Business

New Delhi, Jan 16 (IANS) Homegrown social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions.

Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff will impact about 500 people at the company, according to reports.

"We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment," said Ankush Sachdeva in a note to the employees.


"In hindsight, we overestimated the market growth in the highs of 2021 and underestimated the duration and intensity of the global liquidity squeeze," he added.

In addition, the company also announced a financial package for the affected employees.

The compensation package includes a payout for the notice period as well as an additional 15 days of monthly gross salary for each completed year of full-time service.

Moreover, the CEO's note specifies a 100 per cent pro-rated bonus through December 31, 2022, as well as any unpaid bonuses as of the last working day.

In December 2022, ShareChat laid off less than 5 per cent of its employees after it shut down its fantasy sports platform called Jeet11.

--IANS
shs/ksk/

San Francisco, Jan 10 (IANS) Automaker BMW has recalled over 14,000 electric vehicles for a software malfunction that may lead to a loss of power and an increased risk of a crash.

The recall covers iX SUVs and i4 and i7 sedans produced between October 14, 2021, and October 28, 2022.

The software issue relates to the high voltage battery electronic control unit, according to BMW.

"The high voltage battery electronic control unit (ECU) software may cause an interruption of electrical power," it said in the recall notice.

Specifically, a misdiagnosis can sporadically occur within the battery management electronics, which could cause the electronic control unit to reset.

"If a reset occurs, this could cause an interruption of electrical power," according to the company.

The owners of these cars can drive vehicles while waiting for a software update to fix the problem.

Last year, the automaker recalled a "small number" of 2022 i4 sedans and iX SUVs due to the risk of battery fires.

According to the US National Highway Traffic Safety Administration (NHTSA), a short-circuit in a high voltage battery increased the risk of a fire.

The recall was issued after BMW became aware of "a non-US field incident involving a 2022 BMW i4 eDrive40".

In June last year, Ford Motor recalled nearly 49,000 Mustang Mach-E electric crossovers over battery safety concerns, and told dealers to temporarily halt selling the popular electric vehicle.

The battery issue affects Mach-Es that were built from May 27, 2020, through May 24, 2022, at the automaker's Mexico plant.

--IANS
na/ksk/

New Delhi, Dec 30 (IANS) In a path breaking update, Religare Enterprises Ltd on Friday
announced that in accordance with the terms of the sanction letters received from the OTS lenders, Religare Finvest Ltd (RFL) along with RFL's parent company has entered into a Settlement Agreement on December 30 in connection with the OTS with all the 16
secured lenders (OTS Lenders) for full and final settlement with respect to all their outstanding dues of RFL.

The lenders are Bank of Baroda, Union Bank of India, Canara Bank, State Bank of India, Punjab National Bank, Bank of India, SIDBI, Central Bank of India, UCO Bank, IDBI Bank Limited, Punjab & Sind Bank, Bank of Maharashtra, South Indian Bank, Karnataka Bank, Karur Vysya Bank, and Federal Bank Ltd.

The RFL shall ensure compliance to the terms and conditions of the said OTS Agreement.

Led by a new management and a professionally-run Board since 2018, the Religare Group
has been making positive strides to grow each of its individual entities and has worked
tirelessly in order to progress and provide stability backed by strong corporate governance at its core.

The RFL has been taking necessary corrective measures as advised by the Reserve Bank of India and it will seek removal of the CAP (Corrective Action Plan) in due course so that RFL can restart its lending business.

On this significant development, Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises Ltd, said: "This is a very positive and significant move in the history of our company. Our tireless efforts and representations to our lenders have shown positive results and we appreciate their backing and support at this critical juncture. This
move takes us closer to our vision of turning the Religare Group into a 360-degree financial services conglomerate."

--IANS
san/d

New Delhi, Dec 30 (IANS) India's fiscal deficit stood at Rs 9.78 lakh crore in the April-November period of 2022-23, which is 58.9 per cent of the Union Budget's target of Rs 16.61 lakh crore for the current fiscal, government data showed.

As per Controller General of Accounts (CGA) data, the revenue deficit stood at Rs 5.73 lakh crore, or 57.8 per cent, of the current fiscal's target of Rs 9.91 lakh crore.

The government's total expenditure was Rs 24.43 lakh crore, or 61.9 per cent, of the Budget's target of Rs 39.45 lakh crore, as per the data.

Fiscal deficit is the difference between the state's revenue and spending. It shows the shortfall in revenue.

--IANS
ans/vd

Seoul, Dec 30 (IANS) Samsung Electronics on Friday announced that it has hired former chief design officer of Mercedes-Benz China, Hubert H. Lee, as executive vice-president (EVP) and head of its MX (Mobile eXperience) design team.

Lee brings more than two decades of design and leadership experience with him to Samsung, the tech giant said in a blogpost.

At Mercedes-Benz, Lee was credited with leading numerous design projects and won multiple awards for his leadership of the company's design teams in China and the United States.

In his new role at Samsung, Lee will oversee the MX design team, which is in-charge of creating Galaxy products like S Series, Z Series, Galaxy Tab, Galaxy Watch and more.

His innovative perspective will help "shape the look and feel of Galaxy, building on the distinct design ethos that users know and love", the company said.

"Samsung is known for building some of the world's most beautiful products with designs that have transformed the mobile industry," said Lee.

"I am excited to join a company that is on the bleeding edge of mobile innovation and lead the team responsible for creating new mobile experiences through the art of design," he added.

--IANS
aj/arm

New Delhi, Dec 30 (IANS) Former BharatPe co-founder and managing director Ashneer Grover on Friday hit out at top VC firm Sequoia Capital India, defending Singapore startup Zilingo's former CEO, Ankiti Bose, who was sacked over financial irregularities earlier this year.

In a series of tweets, Grover posted a short audio interaction between Ankiti and Grover, where she can be heard discussing a 220-page report on Singapore-based fashion-tech startup Zilingo and the fraud allegations, which was never made public.

Sequoia Capital India backed both BharatPe and Zilingo.

"Remember @AnkitiB of @Zilingo? She told me of her 'ordeal' at hands of @singh_sequoia and 4/7 India partners of @SequoiaIndiaSEA. I told her to complain in writing to @sequoia top bosses. Listen to what happened next. So much for Corp Governance and wearing the moral Halo,a posted Grover, along with the audio clip.

Grover asked what happened to the 220-page report.

"Did @sequoia top bosses hush it up or pursue it as a genuine complaint?What were the 220 pages about ? Why has @AnkitiB been silenced? What's the status of @Zilingo?" commented Grover who is facing a Rs 88.6 crore fraud case filed in the Delhi High Court by BharatPe.

In March this year, Zilingo suspended 30-year-old CEO Ankiti over complaints about alleged financial irregularities.

The startup had raised more than $300 million from top investors, including Temasek Holdings Pte and Sequoia Capital India.

Following an investigation led by an independent forensics firm, the startup decided to terminate Ankiti's employment.

On April 11, after her suspension on March 31, Ankiti brought to the board's attention, for the first time, certain harassment-related issues pertaining to past time periods, which did not include any harassment complaints against investors or their nominees.

A top consulting firm was then appointed to look into the claims of harassment brought to the Board's notice by Ankiti.

According to Zilingo, the investigation concluded that the company took appropriate action and followed due process to address these complaints that were brought to their notice, "contrary to media reports that have suggested that the suspension and investigations into Ankiti were aimed at suppressing the said harassment claims".

The company is deeply pained and disappointed to see the manner in which the board, investors and employees have been constantly attacked through ostensibly leaked and fake information," it had said.

Alarmed at the fraud allegations at some of its portfolio startups, Sequoia Capital India had released a blog post, saying it will continue to respond strongly when it encounters "willful misconduct or fraud", and take tough action wherever needed.

"These allegations are deeply disturbing. We have always strongly encouraged founders to play the long game. We focus on the enduring, and discourage focussing on vanity metrics. Despite that we find some counter-examples of what we espouse," the VC firm had said.

--IANS
na/

San Francisco, Dec 30 (IANS) While exploring the Apple Watch's ECG sensor in some depth, a team of researchers has said that the watch's ECG sensor data can be used to develop a robust and accurate stress prediction tool.

According to MacRumors, the researchers from the Canada-based University of Waterloo discovered a close relationship between ECG data, including heart acceleration and deceleration capacity, and participants' reported stress levels at the time the readings were taken, using the Apple Watch Series 6's ECG sensor.

Using this data, machine learning algorithms were created to create a prediction model.

The stress models are said to have a "high level of precision", but lower recall, said the report.

The study concludes that the Apple Watch has "promising" potential for stress prediction, and suggests that because the device collects additional health data such as sleep and activity data, even more, data points could be integrated into stress models to improve predictive accuracy.

Moreover, the researchers hypothesise that the Apple Watch could be used to aid mental health care by providing activities such as breathing exercises to offset stress signals and responding early to changes in mental health, the report added.

Meanwhile, a recent study also revealed that the Apple Watch can help detect silent heart disease.

The Mayo Clinic study explains that cardiac dysfunction often goes undiagnosed due to its asymptomatic nature, meaning people with it are unaware of it.

The findings showed that "consumer-watch ECGs acquired in nonclinical environments can identify patients with cardiac dysfunction".

--IANS
shs/ksk/

New Delhi, Dec 30 (IANS) As 2022 is coming to an end, Microsoft on Friday revealed its best Xbox games of 2022 that gamers will want to get their hands on to wrap up the year.

Starting with the racing game of the year, the latest edition of the "Forza Horizon 5 Hot Wheels" has been specially enhanced for Xbox Series X/S.

With photorealistic graphics, authentic sounds, a life-like environment, and immense detailing, it sets the tone for next-gen gaming.

The next in the line is "Sea of Thieves", which lets gamers sail the open seas as a pirate with fellow shipmates, looting islands, tackling a gigantic Kraken, and sinking other ships.

"Grounded", which tells the story of a shrunken teenager trying to return to normal size while navigating Grounded's reactive world, is one of the best survival games of the year, the company mentioned.

With new creatures, locations, and surprises, it puts gamers' creative skills to the test.

"Gears 5", packed with horror, action, and power gives gamers the satisfaction of a quick reload, also the captivating storytelling, shooting mechanics, and excellent graphics give the game an edge.

The third-person shooter game is the sixth entry in the franchise and direct sequel to Gears of War 4, continuing the story of the Coalition of Ordered Government's (COG) fight against an enemy force -- the Swarm.

Lastly, a murder mystery game, "Pentiment", inspired by medieval art and weaves an unmatched narrative, lets players shape their character into anything from a pious theologian to a rebellious hooligan in 16th-century Italy.

Diving deep into history, this game has charm and appeal from and for the ages, said the company.

--IANS
shs/ksk/

Lucknow, Dec 25 (IANS) Akasa Air is commencing its air service from Lucknow on Sunday.

It is scheduled to start two flights from Lucknow -- one to Bengaluru and the other to Mumbai.

Airline officials met UP Chief Minister Yogi Adityanath and handed him the first symbolic boarding pass.

The chief minister said, "UP is benefitting massively from the Udaan scheme started by Prime Minister Narendra Modi. He has allowed people from even the lowest rungs of society to dream of travelling by air. The improving air services in UP are a realisation of this dream."

Akasa Air was represented by its CEO Vinay Dubey, co-founder Neelu Khatri, cofounder Pravin Aiyar and other senior officials.

The chief minister said that along with Lucknow which is being connected to Mumbai and Bengaluru, Varanasi should also be connected to these routes.

The Varanasi route has maximum passengers and this will be beneficial for both the residents of the state and for the airlines, he said.

He also suggested that Akasa Air start air services from Lucknow, Varanasi and Kushinagar to Kathmandu in Nepal. There is a great demand for this route among countries with a large Buddhist population, he said.

The Chief Minister further said that connectivity has a huge role to play in increasing the pace of development.

To that end, the government is trying to connect maximum cities in the state with expressways and air services.

Yogi Adityanath said that right now, nine airports are functional in the state and are serving 75 destinations. Another 10 airports are under construction.

He added that Uttar Pradesh would soon have five international airports -- Varanasi, Kushinagar and Lucknow are operational while Jewar and Ayodhya are under progress.

"It is the government's responsibility to ensure better connectivity for the 25-crore people in the state and to provide them with good air connectivity. Air connectivity is not ordinary connectivity but very beneficial in improving and increasing tourism potential of the state," he said.

--IANS
amita/dpb

By Atul Krishan
New Delhi, Dec 24 (IANS) The Centre Bureau of Investigation (CBI) has learnt in the Chanda Kochhar case that loans which were sanctioned by ICICI Bank were adjusted in RTL (rupee term loan) of Rs 1,730 crore.


This was revealed after a special CBI court on Saturday remanded former ICICI Bank CEO-MD Chanda Kochhar and her husband Deepak Kochhar to CBI custody till December 26. The CBI had arrested the couple on Friday in connection with their alleged role in the ICICI Bank-Videocon money laundering case. Venugopal Dhoot of Videocon Group is a co-accused in the case.

During the preliminary inquiry, the CBI has learnt that Chanda Kochhar sanctioned credit facilities of Rs 3,250 crore by violating the rules of Banking Regulation Act, RBI guidelines and credit policy.

That various sanctioning committees of ICICI Bank sanctioned loans to Videocon Group companies, namely Millennium Appliances India Ltd (MAIL), RTL of Rs 175 crore on June 30, 2009; loan of Rs 240 crore to Sky Appliances Ltd (SAL) on November 17, 2010; loan of Rs 110 crore to Techno Electronics Ltd (TEL) on November 17, 2010; loan of Rs 300 crore to Applicomp India Ltd (AIL) on May 30, 2011; and loan of Rs 750 crore to Videocon Industries Ltd (VIL) on October 31, 2011.

These loans amounting to Rs 1,575 crore were sanctioned by various committees.

The loans sanctioned to SAL, TEL and AIL were for the purpose of enabling them to repay the unsecured loan availed by these companies from VIL. It also sanctioned a loan to VIL for refinancing the existing loans of the company.

Sandeep Bakshi, K. Ramkumar, Sonjoy Chatterjee, N.S. Kannan, Zarin Daruwala, Rajiv Sabharwal, K.V. Kamath and Homi Khusrokhan, all senior officials of ICICI Bank, were part of the committees which sanctioned the loans.

"These loans turned non-performing assets (NPA) due to which the ICICI Bank suffered losses and the accused made wrongful gains. ICICI Bank had also released the security available in the form of FDR of Rs 50 crore in the accounts of Sky Appliances Ltd and Techno Electronics Ltd without any justification," the CBI said.

Chanda Kochhar took over the charge of ICICI Bank as Managing Director and Chief Executive Officer on May 1, 2009. The aforesaid credit limits to the above said Videocon Group companies were sanctioned after she assumed charge as the MD-CEO of the bank.

These loans were sanctioned by different sanctioning committees in which Chanda Kochhar was one of the committee members.

The committees sanctioned RTL of Rs 300 crore to VIEL and Rs 750 crore to VIL. In 2012, the existing outstandings of the six accounts were adjusted in RTL of Rs 1,730 crore sanctioned under refinancing of domestic debt. The account of VIL and its group companies were declared NPA in June 2017.

(Atul Krishan can be approached at atul.k@ians.in)

--IANS
atk/arm