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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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World Tuberculosis Day Was Observed By NMMC With A Vibrant Awareness Campaign

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A Awareness Campaign was organised by NMMC to mark World Tuberculosis day.

The Campaign

As part of its ambitious plan to eradicate TB from India by 2025, the Navi Mumbai Municipal Corporation (NMMC) held a number of events to raise awareness and combat the illness on World TB Day.

Across its jurisdiction, NMMC planned a variety of programs with the aim of reaching an 80% reduction in TB incidence compared to 2015 and a 90% reduction in TB-related mortality. Patients participating in the National Tuberculosis Eradication Program are eligible for free examinations and medicines at 24 civil primary health centers, three public hospitals, and Mata Baal Hospital in the NMMC region.

The World Health Organization observes March 24th as World Tuberculosis Day each year. “Yes! We Can End TB” is this year’s theme, which emphasizes the significance of teamwork in the fight against the illness. In keeping with this, NMMC held a rangoli competition at NMMC hospitals as well as an awareness initiative for children in nearby schools. At the settlement level, street plays were performed, especially in slums and high-risk regions. Public gatherings, patient consultations, and staff training sessions were also planned.

In order to contribute, Terna Medical College and DY Patil Medical College held poster contests, seminars, street performances, and patient education sessions.

TB patients receive a direct payment of Rs. 500 into their bank accounts under the National Tuberculosis Eradication Program’s “Nikshay Poshan Yojana” till their treatment is finished. Furthermore, referrals of suspected cases of tuberculosis to government hospitals are awarded with Rs. 500, and those who assist in the successful completion of tuberculosis treatment are paid with Rs. 1000.

To eradicate TB, cooperation between public and private health services is essential. Hospitals, clinics, and labs in the private sector are all encouraged to disclose information on tuberculosis patients receiving treatment.

The NMMC stresses that with teamwork, TB may be completely eradicated from Navi Mumbai. To render Navi Mumbai tuberculosis-free, residents and private groups are asked to work closely with the municipal administration.

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Residents Are Urged By The NMMC To Pay Their Property Taxes Before The Deadline

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NMMC has requested all the residents to pay property tax ahead of deadline.

The Deadline

With the end of the fiscal year approaching, the Navi Mumbai Municipal Corporation (NMMC) is pleading with residents to pay their property taxes by the impending deadline of March 31.

One of the NMMC’s most important sources of funding for development projects and other public facilities is property tax. The company launched the ‘Malmattakar Abhay Yojana’ on February 29, 2024, in an attempt to simplify tax recovery procedures. If taxpayers pay at least 50% of their past-due property tax balance plus the penalty between March 21 and March 31, 2024, they will receive a 50% discount on the penalty component of their dues under this scheme.

The corporation emphasizes that it is critical for residents to take advantage of this chance to significantly lower penalties associated with unpaid property taxes. Furthermore, residents are asked to support the growth of the city by making sure that their outstanding property taxes are paid on time before to the approaching anniversary.

All eight divisional offices of the NMMC will have civic facilities centers and property tax payment outlets open during business hours, including holidays, until March 31 in order to make tax payments more easy.

The NMMC is urging those who have unpaid property tax arrears to pay up quickly by offering a 50% penalty remission through the Abhay Yojana as part of a special appeal. The corporation emphasizes that in order to support the growth and welfare of the city, it is imperative that both arrears be cleared and current-year property taxes be paid by March 31.

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In a campaign to enforce traffic laws, Koparkhairane Traffic Branch take action

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860 vehicles face action by the koparkhairane traffic branch in Traffic Rule Enforcement campaign.

The Action

As part of a recent enforcement effort named “Follow Traffic Rules and Avoid Fines,” the Koparkhairane Traffic Branch took action against 860 vehicles deemed to be in violation of traffic restrictions. The campaign’s goals were to encourage responsible driving and road safety. It also featured public awareness-raising campaigns for rickshaw drivers, students, and the general public.

The Koparkhairane Traffic Police carried out intensive patrols and checks from March 1st to the 15th as part of the effort to find and punish drivers breaking traffic laws. Under the direction of Navi Mumbai Traffic Department Deputy Commissioner of Police Tirupati Kakade, the traffic police interacted with college and school kids, teaching them about traffic laws and stressing the need of obeying them.

In addition, members of the School Bus Driver-Owner Association and Rickshaw Union Driver-Owner Association attended awareness seminars emphasizing the need of following traffic regulations in order to protect pedestrians and passengers.

Additionally to these initiatives, traffic police personnel at different crossroads carefully controlled traffic and reminded motorists of the need of observing traffic laws. Because of these coordinated efforts, 860 cars were punished for different infractions in the first two weeks of March. The breakdown of violations included instances of riding motorcycles without helmets, driving under the influence of alcohol, overloading rickshaws with passengers, talking on cell phones while driving, obstructive parking, driving the wrong way, driving on sidewalks, and failing to stop at designated lines.

The Koparkhairane Traffic Branch’s Assistant Police Inspector, Vishwas Bhingardive, emphasized the value of these kinds of programs in raising community standards for road safety and cultivating a culture of compliance.

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