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Entrepreneur Akash Pillay does a noble deed amid the COVID-19 lockdown; check out!

Currently, the entire Nation affected by the outbreak of the Novel Coronavirus. In these hard times, many families are finally financially affected and have no means to earn for the livelihood. Some can't buy a meal for their family, while others are struggling to buy sanitary products like gloves, masks, antiseptics, etc.

Akash Pillay, a 23 years old Pune based entrepreneur came forward to help these needy families by donating 10000 masks for two consecutive days. During this hard time, various shopkeepers are selling masks and other necessary products at an exorbitant price, and this was the major reason why Akash Pillay thought of doing this noble deed.

Talking about the same Akash Pillay says, "We have seen some people taking COVID-19 as a business opportunity, safety masks which cost 7 to 10 rupees are now costing 35 to 40 rupees per mask for no reason. People who work on daily wages cannot afford them during this lockdown period. They are forced to think about whether they should buy the safety stuff or a meal for the day. Which is why I decided to donate masks along with my friends and help them in whatever way I can."

The young lad is a BSC Graduate in Zoology and started working at an MNC right after he completed his graduation. He continued to work as an employee for about 2 years until he decided to start his own business.

Akash has a huge fondness towards anchoring and hosting which made him quit his job and start his agency named Storror Nightlife in Pune.

Right after establishing his own agency, Akash started receiving offers from brands for shoots and endorsements and within no time, Akash was one of the most successful event managers in Pune city. He is quite popular on social media a testimony of which is seen on his Instagram handle.

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Coronavirus outbreak: Indian Navy designed PPE gets nod for mass production

The Personal Protective Equipment (PPE) kits developed by the Indian Navy has obtained clearance certification for mass production, a top naval officer said on Thursday.

The PPE kits designed and produced by the Indian Navy were tested by the Institute of Nuclear Medicine and Allied Sciences based in Delhi, a DRDO organisation tasked with testing and certification of PPE. They have now been certified to be mass produced and used in clinical Covid-19 situations.

Shortage of PPE kits during the ongoing Covid-19 pandemic is of serious concern as it imperils the well-being and availability of the healthcare workforce, apart from adversely impacting their security and morale.

The PPE is required to meet stringent criteria on testing and the benchmarks of the same are set by the ICMR and the Union Health Ministry.

A team formed by the Innovation Cell, Institute of Naval Medicine, Mumbai, and the Naval Dockyard, Mumbai, collaborated to design and produce the PPE kits.

"The PPE passed with 6/6 synthetic blood penetration resistance test pressure (GoI mandates minimum 3/6 and above level as per ISO 16603 standard). It is thus certified to be mass produced and used in clinical Covid-19 situations," the force said in a statement.

The force also said that the cost for this PPE is significantly lower than the commercially available ones.

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Coronavirus outbreak: India's COVID-19 fatality rate 3.3 percent, total cases rise to 52,952

India's fatality rate of COVID-19 patients is 3.3 per cent and recovery rate 28.83 per cent but the number of cases rose by a steep 3561 taking the total count beyond the 50,000 mark to 52,952. Of the total number of cases, 35,902 are active cases, 15,266 cured or discharged and 1,783 persons have died. While 3561 new confirmed cases have been added since yesterday, 1084 patients have been cured.

Health Minister Harsh Vardhan on Thursday held a meeting today with Health Ministers of Uttar Pradesh and Odisha, and senior officials from both Centre and the states to review the situation, actions being taken and preparedness for management of COVID-19.

He said that as on May 7, a total of 52,952 cases have been reported from the country. He noted that in comparison to other countries, India is in a better condition as the fatality rate is 3.3 per cent and recovery rate is 28.83 per cent.

The minister said that 4.8 per cent patients in ICU, 1.1 per cent on ventilators and 3.3 per cent on oxygen support of the active cases. The testing capacity has increased in the country and it is 95,000 tests per day. Cumulatively, 13,57,442 tests have been done so far for COVID 19. There are 180 districts with no new cases in less than 7 days, 180 districts with no new cases in 7-13 days, 164 districts which have not had any new case in 14- 20 days and 136 districts with no new cases since the last 21-28 days.

In view of the increase in the number of migrant labour expected to reach their native states in the days to come, Harsh Vardhan noted that robust strategy and mechanism need to be drawn up for their testing, quarantine, and treatment of the positive cases.

States were also informed that helpline number 104 in addition to 1075 can be used for grievance redress for non-COVID essential services. They were advised to take adequate measures for prevention of vector diseases. AIIMS-Delhi Director Dr Randeep Guleria said that as per the modeling data and the way India's COVID-19 cases are increasing, it is likely that peak can come in June and July. Maharashtra continues to have the highest number of cases in the country at 16,758 followed by Gujarat (6,625) and Delhi (5,532)

No new case of COVID-19 has been reported in Kerala on Thursday and the total number of active cases stands at 25. The Union Health Minister and Minister of State for AYUSH Shripad Yesso Naik jointly launched clinical research studies on Ayurveda interventions as an add-on to standard care to COVID 19 situation and AyushSanjivani application.

Vice President and Chairman Rajya Sabha M. Venkaiah Naidu held a meeting with Lok Sabha Speaker Om Birla and discussed the situation regarding COVID19 disease in the country and role being played by members of Parliament. Naidu and Birla also discussed the issue of feasibility of various committees of Parliament holding their meetings at the earliest in the prevailing situation. They felt that if the situation does not allow regular conventional meetings of the committees in the near future, alternative means of enabling such meetings may be explored.

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Vizag gas leak: NDRF refutes reports of second gas leakage

New Delhi: Director-General of National Disaster Response Force (NDRF), SN Pradhan, on Friday refuted reports of a second gas leak at LG Polymers in Visakhapatnam district and clarified that it was some fumes which released during the neutralisation process.

"There are rumours in some section of media about a second gas leakage, let me categorically place on record that there is no such second leakage in Vizag. Some fumes get released during the process of neutralising. It happens during the neutralisation process. It is a technical process. That process will continue," Pradhan told ANI.

Earlier in the day, the Ministry of Home Affairs (MHA) responded to reports of another gas leak at LG Polymers in Visakhapatnam and clarified that it was a "minuscule technical leak" and the situation is under control.

"There are media reports that there was another leak. This is clarified that this was a minuscule technical leak. It is required to bring the container in control. It is been controlled and the process of neutralisation is already in process. The situation is under control," the MHA said in a statement.

Meanwhile, Pradhan said, "Few fumes get released during the neutralisation process. These fumes do not go out and mostly remain in the vicinity of the company only, but that does not mean that it's secondary leakage happened there. The smell of this gas can passes through the air little bit outside, but assessing it as a second leak is utterly wrong."

The NDRF DG appealed to the media to not to run fake news on the gas leak without cross-checking so that people do not get panic.

"The neutraliser chemical has reached the spot in good quantity and it is being used in the process. Rumour mongering must be avoided in the interest of people," he said.

Pradhan informed that experts from Pune and Nagpur, including scientists are monitoring the situation on the ground since last night.

"We are preparing a roadmap with the local administration. This work is being done jointly by the state, Centre and local administration. Tourism minister of the state also visited the spot. We are also present at the spot. Since last night, the experts from Pune and Nagpur including scientists are monitoring the situation on the ground. At the moment, our two commandants and three scientists are camping there," he explained.

"Two teams of 5th battalion of NDRF are on the ground. The situation is under control. The NDRF teams will stay back in the area until the situation is absolutely under control," Pradhan said.

On Thursday, styrene gas had leaked in the gas plant of LG Polymers in RR Venkatapuram village in Visakhapatnam district on Thursday morning, which claimed 11 lives.

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Coronavirus Lockdown: Pune civic body to distribute ration kits at containment zones

Pune: In a bid to limit the movement of people in containment zones, the civic body in Maharashtra's Pune city will distribute ration kits to 70,000 families in the hotspot areas from Friday onwards, an official said.

As of Thursday, the Pune Municipal Corporation has over 2,140 COVID-19 cases, of which 1,600 were reported from Bhavani Peth, Dhole Patil Road, Kasba-Vishrambaug, parts of Shivajinagar and Yerwada areas.

"We want people in the containment zones to stay indoors and not venture out even to buy essentials. We will distribute 1 lakh ration kits to 70,000 families in these areas," municipal commissioner Shekhar Gaikwad said.

These kits will contain five kg of flour, three kg of rice, pulses, oil and other essential items that can last up to 15 days, he said. "Community workers and civic employees will distribute these kits from Friday onwards," he added.

Apart from ration kits, the PMC also plans to provide sanitisers and one lakh masks to residents of containment zones.

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Coronavirus Outbreak: UP Police's message of hope wins hearts online!

At a time when the world is in despair due to the Coronavirus outbreak and the subsequent lockdown, hope is the only thing one can cling on to. Amid the pandemic that has infected millions of people across the globe and claimed scores of lives, people are hoping for a healthy and safe world and a better tomorrow.

The police department is trying hard to keep the spirits of the people high. From witty posts from the Mumbai Police’s social media pages to viral photos of police dressed as Yamraj, the god of death and some cops wearing helmets with spikes resembling the virus, the police department is pulling all stops to make sure you follow the necessary precautions to keep the illness at bay.

The 112 emergency service wing of the UP Police has garnered praises from netizens for spreading the message of hope amid the Coronavirus pandemic. The police department posted a picture on Instagram, Twitter and Facebook, of their Police Response Vehicles of the wing arranged in formation of the word, ‘HOPE’ at Rumi Gate in Lucknow. They spell HOPE as Hold On. Pain Ends as an extended version of the acronym.

The caption written in Hindi reads, The world rests on hope, and we stand to our determination. HOPE keeps us going!

The netizens have praised the police department for their message of hope. Their post shared on Wednesday, has garnered more than 893 likes on Facebook and was shared 113 times. In the comments, users have posted praising their drill. Excellent drill, said a user. Another user said, Desh sewa ke liye abhinandan.

What do you think about the post?

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Coronavirus Outbreak: Harry Potter studio tour buses provide free transport to NHS workers

Branded Harry Potter buses that generally take fans to Warner Bros.' The Making of Harry Potter studio tour in the UK are now being used to transport key National Health Service (NHS) workers for free between hospitals battling coronavirus.

The buses have been provided by Warner Bros. Studios Leavesden and bus operator Golden Tours to transport key workers between West Herts Hospitals NHS Trust's three sites, reported Variety.

"Our workforce has been depleted due to sickness or self-isolation and so it's really important that those staff who are well but have transport issues can come back," Variety quoted Paul da Gama, chief people officer at West Herts Hospitals as saying.

"A special shuttle bus, which will have strict social distancing rules, is the perfect solution and we are so grateful to Warner Bros. Studios Leavesden and Golden Tours for making this happen. Our staff might not be travelling to exotic locations or seeing behind the scenes of a major movie, but they will be making magic happen in their own way," he added.

The free service runs its first journey just after 6 a.m. and its last drop-off at 10:40 p.m. (local time) between the Trust's three sites.

"We couldn't think of a better way to use the buses at this time. We are delighted to play a part in supporting our local NHS in its time of need," Variety quoted a spokesperson for Warner Bros. Studios Leavesden as saying.

The UK has reported more than 90,000 confirmed cases of coronavirus while the toll due to the coronavirus has surged past 12,000.

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Hollywood stars are going all out to raise funds for COVID-19 pandemic relief

A chance to act with Leo and De Niro

Leonardo DiCaprio and Robert De Niro are giving fans the chance to appear in their upcoming film, Martin Scorsese’s adaptation of Killers of the Flower Moon. DiCaprio and De Niro are using the upcoming production to raise funds for the All-In Challenge, an online initiative that gives stars from all corners of the entertainment industry a chance to offer donation initiatives to benefit America’s Food Fund, as per reports. They explained that those who make a donation will have a chance to win a walk-on role in the production.

Ellie helps those in lockdown

Singer Ellie Goulding has helped source 400 mobile phones, which will be given to homeless people to help them through the lockdown. The distribution of the phones began on April 15. The phones will go towards people that the organisation, Crisis, supports, as well as those who are staying in hotels across London.

Tom Hardy to read bed-time stories

Tom Hardy will read night-time tales on the long-running series Bedtime Stories. The episodes of the BBC Children’s channel CBeebies will run from April 27 through May 1. The episodes were shot in Hardy’s garden, following social distancing guidelines. He will be joined by his French bulldog named Blue for some of the bedtime stories. The development, the channel alludes, is a step further in providing engaging content relevant to the situation. 

Ben, Matt play poker

Ben Affleck, Matt Damon and other stars raised $1.75mn through poker, for an online celebrity poker tournament, All In For America’s Charity. They raised $1.75 million for Feeding America, a non-profit organisation that distributes food to those in need amid  the outbreak, as per reports. Celebrities such as Tom Brady, Adam Sandler and Bryan Cranston bought in for $10,000 each at the food bank fundraiser.

Off screen superhero Krasinski to play one on screen?

Actor John Krasinski, who has been lifting spirits amid the pandemic with his series, Some Good News, has reportedly met with Marvel Studios for an unspecified project. Although details about the project are awaited, it is reported that Marvel has been holding “virtual meetings” with actors, directors and writers lately, and Krasinski was one of them. It also indicated that Krasinski might be in talks for a role in Young Avengers. Another possibility that the site mentioned is a Fantastic Four reboot. Neither Marvel nor Krasinski has confirmed the development.

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Coronavirus outbreak: Rihanna's father survives COVID-19 battle

Pop star Rihanna's father Ronald Fenty tested positive for COVID-19, but he has survived the illness with the help of his superstar daughter. Fenty tested positive for coronavirus at home in Barbados. He feared he would die after testing positive for the novel coronavirus and suffering high fevers, reports thesun.co.uk.

He said his daughter, whose real name is Robyn Fenty, sent a ventilator to his home, and checked on him every day. "My daughter Robyn was checking in on me every day. I thought I was going to die to be honest. I have to say, I love you so much, Robyn'. She did so much for me. I appreciate everything she has done," the 66-year-old said.

He revealed his superstar daughter, 32, sent in a ventilator "that he hadn't used yet", and shipped it to his home in the Caribbean. He said that she gave him "more than" he needed to make it through the illness. Recalling his time with the illness, he said: "I got a fever up inside of my nose. I had a fever across my lips. It was just a lot of fever. I feared the worst. I thought I was going to die, honestly."

He had a message for everyone. "I want everybody to stay home. This is a serious situation. More serious than people realise. Please stay home," he said.

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Johnny Depp makes Instagram debut; garners over a million followers

Hollywood actor Johnny Depp has stepped into social media by joining Instagram to share a special message for fans affected by the COVID-19 pandemic.

The "Pirates Of The Caribbean" star made his debut on the platform on April 16 by sharing a photograph of himself sitting on an old wooden bench in what seems like a cave, surrounded by candles and lights.

"Hello everyone... filming something for you now... gimme a minute," he captioned the image.

 
 
 
View this post on Instagram

A post shared by Johnny Depp (@johnnydepp) onApr 16, 2020 at 7:12am PDT

Depp gained 600,000 followers just three hours after creating the account, reports aceshowbiz.com.

A representative for the official account of his band The Hollywood Vampires and member Joe Perry both left comments featuring similar emojis on the comment section.

Moments later, the actor came back on the photo-sharing website and posted a piece he'd been filming.

A video message, which started like: "Hi everyone, hello to whomever might be out there in ether-land receiving this transmission. This is my first experience within the world of social media. I've never done anything like this before. I don't think I've ever really felt any particular reason to, until now."

"Yeah, now is the time to open up a dialogue as the threat of this invisible enemy has already caused immeasurable tragedies and enormous damage to people's lives. People are ill and without care, people are getting sick, fighting for breath and dying at frighteningly high rates."

Depp went on to reference those who have lost their jobs and others living on the streets "with no shelter or option of self-isolating at all".

"So I feel we need to try and help each other through these hard times, these trying times, for those we love, for our community, for ourselves, for the world and for the future."

He concluded his first Instagram message by thanking fans for "your kindness, your unwavering support and your strength over these years. I am touched beyond words."

The actor then shared his version of musician John Lennon's "Isolation" saying that "there's more to come" and noting that he hoped fans would "enjoy our version."

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Russell Crowe shares throwback picture from A Beautiful Mind sets

Hollywood veteran Russell Crowe took a trip down the memory lane on Saturday and shared a throwback picture from the sets of his film -- A Beautiful Mind.

The 56-year-old shared the picture of the year, 2001, on Instagram. The actor is seen sitting along with actor Jennifer Connelly, also his co-star in 2001 released American biographical drama film. The duo have shared screen space in multiple films.

Addressing the 49-year-old star, Crowe tweeted: "Love this gal. Been married to her twice. Awesome actress. I think we bring out the best in each other. This from the set of A Beautiful Mind. Somewhere in New Jersey, 2001."

Directed by Ron Howard, the movie is about an antisocial but genius mathematician, John Nash who agrees to do some secret work in cryptography following which his life becomes a total nightmare. But his love for numbers is quite evident in the film.

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Jimmy Fallon blushes as Kate Hudson jokes about his crush on her during 'Almost Famous'

American actor Kate Hudson recently appeared on a virtual chat on 'The Tonight Show Starring Jimmy Fallon,' and she reminisced the 2000 film 'Almost Famous' and talked with her old pal about how "wild" it is to revisit that time.

According to E!News, the 41-year-old actor and Fallon both starred in the 2000 film 'Almost Famous' but even two decades later, there's a lot to know about what went down during that time. As the two talked about recently appearing on a podcast dedicated to the film, Hudson said, "There were so many things that I forgot... that I remembered while we were doing the interview. It was such a beautiful walk down that time in our lives. What a special experience for everybody that was."

Hudson then reminisced the 'Almost Famous' days and jokingly said, "And then there were relationships that came out of it, which by the way we need to discuss."

The 'The Tonight Show Starring Jimmy Fallon,' host Fallon then shared the story of how he tried to woo the actor years ago but ended up introducing her to her now ex-husband Chris Robinson.

Hudson referred to an older episode from 2018 clip from 'The Tonight Show Starring Jimmy Fallon,' when Fallon revealed to Margot Robbie that he had a crush on Hudson earlier. After which Fallon asked her, "Did you see it?"

She said, "Yes, are you kidding me? I had like 100 people send me that clip. Can I just tell you what happened to me as I was listening to this?"

The 'Raising Heaven' star went on, "I was like, Jimmy... I had no idea like there was no... like I wish people could have been in our body to watch you and I's relationship and friendship because... you gave me no indication."

Fallon answered even as he blushed, "Well, I gave a little indication, I thought we were good together."

She said, "Jimmy if you would have actually made a move, I would have totally gone there. I remember thinking to myself, why has Jimmy never made a move? And then I just kind of realized, 'Oh, he's not into me like that.' And so, then I met Chris."

But Fallon interjected, saying, "That's not the story at all!"

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How to maintain your workout routine at home? Here's Priyanka Chopra's hack

Actor Priyanka Chopra seems headstrong when it comes to fitness. Despite not hitting the gym due to lockdown, the actor has a solution to maintain her workout routine at home. The star on Saturday posted a video of herself on Instagram in which she could be seen half-laid on the couch while pulling up a kid with her hands.

 
 
 
View this post on Instagram

No gym, no problem. @sky.krishna @divya_jyoti

A post shared by Priyanka Chopra Jonas (@priyankachopra) onMay 2, 2020 at 12:05pm PDT

The 37-year-old was pounding out reps over reps as she lifted the little young girl instead of dumbells. Taking to the captions, the 'Don' actor wrote: 'No gym, no problem'.

The 'Fashion' actor is currently staying indoors with her singer husband Nick Jonas in the United States.

Recently, the actor shared a picture of herself in a stunning blue saree, saying she 'felt like wearing' one at home.

Earlier, Chopra pledged USD 100,000 in total to four incredible women who rose above the challenges to make a difference during the coronavirus crises.

Moreover, she along with Nick donated to several organisations including PM CARES Fund, Goonj, Feeding America and others to combat COVID-19 which has affected over 10 lakh people globally.

The 'Baywatch' actor took part in WHO's live stream event 'ONE WORLD: TOGETHER AT HOME' to raise funds for COVID-19 relief.

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Lockdown hours turn John Boyega super nostalgic about Star Wars

Actor John Boyega, who made his final appearance as Stormtrooper-turned-hero Finn in "Star Wars: The Rise Of Skywalker", recalled shooting for the franchise. In an interview with CinemaBlend, the 28-year-old shared how he keeps on thinking about his 'Star Wars' moments amid the lockdown, reports femalefirst.co.uk.

"I've still got my audition scripts. I've still got notes for what time I'm supposed to get to the audition and schedule, all of that stuff.

"So it's more of a time, for me anyway, to just kind of be a bit nostalgic and really take in the moments that I was able to enjoy. Now I have time for family, so it's really, really a win-win," John said.

He also spoke about how leaving the sci-fi series behind allowed him to reflect on the changes in his career.

"I think for me, honestly, it's all been good. It's been great because I've been able to go home and ask that fundamental question that I couldn't answer through the six years (which) was, 'What just happened to me?'," John added.

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Katy Perry: Not complaining, but I can't drink because I am pregnant

Singer Katy Perry, who is expecting a baby with fiance Orlando Bloom, says she misses drinking alcoholic beverages during pregnancy. The 35-year-old star made the comment while filming a Facebook Live video, reports dailymail.co.uk.

She told fans: "I'm not complaining, but I can't drink because I'm pregnant. Some of you already have a cocktail getting ready or you have your favourite IPA. Or your favourite rye whiskey or your favourite white wine or rosé or whatever your favourite drink is. I mean, honestly, just Bud Light with a little lime, I'm very excited for the future when that can happen. Which will be years, probably."

During the chat, she also admitted she probably wasn't going to be able to have a baby shower due to the coronavirus pandemic.

"I know not everyone does a babymoon or a baby shower. But I'm not sure I'm gonna be able to do any of that," she said.

She continued: "I'm just taking it one day at a time. But I'll be grateful. I mean, I'm grateful now, but there's a lot going on."

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Kevin Spacey speaks out for 1st time after sexual assault charges

Disgraced Hollywood star Kevin Spacey has opened about how sexual assault allegations meant "my job, many of my relationships were all gone in a matter of hours". The 60-year-old described his "painful" journey three years after he was accused of assault by a string of men in 2017 and said he could relate to workers who've being laid off during the coronavirus pandemic, reports dailymail.co.uk.

"I don't think it will come as a surprise for anyone to say that my world completely changed in the fall of 2017. My job, many of my relationships, my standing in my own industry were all gone in just a matter of hours," Spacey said during a podcast. He was dropped from the "House Of Cards" show after allegations surfaced.

He has mostly kept a low profile since the slew of sexual assault claims first came up. He has always denied the claims. He was also removed from the completed movie "All The Money in the World", which was reshot with actor Christopher Plummer.

Spacey was asked during the podcast to reflect on the current coronavirus pandemic causing global and widespread devastation. The actor, who has not appeared in a professional movie or series since the accusations were made, said: "I don't often like to tell people that I can relate to their situation because I think it undermines the experience that they may be having which is their own unique and very personal experience."

Spacey added: "But in this instance I feel as though I can relate to what it feels like to have your world suddenly stop. And so while we may have found ourselves in similar situations, albeit for very different reasons and circumstances, I still believe that some of the emotional struggles are very much the same.

"And so I do have empathy for what it feels like to suddenly be told that you can't go back to work or that you might lose your job and that it's a situation that you have absolutely no control over."

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Pune: Youth installs Sambhaji's statue in garden without permission

Fed up of the delay in installing a statue of Sambhaji in the eponymous garden run by the Pune Municipal Corporation (PMC), a Pune youth went ahead and completed the job himself. He installed the statue in the Chhatrapati Sambhaji Garden and even took a video of the same, which went viral on social media. The Pune police later removed the statue.

In January 2017, the statue of well-known Marathi playwright Ram Ganesh Gadkari was removed from the garden by admirers of Sambhaji. This time, Ganesh Karle, a member of Swabhimani Sangathana, installed Sambhaji's statue there. A case of trespassing and creating tension in society under relevant sections of the Indian Penal Code was registered against him.

Inspector Arun Avhad from Deccan Gymkhana police station said, "On Tuesday, around 3 am Karle installed the statue. He then uploaded a video in which he warned people against removing it. As soon as we were alerted to the video, we removed the statue to avoid tension in the area and had to increased bandobast in the city. The municipal corporation will soon install Sambhaji Maharaj's statue in the garden."

Karle said, "For the past two years, the government and politicians have been delaying the installation of the statue. On the occasion of Shivaji Maharaj's birth anniversary we installed it ourselves." Sambhaji Brigade's Pune city president Santosh Shinde said, "We have been demanding the installation of Chhatrapati Sambhaji's statue for the past eight years but no political party is keen on pursuing it."

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Deaf-mute protesters fighting for basic rights lathi-charged by police

For the past five years more than 16 lakh speech and hearing-impaired people from across the state have been fighting for their basic rights, but the government seems to be completely oblivious of their concerns. So much so, that when thousands of them gathered outside the state social welfare department on Monday to get a response on their 16-point charter of demands, cops resorted to lathi-charge, which they claim was a 'mild' one.

Manoj Patwari, president of the State Level Association for the Deaf, which had organised the protest, said, "We have been demanding our rights for the past five years. There are schools only till Std VII for deaf and mute people, limiting the scope of education. They do not have designated colleges either. Even job opportunities are limited as compared to those for the visually impaired and other physically disabled people. The certificates given are also bogus."

Speaking through interpreter Atiya Hajee, some of the injured protesters said, "We arrived at the spot around 9 am, and had given time to the department till 2 pm to respond. The cops had barricaded us the way animals are kept in a zoo. When one of us tried to get up, he fell on a barricade and accidentally hurt a police officer. Without even understanding the situation, the cops started beating us with rods."

Senior Inspector M M Mujawar of Bund Garden police station said, "One of them had climbed onto a platform of the administration building and was trying to provoke the agitators through sign language. We were just hitting on the ground with lathis to scare them away. We didn't hurt anyone." He added, "One of the protesters asked the others to go towards the cops. Suddenly about 2,000 of them came forward. That is when we resorted to mild lathi-charge. To bring the situation under control, we had detained some of them, but they were later released." MNS Chief Raj Thackeray, who rushed to Pune, said, "I condemn the incident. The cops who provoked other officers and ordered such action should be punished. It's bad that no one from the government visited the spot."

Member of parliament and NCP leader Supriya Sule, who also visited the spot, said, "This is highly condemnable. The protesters should get their basic rights under the Constitution." Meanwhile, Minister of State for Social Justice Dilip Kamble spoke to the protesters over phone and asked them to withdraw the agitation. He asked five of them to go to Mumbai. However, the agitators have decided to continue with the protest till their demands are met.

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Pune: Government agrees to meet some demands of deaf-mute

A day after the protest by hearing-and speech-impaired people turned violent in Pune, the government has assured them that their demands would be met. On Monday, thousands of deaf-mute protesters were badly thrashed by the police as they stood outside the social welfare department office in Pune. They wanted 16 demands to be fulfilled by the government.

On Tuesday, Social Justice Minister Dilip Kamble met the protesters and assured help. Social Justice and Special Assistance Minister Rajkumar Badoley, while addressing the Vidhan Sabha, has also assured that their grievances would be heard.

State Level Association for the Deaf (SLAD) president Pradeep More said, "The government has partially agreed to our demands, of which they have given priority to our secondary and higher secondary schooling for deaf children and also to recruit sign language teachers in such schools and colleges."

Minister Kamble said, "We were working on it and have assured them that their issues will be addressed before the session gets over. A meeting will be organised with members of SLAD and other NGOs under the chairmanship of Chief Minister Devendra Fadnavis." The Pune police administration issued a press release on the lathi-charge on Monday saying they "had to take action to maintain law and order".

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Mother struggles to file case after autistic daughter's assault

The mother of a 16-year-old autistic girl was allegedly made to run from pillar to post by the police for five days as she tried to lodge a complaint regarding her daughter's alleged assault in an NGO-cum-boarding school.

It was only when the aggrieved mother used social media to express her grievances that social workers came to her aid and the police took cognisance of the incident. While the mother had approached the police on February 27, a complaint was registered only on Sunday. The alleged incident took place at Vatsalya boarding school for special children located in the Dehu road area of Pune on February 11.

Pune ladies group to the rescue
The episode came to light after the mother approached the Pune-based PuLa group for help. "When I saw her sleeping in the school van on February 11, I lifted her and brought her home. The school authorities told me that since she could not sleep the night before and was disturbing other children around her, the caretaker had tied up her legs. But her eyes were swollen and there were bruises on her face.

There was also an injury mark on her hand," the mother claimed, adding, "When I approached the police station, they asked me to go to the station where the offence took place and upon reaching there, they asked me to go to the station near my house."

'Injuries not sustained in school'
A case has been registered by the Chakan police against NGO director Vilas Devtarase, his wife Vrushali, the school caretaker and his wife, informed inspector Sunil Dahiphale.

NGO trustee and teacher Vrushali Devtarase has, however, denied the allegations saying that the organisation was being "falsely implicated". "We had to enroll the girl on her mother's repeated requests. We even took her to the hospital and helped her with the CT scan and other formalities after the incident. The girl has not sustained the injuries in the school; she was fine before going home. We have now lodged a complaint against her parents for defaming us on social media," she said.

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Fire breaks out at Shivneri luxury buses garage in Pune

Pune: Fire broke out at a garage of Shivneri luxury buses in Pune on Wednesday. The garage of Shivneri luxury buses is owned by Maharashtra State Road Transport Corporation (MSRTC). "Two fire tenders along with two water tankers are present at the spot," officials told ANI.

However, no casualties have been reported so far. Further details in the matter are still awaited.

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84 youth throw colours, water balloons on women during Holi; arrested

During Holi 2019, certain people were forcefully throwing colours and water balloons in a public place in Pune's Pimpri Chinchwad area which prompted the police to detain 84 youth. A case was filed under the relevant section 68 under the Bombay Police Act.

This unruly behaviour which began at 7 am, ended at 2 pm. The entire police station was filled with these accused that the cops had to resort to locking some of them up in another police station.


Detained youth during Holi with Pune police

Senior Inspector Satish Mane of the Wakad police station said, "We set up nine teams along with two mini police vans. Each team consisted of seven policemen and a total of 75 police staff were working around the clock in public places as well as public utility areas such as buses, trains and other modes of transport.

Our prime focus was Rahatni and offices in order to safeguard people from such issues. The detained youth belonged to the age gap of 20-25. Some of the detained would throw water balloons and colour on women while others travelled on bikes hurling balloons at buses and other vehicles. They primarily targetted women."

He had added, "The youth have been detained and will remain in the police station till the evening. The accused were also given lessons in law and how to behave in public places."

Also Read: Mumbai: Holi celebration turns tragic as five drown at beach in Nalasopara

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Pune: Youth detained for 'terror links' from Chakan

The Bihar police and the Maharashtra Anti-Terrorism Squad have detained a 19-year-old from Chakan on Thursday, after his name was revealed by two other youth arrested last week with a list of serving defence and paramilitary officers. ATS officials have found sensitive documents in his possession and claim that he recruited people for a terrorist group.

The police have identified the detained youth as Shariyat Mandal from West Bengal. Bihar police last week arrested two youth from Patna junction, named Kairul Mandal and Abu Sultan, both Bangladeshi nationals. From the duo investigative agencies procured a list of defence and para military personnel and where they are posted. The duo later revealed the name of Shariyat.

An ATS official said, "Shariyat was detained from MIDC's Chakan where he was working as a labourer at a construction site with a fake name. He was given the task of recruiting cadres for the terrorist group Islamic State of Bangladesh. He is an Indian and hails from West Bengal."

On Thursday, the Bihar police approached a Pune court to get Shariyat's transit remand, based on which he will be taken to Bihar for further investigation. Sources said Shariyat and the arrested duo are members of the banned organisation Jamat-Ul-Mujahedin Bangladesh (JMB) and Islamic State of Bangladesh (ISBD).

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Pune youth cracks UPSC exams with flying colours

Youth in Pune cleared Union Public Service Commission exams with flying colours according to the results which were out on Friday evening. After four attempts, the Pune based married women clears the Union Public Service Examination (UPSC) exam by ranking 16th in the country.

The UPSC exams held in September-October, 2018 declared the results on Friday evening and a total of 759 candidates have been recommended for the appointment.

Trupti Ankush Dhodmise, a resident of Pune holds the 16th rank in the country. She is married and currently serves as an Assistant Commissioner of Sales Tax (Goods and Service Department) with Maharashtra State.

Trupti's parents are school teachers and she holds an engineering degree in a Pune-based college of Engineering. Via post campus placement, she got a job in a reputed company and later in 2014, she cleared the Maharashtra State Public Service Commission (MPSC) to join as assistant commissioner of sales tax.

Trupti told mid-day, “I was expecting to clear this exam as this was my fourth attempt and like the previous two attempts, I only was disappointed in my interview rounds. My husband helped me with my studies and motivated me to do better. My parents and in-laws also supported me.” She also added, “Being a married woman, it helps you to grow stronger and make better decisions in life.”

Nachiket Vishwanath Shelke from Pingale village in Shirur taluka also cracked the examination with 167thrank all over India. On the other hand, Puja (26) has topped holding the 11th rank in India. She has completed her education in a Delhi-based college and later perused her post graduation in Columbia. She has kept her father, Dnyaneshwar Muley's legacy alive as he is a former Indian Foreign Service officer with the Ministry of External Affairs and Overseas Indian Affairs (MEA).

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Minor girl raped by cousin in Uttar Pradesh

A 16-year-old girl was allegedly raped by her cousin in Uttar Pradesh's Chitrkoot district, police said on Wednesday. The incident took place under the Markundi police station area Tuesday afternoon when the girl was returning home after handing over lunch to her father who was working in agricultural field, a police officer said.

The victim's father filed a complaint with police, following which an FIR was lodged against the 22-year-old accused Tuesday evening, he said. The girl has been sent for medical examination, the officer said.

The accused is absconding and efforts are on to nab him, he said.

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This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Palghar mob-lynching: 9 out of 110 arrested are juvenile, say cops

In a shocking revelation in the Palghar mob-lynching case, nine out of 110 men arrested in the barbaric killings of three people at Kasa Taluka, are juveniles. Mid-day was the first to report that 110 men were taken into police custody in connection with the horrendous crime that surfaced on Thursday evening.

The Palghar police said nine out of 110 who are juveniles, have been sent to remand home in Bhiwandi.

“We have checked the Aadhaar cards of all those who were taken into custody in the mob lynching case. Nine out of 110 are juveniles and they have been sent to children remand home in Bhiwandi,” Palghar police Public Relations Officer (PRO) told mid-day.

The officer further added that the roles of these juveniles are being ascertained as the investigators are scanning the CCTV cameras of the spot where the trio including two priests and a cab driver were lynched by aggressive mob of nearly 450 men who belong to the tribal community of Kasa Taluka in Palghar district.

The combing operation to arrest accused absconding in Palghar mob lynching case is on full swing.




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Maharashtra: Three held for attacking cop on lockdown duty

Three men were arrested for allegedly attacking a policeman, who was on lockdown duty, at Ambejogai town of Maharashtra's Beed district, an official said on Friday. Govind Yelmate, who is attached to Amjogai police station, was beaten up by three men on Wednesday night, inspector Siddharth Gade said. Yelmate was investigating an offence at Yashwantnagar, where he spotted Kishor Lomte, Vaibhav Akhate and Tushar Shingare chatting at the street corner and questioned them, the official said.

The trio got angry and in turn attacked Yelmate, he said, adding that the accused were arrested under sections 353 (assault to deter a public servant from discharge of his duty) and other relevant provisions of the Indian Penal Code.

Incidentally, the injured policeman had provided two- month ration to a disabled man in town a couple of days ago, he added.

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This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Man kills wife for refusing money to buy liquor in Uttar Pradesh

A man allegedly killed his wife when she refused to give him her jewellery to buy liquor. The incident took place in the Bamruliya village in the Farrukhabad district on Thursday. A case has been registered with the Nawabganj police station and a hunt has been launched to arrest the accused. According to the police, Prashant was married to Lakshmi Devi, 26, for six years and the couple has a five-year-old son and a three-year-old daughter.

"Prashant is a liquor addict. He would usually beat his wife in an inebriated condition. Prashant would frequently demand money from his wife for liquor. This time when she refused to give him money, he hit her with a wooden stick till she fainted and then escaped with her gold earrings," said Station House Officer (SHO) Rakesh Kumar Sharma.

"Lakshmi bled profusely and succumbed to her injuries. Her parents have lodged a complaint at the Nawabganj police station.

"We have booked Prashant under section 302 (murder) of the IPC. Raids are on to arrest him," the SHO said.

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This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Beautiful

Beautiful is about “Can a man take it , if his woman becomes more successful than him?” It’s not about professional jealousy like Abhimaan and Aashiqui 2 but it’s about Male pride It’s a conceptual sequel to Rangeela as in the rich girl accepted the poor guy in the climax of Rangeela ..But can the poor guy really live under the rich girl’s shadow swallowing his self respect ..That’s what Beautiful is about.  




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Farah Khan's life comes to full circle with Aamir Khan's niece Zayn making her debut in Mrs Serial Killer

On May 1, Shirish Kunder's directorial Mrs Serial Killer was released on Netflix. The film is co-produced by Farah Khan. While Jacqueline Fernandez, Manoj Bajpayee and Mohit Raina play the lead roles, the film also marks the debut of Zayn Khan, who is the daughter of Mansoor Khan and niece of Aamir Khan.

On Thursday, Farah Khan took to her Instagram handle to share a picture with Zayn Khan. Sharing the picture she also revealed how life came a full circle for her with Zayn's debut in her film. "In 1992 her father, Mansur khan gave me a break as choreographer in #jojeetawohisikandar .. 28 yrs later his daughter @zaynmarie makes her debut n wins hearts in our film , #mrsserialkiller.. life has a way of coming full circle," she wrote.


Mrs Serial Killer is the story of a renowned gynaecologist who is accused of murdering five unmarried pregnant girls. All the evidence is against him due to which his bail is rejected. With no other option in hand, the gynaecologist’s wife decides to commit a copycat crime to prove his innocence. While Manoj Bajpayee plays the gynaecologist, Jacqueline Fernandez plays the dutiful better half. Mohit Raina essays the role of the cop. As for Zayn Marie Khan, she plays Anushka, who is selected by Jacqueline’s character Sona as her target.

ALSO READ: 16 Years Of Main Hoon Na: “Farah Khan is the only director who feels I could be a very COOL action hero” – Shah Rukh Khan




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Hrithik Roshan expresses gratitude by delivering hand sanitizers to on-duty Mumbai Police

With the entire nation coming to a standstill by the pandemic, there are professionals whose livelihood has been dearly affected. In a distressing situation like this, Hrithik Roshan has stepped forward again to help duty officers who are working non-stop. The actor delivered hand sanitizers to the Mumbai Police.

Mumbai Police, on Thursday, tweeted, “Thank you @iHrithik for this thoughtful gesture of delivering hand sanitisers for Mumbai Police personnel on duty. We are grateful for your contribution towards safeguarding the health and safety of our frontline warriors. #MumbaiPoliceFoundation.”

Hrithik expressed his gratitude towards the officials. “My gratitude to our police forces, who have taken our safety in their hands. Stay safe. My love & respect to all in the line of duty,” he on Friday morning.

Earlier, Hrithik Roshan extended support by arranging for N95 and FFP3 masks for the BMC workers and caretakers and also facilitated over 1.2 lakh nutritious cooked meals for the needy. He has also financially supported the paparazzi of Bollywood who are facing the brunt of the lockdown.

ALSO READ: Hrithik Roshan, Anushka Sharma, Varun Dhawan and other Bollywood celebrities react to Vizag Gas leak




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Sanjay Mishra says his father would be proud after author Paulo Coelho praised his performance in Kaamyaab, film presented by Shah Rukh Khan

Sanjay Mishra starrer Kaamyaab hit the screens on 6th March 2020. The film captured the journey of the character actors. Recently, The Alchemist author Paulo Coehlo praised the film and his performance.

Taking to Twitter, he said, “The producers thank you in the very 1st frame, @iamsrk. I am doing the same. 2 days ago a great Brazilian actor, Flavio Migliaccio, committed suicide, leaving a note on how the industry treats their artists. This movie, labeled as “comedy”, is in fact the tragedy of Art.”

Shah Rukh Khan was quick to respond to his tweet. As the presenter of the film, he said, “Saw the film when it was doing Festival rounds and it touched a chord with the whole team at @RedChilliesEnt Am so moved you appreciate. It’s a sad truth that character actors get forgotten. Look after yourself my friend and be safe & healthy.”

Sanjay Mishra recently spoke to a daily and said that when the emotions of a film connect, language is not the issue. He said that though neither he nor his mother have read Paulo’s books, he told her that he is a well-known author. She said to Sanjay that his father would be proud of him. He said that he received congratulatory messages from his father’s civil services colleagues too.

As Paulo mentioned how a Brazilian actor committed suicide, Sanjay revealed that many of his friends are currently jobless due to lockdown. He said that those who have jobs could lose it one day but some of them didn’t even have it to begin with. He further said this goes for the senior artistes who get written off irrespective of their contribution to the cinema. Sanjay Mishra said that an actor is also society’s responsibility.

The story revolves around how a character actor after his retirement is all set to make a record of 500 films and continue his hustle. Sanjay Mishra and Deepak Dobriyal starred n the film as Mishra had undergone a prosthetics transformation for every character shown on-screen.

Kaamyaab had its world premiere at the Busan International Film Festival followed by screenings at Festival du film d'Asie du Sud Paris, New York City South Asian Film Festival, Indian Film Festival of Melbourne, Shanghai International Film Festival, as well as the MAMI Mumbai Film Festival.

ALSO READ: Author Paulo Coelho appreciates Shah Rukh Khan for Kaamyaab; actor reveals why he produced it




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WATCH: Kriti Kharbanda’s pole dancing workout is all you need to see today!

Kriti Kharbanda, needless to say, is one of the fittest actresses of Bollywood. She has always been a fitness enthusiast and tries different forms of workout to keep it interesting. Her recent Instagram post has left us all wondering if there’s anything that she cannot do with perfection. The video has really motivated us to think of new ways to start working out.

She posted the video with the caption, “Throwback to my favourite form of workout! Definitely regret not installing a pole at home. Adding this to my to-do list post the lockdown! What’s on your list !? What do u really miss doing!?”

Watch the video, right here.

 

View this post on Instagram

 

A post shared by Kriti Kharbanda (@kriti.kharbanda) on

On the work front, Kriti Kharbanda will next be seen in Bulbul Marriage Hall with beau Pulkit Samrat, produced by Salman Khan.

Also Read: Pulkit Samrat and Kriti Kharbanda to star in Salman Khan’s next production venture




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EXCLUSIVE: Subhash Ghai reveals the plot of Khalnayak 2 with Sanjay Dutt, Madhuri Dixit, and Jackie Shroff

Khalnayak is one of the most respected films made by Subhash Ghai, despite the controversies that revolved around it. From Sanjay Dutt’s arrest post shooting for the final scene to Madhuri Dixit’s famous song, ‘Choli Ke Peeche Kya Hai’, there were a number of controversies that came to light. However, after the film released, it became a blockbuster and was even recognized internationally. Subhash Ghai, in an exclusive conversation with Bollywood Hungama, spoke about how he ideated the sequel of this film after Sanjay Dutt wrote to him from jail.

He said, “We’re working on Khalnayak 2 from the past 2-3 years now. Sanjay Dutt has always been a dear friend of mine and even when he was in jail, he used to write to me. So, in those letters, he would always write to me saying that whenever he entertains here, they hand him the mic and ask him to sing as well. The most famous song there was ‘Nayak Nahi Khalnayak Hu Main’, and Khalnayak was a very popular film there and they loved him for the character Ballu Balram, so why don’t we make a sequel for it?”

He further continued and said, “So, he wrote it to me in a letter and that’s when I thought that it’s possible to make a sequel. It would revolve around Ballu Balram returning from jail after completing his sentence and then he would come across Madhuri Dixit and Jackie Shroff’s characters that have gotten married and have kids. Then I narrated it to Sanjay and he said that we will definitely make this film, that’s when we started working on the script and it has been close to two years now and the script is ready. God willing, we will soon take the film on floors. The story will revolve around Ballu Balram’s older and younger version. Sanjay will portray the older version and the younger one will be portrayed by a new-age star.

He further confirmed that Madhuri Dixit and Jackie Shroff will also be a part of the film. Watch the entire segment right here.

Also Read: Sadak 2: Sanjay Dutt says Mahesh Bhatt still seeks perfection in every shot




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Sara Ali Khan gives out major fitness motivation with a throwback workout video!

Sara Ali Khan is a fitness enthusiast and manages to stick to her workout routine even during the lockdown. However, at home, her workout is limited so she shared an old video of herself sweating it out in the gym. Her workout partner at home being her brother Ibrahim Ali Khan, they are sometimes accompanied by their furry friend, Fluffy Singh. She recently posted a throwback video on her Instagram where she’s seen doing pull ups like a pro!

Sara captioned the video as, “Don’t pray for lighter burdens ???? Work for a #stronger back ????️‍♂️???? Wake up #determined , sleep #satisfied ????????✌???????????? Don’t allow yourself to crack ???????? And if you stop or fail or fall ????✋ Just get right back on track ✅???????? #flashbackfriday”.

Take a look at it.

 

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A post shared by Sara Ali Khan (@saraalikhan95) on

Also Read: Sara Ali Khan misses working, sticks to her current multiple roles




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Sanjay Dutt says he is ready to foray into the digital space if he finds an exciting script

Sanjay Dutt is an actor who has appeared in a great many numbers of films spanning across genres, thus time and again proving his adaptability to wear the mask of different characters. The actor has been in the industry for a very long time and has even been part of the transformation and evolution of the Indian film industry.

Of late, Bollywood has been going through a paradigm shift as the world of content has been brought to digital platforms. OTT platforms have opened up new avenues and make any genre of series or films available, just a click away, which has been benignant for the viewers.

Actor Sanjay Dutt comments on how he feels OTT platform can be beneficial for artists, he says, "OTT platforms are flourishing and have brought about so much variety in terms of content. They also enable artists to experiment with material and characters. If I get a script that excites me, I would love to foray into digital entertainment."

Sanjay Dutt is an actor who is enriched with the experience of the various characters he has played on-screen and it would be thrilling to see him make a debut on OTT platform. The actor shows interest in foraying into the world of digital entertainment so the audience can just keep their fingers crossed and wait to see what happens!

2020 is an immensely packed year for Sanjay Dutt as the actor will be seen in five big banner films namely, KGF: Chapter 2, Shamshera, Bhuj: The Pride of India, Torbaaz and Sadak 2. The actor will certainly ace the characters as he can slip into any character given to him as he is rich with the experience of numerous characters he has played on -screen.




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EXCLUSIVE: “I am very, very proud that I am his girlfriend,” says Kriti Kharbanda about Pulkit Samrat 

Bollywood actors Pulkit Samrat and Kriti Kharbanda have been dating each other for quite some time now. However, they made their relationship public only during the promotions of their film Pagalpanti last year. During the lockdown period, the two have been living together and getting to know each other better. In an exclusive conversation with Bollywood Hungama, Kriti talks about Pulkit and his qualities that make her feel proud to be his girlfriend. 

Talking about living together during the lockdown, Kriti said, “It is so lovely. I have seen both of us grow through this quarantine. We have caught up on a lot of television, a lot of series we missed out on. We have been cooking, we have been working on ourselves. I think we have been working on how to make ourselves better humans. Suddenly the reality of life has stricken us and we are both extremely emotional people. I think that is the only flaw that both of us have that we are extremely emotional.”

“I have learnt a lot about him this quarantine and I can tell that and not just saying because he is my boyfriend but I have immense respect for him and it comes from my heart and my mind and I have never met a more caring and giving person. This is an opinion that can never change because you cannot pretend these things. I have seen him over the years even when I have worked with him, even when we were just friends even after we started dating. He is a lovely human being and is really caring about the people around him,” she added. 

Talking about the change in Pulkit’s personality over the years, “I think acceptance is the key. I think it is only easy to change if you accept that there are certain places you need to work on yourselves and you're willing to make that difference to yourself. So I think self-love is very very important where you give yourself the benefit of doubt and you say, ‘You know what, I can do better than that’. So, I think that is something he has realised and I am very very proud that I am his girlfriend.” 

ALSO READ: EXCLUSIVE: Pulkit Samrat and Kriti Kharbanda are living together amid lockdown, the actor reveals whether marriage is on the cards




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Collaboration brings cutting-edge prenatal testing to Estonia

An EU-funded knowledge-sharing project has made cutting-edge non-invasive prenatal testing techniques available to couples undergoing IVF in Estonia, boosting chances of pregnancy for those struggling with infertility there.




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Novel silicon lasers promise semiconductor revolution

An EU-funded project is enabling efficient intra-chip and chip-to-chip communication via a new type of silicon capable of emitting light. It is demonstrating a technological breakthrough that could revolutionise the electronics industry and make devices faster and much more energy efficient.




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Insulating a green future with aerogel eco-panels

Around 40% of EU energy consumption and 36 % of its CO2 emissions come from buildings. EU-funded researchers have developed easy-to-install eco-panels to place on the outside of the buildings to dramatically cut both.




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COVID-19: Real Sociedad cut player salaries by 20 per cent

Real Sociedad said Saturday they were cutting players' wages by up to 20 percent in an attempt to stabilise the club's budget during the coronavirus crisis. "An agreement has been reached with the first team for the reduction of their wages by 20% in case the league does not resume this season, and by 5% in case the season can start again," said a club statement. "This decision, taken with all of the parties concerned, helps us avoid traumatic measures for the rest of our employees and helps to balance the club's economic objectives in the face of a drop in income suffered after the suspension of competition."

Real Sociedad also announced a 20% refund on season tickets for its supporters. At the time of the La Liga suspension last month, Real Sociedad were in fourth place in the championship. They had also qualified for the Copa del Rey final against Athletic Bilbao in Seville on a date still to be decided. Real Madrid had already announced wage cuts, estimated by Spanish media to be 10% if the season resumes and 20% if the league is abandoned. Barcelona and Atletico Madrid have cut salaries by 70%. Spain is one of the worst-hit nations by the virus which has already claimed more than 16,300 lives in the country. bur/dr/dep/clv/dj/mwt again," said a club statement.

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COVID-19: Ex-Manchester United star Marouane Fellaini out of hospital

Former Manchester United star Marouane Fellaini was discharged on Tuesday after spending more than three weeks in a Chinese hospital being treated for coronavirus. The 32-year-old midfielder, the only player known to have contracted the disease in the Chinese Super League (CSL), will now spend 14 days in quarantine for further observation, his club Shandong Luneng said.

The Belgium international said on March 22 that he had tested positive for the virus, having just returned to China, but assured fans that he was feeling fine. Fellaini posted videos of himself on Instagram exercising in his room while in hospital in the eastern city of Jinan. In an Instagram update on Tuesday, he wrote: "The time has come for me to thank from the bottom of my heart the medical staff of the hospital, their nursing staff as well as my club and its medical staff for taking such good care of me with so much kindness and for ensuring my comfort whilst there. "The hardest part is behind me! Let's keep fighting, it's important."

China, where the outbreak emerged in December, says it has curbed the illness at home but is now worried about a second wave of infections from overseas. Fellaini's positive test dealt a blow to the CSL's hopes of beginning the season any time soon, after its February 22 start date was indefinitely postponed. Fellaini, also formerly of Everton, joined Shandong from Manchester United in February last year for a reported 7.2 million euros.

He enjoyed a productive first season in China, scoring 12 goals in 34 matches and providing five assists.

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Hillsborough disaster: Liverpool's Jurgen Klopp leads tributes 31 years on

Liverpool manager Jurgen Klopp and captain Jordan Henderson have delivered messages of support to the families of the 96 supporters killed in the Hillsborough disaster 31 years ago. A final memorial service for the victims was due to take place at Anfield on Wednesday, but has been postponed due to coronavirus guidelines on mass gatherings. "Today is the most significant date for our football club each year," Klopp said in a video message. "The plan was for us to be together at Anfield but this is not possible, the only thing we can make sure is we are in each other's thoughts.

"Believe me you have our thoughts, you have our prayers and most of all you have our love. You'll never walk alone." The final memorial service was arranged after the police commander at Hillsborough, David Duckenfield, was found not guilty of gross negligence manslaughter in November. "Today was a day when as a club we were all supposed to be together at Anfield to honour the lives of 96 people who went to a football match and never came home," said Henderson, who has led a charitable fund set up by Premier League players to help health service staff during the coronavirus crisis.

"On behalf of all the players at Liverpool I just want to let everyone affected know that you are in our thoughts today. "As ever, we are together in spirit even if we can't be together in person." Kenny Dalglish, who was Liverpool manager on the day of the tragedy, also sent his support. Dalglish was released from hospital last week after testing positive for COVID-19, although he had been admitted for a separate infection.

"This is a day when, first and foremost, we remember those who went to a football match and never came home - they will never be forgotten," said Dalglish. "But we should also think of the families and survivors who showed the rest of us how to deal with an unimaginable tragedy. "By sticking together, supporting one another and standing up for what was right, they set an example which will always resonate, none more so than during the current time when so many families are dealing with tragedies of their own.

"Today, my thoughts will be with everyone who has suffered since April 15, 1989 and everyone who is suffering now. "All we can do is carry on sticking together and finding strength in each other in the same way that the Hillsborough families and survivors have over all these years."

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Neymar to decide his own future, says his father

The father of Paris Saint-Germain star Neymar has said that the Brazilian forward will decide his next career move for himself.

Dismissing claims that he heavily influences his son's key decisions, Neymar Santos Sr said his priority was to provide moral support for the 28-year-old, reports Xinhua news agency.

"He is always the one who chooses which path to take," Neymar Sr said in an Instagram Live video on Wednesday. "We only work administratively: to make sure he has the best contract, to put him in the best home and have the best career management."

He described Neymar's 2013 move to Barcelona as the realisation of a "childhood dream". But the 55-year-old, who has acted as Neymar's agent since 2011, denied speculation the 28-year-old could return to the Camp Nou this summer, insisting he is happy at the Parc des Princes.

In a wide-ranging conversation with Brazilian journalist Beto Saad, Neymar Sr also revealed that the former Santos prodigy was close to joining Corinthians instead of Barcelona.

"We were close to signing a deal. But I said to Neymar, 'Go (to Barcelona) first. Carve out a career there and then we'll talk about it'," he added.

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Did you know Lionel Messi pays tribute to his grandma after every goal?

The Argentine forward is a true superstar of the game and one of the most famous players on the planet, but here are some things you might not already know about him.

1. He has scored at least seven goals against every other La Liga Santander team
All LaLiga teams naturally fear Messi when he comes up against them, with the No.10 having netted at least seven times against all 19 of the other sides currently in the top division. His favourite victim is Sevilla, against whom he has a whopping 37 goals in 38 appearances. Over his career, he has faced 40 different clubs in the Spanish top flight, with only three yet to concede against him: Cadiz, Murcia and Xerez.

2. He first played with fellow Barcelona captain Gerard Pique in 2000
Messi and his current Barcelona teammate Gerard Pique have spent most of their footballing lives together. They were both in the same team in Barcelona’s La Masia academy, along with Cesc Fàbregas – part of the so-called “generation of ‘87” and conquered almost every challenge in their path. It was clear from that early age that these players would go on to achieve great things and, although Pique spent time at Manchester United and Real Zaragoza before returning to Barcelona, they have both been in the Blaugrana first-team squad together since 2008, playing 471 matches together. Messi has only played more often alongside Sergio Busquets and Andrés Iniesta.

3. He pays tributes to his grandmother after every goal
The sight of Messi pointing towards the sky with both hands after scoring a goal has become an almost weekly occurrence in LaLiga but not many people know its meaning. It is in fact a tribute to Grandmother Celia, who Messi credits with sparking his interest in football and supporting him as he took his first steps in the game. Sadly, she passed away in 1998 and never saw him play at the top level, but his iconic celebration ensures that her spirit lives on.  

4. He could have played for Spain at international level
Messi has represented Argentina throughout his international career, but he could have been wearing the red of Spain had he accepted an offer to join the national team of the country where he has spent his entire professional career. After spending his childhood in Barcelona, he was eligible to play for the 2010 world champions, but Messi says the idea never crossed his mind. The rest, as they say, is history as he has gone on to become Argentina’s all-time top scorer with 70 goals.   

5. His footballing idol was Pablo Aimar
Many up-and-coming players consider Messi as a role model, but it’s easy to forget that he had an idol growing up too, just like any other aspiring footballer. His was fellow Argentina and former Valencia and Real Zaragoza playmaker Pablo Aimar. They faced each other in LaLiga on several occasions, including on one special night in 2004 when Aimar came up to the 17-year-old Messi, an unused sub on the night, after the game to offer him his shirt. He still treasures that jersey to this day. 

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Five facts you might not know about Atletico Madrid star Joao Felix

João Félix exploded onto the scene at Benfica in 2018 before a huge summer move to LaLiga with Atlético de Madrid. Here are five things you may not know about the Portuguese superstar...

1. His idol while growing up was Kaká
The similarities between the two are clear, both in playing style and appearance… brothers, anyone? But what isn’t so known is that Kaka was actually one of Joao Felix’s biggest idols growing up: the young Felix has spoken of watching YouTube video after YouTube video of the former World Player of the Year. The 20-year-old has also named Portuguese legend Rui Costa among his other inspirations while growing up.

2. Both his parents are teachers
Carlos and Carla, Joao’s parents, are both physical education teachers and he credits them with keeping him centred growing up. He has explained in interviews that his father would give him pep talks before matches and helped him stay focused during his teenage years; at the age of just 13 years he moved away from home to FC Porto’s academy, before later making the move to the capital with Benfica.

3. His first hat-trick in the Europa League was record-breaking
In April 2019, Joao hit the headlines across Europe with a stunning performance for Benfica in a Europa League match against Eintracht Frankfurt. By scoring three times in a 4-2 victory, he became the youngest ever player to score a hat-trick in the Europa League, doing so at the age of just 19 years and 152 days. That broke the previous record set by Marko Pjaca in 2014.

4. Diego Costa has taken him under his wing
From the start of pre-season, Joao and Diego Costa have forged a strong relationship. Costa is known to be a leader in the Atlético de Madrid dressing room and he quickly took the new arrival from Benfica under his wing, spending a lot of time with him and partnering with him in various drills. Both players are native Portuguese speakers, and this has helped the youngster settle in. Perhaps it’s no coincidence that it was Costa who assisted Joao’s first official goal for Atleti, against Eibar back in September.

5. His brother Hugo is also a highly rated prospect
Hugo Felix, João’s 16-year-old brother, is also highly rated and is doing well at Benfica’s academy. João was even able to celebrate goals with his brother last season, as Hugo was a ball boy at the Estádio da Luz on some matchdays. One particular goal that he scored against Vitória Setúbal ended with an emotional embrace between the siblings.

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Neymar may take 50 per cent pay cut to rejoin Barcelona: Report

Brazilian footballer Neymar is reportedly ready to take a 50 per cent pay cut on his existing Paris St. Germain deal to force through a move back to former club Barcelona.

After spending four trophy-laden years in Spain, Neymar joined PSG in 2017 for an eye-watering sum of 198 million pounds.

Reports have time and again surfaced that the star forward is unsettled in France and wants a Barca return in order to once again link-up with close friend Lionel Messi.

According to Spanish outlet Mundo Deportivo, Neymar is ready to sacrifice half of his 600,000 pounds per week salary at PSG in order to make a sensational return to Barcelona.

Barcelona was Neymar's first club in Europe and he won two LaLiga titles, three Copa del Reys and the Champions League once with the Catalan giants.

Barcelona stars have also spoken about their admiration for Neymar and aren't against his return despite his unceremonious exit from the club few years ago.

"Everybody knows 'Ney', we all know the affection we have for him in the dressing room," Suarez was quoted as saying by Mundo Deportivo last month.

"His ability is indisputable and he still has so much to show. He will always be welcome in the changing room, we appreciate him a lot."

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Five things you might not know about Sergio Ramos

From a childhood nickname to his world champion horse, these are some of the lesser-known facts about the Real Madrid captain and legend

1. His nickname as a child was Schuster
As a child, Sergio played up front and was nicknamed ‘Bernd Schuster’ after the great German goalscorer by the friends he played with on the grass outside his apartment block. He’d go on to play in defence throughout his career, at right-back and centre-back, but has maintained his brilliant goalscoring ability. Coincidentally, he was even coached by Schuster at Real Madrid between 2007 and 2008.

2. He’s only ever worn the number 4 shirt at Real Madrid, but never for Spain…
When Ramos arrived at Real Madrid, he was touted to fill the void left by the departing legend Fernando Hierro. Ramos wasn’t shy about taking on the challenge and adopted Hierro’s famous No.4 jersey from day one. That has been the number on his back during his entire decade-and-a-half career at the Santiago Bernabéu. Funnily enough though, Ramos picked a different number for when he plays with the Spanish national team: 15.

3. He has never scored for Spain at a major tournament
Sergio is Spain’s all-time record appearance holder (170) and has scored 21 goals for his country, a mightily impressive tally for a defender. Bizarrely enough, though, he’s never scored for Spain at a major tournament. Each of his 21 strikes has come in qualification rounds, in friendlies, or in the UEFA Nations League. Beyond penalty shootouts, he’s never scored at a World Cup, European Championship or even the Confederations Cup.

4. He didn’t win a Champions League knockout tie until the age of 25
Ramos has four Champions League titles to his name, winning the tournament in 2014, 2016, 2017 and 2018. He may undoubtedly be one of the all-time greats of the competition, but it’s easy to forget that he didn’t reach the competition’s quarter-final until the age of 25. He never played in the Champions League with Sevilla, then his first few years at Real Madrid coincided with a barren spell for the capital city club in which they were consistently knocked out in the first knock-out phase. Finally, in 2010/11 after the arrival of Jose Mourinho, Ramos made it to his first quarter-final, against Tottenham Hotspur. He’s certainly overcome that initial disappointment as the years have gone on.

5. His horse Yucatán de Ramos is a world champion
Like any true Andalusian, Sergio loves horses and has done since childhood. He owns stables near his hometown of Seville, and Yucatan de Ramos, his star horse, won a world championship at the 2018 Interntional PRE Horse Fair recognising it as the finest pure-bred Spanish horse in the world.

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COVID-19 Related Disruption Causes Franklin Templeton Mutual Fund to Wind-down Six Debt Schemes

Posted by Equitymaster
      

COVID-19 has started showing its impact on the mutual fund industry. Few days ago I mentioned in my article, Debt mutual funds witnessed massive outflows of Rs 1.95 trillion in the month of March.

Though we could attribute most of that outflow to corporates redeeming funds to meet their quarter end obligations, high volatility and uncertainty as consequences of the pandemic could have also played a major hand in the redemption pressure for debt schemes.

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FII have been redeeming investments heavily in equity and debt segment ever since WHO declared COVID-19 a pandemic. In March, FIIs pulled out Rs 60,375 crore from the debt market.

High redemption and lack of buying interest has made debt mutual fund schemes vulnerable, especially those with higher exposure to low rated instruments.

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This instability has claimed its first casualty in debt mutual funds...

Franklin Templeton Mutual Fund (FTMF) has decided to wind down six of its debt schemes with effect from April 23, 2020 due to COVID-19 related market dislocation. This is something that is unheard of in the mutual fund industry and has perplexed many investors and advisors.

The schemes that are wound up are:

Together these schemes have an AUM of 30,854 crore as on March 31, 2020. Notably, these are the very schemes which in the past had to create segregated portfolio for its exposure to downgraded papers of Vodafone Idea and Yes Bank.

What led to the move?

According to a statement to investors from FTMF, "Despite several measures taken by the Reserve Bank of India (RBI), the liquidity in certain segments of the corporate bond markets has fallen-off dramatically and has remained low for an extended period. In this scenario, mutual funds are facing unprecedented liquidity challenges due to a variety of factors-rising redemption pressures due to heightened risk aversion, mark to market losses following a spike in yields and lower trading volumes in the bond markets. These factors have together caused a significant and worsening liquidity crunch for open-end mutual fund schemes investing in corporate credits across the credit rating spectrum."

The schemes had to resort to continuous borrowing to fund redemptions during this time, and were unable to repay the borrowings through sale of portfolio securities due to the prevailing market environment. The Investment manager did not believe it was prudent to continue funding redemptions through potentially increasing levels of borrowings.

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FTMF follows a high-risk high-return strategy for the above mentioned funds - Meaning a major part of its portfolio is exposed to lower rated securities (rating below AAA). The market disruption due to the virus outbreak has impacted these securities the most.

Under conditions of high redemption pressure, mutual funds sell their liquid assets to meet the demand, leaving the portfolio highly exposed to illiquid assets.

Thus, investors who choose to stay invested are at a disadvantage here.

Anticipating continued liquidity stress to the funds, the fund house thought winding up the scheme is the only viable option for the unitholders to minimize erosion of value.

Table: Details of schemes being wound up
(Source: Franklin Templeton Mutual Fund)

What does it mean for investors of these schemes?

Investors of these schemes will not be able to purchase/redeem investment, switch to other schemes or do systematic transactions. In short their funds will be locked. The fund will not charge any management fees for the funds that are being wound up.

The fund house will rely on coupon payments, maturity value of underlying securities, and selling of securities at realisable value. While the fund house expects to realise most of the proceeds as per maturities, there may be some low rated securities that may even default on the due date. The fund house may create segregated portfolios for such securities and pay back as and when the money is realised.

It will be prudent to check the average maturity of portfolios of each fund and expect major repayment within that period.

What should investors in debt funds do?

Debt mutual fund Investors are not as confident, due to incidents of exposure to toxic papers in the past. This event could make them even more wary about their investment in debt schemes. As a consequence, there may be some panic selling in other debt schemes by investors worried about their funds getting locked.

However, instead of taking any hasty decisions, it would be a great idea to check your funds for the quality of assets it holds.

Choose a fund house that follows prudent investment process and stringent risk-management system. In these uncertain times, it would be wise sticking to liquid funds and overnight funds for the fixed-income part of your portfolio. Alternatively, if you prefer safety of capital, invest in Bank fixed deposits.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity

The way ahead...

While the fund house has done this to protect investors' interest, it has made the funds illiquid from the investors' point of view. Many investors may lose faith in debt funds for their short-term goals.

Going further, investors may have to consider liquidity risk due to AMC action, while investing in any high credit risk oriented debt funds.

It is time for the regulator to step up and clarify the illiquidity part for other debt schemes out there to investors. Moreover, it needs to provide a framework of strict guidelines to restrict fund managers from putting investors' hard-earned money at risk by exposing them to low rated securities for higher yield.

Meanwhile, AMFI has assured investors that a majority of the fixed income fund assets is invested in superior credit quality securities, and the schemes have appropriate liquidity to ensure normal operations. It further stated that the industry remains fully committed to the investors' interests and there is no need for them to panic and redeem investments.

Author: Divya Grover

This article first appeared on PersonalFN here.

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PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.




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Will Mutual Fund Houses Act Against Companies Approaching Courts To Prevent Rating Downgrade Amidst COVID-19?

Posted by Equitymaster
      

Unnerving movements for debt mutual funds investors!

Just last week my colleague, Divya explained the fiasco at Franklin Templeton Mutual Fund, which took a decision to abruptly wind down six debt mutual fund schemes, namely:

In all, the above debt mutual fund schemes had an AUM of Rs 30,854 crore as of March 31, 2020.

The fund house cited, "severe market dislocation and illiquidity in the fixed income space" caused by the COVID-19 pandemic, as the reason behind the decision.

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------------------------------

Investors in these schemes are now left in the lurch: they cannot sell (nor buy) these funds and will have to rely on the fund house to get back their hard-earned money. Investors will have to hold their investments in these schemes until liquidity is available to the mutual fund house by either selling securities in the fund's portfolio or receiving maturity proceeds.

Currently, a fact is, not just Franklin Templeton Mutual Fund, but debt mutual fund schemes of many other fund houses are have a remarkable exposure to stressed assets.

According to portfolios disclosed on March 31, 2020, mutual funds collectively held Rs 1.38 trillion of exposure to debt securities issued by Non-Banking Financial Companies (NBFCs). Approximately Rs 51,000 crore of the exposure in debt securities has a maturity profile of less than 3 months; and now, mutual funds fear that there will be defaults.

NBFCs and other corporate borrowers claim that they do not have enough liquidity to fulfil their obligations and have requested for additional time. Given that, rating downgrades from rating agencies look likely.

However, some companies are playing smart: they are approaching the Courts to prevent a rating downgrade, plus seeking a stay on sale of pledged shares. Of course, they are well within their right to approach the judicial authority or Courts and contest.

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But the capital market regulator, seems to be in no mood in offering them any leeway. On the contrary, the regulator is asking the mutual fund industry to act against the issuer of securities who are possibly carrying high credit risk; facing asset quality problems.

Delays in repayments would mean the creation of more side-pockets by mutual funds. And in my view, more the losses investors suffer, more frustrating it will be for mutual fund houses and their investors. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

If you are wondering what has gone wrong, here's everything you may like to know about liquidity, credit risk and the exposure of mutual funds to corporate debt in the present scenario.

If you remember, the capital market regulator had mandated large corporations to source at least 25% of their borrowings from the bond markets from the beginning of FY 2019. This move was expected to deepen Indian bond markets and reduces the stress on banks. Just a year later, the same move is proving fatal for companies that went to the bond markets to raise money.

Now that the COVID-19 lockdown has forced many business units to shut off temporarily or operate much below their optimal operational capacity with a skeletal staff, companies, including the large organisations that relied heavily on debt markets, are finding it difficult to honour maturity claims on Commercial Papers (CPs), Non-Convertible Debentures (NCDs), and Bonds.

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They were hoping for an 'at-par treatment' with Banks when the Reserve Bank of India (RBI) offered a moratorium period to borrowers. But the RBI circular came to them as a shocker. The devil was in the details.

On March 27, 2020, the RBI issued a notification allowing a three-month moratorium on all outstanding term loans and working capital facilities on account of disruptions caused by the outbreak of coronavirus. This circular did not cover around 10 thousand NBFCs, who mainly depend on CPs, NCDs, and Bonds for their funding requirements.

As far as NBFCs are concerned, the RBI has already provided them with a liquidity facility through the banking channel. The RBI directed banks to utilise funds infused under Targeted Long Term Repo Operations (TLTRO) facility to invest in 'investment-grade' CPs, NCDs, and Bonds issued by NBFCs. Also, RBI mandated banks to allocate 50% of Rs 50,000 crore of liquidity introduced by way of TLTRO 2.0 to small and mid-size NBFCs and small finance banks.

But NBFCs seemed not too happy with just liquidity and many of them are now approaching courts to prevent rating downgrades. This is not a best practice for the industry, although fund houses may be well within their rights to contest.

Recently, Indiabulls Housing Finance was successful in receiving the interim order from Delhi High Court, throttling any coercive action against the housing finance company for its inability to repay its bondholders. The Delhi High Court will hear the case further on May 19, 2020.

This has added to the worries of mutual fund houses that now fear other NBFCs will follow the same path.

The capital market regulator, only recently (a few days ago) following the three moratorium by RBI (due to disruptions caused by COVID-19 pandemic) has relaxed the valuation norms for debt and money market instrument held by mutual funds vide a circular dated April 23, 2020, wherein it states as under:

  • Based on assessment, if the valuation agencies appointed by AMFI are of the view that the delay in payment of interest/principal or extension of the maturity of a security by the issuer has arisen solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by Reserve Bank of India (RBI) (vide notification no. RBI/2019-20/186, dated March 27, 2020) creating temporary operational challenges in servicing debt, then valuation agencies may not consider the same as a default for the purpose of valuation of money market or debt securities held by Mutual Funds.

    However, in the scenario, as stated above, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted.

But then what is the point of coming up with these valuation norms as an afterthought, and not in close synchronisation when the RBI came with its notification a month ago?

The damage now is already done and companies are anyways approaching the Courts to prevent a rating downgrade.

Let's say shares of a company are pledged and to recover the proceeds -- if they cannot be sold due to a court order -- then such lending would be as good as unsecured lending.

Also, why should that not be construed as an instance of deviation from the stated fundamental attributes of a debt mutual fund scheme? After all, mutual fund investors invest in debt fund schemes taking into account a certain level of risk. Change in the risk profile of a scheme is a change in the fundamental attribute/s.

According to India Ratings, NBFCs having the asset base of Rs 500 crore to 5,000 crore, largely fall between "A" and "BBB" rating categories.

The mid-path could be a decision on payment or deferring the payment in consultation with all stakeholders, including debenture trustees. The industry will require a blanket resolution because a case-to-case resolution approach is cumbersome and may create more chaos.

Unless the RBI takes a clear stance on NBFCs and other financial institutions, mutual fund houses are likely to feel the heat of redemptions. Suppose, there's no further statement issued by the banking sector regulator; mutual funds will have to be prepared to handle large-scale defaults, which might look inevitable. After all, a majority of NBFCs' customers are retail borrowers and they enjoy a moratorium on the EMI payment for 3-months. This has been the trickiest part for NBFCs.

While COVID-19 outbreak has been the genuine reason for the potential defaults this time, asset-liability mismatches of NBFCs are well-known. Many NBFCs have gone overboard with cheap credit available during stable market conditions. Their credit underwriting has been questioned widely. The industry has also witnessed belly-up instances such as IL&FS and DHFL. Many mutual fund houses have burned their fingers badly in such defaults.

At the time of writing this piece, to ease the liquidity pressure on mutual funds, the RBI today decided to provide a special liquidity facility of Rs 50,000 crore for mutual funds. Under this facility, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. This will be on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays). The scheme is available from today i.e., April 27, 2020, till May 11, 2020, or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions.

The RBI has stated further that the liquidity support availed under the Special Liquidity Facility for Mutual Funds shall be used by banks exclusively for meeting the liquidity requirements of mutual funds by, 1) extending loans; and (2) undertaking outright purchase of and/or repos against the collateral of investment-grade corporate bonds, CPs, debentures and certificates of Deposit (CDs) held by mutual funds.

Having taken this measure, keep in mind that it does not make investing in debt mutual funds risk-free. Considering the prevailing investment environment, you should stay away from mutual fund schemes whose portfolio characteristic appears compromised. Also, avoid credit risk funds and corporate bond funds as they are likely to be more vulnerable amidst the financial crisis followed by COVID-19 pandemic.

As a thumb rule: Choose mutual fund schemes from fund houses that follow prudent judicious investment processes and stringent risk-management systems.

In these uncertain times, it would be wise sticking to liquid funds and overnight funds while considering debt funds.

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As with all financial matters, better be safe than sorry!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.



PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

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