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Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

<ul class="summary-list"><li>Hermann Tilke and his son, Carsten, are the go-to designers for Formula 1 racetracks worldwide.</li><li>Tilke, who's worked on F1 circuits since the '90s, can face tight deadlines and difficult terrains.</li></ul>When Formula 1 is looking to create racetracks, it calls up one designer: Hermann Tilke.For the past three decades, the 69-year-old German engineer has been the main architect behind most of the global racing series' new tracks. He's designed some of the calendar's most interesting venues, including the Circuit of the Americas in Austin; the <a target="_blank" class="" href="https://www.businessinsider.com/f1-las-vegas-grand-prix-race-cost-fans-economic-boost-2023-11">Las Vegas Strip Circuit</a>; the Baku City Circuit in Azerbaijan; the Yas Marina Circuit in Abu Dhabi, United Arab Emirates; and the Jeddah Corniche Circuit in Saudi Arabia."I always wanted to do something related to my motorsports passion," said Tilke, who in the 1980s competed as a race-car driver in European touring cars while simultaneously earning a degree in civil engineering. He said he "didn't have enough time to dedicate to racing" and so "decided to make my own business."His firm, Tilke Engineers &amp; Architects, began working on minor Formula 1 projects in the 1990s. Tilke would earn the trust of the sport's top brass, eventually becoming its go-to designer for nearly every track created over the past 30 years. His son, Carsten Tilke, joined the company a little over a decade ago and is now a partner at the firm."It's a really cool job," the younger Tilke said. "Of course, it's not always easy, but, for sure, that's what makes it fun."Administrators within the FIA, Formula 1's governing body, say the Tilke team has become a trusted name because of its attention to detail and ability to create unique tracks that adhere to regulations."The design and build of FIA Grade 1 Circuits — as required to host a round of the FIA Formula 1 World Championship — is a highly complex and rigorous undertaking," Nuno Costa, the organization's safety director, said. "Hermann Tilke and his team have demonstrated many times in recent years that they can deliver a product that meets our highest expectations in terms of safety and raceability."<h2 id="968f3401-bd72-4023-9d0c-123827c47d74">Concept to completion</h2>When Formula 1 and host cities want to create a racetrack, the Tilkes first assess the plot of land they're given."People always think that we start with just a white piece of paper and can then do whatever we want," Carsten Tilke said with a laugh. "But no, that is not the case. We have the land, topography, budget, time — a lot of factors to consider."<div type="image" title="A group of men walk next to a brick wall to inspect it." height="1833" width="2750" msid="112748189" hostid="261" sizebytes="926578"></div>Hermann Tilke said sketches begin with the start/finish line."That's where we start, because that part of the track has to be straight, and it has to be flat," he said. "From there we design the rest, and we ask ourselves: How long is this track? If it's long, we can make very fast corners, sweeping corners, and so on."Topography often adds intrigue to the track; he pointed to Circuit of the Americas as a prime example. After a flat start/finish line, the circuit elevates sharply heading into turn one, <a target="_blank" class="" href="https://youtu.be/ptbOjmE0Jgg?si=-ZIbjLT3tpGBrh3e">giving the venue a distinctive feature</a>."The elevation is what makes that first turn iconic," he said.Beyond the track layout, the designers must consider hospitality sections, grandstands, general-admission viewing areas, and much more."The paddock is a huge area that you need and must account for," Carsten Tilke said. "Then there's the medical center, media, kitchen tents — a whole infrastructure you must support."Finally, the Tilkes consider the purpose of each track. Some are dedicated solely to Formula 1, while others aim to host additional racing series, such as MotoGP, a global motorcycle series, or private track days for luxury-car owners. The Tilkes say this can affect things such as the size and length of runoff areas.<h2 id="5bb742ad-204d-42a6-8b9b-8c817c4deafb">Unique challenges</h2>Asked about which of their tracks was the most difficult to design, the Tilkes laughed. "They each come with their own set of challenges," Hermann Tilke said.Some circuits require a lightning-fast turnaround time. The Tilkes said the Jeddah Corniche Circuit was the fastest project they completed, going from concept to completion in less than a year."When F1 is coming, that date is set — we cannot be one weekend longer," Carsten Tilke said. "With Jeddah, we needed to design and construct at the same time, so everything needed to happen in parallel. In the end, it took about 11 months, and it all worked out — something we are very proud of."<div type="image" title="The F1 Grand Prix of Saudi Arabia at Jeddah Corniche Circuit in Jeddah, Saudi Arabia." height="846" width="1280" msid="112748194" hostid="261" sizebytes="176930"></div>Creating the Sochi Autodrom in Russia in 2014 also proved to be a logistical nightmare. The circuit was constructed inside the Olympic Village — and the organizers of the Olympics were simultaneously building their own facilities that year."We were not loved by the other parties who were making the stadiums," Hermann Tilke said. "They wanted to finish, we wanted to finish. It was just a lot of things in tandem."Hermann Tilke described the terrain as another major obstacle. Often the land they have to work with requires a lot of maintenance before construction can even begin. The Shanghai International Circuit in China, for example, was constructed on swampland that in the beginning could barely support a track."We had maybe 60 or 70 meters of swamp," Hermann Tilke said. His firm ultimately determined it had to layer polystyrene on top of the marshy land to support the concrete."It was a really unique design and method of doing it," Carsten Tilke said.And at Abu Dhabi's Yas Marina Circuit — which traditionally serves as the final race of the Formula 1 calendar — the Tilkes had to build a racetrack on the previously uninhabited Yas Island. The project cost more than $1 billion and is considered the most expensive track in Formula 1 history."In general, the track itself is not more expensive than other tracks," Hermann Tilke said. "But we had to construct the entire infrastructure from scratch.""It was an empty island before," Carsten Tilke added. "Then you come in and add infrastructure, create a harbor, build everything from nothing. It gets more and more expensive."<h2 id="fe72e4ca-abb9-47d5-9719-9428e137cd8c">Dynamic duo</h2>Carsten Tilke joined his father's firm about 11 years ago as a project manager, working his way up to becoming a partner. He's taken the lead on a variety of projects, including the Las Vegas Strip Circuit, which debuted last year."Often people ask me how it is to work with my father," he said. "We listen to each other, we discuss things." He added, "We don't always have the same opinion, but he's open to new things and new ideas."<div type="image" title="Carsten Tilke and Hermann Tilke lean over a desk with architectural plans." height="2000" width="3000" msid="112748191" hostid="261" sizebytes="251522"></div>Just like his father, Carsten Tilke has competed as a race-car driver. He says a passion for motorsports is essential for everyone at the firm."The projects we have are difficult and challenging, so if you don't have a passion for it — if you are just doing it because it's work — you won't have the success we have," he said.And there's never a dull day for the Tilkes. They're working on two major Formula 1 projects: a Madrid street circuit set to debut in 2026, and a new racetrack in Qiddiya City, Saudi Arabia, designed to boast steep elevations and a Six Flags theme park running alongside it.

Formula 1 relies on this father-and-son duo to design iconic racetracks like the Las Vegas Strip Circuit

The cheapest and most expensive Formula 1 races to attend during the 2024 season, which features more circuits than ever before

Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier <keyword id="6358200" type="General" weightage="20" keywordseo="Jet-Airways" source="Orion">Jet Airways</keyword>, on Friday said it has infused an additional Rs 100 crore in the airline as per the court-approved resolution plan. With this, the consortium has "fulfilled" its total financial commitment of Rs 350 crore to revive the airline, which would pave the way for it to take over the ownership of Jey Airways, JKC (Jalan Kalrock Consortium) said in a statement. JKC also said it is expecting the airline to be up and running next year with the launch date likely to be announced in the next few days. Jet Airways has not flown since April 17, 2019. "Kalrock Consortium (JKC) today completed an additional infusion of 100 crore, reaffirming its unwavering commitment to a successful resurgence of Jet Airways," the consortium said in the statement. "With this infusion, JKC has now fulfilled its total financial commitment of Rs 350 crore equity as per the court-approved resolution plan, and all commitments by JKC now stand fulfilled to take control of the iconic airline," it added. It also said that the consortium's strategy to revive the airline remains unaltered. "The new promoters are determined to re-establish the operations of the airline up and running in 2024," it said and added that further announcements regarding the launch date of Jet Airways will now be made in the coming weeks.

Jet Airways hits upper circuit after Jalan Kalrock Consortium infuses Rs 100 cr more

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Reliance Home Finance, Reliance Power shares hit lower circuit limits

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Formula 1 relies on this father-and-son duo to design iconic racetracks like the Las Vegas Strip Circuit

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The cheapest and most expensive Formula 1 races to attend during the 2024 season, which features more circuits than ever before

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