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Rs 100 crore lost by Ashneer Grover in stock market speculation

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The newest argument in the boardroom is between Bhavik Koladiya and Ashneer Grover about Koladiya’s ownership in the firm. This is a problem for BharatPe’s shareholders to resolve, as the company’s board of directors is unlikely to interfere.

Koladiya is reported to have divided his holdings between Ashneer and another co-founder, Shashvat Nakrani, according to individuals close to the situation. Koladiya had a 30% share in the firm until around 2018, however, this was decreased when the fintech company got further money.

Sequoia Capital, which owns roughly 19.6% of the firm, Coatue, which owns 12.4%, Ribbit Capital, which owns 11%, and Beenext, which owns 9.6%, are among the company’s major investors.

Koladiya’s Stake: An Intriguing Case

“When Sequoia Capital came up, Koladiya’s stock was divided amongst the other two founders to keep him off the cap table.” “There was also an email chat about it,” a source close to the situation told ET, adding that an agreement between the two is possible.

Meanwhile, Koladiya is seeking legal advice on the situation, since his and Grover’s relationship has deteriorated, as evidenced by a leaked phone call between the two.

“With the way things went in the last week or two, there will be further friction over Koladiya’s position in the company and earlier agreements.” Koladiya would be roughly 4% of Grover’s existing 8.5-9.5 percent shareholding. “Koladiya and Nakrani have a similar deal,” the source told ET.

Koladiya’s LinkedIn page now lists him as BharatPe, with no formal title.

Koladiya was found guilty of credit card fraud in the United States in 2015. District Judge Mark Hornak of Monroeville, Pennsylvania, punished Bhavikkumar H. Koladiya, alias “Bob Patel,” according to the US Department of Justice.

Koladiya, the owner of Oakland’s “Atwood Xpress,” stole other people’s identities and used them to create credit card accounts with US Bank, Chase Bank, Discover Card, and other companies, then used the stolen credit cards to buy products, including diamonds.

Finally, Ashneer and Nakrani received his BharatPe share. According to reports, Ashneer owns 8.5 percent of the corporation, while Koladiya owns about 4%. Koladiya and Nakrani had the same understanding.

What was the significance of the Koladiya Angle? Limelight is waiting for you!

Grover and Koladiya’s conflict initially surfaced when Grover wrote to BharatPe’s Board of Directors on February 22, notifying them of his phone conversation with Koladiya. Grover said in the letter that he had received calls from Koladiya for a prospective meeting in the presence of board chairman Rajnish Kumar.

Koladiya became involved in the Ashneer-BharatPe drama after Ashneer’s wife Madhuri Jain Grover, a former head of controls at BharatPe who was also fired for financial fraud, intensified the dispute on social media. Suhail Sameer, CEO of BharatPe, and Koladiya were seen in a video clip she released on Twitter at an office party. Jain, on the other hand, eventually removed her tweet from Twitter.

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Inter-School Cultural Cup Sees Overwhelming Participation In Navi Mumbai

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Navi Mumbai Students Shine At NMMC’s Inter-School Cultural Cup.

The Competition

The Inter-School Cultural Cup, organized by the Navi Mumbai Municipal Corporation (NMMC) Sports and Cultural Department, has received an enthusiastic response from students across the city. The event aims to encourage and showcase artistic talent, featuring competitions in singing, dance, short plays, and street plays.

The preliminary rounds, held on March 7 and 8, 2025, across two zones, saw over 4,000 students from various schools participating. A total of 54 schools competed in singing, 65 in dance, 28 in short plays, and 23 in street plays. These initial rounds were conducted in a rehearsal format without elaborate costumes.

A distinguished panel of judges evaluated the performances, including music composer Rigved Deshpande for singing and dancer Priya Samarth for dance. Following the intense preliminary rounds, 20 schools have qualified for the finals in singing and dance, while 10 schools each have advanced in short plays and street plays.

The finals for short plays and street plays are scheduled for March 12, 2025, at Vishnudas Bhave Auditorium, Vashi, followed by the singing and dance finals on March 13 at the same venue.

The competition will conclude with a grand prize distribution ceremony on March 13 at 4 PM, where winners will be honored for their outstanding performances. The event continues to serve as a prestigious platform for young performers to display their artistic skills.

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Commuters Are Severely Impacted By The Severe Bus Shortage At NMMT’s Ghansoli Depot

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There is a severe bus shortage at NMMT’s Ghansoli Depot, severely impacting commuters.

The Shortage

The Navi Mumbai Municipal Transport (NMMT) Ghansoli depot is facing a severe crisis, with over 50% of its fleet rendered non-operational due to poor maintenance and technical failures. The situation has led to significant inconvenience for daily commuters who rely on these services.

According to sources, out of the 114 buses in the depot’s fleet, as many as 75 are currently out of service. These buses have been grounded due to various technical issues, including engine failure, gear defects, and chassis cracks. As a result, only 39 buses are operational, of which eight are reserved for school students, leaving a mere 31 buses for public transport.

Commuters have raised concerns about the reliability and safety of the remaining operational buses, fearing mechanical failures due to inadequate maintenance. A Ghansoli resident voiced concerns about the potential risks posed by the poorly maintained buses.

NMMT General Manager Yogesh Kaduskar acknowledged the crisis and assured commuters that efforts are underway to repair and restore as many buses as possible. “We are working towards ensuring that maximum buses are repaired soon and brought on the road to serve commuters,” Kaduskar stated.

With limited buses available, passengers are struggling with overcrowding and increased waiting times. Many are urging NMMT to expedite repairs and improve fleet maintenance to restore normalcy to public transport in the region.

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On April 7, NMMC Will Host Lokshahi Din, And Citizens Are Encouraged To Submit Grievances

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The Navi Mumbai Municipal Corporation (NMMC) will conduct its monthly Lokshahi Din (Democracy Day) on April 7, 2025, in line with Maharashtra government directives. The initiative allows citizens to present grievances directly to the administration for resolution.

Residents wishing to submit complaints must apply in the prescribed format in two copies by March 2, 2025, addressing their applications to the Commissioner of NMMC with “Application for Lokshahi Din” clearly marked on the front.

According to an NMMC official, only personal grievances related to a single department and a single issue will be considered. Applicants must have already approached the relevant department or authority before applying. Matters under judicial consideration, revenue or appeal-related issues, service concerns, and establishment-related complaints will not be entertained.

Applications that fail to follow the required format or lack supporting documents will be rejected. Additionally, grievances that are not personal in nature or have already received a final response will not be considered.

The prescribed application format is available free of charge at the Public Relations Department, 3rd Floor, NMMC New Headquarters, Sector 15A, near Kille Gaonthan, CBD Belapur.

Lokshahi Din serves as a crucial platform for direct citizen engagement with the administration, ensuring transparency and accountability in governance. Residents are encouraged to submit their grievances promptly to take advantage of this opportunity.

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