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LIVE: Byju's CEO Raveendran, his family voted out of the board at EGM

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BYJU's founder and Chief Executive Officer Byju Raveendran

BYJU's founder and Chief Executive Officer Byju Raveendran

Majority of Byju's shareholders on Friday voted unanimously for removing founder CEO Byju Raveendran and his family from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in absence of founders as invalid and ineffective, PTI reported. Founder CEO Raveendran Byju, his wife and brother - the only three members on company board as of now - stayed away from the extraordinary general meeting (EGM) called by a group of six investors, who collectively hold more than 32 per cent in Think & Learn (T&L), the firm that operates online tution platform Byju's. At the end, more than 60 per cent of the shareholders voted in favour of all the seven resolutions, which included removing the current management, reconfiguration of the board and a third party forensic investigation into acquisitions done by the company. Prosus - one of the six investors who had called the EGM - in a statement said "shareholders unanimously passed all resolutions put forward for vote.

PM Modi inaugurateed the Banas Kashi Sankul milk processing unit and several other development projects in Varanasi, UP. PM Modi in his parliamentary constituency Varanasi says, "In the last 10 years, the speed of development in Varanasi has also increased by many times."

A group of four Byju's investors has filed an oppression and mismanagement suit against the company's management at the Bengaluru bench of the NCLT. The suit has been filed by Prosus, GA, Sofina, and Peak XV and seeks to declare founders, including CEO Byju Raveendran, unfit to run the firm. It also seeks the appointment of a new board

Prime Minister Narendra Modi is set to unveil several development projects on Friday, according to local officials.

Former Maharashtra Chief Minister Manohar Joshi passed away at the Hinduja Hospital where he was admitted after suffering a cardiac arrest. Joshi Sir, as he was popularly known, was admitted to the hospital in May last year after suffering a brain haemorrhage. Joshi was also elected as a member of Parliament and was the Lok Sabha Speaker from 2002 to 2004 when the Vajpayee government was in power. His political journey began with his involvement in the Rashtriya Swayamsevak Sangh and he later became a member of the Shiv Sena. In the 1980s, Joshi emerged as a key leader within the Shiv Sena, and was known for his organisational skills. He was and was the Lok Sabha Speaker from 2002 to 2004 when the Vajpayee government was in power.?

A private US lunar lander, called as Odysseus, touched down on the moon on February 22. Contact with the lander was weak, company officials said. There were no immediate updates on the lander's condition from the company, Intuitive Machines. The craft descended from a moon-skimming orbit and guided itself toward the surface, after searching for a relatively flat spot on the lunar surface.

The Nationalist Congress Party-Sharadchandra Pawar on February 22 was given the? "man blowing turha (a traditional trumpet)" as its symbol, the party said. The outfit's spokesperson Clyde Crasto told PTI that their candidates will contest the upcoming Lok Sabha polls on this symbol. The NCP split in July last year after Ajit Pawar and eight other legislators joined the Eknath Shinde government.
10:02 PM

Election rigging allegations made by Pakistan's ex-bureaucrat 'false', 'based on lies': Inquiry committee

A high-level inquiry committee constituted by Pakistan's top electoral body on Friday said that the explosive allegations of election rigging levelled by a former senior bureaucrat were "false and based on lies'. The report of the probe committee came a day after Rawalpindi's former Commissioner Liaquat Ali Chattha on Thursday took a U-turn and withdrew his allegations, saying he had made the rigging charges at the behest of ex-prime minister Imran Khan's party which offered him a "lucrative position". In its report submitted on Friday, the committee constituted by the Election Commission of Pakistan (ECP) recommended legal action against Chattha for making “false accusations and potentially impacting the commission's integrity”, ARY News reported citing sources. The committee thoroughly investigated the allegations, reviewing evidence and interviewing relevant officials. Their findings, as per sources, conclusively debunked the claims of rigged elections, it said. The allegations of election rigging made by the former Rawalpindi Commissioner were "false and based on lies", the committee said. The Samaa TV also reported that the committee's report has recommended legal action against Chattha for making false accusations and potentially impacting ECP's integrity.
8:53 PM

Toyota Kirloskar Motor recalls 269 units of Land Cruiser 300

Toyota Kirloskar Motor is recalling 269 units of its sports utility vehicle Toyota Land Cruiser 300 to reprogramme the automatic transmission ECU software. The company is recalling the model manufactured between February 12, 2021 and February 1, 2023, the automaker said in a statement. The recall, involving 269 units, aims to reprogram the automatic transmission ECU software, it added. As of now, there have been no reported cases related to the affected part, Toyota Kirloskar Motor said.
8:06 PM

Zee Entertainment forms independent advisory panel to curb erosion of investor wealth

Zee Entertainment Enterprises Ltd on Friday said its board has constituted an independent advisory committee headed by Satish Chandra, retired judge of Allahabad High Court, to curb erosion of its investor wealth in the wake of speculations, leading to negative public opinion of the company, PTI reported. Earlier this week, media reports said market regulator Sebi has found financial discrepancies in the accounts of the company, although it asserted that the reports-related accounting issues are "incorrect and false". "The board of ZEE Entertainment Enterprises Ltd (ZEEL), has approved to constitute an independent advisory committee that will enable it to review and take cognizance of the widespread circulation of misinformation, market rumours, and speculation that has led to the formation of negative public opinion about the company and consequent erosion of investor wealth," ZEEL said in a statement. The committee will be presided by Dr Satish Chandra, a former judge of Allahabad High Court.
7:44 PM

India needs multi-pronged approach for ESDM sector, says PwC India report

India needs a multi-pronged approach for the Electronics System Design and Manufacturing (ESDM) sector to leverage the momentum for value chain resilience, as the window of opportunity created by the current geopolitical context is very small, according to a report. "Decisive policy action is the need of the hour," said PwC India's report on 'The India Opportunity: Developing Resilient Electronics Supply Chains'. It noted that India is uniquely placed among global economies, having garnered goodwill as a reliable partner for countries across the world. "The country must now leverage this momentum to ensure that its internal strategy and operations enable it to become future ready. A multi-pronged approach is essential to ensure that the centre of the ESDM sector in India holds firm," the report said.
7:40 PM

Finance minister Sitharaman asks govt depts to surrender unspent Budgetary allocation by March 8

Finance Ministry has asked other ministries and departments to surrender unspent Budgetary allocation for 2023-24 by March 8. The last date for accepting the Surrender of Savings anticipated in the grants for 2023-24 has been fixed as March 8, 2024, an office memorandum issued by the Department of Economic Affairs dated February 22 said. It is requested that the details of surrender of savings under each unit of appropriation may be sent to the Budget Division, Ministry of Finance by the said date in a specified format, it said.
7:37 PM

Political news: Youngsters protesting against paper leak, PM Modi misleading them: Rahul Gandhi

Congress leader Rahul Gandhi on Friday said youngsters from Lucknow to Prayagraj have taken to the streets against the alleged paper leak in police recruitments, while Prime Minister Narendra Modi is "misleading" them in Varanasi. He also shared a video on X of youngsters protesting on the streets against the paper leak in police recruitment exams and said Modi is lecturing them about their own backyard. "From Lucknow to Prayagraj, youngsters are on the streets over the paper leak in police recruitments. And just 100 km away in Varanasi, the prime minister is misleading them...," Gandhi said in a post in Hindi on the microblogging platform.
6:49 PM

Byju's shareholders at EGM unanimously vote for removal of founder CEO Byju Raveendran, family: Prosus

Byju's shareholders at EGM unanimously vote for removal of founder CEO Byju Raveendran and family, shareholder Prosus said.
6:35 PM

ArcelorMittal's Zenica steel plant in Bosnia reports $88 mn net loss

ArcelorMittal's Zenica steel plant in Bosnia suffered a loss of 159 million Bosnian marka ($88.2 million) in 2023, with long-term debt up 400% at 80 million marka, it said on Friday. The results were hit by a 12% annual drop in demand, a 20% rise in electricity prices and 22% lower prices of the metal on the global market, the Bosnian business added. "As our 2023 financial results published today show, ArcelorMittal Zenica has found itself in a very challenging situation," the company said, adding that it did not expect market conditions to improve in the coming months. In January, the ArcelorMittal Zenica resumed output after halting production in November due to a drop in steel demand in Europe.
6:24 PM

Political updates: Samajwadi Party MLA Rais Shaikh demands quota for Muslims in Maharashtra

Samajwadi Party MLA Rais Shaikh has written to Maharashtra Chief Minister Eknath Shinde demanding a five per cent reservation for the Muslim community in government jobs and education in the state. The MLA from Bhiwandi in Thane district shared a copy of the letter with the media on Friday. Notably, the Maharashtra legislature earlier this week passed a law providing ten percent quota for the Maratha community. The earlier Congress-NCP government had given five percent reservation to Muslims in education by issuing an ordinance, and the Bombay High Court too upheld it, but the ordinance was not converted into law, Shaikh said in the letter.
6:22 PM

Tata Housing sells residential plots worth Rs 650 cr in Bengaluru

Realty firm Tata Housing has sold plots worth Rs 650 crore in its recently launched residential project in Bengaluru. In a statement, the company on Friday said it has sold all inventories in the first phase of its project, Raagam, achieving revenue of over Rs 650 crore within one week of its launch. "With 576 plots sold and a total area of 9 lakh square feet, the project's overwhelming response reflects the robust demand for premium residential offerings in Bengaluru's real estate market," it said. The project is part of township 'Tata Carnatica' in Devanahalli, North Bengaluru.
4:55 PM

NPCI to look into Paytm's request to become 3rd party app provider

Reserve Bank of India today said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued UPI operations of the Paytm app. Paytm Payments Bank has been barred from accepting further credits into its customer accounts and wallets after March 15, 2024.??
"National Payments Corporation of India (NPCI) has been advised by the RBI to examine the request of One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms," RBI said.
4:49 PM

News update: BJP-JD(S) stage protest in Karnataka Assembly over passage of resolutions criticising Centre

The opposition BJP and JD(S) protested against the Congress government in Karnataka over passing of resolutions targeting the Narendra Modi-led central government, leading to adjournments.The Opposition alliance demanded that the government withdraw the resolutions. Leader of Opposition R Ashoka? read out a "counter resolution" taking jibes at the resolutions moved and passed by the government on Thursday as "false, imaginary and politically motivated". As the opposition's resolution was read without following due procedures, it was not considered or put to vote.
4:25 PM

RBI asks NPCI to examine use of UPI channel to allow Paytm app to continue operations

RBI has asked NPCI to examine use of UPI channel to allow Paytm app to continue operations. It further asked NPCI to facilitate migration of Paytm handles to 4-5 banks, PTI reported.?
4:01 PM

I remain vocal for local, ambassador of small farmers and entrepreneurs: PM Modi at Varanasi rally

I remain vocal for local, ambassador of small farmers and entrepreneurs, said PM Modi at rally in Varanasi. He further added that animal husbandry is a medium to make women self-reliant and a support for small and landless farmers.
3:58 PM

UP was left behind in development for decades due to 'parivarvaad', corruption, appeasement: PM Modi

Uttar Pradesh was left behind in development for decades due to politics of 'parivarvaad', corruption and appeasement, says PM Modi in Varanasi

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First Published: Feb 23 2024 | 8:49 AM IST

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