Latest news with #Sachdeva
Indian Express
a day ago
- Health
- Indian Express
Delhi BJP chief accuses ILBS of labour & PF law violations
Delhi BJP president Virendra Sachdeva has written to Central Provident Fund Commissioner Ramesh Krishnamurti alleging serious violations of labour laws and provident fund regulations at the Institute of Liver and Biliary Sciences (ILBS), an autonomous institution under the Delhi government. In a letter dated May 15, Sachdeva alleged that the employer's contribution towards provident fund (PF) at the super-speciality hospital for liver and biliary diseases is reportedly limited to only 8% of the employees' salaries, in contravention of the statutory requirement of 12%. He alleged that an equivalent amount is deducted from employees' salaries. When asked, ILBS Director Dr S K Sarin said, 'So far, I have not received any complaint from anyone.' Sarin further said that he will look into the details as soon as he receives any official intimation. In his letter, Sachdeva wrote, 'The specific issue relates to PF contributions being made by the institute, which, as per information received, are not in compliance with statutory requirements.' 'The salary figures submitted to the Employees' Provident Fund Organisation (EPFO) are shown to be lower than the actual amounts, thereby misrepresenting the contribution as compliant,' he added. This manipulation not only violates the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, but also undermines the financial security of the employees, he further said. 'Moreover, it is alleged that these actions are taking place with the full knowledge and complicity of senior officials at the institute. Employees, most of whom are on contractual appointments, reportedly refrain from raising these issues formally due to fear of termination and other reprisals. I am also informed that these irregularities have been going on for a few years now and largely unchecked,' he said in his complaint. Despite attempts, Sachdeva could not be contacted for a response.
Time of India
2 days ago
- Business
- Time of India
Shadowfax preps IPO filing; O-1A over H-1B
Shadowfax preps IPO filing; O-1A over H-1B Also in the letter: Shadowfax to file IPO papers under confidential route Key details: Shadowfax's IPO is expected to be Rs 2,000–2,500 crore in size. Fresh capital is expected to form half of the proceeds. Shadowfax is eyeing a valuation of Rs 5,500–6,000 crore, subject to market conditions. ICICI Securities, JM Financial and Morgan Stanley are bankers for the issue. Use of proceeds: Shadowfax, at a glance: Quick commerce and hyperlocal deliveries contribute 25–30% of Shadowfax's revenue, a share expected to rise to 35–40%. The remainder comes from ecommerce and D2C logistics, particularly same-day deliveries. Clients include Nykaa, Ajio, Flipkart, and Meesho. Shadowfax is also a key logistics partner for the Open Network for Digital Commerce (ONDC). JSW One eyes public listing in 18–24 months IPO momentum: JSW One, at a glance: Founded in 2020 by Sachdeva and JSW Group scion Parth Jindal, JSW One handles 2.4 million metric tonnes of steel annually, accounting for about 1.6% of India's total steel supply. It currently processes a monthly gross merchandise value (GMV) of Rs 1,400 crore. Revenue rose 4.2x to Rs 1,421.9 crore in FY24, up from Rs 338.8 crore a year earlier. However, net losses widened to Rs 277 crore from Rs 83.8 crore, according to Tracxn data. The company entered the unicorn club earlier this year after raising Rs 340 crore from Principal Asset Management, OneUp and JSW Steel, valuing it at $1 billion. Also Read: Pine Labs files for IPO with Rs 2,600 crore fresh issue; Peak XV, PayPal to pare stakes Who is selling? Also Read: O-1 for the books! Elite talent finds new route to US What is O-1A visa? Pros & cons: Versus H-1B: Cost: O-1A applications range from $10,000–$30,000. H-1Bs are more affordable, starting at $970, but legal fees can increase to $7,775 with premium processing. Attorney fees add $2,000–$5,000. O-1A applications range from $10,000–$30,000. H-1Bs are more affordable, starting at $970, but legal fees can increase to $7,775 with premium processing. Attorney fees add $2,000–$5,000. Popularity: While 225,957 H-1B visas were approved in FY24, just 22,669 O-1As made the cut. But the latter is growing fast, clocking nearly 10% annual growth. While 225,957 H-1B visas were approved in FY24, just 22,669 O-1As made the cut. But the latter is growing fast, clocking nearly 10% annual growth. Approval rate: O-1As enjoy a 93% approval rate. H-1Bs offer just 37%. Also Read: Nykaa eyes Rs 6,000 crore GMV from in-house brands by FY30; ramps up fashion, AI bets Fashion bet: Quote, unquote: Beauty engine: Also Read: AI play: Other Top Stories By Our Reporters ShopOS raises funds from Binny Bansal: Raphe mPhibr valued at $900 million after fresh raise: Google, Meta at loggerheads over age verification: Global Picks We Are Reading Happy Friday! Logistics firm Shadowfax is set for a confidential IPO filing in a month. This and more in today's ETtech Morning Dispatch.■ Nykaa's roadmap■ ETtech Done Deals■ Age verification conundrum(L-R), Vaibhav Khandelwal, Praharsh Chandra, Gaurav Jaithliya & Abhishek Bansal, cofounders, ShadowfaxLogistics startup Shadowfax is poised to confidentially submit draft papers for its IPO to market regulator, the Securities and Exchange Board of India (Sebi), within a month, according to multiple sources. It will join companies like PhysicsWallah Groww , and boAt , all of which have chosen the confidential Rs 1,000–1,100 crore from the primary issue will be used to expand the company's quick delivery offerings, a person familiar with the plan told Sachdeva, CEO, JSW OneJSW One Platforms, the business-to-business (B2B) ecommerce venture of the JSW Group, is planning to go public within 18–24 months as it aims to break even this financial year, CEO Gaurav Sachdeva, told us in an company joins other industrial commerce players, including Zetwerk, and OfBusiness, in preparing for the public Rau, CEO, Pine LabsMerchant payment processor Pine Labs has filed its draft red herring prospectus (DRHP) with Sebi, aiming to raise Rs 2,600 crore through a fresh issue and an offer for sale (OFS) of up to 147.8 million offloading shares include Peak XV Partners, Temasek, PayPal, Mastercard, Invesco, Actis, and Madison India. Cofounder Lokvir Kapoor will also sell a portion of his stake. The company is also planning a Rs 520 crore pre-IPO the H-1B visa becoming increasingly unreliable, a growing number of ambitious professionals are turning to the O-1A visa to chase their American too, are taking notice. Many are now willing to invest heavily in sponsorships, urging candidates to bolster their profiles by publishing research papers, authoring books, and attending under the Immigration Act of 1990, the O-1A is a temporary, nonimmigrant work visa for individuals of exceptional ability in science, education, business, arts, athletics, motion pictures, or television. Applicants must meet at least thee of the eight specific criteria to qualify.'There's growing interest in O-1A because it avoids the H-1B lottery,' said Sahil Nyati, founder of US-based immigration consultancy Jinee Green Card. 'Although it's not a piece of cake.'Falguni Nayar, CEO, NykaaNykaa is targeting Rs 6,000 crore in gross merchandise value (GMV) from its in-house brands by FY30, nearly tripling from Rs 2,100 crore in FY25. The omnichannel beauty and fashion seller shared the goal during its 2025 investor a muted performance over the past few quarters, Nykaa aims to grow its fashion vertical three to four times over the next five years. It has also set a long-term Ebitda margin target of 10% for the segment.'Even in a cautious macro, we've continued to grow with discipline and purpose. Beauty remains a powerhouse, our B2B play is scaling well, and we see recovering momentum in fashion,' said Falguni Nayar, executive chairperson, founder and CEO of beauty vertical, still Nykaa's biggest revenue engine, is expected to grow at a steady mid-20% rate. Growth will be driven by deeper digital discovery, an expanding premium portfolio, and continued investment in omnichannel is positioning itself as an AI-native company, with over 40 generative AI initiatives in the pipeline. It expects AI to generate over half its internal code and handle the majority of customer interactions via voice and Bansal, cofounder, Flipkart with ShopOS founders Sai Krishna VK (left) and Ajay PVThe Flipkart cofounder invested $20 million in the startup, developing an AI-native operating system for global ecommerce brands to automate the creation, management, and marketing of products across various mPhibr, a drone manufacturing startup, has raised $100 million in an equity funding round led by Silicon Valley investor General giant Google and social media major Meta recently reiterated their differences on how to verify the age of child users on digital platforms — the latter has suggested using app stores, a motion the former has warned against.■ Peter Thiel and the Antichrist ( The New York Times ■ The Trump Phone no longer promises it's made in America ( The Verge ■ AI agents are getting better at writing code—and hacking it as well ( Wired
Time of India
2 days ago
- Business
- Time of India
JSW One eyes IPO in 18-24 months, targets break-even this fiscal
Academy Empower your mind, elevate your skills JSW One Platforms, the business-to-business (B2B) ecommerce arm of the steel-to-cement conglomerate JSW Group, plans to go public in 18-24 months, joining peers like Zetwerk, Infra Market and OfBusiness in preparing for an initial public offering (IPO).'We will be breaking even this year, and active appointments with investment bankers will begin from the next financial year,' Gaurav Sachdeva, chief executive of JSW One, told ET in an interview.'We don't need large-scale capital today. This year is about building scale and planning for the next year,' he in 2020 by Sachdeva and Parth Jindal, the scion of JSW Group, the online marketplace operates through two main entities — JSW One Distribution and JSW One Finance — which together offer materials, credit, and logistics services to micro, small and medium enterprises (MSMEs) in the manufacturing and building One Platforms recently raised Rs 340 crore in a funding round led by Principal Asset Management, OneUp, and parent JSW Steel , taking its valuation to $1 billion and making it a company currently clocks Rs 1,400 crore in monthly gross merchandise value (GMV), handling around 2.4 million metric tonnes of steel annually, or about 1.6% of India's total steel FY24, JSW One reported a revenue of Rs 1,421.9 crore, a 4.2x jump from Rs 338.8 crore in the previous year. Its net loss had widened to Rs 277 crore, up from Rs 83.8 crore, as per data from of the company's early differentiators, according to Sachdeva, was building a tech-enabled interface between buyers and sellers in an industry where transactions traditionally happened over phone unlike traditional marketplaces, JSW One is not pursuing a multi-seller model.'Supply in the B2B space is concentrated, held by just a few players in the steel and cement sectors. JSW One does not intend to build a multi-seller marketplace but will instead operate as a platform focusing on enabling transactions, logistics, credit, in a tech-enabled way,' Sachdeva One has built a network of 13 steel processing centres and launched JSW One Transportation Services, a fully owned logistics arm that manages last-mile delivery and part-truckload said around 40% of the company's GMV is on credit, with Rs 500 crore disbursed monthly through third-party lenders. The company itself does not extend credit directly.'We still use third-party credit because it's more efficient,' he said. 'Our NBFC is a different business that we are running to provide financial services or to provide credit to some part of JSW One ecosystem and then some part to the JSW group ecosystem. That's an independent business that we are running.'Sachdeva was previously the chief executive and managing partner of JSW Ventures, the venture investing arm of the Mumbai-based reported in March that parent Hella Infra Market is planning to file for an IPO within 90 days. The company had earlier this year raised $121 million from investors including Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath of Zerodha, and Capri OfBusiness has also been in talks to launch a $1-billion IPO , as reported by Reuters, while Zetwerk, backed by Peak XV, is aiming to raise $400–500 million through its IPO While the construction industry is facing a slowdown amid a challenging market and pressure on steel prices, Sachdeva said demand remains strong and continues to grow each year.
Ammon
6 days ago
- Business
- Ammon
Oil surges to five-month high after US hits Iran's key nuclear sites
Ammon News - Oil prices jumped on Monday to their highest since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply concerns. Brent crude futures were up $1.52 or 1.97% to $78.53 a barrel as of 0503 GMT. U.S. West Texas Intermediate crude advanced $1.51 or 2.04% to $75.35. Both contracts jumped by more than 3% earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some gains. The rise in prices came after U.S. President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC's third-largest crude producer. Market participants expect further price gains amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. Iran's Press TV reported that the Iranian parliament had approved a measure to close the strait. Iran has in the past threatened to close the strait but has never followed through. Iran and Israel exchanged air and missile strikes on Monday, as global tensions rose over Tehran's expected response to a U.S. attack on its nuclear facilities. Brent has risen 13% since the conflict began on June 13, while WTI has gained around 10%. Given the Strait of Hormuz is indispensable for Iran's own oil exports, which are a vital source of its national revenues, a sustained closure would inflict severe economic damage on Iran itself, making it a double-edged sword, Sachdeva added. Meanwhile, Japan on Monday called for de-escalation of the conflict in Iran, while a South Korean vice industry minister voiced concern over the potential impact of the strikes on the country's trade. Reuters
Hindustan Times
17-06-2025
- Politics
- Hindustan Times
BJP kicks off exhibition to showcase 11 years at Centre, 100 days in Delhi
The Delhi unit of the Bharatiya Janata Party (BJP) on Monday launched an exhibition at its state office to mark 11 years of the party at the Centre and 100 days of governance in Delhi. The event was inaugurated by Union minister Hardeep Singh Puri, Delhi chief minister Rekha Gupta, and Delhi BJP president Virendra Sachdeva. Speaking at the event, Puri credited Sachdeva with establishing a BJP-led government in Delhi after 27 years, and praised Gupta's tenure, saying she had already achieved significant milestones in her short time as chief minister. The exhibition highlights achievements of both the central and Delhi governments, including free NEET, JEE and CUET coaching for over 150,000 students, an increase in minimum wages, and a campaign to maintain national symbols, statues and flags. It also features ongoing schemes such as the Vaya Vandana Yojana, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0, and the PM Surya Ghar subsidy programme. Targets for the coming years are also displayed — including installing solar panels on 230,000 homes, setting up 3,000 water coolers, and creating 125 digital libraries in government schools. Gupta described the current regime as a 'double engine government', combining efforts of the Centre and Delhi. 'In 100 days, visible work has taken place across sectors — pollution, water, electricity and roads. We've allocated ₹1.25 lakh crore for road development,' she said. Sachdeva said the exhibition reflected how a government could build public trust and confidence in development within just 100 days. 'We will take it to every district and division in Delhi,' he said.
