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UGC Directs Higher Education Institutions to Restrict Enrolment of Foreign Nationals in Online Programs

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The University Grants Commission (UGC) has issued a notice to all higher education institutions, instructing them to avoid admitting foreign nationals into open and distance learning (ODL) programs. This directive aligns with the eligibility criteria outlined in UGC regulations Annexure III, which specify that only students residing in India are eligible for enrolment in ODL programs. According to regulation 23 of the UGC ODL Programmes and Online Programmes Regulations, 2020, learners residing in any part of the country may enrol in programs offered by recognized higher educational institutions. However, all activities related to learners, including admissions, contact programs, and examinations, must be conducted strictly within the territorial jurisdiction of the institution. The notice also references a notification from the Ministry of Home Affairs, which states that no student visa will be issued to foreign nationals sponsored by certain educational institutes, including franchise educational institutes, off-campus centers, and study centers of open universities offering distance learning programs without statutory sanction from regulatory authorities. As a result, higher education institutions recognized to offer ODL programs are directed not to enrol any foreign nationals in such programs. Only learners residing in India are permitted to be enrolled in ODL programs, in compliance with the territorial jurisdiction defined in UGC regulations.  

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Apollo 24/7 Secures Rs 2,475 Crore Investment and 12.1% Advent Stake in Mega Merger with Keimed

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Apollo HealthCo Limited, a subsidiary of Apollo Hospitals Enterprise Limited, has unveiled a major development with plans to raise Rs 2,475 crore ($339 million) in equity capital from Advent International, a prominent private equity investor. This strategic move is part of a merger initiative that will also integrate Keimed Private Limited, India’s leading wholesale pharmaceutical distributor, within the next two years. The merger deal entails Advent International acquiring a 12.1% stake in the merged entity, while Apollo HealthCo and Keimed will hold 59.2% and 25.7% stakes, respectively. The combined entity is valued at an impressive enterprise value of Rs 22,481 crores ($3 billion). Dr. Prathap C Reddy, Chairman of Apollo Hospitals Group, emphasized the mission to provide high-quality healthcare to all Indians at an affordable cost. He highlighted the significant outreach achieved by Apollo 24/7, which has positively impacted over 33 million Indians. Dr. Reddy expressed confidence that with Advent’s investment and the merger with Keimed, the combined entity will emerge as one of the leading retail health companies in India. The integration is poised to deliver substantial industry benefits and capitalize on potential business synergies. With a pan-India presence, the merged entity aims to become a frontrunner in the retail health sector. Shobana Kamineni, Executive Vice Chairperson of Apollo Hospitals, underscored the enhanced accessibility to genuine medicines for 1.4 billion Indians within 24 minutes to 24 hours, 7 days a week, facilitated by the merged supply chain. Suneeta Reddy, Managing Director of Apollo Hospitals, described the merger with Keimed as a pivotal step towards building a comprehensive supply chain. She outlined the revenue projections and emphasized the collaborative strengths that will drive exponential value for Apollo Hospitals and its shareholders. Advent International sees this partnership as an opportunity to invest in India’s rapidly growing healthcare sector and contribute creatively to value creation. The merger positions Keimed at an enterprise value of Rs 8,003 crores, with Keimed shareholders holding a maximum of 25.7% stake in the combined entity, while Apollo Hospitals remains the largest controlling shareholder with at least 59.2% stake. The merger is subject to further corporate approvals.  

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Shruti Haasan and Santanu Hazarika Split After Four Years of Relationship

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Shruti Haasan and Santanu Hazarika have decided to end their relationship after four years together, with reports suggesting that they were living together before the breakup. The news was confirmed by paparazzo Viral Bhayani on Instagram, who shared a picture of the couple along with details about their separation. The Instagram post by Viral Bhayani mentioned that Shruti Haasan and Santanu Hazarika, who had been living together for the past couple of years, have now parted ways. Additionally, it was noted that they have unfollowed each other on Instagram, further solidifying the news of their split. Shruti also removed all pictures with Santanu from her Instagram account and took a brief hiatus from social media. Reports indicate that Shruti and Santanu’s relationship blossomed during the COVID-19 pandemic, initially sparked through social media interactions. In a previous interview, Shruti referred to Santanu as her best friend, stating that they were together by chance. She shared that they connected over their shared interests, with Shruti sending Santanu one of her poems, and he reciprocating by sharing his artwork. On the professional front, Shruti Haasan was last seen in the film ‘Salaar’, starring alongside Prabhas and Prithviraj Sukumaran. She is set to appear in the Telugu film ‘Dacoit: A Love Story’, opposite Advi Shesh. Additionally, she has notable projects lined up, including her father Kamal Haasan’s directorial ‘Sabaash Kundu’ and an untitled project with filmmaker Lokesh Kanagaraj.

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Madras HC Refuses to Interfere with LVB-DBS Merger, Directs RBI to Reassess Tier-II Bond Write-Off

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The Madras High Court, in a ruling on April 26, declined to intervene in the 2020 merger of Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL). However, the court directed the Reserve Bank of India (RBI) to conduct a fresh valuation of the assets and shares of both entities to determine any reduction in the value of shares and to reconsider Tier-II bond write-offs. The court’s directive instructed the RBI to evaluate the shares and assets of both DBIL and LVB as of the date preceding the amalgamation. Based on this evaluation, the RBI is mandated to make a fresh decision regarding the reduction in the value of shares and the writing off of Tier-II Bonds. This ruling comes after investors contested the LVB-DBS merger, particularly challenging the Tier-II bond write-offs. While the decision is seen as partially favorable to bond and equity investors, as it requires the RBI to reassess the Tier-II bond write-off, the court’s order provides hope for further scrutiny and redressal of grievances. The bench, comprising Chief Justice Sanjay V. Gangapurwala and Justice D. Bharatha Chakravarthy, has directed the central bank to complete the reassessment process within four months. The court emphasized that the RBI should consider the concerns of shareholders and bondholders while undertaking this exercise. In a related development, the Supreme Court in March 2022 permitted Lakshmi Vilas Bank minority shareholders to transfer all cases pertaining to the LVB’s amalgamation with DBS Bank India Ltd to the Madras High Court. The High Court, in its recent ruling, urged the RBI to address shareholder and bondholder grievances and alleviate hardships arising from the compulsory amalgamation scheme to the best extent possible.  

Madras HC Refuses to Interfere with LVB-DBS Merger, Directs RBI to Reassess Tier-II Bond Write-Off Read More »

Naruto Emerges as Global Favorite in Children’s Entertainment

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Let’s discover how Naruto, the beloved anime series, has captured hearts worldwide to become the top children’s TV show globally. A recent study by TheToyZone unveils Naruto’s dominance in 83 countries, showcasing its universal appeal and enduring significance. With themes of friendship, empathy, and perseverance, Naruto’s narrative resonates across cultures and generations, solidifying its place as an iconic piece of children’s entertainment. In the expansive realm of television entertainment, few series have achieved the widespread acclaim and adoration that Naruto has garnered. Originating from Masashi Kishimoto’s acclaimed manga, Naruto’s journey from an orphan to a revered ninja has captivated audiences worldwide. Now, a comprehensive study by TheToyZone underscores the extent of Naruto’s influence, crowning it as the most sought-after children’s TV show in a staggering 83 countries. Revelations from the Study: Naruto’s Global Dominance The research, conducted by TheToyZone, analyzed Google searches to gauge the popularity of children’s TV shows worldwide. At the heart of Naruto’s narrative lies the profound bond between protagonists Naruto and Sasuke, complemented by a diverse cast of characters, including fan-favorite Rock Lee. This rich storytelling approach ensures Naruto’s broad appeal, transcending demographics and resonating with viewers of all ages around the globe. Beyond Naruto: A Diverse Landscape of Children’s Entertainment While Naruto claims the top spot, the realm of children’s entertainment boasts a diverse array of beloved shows. The study also highlights the global popularity of titles like CoComelon, Peppa Pig, and Dragon Ball. Notably, Netflix Original Sonic Prime emerges as a frontrunner in 52 countries, underscoring the platform’s growing influence in shaping children’s entertainment preferences. However, the absence of more mature-rated series like One Piece and Demon Slayer raises questions about the study’s inclusivity. Looking Ahead: Naruto’s Everlasting Impact As the Naruto franchise expands with sequels like Naruto Shippuden and Boruto, its legacy remains deeply entrenched in the hearts of fans worldwide. While the ninja adventures may evolve, Naruto’s profound impact on popular culture endures, leaving an enduring mark on the global entertainment landscape. Naruto’s Unmatched Journey Amidst a sea of entertainment options, Naruto stands as a beacon of storytelling excellence and universal connection. From its humble origins as a manga to its meteoric rise as a global sensation, Naruto’s journey is far from over. As audiences eagerly anticipate the next installment in this captivating saga, one fact remains certain: Naruto’s legacy will continue to inspire and resonate with viewers for generations to come.

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Massive Protests in Argentina Condemn Milei’s Education Cuts

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President Milei’s radical austerity measures spark widespread outrage as massive protests erupt across Argentina, denouncing severe education spending cuts. In a sweeping demonstration of dissent, students, university professors, trade unions, and opposition parties unite in condemnation of President Javier Milei’s aggressive austerity policies, particularly their detrimental impact on public universities. Tuesday witnessed one of Argentina’s largest protests since Milei’s ascent to power in December, with hundreds of thousands rallying nationwide against the government’s assault on education funding. Aerial footage depicts throngs of protesters flooding the streets of Buenos Aires, amplifying calls to reverse budget reductions that threaten the very existence of universities. The University of Buenos Aires reports over 500,000 participants in the capital alone, underscoring the magnitude of public discontent. Milei’s election campaign, symbolized by a chainsaw, vowed to slash public spending and dismantle government structures amidst economic turmoil. His administration has executed drastic measures, including ministry closures, cultural center defunding, layoffs, and subsidy cuts, purportedly to revive the economy. Defending his unorthodox approach, Milei touts the country’s first quarterly fiscal surplus since 2008 as evidence of progress, despite widespread opposition from political, union, and media spheres. Argentina’s renowned public education system, a beacon in Latin America, faces unprecedented jeopardy as Milei slashes university budgets by 71%. Amidst soaring inflation rates nearing 290%, universities warn of imminent closure, jeopardizing the education of millions. Ricardo Gelpi, rector at the University of Buenos Aires, warns of imminent shutdowns, threatening the country’s legacy of free and quality higher education. Nobel laureate Adolfo Perez Esquivel underscores the gravity of the situation, rallying for the preservation of public education as a fundamental right. In the face of relentless protests and mounting criticism, Milei’s administration grapples with escalating discontent, challenging its vision for economic reform amidst societal upheaval.  

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Delhi Health Department Urges Action on Rs 90-Cr Dues to Drug Suppliers

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News on Health

The Delhi health department is under pressure to address the issue of pending payments totaling Rs 90 crore to pharmaceutical drug suppliers. Despite directives issued 45 days ago, no significant action has been taken yet. SK Jain, the special secretary of the Health and Family Welfare Department, has directed the Directorate General of Health Services (DGHS) and the Central Procurement Agency (CPA) to expedite the processing of payment files from medicine suppliers. This directive comes after a report highlighted the impact of delayed payments on medicine supply. Jain emphasized that the pending files must be processed promptly, except those blacklisted. Failure to address this issue could severely affect medicine procurement in the current financial year. The letter issued by Jain also calls for a submission of pending files along with reasons for non-payment within three days. This will enable the initiation of appropriate action against defaulting officers. The delay in payment has resulted in a significant portion of the budget remaining unutilized in the previous financial year, leading to potential procurement challenges in the current fiscal year. An official from the Central Procurement Agency revealed that nearly Rs 84 crore of the budget has lapsed, exacerbating the financial strain on suppliers awaiting payment.

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Tibetan Leadership Initiates Back-Channel Talks with China Amidst Military Standoff

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News on Government

The Tibetan government-in-exile has initiated back-channel communications with China, marking the first contact between the two sides in over a decade. Penpa Tsering, the head of the Central Tibetan Administration (CTA), revealed that informal discussions have been ongoing for more than a year, facilitated by an interlocutor dealing with individuals in Beijing. While these communications represent a significant development, Tsering emphasized that no immediate breakthroughs are expected. The dialogue is viewed as a long-term endeavor, with uncertain prospects for concrete outcomes. The Tibetan side has been cautious, acknowledging that the Chinese authorities initiated contact, not vice versa. Norzin Dolma, the Tibetan minister for information and international relations, echoed Tsering’s sentiments, highlighting the lack of certainty regarding substantive outcomes from these discussions. Previous formal talks between 2002 and 2010 ended without resolution, amidst differences over Tibetan autonomy. The resumption of dialogue coincides with heightened tensions between India and China along the Line of Actual Control (LAC) in Ladakh. China’s military buildup in Tibet has drawn increased scrutiny, amplifying the relevance of the Tibetan issue in India. Tsering emphasized the close coordination between the CTA, India’s external affairs ministry, and security agencies, advocating for India to take a more assertive stance on Tibet at international forums like the UN. While endorsing India’s stance on the LAC disengagement as a prerequisite for normalized relations with China, Tsering underscored China’s strategic shift towards the Global South to counter India’s growing influence. He urged India to leverage its historical ties with Tibet to amplify its voice on the international stage.  

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BHU Approves New Scholarships and Gold Medal

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News on Education

Banaras Hindu University’s (BHU) academic council, chaired by Vice-Chancellor Prof. Sudhir Kumar Jain, sanctioned the introduction of 14 new merit-cum-means scholarships and one gold medal. The council deliberated on various academic and research matters, emphasizing steps to enhance overall performance and productivity. Additionally, BHU established a project monitoring unit to bolster the academic and research ecosystem. The scholarships, initiated under the Pratidana initiative with contributions from donors, aim to support deserving students. Among the approved scholarships is the introduction of the Akshaibar and Jogeshwari Giri Gold Medals, to be awarded to a second-year MBA student with the highest CGPA, starting from the academic session 2023-24. Prof. Jain highlighted that the newly established project monitoring unit will address issues potentially impeding teaching-learning activities. The Faculties of Arts and Social Sciences will see an expansion in their operational scope. Further scholarships approved include: Mahamana Malaviya Biotechnology Scholarship for a 2nd year MSc biotechnology student (commencing from academic session 2024-25) Biswanath and Meera Bhattacharya Scholarship for a 2nd year student of MA Sanskrit (commencing from academic session 2025-26) Jhingan Sahu Memorial Scholarship for a 1st year student of MFA (textile design) (commencing from academic session 2024-25) Two C N R Rao Scholarships for final year students of BPA (vocal music and instrumental music respectively) (commencing from academic session 2025-26) Uday Pratap Scholarship for a 2nd year student of MSc (Agriculture) Mycology and Plant Pathology (commencing from academic session 2025-26) J N Gupta and Savitri Devi Scholarship for a 2nd year student of MSc (physics) (commencing from academic session 2024-25) Ramswaroop Jamnadevi Maheshwari Scholarship for a 1st year student of MBA (commencing from academic session 2024-25) Five SGVP Swaminarayan Scholarships for students of the faculty of SVDV (effective from the academic session 2023-24) Merit-cum-means scholarship for Central Hindu Girls School Awadh Raj Kumar Scholarship for a class 9 student (effective from the academic session 2024-25) Moreover, the academic council endorsed proposals to introduce new programs and courses at various affiliated colleges. Arya Mahila PG College, Vasant Kanya Mahavidyalaya, and Vasanta College for Women, Rajghat, received approvals to offer additional courses. The council also stipulated eligibility criteria for part-time diploma or certificate courses, restricting participation to regular UG and PG students of the university and affiliated colleges. Full-time diploma courses will require specific academic prerequisites and course hours.

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US Federal Trade Commission Opposes Tapestry’s Acquisition of Capri Holdings: Here’s Why

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News on HR

The US Federal Trade Commission (FTC) has taken a firm stance against Tapestry Inc.’s proposed $8.5 billion acquisition of Capri Holdings Ltd., the parent company of Michael Kors. This marks a notable move in antitrust enforcement within the fashion accessories sector, raising concerns about market competition and consumer welfare under the Biden administration. Key Points: FTC’s Concerns: The FTC’s opposition to the merger stems from concerns about its potential impact on prices within the affordable luxury segment. The agency worries that the deal could reduce competition for affordable handbags, resulting in adverse effects on consumers and workers. Additionally, the consolidation of Tapestry and Capri could lead to reduced wages and employee benefits, affecting approximately 33,000 workers worldwide. FTC’s Legal Action: The FTC filed complaints in both its in-house and federal courts after a unanimous decision to block the deal. This legal action represents the FTC’s first lawsuit in the fashion accessories sector, highlighting the significance of its intervention. Company Responses: Tapestry’s CEO, Joanne Crevoiserat, contested the FTC’s assessment, emphasizing the company’s commitment to competitive wages and benefits. Capri Holdings also disagreed with the FTC’s decision, asserting that prevailing market realities indicate minimal impact on competition. Both companies vowed to defend the case vigorously in court and reiterated their commitment to completing the acquisition. Tapestry’s Acquisition Motives: Tapestry’s pursuit of Capri Holdings aims to establish a US-based fashion conglomerate specializing in accessible luxury. The merger seeks to leverage Coach’s strengths in China and Michael Kors’ presence in Europe to enhance geographic reach and revenue growth. Despite challenges in turning around Michael Kors’ declining sales, Tapestry remains optimistic about the deal’s potential benefits. Market Implications: If the merger proceeds, the combined Tapestry and Capri entity would become the second-largest personal luxury goods company in the US, rivaling industry giants like LVMH. However, the FTC’s opposition underscores broader concerns about market consolidation and its impact on competition and consumer choice. The FTC’s legal action against Tapestry’s acquisition of Capri Holdings reflects growing scrutiny of mergers and acquisitions in the fashion industry, signaling a proactive approach to antitrust enforcement under the Biden administration.

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