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<ul><li>The International Consortium of Investigative Journalists (ICIJ) has announced <keyword id="12235620" type="General" weightage="20" keywordseo="Pandora-Papers" source="Orion">Pandora Papers</keyword>, a leak that consists of offshore dealings routed through tax havens across the globe.</li><li>The list includes hundreds of Indians, dozens of whom are prominent and already under investigation by Indian authorities.</li><li>Here’s everything we know so far about the Indians involved in Pandora Papers.</li></ul><keyword id="12237221" type="General" weightage="20" keywordseo="Pandora-Papers-leak" source="Orion">Pandora Papers leak</keyword> includes several prominent Indian names, including cricketing legend Sachin Tendulkar and <keyword id="9171" type="General" weightage="20" keywordseo="Anil-Ambani" source="Orion">Anil Ambani</keyword>, the beleaguered brother of India’s richest person. Over 300 Indian names have been spotted in the leak - the biggest one yet, bigger than even the Panama Papers leak which rocked the world in 2016. The Ministry of Finance took note of the revelations made in the Pandora Papers leak today evening. "The relevant investigative agencies would undertake investigation in these cases and appropriate action would be taken in such cases as per law," stated a <a href="https://twitter.com/IncomeTaxIndia/status/1445015165523546115" data-type="tilCustomLink">press release</a> issued by the ministry. An official spokesperson of India's Central Board of Direct Taxes (CBDT) has said that the revelations of the Pandora papers will be investigated. As per a statement to ANI, a team consisting of representatives from CBDT, Enforcement Directorate, Reserve Bank of India and Financial Intelligence Unit will soon begin the investigation. The investigation will be headed by the Chairman of CBDT. It is worth pointing out that while many of these investments routed through offshore firms are done with the objective of tax avoidance and maintaining secrecy, some of them are legitimate and declared to the relevant authorities in India. That said, here’s everything we know so far about the Pandora Papers leak and the Indians named in it so far: <cmsannotation type="cmsannotation" annotationid="Over 300 Indians in Pandora Papers leak" comment="subhead" text="Over 300 Indians in Pandora Papers leak">Over 300 Indians in Pandora Papers leak</cmsannotation> According to an Indian Express report, there are over 300 Indian names in the Pandora Papers leak, including over 60 prominent ones. The report adds that these will be corroborated and revealed in the coming days. These are some of the people named in the reports. <cmsannotation type="cmsannotation" annotationid="Anil Ambani" comment="subhead" text="Anil Ambani">Anil Ambani</cmsannotation> <div type="image" title="Anil Ambani" msid="86745697" hostid="261"><payload><![CDATA[Anil Ambani]]></payload></div> The beleaguered brother of India’s richest person has found his name in the papers, accusing him of setting up 18 offshore firms that have borrowed and invested $1.3 billion, one of which shares a promoter firm that owns Reliance Capital listed in India. “The Reliance Group conducts business globally and for legitimate business and regulatory requirements, companies are incorporated in different jurisdictions,” a lawyer on behalf of Anil Ambani <a href="https://indianexpress.com/article/express-exclusive/anil-ambani-pandora-papers-7550155/">told the Indian Express</a>. <cmsannotation type="cmsannotation" annotationid="Sachin Tendulkar" comment="subhead" text="Sachin Tendulkar">Sachin Tendulkar</cmsannotation> <div type="image" title="Sachin Tendulkar" msid="86745715" hostid="261" caption="&amp;lt;p&amp;gt;Sachin Tendulkar&amp;lt;/p&amp;gt;"></div> Cricketing legend Sachin Tendulkar had reportedly set up a firm way back in 2007, which was liquidated in 2016, valued at roughly $8.6 million. <a href="https://indianexpress.com/article/express-exclusive/sachin-tendulkar-pandora-papers-panama-expose-7550138/">According</a> to the CEO and Director of the Sachin Tendulkar Foundation, these investments are legitimate and declared in Tendulkar’s tax returns. <cmsannotation type="cmsannotation" annotationid="Nirav Modi" comment="subhead" text="Nirav Modi">Nirav Modi</cmsannotation> <div type="image" title="Nirav Modi" msid="86745727" hostid="261" caption="&amp;lt;p&amp;gt;Nirav Modi and Mehul Choksi&amp;lt;/p&amp;gt;"></div> His sister, Purvi Modi, set up a trust in the British Virgin Islands a month before he fled in January 2018. She has been named accused in a $2 billion money laundering case filed against Nirav Modi and Mehul Choksi. <cmsannotation type="cmsannotation" annotationid="Niira Radia" comment="subhead" text="Niira Radia">Niira Radia</cmsannotation> <div type="image" title="Niira Radia" msid="86745766" hostid="261" caption="&amp;lt;p&amp;gt;Niira Radia&amp;lt;/p&amp;gt;"></div> Corporate lobbyist Niira Radia has reportedly set up a dozen firms, conducting her offshore transactions through Sanjay Newatia, a former Credit Suisse banker. An <a href="https://indianexpress.com/article/express-exclusive/pandora-papers-niira-radia-corporate-lobbyist-7550207/">Indian Express report</a> suggests that her name is linked to a dozen offshore firms, an allegation which Radia declines and states “accurate disclosures have been made to all relevant authorities. <cmsannotation type="cmsannotation" annotationid="Gandhi family friend Satish Sharma" comment="subhead" text="Gandhi family friend Satish Sharma">Gandhi family friend Satish Sharma</cmsannotation> <div type="image" title="Satish Sharma - Priyanka Gandhi Vadra" msid="86745776" hostid="261" caption="&amp;lt;p&amp;gt;Satish Sharma with the Gandhi family&amp;lt;/p&amp;gt;"></div> A Gandhi family friend and former Congress leader, Satish Sharma set up a trust in 1995 when he was the Petroleum and Natural Gas minister. He also set up another trust in 2015 when he was a Rajyasabha member. Sharma was the protector of both, the Jan Zegers and JZ II trusts, and his wife a beneficiary. In a response to <a href="https://indianexpress.com/article/express-exclusive/pandora-papers-satish-sharma-congress-7550193/">The Indian Express</a>, Sharma’s wife, Sterre Sharma, noted that these trusts were set up to “manage his assets and pass on his inheritance” to the listed beneficiaries. <cmsannotation type="cmsannotation" annotationid="Cox and Kings’ Ajit Kerkar" comment="subhead" text="Cox and Kings’ Ajit Kerkar">Cox and Kings’ Ajit Kerkar</cmsannotation> Ajit Kerkar, now in jail, set up two trusts in the British Virgin Islands in 2010 and has connections with at least half a dozen offshore firms set up between 2010 and 2016. Most of these firms were reportedly set up by Kerkar and Shyam Maheshwari, who is a partner at Ares SSG group, an investment firm. The trusts set up by Kerkar are guarantors for loans amounting to $79 million. <cmsannotation type="cmsannotation" annotationid="Kiran Mazumdar Shaw" comment="subhead" text="Kiran Mazumdar Shaw">Kiran Mazumdar Shaw</cmsannotation> <div type="image" title="Kiran Shaw" msid="86745794" hostid="261" caption="&amp;lt;p&amp;gt;Kiran Mazumdar Shaw&amp;lt;/p&amp;gt;"></div> Her husband, a British Citizen, has reportedly set up an entity that holds 19.76% in Biocon, and has $85 million in various assets, including cash and real estate. Glentec is registered with RBI and SEBI, Shaw reportedly said, in response to queries raised by the Indian Express. <cmsannotation type="cmsannotation" annotationid="Not all investments are illegitimate" comment="subhead" text="Not all investments are illegitimate">Not all investments are illegitimate</cmsannotation> While some of the investments made by the people reported in the Pandora Papers leak could have been done to avoid taxes, they are not illegitimate if the required disclosures have been made to the relevant authorities. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/irctc-hindustan-aeronautics-zydus-wellness-and-5-others-hold-dominant-positions-in-the-market/slidelist/86736871.cms">These 8 valuable companies rule their sectors with a huge piece of the pie</a> <a href="https://www.businessinsider.in/finance/news/billionaires-and-world-leaders-including-putin-and-king-abdullah-stashed-vast-amounts-of-money-in-secretive-offshore-systems-leaked-documents-find/articleshow/86738076.cms">Billionaires and world leaders, including Putin and King Abdullah, stashed vast amounts of money in secretive offshore systems, leaked documents find</a>

Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak

<ul><li>The Pandora papers alleged that <keyword id="221667" type="General" weightage="20" keywordseo="niranjan-hiranandani" source="Orion">Niranjan Hiranandani</keyword> and some of his family members were beneficiaries of a Trust with assets worth over $60 million.</li><li>Real estate titan Hiranandani said that the money in the trust belongs to his son Darshan Hirandani, who is based out of Dubai.</li><li>Darshan set up at least 25 companies as a director and The Solitaire Trust as the settlor in the British Virgin Island between 2006 and 2008, according to the leak.</li></ul>Pandora Papers have taken the internet by storm for revealing the “secret wealth” and the dealings of several prominent figures have come to light. Indian billionaire and real estate titan Niranjan Hiranandani is <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">only one among those</a>whose riches have surfaced in these documents. According to an Indian Express<a href="https://indianexpress.com/article/express-exclusive/pandora-papers-india-list-niranjan-hiranandani-real-estate-7554462/"> report</a>, Niranjan Hiranandani and some of his family members were beneficiaries of a Trust with assets worth over $60 million. The founder and chief executive of the Hiranandani Group, a real estate and construction giant, has claimed that the money stored in the offshore account in the British Virgin Islands belongs to his son <keyword id="291429" type="General" weightage="20" keywordseo="darshan-hiranandani" source="Orion">Darshan Hiranandani</keyword> who stays in Dubai, in an interview with CNBC. “Unfortunately, the money does not belong to me. I wish it did. Actually, it belongs to my son who is in Dubai and has been operational by himself for the last 18 years or so. So, I have no connection with the kind of money which is in the trust lying with him. So, I have nothing, whatsoever, to do with those monies and the trust he had created over a period of time. It belongs entirely to him,” Niranjan said. Darshan was announced as the successor of the multi-billion dollar real estate business Hiranandani Group back in 2019. He is <a href="https://www.hiranandanicommunities.com/team">listed</a> as the vice chairperson of the Hiranandani Group and looks to scale the real estate business internationally. “It’s unfair for people to think that my son’s money, which he has earned, is mine when it’s not,” he added. The Pandora Papers shows that Darshan set up at least 25 companies as a director and The Solitaire Trust as the settlor in the British Virgin Island between 2006 and 2008. Niranjan was the “reserve director” in the firm. According to IIFL Wealth Hurun India Rich List 2021, Niranjan Hiranandani is the 38th richest man in India with a net worth of ₹32,100 crore ($4.3 billion). SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/healthifymes-name-surfaces-in-pandora-papers-for-having-links-with-putins-former-aide/articleshow/86830083.cms" data-type="tilCustomLink">HealthifyMe’s name surfaces in Pandora Papers for having links with Putin’s former aide</a> <a href="https://www.businessinsider.in/cryptocurrency/news/justice-department-announces-cryptocurrency-enforcement-team-to-tackle-money-laundering-and-ransomware-attacks/articleshow/86827485.cms">Justice Department announces 'Cryptocurrency Enforcement Team' to tackle money laundering and ransomware attacks</a> <a href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-how-to-check-for-your-refund-if-you-have-not-received-the-allotment/articleshow/86817773.cms">Aditya Birla Sun Life AMC IPO: How to check for your refund if you have not received the allotment</a>

'It's not my money,' says billionaire Niranjan Hiranandani about the offshore account in British Virgin Islands

<ul><li>The <keyword id="65338" type="General" weightage="20" keywordseo="Income-Tax-department" source="Orion">Income Tax Department</keyword> has reportedly conducted raids at offices of <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword>, <keyword id="1731609" type="General" weightage="100" keywordseo="oppo" source="Orion">Oppo</keyword> and OnePlus.</li><li>As per reports, 15 offices of the companies have been raided across the country.</li><li>The raids are based on intelligence inputs of concealed income and tax evasion.</li></ul> The <keyword id="6354751" type="General" weightage="20" keywordseo="Income-Tax" source="Orion">Income Tax</keyword> Department today reportedly conducted raids and carried out search operations across offices of Oppo, Xiaomi, OnePlus, <keyword id="3048254" type="General" weightage="20" keywordseo="dixon" source="Orion">Dixon</keyword> and Rising Star India. Distribution partners of Oppo have also been raided. According to an Economic Times <a href="https://economictimes.indiatimes.com/industry/cons-products/electronics/income-tax-raids-underway-at-oppos-distribution-partners/articleshow/88428682.cms">report</a>, raids were conducted at 15 premises of Oppo, OnePlus and Xiaomi in Delhi NCR, Mumbai, Bengaluru and Hyderabad. The search operations were conducted based on intelligence inputs of concealed income and tax evasion. The report added that the raids at the distribution partners of Oppo began on Tuesday. “Different directorates are carrying out search operations on these companies,” an official familiar with the matter told ET. In addition to offices of these companies, the authorities are reportedly also searching the houses of senior executives from the company. The Enforcement Directorate (ED) recently conducted similar raids on offices of these companies and one of Oppo’s distribution partners in Hyderabad was penalized. "Oppo's Chinese distribution partner was recently penalized in hundreds of crores by the ED in Hyderabad," said a source familiar with the matter. “As an invested partner in India, we highly respect and abide by the law of the land. We will continue to fully cooperate with authorities concerned as per procedure,” Oppo said in a statement to Business Insider India. "As a responsible company, we give paramount importance to ensuring that we are compliant with all Indian laws. As an invested partner in India, we are fully cooperating with authorities to ensure they have all the required information," Xiaomi said in a statement to Business Insider India. Business Insider India has also reached out to OnePlus seeking a statement from the company. We will update the story once we receive a response. SEE ALSO: <a href="https://www.businessinsider.in/india/news/ed-summons-aishwarya-rai-bachchan-in-connection-with-the-panama-paper-leak-case/articleshow/88386048.cms">ED summons Aishwarya Rai Bachchan in connection with the Panama Paper leak case</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/tech/news/pegasus-google-reveals-how-the-sophisticated-spyware-hacked-into-iphones-without-users-knowledge/articleshow/88383175.cms">Pegasus: Google reveals how the sophisticated spyware hacked into iPhones without user’s knowledge</a>

Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India

<ul><li>There are over<a href="https://www.britishcouncil.org/sites/default/files/bc-report-ch4-india-digital_0.pdf"> 2 million</a> recognised <keyword id="910850" type="General" weightage="20" keywordseo="social-enterprises" source="Orion">social enterprises</keyword> in India, compared to 56,000+ startups.</li><li>While organisations wake up to the need for action, many social enterprises are already working on a list of challenges that go back decades. </li><li><keyword id="2688812" type="General" weightage="20" keywordseo="TiE-hyderabad" source="Orion">TiE Hyderabad</keyword>'s Manohar Reddy noted that financing solutions and grants for social enterprises have started emerging in India.</li></ul> There are over<a href="https://www.britishcouncil.org/sites/default/files/bc-report-ch4-india-digital_0.pdf"> 2 million</a> recognised social enterprises in India — compared to 56,000+ startups recognised by the government — yet you hardly hear about them making the headlines. In order to provide proper backing and an ecosystem to fall back upon, TiE Hyderabad is hosting <keyword id="12242243" type="General" weightage="20" keywordseo="TiE-sustainability-summit" source="Orion">TiE sustainability summit</keyword> on October 4 and 5, 2021. The summit will be attended by 25,000 social enterprises from 54 countries, making it the world’s largest summit for social enterprises in the sustainability space. The event aims to create a community of social entrepreneurs and offer support for financing, networking and collaboration for enterprises across countries. Business Insider is an insights partner to this event. Are there really any opportunities in the Indian social enterprises space? “Those companies working toward sustainability will save the planet, will reduce the carbon emissions, will get us to the net zero condition, where we will leave this planet in a better shape for the next generation,” Manohar Reddy, chair of TSS 2021 and president TiE Hyderabad, told Business Insider. The concept of ESG (Environment, social and governance) investing is gaining prominence. While organisations wake up to the need for action, many social enterprises are already working on a list of challenges that go back decades. The following are some of the examples: <ol><li>Poverty eradication</li><li>Find solutions to water and food production challenges</li><li>Deployment on modern technologies to eradicate social, climate, pollution related issues</li><li>Providing a platform for discussion, debate, influencing policy making in the sustainability space</li><li>Issues related to life on land, life under water</li><li>Gender equality</li><li>Education, healthcare, livelihood and other key issues plaguing the society.</li></ol>Few examples of India’s social enterprises <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Social Enterprise </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What they do </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bandicoot </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bandicoot has developed a robot that cleans manholes. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SHEF (Study Hall Education Foundation) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shef offers education to disadvantaged girls in India. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Selco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Selcon runs a rural solar financing program in India </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goonj </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A social enterprise that collects used clothing from the urban crowd, sort them, fix and later distribute among the poor and needy. </td></tr></tbody></table> Reddy noted that financing solutions and grants for social enterprises have started emerging in India. It’s only the matter of right mentorship to divert them to that direction and help them build a scalable enterprise. Meanwhile, it is also true that the social enterprise has been lost in the shine of Indian startups that have the potential to over attract attractive returns. Many only take notice of this social segment in the name of tax rebates and corporate social responsibility. Recently, a panel constituted by the market regulator Securities and Exchange Board of India (SEBI) advised the setting up of a ‘social stock exchange’. It would work like a regular stock exchange except that the firms listed on it would be non-government, social enterprises. This would help many of these upstarts raise money for their ventures. “The new technologies, when I, when we say sustainability, when we are committed to sustainability. We have to commit to new and new technologies in the energy space, it is how energy is produced, maybe the solar photovoltaic technology or the advancements in the solar technologies in our renewable energy technologies and how we store that and how we disseminate it,” Reddy said, adding this is just an example hoe opportunities can be created by making technology that don’t emit carbon dioxide. He added that there are social aspects to sustainability too, which offer better life and livelihood to people. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-has-raised-1-3-billion-this-year-to-so-far-in-pursuit-of-its-american-dream/articleshow/86745427.cms">Byju’s has raised $1.3 billion this year to so far in pursuit of its American dream</a>

There are thousands of startups causing real change but you may have never heard of them

He is the man behind the success of <a href="http://www.businessinsider.in/topic/Delhi-Metro">Delhi’s lifeline – metro</a>. As the architect behind the country’s most successful metro railways, E Sreedharan has also earned appreciation for having successfully built the <a href="http://www.businessinsider.in/Chugging-Out-To-Sea-Five-Coast-hugging-Train-Rides-Along-Indian-Shores/The-Konkan-magic-Karnataka-Goa-Maharashtra/slideshow/27638820.cms">Konkan Railways</a> on one of <a href="http://www.businessinsider.in/Chugging-Out-To-Sea-Five-Coast-hugging-Train-Rides-Along-Indian-Shores/The-Konkan-magic-Karnataka-Goa-Maharashtra/slideshow/27638820.cms">the most challenging terrain in the south-western coast</a> of India. But the Katra-Banihal stretch in Jammu and Kashmir is taking a toll on his reputation. 
 
Doubts are being raised over the expertise of Sreedharan as a Delhi High Court battle over the safety of the line that's already eight years behind schedule. The high court had appointed a panel headed by Sreedharan to examine plans for the 111-kilometre, Katra-Banihal stretch after <a href="http://www.businessinsider.in/topic/Prashant-Bhushan">Prashant Bhushan's</a> Centre for Public Interest Litigation (CPIL) filed a PIL on the matter. The railways, rushing to finish the line in five years, has already spent more than Rs 10,000 crore over the past 13 years on the section in a politically sensitive state where the Bharatiya Janata Party is part of the governing coalition. 
 
Meanwhile, even the railways has raised questions over the safety of Konkan Railways as 71 passengers, till date, have been killed since the beginning of the stretch. It also said that, "in stark comparison to Konkan line's record, there has been no casualty in the Jammu-Baramullah line", which was built in far tougher geological conditions. 
 
Sreedharan didn’t respond to any queries and has decided to respond to the court to what the railways had to say about his report or regarding the Konkan Railway. 
 
"Whatever I have to say, I will say it in the court," he told The Economic Times. About the Katra-Banihal line, he said that the court had asked advocates from both sides to tabulate what he had said in the report and what railways were saying. The court will decide, he added. 
 
Officials, on the other hand said, the Prime Minister's Office is closely monitoring progress of the Katra-Banihal line and wants the railways to take a tough stand on the case. Prime Minister Narendra Modi is said to have sought regular reports from the railway ministry on the line. The railways has promised the PMO that the line will be completed by 2020. 
 
"In fact, when the PM got to know that the main reason for delay of the project was the PIL, he asked attorney general Mukul Rohatgi to personally review the case. Additional solicitor general Maninder Singh has been arguing for the railways ever since," an official told the financial daily. 
 
The Sreedharan committee submitted its report in February, stating "the biggest concern regarding the existing alignment is the poor survivability of the tunnels, bridges and cuttings against the threats of landslides, earthquakes, and the security risks arising out of the nearness of the line to the LoC (Line of Control)". The railways dismissed the report's conclusions. 
 
"The committee had no topographic sheets to study, no geological, geotechnical, slope stability or seismic study reports to study about a paper alignment which is not even properly marked on paper," it said. "Therefore, the conclusions of the committee are mere conjectures, fallacious, specious and delusive statements." 
 
It said none of the committee members had visited the site. "Therefore, the committee had to suggest that the proposed alignment in the report is only a 'paper alignment'," the railways said, adding that "the existing alignment is a well-researched, well-investigated line where work is progressing successfully without any mishaps or problems." 
 
The railways also said the committee did not hold discussions with officials and international experts working on the project. "The committee did not consider the voluminous documentation provided by the project team. The committee did not allow presentations from experts, and it did not provide any technical justification and logic supported by any calculations or analysis in support of its paper alignment," it told the court. 
 
The Railway Board was the sole authority competent to take decisions, including track alignment. 
 
Asking the court to dismiss the PIL, the railways said that if "such administrative decisions continue to be challenged, it would open a Pandora's Box, making other infrastructure projects prone to challenge and scrutiny thereby affecting the progress of work and as a consequence affecting development of the country at the instance of vested interests."

The man who created India’s
most lucrative Metro project, E Sreedharan’s credibility is under
doubt!

<keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword> has rolled out 'Find My' support to its <keyword id="8233031" type="General" weightage="100" keywordseo="airpods-pro" source="Orion">AirPods Pro</keyword> and <keyword id="10399540" type="General" weightage="80" keywordseo="airpods-max" source="Orion">AirPods Max</keyword> headphones with a new firmware update. With Find My support, one will be now able to add AirPods Pro and AirPods Max headphones to the Find My app to keep track of where they are. This includes Apple's Precise Location feature, Lost Mode, and the option to receive notifications, when your earbuds are left behind, reports iMore. With Lost Mode, iPhone customers who misplace their AirPods will now be able to leave a message and contact phone number. The interface used in Find Nearby is similar to the layout of <keyword id="8269941" type="General" weightage="20" keywordseo="airtag" source="Orion">AirTag</keyword>, with a large "target" dot that decreases in size when a user gets closer to AirPods. Instead of AirTag's green dot, AirPods features a blue graphic. AirPods' new Find My capabilities were initially expected to roll out with iOS 15 last month, but Apple delayed the release. The update issued is automatically downloaded as well as installed when AirPods Pro and AirPods Max are connected to a host device and there is no method of manual installation. Prior to the update, AirPods Pro was listed on the Find My app but the functionality did not work as you might expect. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/healthifymes-name-surfaces-in-pandora-papers-for-having-links-with-putins-former-aide/articleshow/86830083.cms">HealthifyMe’s name surfaces in Pandora Papers for having links with Putin’s former aide</a> <a href="https://www.businessinsider.in/business/startups/news/delhivery-is-a-step-closer-to-file-of-its-ipo-converts-to-a-public-entity/articleshow/86831171.cms">Delhivery is a step closer to file of its IPO, converts to a public entity</a> <a href="https://www.businessinsider.in/retail/news/reliance-retail-to-run-7-eleven-convenience-stores-in-india/articleshow/86831029.cms">Reliance Retail to run 7-Eleven convenience stores in India</a>

Millions of iPhones, iPads and Macs will now help you search your lost AirPods

<ul><li><keyword id="3252177" type="General" weightage="100" keywordseo="advantage-club" source="Orion">Advantage Club</keyword> to recruit 100 employees within this financial year i.e FY 21-22 across various domains like technology, sales, and marketing.</li><li>The company is also planning to hire a Global Enterprise Sales Head, Global Head of Marketing.</li><li>The Gurugram based company recently raised $1.7 million round funding from Y Combinator, <keyword id="11955348" type="General" weightage="20" keywordseo="broom-ventures" source="Orion">Broom Ventures</keyword>, Kunal Shah and others.</li></ul>Advantage Club, a Gurugram-based <keyword id="12260496" type="General" weightage="20" keywordseo="global-human-resources-tech" source="Orion">Global Human Resources Tech</keyword> startup, is planning to recruit 100 employees before March 2022. The company is looking forward to more than doubling its workforce to 170 employees in order to diversify its presence in international markets, especially in Southeast Asia, Middle East and North Africa and North America. The key hiring will be done across key growth functions of technology, alliance and marketing to integrate and enhance the platform with multiple new products. The company is also planning to hire a Global Enterprise Sales Head, Global Head of Marketing and various techies and sales executives. Advantage Club, which recently raised $1.7 million from Y Combinator, Broom Ventures, Kunal Shah and others, is a global <keyword id="6393327" type="General" weightage="20" keywordseo="human-resources" source="Orion">Human Resources</keyword> technology-based platform for employee engagement and financial wellness with benefits like perks, rewards, and early wage access. The company claims to have its presence in over 60 countries and has more than 370 clients including Maruti Suzuki, Concentrix, <keyword id="1745822" type="General" weightage="20" keywordseo="teleperformance" source="Orion">Teleperformance</keyword>, Hexaware, EY, Target and many more. Advantage Club is currently focusing on India, Southeast Asia, Middle East and North Africa and North America. “We operate in an untapped $13 billion market that has ample growth opportunities yet to be realized. We are focused on expanding our operations across the world and adding more tech-led products and features,” said Sourabh Deorah, Co-founder and CEO at Advantage Club. “We believe there is a lot yet to be achieved, and we want to attract talent that wants to be a part of a Made in India journey that has the potential to disrupt the employee engagement sector not just in India but across the world,” he further added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/healthifymes-name-surfaces-in-pandora-papers-for-having-links-with-putins-former-aide/articleshow/86830083.cms">HealthifyMe’s name surfaces in Pandora Papers for having links with Putin’s former aide</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/this-robot-can-walk-fly-and-even-ride-a-skateboard/articleshow/86829344.cms">Meet LEO, a bipedal robot that can walk, fly and even ride a skateboard</a>

HRTech startup Advantage Club to hire 100 people across Technology, Sales and Marketing in FY 21-22

<ul><li>Fino plans to raise ₹300 crore through fresh issue and ₹1000 through secondary issue.</li><li>It had filed its draft red herring prospectus (DRHP) in July 2021.</li><li>Paytm too was reportedly supposed to get its approval today, but the application is still under process.</li><li>Fino, SEBI has also approved the IPO of Kerala-based vehicle dealer Popular Vehicles</li></ul>India’s market regulator Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of Fino Payments Bank on October 4. The company plans to raise <a href="https://www.businessinsider.in/business/news/fino-payments-bank-files-rs-1300-cr-ipo-papers-with-sebi/articleshow/84924587.cms">₹1,300 crore </a>through this public issue. About ₹300 crore will be raised through the fresh issue, while the rest ₹1,000 crore will be through the secondary issue, offering partial exit to existing shareholders. The company had filed its draft red herring prospectus (DRHP) in July 2021. Founded in 2007 as Fino Fintech Foundation Limited, the company rebranded itself to Fino Fintech Private Limited in 2015. The company was granted in-principle approval by the Reserve Bank of India (RBI) to establish a payments bank the same year. Though, it commenced operations in June 2017. Rishi Gupta is the managing director and chief executive officer of Fino Payments Bank, and was one of the founding members of the Fino Paytech. According to a Zee Business <a href="https://twitter.com/zeebusiness/status/1444944671671611397?s=24">report</a> published earlier today, SEBI was likely to give approval to FIno and One97 Communications, the parent company of digital payments giant Paytm. However, the One97 Communications’ request is still being processed by the market regulator. According to sources, Paytm is likely to get the approval for its IPO this week. The company plans to raise <a href="https://www.businessinsider.in/business/news/paytm-has-filed-for-2-2-billion-ipo/articleshow/84465551.cms">₹16,600 crore </a>($2.2 billion) through this public issue. About half of it would be a fresh issue. Along with Fino, SEBI has also approved the IPO of Kerala-based vehicle dealer Popular Vehicles, which intends to raise ₹700 crore. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-has-raised-1-3-billion-this-year-to-so-far-in-pursuit-of-its-american-dream/articleshow/86745427.cms">Byju’s has raised $1.3 billion this year to so far in pursuit of its American dream</a>

SEBI approves Fino Payments Bank’s ₹1,300 crore IPO, Paytm next in line

<ul><li><keyword id="790242" type="General" weightage="20" keywordseo="WhatsApp" source="Orion">WhatsApp</keyword>, <keyword id="819905" type="General" weightage="20" keywordseo="Instagram" source="Orion">Instagram</keyword> and <keyword id="6354576" type="General" weightage="20" keywordseo="Facebook" source="Orion">Facebook</keyword> services are down for many users around the world.</li><li>Both the apps as well as the websites of these services are affected by the outage.</li><li>Stay tuned to Business Insider for the latest news and updates.</li></ul>Update: All the three services are back online. Facebook investors lost nearly $50 billion in the nine hours during which the social network, WhatsApp and Instagram were down for millions of users around the world. An estimate by <a href="https://fortune.com/2021/10/04/facebook-outage-cost-revenue-instagram-whatsapp-not-working-stock/" data-type="tilCustomLink">Fortune</a> suggests that the social media giant lost nearly $100 million in revenue during the outage. "Our engineering teams have learned that configuration changes on the backbone routers that coordinate network traffic between our data centers caused issues that interrupted this communication," Facebook said in a <a href="https://engineering.fb.com/2021/10/04/networking-traffic/outage/" data-type="tilCustomLink">blog post</a>. WhatsApp, Instagram and Facebook are down in India and several other markets in the world. The issue seems to be affecting Facebook-owned services. According to data from website monitoring service <keyword id="3191286" type="General" weightage="20" keywordseo="Downdetector" source="Orion">Downdetector</keyword>, all the three services have seen a massive spike in issues in the last one hour. WhatsApp took to Twitter to confirm that users are facing issues with the service. <div type="twitter" handle="WhatsApp" handlename="WhatsApp" image="http://pbs.twimg.com/profile_images/1318652224638124032/wrpp2Nl4_normal.png" favoritecount="13814" retweetcount="5303" status="We’re aware that some people are experiencing issues with WhatsApp at the moment. We’re working to get things back… https://t.co/qrhN0uJtpD" createdat="1633364178000" id="1445060216161116168"></div> <div type="image" title="WhatsApp" msid="86759501" hostid="261" caption="&amp;lt;p&amp;gt;WhatsApp outages in the last 24 hours&amp;lt;/p&amp;gt;"></div> Going by the tweets about WhatsApp on Twitter, it would seem that the outage is widespread and has impacted a large number of users. Users from several parts of the world are reporting issues in sending and receiving messages, suggesting that it is not limited to a specific part of the world. <div type="image" title="Instagram" msid="86759561" hostid="261" caption="&amp;lt;p&amp;gt;Instagram outages in the last 24 hours&amp;lt;/p&amp;gt;"></div> <div type="image" title="Facebook" msid="86759565" hostid="261" caption="&amp;lt;p&amp;gt;Facebook outages in the last 24 hours&amp;lt;/p&amp;gt;"></div> In addition to the app, the WhatsApp website is down as well. Same is the case with the Instagram and Facebook apps and websites as well. As of 9:40 p.m., over 18,000 users had reported issues with WhatsApp, nearly 13,000 with Instagram, and over 4,000 with Facebook. This is not the first time that a Facebook-owned service has gone down this year – earlier this year, both WhatsApp and Instagram<a href="https://www.businessinsider.in/tech/news/whatsapp-and-instagram-down-in-india-today/articleshow/81593417.cms"> went down</a> for at least one hour. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/murali-divi-the-billionaire-scientist-behind-divis-labs-is-richer-by-6-billion-and-counting-since-the-pandemic/articleshow/86749881.cms">Murali Divi, the billionaire scientist behind Divi’s Labs, is richer by $6 billion, and counting, since the pandemic</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-crash-made-it-less-attractive-to-steal-cryptocurrencies/articleshow/86754774.cms">The crypto market crash made it less attractive to steal cryptocurrencies</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a>

Facebook shareholders lost nearly $50 billion in the 9 hours that the social network, WhatsApp and Instagram were down

<ul><li><keyword id="1603355" type="General" weightage="20" keywordseo="murali-divi" source="Orion">Murali Divi</keyword> is the founder of <keyword id="1515398" type="General" weightage="100" keywordseo="divi" source="Orion">Divi</keyword>’s Labs, one of the top three manufacturers of active pharmaceutical ingredients (API).</li><li>Divi went to the US with $7 in his hands and came back with $40,000, while earning $65,000 a year working as a pharmacist.</li><li>In the last one year, Divi’s wealth has surged by more than two times to over $10 billion.</li><li>Find out what the future holds for Murali Divi and his company, Divi’s Labs.</li></ul>From the small town of Machilipatnam in Andhra Pradesh to founding a company with a market capitalisation of nearly ₹1.3 lakh crore (over $17 billion), Murali Divi has come a long way to find himself on the Hurun India Rich List 2021. According to the latest update to the Hurun list, Murali Divi with a wealth of ₹79,000 crore is the 14th richest person in India, leaving behind the old money magnates like the Wadias, Mistrys, Godrejs and Agarwals. What makes it even better is the fact that Divi’s father managed the family of 14 on a meagre pension of ₹10,000 per month. Indeed, nothing quite describes the emergence of small-town India as one of the drivers of the country’s growth as the stories of people like Murali Divi or <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham</a>, whose father was a bank officer. <div type="image" title="Divi&amp;#39;s" msid="86750084" hostid="261" caption="&amp;lt;p&amp;gt;Divi&amp;#39;s Labs was founded in 1990 and it went public in 2003&amp;lt;/p&amp;gt;"></div> Today, Divi’s Labs commands a market capitalisation of ₹1.28 lakh crore – almost three times of what it was on March 23, 2020, when India went into a nationwide lockdown due to the COVID-19 pandemic. On October 4, the stock added another 10% to its value after it was chosen as the authorised manufacturer for Merck and Ridgeback’s oral antiviral Molnupiravir, which is under trial, and the results so far show that it can reduce the need for hospitalisation for patients with <a href="https://www.merck.com/news/merck-and-ridgebacks-investigational-oral-antiviral-molnupiravir-reduced-the-risk-of-hospitalization-or-death-by-approximately-50-percent-compared-to-placebo-for-patients-with-mild-or-moderat/">a mild or moderate case of COVID-19</a>. <div type="image" title="Divi&amp;#39;s Labs 23_03_20 to 04_10_21." msid="86749896" hostid="261" caption="&amp;lt;p&amp;gt;Divi&amp;#39;s Labs share price since the Covid-19 pandemic broke out in India&amp;lt;/p&amp;gt;"></div> What sent the share price of Divi’s Labs in another orbit compared to other companies is its effective utilisation of capital and expanding supply of APIs to US pharma companies in 2020, even as the world struggled to cope up with China shutting off the supply chain for the pharma sector. Since the pandemic, Murali Divi has seen his wealth more than double, from a little under $4 billion at the beginning of 2020 to over $10 billion now. But what does the future hold for this billionaire scientist’s company, Divi’s Labs? Here’s a quick look at the risks for the company and what its strengths are: <cmsannotation type="cmsannotation" annotationid="Pressure on drug prices in US" comment="subhead" text="Pressure on drug prices in US">Pressure on drug prices in US</cmsannotation> <div type="image" title="Divi&amp;#39;s research" msid="86750068" hostid="261" caption="&amp;lt;p&amp;gt;Divi&amp;#39;s Labs&amp;#39; research centre&amp;lt;/p&amp;gt;"></div> The US government has been forcing prices of medicines down for a few years now by approving more generic versions. This is likely to continue and may even get worse, according to analysts at Ambit Capital. But that is not a problem unique to Divi’s. Other companies like Sun Pharma, Lupin, Dr Reddy’s etc. have also been facing similar pricing pressure. <cmsannotation type="cmsannotation" annotationid="Resumption of physical inspections of plants" comment="subhead" text="Resumption of physical inspections of plants">Resumption of physical inspections of plants</cmsannotation> The US Federal Drug Administration (FDA) had eased its watch on the quality of drugs exported from India in the wake of the pandemic. However, the hawks at the USFDA may return to their old ways of surprise inspections at manufacturing plants and that’s a risk for all companies. The increased compliance burden could prove to be a double-edged sword for pharma companies, including Divi’s Labs, according to Ambit Capital. <cmsannotation type="cmsannotation" annotationid="Proactive capacity scale-up and technology upgrades" comment="subhead" text="Proactive capacity scale-up and technology upgrades">Proactive capacity scale-up and technology upgrades</cmsannotation> <div type="image" title="Divi&amp;#39;s lab" msid="86750058" hostid="261" caption="&amp;lt;p&amp;gt;Divi&amp;#39;s Labs&amp;#39; research and development centre&amp;lt;/p&amp;gt;"></div> One of the secrets of Divi’s rise to be the second biggest drug maker in the country, by market capitalisation, is its ability to scale up capacity and cut costs using technology. “It is still supplying legacy products, showing both its strength and continuing demand in these products. Its next leg of growth is expected to come from 16 new molecules it is currently working on,” said Motilal Oswal in its September report, which said that the shares of Divi’s Labs could go up to ₹5,750, another 10%, in the next one year. <cmsannotation type="cmsannotation" annotationid="Strong partnerships with innovators" comment="subhead" text="Strong partnerships with innovators">Strong partnerships with innovators</cmsannotation> The report further adds that Divi’s Labs has a strong relationship with big pharma companies, including six out of the top ten innovators including Merck, Pfizer, and GlaxoSmithKline. “Divi can supply both clinical quantities and at large commercial scale, thus supporting innovators from API research to commercial manufacturing,” says the report. <cmsannotation type="cmsannotation" annotationid="The scientist behind the billionaire" comment="subhead" text="The scientist behind the billionaire">The scientist behind the billionaire</cmsannotation> To make things worse, Divi failed his intermediate exams (the equivalent of higher secondary) twice due to weak English. However, instead of giving up and resigning himself to his failures, Divi doubled down and grabbed the opportunity to go to the US as a pharmacist instead of becoming a chemist like his elder brothers. <div type="image" title="Murali Divi" msid="86750146" hostid="261" caption="&amp;lt;p&amp;gt;Murali Divi&amp;lt;/p&amp;gt;"></div> When Divi left India for the states in 1976, he was 25 years old with $7 in his hands, according to <a href="https://www.forbesindia.com/article/india-rich-list-2014/murali-divi-the-accidental-chemist/38771/1">Forbes India</a>. From there, he went on to draw a salary of $65,000 a year at US companies like Trinity Chemical and Fike Chemical. He would soon come back to India with his wife and children with $40,000 and no plans for the future. He went with the flow and in 1984, teamed up with Kallam Anji Reddy to build Cheminor, which would later (in 2000) be merged with Dr. Reddy’s Laboratories, also co-founded by Reddy. Six years later, Divi founded Divi’s Laboratories, his own pharma company. Headquartered in Hyderabad, the company makes active pharmaceutical ingredients (API) and intermediates. APIs are the key inputs that go into making a drug. From nowhere in 1990, Divi’s Labs is now one of the top three API manufacturers in the world. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-has-raised-1-3-billion-this-year-to-so-far-in-pursuit-of-its-american-dream/articleshow/86745427.cms">Byju’s has raised $1.3 billion this year to so far in pursuit of its American dream</a>

You Searched For "Pandora Papers India" and got 11 results

Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak

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There are thousands of startups causing real change but you may have never heard of them

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The man who created India’s most lucrative Metro project, E Sreedharan’s credibility is under doubt!

BI India Bureau

Millions of iPhones, iPads and Macs will now help you search your lost AirPods

IANS

HRTech startup Advantage Club to hire 100 people across Technology, Sales and Marketing in FY 21-22

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