5 Minutes Read

Post-COVID INOX: Staggered intermissions, shorter menu, fewer shows

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

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Summary

A couple of weeks before the World Health Organization declared COVID-19 a pandemic, and a little before the government announced a nationwide lockdown starting March 24, several multiplexes stopped screenings.

A couple of weeks before the World Health Organization declared COVID-19 a pandemic, and a little before the government announced a nationwide lockdown starting March 24, several multiplexes stopped screenings.

A month in, and with coronavirus cases continuing to rise, there are indications that multiplexes will in all likelihood, be one of the last businesses to reopen. Multiplex major, INOX Leisure agrees. “There is going to be a big gap between when our screenings went off and our lights come back on,” said Alok Tandon, chief executive officer (CEO) of INOX, while speaking at a Retailers’ Association of India digital forum, on the future of mall retail.

F&B services & intermission timings to change

Tandon added that even when multiplexes reopen, patrons can expect a list of changes to business timings and food and beverage (F&B). “All operators will have to reduce their F&B menu and have to ensure that intermission timings are staggered,” he said, “We also have to ensure that the employee who prepares our food is COVID-free, and that cutlery is clean and hygiene standards are followed.”

Luckily for INOX, subtle architectural changes that it made before the COVID-19 pandemic might come to its aid while ensuring a safe movie experience, especially in the context of social distancing. “We will have to look at the entrance of the cinema hall to ensure social distancing,” said Tandon, “However, over a period of time our openings have become wider, so queuing is reduced at the entrance.” He also pointed out how lesser cramped cinemas with larger lobbies and bigger tier widths have gone some way in already ensuring adequate distance between patrons.

No night shows?

But these may not be the only changes INOX is looking to make in a post-COVID world. “We have been discussing internally, the possibility of shutting multiplexes by 11:00 PM or 11.30 PM in our first phase of reopening,” said Tandon, “We will hardly have any content to show and will have cost overheads like night shifts, which we must take into consideration.”

This simply means even after the government lets multiplexes reopen, there is a possibility that INOX, for one, won’t be running more than a single shift.

Multiplexes could be heading for rough weather

The changes aside, there’s also the risk of multiplexes running into stormy weather once they reopen, which in turn could impact mall retail as well. “F&B, cinema and entertainment will be the last to revive, and cinema will be the last of these categories to get back on track. On the other hand, segments like electronics, home and fitness equipment may recover faster,” said Ashwin Puri, director, Lakeshore India Advisory, “Cinema alone can contribute between 10 and 15 percent of the traffic to a mall.”

Tandon, however, acknowledged that the impact would only be short-lived. “For the first seven months, we will have to change how we do business,” he said, “But eventually, people will start coming back to our malls and multiplexes. People want to watch a movie on a large screen with high-quality sound.”

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Samsung to launch camera sensors that work better than human eyes

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

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Summary

Samsung is among the industry leaders in smartphone image sensors.

South Korean tech giant Samsung on Tuesday said that it is working on an image sensor that could be better than the human eye with a resolution of 600MP, along other types of sensors that can register smells or tastes.

“Not only are we developing image sensors, but we are also looking into other types of sensors that can register smells or tastes. Sensors that even go beyond human senses will soon become an integral part of our daily lives,” Yongin Park, Head of Sensor Business Team, Samsung Electronics said in a statement.

“We are excited by the potential such sensors have to make the invisible visible and help people by going beyond what our own senses are capable of,” Park added.

Samsung is among the industry leaders in smartphone image sensors. In May 2019, the smartphone maker announced the industry’s first 64MP sensor.

Just six months later, Samsung brought 108MP sensors to the market, which made their way into Galaxy S20 Ultra smartphone this year.

In 2019, the company was also the first to introduce image sensors based on 0.7µm pixels, bettering the industry standard that considered 0.8µm as the smallest possible size pixels could be reduced to.

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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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In Maharashtra, 60,000 booked, 13,381 arrested for lockdown violations

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

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Summary

Police have registered more than 60,000 cases in Maharashtra for various violations during the coronavirus-enforced lockdown in the last 31 days and arrested 13,381 people, an official said on Tuesday.

Police have registered more than 60,000 cases in Maharashtra for various violations during the coronavirus-enforced lockdown in the last 31 days and arrested 13,381 people, an official said on Tuesday.

While 121 cases were registered for assault on police, a total of 411 people were arrested for this particular crime.

Other offences included illegal transport and violation of coronavirus quarantine measures, he said.

Police have collected the total fine of Rs 2.30 crore during the last 31 days. Police have invoked various sections of the Indian Penal Code, including 188 (Disobedience to the order duly promulgated by a public servant), the official said.

“Police have registered a total of 60,005 offences during the lockdown period (from March 22 to April 21), and arrested 13,381 people,” the official said.

Meanwhile, at least 49 police personnel, including 11 officers, across the state have been found to have contracted the coronavirus infection, he said.

While some of them are placed under quarantine, others are undergoing treatment, the official added.

Meanwhile, giving break-up of the cases, the official said while 589 people were booked for violating the quarantine measures, 1062 cases were registered for illegal transport, he said.

Police have seized 41,769 vehicles for plying on road during the lockdown period.

At least 74,115 phone calls were handled by the police regarding COVID-19 situation across the state, he said.

While a Janata curfew was observed on March 22 in the country, the Maharashtra government had extended it till March 23 morning and subsequently clamped section 144 across the state.

Prime Minister Narendra Modi on March 24 night announced a three-week-long nationwide lockdown to check the spread of coronavirus. The period of restrictions was later extended till May 3.

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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COVID lockdown: Kia Motors plans to offer financial support to dealers

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

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Summary

Kia Motors on Tuesday said it has come up with various initiatives to financially support its dealer partners amid difficult business environment due to COVID-19 pandemic.

Kia Motors on Tuesday said it has come up with various initiatives to financially support its dealer partners amid difficult business environment due to COVID-19 pandemic.

The company said it has formulated a programme to help its dealers steer through the challenging phase, which includes multiple initiatives to sustain and improve cash flow to the dealer partners.

The automaker said it would provide support in terms of interest cost of dealer stock, including vehicles in physical and transit stock.

Besides, unutilised dealer funds lying with the company have already been remitted back to their current accounts, it added.

Further, all the accepted service claims for warranty have been credited to the dealers’ accounts, Kia Motors said.

The company said that warranty payments have been credited to dealers and the company would provide clear on priority within 15 days post lockdown for all dealer invoices.

“Our dealer partners are one of the key pillars of growth for us and form a foundation for Kia to connect with the consumers in the country,” Kia Motors India MD and CEO Kook-Hyun Shim said.

The company is committed to offer its continued support in these testing times and will undertake all necessary steps to help them navigate through the situation, he added.

“Dealer viability and stability is at the core of this program and we hope to spread positivity through it,” Shim said.

The company said it will also be taking multiple steps to promote online sales.

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Food insecurity was rising even before coronavirus, says report

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

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Summary

Food insecurity was on the rise last year and the coronavirus crisis is likely to further exacerbate the situation, according to the Global Report on Food Crises released Tuesday by the United Nations.

Food insecurity was on the rise last year and the coronavirus crisis is likely to further exacerbate the situation, according to the Global Report on Food Crises released Tuesday by the United Nations.

It found that 135 million people in 55 countries were in living in situations of acute food crises or outright humanitarian emergencies last year.

The increase by more than 20 million people takes it to a record level in the four years the report has been compiled.

The report is due to be presented later Tuesday to the UN Security Council by the UN’s Food and Agricultural Organization and World Food Programme.

Comparing the 50 countries in the reports this and last year, the number of people in food crisis rose by nearly 10 percent to 123 million people.

The increase was due to conflicts, economic shocks and weather-related events such as drought.

The report found another 183 million were at risk of slipping into food crisis “if confronted by an additional shock or stressor”.

While data collection for the report ended before the outbreak of the novel coronavirus outbreak, the authors of the report warned the pandemic will make the situation worse.

The 135 million people already considered to be food insecure “are the most vulnerable to the consequences of this pandemic as they have very limited or no capacity to cope with either the health or socioeconomic aspects of the shock,” the authors said calling for an urgent and coordinated response by the international community.

The report is compiled and published annually by a number of groups and aid organisations.

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COVID-19 lockdown: Understanding the legal framework to ensure you stay home

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

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Summary

Authorities have invoked various provisions available under the law for restricting movement and protecting citizens amid the ongoing coronavirus lockdown.

Battling the COVID-19 virus, India is now into an extended nationwide lockdown with the government’s attempt channeled to limit the spread of the virus through ‘social distancing’ and restriction on the unnecessary movement of the people. To that end, various provisions available under the law for restricting movement and protecting citizens have been invoked.

Section 144, Criminal Procedure Code, 1973

Section 144 confers powers upon District Magistrates/Sub-divisional Magistrates or other Executive Magistrate empowered by the State Governments to pass orders in urgent cases of nuisance or apprehended danger, directing any person to abstain from a certain act with a view to maintain public tranquillity. Action under Section 144 is anticipatory in nature and restrictions are imposed generally in cases of emergency.

The power conferred under Section 144 is extraordinary as it enables suspension of lawful rights including freedom of movement. Orders/restrictions under Section 144 must be such which are likely to prevent a danger to human life, health or safety. Ordinarily, these orders remain in force for two months; however, state governments can extend their validity up to six months and can also withdraw them if the situation becomes normal.

The Magistrate can restrict the application of such orders and provide for exceptions/circumstances under which persons in apparent violation of the order shall not be prosecuted. These include cases involving medical emergencies, the supply of essential commodities, humanitarian grounds etc.

To counter the current pandemic, orders under Section 144 have been issued, prohibiting the gathering of four people or more in public spaces. Schools, colleges, non-essential private offices etc. have been directed to remain closed for preventing the spread of COVID-19.

Curfew

Section 144 generally prohibits public gatherings. A order of curfew directs the public to stay indoors for a specific time. Curfew orders are enhancement of an order passed under Section 144 requiring everyone to stay at home for a fixed duration. Outdoor activities/visits are restricted/prohibited during a curfew.

The Epidemic Diseases Act, 1987

This Act was enacted for preventing the spread of epidemic diseases and empowering state government(s) to issue temporary measures/regulations/notifications when ordinary provisions of the law are insufficient for the purpose. Violations of the regulations/notifications amount to an offence under Section 188 of the Indian Penal Code, 1860 (“IPC”).

Currently, states have exercised their powers to compel employees to stay and work from home. Restaurants, clubs, malls, cinemas have been temporarily shut. Directions have been issued to hospitals for monitoring COVID-19 patients and for persons with a travel history to self-isolate.

Violations of orders

Violation of the above orders can amount to an offence under the following provisions of IPC:

  • Sections 141-149 (unlawful assembly, rioting etc. punishable with imprisonment up to three years and/or;
  • Section 188 (disobeying orders of a public servant), punishable with imprisonment up to six months and/or fine.

Onus is upon the State to prove that (i) there was a prohibitory order made by a public servant such as the concerned Magistrate; (ii) order was within the knowledge of the accused. In the current situation, it could be through various new articles and notices; (iii) order was violated/disobeyed by the accused; and (iv) violation/disobedience has resulted in obstruction of justice, causing danger to human life and/or risking human health.

Offences under Section 141-149 and Section 188, IPC, are bailable and cognizable. Therefore, though the accused can be arrested without a warrant, he is entitled to be released on bail. A person can also avoid arrest upfront if he can show that his violation of an Order under Section 144 is due to an emergency or that he is expressly exempted.

The Disaster Management Act, 2005

This Act provides for the establishment of an Authority at the Centre and for each State to effectively manage disasters. For the first time, this law has been invoked all over India for COVID-19.

Under the Act, all states are to take appropriate measures to ensure social distancing for a period of 21 days to prevent the spread of COVID19. States have issued guidelines for the closure of establishments and institutions, places of worship etc. while allowing essential services.

Sections 51-60 deal with offences against officers and the public, including punishments for false claims. Violations can result in imprisonment of up to two-years or a fine or both.

To conclude, there are reports that the people are continuing to violate the orders imposing restrictions and hence being arrested by the police in order to maintain peace and safety.

During the period March 22, 2020 — April 8, 2020 there have been 27,432 cases of violations of prohibitory orders in Maharashtra alone. Although offences of violating these orders are bailable, considering the alarming nature of the pandemic confronting the country, such instances are inexcusable.

In the event of continued disregard of orders passed, there is every likelihood that States will be compelled to impose curfew orders. Irrespective of the inconvenience caused due to the restrictions in place, current circumstances warrant complete cooperation and compliance of the restrictions imposed by the Government.

-Mohit Bakshi and Hormuz Mehta are Partners with J. Sagar Associates. The views expressed by authors are personal

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COVID-19: Functioning of Central Administrative Tribunal benches to remain suspended till May 3

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

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Summary

The benches of Central Administrative Tribunal (CAT), that adjudicates service matters of central government employees, will remain suspended till May 3, a Personnel Ministry communique issued on Tuesday said.

The benches of Central Administrative Tribunal (CAT), that adjudicates service matters of central government employees, will remain suspended till May 3, a Personnel Ministry communique issued on Tuesday said.

The government announced the relaxation of conditions of lockdown, scheduled to end on May 3, in respect of certain activities aimed at ensuring the supply of essential commodities and in particular food grains apart from the measures to provide livelihood to the poorer sections, it said.

The offices are permitted to function in a highly restricted manner without permitting entry of, or any physical contact with, the public in general, the communique said.

“It is therefore decided that the functioning of, and hearing in, the benches of the Central Administrative Tribunal shall remain suspended till May 3, 2020.

The feasibility of working on certain days already declared as holidays or vacation shall also be considered once the functioning begins,” the statement said.

The information received so far has revealed that the High Courts are not functioning and exceptional cases are dealt with through video conferencing, it said.

“In almost all places, the benches are located at hotspots. The representatives of Bar have also expressed their difficulty in filing or pursuing the cases in this situation,” the statement said.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Swiggy set to cut jobs in cloud kitchens biz as orders fall

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

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Summary

Swiggy is set to lay off scores of employees working in its cloud kitchens as the number of orders has been in a free fall since the start of the lockdown last month. It is also looking to close some of its private label cloud kitchens while working to relocate some kitchens.

Swiggy is set to lay off scores of employees working in its cloud kitchens as the number of orders has been in a free fall since the start of the lockdown last month. It is also looking to close some of its private label cloud kitchens while working to relocate some kitchens.

Startup news portal Entrackr reported on Tuesday that 800-900 employees in Swiggy’s cloud kitchen business may be asked to leave.

Swiggy runs 1,000 kitchens across nearly 15 cities under its Swiggy Access programme, but majority of them are run by restaurant partners. The affected employees will be only from the company’s private label kitchens, a person in the know said. They will be asked to leave by May, the person added.

Swiggy confirmed that some of its cloud kitchen employees will be impacted and that the company was also looking to discontinue operations at a few kitchens.

“As COVID-19 disrupts daily life across the country, the hospitality industry has come under severe pressure. As the lockdown gets further extended, we are evaluating various means to stay nimble and focused on growth and profitability across our kitchens. These include renegotiating contracts with landlords, relocation of certain kitchens to more optimal locations and discontinuing operations at a few kitchens that have been severely impacted since the lockdown came into effect,” Swiggy said in a statement.

“This will unfortunately have an impact on a certain number of kitchen staff who will be fully supported during this transition,” the company added.

The development comes despite Swiggy investing Rs 250 crore into setting up cloud kitchens for restaurant partners. The company in November last year had said its cloud kitchens would help create 8,000 direct and indirect jobs.

The company had started its cloud kitchens initiative in 2017.

“Swiggy has invested over Rs 175 crore towards setting up and running these kitchens. This success has encouraged us to invest an additional Rs 75 crore to bring more partner cloud kitchens in 12 new cities by March 2020,” the company said in a statement back in November 2019.

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Bombay HC quashes proceedings against IL&FS Fin auditors Deloitte, BSR & Co

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

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Summary

The Bombay High Court granted relief to Deloitte Haskins and Sells and BSR & Co, former auditors of IL&FS Financial Services

The Bombay High Court granted relief to Deloitte Haskins and Sells and BSR & Co, former auditors of IL&FS Financial Services, quashing prosecution against them for alleged financial irregularities and dismissing the government’s plea for a five-year plan.

The auditors had moved court last year challenging the validity of the government’s plea before the companies tribunal seeking a ban on them.

The plea was sought under Section 140 (5) of the Companies Act.

The auditors, who worked with IL&FS Group for a few years in the lead-up to its collapse in July 2019, were under scrutiny for the role in the meltdown.

In August last year, the NCLT had found merit in the Union government’s plea, and subsequently approved the proposed removal of both firms.

The firms, however, approached HC arguing that they had already resigned as auditors of ILFS much before the Ministry sought their removal.

They had, therefore, challenged the constitutional validity of section 140 (5) of the Act. The section deals with removal and resignation of auditors and imposes a five-year ban on an auditing firm that is proven to have “acted in a fraudulent manner”, or to have “abetted or colluded in any fraud”.

On Tuesday, a bench of Chief Justice BP Dharmadhikari and Justice NR Borkar quashed the prosecution of both firms before the NCLT.

While the bench upheld the constitutional validity of section 140 (5), it held that the provisions of the section did not apply to former auditors who had resigned.

The bench also quashed a criminal complaint filed against the two firms by Serious Fraud Investigation Office (SFIO), a Central agency, in the above case of financial irregularities.

The bench said the SFIO complaint filed before a special court was “bad in law”.

In June last year, the Ministry of Corporate Affairs had moved the NCLT against BSR and some of the then external auditors of IL&FS alleging professional misconduct.

At the time, it had also directed the SFIO to initiate probe and disciplinary action against such audit firms.

The SFIO had subsequently claimed BSR and some other audit firms had acted in breach of auditing standards and that they had failed to detect financial inconsistencies at IL&FS.

Advocate Sujay Kantawala, who was a part of the legal team for BSR, said on Tuesday, the Union government sought a stay for eight weeks on HC’s order quashing such prosecution.

While the counsels for BSR and Deloitte opposed the government’s request, HC granted such stay on its own order.

Kantwala stated that HC granted such stay saying that denying time to the government for an appeal would not be “fair in today’s troubled times”.

He added that Tuesday’s order quashing prosecution would have major implications on the corporate world and would act as a precedent in preventing “harassment of innocent firms”.

– With inputs from PTI

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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IRDAI warns against fake insurance policies, shares a list of registered companies

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

 Listen to the Article (6 Minutes)

Summary

This development comes at a time when several companies have launched new insurance policies in view of coronavirus.

The Insurance Regulatory and Development Authority of India (IRDAI) has cautioned the general public about cyber fraudsters in insurance. The insurance regulator has asked public to buy insurance only through insurance entities registered with the IRDAI.

This development comes at a time when several companies have launched new insurance policies in view of coronavirus. Online purchase has become the preferred mode of buying insurance during the current lockdown and the interest in buying insurance has also increased.

(Also read: Insurance expiring during lockdown can be renewed later but will you remain covered)

“There are occasional reports of fraudsters offering insurance with unusually low premium from fake entities through online/digital mode. The public are hereby cautioned not to fall prey to such offers,” the insurance regulator said in a release on Monday.

IRDAI further advised customers to ensure that insurance policies are purchased only from the following entities:

1. Insurance Companies registered with IRDAI

2. Insurance intermediaries who can solicit business and are registered with IRDAI.

3. Insurance agents duly appointed by Insurance Companies.

The approved list of insurers and intermediaries can be checked from IRDAI’s portal, it said, while agents’ authenticity can be verified from the portals of respective insurers.

Here’s a list of all registered insurance companies and intermediaries shared by IRDAI:

Entity registered with IRDAI Website Link
Life Insurers https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo129&mid=3.1.9
General and Health Insurers https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo264&mid=3.2.10
Insurance Brokers https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo2120&mid=9.3.7
Web Aggregators https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo2337&mid=9.6.1
Insurance Marketing Firms https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo2744&mid=9.8.3
Corporate Agents https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo2818&mid=38.2.5

“The customer should take due care and verify the genuineness of the website and the genuineness of the insurer, intermediary or agent before making any online payment,” it added.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?