship has still not expired and therefore his claim of relinquishing Indian citizenship is contrary to Indian law and is completely false. Referring to the fact that Mehul is completely bogus in this case, it was further said that this honorable court can completely refute this false claim.

It further said, Mehul submitted his Indian passport to the High Commission of India in Georgetown, Guyana on December 14, 2018 to renounce his Indian citizenship. However, the declaration of renunciation must be registered under Section 8 of the Indian Citizenship Act, 1955. Only after this one’s Indian citizenship can be terminated. As per Rule 38 mentioned in the Act, the declaration of registration has to be made to the Ministry of Home Affairs of India through the Indian Mission.

The affidavit further stated that Choksi had submitted his passport, but on January 29, 2019, several deficiencies were found in his declaration to the Indian Ministry of Home Affairs and since Mehul is wanted in India in a fraud case, he is an Indian in Guyana. The mission is being advised to consider the rejection of its declaration of abdication.

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