Category: Unwind

Turn around man of PSUs V Krishnamurthy’s contributions to India’s story of growth 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dr V Krishnamurthy, the former chairman of several public sector undertakings like Bharat Heavy Electricals Limited (BHEL), Gas Authority of India Limited (GAIL), Steel Authority of India Limited (SAIL) and Maruti Udyog (renamed to Maruti Suzuki), passed away yesterday at the age of 97. Krishnamurthy, known as the ‘turnaround man’ in industrial circles, had worked with five Prime Ministers – Lal Bahadur Shastri, Indira Gandhi, Morarji Desai, Rajiv Gandhi and Manmohan Singh – and was an instrumental part of turning India’s PSUs into successful business ventures.

“His contribution to the growth of India was immeasurable. It (demise of Krishnamurthy) is a great loss to Indian industry and to the country. I will certainly miss his genial and wise presence”, said TVS Motor Company chairman emeritus Venu Srinivasan on Krishnamurthy, reported PTI.

“A true legend among public sector managers, a man who built BHEL, turned around SAIL and launched Maruti is no more. V. Krishnamurthy had a glorious innings but missed his century by just three years. He’ll remain an important part of Indian economic history,” Congress leader Jairam Ramesh tweeted.

Considered by many to be the “the father of public sector undertakings in India”, Krishnamurthy started his career as an airfield technician during the Second World War. Soon after, Krishnamurthy started his stint in BHEL and was monumental in turning the PSU into the industrial giant it is today. His stint in GAIL and then SAIL resulted in similar success. Krishnamurthy was chosen as the Business India Businessman of the year in 1987 because of the SAIL turnaround story. But it was in his role as the Founder Chairman and CEO at Maruti Udyog that Krishnamurthy found his most lasting success.

ALSO READ: Contribution of V Krishnamurthy to growth of India immeasurable, says Venu Srinivasan

Krishnamurthy was instrumental in the development of the Maruti 800, which made it possible for Indian families to own and drive a car. It was a milestone for Maruti Udyog to sign a joint venture agreement with Japan’s Suzuki Motor Corporation in 1982 and it happened under the leadership of Krishnamurthy.

“In his initial remarks, he asked the managers, ‘I went through your appraisal reports. Almost all of you seem to be outstanding performers. Tell me the secret of producing a loss-making company with so many outstanding performers?’ It laid a strong foundation for reviewing and replanning their new PMS in SAIL and also gave birth to Priorities for Action,” recalled TV Rao, Chairman TVRLS, on one of Krishnamurthy’s first meetings after taking over as the Chairman of SAIL.

“He is known to build leaders wherever he worked. He is a true leader and an unassuming role model,” Rao added.

Maruti Suzuki India chairman RC Bhargava described Krishnamurthy as an outstanding leader and a visionary who introduced the Japanese work culture in India through Maruti Udhyog. “Had it not been for him I would have remained in administration only,” Bhargava was quoted as saying by NDTV.

“Dr. V Krishnamurthy was a Colossus. As the Chairman of SAIL, he brought many changes in SAIL, which were simply revolutionary. He was a great leader, always very humble and polite,” wrote former Chief General Manager (MKT) at SAIL, Deo Kumar Ghatak.

Rakesh Kumar Singhal, former head of corporate affairs at SAIL, shared how Krishnamurthy turned around SAIL.

“Back in 1985 as a junior manager when I got a booklet titled #Priorities for #action with a covering letter signed by Chairman V Krishamurthy Sir . I can still recall my sense of ethereal feeling. The booklet became a guiding light for SAIL turn around. Mr V Krishamurthy turned around Steel Authority of India Limited, instilled confidence and self-belief in people with his hands-on approach. Before his becoming Chairman, the connection of grass-root level at many corners of the organisation with the top echelons was of very limited nature,” wrote Singhal, who had joined SAIL as a trainee in 1983.

Great stress was laid by him personally on improved #communication throughout the length and breadth of the mammoth enterprise.

In a LinkedIn post, Singhal revealed how Krishnamurthy personally supervised improved communication across all departments of SAIL, “Briefing groups were set up to brief employees about major policy issues. Shift meetings were encouraged. Two-way communication with the rank-and-file was strongly emphasised. Suggestion schemes were revamped.”

According to Singhal, Krishnamurthy’s vision even today guides all organisations he headed.

Another ex-employee of SAIL, Ravi Kumar K Pillai, recalled how V Krishnamurthy’s exemplary leadership and commitment turned SAIL from a mediocre PSU to a promising public sector giant.

“I was fortunate to work closely with him when he came in to head SAIL and lead it from a bleeding, comatose giant of mediocrity to a promising symbol of public sector revival. He enthused a lot of young professionals like me. What stood out in his leadership style was the passionate commitment, radiating optimism and ability to cut across hierarchy and status to reach a mix of talent whom he galvanised into ambassadors for change. Communication, empathy and engagement through direct in-person dialogues were the hallmarks of his leadership,” wrote Ravki Kumar in a LinkedIn post.

For his services to the nation, Krishnamurthy was awarded the Padma Shri in 1973, Padma Bhushan in 1986 and the Padma Vibhushan in 2007, along with the Order of the Rising Sun, the highest civilian honour in Japan, by the Japanese government for his contributions to bilateral economic ties between the two countries.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The memory remains of KK as a school rockstar trained by Loy Mendonsa

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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KK was always KK, even in his early days. No one called him Krishna or Krishnakumar in school. He was this slim, short, bespectacled boy with closely cropped hair on the sides who could mesmerize you with his melodious voice. We were actually in neighbouring classrooms in school. He was a year senior, though we are about the same age. And we’d more than just brush into each other very often, for one reason only: our love for music.

MUSICAL BEGINNING: Aankhon mein teri…

Coincidentally, so it seems now, we were both part of the music group. You’ve heard about Socially Useful Productive Work (SUPW) in school, right? You need to pick an area of interest and work on it besides academics. I chose music, so had KK. And guess who the teacher was? None other than Loy Mendonsa of Shankar, Ehsaan & Loy fame. Little did we know then that both mentor and student would one day be topping the charts with their music and songs, respectively.

Also Read | KK dies at 53: Life and times of the iconic singer

Interestingly, Loy who is seen mostly on the keyboards now plays several instruments. He actually taught us guitar in school. And while I have never been much of a musician, it was good fun hanging with the group. My classmates Rohan, a bank treasury man when I last checked (not disclosing full names to be fair) and Verghese, who last I heard had migrated to the land down under, were the guitarist duo, with Rohan in the lead and Verghese on bass. The incredible combination with Loy as the guiding light saw us storm the inter-school competition, like no one had seen before. They were belting out songs of famed guitarists, like Mark Knopfler’s Money for Nothing. The group stood apart.

Even in those days, KK always had that yearning look in his eyes (Aankhon mein teri…) of wanting to pursue a career in music—not easy in those days. What’s more, he never was a Hindi music guy. In school we always looked to a much younger schoolmate, in his 8^th grade I think (forget his name, it’s been so long), who had a wonder voice for ghazals, et al. KK was always seen as the “western music” guy.

He was only 53.
He sang his last song.
And quietly passed away.
In music he lived life, in music he met death.
Sorrow is for the rest of us, for KK it’s possibly a Stairway to Heaven.

— Gautam Chikermane (@gchikermane) May 31, 2022

From what I heard, he didn’t have it easy to start with. Someone mentioned he was working with an ad agency and not liking it one bit. The next I heard of him was when my wife brought home his album. I could never believe him singing Hindi songs, but I guess if you need to make a living off music in India, at least in those days, singing for the movies was the only way. I’m not sure what it took for him to get to where he did, but I’m glad he did.

SCHOOL LIFE: Chod aaye hum who galiyaan…

KK was a simple and unassuming guy, though he could well pull a prank or two. He was generally good hearted. He’d often drop in to a friend Malhotra’s (let’s leave it at that) home in Greater Kailash–II in Delhi. Malhotra and I got close, though he was a year senior, as we lived just one lane apart. KK was Malhotra’s good buddy and classmate. That he was living in Kalkaji, not too far away, only led to all of us meeting more often.

Never had we ever imagined at the time where we would all be. We always knew KK was a great singer and prayed that he do well, but making a living of singing in those days was a tall ask. In those days we’d do random things like hanging out late night near the temple on Janamashtami day or just stepping out to the market for a chai, and what have you. Typical Delhi thing.

In KK’s passing, while we grieve, we also cheer what he managed to achieve. And while I did not connect with him in his in-fame years, always felt that would be very awkward, the memories remain.

He has left early. Why? Khudaa Jaane…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Doctor Strange in the Multiverse of Madness: Marvel super-sequel is a fan’s delight

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It’s a strange place: you move when traffic lights are red, food is free of charge in some of its realities, and there are ways to travel across its dimensions. If you haven’t figured it out by now, I’m referring to Marvel’s multiverse, the centerpiece of Doctor Strange in the Multiverse of Madness.

The Benedict Cumberbatch starrer and the latest entry to the Marvel Cinematic Universe offers us the first deep-dive into the concept of multiple realities, which it introduced on film, in Spider-Man: No Way Home. And what a deep-dive it is. From action, comic-book horror and the magic of the mystic arts, to offering seamless continuity to the Marvel Cinematic Universe, the film has it all.

First, the time-set: Doctor Strange in the Multiverse of Madness takes place after the events of Spider-Man: No Way Home and Wanda Vision. It certainly helps if you’re caught up to speed with the latter in particular, as the show goes a long way in delving into great detail about Wanda Maximoff’s life after the events of Avengers: End Game and forms the very foundation for this film.

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Without giving away much, Multiverse of Madness sees Stephen Strange (Cumberbatch) team up with multiverse travel expert, America Chavez (Xochitil Gomez), to take a trip across the multiverse. Their nemesis is Darkhold, an insidious force that threatens to change the very fabric of reality itself.

Together, Strange and Chavez with a little help from old friends, and some trouble from familiar foes, must team up to defeat Darkhold and restore order to these realms. Along the way, Marvel introduces us to some Multiverse Travel 101 — like its travel guide The Book of Vishanti, and the concept of Dream-walking that lets you control the mind of your counterpart in another universe.

While Multiverse of Madness sees some familiar characters reprise their arcs — like Wong (Benedict Wong) as the newly anointed Sorcerer Supreme and Strange’s rival Karl Mordo (Chiwetel Ejiofor) — the film’s standout performance belongs to Elizabeth Olsen as Wanda Maximoff. Olsen’s portrayal of grief, yearning and parental emotion is worthy of praise as her character arc braves a very significant shakeup. The film has also admirably utilized the concept of the multiverse to integrate two other prominent film franchises into the Marvel Cinematic Universe, thus ending a considerably long wait.

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However, pleasant nuances that make up the building blocks of the film aside, Multiverse of Madness does make you wonder if it could have done so much more. Its potential is immense: Marvel’s budgets, director Sam Raimi’s reputation of delivering visual brilliance, and superb existing material that references the multiverse. However, it quickly becomes clear that the filmmakers want to play it safe and straight, choosing to deliver a story spanning less than a handful of universes, instead of pushing boundaries just a wee bit more.

Another criticism of the film, although less significant, is that Multiverse of Madness lacks cinematic identity simply because it is by all counts a coming-together of what can only be seen as sequels to previous Marvel productions, resulting in a super-sequel. Its events are sparked off by the blip in Avengers: End Game, its storytelling stems from Doctor Strange, and there are references to Spider-Man: No Way Home, even as Wanda Vision ends up birthing a significant portion of its source material.

On the bright side, the film warms the heart as it explores love across the multiverse exploring some beautiful relationships left behind in earlier productions. It delivers lines that make you want to pull out half-written love letters in the middle of the theatre, and complete them right then and there.

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For Marvel and Doctor Strange fans, the film makes for an entertaining watch, as it expands the universe in more ways than one, boasts of great visual effects and features two prominent Marvel heavyweights — Doctor Strange and Wanda — in all their glory. Watch Multiverse of Madnes to resume Marvel’s beautiful cinematic journey and stay for the trippy ride across the multiverse. However, make sure you do that only after completing all episodes of Wanda Vision on your streaming device.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How paneer is making a place for itself on south Indian palates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Only a decade ago, its very existence may have bordered on culinary confusion. Today, the Paneer Dosa is ubiquitous in Chennai. This, in a city that doesn’t hide its fondness for authenticity and old-world culinary tradition.

In fact, at the Mylapore branch of Saravana Bhavan — Mylapore is regarded by some as Chennai’s cultural citadel for its adherence to tradition including that of the culinary realm — platefuls of the lip-smacking delicacy keep rolling out of the kitchen. Waiters bearing four plates to five make their way to tables as they serve them up, crispness on full display and steam exiting both ends.

“For years, I’ve ordered a Masala Dosa and a Sambaar Vadai for breakfast, while sometimes picking an Idli or Ghee Roast (another Dosa preparation),” says 57-year-old R Narayanan, an employee at a nearby PSU bank, “However, there’s a unique taste that the Paneer Cheese Dosa brings with it. I thought I’d experiment one day, and I’ve been quite hooked to it ever since.” Narayanan is just one of many.

It’s made its way into some typically traditional South Indian dishes too: Paneer 65 (a paneer variant of Chennai’s very own Chicken 65), Gun Powder Paneer, and Chilli Paneer.

In fact, Gun Powder Paneer has turned into an Andhra favourite — roadside eateries along the Vishakatapatnam-Vizianagaram route serve them up with plenty of spice to boot. “You get it spicy or extra spicy if you’d like” you’re told when you line up to order it with the local breakfast favourite, Dibba Roti. It must come as no surprise that cottage cheese has also turned into a South Indian pub favourite: Monkey Bar’s Chennai outlet, in fact, serves up a mean Paneer Ghee Roast, adopting a flavour profile normally reserved for classical chicken preparations in the South: a bit of spice and a lot of ghee.

“There’s been a noticeable fondness for Paneer in the last couple of years as most diners have turned really health conscious since the pandemic,” says Chennai-based food blogger Dikshita Jain, “And if you’re a vegetarian, chances are you prefer paneer to potatoes since it’s a trade-off between protein and carbs.”

No doubt, choosing protein over carbohydrate — especially the carb-on-carb a Masala Dosa brings — is probably the number one health choice made by most culinary aficionados on the lookout for healthier dietary options.

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That is also probably why Paneer-manufacturers have seen the business grow by leaps and bounds more recently.

Only last year, Amul reported a 50 percent growth in Paneer sales across South India, capitalizing on a spurt in the packaged foods market in the aftermath of COVID-induced lockdowns in 2020. Chennai-based agri-tech start-up Waycool has been plotting a conscious and concerted move towards the packaged foods space, which could well feature Paneer products.

Erode-based Milky Mist has carved out a niche for itself by launching 20 packaged products through omni-channel sales, with its distinctive blue packages of paneer turning into the star of the show. The company has made clear its plans to grow in line with a Rs 75,000 crore market Pan-India that has been growing at 18 to 20 percent in the last few years, and faster still in the South according to anecdotal evidence. Individual data for states is presently unavailable, although some estimates peg Chennai’s Paneer consumption to lie in the range of 30 tonnes per day.

Also Read | Govt trying to keep edible oil prices under control: Union minister Ashwini Kumar Choubey

“Eating habits in the South have been changing over time,” says R Chandramogan, Chairman, Hatsun Agro, “While consumers have continued to enjoy eating their staples, they want to have something different every once in a while, and that’s where the market for packaged Paneer comes in.” He adds: “Our Paneer products have been experiencing a good, steady growth for the last few years; we expect them to grow at 20 to 25 percent CAGR over the next three to four years.”

Back at restaurants, the paneer dishes keep getting sent out of the kitchen. Even at South Indian food establishments with an obligatory North Indian menu, Paneer Butter Masala, Kadai Paneer and Paneer Tikka end up being classical favourites. “We serve anywhere between 200 to 250 paneer butter masalas every single day,” says Mohan, a duty manager at Apoorva Sangeetha chain of South Indian restaurants.

The verdict is clear: it doesn’t matter if there’s butter or ghee, or chilli, rice flour or the chargrill of the tandoor — Paneer has turned into a South Indian dietary favourite and how! “It doesn’t even blow my mind that the South is so fond of it now,” says Dikshita, “Paneer’s transition from a North Indian dish to a South Indian staple has been seamless.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Good Friday messages to share with loved ones, celebrating victory of good over evil

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Good Friday is one of the most sacred and important festivals on the Christian calendar. It is also known as Holy Friday, Great Friday, Easter Friday, and Black Friday. The festival is celebrated on Friday after Maundy Thursday, which commemorates the Last Supper of Jesus Christ. The day marks the crucifixion of  Jesus Christ as he took away all the sins of humankind, and his crucifixion redeemed them.

The Christian community celebrates Good Friday with church services and fasting. Good Friday celebrates the essence of victory of good over evil and is a great day to share positive messages with loved ones.

• Have a blessed Good Friday and share these Good Friday messages, your friends, family and loved ones.
• Happy Good Friday! May this beautiful day bring abundant joys and positivity to your lives.
• May the blessing of God be always upon us. Wish you a blessed Good Friday.
• May the faith you hold on to never ever leave your path. Happy Good Friday!
• I am the witness to his fearless death. I am a token of his last promise of forgiveness I am the Cross. Sharing the blessings of God with you on this Good Friday.
• Holy Friday is the opportunity to recall the sacrifices of the Lord that had been crucified and expired to the sins of humanity to save the world. Warm wishes on Good Friday for you.
• Good Friday is beautiful because it reminds us that we matter to the great Lord. Have a divine Good Friday!
• May the faith you have in God bring unimpeded peace to your heart. Happy Good Friday.
• The unconditional love of Jesus for us is the biggest motivator for doing good things in life and being a good person. Happy Holy Friday.
• May Good Friday bring peace and prosperity to your own life. May the Holy Spirit shield you from any threat. Wishing Good Friday to you.
• May you find inspiration from the holy sacrifice of our lord and saviour. Happy Good Friday!

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Targeting one million arrivals from India by 2030, says Tourism Australia

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Australia has finally reopened for leisure travel, marking the end of nearly two years of its Zero-COVID policy that saw the country shut off its borders. The country’s tourism department now believes pent-up demand could see annual tourist visits from India alone hit the one-million mark by 2030.

“There is a long-term vision that we have set for ourselves — to achieve a million visitors from the Indian market over the next decade,” said Nishant Kashikar, country manager (India & Gulf), Tourism Australia, in a chat with CNBC-TV18.com.

“If we are to maintain our present growth rate of 15 to 17 over the next six to seven years, after achieving our targeted 400,000 tourist visits this year, we should be able to hit a million visitors from India to Australia by 2030,” Nishant added, “This target, when achieved, would also make India the third-largest tourist market for Australia.”

Also Read: Australian watchdog sues Facebook-owner Meta over scam advertisements

While Australia’s Zero-COVID policy saw tourism hit a trough through most of 2020 and 2021, Indian tourist arrivals numbered 400,000 as of February 2020, just prior to the onset of the pandemic. The average annual spend from Indian visitors totalled to $1.8 billion.

“Our first internal goal is to achieve pre-COVID levels in the first full year of operations,” said Nishant, “So, from March 2022 to February 2023, especially with the ICC T-20 World Cup being hosted by Australia and assuming there are no further COVID waves, we should go back to 400,000 visitors from India.”

Reduced air capacity could impact tourist arrivals

However, a major and seemingly significant variable in these projections, COVID outbreaks aside, is the complete restoration of air routes.

Also Read: Explained: India, Australia sign trade pact today, how it will benefit Indian exporters

Australia’s national carrier Qantas recently announced an increase in its outbound flights from India to Australia, including four flights per week on the new direct route from Bengaluru to Sydney, while Air India has also followed suit. However, the likes of Singapore Airlines which is a major connecting airline is still operating at 50 percent capacity between both countries.

“While visa numbers state that we are back to where we were before COVID, the fact remains that unless and until we get aviation routes back to where they were in early 2020, we may not see the numbers that we saw before COVID,” Nishant added.

However, the Australian Government is doing its bid to promote tourism between both countries at various levels, including announcing select visa application-fee waivers and fast-tracking applications from the Meetings, Incentives, Conferences and Exhibitions (MICE) segment.

‘Focusing on high-value travellers’

The country is hoping to tap into inbound Indian tourists with links to 750,000 Australians of Indian origin, and those inbound Indian tourists with high-spend potential. “Australia has been ranked number one in terms of tourist spend per night,” said Nishant, “So, our focus is on yield and value rather than volumes alone. So, it makes sense to focus on high-value travellers.”

Also Read: TCS bags multi-year deal from Australia’s Western Power

According to data from Tourism Australia, India ranks number 6 and 7 in terms of tourist spend and arrivals in Australia, respectively: “The goal is to get both these numbers in the top-5 by 2030.”

Ranked above India in tourist arrivals and spend — in no particular order — are countries like China, the United States, New Zealand, the UK, Japan, and Singapore. China is Australia’s largest market number of tourist arrivals and average tourist-spend.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indians opting for last-minute bookings to avoid COVID travel ban blues

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It’s summer, and most travel restrictions imposed in the past two years due to COVID have been lifted. As travel curbs go, Indian travel websites say more and more Indians are planning to vacation overseas. And they are not booking well in advance, as was a given before the pandemic.

“We have witnessed a sharp increase in inquiries for international destinations such as the UAE, Maldives, Thailand, and the United States. There is also a growing trend for last-minute bookings as people are aware of new pandemic waves,” Rikant Pittie, co-founder, EaseMyTrip, told CNBC-TV18, adding this trend is set to grow in the summer months.

Pittie said the trend of revenge travel continues to drive the international travel industry, “particularly because of the uncertainty that comes with these unprecedented times”.

“For the summer months, we noticed a nearly 30 percent increase in advanced air ticket bookings for international travel. Of these, nearly 40 percent of travellers opted for flexible air ticket bookings and cancellation policies. Our numbers have crossed the December 2021 pre-third wave levels, and the resumption of international travel will only aid the growth,” Pittie said.

According to Cleartrip, too, Indians are more likely to visit the UAE, Maldives, and Thailand internationally during the summer travel season.

“Since the resumption of scheduled international flight operations from March 27, we have seen a steady increase in bookings. International bookings have increased by 80 percent since January 2022,” a Cleartrip spokesperson told CNBC-TV18. “After two years of disruptions, travel has a positive sentiment, and the next two to three years are set to witness a dramatic shift in travel trends.”

A Yatra.com spokesperson said the platform witnessed interest from travellers for Maldives, Dubai, Thailand, Bali, and Europe. Yatra also pointed to a new wave of optimism for domestic travel with a spike in bookings and queries by 25 percent to destinations such as Ladakh, Uttarakhand, Kashmir, Himachal Pradesh, and the northeast. EaseMyTrip also saw a 30 percent jump in domestic bookings for summer.

The Cleartrip spokesperson said consumers were planning weddings at popular destinations to make it an affair to remember. “We expect the next wedding season to be robust,” the spokesperson said.

“Moreover, owing to the new travel trends paving their way in, there is a rise in travellers keen on taking big-bucket trips with friends, family, and partners for honeymoon and leisure travel,” the Yatra.com spokesperson said.

Pittie shared similar trends. “Travellers are engaging in ‘once-in-a-lifetime’ trips, which has led to many opting for vacations in luxury 4-5 star hotels and destinations. We have also witnessed an increase in inquiries for sustainable travel wherein customers are opting to visit destinations adopting sustainable practices, especially when it comes to protecting the environment and supporting the local economy.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

In light of Russia’s invasion of Ukraine, what do international sanctions mean & what’s their real impact?: The Thought League Season 2

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In light of Russia’s invasion of Ukraine, what do the international sanctions mean and what’s their real impact? Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas discuss with Chase D. Kaniecki, Partner, Cleary Gottlieb Steen & Hamilton LLP.  Watch the entire episode to catch the insightful conversation.

The Thought League – Season 2 of ideas for change from the global think tank. Top leaders discuss their ideas and insights to spot the trends in the future for you to stay ahead of the curve. Find out where the world is moving in this new disruptive world, what’s the new way of life and innovations all across. #BusinessNews #BusinessNewsToday #BusinessNewsInEnglish #ShareMarketToday #TheThoughtLeague

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The Thought League Season 2: Making India ‘Pharmacy’ of the world

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In the 11th episode of Season 2 of CNBC-TV18 & Cyril Amarchand Mangaldas Present The Thought League, Kiran Mazumdar Shaw, Executive Chairperson, Biocon and Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas discuss with CNBC-TV18’s Nisha Poddar the topic, MAKING INDIA ‘PHARMACY’ OF THE WORLD.

Watch the insightful conversation between Cyril Shroff and Kiran Mazumdar Shaw where they discuss the policy and framework changes that would boost R&D and innovation in healthcare and reposition India as the global leader in pharmaceuticals.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Crypto true crime drama: Who was Gerald Cotten? The mysterious CEO from Netflix’s ‘Trust No One’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Over the last couple of years, Netflix has rolled out a steady flow of true crime documentaries filled with mystery and intrigue. And the streaming platform’s latest release is no different!

The documentary titled ‘Trust No One: The Hunt for The Crypto King’ investigates the suspicious death of Gerald Cotten, a bitcoin millionaire and founder of Canadian crypto exchange, QuadrigaCX.

About the documentary

Cotten died due to complications from Crohn’s disease while honeymooning in Jaipur, India. Crohn’s disease is a chronic inflammation of the digestive tract that leads to severe diarrhoea, fatigue, etc.

Doesn’t sound like much of a mystery, right?

Well, the real jaw-dropper was that Cotten held the cold wallet passwords for all the clients of QuadrigaCX, and he took this information with him to the grave. The passwords were stored in his encrypted laptop, which no one except Cotten had access to. This meant that all the client’s funds, roughly $215 million, were lost in perpetuity.

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Even before his death, customers could not access their funds through the exchange. Many clients had begun the withdrawal process in October 2018 after Bitcoin started to crash. They waited for weeks for funds to appear in their banking accounts, but to no avail.

The mystery runs deeper – nine days before his death, Cotten signed a will leaving his wife $11 million. And in January 2019, a few weeks after Cotten’s death, QuadrigaCX stopped trading activities and filed for bankruptcy.

All these circumstances became fuel for speculation that Cotten faked his death and ran off with the money.

Cotten’s personal life

Cotten grew up in Toronto, Canada, where his parents owned an antique store. From an early age, Cotten was interested in computers. His friends described him as him being ‘very nerdy’ and an introverted kid who struggled to fit in.

Inklings of dubious behaviour started to surface when he started to frequent the dark web chatroom, TalkGold, a now-defunct website where people discussed shady get-rich-quick gambits, Ponzi schemes and how to formulate scams.

In 2010, he went to college in Canada, graduating from York University and the Schulich School of Business. It is alleged that Cotten ran a string of scams during his college life too.

The formation of QuadrigaCX

In 2013, Cotten partnered with a man named Michael Patryn and formed what became Canada’s biggest cryptocurrency exchange, QuadrigaCX.

The kicker here is that Cotten knew Patryn from his days surfing the dark web. During that time, Patryn was six years older than Cotten. It was also later found that Patryn had ties with organised crime in his past.

Back to QuadrigaCX – the exchange quickly saw success and became the fastest and safest way to trade dollars into bitcoin. It also became the first cryptocurrency exchange to hold a licence from Canada’s anti-money laundering authority, FinTRAC.

However, Cotten parted ways with Patryn in 2016 as a part of a mass exodus of employees caused by the exchange’s failed IPO. After the exodus, Cotten controlled the finances of the exchange singlehandedly.

In 2018, Bitcoin saw one of the most significant price surges in the history of cryptocurrency. The cost of one bitcoin rose to $20,000 in months. It led many people to jump onto the Bitcoin bandwagon, and QuadrigoCX saw an influx of investment from the public.

Cotten amassed quite a fortune thanks to the Bitcoin boom. He purchased a yacht and a Cessna aircraft and built up a significant real estate portfolio. But the rally had to stop eventually, and it did when Bitcoin crashed in late 2018. This resulted in customers of the exchange wanting to cash out.

The fraudulent nature of the exchange

Coindesk obtained court filings indicating that, after the bankruptcy filing in January 2019,  QuadrigaCX owed around $196 million to its customers. A few months later, the Ontario Securities Commission hired the accounting firm, Ernst & Young, to figure out what had happened with the funds.

The report from the accounting firm found that the cold wallets supposedly holding the client’s cryptos were empty and that Cotten had embezzled the funds. The report stated that Cotten transferred millions in crypto from customers’ accounts to other exchanges.

Cotten also lost $28 million in various exchanges and spent roughly $24 million on real estate, vehicles, travel and other personal expenses. While other details of the money trail were scant, it was clear that QuadrigaCX was not an exchange but an elaborate Ponzi scheme.

The circumstances of Cotten’s death

As mentioned earlier, Cotten died from Crohn’s disease while honeymooning in Jaipur, Rajasthan. He was diagnosed with Crohn’s disease at 24 and lived with the condition without much difficulty for six years. Also, while it is a serious ailment, Crohn’s disease is unlikely to cause death if appropriately treated.

The handling of his body in Jaipur also garnered suspicion. His death certificate was misspelt. His name read ‘Cottan’ instead of Cotten. This led to speculation that he forged his death certificate. It was also strange that the exchange only announced its founder’s demise after a month.

In the documentary, the group investigating Cotten’s death mostly comprised of jilted customers who had lost a substantial amount of money in the exchange. They believe that the circumstance of Cotten’s death point to a classic exit scam.

According to them, Cotten is still out there, and from the years of running scams, he has learned how to cover his tracks and is now living under a new identity.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow