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NDTV
11 hours ago
- Business
- NDTV
Tamil Actor S Srinivasan Arrested In High-Value Loan Fraud Case
New Delhi: Tamil film actor and self-styled doctor S Srinivasan also known as 'Powerstar' was arrested by the Economic Offences Wing in the national capital in a high-value loan fraud case, according to officials. According to officials, Srinivasan had promised to arrange a loan of Rs 1,000 crore for a firm, but cheated Rs 5 crore from it. The police said that Srinivasan was declare by the court as a 'Proclaimed Offender' twice. He absconded from trial proceedings since 2018 and he was the mastermind of a large-scale conspiracy to cheat the complainant company to the tune of Rs 5 crore on the pretext of arranging a Rs 1000 crore loan. Investigation revealed fraudulent diversion of funds for film production and personal use. The accused was found to be involved in six similar cheating cases in Chennai The Economic Offences Wing of Delhi Police traced Srinivasan to Chennai's Vanagaram area, with the help of local intelligence and technical surveillance. On July 27, he was arrested from Chennai's Golden Treasure Apartments, the Delhi Police said adding that he has been remanded to judicial custody. According to Delhi Police, in December 2010, the Complainant Company Blue Coast Infrastructure Development Ltd. was approached by Henry Lalremsanga, Deepak Banga, Anil Varshney, and Ramanuja Muvvala, who presented themselves as experienced consultants capable of securing a loan of Rs 1000 crores for hotel and corporate investment purposes. They assured that in case the loan is not sanctioned, they would refund any upfront amount paid, within 30 days. The consultants then arranged a meeting of the Complainant with Srinivasan, who claimed to be the proprietor of Baba Trading Company and a long-time lender capable of arranging the Rs1000 crores loan. Following this the complainant paid an upfront amount of Rs 5 crore, purportedly for purchasing special adhesive stamps (at 0.5% of the loan amount). However, no loan was arranged, nor were Rs 5 crore returned, and the post-dated cheque given as a counter guarantee was also dishonoured by the bank due to insufficient balance. Investigation revealed that Rs 5 crore was transferred on 27.12.2010 to s Baba Trading Co. from the complainant company, and then into bank accounts controlled by accused Srinivasan and his wife. He withdrew Rs 50 lakhs in cash and transferred Rs 4.5 crores into a joint account. An FD of Rs 4 crores was later made and seized. During the investigation, the accused Srinivasan was arrested and interrogated. He failed to produce any proof of purchasing adhesive stamps, showing a clear intent to cheat. He was first granted interim bail on 27.09.2013, with a commitment to repay Rs 10 crore within 15 days, of which he paid only Rs 3.5 lakh. He absconded and was declared a Proclaimed Offender (PO) in April 2016. He was re-arrested on 07.03.2017, granted bail again on 02.06.2017, and once again evaded trial, leading to a second PO declaration on 14.11.2018. The 64 year-old accused Srinivasan was also found involved in six other cases registered in Chennai with the same modus operandi.
Business Recorder
24-06-2025
- Business
- Business Recorder
Cement woes
This was a challenging year for the cement industry, mostly because of absent domestic demand. In 11MFY25, sales dropped 2 percent from a rather weak last year. This year's performance is 6 percent below industry volumes during FY23, and nearly 20 percent lower than volumes sold during FY22. At the time, the industry also made impressive profits as for the first time in many years, prices went up rather quickly. In the north zone, prices surged 30 percent while in the south, cement prices rose 25 percent. Since then, not only have prices skyrocketed, demand has continued to slid down. In the north, prices went up,averaging at Rs744 in FY22 to crossing Rs1000 in FY23, Rs1200 in FY24, and Rs1400 now in FY25. Southern prices have follow4d a similar trajectory, though they tend to be comparatively more stable. The other thing that changed was prices in north ovetook southern prices in FY23. Northern markets have maintained that differential since then. Prior to FY23, prices in the south were always higher than the north. Demand has been fairly erratic. Fluctuations in international coal prices, and often currency depreciation forced cement manufacturers to raise pricesafter FY21. South prices were always higher then due to higher competition in the north. But first came massive demand that made manufacturers more comfortable raising prices, then came crippling inflation that made it impossible to keep going without keeping prices up. In FY25, prices have not been as volatile but they have never really dropped significantly enough. Demand has been unforgiving. In fact, it was improved prices that allowed cement companies to turn decently positive financial performance. The second helper was exports. In 11MFY25, exports grew 26 percent and contributed to roughly 20 percent of the sales mix. This is the highest exports share in the past decade. Moving into FY26, demand may improve if PSDP disbursements keep coming and keep coming on time. When fiscal pressures intensify, the first line of defense is to cut on development spending. It's a time bound tradition. On the upside, the government's upcoming mark-up scheme for mortgages could resuscitate home construction demand which will breathe new life into the sector- at least for a little while. The construction material manufacturers will have that to look forward to. Even though demand is sure to grow in the fiscal year, even if it slows down later in FY26, if cement companies are able to keep prices sticky up, they will coast on their back fairly easily. The rub might come in the form of reduced export demand which is the perfect fallback plan for cement makers when domestic markets are weak. That may prove more trouble than it's worth.
Business Recorder
11-06-2025
- Business
- Business Recorder
KCCI says budget lacks steps for economic growth
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has criticised the federal budget 2025-26, describing it as a 'more enforcement, less progressive' budget that lacks substantial measures for economic growth. Speaking to the media after the budget announcement by Federal Finance Minister Muhammad Aurangzeb, Chairman Businessmen Group (BMG) Zubair Motiwala, alongside KCCI President Muhammad Jawed Bilwani and other industry representatives, acknowledged the budget's technical soundness but expressed concerns over its limited focus on growth-oriented policies. Motiwala highlighted a significant imbalance in the budget's approach, noting that while import-related incentives have been proposed, there are no corresponding relief measures for exports. 'This is technically a sound budget but measures for economic growth are missing in it,' he stated. The business leader criticised the budget as a 'camouflage' document, suggesting that crucial details would emerge only after implementation. He expressed disappointment that despite the federal minister's emphasis on digitalisation, FBR's strict enforcement, and revenue collection, no attention was paid to exports growth and industrialisation. 'No measures were proposed in this budget for reduction in cost of doing business and cost of production.' Chairman BMG criticised the government for setting overly ambitious goals despite the country's poor economic performance in the previous fiscal year, during which all major targets, including GDP growth and fiscal consolidation, were missed. He questioned the rationale behind increasing the targets without providing any practical explanation of how these would be achieved, especially in a fragile economic environment dominated by uncertainty, high inflation, and IMF-imposed constraints. While acknowledging positive developments such as the reduction in interest rates, current account surplus, and a $2 billion increase in foreign reserves, he criticised the government's decision to increase gas tariffs. 'Prime fuel for export sector is gas and the government is increasing the tariff instead of reducing it.' The KCCI leader expressed disappointment over the agriculture sector's poor performance, which showed a depressing growth of just 0.6 percent against the ambitious target of 13 percent. He also criticized the allocation of only Rs1000 billion for the Public Sector Development Program (PSDP) calling it woefully inadequate, particularly in light of the deteriorating state of infrastructure. 'It is surprising to see a meagre allocation of Rs2.783 billion for climate change in a country which has witnessed increased frequency of climate-related disasters,' he added. While acknowledging that the budget was presented under strict IMF conditions, he said that despite being technically compliant, it fails to address the pressing needs of Pakistan's industrial sector or its citizens. He described the budget as one that may satisfy external lenders but does not offer any practical hope for businesses or the wider population. Vice Chairman BMG Anjum Nisar underscored the importance of establishing a fair and transparent taxation system that does not rely on intimidation or arbitrary enforcement. He warned that the environment being created through the proposed fiscal measures could foster fear among businesses instead of encouraging growth. He said that Karachi remains the economic lifeline of Pakistan and deserves special attention to unlock its full potential. Rather than continuously burdening it with revenue responsibilities, the government should empower it with infrastructure investment and policy support to enable it to contribute even more to the national economy. President KCCI Muhammad Jawed Bilwani rejected the budget, stating it completely failed to offer any meaningful relief to the industrial sector or the general public. He said the government's claim of reduced inflation does not align with the realities faced by households, where electricity bills remain unaffordable and basic necessities are out of reach. He criticised the lack of measures to reduce electricity tariffs and interest rates, which are key drivers of the high cost of doing business. He emphasised that without addressing these core issues, neither industrial expansion nor job creation is possible. The high cost of energy and borrowing has severely impacted the viability of businesses, and without urgent intervention, many enterprises may not survive. Bilwani expressed concern over the government's over-reliance on remittances and IMF programs to manage the economy, calling it an unsustainable and short-sighted approach. He stressed the need to develop a conducive environment for industrial growth, which is the only way to improve key economic indicators. He also criticised the minimal allocation for long-delayed infrastructure projects like K-IV, terming it a sign of the government's disregard for Karachi's needs and its vital contribution to the national economy. Despite repeated demands from the business community, no concrete steps have been taken to broaden the tax net or introduce structural economic reforms, which remain essential for long-term economic stability, he said, raising concerns about agricultural governance, noting that while the sector didn't perform when it was a federal subject, its transfer to provincial governments under the 18th Amendment has not yielded the expected improvements. Calling the entire budget an eye wash, Bilwani expressed frustration over the government's failure to implement serious measures for broadening the tax base, noting that the country continues to rely heavily on home remittances rather than expanding domestic revenue sources. However, not all business associations shared the KCCI's pessimistic assessment. The President of the Karachi Customs Agents Association (KCAA) termed it a 'public friendly budget,' welcoming its potential to provide relief to common citizens, particularly the salaried class. The KCAA president also praised the government's decision to reduce overall customs tariffs to rational levels over the next five years, describing the budget as 'so far so good.' Meanwhile, Mashood Khan, an expert of auto sector said that the FM's budget speech closely mirrors the IMF's recommendations. The downward trend in additional customs duty, regulatory duty and customs duty will likely hit local manufacturing instead of exports in the future, foreseeing severe consequences for our local manufacturing industry. He said that the auto parts and other manufacturing sectors would face significant challenges, urging FM to revisit the budget before seeking approval from the National Assembly. Copyright Business Recorder, 2025
Time of India
07-06-2025
- Health
- Time of India
Ayushman Bharat empowering rural Bihar: Over Rs1000 crore saved in out-of-pocket expenses in just one year
Patna: Bihar is witnessing a healthcare revolution as the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) continues to transform the lives of millions across the state, particularly in rural areas. In a significant milestone, the state has helped beneficiaries save over Rs1000 crore in out-of-pocket medical expenses within a single year -- a testament to the scheme's growing reach and effectiveness. Affordable and quality medical care is no longer a distant dream for the rural population of Bihar. Through relentless efforts by the State Health Agency (SHA), the state has achieved 100 per cent coverage of all eligible families under the AB PM-JAY scheme. This has ensured that every entitled household receives the financial protection and medical assistance promised under India's largest publicly funded health insurance scheme. The scope of healthcare delivery has further expanded with the integration of the Mukhyamantri Jan Arogya Yojana, a state initiative aimed at widening the ambit of health coverage. This integration not only strengthens the infrastructure but also ensures that even more residents benefit from free and quality healthcare. Currently, over 1100 hospitals are empanelled under the scheme in Bihar, and notably, 50% of these are private hospitals. This balanced participation of both public and private healthcare institutions has significantly enhanced service delivery, reduced waiting times, and brought medical care closer to the people. The State Health Agency has launched a series of special initiatives to ensure seamless and corruption-free implementation. These include digital monitoring, robust grievance redressal mechanisms, regular audits, and on-ground awareness drives. The SHA's commitment is focused on plugging loopholes and ensuring that the real beneficiaries -- the people of Bihar -- are not left behind. Officials believe that such transformative steps under Ayushman Bharat PM-JAY are not only improving health outcomes but are also playing a pivotal role in reducing rural distress, preventing medical indebtedness, and empowering families economically and socially. As Bihar sets new benchmarks in public healthcare delivery, the Ayushman Bharat scheme stands out as a shining example of how proactive governance and inclusive policies can change the face of rural healthcare in India.
India Gazette
07-06-2025
- Health
- India Gazette
Ayushman Bharat empowering rural Bihar: Over Rs1000 crore saved in out-of-pocket expenses in just one year
Patna (Bihar) [India], June 7 (ANI): Bihar is witnessing a healthcare revolution as the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) continues to transform the lives of millions across the state, particularly in rural areas. In a significant milestone, the state has helped beneficiaries save over Rs1000 crore in out-of-pocket medical expenses within a single year -- a testament to the scheme's growing reach and effectiveness. Affordable and quality medical care is no longer a distant dream for the rural population of Bihar. Through relentless efforts by the State Health Agency (SHA), the state has achieved 100% coverage of all eligible families under the AB PM-JAY scheme. This has ensured that every entitled household receives the financial protection and medical assistance promised under India's largest publicly funded health insurance scheme. The scope of healthcare delivery has further expanded with the integration of the Mukhyamantri Jan Arogya Yojana, a state initiative aimed at widening the ambit of health coverage. This integration not only strengthens the infrastructure but also ensures that even more residents benefit from free and quality healthcare. Currently, over 1100 hospitals are empanelled under the scheme in Bihar, and notably, 50% of these are private hospitals. This balanced participation of both public and private healthcare institutions has significantly enhanced service delivery, reduced waiting times, and brought medical care closer to the people. The State Health Agency has launched a series of special initiatives to ensure seamless and corruption-free implementation. These include digital monitoring, robust grievance redressal mechanisms, regular audits, and on-ground awareness drives. The SHA's commitment is focused on plugging loopholes and ensuring that the real beneficiaries -- the people of Bihar -- are not left behind. Officials believe that such transformative steps under Ayushman Bharat PM-JAY are not only improving health outcomes but are also playing a pivotal role in reducing rural distress, preventing medical indebtedness, and empowering families economically and socially. As Bihar sets new benchmarks in public healthcare delivery, the Ayushman Bharat scheme stands out as a shining example of how proactive governance and inclusive policies can change the face of rural healthcare in India. (ANI)
