Noted industrialist Kumar Mangalam Birla, former Karnataka Chief Minister <keyword id="127" type="General" weightage="20" keywordseo="s-m-krishna" source="Orion">S.M. Krishna</keyword>, famous playback singer <keyword id="1394192" type="General" weightage="20" keywordseo="suman-kalyanpur" source="Orion">Suman Kalyanpur</keyword> and other personalities were conferred <keyword id="6391019" type="General" weightage="20" keywordseo="padma-awards" source="Orion">Padma awards</keyword> by <keyword id="14514529" type="General" weightage="20" keywordseo="president-droupadi-murmu" source="Orion">President Droupadi Murmu</keyword> at a ceremony at the <keyword id="47718" type="General" weightage="20" keywordseo="rashtrapati-bhavan" source="Orion">Rashtrapati Bhavan</keyword> on Wednesday. Over 50 people were presented <keyword id="15575" type="General" weightage="20" keywordseo="padma-vibhushan" source="Orion">Padma Vibhushan</keyword>, <keyword id="100507" type="General" weightage="20" keywordseo="padma-bhushan" source="Orion">Padma Bhushan</keyword>, and <keyword id="25105" type="General" weightage="20" keywordseo="padma-shri" source="Orion">Padma Shri</keyword> awards on Wednesday. This year, 106 Padma Awards, including to 3 duos (where the award is counted as one), have been conferred. Apart from 6 Padma Vibhushans, including three posthumous, 9 Padma Bhushan and 91 Padma Shri awards were announced. These include 19 women and two foreigners/NRI/PIO/OCIs. Four other Padma Bhushan/Padma Shri awardees are posthumous. Billionaire stock market investor Rakesh Jhunjhunwala, who passed away last year, was given a Padma award posthumously. Krishna, former External Affairs Minister and former Chief Minister of Karnataka, was awarded the Padma Vibhushan. Padma Vibhushan was also presented posthumously to Prof Balkrishna Doshi for architecture. Padma Bhushan was awarded to Indian playback singer Suman Kalyanpur, who is known for innumerable hit songs in Hindi, Marathi and 11 other languages during a career spanning four decades. The President also awarded Padma Bhushan to Prof. Kapil Kapoor for Literature and Education. A former Professor of English at Jawaharlal Nehru University, he is known for striving to indigenise higher education by integrating Indian knowledge systems and establishing dedicated Institutes. Padma awards are conferred in three categories -- Padma Vibhushan, Padma Bhushan, and Padma Shri -- to recognise outstanding contributions in various disciplines/fields of activities - art, social work, public affairs, science and engineering, trade and industry, medicine, literature and education, sports, civil service, etc. India's top civilian award Bharat Ratna has not been given to anyone since 2019. Announced on the occasion of Republic Day every year, the awards are conferred by the President at ceremonial functions held at Rashtrapati Bhawan, usually around March/ April every year.

Industrialist Kumar Mangalam Birla, former CM S M Krishna & others conferred Padma awards

The famed owner of Café Coffee Day chain of coffee shops <keyword id="808597" type="COMPANY" weightage="20" keywordseo="VG-Siddhartha">VG Siddhartha</keyword> was also exporting the largest quantity of coffee from India. The creator of the coffee empire went missing on Monday, July 29, 2019 when he went for a walk on the bridge of Netravati River in Dakshina Kannada. On Wednesday morning, July 31, 2019, his body was found in the waters of the river by a group of fishermen revealing the fact that VG Siddhartha had committed suicide. When the whole world is so shocked and surprised to know what could have forced the business tycoon to resort to such extreme measures, here are a few interesting facts about VG Siddhartha that will inspire anyone. <ul><li>Siddhartha founded the country’s first ever coffee chain. He was also the son in law of SM Krishna, former chief minister.</li><li>After the news about his suicide was known publicly, a letter written by him to the CCB Board and his family was found. In this letter, Siddhartha had stated that he was giving up not able to fight the pressures striking him from different directions. The letter also said he had "failed to create the right profitable business model" despite his best efforts. </li><li>Siddhartha owned the Asia’s single largest coffee estate. In addition to the CCD, Siddhartha had also created a hospitality chain that runs a seven star resort named Serai and Cicada.</li><li>CCD had employed about 30,000 employees around India. In a Rs. 3,000 crore deal, Siddhartha had sold his stake in Mindtree. </li><li>Per year, the total volume of coffee exported by Siddhartha is about 28,000 tons. Another 2,000 tons of coffee is sold locally with the coffee growing and trading company reporting an annual turnover of Rs. 60 million. </li><li>Siddhartha was 58 years of age when he died and he held a post-graduate degree in Economics. Their family owns about 15,000 acres of coffee estate and is the Largent coffee planters. </li><li>A month before Siddhartha’s death, Coca-cola had started talks to purchase a major stake in Café Coffee Day, the largest café chain in India. This was considered to be a well-calculated strategy that would hedge the risks connected with the selling of Coca-cola beverages in India and help the company to gain a strong foothold in the sub-continent if the deal had been realized.</li><li>Way back in 1985, Siddhartha had owned about 10,000 acres of coffee farms. As per his statement, he doubled his investment in the coffee plantations within a year when the coffee trading was liberalized in the 90s. </li><li>Siddhartha started the Amalgamated Bean Coffee Trading Company Ltd (ABCTCL) in 1993 to export coffee and the company became the second largest exporter of coffee from India. </li><li>The first store of CCD was opened in Brigade Road of Bengaluru that charged Rs. 100 for a coffee and an hour of Internet surfing. The first launch of the CCD proved successful as it happened during the time when Bengaluru was turning into an IT and lifestyle haven. This environment helped Siddhartha grow his fortune quickly. </li></ul>

Unknown Facts About Cafe Coffee Day VG Siddhartha

<ul><li>VG Siddhartha is reportedly missing near Netravati River in Mangalore since Monday night.</li><li>The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal.</li><li>Siddhartha reportedly faced a cash crunch earlier this year after the default by infrastructure lending giant IL&amp;FS, which forced him to sell stake in the IT firm <keyword id="6357902" type="COMPANY" weightage="20" keywordseo="mindtree">Mindtree</keyword>.</li></ul><keyword id="46195" type="COMPANY" weightage="20" keywordseo="Cafe-Coffee-Day">Cafe Coffee Day</keyword> founder and son-in-law of ex-Karnataka Chief Minister SM Krishna, VG Siddhartha , is reportedly missing near Netravati River in Mangaluru since Monday night. Police says, his phone is switched off, the Times of India <a href="https://timesofindia.indiatimes.com/city/mangaluru/ccd-coffee-day-founder-v-g-siddhartha-missing/articleshow/70442484.cms">reported</a>. The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal. According to the report, Siddhartha may be the missing 'man' since he reached Mangaluru at 8 pm in his SUV and ask the driver to drop him at the bridge in Ullal. The 58-year-old entrepreneur was in talks with Coca-Cola to sell considerable stake in his coffee chain. The deal was <a href="https://www.businesstoday.in/current/corporate/coca-cola-coke-cafe-coffee-day-ccd-stake-sale-beverage-maker-indias-largest-coffee-chain/story/359387.html">supposed to be closed</a> by the end of March 2020. VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in <keyword id="57240" type="CITY" weightage="20" keywordseo="Chikmagalur">Chikmagalur</keyword> in <keyword id="6354780" type="ENTERTAINMENT" weightage="20" keywordseo="Karnataka">Karnataka</keyword>. He launched the first Cafe Coffee Day (CCD) outlet on <keyword id="18382" type="ORGANIZATION" weightage="20" keywordseo="brigade-road">Brigade Road</keyword> in Bengaluru. The chain currently has 1,750 outlets and over 60,000 vending machines spread over Nepal, Malaysia, Czech Republic, and Egypt, <a href="http://www.coffeeday.com/PDF/Coffee_Day_Annual_report_2018.pdf">aside from 245 cities in India. </a> The coffee baron had reportedly been <a href="https://www.livemint.com/companies/news/why-v-g-siddhartha-went-with-l-t-ignoring-mindtree-promoters-1553710517498.html">cornered by a cash crunch</a> after the default by infrastructure lending giant IL&amp;FS triggered a liquidity crisis in the country. Siddhartha had to sell his 20.4% stake in the IT firm Mindtree to L&amp;T against the wishes of Mindtree’s founders who Siddhartha had backed since 1999. SEE ALSO: <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">L&amp;T takes over Mindtree in Indian IT’s first-ever hostile acquisition</a> <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">Mindtree takeover battle: L&amp;T deals the first blow buying coffee baron VG Siddhartha's stak</a>e

Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing

<ul><li>Adani Power is shortlisted in short-term ASM framework Stage-I effective March 23</li><li>The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.</li><li>Market experts believe that putting in this framework means intra-day trading would require 100 per cent upfront margin. </li></ul>Leading bourses NSE and BSE on Wednesday said they will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday. Adani Power is shortlisted in short-term ASM framework Stage-I effective March 23, according to separate circulars available on the exchanges. The move also comes close on the heels of the two exchanges moving <keyword id="1125083" type="General" weightage="20" keywordseo="adani-group-stocks" source="Orion">Adani group stocks</keyword> -- Adani Green Energy and NDTV -- from the second stage of the long-term ASM framework to Stage I on Monday. Interestingly, both the exchanges had put Adani Power along with Adani Enterprises and Adani Wilmar under short-term ASM on March 8. However, these three stocks were excluded from the short-term ASM framework on March 17. Currently, there is no Adani group stock in the short-term ASM framework. The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio. The NSE and BSE said Adani Power has satisfied the criteria for inclusion under short-term ASM. Under the short-term ASM, the exchanges said, "Applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, w.e.f. March 24, 2023 on all open positions as on March 23, 2023 and new positions created from March 24, 2023." Market experts believe that putting in this framework means intra-day trading would require 100 per cent upfront margin. The bourses also noted that the shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company or entity. Meanwhile, stocks of eight Adani group companies out of the 10 listed entities closed in the green territory on Wednesday. After taking a beating on the bourses, following the report by US-based short seller <keyword id="9916845" type="General" weightage="20" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword>, the group stocks had recovered. However, amid sluggish broader market trends, the group's stocks have declined in the last few trading sessions. The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/industrialist-kumar-mangalam-birla-former-cm-s-m-krishna-others-conferred-padma-awards/articleshow/98929345.cms">Industrialist Kumar Mangalam Birla, former CM S M Krishna &amp; others conferred Padma awards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-rekha-rakesh-jhunjhunwala-the-top-indian-entrant-in-2023-m3m-hurun-global-rich-list/slidelist/98916777.cms">Meet Rekha Rakesh Jhunjhunwala, the top Indian entrant in 2023 M3M Hurun Global Rich List</a>

NSE, BSE to put Adani Power under short term ASM again

<ul><li>Global Surfaces debuted at ₹164 on the stock exchanges, as against the issue price of ₹140 per share.</li><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> was lower by 274 points at 57,937 in the early morning trade on Thursday.</li><li>The market capitalisation of the company stands at ₹690 crore.</li></ul>Natural stone processor Global Surfaces listed at a premium of 17% on the National Stock Exchange on Thursday. It debuted at ₹164 as against the issue price of ₹140 per share on NSE. The market capitalisation of the company stands at ₹690 crore. The IPO witnessed positive listing despite negative cues from the broader market after a 25 basis point rate hike by the US Fed’s Federal Open Market Committee (FOMC). The market had been expecting a pause due to the banking sector crisis in the US. Benchmark index Sensex was lower by 274 points or 0.47% at 57,937 in the early morning trade on Thursday. Global Surfaces is the third stock to be listed on exchanges in 2023. The issue was subscribed 12.21 times on its last day. The listing gains were above expectations as the grey market indicated a premium of 11% to the IPO price. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded</a> in an unofficial market before they are listed on the stock exchanges. Funds raised through the IPO will be used towards setting up the company's proposed facility Global Surfaces FZE in Dubai. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPOs in 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing day gain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current market price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radiant Cash Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹94 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10.70 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹95.15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sah Polymers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹65 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹24.25 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹76.01 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divgi TorqTransfer Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹590 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15.15 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹636.40 </td></tr></tbody></table>Source: BSE Understanding Global Surfaces’ business The company is engaged in the business of processing natural stones and manufacturing engineered quartz. Global Surfaces processes stones like granite, limestone, marble, quartzite and travertine. The products of the company have applications in flooring, wall cladding, countertops and other items. These products are widely used for commercial and residential industries. Global Surfaces has two units, both located in Rajasthan. Majority of its operational revenues is derived from exporting its products to the US. In FY22, the revenue generated from exports to the US represented 99.13%. It also exports to Canada, Australia and the Middle East. Risk factors The company believes its sales from the US may decline because of rising competition and strict regulatory action. “Our sales from this region may decline as a result of increased competition, regulatory action, pricing pressures, fluctuations in the demand for or supply of our products or services, the outbreak of an infectious disease such as Covid-19, anti-dumping/trade policies or geopolitical tensions. For instance, sales of engineered quartz surface products from India are presently subject to anti-dumping duty of 3.19 applicable from July 2022 and countervailing duty ranging from 2.34% to 1.57% with effect from June 2020,” said the company in its RHP. As of September 30, 2022, its total borrowings stood at ₹50.5 crore. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA margin </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹190 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35.63 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹175 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹33.93 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹163 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20.96 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.69% </td></tr></tbody></table>Source: RHP SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/industrialist-kumar-mangalam-birla-former-cm-s-m-krishna-others-conferred-padma-awards/articleshow/98929345.cms">Industrialist Kumar Mangalam Birla, former CM S M Krishna &amp; others conferred Padma awards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-rekha-rakesh-jhunjhunwala-the-top-indian-entrant-in-2023-m3m-hurun-global-rich-list/slidelist/98916777.cms">Meet Rekha Rakesh Jhunjhunwala, the top Indian entrant in 2023 M3M Hurun Global Rich List</a>

Global Surfaces lists at over 17% premium, beats grey market expectations

The <keyword id="6360667" type="General" weightage="20" keywordseo="madras-high-court" source="Orion">Madras High Court</keyword> on Thursday stayed two sub-sections under <keyword id="10826959" type="General" weightage="20" keywordseo="IT-rules-2021" source="Orion">IT Rules 2021</keyword>'s Rule 9, which provide for a three-tier structure for addressing the grievances made in relation to publishers, under the Code of Ethics annexed to the rules. A bench of Chief Justice Sanjib Banerjee and Justice P.D. Audikesavulu passed the order on two petitions that were filed challenging the validity of the <keyword id="645424" type="General" weightage="20" keywordseo="it-rules" source="Orion">IT Rules</keyword>. Carnatic musician T.M. Krishna had filed a public interest litigation, while the Digital News Publishers Association, and journalist Mukund Padmanabhan had also filed a writ petition in the matter. "There is a substantial basis to the petitioners' assertion that there may be a violation of Article 19 (1)(a) (of the Constitution) in how the Rules may be coercively applied to intermediaries....," the court observed. Earlier, the same sub-section of Rule 9 had been stayed by the Bombay High Court on August 14. With the Supreme Court scheduled to take up transfer petitions next month, the Madras High Court posted further hearing of the case to October 27. SEE ALSO <a href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms" data-type="tilCustomLink">Future of Work 2021: The only way to beat the bots from taking your job is to be more human</a> <a href="https://www.businessinsider.in/stock-market/news/biocon-hero-motocorp-tvs-motor-banks-and-other-top-stocks-to-watch-out-for-on-september-17/articleshow/86281250.cms">Biocon, Hero MotoCorp, TVS Motor, banks and other top stocks to watch out for on September 17</a> <a href="https://www.businessinsider.in/business/news/biocon-biologics-to-offer-15-stake-to-serum-institute-life-sciences-at-valuation-of-4-9-billion/articleshow/86281318.cms">Biocon Biologics to offer 15% stake to Serum Institute Life Sciences at valuation of $4.9 billion</a>

Madras High Court stays 2 sub-sections of the new IT Rules

Popular <keyword id="9018200" type="General" weightage="20" keywordseo="Kannada-actor-Puneeth-Rajkumar" source="Orion">Kannada actor Puneeth Rajkumar</keyword>, son of <keyword id="12416612" type="General" weightage="20" keywordseo="Kannada-cinema-legend-Rajkumar" source="Orion">Kannada cinema legend Rajkumar</keyword>, passed away at the age of 46 following a massive heart attack on Friday. Consequently, security has been beefed up across Karnataka. Former Prime Minister <keyword id="214964" type="General" weightage="20" keywordseo="H-D-Deve-Gowda" source="Orion">H.D. Deve Gowda</keyword>, Karnataka Congress President D.K. Shivakumar, and former Union minister S.M. Krishna expressed their condolences on the untimely death of Puneeth. According to family sources, Puneeth suffered a heart attack while working out at a gym. Immediately he was shifted to Vikram Hospital. Dr Ranganath Nayak stated that his condition was critical when he was brought to the hospital. But the efforts of doctors to revive him went in vain. Puneeth's health worsened on Thursday evening but he did not visit a doctor. He went to the gym in the morning and developed chest pain. He was taken to a private clinic where ECG was done. During check up, his condition worsened and he was rushed to Vikram Hospital, where he succumbed to cardiac arrest. Puneeth has donated his eyes. He is survived by wife Ashwini and daughters <keyword id="7713881" type="General" weightage="20" keywordseo="vanditha" source="Orion">Vanditha</keyword> and Dhruthi. Security has been beefed up all across the state including state capital Bengaluru to manage the situation. The Kannada film industry has come to a grinding halt and all movie shows have been cancelled in the state. Bengaluru Police Commissioner Kamal Pant has reached the residence of Puneeth at Sadashivanagar. Chief Minister Basavaraj Bommai and Kannada actor Puneeth's elder brother Shivarajkumar are also expected to address the media shortly. Puneeth was born on March 17, 1975 and was fondly known as 'Appu'. He was also a singer, television presenter and producer. He acted in more than 29 films and has also appeared in many films as a child artiste. He won the National Film Award for Best Child Artiste for his role in 'Bettada Hoovu'. He made his debut in the Kannada film industry with the movie 'Appu' in 2002. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-market-grows-6-in-third-quarter-as-samsung-tops-shipments/articleshow/87360895.cms">Global smartphone market grows 6% in third quarter as Samsung tops shipments</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/who-is-raja-chari-indian-american-astronaut-and-commander-of-spacexs-crew-3/slidelist/87359305.cms">All you need to know about the Indian American astronaut Raja Chari who will command SpaceX's Crew-3</a>

Kannada film star Puneeth Rajkumar passes away, security beefed up across Karnataka

Karnataka government has submitted to the High Court that it has issued order to attach the movable and immovable assets of former state minister, R. Roshan Baig, who is an accused in the multi-crore <keyword id="667927" type="PERSON" weightage="20" keywordseo="Ponzi-scam">Ponzi scam</keyword> of I-Monetary Advisory (IMA) group of companies. The state government submitted its report on Wednesday. On June 12, the High Court had slammed the state government over the delay in taking a decision on attaching the properties of eight-time <keyword id="381991" type="POSITION" weightage="20" keywordseo="Congress-legislator">Congress legislator</keyword>, Baig, under the provisions of the Karnataka Protection of Interest of Depositors in Financial Establishments (KPIDE) Act, even two months after the court passed the order to do so. A division bench of <keyword id="42759" type="POSITION" weightage="20" keywordseo="Chief-Justice">Chief Justice</keyword> Abhay Shreeniwas Oka and Justice Suraj Govindaraj on June 12 had granted the government two weeks' time. After this rap, the state government submitted to the High Court that it has issued a notification on July 6 attaching around 20 immovable and movable assets of the former Minister located in various parts of the city. The state government also submitted another notification under the Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004, attaching a sum of Rs 62.26 crore paid in excess to the 100 top depositors of the IMA group who had received the amount in excess of their principal deposit amounts from out of the deposits of the IMA group. The copies of the notifications were submitted before a Division Bench comprising Chief Justice Abhay Shreeniwas Oka and Justice Suraj Govindaraj during the hearing of a batch of <keyword id="6355791" type="UNKNOWN" weightage="20" keywordseo="PIL">PIL</keyword> petitions related to the scam. The attached assets were those declared by Baig in his nomination papers when contesting elections to the <keyword id="144407" type="ORGANIZATION" weightage="20" keywordseo="state-Assembly">state Assembly</keyword> in 2018 and the present market value of these properties are yet to be declared after being assessed by the jurisdictional sub-registrars, it was stated in the notification. The notification has also indicated the values of these properties, around Rs 15-Rs 16 crore, as declared by Baig in his affidavit filed before the Election Commission of India. The notification issued by the government also lists properties including a commercial building developed in joint development (<keyword id="48584" type="COMPANY" weightage="20" keywordseo="JDA">JDA</keyword>) on the Hosur Road (with 33 per cent share), a commercial building on the Residency Road, houses on Sanders Road, Cleveland Road and sites each in HBR Layout, Fraser Town and Cleaveland Road. The notification submitted to the court also stated that the government had found that Baig had played a key role in the promotion of the IMA Group obtaining financial gains. Baig, an eight-time legislator, was minister in the Congress-led governments in the state from 1985 onwards. He emerged as one of the influential leaders in the Congress till 2019 when his name cropped in this ponzi scam. He chose to cross over to the BJP along with 17 rebel MLAs from the Congress and JD(S). In November 2020, the CBI had arrested Baig from his residence in Bengaluru as part of the investigation. He was then sent to judicial custody for 14 days. To date, the CBI has registered four cases, and filed three charge sheets and three supplementary charge sheets against 33 people in the case. IMA group of companies were founded in 2013 onwards and I-Monetary Advisory Private Limited was presented as an Islamic banking company to investors. It is alleged that the company defrauded more than a lakh investors to the tune of Rs 4,000 crore over a period of time. This is not the first time that Baig family's name has cropped up in such multi-crore scam, his younger brother Rehan Baig was one of the accused in the infamous multi-crore fake stamp paper scam which is also known as Telagi scam in the state. Rehan was arrested when Baig was serving as minister in then Chief Minister, S.M. Krishna's cabinet. Then too accusations flew thick that Baig was involved in the scam as a result of which he was forced to quit Krishna's cabinet in 2000 SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-exchanges-can-run-into-trouble-with-investors/articleshow/84205889.cms">Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges</a> <a href="https://www.businessinsider.in/business/auto/news/simple-energy-new-electric-scooter-promises-240km-range-on-a-70-minute-charge/articleshow/84164967.cms">This new electric scooter promises 240KM range on a 70-minute charge, could be priced under ₹1,20,000</a>

A former Karnataka minister accused of a Ponzi scam may see his assets frozen soon

<img class="gwt-Image" src="/photo/56377132.cms" /><keyword id="6356755" type="COMPANY" weightage="20" keywordseo="IIT-Madras">IIT Madras</keyword>' annual cultural fest '<keyword id="542908" type="UNKNOWN" weightage="100" keywordseo="Saarang">Saarang</keyword>' themed 'enchanted forest' is back this year in a new avatar. In a bid to raise awareness about the government's drive to go digital, it has gone completely cashless in the fest season. 
 
That means, from food stalls to ticket sales, visitors are swiping their debit cards or using online wallets and other digital modes to make payments. Bank representatives on the campus are guiding visitors. 
 
In line with the fresh theme of the event, the organising team has focused on ambience so a walk through the campus can give visitors a feel of walking in the woods. 
 
To make up for the loss of green cover that took a hit during the December cyclone, the Saarang team will also be planting 100 saplings on the campus. 
 The fest will see 90 large scale competitive events, 200 informal shows, 14 lecture demonstrations, 6 professional shows and 7 world culture show acts, including graffiti, sand art and street dancing. Other than classical, choreo, EDM and rock shows, a feature is the spotlight lectures which in cludes a line-up of doyens like T M Krishna, Prachi Tehlan, Anirudh Ravichander, Shekhar Gupta, Siddharth and <keyword id="121606" type="PERSON" weightage="20" keywordseo="Gautam-Menon">Gautam Menon</keyword>, among others. New additions this time include a comedy show by Biswa Kalyan Rath, a gaming zone and a food fest. 
 IIT-M director <keyword id="797116" type="PERSON" weightage="20" keywordseo="Bhaskar-Ramamurthi">Bhaskar Ramamurthi</keyword> said the aim of the fest from the institute's perspective is two-fold wherein students learn skills outside the classroom through the process of conceiving and executing the fest along with being exposed to a wide variety of talent. "IITs can also become self-contained and having students from outside is an opportunity for them to learn," he said.

IIT Madras Cultural Fest: Here's what sets 'Saarang' apart from the rest

The death of <keyword id="808597" type="COMPANY" weightage="20" keywordseo="VG-Siddhartha">VG Siddhartha</keyword> has shocked one and all. The stock broker-turned-coffee baron’s body was found today, two days after he went missing on Monday (July 29). The share price of Coffee Day Enterprises has lost over ₹1,500 crore (over $200 million) in value in the two days. Not just the corporates, even <a href="https://www.livemint.com/companies/people/sombre-scene-at-sm-krishna-s-house-as-son-in-law-vg-siddhartha-missing-1564466265555.html">politicians of all colours</a> paid their respects to him. <keyword id="3003" type="POSITION" weightage="20" keywordseo="Former-Prime-Minister">Former Prime Minister</keyword> <keyword id="6359332" type="ORGANIZATION" weightage="20" keywordseo="HD-Deve-Gowda">HD Deve Gowda</keyword>, who hails from Karnataka, even broke down on national television. 
	
	
	<div type="twitter" handle="MirrorNow" handlename="Mirror Now" image="http://pbs.twimg.com/profile_images/844708508989841408/HLuil94O_normal.jpg" favoritecount="2" retweetcount="2" status="Mirror Now's @NehaHebbs spoke to JDS chief H. D. Deve Gowda who claimed that #VGSidharth was ill-treated by the tax… https://t.co/NDyoRRSwRZ" createdat="1564495201000" id="1156202791645282304"></div>







 India’s coffee king VG Siddhartha <a href="https://www.businessinsider.in/news/ccd-founder-v-g-siddharthas-dead-body-recovered-by-the-police/articleshow/70459022.cms">(1959 to 2019)</a> is being remembered as the man who brought coffee culture to India before Starbucks. The promoter of Coffee Day Enterprises was a sharp businessman taken out by bad times, allegedly by aggressive taxmen. He was someone who played a silent but significant role in shaping India’s IT revolution, and benefited from it hugely. He was loved by the close-knit and elite Bengaluru corporate circuit of which Siddhartha was an influential member for more reasons than one. 
	
	
	<div type="twitter" handle="CNNnews18" handlename="News18" image="http://pbs.twimg.com/profile_images/923813836724977664/2wlt99tw_normal.jpg" favoritecount="37" retweetcount="12" status="#CCDFounderMissing – The government needs to engage with honest wealth creators and look at how they need to tackle… https://t.co/bWF2rNsNaB" createdat="1564486027000" id="1156164314899738624"></div>







 However, he is barely getting any credit for being just as savvy politically as in business. He had friends across parties and made strong connections. It seemed that way until his mysterious disappearance on July 29 and the discovery of his dead body in the Netravathi river two days later. The grief of all leaders from all parties once again underscored the point. Taxing times Siddhartha <a href="https://www.businessinsider.in/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms">accused taxmen of harassing him</a> in a letter that he sent to the Board of Directors of his company before he went missing, which led many to blame ‘tax terrorism’ for his plight. 
	
	
	<div type="twitter" handle="TheVijayMallya" handlename="Vijay Mallya" image="http://pbs.twimg.com/profile_images/827708603/Copy_of_VJM_4_normal.JPG" favoritecount="4652" retweetcount="845" status="I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the cont… https://t.co/OLFGOFBdsG" createdat="1564523998000" id="1156323576171114496"></div>







 The Income Tax Department countered saying that the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/tax-department-acted-as-per-law-in-ccd-promoter-siddhartha-case-sources/articleshow/70449827.cms">millionaire businessman admitted to</a> having ₹480 crore of unaccounted wealth. However, he did not reveal the source or pay the tax due on that money until his death, according to the department. Siddhartha’s harassment charge at the tax department came at a time while his father-in-law SM Krishna is with Bharatiya Janata Party (BJP), that’s ruling at the centre and state. He <a href="https://www.ndtv.com/india-news/why-sm-krishna-is-an-important-acquisition-for-bjp-1672353">switched his allegiance to the BJP in 2017</a> after being in the rival Congress camp for 46 years. However, Krishna was conspicuous in his silence during the chaotic political power play in Karnataka over the last few weeks. The bitter battle for power was <a href="https://m.economictimes.com/news/politics-and-nation/karnataka-assembly-floor-test-live-news-updates-yediyurappa-bjp-speaker/liveblog/70428190.cms">eventually won by his party</a> BJP, and BS Yediyurappa was <a href="https://www.livemint.com/politics/news/yediyurappa-sworn-in-as-karnataka-chief-minister-for-record-fourth-time-1564147393568.html">sworn in as the Chief Minister on July 26</a>, three days before Siddhartha’s disappearance and death. One of the many who were holding off Yediyurappa from claiming power was Congress leader DK Shivakumar, a political mastermind from Karnataka who put up a fervent fight against the BJP. He is also a close friend of Siddhartha. Therefore, Shivkumar’s outburst soon after Siddhartha went missing was not surprising. 
	
	
	<div type="twitter" handle="DKShivakumar" handlename="DK Shivakumar" image="http://pbs.twimg.com/profile_images/807171771233247232/iDF5c7Pi_normal.jpg" favoritecount="2409" retweetcount="656" status="The letter purportedly written by Shri VG Siddhartha which is circulating is dated July 27th. I received a call fr… https://t.co/Qo6ZQVF4fI" createdat="1564466916000" id="1156084157325254656"></div>







 Shivakumar too, has a tax case against him and his premises were raided in 2017 by officials who <a href="https://www.ndtv.com/karnataka-news/300-crores-undisclosed-income-found-in-raid-on-dk-shivakumar-sources-1733978">unearthed unaccounted cash of ₹300 crore</a> and, shockingly, <a href="https://caravanmagazine.in/politics/yeddyurappa-diaries-bjp-1800-crore-payouts-jaitley-rajnath-gadkari-advani-crores">copies of a diary allegedly maintained by his rival Yediyurappa</a>. From Shivakumar to Yediyurappa to Kumaraswamy, people across the political spectrum are grieving Siddhartha’s untimely death. It is also a testament to the fact that in India, businessmen cannot thrive without politically astute connections. The Rajkumar Ransom Both the success of his ventures and his father-in-law’s power made Siddhartha important in Karnataka. When S M Krishna’s government was frantically coming up with a massive ransom necessary to free <a href="https://www.thehindu.com/news/national/karnataka/rajkumar-case-verdict-the-perfect-script-that-will-remain-a-secret/article25042510.ece">Rajkumar, the Kannada superstar who was kidnapped by Veerappan in 2000</a>, Siddhartha came to help. According to an account, <a href="https://www.telegraphindia.com/india/telgi-link-to-veerappan-ransom/cid/729965https://www.telegraphindia.com/india/telgi-link-to-veerappan-ransom/cid/729965">Siddhartha was one of the five people in the room</a> that included the then CM Krishna, Mallikarjun Kharge, and Abdul Karim Telgi. Telgi is better known for his $2.9 billion fake stamp paper scam, and was acquitted from it, <a href="https://www.news18.com/news/india/abdul-karim-telgi-acquitted-in-stamp-paper-scam-year-after-his-death-1987855.html">after his death, for lack of evidence</a>. The government of Karnataka at the time <a href="https://timesofindia.indiatimes.com/city/bengaluru/Govt-not-Rajkumar-family-paid-ransom-Ex-DGP/articleshow/29005840.cms">insisted that it had paid for Rajkumar’s release</a> from <a href="https://timesofindia.indiatimes.com/india/Veerappan-End-of-three-decades-of-terror/articleshow/890585.cms?referral=PM">Veerappan, a dreaded bandit</a> who modelled himself after Robin Hood. However, it has been alleged many times that <a href="https://timesofindia.indiatimes.com/india/Veerappan-End-of-three-decades-of-terror/articleshow/890585.cms?referral=PM">both government and private money were paid</a> to secure the release of the actor, while thousands of Rajkumar’s fans took to the streets to protest, violently at times. The role and involvement of Siddhartha may remain unclear. The length of the arm between Chief Minister Krishna and his son-in-law in state matters may remain anybody’s guess. While the details of Siddhartha's political prowess may remain unknown, his achievements in business have been celebrated abundantly. Coffee estate to real estate India has always had coffee houses, in the big cities at least, where for decades thinkers, lovers, and revolutionaries have hung out. Siddhartha’s chain Cafe Coffee Day (CCD) brought the 21st century colours to this culture. 
	
 
 
 <div type="image" title="An employee prepares coffee for customers at a Cafe Coffee Day outlet in Mumbai" msid="70464424" hostid="261" caption="&amp;lt;p&amp;gt;An employee prepares coffee for customers at a Cafe Coffee Day outlet in Mumbai, November 2, 2015. REUTERS/Danish Siddiqui/Files&amp;lt;/p&amp;gt;"></div>







 It may have helped that his father-in-law SM Krishna -- Chief Minister of Karnataka between 1999 to 2004 -- was a man with massive political clout at the time. However, Siddhartha’s privilege does not take away the credit due for his business acumen. There are many who own estates in <a href="https://www.indiacoffee.org/coffee-regions-india.html">Karnataka’s coffee belt</a> but it was Siddhartha who made the right moves at the right time and CCD became the go-to place for young Indians at the turn of the century long before competitors woke up to the opportunity. Privileged and benevolent Siddhartha not only built his own empire of coffee chains, real estate, financial services and logistics, he also supported entrepreneurs who went on to become icons in their own right. Infosys is a shining example, which went on to be the first poster boy of India’s IT revolution. However, the company didn’t have enough takers for its shares at the time of its IPO. Siddhartha, who was a stock broker in Bengaluru at the time, had underwritten those shares and bought them. He made a lot of money out of it but only because he knew their worth when no one else did. Infosys and Mindtree are <a href="https://economictimes.indiatimes.com/tech/ites/tech-savvy-siddhartha-got-many-a-tech-winner-going/articleshow/70458429.cms?from=mdrhttps://economictimes.indiatimes.com/tech/ites/tech-savvy-siddhartha-got-many-a-tech-winner-going/articleshow/70458429.cms?from=mdr">only two of the many examples</a> were Siddhartha backed entrepreneurs. He owed a lot of his wisdom and foresight to the training he received under Mahendra Kampani (1959 to 2017), one of the stars of India’s stock market, who was the sitting member of the governing board at the Bombay Stock Exchange (BSE) <a href="https://www.business-standard.com/article/specials/mahendra-kampani-dies-in-car-crash-197082701105_1.html">until his death in a car crash in 2017</a>. After his Masters in Economics, Siddhartha got his early training at JM Financial under Kampani in 1983-84. Those two years of training and some capital from his father made him an independent broker in Bengaluru later. It was then that he underwrote the shares of Infosys and profited from the investment. The other ventures and profits followed this initial success. However, one may wonder if he could have built his fortune as a businessman in India without being just as savvy politically. SEE ALSO: <a href="https://www.businessinsider.in/business/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms" data-type="tilCustomLink" target="_blank">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a>

You Searched For "S M Krishna" and got 10 results

Industrialist Kumar Mangalam Birla, former CM S M Krishna & others conferred Padma awards

IANS

Unknown Facts About Cafe Coffee Day VG Siddhartha

BI India Bureau

Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing

Preeti Soni

NSE, BSE to put Adani Power under short term ASM again

PTI

Global Surfaces lists at over 17% premium, beats grey market expectations

Bhakti Makwana

Madras High Court stays 2 sub-sections of the new IT Rules

IANS

Kannada film star Puneeth Rajkumar passes away, security beefed up across Karnataka

IANS

A former Karnataka minister accused of a Ponzi scam may see his assets frozen soon

IANS

IIT Madras Cultural Fest: Here's what sets 'Saarang' apart from the rest

Anushree Singh

A former Prime Minister cried on national TV for VG Siddhartha-- the untold tales of politics and privilege may die with India’s coffee baron

Sriram Iyer