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Amid layoffs and furlough, Raghav Bahl promoted Gaurav Mercantile acquires The Quint


Gaurav Mercantile, a company where Raghav Bahl and Ritu Kapur are the promoters, has announced the acquisition of the digital content business, operated under brand name of 'The Quint', from Quintillion Media Private Limited, where also the two are ultimate beneficial shareholders as a related party.

The lumpsum purchase consideration is at an enterprise value of Rs 30.58 crore.

In a disclosure to BSE, Gaurav Mercantile said this is a related party and the acquisition will be as a going concern on a slump sale basis for a lump-sum consideration. The acquisition is subject to the approval of the shareholders.

As per the exchange filing, Raghav Bahl and Ritu Kapur are common directors in Gaurav Mercantile and Quintillion Media Private Limited.

In addition, Raghav Bahl and Ritu Kapur, the promoters of Gaurav Mercantiles Limited collectively owning 66.42 per cent of the share capital, are the ultimate beneficial shareholders of Quintillion Media Private Limited.

Also, as a matter of good corporate governance it is also disclosed that Mohan Lal Jain, promoter of Gaurav Mercantile Limited, is a director on the Board of the holding company of Quintillion Media Private Limited, the filing said.

The transaction is being entered at arm length based on a fair valuation report of an independent valuer, supported by a fairness opinion from a Category Â- 1 Merchant Banker registered with the Securities and Exchange Board of India.

The lumpsum purchase consideration will be at an enterprise valuation of Rs 30.58 crore and an equity value of Rs 12.62 crore, adjusted in accordance with the terms of the draft Business Transfer Agreement (including closing adjustments), based on the fair valuation report of an independent valuer.

The Board of Directors approved the proposal to increase the borrowing powers of the Company and for creation of charge or mortgage or hypothecation against the assets or properties of the Company up-to Rs 100 crore in accordance with the provisions of Section 180 of the Companies Act, 2013, subject to the approval of the shareholders.

The Board of Directors approved the shifting of the Registered Office of the company from the State of Maharashtra to the National Capital Territory of Delhi and consequent amendment to Memorandum of Association of the Company, subject to the approval of the shareholders.

Quintillion Media Private Limited is a private limited company engaged in the business of owning and _ operating diversified digital content platforms. Quintillion Media Private Limited presently operates digital content platforms under the following names viz. "The Quint", "The Quint Hindi" and "FIT".

The digital business had revenues of Rs 11.1 crore as per latest audited financial statements as at March 31, 2019.

The key advantages and effects of acquisition of the Digital Business are to give the company a strong foothold in the digital media business of the economy, enable the Company and its shareholders to reap benefits from projected growth in the digital media business going forward, the filing by Gaurav Mercantile said.

Earlier, The Quint had asked nearly half its staff to go on a leave without pay.

"In these circumstances, it is clear that our revenues will be under severe strain over the next 3-4 months, at least. During this time, The Quint’s primary objectives should be: a) For everybody to stay healthy. b) For our young operation to survive this period and live to fight another day. That can happen if we take emergency actions, measures only used in the ‘rarest of rare’ situations, measures that may constrain us all, but may also help us stay afloat at a time like this," Raghav Bahl said.

 
 
 



Mumbai hospital dead bodies row: After BJP's Nitesh Rane's tweet, BMC 'inquiring' into matter


A video has been doing the rounds on social media of bodies wrapped in bags at Mumbai’s BMC-run Sion Hospital, creating outrage on social media.

Dr Pramod Ingale, dean of Sion hospital confirmed that video which is being circulated is of Sion hospital and they did not have any other option as the relatives of deceased refused to claim the bodies. “We are contacting the deceased relatives and handing over the bodies to them,” he said.

Earlier, BJP MP Nitesh Rane was one of the first people to share the video. Slamming the BMC, he said, “In Sion hospital..patients r sleeping next to dead bodies!!! This is the extreme..what kind of administration is this! Very very shameful!! (sic).”

 
 

In Sion hospital..patients r sleeping next to dead bodies!!!
This is the extreme..what kind of administration is this!
Very very shameful!! @mybmc

 
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So the dean of Sion hospital accepts the video n says the relatives don’t come 2 claim the bodies so v hv kept them there..
Wat shud v as Mumbaikers expect from the BMC after this ans?
Pvt hospitals r not accepting patients n Gov hospitals r in a mess!
It’s a medical emergency !

 
 
 

The video shows at least four bodies wrapped in black plastic on beds next to the patients. “We are inquiring into the matter and also finding out when the video was shot,” said Suresh Kakani, additional municipal commissioner, BMC.

As per the recent recent order issued by Chief Secretary Ajoy Mehta said bodies of COVID-19 patients should be shifted out of the wards within 30 minutes of death and disposed of within 12 hours.

On Wednesday, with the highest single-day spike of 769 cases recorded in 24 hours, the number of Covid-19 cases in Mumbai crossed the 10,000-mark on Wednesday, at 10,714, including 25 deaths. In all, 412 people have died in the city of COVID-19 so far.

In the state, the total number of cases surged to 16,758, after detection of 1,233 new cases - also the highest in a day so far, including 34 deaths. The total number of fatalities state-wide is 651.

Meanwhile, Mumbai is bracing for the arrival of several Air India flights starting this week, and this may also result in the rise of COVID-19 cases in the city.

 
 
 



Ahmedabad shut down: Social distancing norms broken after AMC gives 3-hour window to buy essentials


From 6 am on May 7 until May 15, barring milk and medical stores, everything else in Ahmedabad will remain shut. ATMs, too, will function regularly.

A circular issued by Municipal Commissioner Mukesh Kumar confirmed the same on Thursday morning. This means that those who don’t have fruit and vegetable supplies at home, will have to struggle, as they won’t be able to buy anything during this time.

Within minutes of the circular, residents rushed to grocery stores and vegetable shops thronging in large numbers. According to an Ahmedabad Mirror report, the call was taken after several residents violated social distancing norms in the city while they went out shopping.


Write Chetan Bhagat said that the circular issued was unclear. “In all seriousness (and this a serious issue) the circular’s language is making things unclear. Is the city only going to sell milk and shut all grocery stores? Won’t it create hoarding/panic today (already hearing reports)? A simpler note will be helpful.”

A message was shared by Dr Rajiv Gupta, Additional Chief Secretary(Forest & Environment Deptt) & MD Sardar Sarovar Narmada Nigam, about the decision jointly taken by the state government and the Ahmedabad Municipal Corporation.


Amdavad Municipal Corporation

@AmdavadAMC
Important Message to all the citizens of #MaruAmdavad by Dr. Rajiv Kumar Gupta IAS, Additional Chief Secretary @drrajivguptaias#AmdavadFightsCorona

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Earlier, Ahmedabad Municipal Commissioner Vijay Nehra decided to get home quarantined for 14 days after he came in contact with positive patients. Mukesh Kumar Vice Chairman & CEO of Gujarat Maritime Board will be the in-charge Municipal Commissioner of AMC.

However, following the announcement, people began crowding in large numbers and these videos are proof of it.


Vrundan Thacker
@VrundanThacker1
Panic buying in ahmdbd bcz gov anounced cmplt curfew frm 2mrw.nobdy is following social distancing @BJP4Gujarat you can anounce abt janta curfew/thaali tribute before 48 hrs, can't you also announce about curfew before 24 hrs to prevent panic buying?




C oronavirus updates from India and the world: Total number of COVID-19 positive cases in India rises to 49,391


A record number of new cases on Tuesday pushed the nationwide COVID-19 tally closer to the 50,000-mark and the death toll crossed 1,600 with over 200 more fatalities, even as Union Health Minister Harsh Vardhan said "fighting coronavirus is no rocket science" and the nation may remember the pandemic as a "blessing in disguise" if people imbibe good hygiene practices.

Total number of COVID-19 positive cases in India rises to 49,391
Total number of COVID-19 positive cases in India rises to 49,391 including 33,514 active cases, 1694 deaths, 14,182 cured/discharged and 1 migrated: Ministry of Health and Family Welfare

One new COVID19 positive case, 1 death reported in Odisha
One new COVID19 positive case & 1 death reported in Odisha today. The total number of positive cases in the state is now at 177, of which 115 are active cases while 60 patients have recovered. Death toll is at 2: State Health Department

Non-essential activities banned in parts of Odisha from 7pm to 7am till May 17
The movement of all non-essential activities in the jurisdiction of the Police Commissionerate Bhubaneswar-Cuttack will remain strictly prohibited from 7 pm to 7 am till May 17, said Dr Sudhanshu Sarangi, Commissioner of Police, Bhubaneswar. "Movement for all non-essential activities in the jurisdiction of the Police Commissionerate Bhubaneswar-Cuttack shall remain strictly prohibited between 7 pm to 7 am till May 17," said Sarangi.

PM Modi, Portuguese counterpart agree to work together during COVID-19 crisis
Prime Minister Narendra Modi on Tuesday had an "extensive" discussion on the COVID-19 pandemic with his Portuguese counterpart Antonio Costa during which the two leaders agreed to continue to support each other especially in ensuring supplies of the medical products during the crisis.

AGENCY 




Indians stranded abroad will have to 'pay for the flights' to come back home,


 



Lockdown 3.0: Section 144 imposed in Ghaziabad till May 31


With increasing number of COVID-19 cases, the Ghaziabad administration on Tuesday extended Section 144 coupled with restrictions similar to lockdown prohibitions, in the city till May 31.

According to a directive issued by the District Magistrate's office, the period for which Section 144 has been imposed can be altered in the coming days keeping into mind the prevailing COVID-19 situation.

The extension has been ordered in wake of rising Covid-19 cases and upcoming Eid festival, an order by Ghaziabad DM said. With the order, all public events like cultural, religious, political, sports programmes and rallies will remain prohibited till May 31.

"For any marriage ceremony or funeral procession, prior permission will be required," the order said. The order repeated the guideline that suggested people aged above 65 and below 10, pregnant women, as well as people with high-risk individuals, to stay at home until and leave residence only in emergency situations.

"For permitted activities, people can move around between 7 a.m. to 7 p.m.," it said. It also added that salons, spas, malls, movie theatres, gyms, sports complexes, swimming pools, entertainment parks, etc will remain closed, while no one is allowed to stand on streets and lanes in groups. The Ghaziabad administration also said that spitting in public places will be punishable by fine, going out without a face cover will also be a punishable offence.

FPJ 




Highlights of conversation between Rahul Gandhi, Abhijit Banerjee on economic crisis amid COVID-19 outbreak


On Tuesday, Congress leader Rahul Gandhi held a conversation with Nobel Laureate, Abhijit Banerjee on the economic fall out of the COVID-19 crisis, as part of his series of discussions with experts.

Taking to Twitter, Rahul Gandhi wrote: "Tomorrow at 9 AM, tune in to watch my conversation with Nobel Laureate, Abhijit Banerjee on dealing with the economic fall out of the COVID-19 crisis. To join the conversation and for regular video updates, subscribe to my YouTube channel."

 
 

As the duo began their conversation that addresses the coronavirus pandemic, Banerjee says "it's surreal and frightening." "It's because nobody actually knows what's going to happen next," he adds.

Further, addressing the coronavirus pandemic impact on the poor and the economic devastation, Gandhi asked Banerjee about the schemes put in place by the UPA government to which Banerjee said, " All these good schemes are not adequate."

Speaking about various schemes, Banerjee said that it would have been wonderful to have the Aadhaar card to be linked to the Public Distribution System. "You would be eligible for PDS if it is linked with Aadhaar from wherever you are. A person in Mumbai can have access to it even if his family resides elsewhere," he says.

"This would have saved a lot of misery," he comments.

Banerjee said that "several people are not eligible for NREGA because they are in Mumbai and there is no NREGA in the city."

Speaking about economy's revival, Banerjee says that "The government has not dedicated large enough financial package yet. It is important to revive demand, nothing bad will happen if we give the bottom 60 per cent with more money." He also cited the example of US setting aside 10 percent of GDP to tackle COVID-19 crisis.

"Give temporary ration cards to everybody; use those for transferring money, wheat and rice to them," he added.

He emphasised on how important it is to spend in order to revive the government. "Spending is easiest way to revive economy; spending will have stimulus effect," he says.

Addressing the government's decision to make arrangements for the movement of migrant workers, Banerjee says, "Checking of migrants before the large scale movements amid the country is a concern and needs to be undertaken by the Federal government."

Banerjee said that we should try to be optimistic about overall economic revival in India post-lockdown."We need to be aware of the disease's path before taking decision on lifting lockdown."

Banerjee also told Gandhi that the direct cash transfer should really reach poor people and added "To give cash to people, we really need some machinery. Migrants may not have access to that. We should give a bunch of money available to the state government for them to try out new strategies."

 
 
 



3 Indian photographers win Pulitzer for coverage in Jammu & Kashmir during lockdown


Dar Yasin, Mukhtar Khan and Channi Anand from Associated Press have been awarded the 2020 Pulitzer Prize for Feature Photography for their coverage of #Kashmir in 2019.

Dar and Khan are residents of Srinagar, Kashmir, while Anand is based out of Jammu.

The portfolio of pictures by the three on the Pulitzer web site included one of a masked person attacking a police vehicle and another of masked people with variants of the Kashmir flag, besides photos of mourners and protesters.


Raju Narisetti

@raju
The story of India's crackdown in Kashmir wins @AP photographers Channi Anand, Mukhtar Khan and Dar Yasin well deserved @PulitzerPrizes https://apnews.com/366a717b2c1b9a677fcbd533e9b225c2 …


AP wins feature photography Pulitzer for Kashmir coverage
NEW YORK (AP) — The story of India’s crackdown on Kashmir last August was difficult to show to the world. The unprecedented lockdown included a sweeping curfew and shutdowns of phone and internet...

apnews.com
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The Pulitzer Prizes

@PulitzerPrizes
Congratulations to Channi Anand, Mukhtar Khan and @daryasin of @AP. #Pulitzer

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In making the award to the three, the Board said on its website that it was "for striking images of life in the contested territory of Kashmir as India revoked its independence, executed through a communications blackout".


mukhtar khan
@muukhtark_khan
Dear colleagues and friends I just want to say Thank you and that this award @PulitzerPrizes an honor for us. I could never have imagine in my life time. it could have also been impossible without my family - both at home and AP Thank you for always sanding by us.

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Dar Yasin
@daryasin
Thank you Colleagues, friends, brothers. I would just like to say thank you for standing by us always. It’s an honour and a privilege beyond any we could have ever imagined. It’s overwhelming to receive this honor.

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The prizes, considered the most prestigious for US journalism, are associated with the university's Graduate School of Journalism where the judging is done and is announced, although this year it was done remotely.

Besides a certificate, the prizes carry a cash award of $15,000, except the public service category for which a gold medal is awarded.


Jibran Nazir | جبران نزیر
@JibraanDar
#Kashmir journalists Mukhtar Khan & Dar Yasin celebrate the #Pulitzer feat with their families. The duo is among 3 AP photographers who have won the prestigious prize. This comes at the when when journalists in the region are reeling under an unprecedented crackdown by government

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Besides making the false claim about "independence" of Kashmir being "revoked", the board that includes several leading journalists did not explain how their photographs could have reached the AP within hours of the incidents recorded "through a communication blackout".

Indian journalists were allowed to operate in Kashmir, while only non-Indian journalists were barred. However, in an article by Associated Press, the journalists managed to send the picture in the following way:

“Snaking around roadblocks, sometimes taking cover in strangers’ homes and hiding cameras in vegetable bags, the three photographers captured images of protests, police and paramilitary action and daily life — and then headed to an airport to persuade travelers to carry the photo files out with them and get them to the AP’s office in New Delhi”

The wording of the award announcement, however, calls into question the credibility of the Pulitzer Board that gives out what are considered prestigious journalism awards.

One of the finalists for the Pulitzer Prize for explanatory journalism was a reporter of Indian descent at The Los Angeles Times, Swetha Kannan, who was nominated for her work with two colleagues on the seas rising due to climate change.




Coronavirus in Mumbai: After chaos outside liquor shops, Section 144 imposed in the city till May 17


In a bid to contain the spread of COVID-19, Mumbai Police have announced that Section 144 of the Criminal Procedure Code (CrPC) has been imposed in the city till May 17.

Section 144 of CrPC prohibits the assembly of four or more people in an area.

"The Movement of one or more persons for all non-essential services, except for medical reasons, will be prohibited between 8 pm and 7 am," the police said.

Earlier, people thronged to the liquor shops in the state as the government had relaxed norms in terms of sale of liquor. However, they were standing in long queues to buy their booze till noon as the excise department was yet to clarify if sale of liquor is allowed in the state.

 
 

Long queues were seen outside liquor outlets in Mumbai and Pune on Monday, a day after the state government said shops of non-essential items, including liquor, will be allowed to open in COVID-19 non-containment zones, but to the dismay of the customers, they remained shut.

The confusion was apparently due to a contradictory communication from the excise department, a shop owner said. A senior state government official said no order has been issued to keep these liquor shops closed.

What's worse is that people clearly forgot to maintain distance and stood in the long queues for hours even after the government had laid down guidelines for the same.

State Excise Commissioner Kantilal Umap earlier appealed to the people not to crowd around shops, maintain physical distancing, etc, but nobody seemed to care.

The government has stipulated a six-feet physical distance, each customer to sanitise his hands before the purchase, the shop must sanitise the vicinity after every two hours, work with 50 percent staff all sporting gloves, masks, etc, and the working hours would average from 10 a.m. to 5 p.m.

The total number of COVID-19 cases in Maharashtra has risen up to 14,541 while the death toll stands at 583.

The Centre on Friday extended the ongoing nationwide lockdown till May 17, while allowing different sets of relaxations in red, orange and green zones.

 
 
 



Karnataka sees liquor sale of Rs 45 cr on first day of opening of liquor shops


Impatient to end a nearly 40-day dry spell, a multitude of tipplers descended on liquor shops that reopened Monday in many parts of India. Liquor sale of Rs 45 crore was recorded on the first day of the opening of liquor shops in Karnataka, as per news agency ANI.


ANI

@ANI
Liquor sales of Rs 45 crores recorded on the first day of opening of liquor shops: Karnataka Excise Department#COVID19Lockdown

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As per the orders of the Karnataka Government, liquor shops started operating today across the state from 9 am to 7 pm with some restrictions. The government has taken the decision to open liquor shops in order to mobilise revenue. However, bars, pubs, restaurants remained closed.

As part of easing lockdown restricts, liquor shops reopened, including red zones but not in hotspots, declared as coronavirus containment zones.

On the other hand, the Maharashtra government expects a revenue of Rs 2,160 crore through excise duty by end of May. Nearly 3327 country liquor shops (total 4159), 1348 foreign liquor shops (1685) and 3463 beer shops (4947) have been reopened from Monday onwards across the state. Of these, in Mumbai alone, 241 country liquor (total 301), 328 foreign liquor (410), and 274 beer shops (342) will start functioning.

Extraordinary scenes of chaos were witnessed outside the government-run shops on Monday in New Delhi, Mumbai, Bengaluru, Lucknow and other cities. While in one shop the first customer was welcomed with a garland of marigolds, in another a customer broke a coconut to herald the end of the coronavirus-enforced lockdown dry spell.

As India entered the third phase of the lockdown and some curbs were eased, the cynosure of attention for those deprived their daily or weekly tipple was clearly the alcohol shops. Coronavirus being the great equaliser, they stood together, the affluent and the not so, united in their urgency to stock up on their favourite tipple, be it single malt and pricey beers and wine, or humbler IMFL and country liquor.





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