A Delhi court on Friday rejected the bail applications of four jailed <keyword id="20402086" type="General" weightage="20" keywordseo="co-owners" source="keywords">co-owners</keyword> of a coaching centre basement where three civil services aspirants drowned last month but observed that they were not "exclusively responsible" for the incident. The role of <keyword id="19907640" type="General" weightage="20" keywordseo="Municipal-Corporation-of-Delhi" source="keywords" meta.keywordsubtype="org" meta.entityname="Municipal Corporation of Delhi" meta.hostid="261" meta.entityid="Municipal Corporation of Delhi">Municipal Corporation of Delhi</keyword> (MCD) officials who kept the matter of illegal use of the basement pending, even after a complaint from a citizen, speaks volumes about their complicity, the court said. <br /><br />It hoped that the <keyword id="19900833" type="General" weightage="20" keywordseo="Central-Bureau-of-Investigation" source="keywords" meta.keywordsubtype="org" meta.entityname="Central Bureau of Investigation" meta.hostid="261" meta.entityid="Central Bureau of Investigation">Central Bureau of Investigation</keyword>, probing the July 27 incident at the <keyword id="22578108" type="General" weightage="20" keywordseo="Raus-IAS-Study-Circle" source="keywords" meta.keywordsubtype="org" meta.entityname="Rau's IAS Study Circle" meta.hostid="261" meta.entityid="Rau's IAS Study Circle">Rau's IAS Study Circle</keyword> in Old Rajindra Nagar, would bring all culprits to the book. <br /><br />Principal District and Sessions Judge Anju Bajaj Chandna denied bail to Parvinder Singh, Tajinder Singh, Harvinder Singh and Sarbjit Singh, saying the <keyword id="19971126" type="General" weightage="20" keywordseo="CBI-probe" source="keywords">CBI probe</keyword> was at an initial stage and their specific role had to be ascertained. <br /><br />Besides, the issue of violation of <keyword id="21060848" type="General" weightage="20" keywordseo="building-bye-laws" source="keywords">building bye-laws</keyword> and <keyword id="22889584" type="General" weightage="20" keywordseo="encroachment-over-the-drainage" source="keywords">encroachment over the drainage</keyword> (in the area) needed to be probed, she said. <br /><br />The court said a month prior to the incident, Kishore Singh Kushwaha, a resident of Karol Bagh, had complained to authorities, specifically against Rau's IAS Study Circle for running a classroom in the basement without permission. He had expressed apprehension of a major accident, it said. <br /><br />"Despite reminders sent in this regard in the month of July, it is painful to note that authorities kept sitting on the said complaint and did not take prompt action, otherwise precious lives could have been saved," it said. <br /><br />"Coming to the failure of civic authorities and drainage system, it is true that the system has contributed substantially to the occurrence but this does not reduce the fault of the applicants particularly when the failure of stormwater drains has been mainly due to encroachments and obstructions," the court added. <br /><br />Regarding the direct and proximate nexus between leasing out of the basement and the incident, the court said the owners of the basement were in a position to know about the risks for carrying out activities which involved the presence of a huge number of students for long durations against safety norms. <br /><br />"Therefore, the plea that knowledge of culpable homicide cannot be attributed to the owners has no merit or substance particularly when owners are the residents of the same vicinity and aware about its specific conditions," the court said. <br /><br />In its 14-page order, the court said it was not necessary that the exact happening or precise incident must be in the knowledge of the offender to invoke the offence of culpable homicide not amounting to murder. <br /><br />"Knowledge means being conscious about the possibility of such an incident. It was sufficient that offenders were knowing that by permitting illegal use of the basement they are endangering the life of others. Permitting illegal use of the basement has a direct nexus with the unfortunate incident," it said. <br /><br />The court said that the fact that the applicants themselves surrendered before police was not enough to enlarge them on bail when the CBI investigation was "at its initial and crucial stage", when "important evidence" was being collected and at the point where "witnesses were being examined." <br /><br />It said, "The issue of violation of building bye-laws and encroachment over the drainage system needs to be investigated and the specific role of the applicants needs to be ascertained." <br /><br />Dismissing the bail application, the judge said, " I find no reason to enlarge the applicants or accused on bail." <br /><br />The court also observed that the four joint owners of the basement were not "exclusively responsible" for the incident. "The role of MCD officers who kept the matter of illegal use of the basement pending without taking any action, more particularly not paying attention to the recent complaint of Kishore Singh Kushwaha speaks volume about their complicity. This court sincerely hopes that CBI would deeply and thoroughly investigate the matter and bring all culprits to the book," it said. <br /><br />On August 17, the court had reserved the order after hearing the arguments of the lawyers of the CBI and the basement's four joint owners. <br /><br />The Delhi High Court recently transferred the probe into the deaths in the basement of the coaching centre building in Old Rajinder Nagar from police to the CBI "to ensure the public has no doubt over the investigation".

Delhi coaching centre deaths: Court denies bail to 4 co-owners of basement

<keyword id="20127556" type="General" weightage="100" keywordseo="coaching-centres" source="keywords">Coaching centres</keyword> have become "<keyword id="22674710" type="General" weightage="20" keywordseo="death-chambers" source="keywords">death chambers</keyword>" and are playing with the lives of students, the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> said on Monday as it issued notices to the Centre and the <keyword id="19925995" type="General" weightage="20" keywordseo="Delhi-government" source="keywords" meta.keywordsubtype="org" meta.entityname="Delhi government" meta.hostid="345" meta.entityid="Delhi government">Delhi government</keyword> on three <keyword id="22574466" type="General" weightage="20" keywordseo="IAS-aspirants" source="keywords">IAS aspirants</keyword> drowning in the basement of an institute here. Taking suo motu cognisance of the matter, a bench of Justices Surya Kant and Ujjal Bhuyan said the incident was an eye-opener for all. <br /><br />On July 27, three civil services aspirants drowned in the basement library of <keyword id="22578108" type="General" weightage="20" keywordseo="Raus-IAS-Study-Circle" source="keywords" meta.keywordsubtype="org" meta.entityname="Rau's IAS Study Circle" meta.hostid="345" meta.entityid="Rau's IAS Study Circle">Rau's IAS Study Circle</keyword> in the Old Rajinder Nagar area here after it was flooded following heavy rain. <br /><br />Seven people, including Rau's IAS Study Circle CEO Abhishek Gupta and coordinator Deshpal Singh, have been arrested in the case. <br /><br />"This is horrible what we are reading. If need be, we will even close down these coaching centres. For the time being, the coaching should go online, unless there is meticulous compliance of <keyword id="21397441" type="General" weightage="20" keywordseo="building-regulations" source="keywords">building regulations</keyword> and other safety norms. <br /><br />"These places (coaching centres) have become death chambers. Coaching centres are playing with the lives of these aspirants who have come from different parts of the country with dreams and are working hard," the bench said. <br /><br />"The recent unfortunate incident which took away lives of three young aspirants who joined the coaching centres for their career is an eye-opener for one and all. We, therefore, deem it appropriate to expand the scope of proceedings and issue notice to the Centre and the NCT of Delhi to show cause as to what safety norms have been prescribed so far and what is the effective mechanism evolved to ensure compliance," he said. <br /><br />The top court took cognisance of the matter while hearing a petition filed by an association of coaching centres challenging a December 2023 Delhi High Court order which had directed the city's fire services and the civic body to inspect all coaching centres here to ascertain if they are complying with the <keyword id="21210416" type="General" weightage="20" keywordseo="fire-safety-norms" source="keywords">fire safety norms</keyword>. <br /><br />Terming the plea frivolous, the apex court dismissed the appeal while imposing a cost of Rs 1 lakh on the association and said no coaching centre should be allowed to operate unless there is compliance with fire safety norms and other requirements. <br /><br />On Friday, the high court transferred the probe into the deaths of the three students from Delhi Police to the Central Bureau of Investigation (CBI) "to ensure the public has no doubt over the investigation". <br /><br />The three who died were Shreya Yadav (25) of Uttar Pradesh, Tanya Soni (25) from Telangana and Nevin Delvin (24) from Kerala. <br /><br />Students enrolled in various coaching institutes have been protesting since the incident, demanding improved safety measures at coaching centres.

SC says coaching centres have become 'death chambers'; issues notices to Centre, Delhi govt

Students continued their <keyword id="19895811" type="General" weightage="20" keywordseo="protest" source="keywords">protest</keyword> in <keyword id="19900881" type="General" weightage="20" keywordseo="delhi" source="keywords">Delhi</keyword>'s Old Rajender Nagar area on Tuesday morning against the deaths of three UPSC students after the basement of their coaching centre was heavily flooded with rainwater.<br /><br />The incident occurred at Rau's Study Circle in Old Rajinder Nagar on Saturday evening after heavy rains.<br /><br />Speaking to ANI, Robin, a UPSC aspirant and one of the protestors, demanded that compensation be provided to the family of the deceased and the exact death toll be disclosed.<br /><br />"Our first demand is that Rs 5 crore compensation be given to the family of the deceased each. (Secondly) disclose the total death toll, because a few of our friends that are eyewitnesses are saying that the death toll is more than three," Robin Singh, a protesting student, told ANI. <br /><br />Another student, Bhoomi, demanded that attention be paid to the safety measures in these libraries. <br /><br />"Till when will all of this continue? Most libraries are running in the basements. We want that attention should be paid to the safety measures in these libraries. We want to see the involvement of MCD, Delhi Jal Board and other higher authorities. We want action should be taken on the FIR that is registered. We want some compensation for the family... Our demands are very basic. We don't have any personal demands related to room rent which are being highlighted," says Bhoomi, a student protesting in Old Rajinder Nagar.<br /><br />Meanwhile, a local who was also protesting with the student pointed out the danger of exposed 440-volt wires, saying there are exposed 440-volt wires here and multiple wires are strangled and can cause a huge mishap at times.<br /><br />"The reason for waterlogging in this area is that this is a low-ground area... The sewers here are blocked... The sewer lines are choked because they don't have enough diameter to accommodate so much water. Coaching is not allowed in the basement as per the fire NOC and the MCD norms... Buildings are higher than 4 floors. How are they getting fire NOC if the height of the building is more than 15 metres? ... There are exposed 440-volt wires here. Multiple wires are strangled and can cause a huge mishap anytime," says a local protesting in Old Rajinder Nagar along with students.<br /><br />Speaking to ANI, Hridesh Chauhan, an eyewitness, said on Monday that when heavy rain started, the guard asked everyone to leave immediately due to flooding. Some students who were sitting towards the other end of the library faced difficulty in leaving. Around 30-35 students were in the library at that time.<br /><br />"15 minutes before the incident, we were on the ground floor, when the rain started. We decided to take a break since the weather was nice. But it started raining very heavily so we decided to get back to studying since the library of the coaching institute closes at 7 pm... Around 6:30, the guard of the building came rushing downstairs shouting and asking everyone to pack up and leave immediately since the water was gushing in. I responded swiftly since I was sitting near the steps of the stairs... Some students who were sitting towards the other end of the library faced difficulty in leaving. There were 30-35 students in the library at that time," Chauhan told ANI.<br /><br />Earlier, Delhi Lieutenant Governor VK Saxena on Monday reached Old Rajinder Nagar and met the protesting students of the coaching centre following the deaths of three aspirants after the basement of the institute got flooded after heavy rains.<br /><br />The MCD initiated disciplinary proceedings against the executive engineer and assistant engineer of Karol Bagh Zone following the incident.<br /><br />So far, Delhi police have arrested seven people, including the driver of an SUV, in connection with the incident.<br /><br />The victims who died in the incident have been identified as Shreya Yadav, a native of Ambedkar Nagar district of Uttar Pradesh, Tanya Soni from Telangana; and Nivin Dalwin, a resident of Kerala's Ernakulam, told DCP Central M Harshavardhan told ANI.<br /><br />Delhi police have arrested seven people so far, including a driver of an SUV, in connection with the incident.<br /><br />DCP (Central) M Harshvardhan said, "Five more persons, including owners of the basement space where the coaching centre was being run, have been taken into custody. This also includes a man who drove an SUV and damaged the gate of the building, leading to rainwater gushing into the basement and causing flooding."<br /><br />"There was no permission to carry out commercial activity in the basement," the DCP added. <br /><br />The owner and coordinator of the coaching centre were also arrested in the case. The accused have been booked for culpable homicide, among other charges. <br /><br />The MCD sealed the basements of 13 coaching centres in Karol Bagh on Sunday for violating building bye-laws amid protests by students. Earth movers were used to remove encroachment over drains in Old Rajinder Nagar following student protests. <br /><br />A day after the harrowing incident, the protesting students also organized a candle vigil near Rau's Coaching Circle road on Sunday.<br /><br />Speaking to ANI, Aman Kumar Yadav, a protesting student, said, "We all who are protesting today here want the authorities to reveal the actual casualties that took place in the incident. The family of the deceased must get immediate compensation."He also said that the authority is trying to conceal the real number of casualties in the case.<br /><br />"Students who are protesting want accountability and strict punishment for all coaching institutes and land owners who have libraries or residential complexes in their basements," Aman said.<br /><br />"Such incidents create a huge distress among the students, who are already working hard to crack their exams," added Aman Yadav.<br /><br />Notably, the Old Rajender Nagar incident comes days after a UPSC aspirant was electrocuted on a waterlogged Delhi street in Patel Nagar.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-electric-ipo-mapmyindia-accuses-company-of-stealing-map-data-days-before-ipo-opens/articleshow/112109869.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/business/news/ola-electric-ipo-mapmyindia-accuses-company-of-stealing-map-data-days-before-ipo-opens/articleshow/112109869.cms" target="_blank">Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens</a><a href="https://www.businessinsider.in/tech/news/redmi-pad-pro-5g-with-snapdragon-7s-gen-2-launched-in-india-starting-at-21999/articleshow/112105133.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/news/redmi-pad-pro-5g-with-snapdragon-7s-gen-2-launched-in-india-starting-at-21999/articleshow/112105133.cms" target="_blank">Redmi Pad Pro 5G with Snapdragon 7s Gen 2 launched in India starting at ₹21,999</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-price-cut-apple-announces-price-cut-after-reduction-in-customs-duty/articleshow/112100195.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/iphone-price-cut-apple-announces-price-cut-after-reduction-in-customs-duty/articleshow/112100195.cms" target="_blank">iPhone price cut – Apple announces price cut after reduction in customs duty</a></b><br />

Delhi coaching centre tragedy: Students continue protest in Old Rajinder Nagar over deaths of 3 UPSC aspirants

The <keyword id="22578500" type="General" weightage="20" keywordseo="storm-drains" source="keywords">storm drains</keyword> built to carry away excess water due to heavy rains in the Old Rajendra Nagar area, where three <keyword id="21718302" type="General" weightage="20" keywordseo="civil-services-aspirants" source="keywords">civil services aspirants</keyword> died after being trapped in the <keyword id="21174770" type="General" weightage="20" keywordseo="basement" source="keywords">basement</keyword> of a coaching institute, were covered by <keyword id="21397407" type="General" weightage="20" keywordseo="encroachers" source="keywords">encroachers</keyword>, a senior <keyword id="22578501" type="General" weightage="20" keywordseo="MCD-official" source="keywords">MCD official</keyword> said on Sunday. The drainage system in the area was heavily clogged with silt and overflowed leading to a flood-like situation due to the rains that lashed parts of <keyword id="19900881" type="General" weightage="20" keywordseo="Delhi" source="keywords">Delhi</keyword> on Saturday, locals complained. <br /><br />Three civil services aspirants -- two females and a male -- lost their lives as they were trapped inside the library running in the basement of <keyword id="22578108" type="General" weightage="20" keywordseo="Raus-IAS-Study-Circle" source="keywords" meta.keywordsubtype="org" meta.entityname="Rau's IAS Study Circle" meta.hostid="261" meta.entityid="Rau's IAS Study Circle">Rau's IAS Study Circle</keyword>, which flooded due to rain and reportedly led to the failure of the single biometric entry and exit point. <br /><br />The police, however, said it is yet to confirm the biometric lock claim and will investigate it. <br /><br />Asked about reports of waterlogged drains in the area and if their de-silting was completed, the senior MCD officer directed PTI to the deputy commissioner of the zone for details. <br /><br />He, however, mentioned that "people on street sides have encroached and covered the storm drains" used to carry away the water accumulated during heavy rains. <br /><br />Abhishek Mishra, Deputy Commissioner of the Karol Bagh zone of the MCD, where the incident took place, did not respond to the calls and texts to seek information. <br /><br />Meanwhile, Delhi Mayor Shelly Oberoi has directed MCD Commissioner Ashwani Kumar to take strict action against commercial activities run in the basements and ascertain if an MCD official is responsible for the incident.

Coaching centre deaths: Storm drains were covered by encroachers, says MCD official

The <keyword id="19925995" type="General" weightage="20" keywordseo="Delhi-government" source="keywords">Delhi government</keyword> will bring a law to <keyword id="22612703" type="General" weightage="20" keywordseo="regulate-coaching-centres" source="Orion">regulate coaching centres</keyword> in the city, cabinet minister <keyword id="19969165" type="General" weightage="20" keywordseo="Atishi" source="keywords">Atishi</keyword> said on Wednesday, days after three <keyword id="645646" type="General" weightage="20" keywordseo="IAS-aspirants" source="Orion">IAS aspirants</keyword> drowned in the flooded basement of an institute in Old Rajinder Nagar. Addressing a press conference, the minister said the government will constitute a committee comprising government officials and students from different coaching hubs to frame the law. <br /><br />"The law will have provisions for infrastructure, qualification of teachers, fee regulation and preventing misleading advertisements. Public feedback will also be sought," she said. <br /><br />Atishi said the Municipal Corporation of Delhi (MCD) has cracked down on <keyword id="20127556" type="General" weightage="20" keywordseo="coaching-centres" source="keywords">coaching centres</keyword> using basements in violation of laws. <br /><br />"Basements of 30 coaching centres in Rajinder Nagar, Mukherjee Nagar, Laxmi Nagar and Preet Vihar have been sealed while notices have been issued to 200 other coaching centres," she said. <br /><br />She said the report of the magisterial probe into the Old Rajinder Nagar incident will be submitted in the next six days. <br /><br />"Strict action will be taken if any officers are found guilty in the incident. Illegal building use led to the Old Rajinder Nagar tragedy," she said. <br /><br />The probe will also ascertain which officer ignored a complaint sent to the MCD by an IAS aspirant about the illegal use of the basement at Rau's IAS Study Circle, where the three students died, according to Atishi. <br /><br />The magisterial inquiry will ascertain which officer was incharge of the grievances portal where the complaint was uploaded and how it was ignored," Atishi said. <br /><br />A civil services aspirant from Gwalior had on Monday claimed that he had complained to the MCD about the illegal use of the basement by the institute and sent reminders on July 15 and 22 but no action was taken in the matter.

Delhi government to bring law to regulate coaching centres: Cabinet Minister Atishi

<ul><li><keyword id="9593075" type="General" weightage="20" keywordseo="uable" source="Orion">Uable</keyword> had started off as an online life skill development platform for students aged 6-12 in 2020.</li><li>In its current form, Uable is a mix of LinkedIn, Instagram, Snapchat and Facebook, but only for teens.</li><li>Zee5 and Big FM’s former CEO Tarun Katial is also working on a similar offering that focuses on women.</li></ul>After spending nearly seven years building one of India’s biggest <a href="https://www.businessinsider.in/business/startups/news/vedantu-the-last-and-biggest-rival-of-byjus-has-finally-entered-the-unicorn-club/articleshow/86614637.cms">edtech companies, Vedantu</a>, Saurabh Saxena is now on a journey to take on <keyword id="6354632" type="General" weightage="20" keywordseo="social-media" source="Orion">social media</keyword> platforms like Instagram and Snapchat by building an offering exclusively for teens. <br /><br />His latest venture Uable had started off as an online life skill development platform for kids aged 6-12 in 2020. The company had also raised close to $5 million from marquee investors like 3one4 Capital, Inflection Point, Pine Labs’ Amrish Rau and others.<br /><br />Saxena claims that the other model was working just fine, both parents and students enjoyed their method of skill development in a creative manner. Saxena’s seven-year-old daughter was also a user of the platform. However, Uable decided to pivot its business model to focus on a much larger audience. This switch in model was one of the reasons why Chiratae Ventures had decided to back the company in the first place. <br /><br />The company decided to move on to become a social media platform for teens as there were no dependencies on convincing parents to buy the product for their kids or on salespeople to sell the product. “That [the previous model] becomes a very non-scalable or very different proposition that I didn’t want to do as a founder or a team member as well,” Saxena told Business Insider. <br /><br />Previously, Saxena has built two edtech ventures — chain of institutes Lakshya and edtech company <keyword id="2016957" type="General" weightage="20" keywordseo="vedantu" source="Orion">Vedantu</keyword>. <br /><br /><strong>Where does the social network come into play? <br /></strong><br />Saxena explained that Uable is a mix of LinkedIn, Instagram, Snapchat and Facebook, but only for teens. The platform allows an open and free space to teens on the internet, without exposing them to harmful content that is currently available online. It also helps students explore academic, career and learning opportunities. <br /><br />“Teenage is a great age to build a social product for… They spend so much time on the Instagrams of the world, Snapchats of the worlds. What they end up consuming, I mean it’s okay, I won’t say everything is crap. But at the end of the day what I believe is that social platforms need to change and become more and more valuable,” he added.<br /><br />Saxena said, “The core value proposition for Uable is this is the place where a teenager comes, can explore a diverse set of interests right from gaming design, art and design, love and relationship, career, skills, exams. We have a club on exams also if you want any help, if you want to join any study group also. So you explore your interests, you make new friends… Teenagers are looking to make interest-based friends and expand their network.<br /><br />There are only two kinds of crowd allowed on the platform. First, the teens themselves. Second, verified businesses that serve this segment or have opportunities for them. It is the second set of users that offers monetisation opportunities for Uable.<br /><br />The company rewards teens in the form of virtual coins to use each feature on the platform — liking photographs, uploading content, interacting with others and more. These coins can then be used to avail discounts on the sellers and businesses listed on the platform. <br /><br />The company wants to expand these businesses available on the platform and grow its library of e-books, audiobooks and more such digital assets for platforms.<br /><br /><strong>Ensuring safety for children online<br /></strong><br />Indian media executive and business professional Tarun Katial — who has previously led Zee5 and Big FM as founder chief executive — is also working on a similar offering called Eve World, but solely focusing on women. He started working on the platform in 2020 after his wife, media veteran Monisha Singh Katial, was <a href="https://www.businessinsider.in/business/startups/news/tarun-katial-is-launching-social-network-for-women-after-leading-bigfm-star-india-and-zee5/articleshow/88171342.cms">trolled on social media platforms.</a> <br /><br />While there is no such motivation for Saxena, he does believe that there is a need for such a platform where teens can brainstorm and grow their own social circles. The company is also ensuring safety of these teens on the platform by filtering out harmful, abusive and disturbing content on the platform. Teens can report any negative comments on the platform, the content would be taken down and users may be blocked too. <br /><br />Uable will also bar the use of certain words on the platform — both publicly and in private chats. The company has however ensured that it would not be reading out any of the private chats of these teens, respecting their privacy, but will enable some alerts for certain words to prevent bullying on the platform. <br /><br />According to United Nations Children's Fund (UNICEF), more than a<a href="https://www.unicef.org/protection/violence-against-children-online"> third of young people in 30 countries</a> are being cyber bullied and one in five children skip school because of it. Meanwhile, eight in 10 children in 25 countries report feeling in danger of sexual abuse or exploitation online.<br /><br /><strong>SEE ALSO</strong><br /><a class="tout-title-link" href="https://www.businessinsider.in/retail/news/asias-richest-man-mukesh-ambani-is-on-a-shopping-spree-for-private-fashion-labels/articleshow/90439055.cms">Here’s why Asia’s richest man Mukesh Ambani is on a shopping spree for private fashion labels</a><br /><a href="https://www.businessinsider.in/business/startups/news/ola-is-going-to-acquire-ceo-bhavish-aggarwals-brothers-firm-avail-finance/articleshow/90433830.cms" data-type="tilCustomLink">Ola is going to acquire CEO Bhavish Aggarwal’s brother’s firm Avail finance</a><br /><a href="https://www.businessinsider.in/india/news/petrol-and-diesel-prices-hike-the-third-time-this-week-in-india/articleshow/90433724.cms">Petrol and diesel prices hiked for the third time this week in metro cities</a><br />

How this former Vedantu cofounder is taking on Instagram and Snapchat to build social media for teens

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a9f32fb5cc4104b018b45b2-1543/trythisimagemattmaybethisimagematt.jpg" alt="mighty cofounders" data-mce-source="Mighty" data-mce-caption="Mighty cofounders Joshua Schwadron and Dylan Beynon" /><p class="source"><span>Mighty</span></p><p class="caption">Mighty cofounders Joshua Schwadron and Dylan Beynon</p></div><p></p></div></div></strong></p><ul><li><strong>Mighty, a New York City-based startup that focuses on litigation finance, </strong><strong>just got $9 million in equity funding plus $105 million more for its first investment fund. </strong></li><li><strong>In litigation finance, investors fund lawsuits and get a cut of any settlement or cash award. </strong></li><li><strong>The industry gained to notoriety after Peter Thiel funded Hulk Hogan's successful lawsuit against Gawker. However, Mighty sees litigation finance more as a tool to help ordinary people gain access to the justice system.</strong></li><li><strong>Mighty provides software for litigation finance firms. It's Mighty Capital investment fund will invest in them.<br /></strong></li></ul><hr /><p><br />If you've heard of litigation finance, there's a good chance you're not a fan.</p><p>Mighty, a New York City startup, hopes to change your mind and put the industry in a better light - and on a better footing.</p><p>Litigation finance is the practice by which investors help fund plaintiffs in a lawsuit in return for a cut of payouts they may get from the proceedings. The best known example is perhaps tech billionaire Peter Thiel's <a href="http://www.businessinsider.com/peter-thiel-hulk-hogan-gawker-2016-10">backing of Hulk Hogan's lawsuit against Gawker</a>, which ended in the closure of the digital media company - and a black eye for the emerging industry.</p><p>But people misunderstand the practice and don't appreciate its benefits, said Dylan Beynon, Mighty's cofounder and chief growth officer.</p><p>"People think it's a loan, people think it's predatory," said Beynon, whose company offers software and, soon, funding to litigation finance firms. But to him, litigation finance is a way to help people "get a better deal from the justice system."</p><p>Beynon and Mighty now have a way of spreading that message and nurturing the industry. The company just got $114 million in new financing.</p><p>About $9 million of the funding is in the form of a traditional investment deal, led by IA Ventures and Tribeca Venture Partners. The rest of the round will go into Mighty Capital, the startup's new investment arm, which will invest in litigation finance firms across the country. </p><h2>Lawsuits are expensive to pursue</h2><p>Hulk Hogan aside, most people involved in lawsuits are neither rich nor famous. Many need help staying afloat financially while pursuing legal actions. The costs of fighting a case - from lawyer fees to medical bills to hiring experts or investigators - can all add up to quite a lot of money.</p><p>Those costs often sink a lawsuit before it reaches any kind of conclusion. Deep-pocketed corporate defendants will often "delay, defer, and deny" any kind of settlement, taking advantage of any and all kinds of loopholes in the hopes that the piling costs will force plaintiffs to drop their suits, Beynon said. </p><p>That's where litigation finance comes in. It works as an investment, not a loan. If you win or settle your case, your backers get some pre-determined cut of the cash award. If you lose, they get nothing.</p><p>Mighty's customers are generally involved in personal injury cases. But litigation financing is available for pretty much any kind of suit. </p><h2>Litigation finance is becoming more popular - but it's still controversial</h2><p>Though it still isn't well known outside legal circles, litigation finance is becoming more common. In late 2017, a study found that <a href="https://www.law.com/sites/dailyreportonline/2017/10/09/the-growing-acceptance-of-litigation-finance/?slreturn=20180206182717">36 percent of law firms had accepted litigation finance</a> to pursue a claim. That was up from 28 percent in 2016. There's no hard data on the size of the market, but <a href="https://www.bloomberg.com/news/articles/2017-05-30/the-business-of-litigation-finance-is-booming">top firms can invest billions</a>.</p><p>However the industry remains controversial, thanks in large part to the Thiel's backing of Hogan's Gawker suit, which came to light in 2016.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a90b79eaae60540028b46fc-1343/gettyimages-578544652.jpg" alt="peter thiel" data-mce-source="Alex Wong/Getty Images" data-mce-caption="Peter Thiel, co-founder of PayPal, delivers a speech during the evening session on the fourth day of the Republican National Convention on July 21, 2016 at the Quicken Loans Arena in Cleveland, Ohio." /><p class="source"><span>Alex Wong/Getty Images</span></p><p class="caption">Billionaire investor Peter Thiel become the face of the dark side of litigation finance in 2016 when he funded Hulk Hogan's successful lawsuit against Gawker.</p></div><p></p></div></div>In the wake of the revelation that Thiel was backing that suit, Lisa A. Rickard, the executive vice president of the US Chamber of Commerce, <a href="https://www.nytimes.com/2018/03/04/technology/silicon-valley-midwest.html?utm_source=pocket&amp;utm_medium=email&amp;utm_campaign=pockethits">argued in a New York Times editorial</a> that litigation finance is "a cancerous growth on our civil justice system" that turns the legal system into a "casino."</p><p>But that's not how Beynon sees it. Litigation finance benefits society, because it makes the justice system accessible to people who otherwise couldn't afford it, he said. If you're a construction worker who breaks your leg on the job, litigation finance might be the only way you can pay your bills while you pursue a claim. </p><h2>So what does Mighty do?</h2><p>While Mighty has been involved in the litigation finance industry since its founding in 2014, the way it's pursued that industry has changed.</p><p>The company started out as a peer-to-peer service, offering a way for people to crowdfund their legal actions. The theory of Mighty's founders was that ordinary people would offer better terms than big, institutional investors, Beynon said. Mighty cofounder and CEO Joshua Schwadron, an attorney by training who once made a go as a litigation financier, raised $5.25 million to fund this first iteration of the company.</p><p>But Mighty soon discovered that institutional investors actually offered better terms to customers than people could get through its crowdfunding service. So Mighty switched gears, developing software to help investors find, assess, and invest in litigation.</p><p>Its software helps investors track the status of litigation, the value of deals, and the success rate of the attorneys and law firms they fund. Mighty currently has 60 litigation finance firms as customers. </p><p>"We're providing tools to help them make better decisions," Beynon said.</p><p>With the portion of its funding that will go directly into its business, Mighty plans to add to its 21-person roster, hiring in both engineering and sales. </p><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5a9f30215cc41002048b4593-800/5a626a7f5348e500011b2afduw-ai-2.png" alt="mightyos" data-mce-source="Mighty" data-mce-caption="Mighty helps litigation finance companies track the lawsuits they're funding." /><p class="source"><span>Mighty</span></p><p class="caption">Mighty helps litigation finance companies track the lawsuits they're funding.</p></div><p></p></div></div></span></p><h2>Offering a helping hand to litigation finance firms</h2><p>But Mighty has run into another problem - many of its potential customers are struggling.</p><p>Some litigation finance firms are doing well, particular jumbo-sized ones such as Burford Capital. Burford alone <a href="https://www.bloomberg.com/news/articles/2017-05-30/the-business-of-litigation-finance-is-booming">invested $378 million in lawsuits in 2016</a>.</p><p>But smaller litigation finance firms have trouble getting access to the money they need to invest in suits. Their borrowing costs can include a 20% markup from banks, Beynon said.</p><p>"They have a really tough time running their businesses," he said. "They don't always have access to capital."</p><p>Mighty's investment fund is designed to address that need. It's intended to give smaller and midsized institutions easier access to capital so they can fund more litigation and scale their operations. Mighty will only be investing in the firms themselves via the fund. It won't be directly investing in litigation.</p><p>Mighty hopes to use the fund to grow the market for litigation finance.</p><h2><strong>So what do investors get out of litigation finance?</strong></h2><p>Litigation finance can be very lucrative for investors. Some estimates say that litigation finance has <a href="https://abovethelaw.com/2016/07/finance-and-law-returns-to-litigation-finance-investments/">about a 36% rate of return</a>.</p><p>Beynon declined to discuss the returns Mighty's customers are seeing. But the company talks to "tons and tons" of institutional investors interested in getting into the field.</p><p>Unlike the stock market, stocks, bonds, or even cryptocurrencies, litigation finance is totally separate from the broader financial markets. And because no two cases are exactly alike, it's an investment that's diversified by nature. That's why many investors find it an attractive form of investment.</p><p>"It's a tough market out there and people are looking for yields, and the yields are big," says Beynon.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-nfl-league-usfl-sued-tweet-three-dollars-2017-9">Trump once won a lawsuit against the NFL - but the result was an embarrassment</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/vlMvpjcK-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

This startup just got $114 million to help people get 'a better deal from the justice system' by finding investors for their lawsuits

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/564f93e384307621008b467a-4928-3264/dav_8284.jpg" alt="Jaguar F Pace" data-mce-source="Newspress" /><p class="source"><span>Newspress</span></p><p class="caption">The F-Pace at the LA Auto Show.</p></div><p></p></div></div>When you wait a long time for something, you should be rewarded.</p><p>That's what happened last month at the LA Auto Show, when Jaguar Land Rover finally and officially revealed its much-anticipated <a href="http://www.businessinsider.com/jaguar-land-rover-f-pace-detroit-auto-show-2015-2015-1">F-Pace</a> crossover SUV in North America.</p><p>There has never been a Jag truck before (the XF Sportbrake station wagon, not sold in the US, doesn't count).</p><p>But given the importance of these vehicles now for luxury automakers, its was overdue. Jag has sedans and sports cars, but it was lagging behind corporate siblings Land Rover and Range Rover, which of course sell SUVs and nothing else.</p><p>For anyone who adores the sleek lines of the legendary Jaguar E-Type, probably the most drop-dead gorgeous automobile ever created, the very idea of a Jag truck is horrifying. But if you're going to have one, it should look great.</p><p>And thanks to Jaguar designer Ian Callum, it does. In fact, it looks better than great. It's easily the most beautiful SUV to (soon) hit the road.</p><p>Which is a bit weird. But also understandable. The <em>other</em> car in the Jag stable that <em>should</em> showcase Ian's considerable talent is the F-Type sports car. <a href="http://www.businessinsider.com/why-i-loved-the-bmw-m235i--and-didnt-love-the-jaguar-f-type-r-2015-5">But I've never liked it very much</a>. Compared with another Callum design, the Aston Martin DB9 (and before it, the DB7), the F-Type to my eye comes off as musclebound and thick, like a thug in an overly tailored suit who needs brag about how much he just won (or lost) and the craps table.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/556c8fa6eab8ea993fb5ebbf-960-960/img_2251-2.jpg" alt="Jaguar F-Type R" data-mce-source="Matthew DeBord/Business Insider" /><p class="source"><span>Matthew DeBord/Business Insider</span></p><p class="caption">I'm not a fan.</p></div><p></p></div></div></p><p>I'm in a distinct minority here - pretty much everyone else thinks the F-Type is a glorious set of wheels, poetry in sheet metal.</p><p>However, you can kind of see my point if you study at the F-Pace and see that <em>same</em> loudmouth thug in a suit that ia properly tailored to envelope his bulk. The F-Type is too big. The F-Pace is just right - in its bigness Callum has found the correct scale to execute on his current vision.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/51af551ceab8ea7609000001-2592-1944/jag_e-type.jpg" alt="1969 Jaguar E-Type roadster" data-mce-source="Wikimedia Commons" data-link="http://en.wikipedia.org/wiki/File:Jag_E-Type.JPG" /><p class="source"><span><a href="http://en.wikipedia.org/wiki/File:Jag_E-Type.JPG">Wikimedia Commons</a></span></p><p class="caption">Pretty, pretty E-Type.</p></div><p></p></div></div></p><p>The F-Pace is "the latest expression of Jaguar's passion" Callum said when the car was unveiled in LA, in front of a massive media crowd.</p><p>"It's not just a Jaguar you want," he added, "it's a Jaguar you <em>need."</em></p><p>Hubba.</p><p>"Even your kids will think it's cool," Callum quipped, wryly taking aim at a market that Jaguar has regrettably left untouched during the SUV revival of the past few years: parents who need to haul around offspring, gear, pets, and friends of offspring, with their gear and maybe even their pets.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/564a48d92491f942008b5889-1564-1074/screen shot 2015-11-16 at 4.20.32 pm.png" alt="Jaguar F Pace" data-mce-source="Jaguar Land Rover" /><p class="source"><span>Jaguar Land Rover</span></p><p class="caption">Sleek!</p></div><p></p></div></div></p><p>For Jaguar's chief designer, the F-Pace and its equally new sibling in the Jag family, the XE sedan, a circle has been closed. He said in LA that 15 years ago he had set out to create a portfolio of vehicles for Jaguar that would be "modern, progressive, and elegant." </p><p>His deservedly immodest verdict on his track record over a decade and a half is that he and Jaguar have succeeded.</p><p>The F-Pace makes it tough to argue with that judgment, even given my reservations about the F-Type. If you ponder the vehicle, you can see how Callum retained the basic headlight-to-taillight line that defines the F-Type, a clean, smooth, almost dagger- or sword-like sweep. But for the F-Pace, he took that line and elevated it, providing the required sense of ruggedness below, through the crossover's raised heft. Balancing that is the elegant curve of the roofline.</p><p>This is preposterously beautiful truck. Compare it with the BMW X6 M, a car of similar scale but far more baffling aesthetics - an angry beast of a car, bulging and thrusting everywhere:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55a51ffb69bedd127909cb5c-3264-2448/img_2927-1.jpg" alt="BMW X6 M" data-mce-source="Business Insider/Matthew DeBord" /><p class="source"><span>Business Insider/Matthew DeBord</span></p><p class="caption">Scary!</p></div><p></p></div></div></p><p>And unlike the SUVs in Jag's corporate stable, from Land Rover and Range Rover, the F-Pace eschews a utilitarian, boxy shape for tailoring that's sleek and sinuous. It looks quick, and it looks quick without too much effort. </p><p>It's competition, looks-wise, is mainly the Porsche Cayenne, but that groundbreaking luxury SUV is hampered by optics that have always made Porsches less lovely, by a long shot, than Jags. The bug-eyed front, though streamlined in recent decades, can never be fully renounced. Jags, by contrast, have in their DNA those signature swept-back headlight pods that much of the auto industry has copied.</p><p>So there you have it. If you want an SUV but have always hated how they look, the F-Pace has arrived to scratch your itch. And to scratch it beautifully.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/546ba235eab8ea896ddb582a-3600-2400/(1)p14_0969_a4_rgb.jpg" alt="Porsche Cayenne GTS" data-mce-source="Porsche" /><p class="source"><span>Porsche</span></p><p class="caption">Porsche's SUV isn't winning the war of looks.</p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ferrari-california-t-specs-facts-video-drive-2015-7">The cheapest new Ferrari money can buy is absolutely gorgeous</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JleHMzdjpIcJpld5dfaVynKzlNb_4V_q" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'JleHMzdjpIcJpld5dfaVynKzlNb_4V_q',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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