Byju's In Process To Raise Rs 700 Crore To Fund Operations: Report

Edtech major Byju's is in process to raise Rs 600-700 crore to fund the company's operations till March by when it expects to realise money through the sale of Epic and partial stake sale in other subsidiaries, according to sources aware of the development.

Byju's founder Byju Raveendran has recently raised money by mortgaging home and real estate assets owned by family members for paying salaries, sources said.

"There is about Rs 50 crore gap per month in operational expenses where a large component is salary. Promoters have pledged shares, home, and some other real estate assets of family members to bridge the gap," a source said.

"Promoters are also in the process of raising debt of Rs 600-700 crore to help operations till March. By March, the situation will ease with the sale of Epic and partial stake sale in some other subsidiaries," a source said.

Another source said Byju's has called an Annual General Meeting (AGM) on December 20 where the assets that have been pledged by the promoters will be brought to the notice of the company's board.

"The company is also in the process to submit a repayment schedule to the BCCI (Board of Control for Cricket in India) for Rs 160 crore sponsorship dues. Besides the sale of Epic, which is in advanced stages, existing investors are also expected to infuse funds into the company," the source said.

According to the AGM notice sent to shareholders, the company will also seek shareholders' approval for standalone and consolidated financial results for FY22.

An email query sent to Byju's elicited no reply.

Last month, Manipal Education and Medical Group Chairman Ranjan Pai acquired a Rs 1,400 crore debt raised by edtech major Byju's from Davidson Kempner.

The settlement includes a penal amount claimed by Kempner against debt investment of USD 100 million, or about Rs 800 crore.

Ranjan Pai is also in discussions to buy additional stakes in AESL shortly. Ranjan Pai's proprietary fund, Aarin Capital, was the first institutional investor in Byju's in 2013.

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17 Of 25 Sitting Ministers Lose In Rajasthan

Seventeen of the 25 ministers in the Ashok Gehlot-led Congress government in Rajasthan, including Govind Ram Meghwal, who also led the party's campaign committee, lost in the assembly elections.
The BJP returned to power in Rajasthan on Sunday, winning 115 seats out of the 199 where assembly elections were held last week.

The Congress, which was hoping to buck the trend of the incumbent being voted out in the state every five years, bagged 68 seats. The final result of only one seat was awaited and the Congress was leading by a narrow margin there.

Govind Meghwal was defeated by BJP's Vishwanath Meghwal in Khajuwala with a margin of 17,374 votes.

Other Congress ministers who lost the elections included Ramesh Chand Meena (Sapotra), Shale Mohammad (Pokaran), Bhanwar Singh Bhati (Kolayat), Shakuntala Rawat (Bansur), Vishvendra Singh (Deeg Kumher) and Udailal Anjana (Nimbahera).

Their losing margins were 43,834 votes, 35,427 votes, 32,933 votes, 7,420 votes, 7,895 votes, and 3,845 votes, respectively.

Pratap Singh Khachariyawas (Civil Lines) lost with a margin of 28,329 votes and BD Kalla (Bikaner West) with a margin of 20,194 votes. Zahida Khan (Kaman) lost by 13,906 votes to her nearest rival and was placed third.

Ministers Bhajan Lal Jatav (Weir), Mamta Bhupesh (Sikrai), Parsadi Lal Meena (Lalsot), Sukhram Vishnoi (Sanchore), Ramlal Jat (Mandal), Pramod Jain Bhaya (Anta) and Rajendra Yadabv (Kotputli) also lost in the elections.

Five of Gehlot's advisors -- Sanyam Lodha (Sirohi), Rajkumar Sharma (Nawalgarh), Babu Lal Nagar (Dudu), Danish Abrar (Swaimadhopur) and former chief secretary Niranjan Arya (Sojat) -- also lost the fray.

Ashok Gehlot won the Sardarpura seat with a margin of 26,396 votes by defeating BJP's Mahendra Rathore. He won the 2018 assembly elections with a margin of 45,597 votes.

Minister Ashok Chandna won the Hindoli seat with a margin of 45,004 votes. The winning margin of Chandna was 30,541 in 2018. Shanti Dhariwal won the Kota North seat with a narrow margin of 2,486 votes.

Brajendra Ola (Jhunjhunu), Murari Lal Meena (Dausa), Arjun Singh Bamaniya (Banswara), Tikaram Jully (Alwar Rural) and Mahendra Jeet Singh Malviya (Bagidora) also won. RLD's Subhash Garg retained Bharatpur.

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"No New Infectious Diseases Found": China Amid Surge In Respiratory Illness

China's surge in respiratory illness is caused by known pathogens and there is no sign of new infectious diseases, a health official said on Saturday as the country faces its first full winter since lifting strict COVID-19 restrictions.

The spike in illness in the country where COVID emerged in late 2019 attracted the spotlight when the World Health Organization sought information last week, citing a report on clusters of undiagnosed pneumonia in children.

Chinese authorities will open more paediatric outpatient clinics, seek to ensure more elderly people and children receive flu vaccines and encourage people to wear masks and wash their hands, Mi Feng, an official with China's National Health Commission, told a press conference.

Doctors in China and experts abroad have not expressed alarm about China's outbreaks, given that many other countries saw similar increases in respiratory diseases after easing pandemic measures, which China did at the end of last year.

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Israel Wants "Security Envelope", No Hamas On Border After War: Netanyahu's Adviser

Israel will seek a "security envelope" with special zones and arrangements that will prevent Hamas from being positioned on its border after the war in Gaza is over, a senior adviser to Prime Minister Benjamin Netanyahu said on Saturday.

On Friday, Reuters reported that Israel has informed several Arab states that it wants to carve out a buffer zone on the Palestinian side of Gaza's border to prevent future attacks as part of proposals for the coastal enclave after the war ends.

Asked whether Israel was indeed seeking such a buffer zone, senior adviser Mark Regev told reporters: "Israel will have to have a security envelope. We can never again allow terrorists to cross the border and butcher our people the way they did on October 7."

Israel has suggested in the past it was considering a buffer zone inside Gaza, but the sources who spoke with Reuters said it was now presenting them to Arab states as part of its future security plans for Gaza.

"If you ask me about a buffer zone, let me be clear; you won't have a situation in the future where you can have Hamas terrorists on the border, directly on the border, positioned just to cross over and kill our people again," Regev said.

"That is not Israel taking territory from Gaza," said Regev. "On the contrary, that is creating security zones where you have a special situation on the ground which limits the ability of people to enter Israel to kill our people. It's common sense."

According to three regional sources, Israel related its plans to its neighbours Egypt and Jordan, along with the United Arab Emirates, which normalised ties with Israel in 2020.

They also said Saudi Arabia, which does not have ties with Israel and which halted a U.S.-mediated normalisation process after the Gaza war erupted on Oct. 7, had been informed.

The conflict broke out on Oct. 7 when Hamas crossed into southern Israel and killed 1,200 people, mostly civilians, in a rampage against kibbutzim and other communities. More than 200 hostages were taken back into Gaza.

Israel, vowing to wipe out Hamas once and for all, responded with a bombing campaign and ground offensive which has destroyed large areas of Gaza and killed, according to the enclave's health ministry, more than 15,000 people.

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Andhra Pradesh, Telangana Clash Over Drinking Water, Centre Steps In

Just hours before Telangana went to polls, Andhra Pradesh took charge of the Nagarjuna Sagar Dam and began releasing water, leading to tensions between the two states. At around 2 am on Thursday, when most Telangana officials were busy with the polls, nearly 700 Andhra cops stormed into the project and opened the right canal to release 500 cusecs of Krishna water per hour.

"We are releasing water from Nagarjunasagar right canal on Krishna river for the drinking water purposes," Andhra Pradesh state irrigation minister Ambati Rambabu posted a cryptic message on X on Thursday morning.

But the minister then clarified that they have only taken water that belongs to the state according to the treaty between Andhra Pradesh and Telangana.

"We have not flouted any treaty. 66% of Krishna water belongs to Andhra Pradesh and 34% to Telangana. We have not used even a single drop of water that does not belong to us. We tried to open our canal in our territory. This water is rightfully ours," Mr Rambabu told the media.

With tensions flaring, the Centre has stepped in and urged both states to revert to the release of Nagarjuna Sagar waters as of November 28. The proposal was made by Union Home Secretary Ajay Bhalla during a video conference with Telangana and Andhra Pradesh. Both states have agreed to the plan.

To avoid further conflict, the dam will be supervised by the Central Reserve Police Force (CRPF) which will also oversee that both sides are getting water as per the deal.

Central forces have reached inside the dam and a complete takeover will be done by Sunday, said cops stationed at the gates on Saturday evening.

The incident came to light on Thursday when Telangana Chief Secretary Santhi Kumari alleged that about 500 armed policemen from Andhra Pradesh came to Nagarjuna Sagar Dam and damaged the CCTV cameras and released about 5,000 cusecs of water by opening the head regulators located at gate number 5 and 7.

The move by Andhra Pradesh created "law and order issues" in Telangana subsequently, when polling for the state assembly elections was going on, she said, expressing concern that it would seriously disrupt the drinking water supply of two crore people of Hyderabad and surrounding areas.

Two cases were registered against Andhra Police in Nalgonda district of Telangana.

In 2015, the Andhra Police had made a similar effort to barge into the dam, but Telangana security forces rushed to the spot and prevented the attempt.

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PM Modi Meets Israeli President, Emphasizes On Support For 2-State Solution

Prime Minister Narendra Modi on Friday met Israeli President Isaac Herzog and underscored India's support for an early and durable resolution of the Israel-Palestine issue through dialogue and diplomacy.

Prime Minister Modi met Israeli President Herzog on the sidelines of the COP28 World Climate Action Summit here in the UAE.

The Prime Minister expressed his condolences on the loss of lives in the October 7 terror attacks and welcomed the release of hostages, External Affairs Ministry spokesman Arindam Bagchi said on X.

PM @narendramodi met President @Isaac_Herzog of Israel on the sidelines of #COP28 WCAS in Dubai.

The two leaders exchanged views on the ongoing Israel-Hamas conflict in the region. PM expressed his condolences on the loss of lives in the October 07 terror attacks and welcomed… pic.twitter.com/Cmfvmb5uBt

— Arindam Bagchi (@MEAIndia) December 1, 2023

On October 7, Israel was attacked by Hamas operatives in a deadly assault that launched the war.

Prime Minister Modi and Israeli President Herzog exchanged views on the ongoing Israel-Hamas conflict in the region.

"The Prime Minister reiterated the need for continued and safe delivery of humanitarian aid for the affected population," Mr Bagchi said.

Prime Minister Modi emphasised India's support for a two-state solution and early and durable resolution of the Israel-Palestine issue through dialogue and diplomacy.

"..at the COP28 conference, I met dozens of leaders from around the world. I spoke with them about how Hamas blatantly violates the ceasefire agreements and repeated again and again the demand to place the release of the hostages at the very top of the international community's agenda, alongside respect for the right of the State of Israel to defend itself," Israeli President Herzog said.

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Fraud Cases In Supreme Court Tend To Increase As Polls Near: Chief Justice

The number of "fraud cases" in the Supreme Court tends to increase as elections draw closer and the court becomes a site for political engagement, Chief Justice of India D Y Chandrachud said on Thursday.

Speaking at the Constitution Day function organised by the Supreme Court Bar Association (SCBA) in the Supreme Court, Chief Justice Chandrachud said we all exist together and the Indian Constitution tells us that "we either survive or we perish together".

"But above all, I think it is important that on a day where we celebrate the Constitution, we learn to discharge our duties to the cause of justice. Our duty to the cause of justice ranks much higher than the success or failure in individual cases," he said.

"Just yesterday, I had to deal with a fraud case. The Supreme Court deals with fraud cases every day. Some courts have more than their share of fraud cases and there are some times as elections come, the number of fraud cases tends to increase in the court and we as judges realise it," the CJI said.

Constitution Day is celebrated across the country on November 26 every year.

Chief Justice Chandrachud said after elections get over, things settle down and "as the polls come closer and closer, the court becomes a site for political engagement. That is a truth of our society. I am not looking at it with any value judgement".

Chief Justice Chandrachud, who also addressed the gathering in Hindi for a few minutes, said freedom and the Constitution have an unbreakable relationship.

Speaking about the legal profession, the CJI said it is a profession of diversity, including diversity in terms of gender. He said be it the judges or lawyers, all have come from different parts of the country in search of a better livelihood.

"But in the process of giving each one of us a better livelihood, we are also engaged in providing a better existence to our fellow citizens. That is the big power which all of you command as lawyers," he said.

Referring to the attire of judges and lawyers, the CJI said it reminds us that the "similarity of our attire is a symbol of the common existence which we share". It was for the members of the Bar to make the legal profession broad-based and inclusive, Chief Justice Chandrachud said while highlighting the need to encourage young lawyers.

"And remember, ultimately, it is if you support the institution of justice, which is to ensure that you support the independence of your own judiciary, that the judiciary can truly be able to discharge its duties," he said.

"If you are not giving to the judiciary its own sense of due, how will you expect them to discharge their own obligations towards society. Because your judges come from you and they return to you. They are not distinct from you," he said.

He said members of the Bar are also here for the betterment of the profession, to serve the cause of justice and to ensure that the other side of the profession, the judges, who are duty bound to act in aid of justice, continue to do so.

"You have to not merely protect your judges, but you have to hold them to account as well," he said.

Sharing a story, Chief Justice Chandrachud said sometime back, one of his colleagues had an attack of dengue and there was a need for blood transfusion.

"But we drew on the credit of the blood which was given by our employees during the last blood donation camp…my colleague came back to normalcy very quickly by the blood transfusion," he said, adding this was again a reminder that all of us are bound together in this cycle of existence.

"None of us in that sense is different from the other. None of us stands alone," Chief Justice Chandrachud said.

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