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Thursday, July 17, 2025 5:31 PM

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Imagicaaworld Entertainment is being acquired by Malpani Group in a joint venture with Aditya Birla ARC.

According to two people familiar with the development, the Malpani Group has partnered with Varda Capital-backed Aditya Birla Asset Reconstruction Company to jointly acquire the distressed loans of Manmohan Shetty’s Imagicaaworld Entertainment Ltd, in a deal that will bring lenders Rs 575 crore. After three years of negotiations, the Malpani Group has proposed to buy Imagicaaworld in an out-of-court settlement negotiated between banks and the company. The Malpani Group will receive a preferential issuance of shares worth Rs 500 crore under the proposed structure, giving it a 70 percent ownership in the distressed theme-park operator. According to the people, the Malpani Group, as the largest stakeholder, would then offer Rs 500 crore as a one-time settlement to Imagicaaworld’s lenders. Lenders would receive a 13 percent ownership stake in the company, valued at Rs 75 crore, as part of the arrangement. The Rs 575 crore settlement offer translates to a 40% recovery for the lenders. Despite a cut from lenders, Manmohan Shetty, the producer of Bollywood films, will own 5% of Imagicaaworld. Shetty currently owns 31.08 percent of the listed firm through related entities. As of March 31, 2021, Imagicaaworld, formerly Adlabs Entertainment, had a total debt of Rs 1,417 crore. As previously reported, Union Bank of India rejected promoter Shetty’s Rs 575 crore one-time settlement offer in 2019 in anticipation of larger bids. Because lenders have still to obtain board clearance and then hold a Swiss auction inviting counteroffers, the transaction is expected to finalise in the June quarter, according to one of the lenders. Under the Imagica brand, Imagicaaworld owns and runs a theme park and a water park, as well as a hotel under the Novotel Imagicaa brand. The theme park is located in Khopoli, off the Mumbai-Pune Express Highway, and spans 130 acres, including 30 acres of unutilised land and with a surplus land area of 203 acres. The lead bank, Union Bank of India, has the largest outstanding loan to the company, at Rs 429 crore, followed by Bank of Baroda at Rs 320 crore. Canara Bank, Bank of India, Central Bank of India, J&K Bank, Indian Overseas Bank, Life Insurance Corporation, and Ares SSG Capital-backed Assets Care & Reconstruction Company are among the other lenders. Source: Economic Times

Imagicaaworld Entertainment is being acquired by Malpani Group in a joint venture with Aditya Birla ARC. Read More »

Live Updates on Election Results 2022: BJP Makes History in Uttar Pradesh, Moves Ahead in Goa; AAP celebrates in Punjab

In Punjab, Arvind Kejriwal’s Aam Admi Party won by a landslide, while the BJP bucked the trend in Uttar Pradesh, where it faced a tough fight from Akhilesh Yadav’s Samajwadi Party. In Goa, Manipur, and Uttarakhand, the BJP is also leading. In Punjab, the Aam Aadmi Party has a significant lead, with close to 90 seats in the 117-seat assembly. With 13 members, the ruling Congress is in second place. As the counting of votes began the third hour on Thursday, both the Congress’s top leaders in Punjab, Chief Minister Charanjit Singh Channi and state unit boss Navjot Singh Sidhu, were trailing. Former Chief Minister Amarinder Singh loses his seat in the Patiala Urban constituency. The BJP appears to have successfully combated anti-incumbency in Uttar Pradesh, winning over 250 seats. The Congress and the Aam Aadmi Party are tied for second place. Chief Minister Yogi Adityanath of Gorakhpur and SP chief Akhilesh Yadav of Karhal were among the leaders. In the 403-member legislative assembly, 202 votes are required for a majority. The BJP has extended its lead in Uttarakhand, with the Congress trailing in the hill state, according to election trends. As per the latest trends as of 10:57 a.m., the BJP is leading in 44 seats and the Congress in 21 in the Uttarakhand assembly elections. According to the most recent trends available, the BJP was leading in 19 of Goa’s 40 Assembly seats, while the Congress was leading in 11. So far, Chief Minister Pramod Sawant has a 448-vote lead in the Sanquelim Assembly seat. In Manipur, polls reveal that the BJP is in the lead. In the Manipur elections, the BJP is leading in 24 seats, while the Congress is leading in 12.

Live Updates on Election Results 2022: BJP Makes History in Uttar Pradesh, Moves Ahead in Goa; AAP celebrates in Punjab Read More »

Professor Ram Kumar Kakani took charge as Director of IIM Raipur

Prof. Ram Kumar Kakani took over charge as Director of the Indian Institute of Management Raipur from Prof. Bharat Bhasker. During his tenure, Prof. Bharat Bhasker was influential in the growth of IIM Raipur, which ascended to 15th place in the NIRF ranking of B-schools in India. Prof. Kakani was previously the Head of the Center for Governance at IIM Kozhikode, and he was contacted by India’s premier public administration institution, LBSNAA Mussoorie, for an assessment of IAS officials’ training needs. Prof. Kakani taught at XLRI Jamshedpur and has worked as a professor in Denmark, Nigeria, Singapore, and the United Arab Emirates. Prof. Kakani has also served as the Director of the National Center for Leadership Development and Competency Assessment of the Indian government. Prof. Kakani provided the following thoughts on the future expansion and developments in management education: Enhance the quality of management education, elevating it and delivering it as a premium model, Enhance international linkages, attracting highly talented faculty of international standing and administrative colleagues to the Institute, Work closely with the Government towards strengthening its governance efficiency as well as effectiveness and also its various development as well as welfare programmes, Work closely with the Small and Medium Enterprises in Chhattisgarh towards turning them around and their reengineering; Launch new programmes on hitherto unexplored areas such as Mining Management, as Chhattisgarh is a mineral rich state and accounts for a large share in country’s mineral production. Prof. Kakani began his professional career as a corporate technocrat before transitioning to higher education, where he specialised in Finance-Performance-Strategy. With publishers such as Cambridge, Sage, Routledge, and McGraw-Hill, he has co-authored a number of works in the fields of finance and public administration. He is an active case writer and researcher.

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Citi Commercial Bank is to hire 900 individuals worldwide.

Citi Commercial Bank (CCB), which serves mid-sized businesses in more than 60 countries, has announced plans to add 900 workers over the next three years, including over 400 commercial bankers. According to a press release from the company, the commercial bank would attain growth by hiring more people in developed and major emerging markets and using existing institutional infrastructure. “Citi Commercial Bank anticipates that the financial needs of this critical client segment will evolve, requiring the sophisticated banking solutions…” says the release. As a result, the bank is substantially investing in this sector, with the majority of new hiring centred in places where commercial activity is expected to go up, such as the United States, China, Brazil, India, and Western European countries. “In today’s interconnected world, mid-sized companies quickly outgrow the capabilities of a local or even a regional bank. They are going global faster and reaching scale sooner than ever before,” comments Tasnim Ghiawadwala, Global Head, Citi Commercial Bank. The commercial bank is focusing on deepening penetration in developing, high-growth disruptor sectors by recruiting industry specialist senior bankers and improving training and development for existing bankers, in addition to entering new markets and expanding its digital capabilities. “CCB will focus on deepening client relationships through investment in our bankers and digital channels and by providing multiple client touchpoints into the rest of Citi. My priority is to unleash the power of Citi to this client set with market share gains to follow,” Ghiawadwala mentioned.    

Citi Commercial Bank is to hire 900 individuals worldwide. Read More »

Government making relentless efforts for decentralised governance

Andhra Pradesh Governor Biswabhushan Harichandan stated on Monday that the state government has been working tirelessly for the past three years to ensure decentralised and inclusive governance, adding that in line with that goal, the state government has begun restructuring districts. On the first day of the budget session, the Governor told the joint session of the AP State Legislative Assembly and Council that in addition to the existing 13 districts, 13 more are being constructed, and the new system will begin functioning on April 2 in Ugadi. The Governor noted the country and the state have gone through a difficult period in the last two years owing to the Covid-19 pandemic in his one-hour speech, which began at 11 a.m. Bifurcation-related stress, five years of policy paralysis from 2014 to 2019, an economic slowdown from 2014 to 2019, a year of economic depression from 2019 to 2020, and two years of Covid-19 pandemic have all had a significant impact on the state’s budget, according to him. “The government’s steadfast commitment for extending support to farmers, women, underprivileged, marginalised and vulnerable groups has ensured, even during these excruciatingly difficult times, rural consumption and spending and the economy as a whole does not take a nosedive,” he said. Because of the government’s effective intervention, the state’s GSDP increased by 0.22 percent in the fiscal year 2020-21. In contrast, the country’s GDP fell by 7.3 percent over the same period. In the fiscal year 2021-22, the State GSDP increased by 9.91 percent at constant prices over the previous year. According to him, the State economy is expected to rebound to pre-Covid levels following a year of sluggish growth. At current prices, the state economy is expected to increase 16.82 percent in 2021-22, according to advanced estimates. With a growth rate of 15.87 percent, per capita income has risen to Rs 2,04,758 from Rs 1,76,707 last year. The government has adopted the 11th PRC, reaffirming the state’s commitment to the welfare of government employees. He mentioned how the proper implementation of Navarathnalu was made possible by directly providing cash support to beneficiaries’ bank accounts without any leakages. It made a big difference in the lives of the citizens of the state. The Governor went on to describe how the village and ward secretariats, as well as the volunteer system, are paying off handsomely. He went into detail about the state’s efforts to raise educational standards through the Nadu-Nedu programme, for which the government is spending Rs 15,000 crore. The Governor discussed the government’s efforts to help farmers and improve the farm sector through a variety of programmes including YSR Rythu Bharosa-PM Kisan, free crop insurance, zero-interest loans, e-cropping, and in-time input subsidies. According to the Governor, the Covid-19 pandemic had a negative fiscal impact. “While revenues were constrained, the expenditure had gone up due to Covid mitigation measures,” he said.

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20 govt schools in Delhi will have health clinics to ensure mental and physical well-being.

The Delhi government set up 20 health clinics named Aam Aadmi School Clinics on Monday as part of a pilot project to focus on students’ emotional and physical wellness. The programme aims to provide healthcare to children in their respective Delhi schools. One of these health clinics was opened by Delhi Deputy Chief Minister Manish Sisodia at the Sarvodaya Kanya Vidyalaya in Moti Bagh. “These clinics will provide routine health check-ups as well as counselling to ensure the physical and mental well-being of the children,” he said at the inauguration. The clinics will be located in porta cabins on the campuses of the 20 institutions. Students will receive counselling, and the clinic’s doctors and personnel will focus on safeguarding the students’ mental health. One ‘School Health Clinic Assistant’ or nurse, one psychologist, and one multi-task worker will work in each clinic. A doctor will be assigned to each of the five clinics and will visit them once a week. Every day, 30 students will be tested, and there will be enough medicine for them. This list of medications has been compiled with an emphasis on the specific needs of adolescents, with a major focus on anaemia, malnutrition, refractive errors, worm infestation, and menstrual hygiene. “I have seen schools in various countries, this concept is not there anywhere. Besides providing routine health check-ups to students, the clinics will also offer counselling services to address issues related to the mental well-being of children. Every six months, the students will undergo a health check-up,” Manish Sisodia said, as reported by PTI. Source: PTI  

20 govt schools in Delhi will have health clinics to ensure mental and physical well-being. Read More »

Speakers stress on embracing technology in a big way at Satluj Career Fest 2022

5000+ students from 300+ schools gained knowledge from over 300 Indian & International Universities   Technology is just a tool to empower us and not overpower us, but we must embrace technology in a big way. This is what the pandemic has taught us in the last two years. Key speakers at the Satluj Career Fest 2022 stressed on the need to imbibe technology and also on the need to develop entrepreneurial skills.   Region’s largest career fest ‘Satluj Career Fest’ was organised by Satluj Public School, Sector 4, Panchkula (a part of Satluj Group of Schools—Satluj Public Schools, Little Satluj Pre-Schools with 15 branches and 30,000 students across India), with an aim of guiding the students of class 9th to 12th and their parents about various career opportunities. This was the second year that the event was hosted virtually, leading to not only a pan-India, but international reach with student registrations from all over the world.   Counsellors and foreign representatives from more than 300 universities, foreign and Indian, took part. Over 5,000 students represented 300+ schools from India (including metros, tier 2 and tier 3 towns) and around the world during the career fest.   The prominent universities included, University of New Castle, Australia; Bradley University; Amity University, Australia; Teesside University, UK; Leeds Beckett University, UK; Florida Atlantic University USA; Simon Fraser University, Canada, among several others. Among the prominent Indian ones were, SRM University, Amity University, Chandigarh University, Lovely Professional University, to name a few.   Reekrit Serai, Managing Director, Satluj Group of Schools, said “After brainstorming internally, we realised that students in non-metro cities and smaller towns face a lack of opportunities when it comes to quality higher education options. Also, there’s a lack of awareness about jobs and skills of the future. Thus, we decided to organise Satluj Career Fest to spread awareness. In the last two years we have seen a complete change in the education of students because of the pandemic which has led to online teaching. It has been hard on students also as they have not been able to go to the schools but learning hasn’t stopped though. Virtual education has become a norm this year which was not there till the last year and has changed the way we educate our children.”, said.   Krit Serai, Co-Chairman of Satluj Group of Schools, said, a lot of hard work went into the planning of Career Fest, which is one of the biggest career shows. He said, 20 plus panellists deliberated on various aspects which helped the youth to choose proper careers. “Career planning is very important in our lives and for a proper career choice planning must start at plus two stage or even Class X. We have a variety of jobs for the youth available now”, he added.   The inaugural session was on jobs and skills of future – pre and post COVID. Mr Vijai Vardhan, Ex-Chief Secretary, Government of Haryana; Dr Biswajit Saha, Director CBSE; Tejveer Singh, Principal Secretary – Industries and Commerce, Government of Punjab and Maj. Harsh Kumar, Secretary NCERT participated in the session.   Dr. Biswajit Saha, Director CBSE while speaking on the occasion said it was indeed praiseworthy that the school group is organising this event so that decision making capability is enhanced to upper level so that there are a lot of options available. Dynamics are going to change as we are targeting 2030 and 2040.  He added, Artificial Intelligence, Robotics, Nano Technology, development in Genetics and Space Tourism are also getting popular in the last few months. All these are trying to amplify the bandwidth of capability which todays generations must aim for. “There is a need for understanding of technology and its positive use case. We must introduce multi-disciplinary bouquet of subjects and based on the student interest to make education journey more conducive”, he added.   Mr. Vijay Vardhan, Ex-Chief Secretary, Government of Haryana, said, “There is something which I have observed living in Chandigarh for so many years that there is a lot of pressure on children from parents and peers to join a foreign university after they finish Class XII. It is good as children get to see new culture but not all parents can afford to send their children abroad.  If you see the see the success stories in the last 3-4 decades of countries like Singapore, China, South Korea, Taiwan, Vietnam or Hong Kong, these are the nations who have developed their own education pattern, based on their intrinsic value system and language. The Japanese competed with the whole world and have revolutionised the manufacturing, the IT and the automobile industry without even reading English. Likewise have the Chinese. Local is global the essential qualities which endure and transcend human excellence and all schools should be focussing on this. It’s good to interact with foreign universities but that is something parents should not fret about and should focus on what values and skills they can give children and there is no bigger learning place than your home.”   Mr. Harsh Kumar, Secretary NCERT, while addressing the inaugural session said career fest was a good platform for exchange of ideas. “Our focus should be on how to educate our children in this changing phase and difficult times of pandemic. These two years have taught us a lot in education and we must understand the change in the system and has given us a lot of opportunities to search ourselves. The basic thing of education is to be a good human being. Attitude determines how well you do in life so attitude decides your altitude in life. Technology is just tool for us to empower us and not overpower us. Last two years we have adapted to the situation. We are rediscovering ourselves in National Education Policy and policymakers have thought about use of technology which was done much before the pandemic. He stressed on the use of local language to grow and we have to understand

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Regulatory framework for elderly healthcare in works

The government is drawing up a regulatory framework for providing healthcare to the elderly within the country. It plans to outline standards and operational guidelines for service providers as the country braces to provide care to its aging population, which is expected to double over the next 30 years. The NITI Aayog held several rounds of stakeholder consultations with industry and ministries concerned, including health and family welfare and social justice and empowerment, on the issue, said a senior government official. “As the elderly healthcare market is poised for growth, a regulatory framework is essential. This would include accreditation standards, licensing requirements, policy support to providers, and clinical guidelines for personal operators within the sector to make sure healthcare services are provided to the elderly at affordable rates,” said the official, who did not wish to be identified. It is estimated that by 2050, India will have 330 million or 19% of its total population in the 60-plus age group . Government data shows that the population over the age of 60 years has more than tripled in India in the past. As per census 2011, the number of elderly people (60-plus years) in the country was 103.83 million, which is projected to extend to 133.32 million (2021), 178.59 million (2031), 236.01 million (2041), and 300.96 million (2051). The projection for 2051 is 125.7% over that for 2021. The government is of the view that non-communicable diseases, including lifestyle-related and degenerative, being extremely common in older people, compel them to require professional healthcare services for day-to-day activities. Currently, the govt provides healthcare facilities to the elderly under the National Programme for Health Care of the Elderly (NPHCE) run by the health ministry and National Action Plan for Senior Citizens by the ministry of social justice and empowerment. Under the NPHCE, launched in 2010-11, the government provides dedicated healthcare facilities to senior citizens (above 60 years of age) at various levels of primary, secondary, and tertiary healthcare. Further, the National Action Plan for Senior Citizens, renamed Atal Vayo Abhyuday Yojana (AVAY), helps senior citizens get re-employment and livelihood and skilling support. Source: Economics Times  

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On the occasion of Symbiosis International (Deemed University) (SIU) Golden Jubilee, Prime Minister Modi extends his best wishes to the students and staff.

Prime Minister Narendra Modi congratulated Symbiosis International (Deemed University) (SIU) students on their Golden Jubilee on Sunday, saying that they had earned a name for themselves through academic research and the creation of national and international diversity on campus. “Congratulations to Symbiosis International (Deemed University) on marking their Golden Jubilee. They have made a mark with their academic research, and national as well as international diversity on campus. My best wishes to the staff, students, and alumni for their future endeavors,” tweeted PM Modi on Sunday. On Sunday, Prime Minister Narendra Modi officiated at the Golden Jubilee of Symbiosis University in Pune. Symbiosis Arogya Dham was also inaugurated by him. The Governor of Maharashtra, Shri Bhagat Singh Koshiyari, was among those in attendance. The Prime Minister congratulated Symbiosis students, teachers, and alumni on the occasion, noting the institute’s slogan, ‘Vasudhaiv Kutumbkam,’ and stating that this modern institution is expressing India’s historic tradition in the shape of students from many countries. “Knowledge should spread far and wide, knowledge should become a medium to connect the whole world as one family, this has been our culture. I am glad that this tradition is still alive in our country,” he added.  

On the occasion of Symbiosis International (Deemed University) (SIU) Golden Jubilee, Prime Minister Modi extends his best wishes to the students and staff. Read More »

WHO calls for safe access to humanitarian assistance amidst Russian invasion of Ukraine

As the invasion of Ukraine by Russia goes into the second day, the World Health Organization has called for sustained and safe access to deliver humanitarian assistance. Stating concern over the escalating crisis, the WHO mentioned in a statement that, “The health system must continue to function to deliver essential care to people for all health issues, from Covid-19 to cancer, diabetes and tuberculosis, to mental health issues, especially for vulnerable groups such as older persons and migrants.” Calling for the safety of healthcare workers the agency said, “Maximum care must be taken by all parties to ensure that health facilities, workers, patients, transport, and supplies are not targeted.” WHO has for decades worked closely with health authorities across Ukraine, the United Nations health agency said, adding, “We have a deep knowledge of the capacities and needs of the country’s health system.” “Today I released a further $ 3.5 million from WHO’s Contingency Fund for Emergencies (CFE) to purchase and deliver urgent medical supplies. This humanitarian health support is expected to rise following further needs assessments. This new support complements the trauma and medical supplies which we prepositioned in health facilities,” said WHO chief Dr Tedros Adhanom Ghebreyesus.  Source: WHO

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