On this podcast, we take a look at some of the biggest stories that made the most noise in India Inc.
Rakesh Sharma | Harish Puppala
Nirav Modi’s bail application rejected in London
Fugitive diamond merchant Nirav Modi was further remanded into custody till May 24 by a UK court hearing his extradition case in the 19,000-crore Punjab National Bank fraud and money laundering case.
The Westminster Magistrates' Court in London denied bail to Nirav Modi for the third time. The bench of Chief Magistrate Emma Arbuthnot had turned down earlier bail pleas on grounds that he was a flight risk and might flee the country if given the chance. The court had also noted that Modi could tamper with evidence if left free. It was revealed in earlier hearings that he had threatened to kill a witness and bribe another in order to escape justice. Modi's defence team is the same as that deployed by former Kingfisher Airlines boss Vijay Mallya in his extradition case.
The May 24 hearing will be a procedural one, to meet the 28-day timeline for judicial custody in such cases in the UK. The case will then proceed to a full case management hearing, scheduled for May 30 so far, when Modi will be produced in person. 48-year-old Nirav has been lodged in Wandsworth prison in south-west London since he was arrested by the UK Police on April 11.
Reports suggest the court extended Modi's judicial custody as no new documents were submitted by his legal team. The Westminster Magistrates' Court had also asked Indian investigation agencies to submit more documents related to the case. Business Today reported that the Central Bureau of Investigation and Enforcement Directorate, which are looking into the PNB fraud case, are in direct communication with the Crown Prosecution Service (CPS) and will share additional evidence to strengthen the case against Nirav Modi. The CPS is arguing the case on behalf of Indian authorities. Last month, an arrest warrant was issued against Nirav Modi after UK home Secretary Sajid Wajid cleared extradition request of Indian investigating agencies. Scotland Yard then arrested Nirav Modi on March 19 from the Metro Bank in Holborn after a bank employee recognised him. Mehul Choksi is said to be in the Caribbean nation of Antigua and a Moneycontrol report claimed similar legal action against him is on too.
Meanwhile, back in India, a dozen luxury cars belonging to Nirav Modi and Mehul Choksi have been auctioned off, fetching the government exchequer Rs 3.29 crore. In march, the Income Tax Department auctioned several art works that were owned by Nirav Modi for Rs 59.37 crore.
PM Modi has an MA degree and 2.5 crores in assets
(with PTI inputs)
Prime Minister Narendra Modi has assets worth Rs 2.5 crore including a residential plot in Gujarat's Gandhinagar, fixed deposits of Rs 1.27 crore and Rs 38,750 cash in hand, according to his affidavit filed with the Election Commission on Friday. Modi has named Jashodaben as his wife and declared that he has an M.A. degree from Gujarat University in 1983. The affidavit said he is an arts graduate from Delhi University (1978). He passed SSC exam from Gujarat board in 1967, it said.
He has declared movable assets worth Rs 1.41 crore and immovable assets valued at Rs 1.1 crore.
The prime minister has invested Rs 20,000 in tax saving infra bonds, Rs 7.61 lakh in National Saving Certificate (NSC) and another Rs 1.9 lakh in LIC policies. His cash balance in savings bank account is Rs 4,143. Modi has four gold rings, weighing 45 grams, valued at Rs 1.13 lakh.
The prime minister has declared the property details in the affidavit which is a mandatory requirement for filing nomination papers.
Modi possess about 3,531 sq ft plot in Sector-1, Gandhinagar. The value of the property, which includes a residential unit on the plot, is assessed to be Rs 1.1 crore, according to the affidavit.
While Modi has listed "salary from government" and "interest from bank" as his sources of income, his wife's source of income is mentioned as "not known". Her profession or occupation is also listed as "not known".
Modi has declared that he neither has any criminal case pending against him nor has any government dues on him.
The prime minister, who is seeking a second term from Varanasi parliamentary constituency, had disclosed a total assets of Rs 1.65 crore in 2014. PM Modi's movable assets have seen a rise of 114.15 per cent in comparison to the assets he owned in 2014 when he contested his first Lok Sabha election. In 2014, Modi had movable assets worth Rs 65,91,582 (Rs 65.91 lakh).
Uber is aiming for a valuation of $91 billion in IPO
As per a report on The New York Times, Uber expects to be worth as much as $91 billion when it starts selling shares next month, making its initial public offering one of the largest in the history of the technology industry.
The amended prospectus, filed with the Securities and Exchange Commission on Friday, kicks off the last stage of the ride-hailing company’s journey to list on the public stock markets. With this, we may expect a new generation of Silicon Valley millionaires and billionaires.
The Times said, "Uber set a price range of $44 to $50 a share, putting its valuation at $80 billion to $91 billion, accounting for stock options and restricted stock. That would dwarf its rival Lyft, which went public last month at a valuation of more than $24 billion — but it would place Uber behind Facebook, which went public in 2012 with a market capitalization of $104 billion, and the Chinese e-commerce site Alibaba, which was valued at $168 billion in its 2014 offering."
Uber plans to sell 180 million shares in the offering, and with it could raise up to $9 billion.
In a private fund-raising round in August last year, Uber was appraised at $76 billion. There are some analysts who claim that Uber may be lowballing its value this time around. Of course, the pricing will not be finalised until the last day before it lists its shares in about a fortnight and it may change depending on investor appetite.
While this is certainly a milestone for unicorn startups of Silicon Valley - Uber being their posterchild - it is by no means an assertion of their ability to make money. Uber and its successor Lyft are still profoundly unprofitable. Lyft's shares trading below their offer price may have been one reason for Uber's own conservative approach to the stock market.
Also, on Friday, PayPal announced that it will invest $500 million in Uber. PayPal CEO Dan Schulman said in a statement on LinkedIn that PayPal is extending its current partnership with Uber to build Uber's digital wallet system. And that it will buy $500 million worth of Uber stock at the IPO price.
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