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The wealth of BJP national president and now Rajya Sabha member <keyword id="6355521" type="PERSON" weightage="100" keywordseo="Amit-Shah">Amit Shah</keyword> grew by 300% in last five years. In his affidavit, Shah’s movable assets increased from Rs 1.90 crore in 2012 to Rs 19 crore in 2017. Shah also stated he has ancestral movable property worth Rs 10.38 crore. Shah's movable and immovable (including his wife) assets increased by about 300% from 2012. His assets (movable and immovable), which were worth Rs 8.54 crore in 2012 are now worth Rs 34.31 crore. Meanwhile, <keyword id="6612" type="PERSON" weightage="20" keywordseo="Smriti-Irani">Smriti Irani</keyword>, in her affidavit, declared movable and immovable assets, including her husband's, in 2014 were worth Rs 4.91 crore and their values have increased to Rs 8.88 crore, an 80% increase from 2014 to 2017. Smriti, in her 2014 affidavit for the <keyword id="6355187" type="ORGANIZATION" weightage="20" keywordseo="Lok-Sabha">Lok Sabha</keyword> election, had claimed that she had a "BCom Part I from School of Correspondence, University of Delhi in 1994.” Following a series of legal cases, in her affidavit for the 2017 Rajya Sabha, she affirmed that her three year degree course has not been completed.

This is how much Amit Shah's assets grew in 5 years. Find out

It is going to be difficult for <a href="http://www.businessinsider.in/This-Info-Graphic-Shows-By-2020-50-of-Indian-Children-WillAttend-Private-Schools/articleshow/26350362.cms">private schools</a> to inflate fees, ask for donations and terminate students on the basis of performance as <a href="http://www.businessinsider.in/searchresult.cms?query=Smriti+Irani">Union HRD Minister Smriti Irani</a> is going to ask some serious questions now. 
 
The HRD ministry is working towards bringing more transparency in the <a href="http://www.businessinsider.in/searchresult.cms?query=schooling">education system</a> and asking private as well as government schools to make a couple of disclosures. 
 
The schools, which offer global standard facilities and hire well qualified teachers, will now have to inform the government about their assets, fee structure, admission procedure and their faculty’s qualification and make a legislation to introduce student friendly measures. 
 
The five key proposals of the bill are: 
(a) Asking all schools to declare fee components on their websites 
(b) Notify their admission process clearly and well in advance 
(c) Disclose assets 
(d) Give full information on teachers' educational backgrounds 
(e) Disallow schools from charging full year's fees from students who change schools before the academic year ends. 
 
The bill will not set any benchmark but would only bring transparency in the functioning of the schools and check the malpractices. 
 An official, on the condition of anonymity, told Economic Times, "We are working on a legislation to check malpractices across schools. The idea is to check unduly inflated fees...we do not intend to regulate fees, but push for greater transparency through full disclosure of fees, teachers' qualifications, assets and activities. We will take into account the views of all stakeholders and <keyword id="6359766" type="UNKNOWN" weightage="20" keywordseo="Private-schools">private schools</keyword> and will soon start discussions." 
 
The new law also intends to prevent schools from forcibly turning away or terminating the admission of a child for reasons like 'non-performance'. It also looks forward to have a provision which emphasizes that termination on such grounds puts a student at considerable disadvantage. 
 Under the legislation, full disclosure of teachers' qualification will be mandatory, which will weed out under-qualified teachers. The ministry is working on a set of benchmarks for teacher recruitment and all schools will have to follow them. Former HRD Minister <keyword id="30182" type="PERSON" weightage="20" keywordseo="Kapil-Sibal">Kapil Sibal</keyword> had initiated action on checking 'unfair practices' in the education system, but his efforts were focused on higher education. 
 
Image: thinkstock

Private schools will now have to declare their assets, fee structure

<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

Adani group marketcap falls by over ₹45,000 crore on Wednesday

New Delhi, Apr 17 () Union Minister Nitin Gadkari on Friday said that "bold and forward looking" policy interventions by the RBI shall provide a much-needed boost to the economy. Other Cabinet ministers Piyush Goyal and Smriti Irani too hailed the measures, saying these steps would ensure adequate liquidity, ease financial stress and steer India's emergence as a world leader in the post COVID-19 scenario. The Reserve Bank of India (RBI) cut the reverse repo rate and announced a slew of measures including re-finance window of Rs 50,000 crore and targetted long term repo auction of similar amount to deal with the impact of the Covid-19 pandemic.Besides, it has been decided that the NPA classification norms will exclude the 3-month moratorium window that banks are allowed to give on loan repayments, to ease the worries of micro, small and medium enterprises (MSMEs) that are in danger of becoming bad loan accounts. "I specially thank RBI for their special focus on MSME and providing 50,000 cr for refinancing of MSMEs through SIDBI, NABARD &amp; NHB. The extension of loan classification to 180 days for stressed assists shall address to NPA's issue, " the Minister for MSME and Road Transport and Highways Gadkari tweeted. In another tweet, he said: "State governments are under severe liquidity crunch, increasing of WMA limit by 60 per cent shall help state governments garner more resources". Commerce and Industry Minister Goyal also took to micro blogging site Twitter to express his views on the FBI's announcements. "Given the visionary steps taken under the leadership of PM @narendramodi ji to protect the lives of the people, today's steps by RBI to support the economy will provide liquidity for growth &amp; help India emerge as a world leader in a post COVID-19 world," Goyal tweeted. He said the exclusion of moratorium period from 90 days NPA norm will help borrowers, while simultaneously the health of banks is being maintained through 10 per cent higher provisioning and stopping dividends for the year.Union Minister for Textiles and Women and Child Development Irani tweeted that the "announcements aimed at ensuring adequate liquidity, facilitating bank credit flows &amp; enabling normal functioning of markets, will significantly ease financial stress &amp; eventually strengthen India's growth &amp; progress".The central bank's Governor Shaktikanta Das assured that RBI will use all instruments at its disposal to deal with the challenges posed by the outbreak of the novel coronavirus, depending on evolving situations.This is not the last of the announcements, and based on evolving situations, the central bank will come up with responses in the future in the interest of the economy, he said.In a video message, Das said in order to encourage banks to deploy the surplus funds in investments and loans in productive sectors of the economy, it has been decided to reduce the fixed rate reverse repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 4 per cent to 3.75 per cent with immediate effect.The reverse repo rate is the rate banks earn by parking deposits with the RBI.Surplus liquidity in the banking system has risen significantly in the wake of government spending and the various liquidity enhancing measures undertaken by the RBI, Das noted.He also said that it has been decided to conduct targeted long-term repo operations (TLTRO 2.0) for an aggregate amount of Rs 50,000 crore, to begin with, in tranches of appropriate sizes.Das announced special refinance facilities for a total amount of Rs 50,000 crore to Nabard, Sidbi and National Housing Bank (NHB) to enable them to meet sectoral credit needs.To provide greater comfort to the states for undertaking Covid-19 containment and mitigation efforts, the RBI announced a 30 per cent increase in the ways and means advances limit.It has been decided that in respect of all accounts for which lending institutions decide to grant moratorium or deferment, and which were standard as on March 1, 2020, the 90-day NPA norm shall exclude the moratorium period, i.e., there would an asset classification standstill for all such accounts from March 1, 2020 to May 31, 2020.Pointing out that the RBI is monitoring all macro parameters on a continuous basis, he said, economic activity has come to standstill during lockdown.The impact of Covid-19 is not captured in the index of industrial production (IIP) data for February, he said, adding that the contraction in exports in March at 34.6 per cent is much more severe than global financial crisis of 2008-09. RSN MKJ

Gadkari, Goyal hail RBI measures to prop up coronavirus-hit economy

It is a known fact that our country is governed by politicians who are comedians in disguise. From making every Indian laugh at their utterly false promises to disrupting the Parliament day after day and being involved in scams of massive proportions, our politicians are guilty of indulging in them all. 
 
While they might not excel at what they’ve been elected to do (no surprises there), we can’t help but admit that our politicians do have some hidden talents. Unfortunately, they are unable to hone these talents due to the immense burden of governing a country on their shoulders. (also alternatively known as the burden of enforcing a ban on everything we’ve ever loved and cared for) 
 
To make things easier for our beloved politicians in case they ever decide to take a leap from the world of politics, also known as the world of looting the taxpayer’s money, Business Insider draws up a list of alternate career suggestions for eight ministers depending on what their skill sets are. 
 
 
 
1. <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> 
<a href="http://www.businessinsider.in/Modis-Letter-to-the-Nation-This-is-just-the-beginning-we-will-build-India-of-your-dreams/articleshow/47427670.cms">Narendra Modi</a> may have been entrusted with the duty of being the Prime Minister of India, the biggest democracy in the world, but the one job his majesty is tailor-made for is that of a ‘Travel blogger’. During his tenure as PM, Modi has visited more countries than the number of successful sessions the Parliament has witnessed, and if that’s not a big achievement, I don’t know what is. In his is future travel blog titled ‘How to take selfies while traveling around the world in 80 days,’ Modi could write about his experiences in every country he’s visited till date, while the readers could rate the selfie accompanying the post. Majama! 
 
 
 
2. <keyword id="5268" type="PERSON" weightage="80" keywordseo="Rahul-Gandhi">Rahul Gandhi</keyword> 
The Congress Vice President possesses a face which looks perennially confused and not being able to figure why things never work out in his favour adds to his woes. 
Maybe, that is why we think he’ll blend in perfectly as one of the cast-members in the next sequel of Golmaal. Let’s observe a one minute silence and pray that in his new job as a confused cast-member, <a href="http://www.businessinsider.in/This-is-how-Twitterati-welcomed-Rahul-Baba/articleshow/47189672.cms">Rahul baba</a> wouldn’t have to take advice from a cheat-sheet or Mommy Gandhi. 
 
 
 
3. <keyword id="260213" type="PERSON" weightage="80" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword> 
Of late, Delhi Chief Minister <a href="http://www.businessinsider.in/Kejriwal-Has-The-Last-Laugh-With-Arnub/articleshow/46183707.cms">Arvind Kejriwal’s</a> Twitter timeline has started bearing resemblance to that of Mihir Fadnavis’ timeline. Turns out, Kejriwal is a closet movie-buff. Apart from raking up electricity bills in lakhs, Arvind Kejriwal’s other talent lies in critiquing movies. He’s done every cinegoer a favour by taking his unofficial career as a ‘Film critic’ sincerely and telling us in advance which movies we should watch and which we shouldn’t. Delhi’s problems can wait as long as he guarantees that Masaan, Drishyam and PK are a ‘must-watch.’ 
 
 
 
4. Jayalalithaa 
Despite being convicted in the Rs 66.65 crore disproportionate assets case and the court giving her a jail term of four years, Tamil Nadu Chief Minister Jayalalithaa’s stint in jail was shorter than <a href="http://www.businessinsider.in/Actors-you-wouldnt-believe-were-pornstars/articleshow/48202122.cms">Sunny Leone’s</a> clothes and if that isn’t enough evidence for why she should immediately take up being a Con escape artist full time, what is? 
 
 
 
 
5. <keyword id="43868" type="PERSON" weightage="80" keywordseo="Mamata-Banerjee">Mamata Banerjee</keyword> 
If Mamata Banerjee wasn’t a politician or the Chief Minister (how we wish), she would’ve been a model. For cartoonists. 
It has been found that every single facial expression on Mamata’s face can be converted into a cartoon. There's also one round of whispers which claim that the day she decides to take up face modeling and spare the state of West Bengal, cartoonists all over the country will declare a holiday to celebrate getting a lifetime muse. 
 
 
 
6. Lalu Prasad Yadav 
“Jab tak rahega samose mein aloo, tab tak rahega Bihar me Lalu” 
This gem of a one-liner saw the light of the day only and only because of Lalu Prasad Yadav. While we were always aware of his funny bone, what sealed the deal for us was his <a href="http://www.businessinsider.in/The-Imitation-Game-Lalu-mimics-Narendra-Modi-does-it-better-than-the-PM-himself/articleshow/48584660.cms?from=mdr">recent mimicry of Lord Make Fun Of Me Not, aka Narendra Modi.</a> We’re a country starved of humour and thus the need of the hour is to ensure Laluji leaves politics and follows his heart (and our laughs) to become a standup comedian. 
 
 
 
7. Smriti Irani 
The HRD Minister has received a lot of flak for her allegedly forged educational qualifications. While we’ll keep mum on whether the allegations against her or true or not, we'll go ahead and say that if there comes a time when she’s bored of making Sanskrit compulsory in Kendriya Vidyalayas mid-session, she could always try her hand at becoming a Dean in a University. But, is she qualified enough for the role? Guess we'll never know. 
 
 
 
8. <keyword id="6355521" type="PERSON" weightage="80" keywordseo="Amit-Shah">Amit Shah</keyword> 
The President of Bharatiya Janata Party Amit Shah is best known for his event management skills. Be it, the Gujarat riots, 2014 elections or the ‘weighty’ event of him being stuck in a Bihar lift, Shah has left no stone unturned to exercise his gleaming event management skills in every scenario and have us all fooled. Thus, if Shah is ever considering a switch, there would be no better field than Event Management. We even have a tagline suggestion- ‘Let us help in making your next event a riot.’ 
 
Image credit: Indiatimes

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This is how much Amit Shah's assets grew in 5 years. Find out

BI India Bureau

Private schools will now have to declare their assets, fee structure

BI India Bureau

From A to Zee: Subhash Chandra’s spectacular rise and fall

Katya Naidu

Adani group marketcap falls by over ₹45,000 crore on Wednesday

Rounak Jain

Gadkari, Goyal hail RBI measures to prop up coronavirus-hit economy

PTI

Eight politicians who should give these alternate careers a serious thought

Poulomi Das

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