India
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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To Guarantee Seamless Ganeshotsav Travel, Heavy Trucks Are Prohibited On The Mumbai-Goa Highway
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From September 5 to September 18, there will be no heavy vehicle traffic on the Mumbai-Goa highway in order to guarantee a smooth and secure journey for devotees of Ganesha who are going from Mumbai to Konkan for Ganeshotsav. To guarantee that devotees can travel without interruption and to avoid traffic congestion, the Home Department has issued regulations to this effect.
The Navi Mumbai Traffic Department’s Deputy Commissioner of Police, Tirupati Kakade, said that large vehicles—that is, those weighing sixteen tons or more—will not be allowed to pass on National Highway No. 66 at this time. In order to accommodate the enormous number of Ganesha devotees traveling to Konkan, the limitation will be in place from 12 PM on September 5 until 8 PM on September 18.
The Navi Mumbai Transport Department has set up facilities centers at six strategic locations: Vashi Toll Gate, Airoli Toll Gate, Dhansar Toll Gate, Kalamboli Circle, Palaspe Circle, and Karnala Pass. These are in addition to the traffic ban. These centers will offer vital services such emergency wireless communication, medical attention, fire department support, mechanical help for vehicle breakdowns, and crane facilities.
The Navi Mumbai Transport Department has deployed a full police force, comprising 1 Deputy Commissioner of Police, 1 Assistant Commissioner of Police, 15 Police Inspectors, 31 Assistant Police Inspectors/Police Sub-Inspectors, 610 Police Enforcers, and 91 Wardens, to efficiently manage traffic during Ganeshotsav.
The official stated, “These measures are intended to minimize disruptions on the Mumbai-Goa highway during the festive period and to facilitate a safe and efficient journey for Ganesha devotees.”
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Nerul Police Arrested Navi Mumbai Rickshaw Federation’s Founder for ₹20 Lakh Extortion
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Kasam Hasham Mulani, the original president of the Navi Mumbai Rickshaw Federation, was detained by Nerul police after he demanded an extortion of Rs 2 lakh from an officer of the Regional Transport Office (RTO). He was apprehended while taking a Rs 20,000 extortion.
While he conducted vehicle testing on the testing track, Mulani was filming Assistant Inspector Kunal Mohite, an RTO official from the Nerul office. Every time Mulani shot a cop on camera, he would threaten to teach everyone a lesson.
The Regional Transport Office (RTO) officer was the target of an extortion attempt by Kasam Hasham Mulani, the founder president of the Navi Mumbai Rickshaw Federation, which led to Mulani’s arrest by Nerul police. When he agreed to pay an extortion of Rs 20,000, he was exposed.
As Assistant Inspector Kunal Mohite, an RTO officer from the Nerul office, conducted vehicle testing on the testing track, Mulani was filming him. Mulani would always threaten to teach everyone a lesson after filming the police and shooting him.
Mohite took out Rs 20,000 in cash from the ATM prior to meeting Mulani; the Nerul police had a record of the ATM’s serial number. Mulani arrived, and Mohite gave him the money. Mulani then began to demand Rs. 2 lakh, threatening to provide just Rs. 1 lakh by the end of the day. He was apprehended by Nerul police at the same moment.
The first president of the Navi Mumbai Rickshaw Federation is Mulani, a Taloja inhabitant. In addition, he serves as the NCP Minority Division’s District President for Panvel City.
An officer from the Nerul police station stated, “He was arrested on extortion charges, and further investigations are underway to determine if he had extorted money in a similar manner from any other officer.”
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Ticket Prices Of Navi Mumbai Metro Reduces
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The City and Industrial Development Corporation of Maharashtra (CIDCO) has announced a substantial drop in metro ticket costs for the Belapur-Pendhar corridor, which is a positive development for Metro riders in Navi Mumbai. With effect from September 7, the new pricing structure will result in fare reductions of up to 33%. The highest ticket has been restricted at Rs 30 and the lowest fare will now be Rs 10.
With longer travel distances for each cost slab, the revised fare scheme provides greater value for the money. A ticket will now cost Rs 10 for travels up to four kilometers, Rs 20 for travels between four and eight kilometers, and Rs 30 for travels beyond eight kilometers. The fee has been lowered from Rs 40 to Rs 30 from Belapur Terminal to Pendhar.
CIDCO has expanded the Navi Mumbai Metro service’s operating hours in addition to lowering fares. Metro services from Belapur and Pendhar stations will now start at six in the morning starting in April. The final metro train leaves Belapur at 11 p.m. and Pendhar at 10:30 p.m. This is a weekly extension that is applicable every day.
Along its 11.1-kilometer journey, the Belapur-Pendhar Line-1 of the Navi Mumbai Metro has 11 stops, with the train depot situated at Taloja Panchanand.
According to a statement made to the Hindustan Times by CIDCO’s vice chairman and managing director, Vijay Singhal, “the fare reduction and extended timings aim to make the metro service more accessible and convenient for both short- and long-distance commuters.”
Part of CIDCO’s Navi Mumbai Metro project, the Navi Mumbai Metro Corridor No. 1 connects Belapur to Pendhar and improves access to important locations including the CBD, Taloja MIDC, and CIDCO’s housing complexes in Kharghar. This line’s metro services started on November 17 of last year.
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