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(Eds: With K'taka leaders' reax) New Delhi, Mar 8 () Former Union law minister and Congress veteran <keyword id="71054" type="PERSON" weightage="20" keywordseo="Hansraj-Bhardwaj">Hansraj Bhardwaj</keyword> died after a cardiac arrest at a hospital here on Sunday evening. He was 83. Bhardwaj breathed his last around 6.30 pm at Max Hospital, Saket, where he was admitted since Wednesday due to kidney-related ailments, his family told . The cremation will take place at <keyword id="8885939" type="LOCATION" weightage="20" keywordseo="nighambodh">Nighambodh</keyword> Ghat on Monday at 4 pm, his son Arun Bhardwaj said. He is survived by his wife, a son and two daughters. Bhardwaj celebrated his 60th wedding anniversary on February 29. Prime Minister Narendra Modi, BJP leader and Law Minister Ravi Shankar Prasad and CPI(M) general secretary Sitaram Yechury condoled Bhardwaj's death. "Anguished by the passing away of former minister Shri Hans Raj Bhardwaj," the Prime Minister's Office tweeted quoting Modi. "My thoughts are with his family and well-wishers in this hour of grief. Om Shanti," the tweet said. Prasad recalled his association with Bhardwaj in Parliament. "Deeply condole the sad demise of Shri Hansraj Bhardwaj who for long years served as the Law Minister of India. We were together in the Parliament. May his soul Rest In Peace," Prasad posted on Twitter. CPI(M) general secretary Sitaram Yechury remembered the leader as an "encyclopedia" on the Indian judicial system. "Sad news about Shri Hans Raj Bhardwaj ji's demise. Worked with him as an MP when he was a minister &amp; shared the urge to safeguard our constitutional values. He was an encyclopedia on the Indian judicial system. Will miss him," Yechury said in a tweet. Born in Garhi Sampla village in Rohtak district of Haryana, Bhardwaj was a Rajya Sabha member for five terms from April 1982 to June 2009. He was the law minister for 14 years and served under the prime ministership of Rajiv Gandhi, Narasimha Rao and <keyword id="6359397" type="PERSON" weightage="20" keywordseo="manmohan-singh">Manmohan Singh</keyword>. During his stint as the governor of Karnataka between 2009 and 2014, he sternly dealt with the mining mafia active in the state. It was during Bhardwaj's tenure as law minister that Bofors-accused <keyword id="54989" type="PERSON" weightage="20" keywordseo="Ottavio-Quattrocchi">Ottavio Quattrocchi</keyword> was given a clean chit by then UPA government in 2009. Sources said he fell out with Congress party leadership after he became the governor and criticised it. Karnataka Chief Minister B S Yediyurappa, former prime minister H D Deve Gowda and opposition leader in the assembly Siddaramaiah also mourned the demise of Bhardwaj. "In his death we lost a good legal expert and administrator. May his soul rest in peace and may God give strength to his family to bear the loss," Yediyurappa said in a condolence message. A tussle between Bhardwaj and Yediyurappa over mining and land scams drew everyone's attention during his second stint as chief minister. Gowda said Bhardwaj will always be remembered for his exceptional service to the nation, while Siddaramaiah recalled him as as a tough man against immoral practices during power struggle. "His contribution to Karnataka during his tenure shall always be remembered. He was tough against immoral practices of power struggle. My deepest condolences to his family members &amp; well-wishers," Siddaramaiah tweeted. Bhardwaj held a Doctor of Laws (Honoris Causa) degree and did his schooling from GBC High School, Rohtak, and college in BM College, Shimla. He also studied at Agra University and <keyword id="49466" type="COMPANY" weightage="20" keywordseo="Panjab-University">Panjab University</keyword>.

Congress veteran and former law minister Hansraj Bharadwaj passes away at 83

<ul><li>Spotify announced the launch of its ‘lite’ app in India to cater to users with limited internet connectivity or entry level devices. </li><li>The 10BM music streaming app is a toned down version of the original Spotify app but has only been launched for Android devices, leaves iOS phones out of the loop.</li><li><keyword id="7625445" type="UNKNOWN" weightage="20" keywordseo="Spotify-Lite">Spotify Lite</keyword> can be installed alongside the original Spotify app and is available to both, Free and Premium, users.</li></ul> India’s a hotbed for a whole bunch of <a href="https://www.businessinsider.in/uber-ola-oyo-spotify-instagram-youtube-kindle-lite-apps-you-must-have/articleshow/69767158.cms">‘lite’ apps</a> — like Uber Lite, Instagram Lite and <a href="https://www.businessinsider.in/Google-for-India-Googles-new-inspired-by-India-product-YouTube-Go/articleshow/54541798.cms">YouTube Go</a> — and now <a href="https://www.businessinsider.in/spotify-launches-in-india/articleshow/68173763.cms">Spotify</a> is throwing its hat in the ring by launching a simplified version of the music streaming app, Spotify Lite. The only catch is that it has only been launched for Android users and the company has plans to launch an iOS version of Spotify Lite just yet. “We are committed to the long-term development of the music streaming industry, and the launch of Spotify Lite is another strong step in that direction," <keyword id="1901642" type="PERSON" weightage="20" keywordseo="Amarjit-SIngh-Batra">Amarjit Singh Batra</keyword>, Managing Director of <keyword id="6118216" type="UNKNOWN" weightage="20" keywordseo="Spotify-India">Spotify India</keyword> said in a statement. Spotify Lite can installed alongside the <a href="https://www.businessinsider.in/spotify-vs-apple-music-vs-netflix-vs-amazon-prime-prices/articleshow/68297160.cms">main Spotify app</a> on a device so that users can alternate their usage depending on their requirement at a particular time. It’s also available to both Free and Premium users of Spotify. 
 
 <div type="Youtube" id="4XMxHotOA1g" title="Spotify has a new playlist of ideas on how to sell music-- all thanks to India" thumbUrl="https://i.ytimg.com/vi/4XMxHotOA1g/mqdefault.jpg"></div>




 ‘Lite apps’ To capture users in rural areas who may not have the best data connectivity or users who are using entry level devices, <a href="https://www.businessinsider.in/chrome-lite-firefox-lite-india-launch-for-slow-speed-internet/articleshow/68402566.cms">‘lite’ apps</a> advertise themselves as the toned down version of the original apps they represent — but use less storage, consume less data and don’t impact the phone’s processor and battery as much. Keeping in line with that mandate, Spotify Lite is simpler than the original Spotify app while keeping most of the features but packaged to be considerably smaller at a size of 10MB. The company claims that 90% of the features from the original app are still a part of Spotify Lite. But animations and visual effects have been toned down since they aren’t ‘critical to the core experience’. The app also gives users the option to clear the app’s cache if their phone is running low on storage. See also: <a href="https://www.businessinsider.in/chrome-lite-firefox-lite-india-launch-for-slow-speed-internet/articleshow/68402566.cms">Google and Firefox join the bandwagon of light-weight apps aimed at emerging markets like India</a> <a href="https://www.businessinsider.in/spotify-launches-in-india/articleshow/68173763.cms">Spotify silently launches in India with premium membership options starting at ₹13</a> <a href="https://www.businessinsider.in/apple-music-spotify-jiosaavn-gaana-subscription-price-in-india/articleshow/68737328.cms">Apple Music is now cheaper than Spotify in India</a>

India's patchy internet forces Spotify to go 'Lite' — but leaves iOS users out of the loop

Bollywood actor <keyword id="6356062" type="PERSON" weightage="20" keywordseo="Sushant-Singh-Rajput">Sushant Singh Rajput</keyword>’s gym routine will leave your spellbound and might even stress you out. The actor, who trained hard for his movie MS Dhoni: The Untold Story, biopic on Indian cricketer MS Dhoni, is now sweating it out for his upcoming flick ‘Raabta’. His gym routine is not a regular dumbbell lifting, ab crunching one and it has touched a new level as you will see his jumping with his dumbbells, flying while working out those abs and lifting weights like a super boss. Sushant’s daily training will make you doubt your capabilities and give you new fitness goals. He is achieving a physical transformation in five weeks for Raabta and people are already drooling over it. Here’s his daily fitness routine 
 
 
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Sushant Singh Rajput’s gym workout will give you major fitness goals

<ul><li>When exercising your ESOP options, you need to pay for the shares at the exercise price. </li><li>There may be an additional tax burden if the <keyword id="173739" type="General" weightage="20" keywordseo="esops" source="Orion">ESOPs</keyword> are provided at a value lower than the fair <keyword id="6463972" type="General" weightage="20" keywordseo="market-value" source="Orion">market value</keyword> at the time of vesting. </li><li>If the company fails to perform well, or lacks successful liquidity events, the potential returns on ESOPs may remain unrealised. </li></ul>When talking about the glitzy world of start-ups, a discussion on employee stock ownership plan (ESOPs), always comes up. In recent news Swiggy announced that it will buy back shares worth $50 million from employees. Also, Paytm granted 1.7 million new ESOPs to employees. A few weeks ago Flipkart announced a $700 million ESOPs payout. However, the world of ESOPs may not all be as rosy as it seems at first glance. ESOPs work in a certain way and there are a lot of factors which need to fall into place before an employee can make a profit out of them. Therefore, one needs to understand that with start-ups coming under a lot of pressure due to an uncertain economic scenario and a funding crunch, have ESOPs lost their charm? “ ESOPs are often offered to outstanding performers to foster a sense of ownership, and nowadays, start-ups use them as a means to attract and retain top talent. However, it is essential to be aware that some companies might also offer ESOPs to compensate for situations when they cannot offer competitive salaries,’ says Anjali Raghuvanshi, Chief People Officer, Randstad India, a HR consulting firm. What this essentially means is that when taking up a job offer, do note if ESOPs are a part of the salary package as this may come at the cost of foregoing some salary. It is important to understand two major risks associated with ESOPs. Let us take a look. <cmsannotation type="cmsannotation" annotationid="You would need to fork out money upfront" comment="subhead" text="You would need to fork out money upfront">You would need to fork out money upfront</cmsannotation> Here is where owning ESOPs can get tricky. “There are two up-front costs you have to bear when you are exercising your ESOP options. The first cost is the amount you pay the company for those ESOPs,” says BM Singh, ESOP Expert &amp; Managing Partner, BMSA, a consulting firm. Suppose an employee is granted 1,000 ESOP options by a company. The exercise price or strike price of each option is ₹100. This means that the employee can purchase the company's shares at ₹100 per share at a future date, regardless of the market price at that time. Now, let's assume that the market price of the company's shares increases to ₹150 when the employee decides to exercise their ESOP options. To exercise the options, the employee needs to pay the exercise price, which is ₹100 per share. The cost to the employee to exercise their ESOP options would be ₹100,000. <cmsannotation type="cmsannotation" annotationid="Additionally, there may be a tax implication" comment="subhead" text="Additionally, there may be a tax implication">Additionally, there may be a tax implication</cmsannotation> The next is the tax implication that arises here. If the ESOPs are granted at a value lower than the fair market value during vesting, there could be an extra tax burden, resulting in potential tax liabilities before fully realising the value of the ESOPs. “ESOPs are taxable in the hands of the employees as perquisite u/s 17(2) of the IT Act. The taxable amount of such perquisite would be the fair market value (FMV) of the shares (computed in accordance with Rule 3(8) of the IT Act) on the date of exercising such option less any amount paid by the employee for such ESOPs,” says Suresh Surana, Founder, RSM India, an audit, tax and consulting firm. In the above example, the employee would need to pay tax on the taxable amount of ₹50,000 at the applicable tax rate. The exact tax amount will depend on the individual's income tax slab rate. <cmsannotation type="cmsannotation" annotationid="A bigger concern" comment="subhead" text="A bigger concern">A bigger concern</cmsannotation> Poor company performance and uncertainty of liquidity events may render ESOPs worthless. “If the company fails to perform well or lacks successful liquidity events, the potential returns on ESOPs may remain unrealised, potentially impacting the value of the effort and time invested over the years, “ says Raghuvanshi. The value of ESOPs is closely tied to the company's performance and growth potential. If the company's value decreases, it can negatively impact the value of your stock options, potentially making it challenging to sell your shares at a profit. Hence, it is important for an employee to evaluate the future prospects and growth of a company before making a decision to exercise the option. When an employee exercises the options, he should have trust in the company's future growth and performance. “The employee should also be aware about the exit possibilities in case of unlisted shares i.e. buyback track record, funding rounds etc,” says Akhil Chandna, Partner, Tax, Grant Thornton Bharat, a professional services firm. When exercising ESOPs, it is thus essential to conduct a thorough assessment of the company's current performance and financial well-being. This evaluation helps the employee make informed decisions about exercising their options. “Any significant changes since joining could impact the decision,” says Raghuvanshi. <cmsannotation type="cmsannotation" annotationid="Risk of ESOPs are higher in an early stage start-up" comment="subhead" text="Risk of ESOPs are higher in an early stage start-up">Risk of ESOPs are higher in an early stage start-up</cmsannotation> If a start-up is bootstrapped or in the idea phase, the risks are higher. In that case ESOPs are merely paper money. As the different rounds happen, the value of the ESOPs and the probability of liquidity increases. “You should see at which stage of the start-up you are entering. At each phase the value of ESOPs is different. So if you are joining a company just on the basis of ESOPs and not getting a reasonable salary and the company is in its early stages, then you should also focus on the cash component,” says Singh. If it has reached the Series A or Series B funding stage, then you can consider the value of ESOPs when joining and can consider it an important part of your salary package.

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Congress veteran and former law minister Hansraj Bharadwaj passes away at 83

PTI

India's patchy internet forces Spotify to go 'Lite' — but leaves iOS users out of the loop

Prabhjote Gill

Sushant Singh Rajput’s gym workout will give you major fitness goals

Akanksha Jain

Explained: What accepting ESOPs, especially if joining a start-up, might entail

Anagh Pal

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