Tata Global Beverages elects new chairman; illegal, says Mistry

Nov 15, 2016 0

Mumbai– The Board of Directors of Tata Global Beverages on Tuesday removed Cyrus P. Mistry as the company’s Chairman and appointed Non-Executive Director Harish Bhat to the post. Mistry’s office termed the proceedings “illegal”.

Seven out of ten directors voted for the ouster of Mistry.

“After extensive deliberations and keeping in view the long term interest and alignment of all stakeholders and stability of the company, the Board of Directors resolved to replace Cyrus Mistry as Chairman of the Company, by majority vote, with 7 out of the 10 Directors present at the Board meeting, voting in favour of the resolution,” the company said in regulatory filing to BSE.

Cyrus P. Mistry

Cyrus P. Mistry

The board of directors also appointed Bhat as the Chairman, it added.

However, Mistry’s office said that the statement made to the stock exchanges by the company about the removal of Mistry as Chairman was “illegal” and “inaccurate”.

“When the proposal to remove Mistry was sought to be moved, it was ruled out by the Chairman since it was not on the agenda. The meeting was conducted by Mistry as Chairman and was concluded. The statement made to stock exchanges today (Tuesday) is therefore inaccurate and illegal..,” said a statement from Mistry’s office.

It further said the developments at the board meeting of the Tata Global Beverages Ltd were “nothing but a repeat of the illegality that the Board of Directors of Tata Sons Ltd did on October 24”.

“There was nothing on the agenda about replacement of the Chairman just as there was nothing in the Tata Sons Board Agenda on October 24.”

According to the statement, the Tatas “continue to demonstrate the lack of respect for due process of law that they have displayed”. It said Bhat, an employee of Tata Sons, proposed that S.K. Santhanakrishnan be made Chairman at the meeting.

“This proposal was ruled out since there was already a Chairman for the meeting, namely, Cyrus Mistry,” the statement added.(IANS)

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Seven Indian-Americans Make It to GrowthCap’s Top 40 Under 40 Growth Investors List

Nov 15, 2016 0

BOSTON—Seven Indian-Americans have made it to the prestigious GrowthCap’s Top 40 Under 40 Growth Investors List this year. They include: Kapil Venkatachalam, Nehal Raj, Sachin Sarnobat, Nishita Cummings, Vinay Kashyap, Shamit Mehta and Ron Shah. Arjun Mehta was named a rising star.

“Those appearing in this year’s list were first nominated by their firm, their peers or by GrowthCap.  They were then evaluated based on breadth of experience (volume of completed deals, capital invested, number of exits, and realized returns, among other factors) as well as qualitative aspects contributing to their overall effectiveness working with peers, CEOs, LPs and deal professionals,” said RJ Lumba, Managing Partner of GrowthCap.

GrowthCap, which is primarily focused on growth equity investments, provides growth capital advisory to a select group of family offices in addition to advising and working on behalf of growth-stage, private companies seeking a capital.

Here are brief bios of Indian-American growth investors as published by GrowthCap:

Kapil Venkatachalam

Firm: Technology Crossover Ventures

Title: General Partner

“Technology is the heart of our business. We partner with companies that have achieved product-market fit and are looking to scale further. We are flexible and invest in companies at whatever stage and in whatever form makes the most sense for them at the time. TCV might be the first institutional investor, investing a significant amount of capital for a board seat and majority position in a company that has been bootstrapped by its founders, or we might be a minority investor in a pre-IPO business that is looking for help get to the next level. We invest in private and public companies. Unlike many venture firms, we do not look at an IPO as an “exit.” Rather, we continue to support many of our companies for years to come. Examples include Alarm.com, Facebook, GoDaddy, Netflix, Rapid7 and many more,” Venkatachalam was quoted as saying in GrowthCap’s announcement of 40 Under 40 List.

Venkatachalam joined Technology Crossover Ventures in 2006 as an associate and now works as a general partner for the firm. Prior to joining TCV, he worked as an investment banker for Goldman Sachs. Kapil currently serves on the board of IQMS; his other active investments include FinancialForce.com, Alarm.com (NASDAQ: ALRM), Rapid7 (NASDAQ: RPD), OSIsoft and Genesys. His prior investments included TOA Technologies which was acquired by Oracle; Splunk (NASDAQ: SPLK), and ExactTarget (NYSE: ET), which was acquired by Salesforce.com.

Nehal Raj

Firm: TPG Growth

Title:  Partner

Raj leads TPG’s technology investments across the firm’s TPG Capital and TPG Growth platforms. This combination of large-cap private equity and growth equity investing experience is unique in the industry. His current investments include C3 IoT, CCC Information Services, Domo, IMS Health, Noodle Analytics, Sutherland Global Services and Zscaler, according to GrowthCap.

Sachin Sarnobat

Firm: Atalaya Capital Management

Title: Managing Director

Sarnobat is a managing director at Atalaya Capital Management, where he focuses on structured capital investments targeting high teen return profiles. Founded in 2006, Sarnobat manages in excess of $2 billion and focuses on making opportunistic credit and special situations investments.  Atalaya invests across the capital structure providing dilutive and non-dilutive capital with flexibility for control as well as minority investments.

Prior to joining Atalaya, Sarnobat worked with Prospect Capital Management, where he invested over $1.3 billion in private equity and debt transactions focused on middle market companies across technology enabled business services, branded consumer products and specialty finance. Sarnobat began his career as an early employee at a technology start-up that provided big data analytics to the consumer credit risk industry and was awarded a U.S. patent related to data mining. He earned his BS in Chemical Engineering from the University of Mumbai and his MBA with honors from Columbia University Business School. He also earned his Master’s in Chemical Engineering from the University of Tennessee Knoxville, based on his research on Chaos Theory at Oak Ridge National Laboratory, according to GrowthCap.

Nishita Cummings

Firm:  Kayne Anderson Capital

Title:  Partner

Cummings is a Partner for Kayne Anderson Capital Advisor’s growth private equity activities. She identifies, analyzes, and executes on investment opportunities and monitors portfolio companies in healthcare and technology. Prior to joining Kayne Anderson in 2007, Nishita worked at Boston Avenue Capital, a value oriented activist hedge fund. Her current investments include Andover Healthcare; Azalea Health Innovation; AtlasRFID; Consero Global Solutions; Conservice; Cryptzone; DiCentral; Drivewyze; FaceFirst; Rage Frameworks; You.i; and Zafin, according to GrowthCap.

Vinay Kashyap

Firm:  Mainsail Partners

Title:  Principal

Kashyap joined Mainsail Partners in 2013 to focus on growth equity investing in profitable, growing and bootstrapped companies. He has been investing in founder owned software, technology-enabled services and healthcare technology companies for over a decade. Prior to Mainsail, Kashyap worked at Summit Partners. He currently serves on the boards of Nexus Systems, SentryOne, PlayMaker CRM, and Zen Planner, according to GrowthCap.

shamit-mehta-photo-north-bridge-capital-c

Shamit Mehta (Photo courtesy: North Bridge Capital)

Shamit Mehta

Firm:  North Bridge Capital

Title:  Principal

Mehta joined North Bridge as a Principal in 2014, building on an already established career in growth equity investing. Prior to joining North Bridge, Mehta was an investor at Susquehanna Growth Equity and Great Hill Partners. At North Bridge, Mehta focuses on SaaS/software, fintech, security, healthcare IT and business/information services sectors. A few of his current and previous investments include OutSystems, Jive Communications, Versafe (acquired by F5 Networks), Freightquote.com (acquired by C.H. Robinson), SecureWorks (acquired by Dell) and Passport Health Communications (acquired by Experian), according to GrowthCap.

Ron Shah

Firm:  Stripes Group

Title:  Partner

Shah joined Stripes Group in 2007 as one of its first team members. Over the past 9 years, he has played a key role in Stripes Group’s technology, software, and internet investments while also managing the firm’s direct sourcing efforts. Shah’s current investments include Remitly, Flatiron Health, Craftsy, Udemy, GoFundMe, Upwork (formerly Elance) and Folica, and past investments include MyWebGrocer and eMarketer, according to GrowthCap.

Arjun Mehta: Rising Star

Mehta was named “Rising Star” by GrowthCap. He is a senior associate at Bregal Sagemount, where he is a board director for STEELE CIS, Discovery Data and Keg Logistics. He is a board observer for Network Merchants. Prior to joining Bregal Sagemount in 2013, Mehta was an investment banking analyst at Credit Suisse, where he focused on leveraged buyouts and recapitalizations, according to GrowthCap.

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Tata Sons says will do what it takes to oust Mistry

Nov 13, 2016 0

Mumbai– After initiating steps to remove Cyrus Mistry as a director of at least five group companies, Tata Sons on Sunday said it will do all it takes to initiate similar action wherever required and deal with the situation.

“Tata Sons, in its statement of November 10, has already put forward the facts so that the decision of the Tata Sons Board to replace Cyrus P. Mistry as Chairman is seen in the desired perspective,” the holding arm of the group said.

“The Tata Sons management will do whatever is required to deal with the situation,” it said in a late evening statement issued on Sunday.

Cyrus P. Mistry

Cyrus P. Mistry

Thus far, after the removal of Mistry as chairman, Tata Sons has issued notices for shareholders’ meeting in at least five companies — Indian Hotels, Tata Steel, Tata Motors, Tata Chemicals and Tata Consultancy services — seeking his removal from their boards.

“In the light of the developments since November 4, Tata Sons reiterates that it is crucially important for boards, including independent directors, to consider that their views and positions ensure that the future of Tata companies is protected, taking into consideration the interest of all stakeholders,” Tata Sons said.

The controlling company of the $103-billion empire had removed Mistry, 48, as chairman last month saying he had lost the confidence of the board due to several factors and that the trustees were increasingly concerned with the growing trust deficit.

Ratan Tata, who had made room for Mistry four years ago, was reinstated as the chair in an interim capacity. Search is on for a new chair.

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Desh Deshpande on Entrepreneurship and Impact: Introduction

Nov 12, 2016 0
Desh Deshpande

Desh Deshpande

By Desh Deshpande

(Editor’s note: We are pleased to launch our long-awaited weekly video column with philanthropist and serial entrepreneur Desh Deshpande, with excerpts from his book “On Entrepreneurship and Impact.” This column will appear every Monday.)

The world has changed dramatically in the last six decades that I have witnessed.  Most of the changes have been brought about by technological innovations and entrepreneurs who have put them to good use.  Millions of people have been lifted out of poverty.  The power of innovation and entrepreneurship continues to multiply in the connected world we live in.

However, the difference between those who benefit from this new economy and those who get left behind continues to widen.  While there is a lot of conversation about a ‘shared economy’ there is no obvious solution in sight.  In some ways entrepreneurship is what is creating this divide.  However, I think entrepreneurship can also fix this problem.

Whether it is impoverished pockets in affluent economies or disadvantaged regions in developing countries, the typical approach to addressing the economic divide is by tired approaches that provide handouts, assistance and aid. While these solutions might address the issues in the short term, they seldom stick as there is little local ownership or capacity to absorb them.

We believe that encouraging an entrepreneurial mindset at the grassroots level will better accelerate change and create positive local impact that will eventually lift communities. A clear path to entrepreneurship helps strengthen local ecosystems by providing a hand up to people to fulfil their dreams instead of a handout to continue a basic subsistence,

While we need high tech, fast growth entrepreneurial companies at the high end, we also need to provide people in other segments of society a means to craft their own future through entrepreneurial action. This can only be done by creating a strong ecosystem that highlights local entrepreneurship, identifies and encourages entrepreneurs and builds local economic capacity.

Regardless of the type of entrepreneur, whether a high tech one or at the grassroots level, the challenges and the questions one has to face are similar.  This book is targeted at both types.  It is an attempt to answer some of the questions that entrepreneurs face.  Please reach out to us on the book’s website, provide your feedback, ask questions, challenge the issues and ideas. We look forward to publishing a sequel based on your response.

Thank you for being a fellow entrepreneur.  Apart from the ability to impact the world, I have found that it is a great way to live. Entrepreneurs share two common attributes; they are naïve and very optimistic.  They see every challenge as an opportunity and they believe that tomorrow is always going to be better than today.  Nothing can beat living this optimistic life, always hopeful of a better tomorrow.  My hope is that millions of optimistic entrepreneurs will take charge of the problems facing their communities, creating a vibrant and more just world where everyone is excited about the future.

(About Desh Deshpande: During his entrepreneurial career spanning over three decades, Gururaj “Desh” Deshpande has built several companies. He has injected his passion for innovation and entrepreneurship into a number of social impact initiatives in India, the USA and Canada. He has been recognized for his entrepreneurial accomplishments by many institutions including being named co-chair of President Obama’s National Advisory Council on Innovation and Entrepreneurship. He currently also serves as a Life Member of the MIT corporation. He resides in Boston together with his wife, Jaishree.)

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Deloitte amongst ‘Top 10 Best Companies for Women in India’

Nov 12, 2016 0

New Delhi– Professional services organisation Deloitte on Saturday said it has won the Best Companies for Women in India Award 2016 (BCWI Award) and has emerged as one of the top 10 best companies for working mothers in India.

The company said the recognition is based on the “2016 Working Mother & AVTAR Best Companies for Women in India survey”, which covered key demographics related to a company’s workforce, practices and policies that organisations have in place to attract, engage, retain and develop women professionals.

N. Venkatram

N. Venkatram

“At Deloitte, we believe in championing an inclusive work environment that enables equal opportunity and encourages and nurtures exceptional talent — regardless of gender, thereby facilitating a business advantage and making an impact that matters,” said N. Venkatram, Managing Partner and Chief Executive of Deloitte India.

The company said it integrates several strategic initiatives specific to gender inclusion.

“One of the key initiatives is a sponsorship programme aimed at developing leaders, which helps high-performing women professionals build their career, provides opportunities for high visibility projects and helps them navigate the organisation,” the company said in a statement.

“This has proven to be effective in the development of a strong women leadership pipeline,” the statement added.

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Rejigging 200,000 ATMs may take over a month

Nov 12, 2016 0

By Sarwar Kashani

New Delhi–Cash crunch and its pain following the government’s demonetisation of Rs 500 and Rs 1,000 currency notes may last longer than feared, because nearly two lakh ATMs across India are to be configured to dispense the new Rs 500 and Rs 2,000 notes.

This was even acknowledged by Finance Minister Arun Jaitley on Saturday — three days after the move to curb black money — when he said it would take about two to three weeks for all the machines to be ready.

Experts say he may have been a bit optimistic.

Banking and financial experts IANS spoke with were of the view that all ATMs in India needed to be calibrated afresh to disburse various currency from Rs 50 to the newly minted Rs 2,000 notes according to their weight, dimensions, design, and security features. And the new Rs 500 notes promised by the government have not even been issued.

The process, they say, will take over a month for the machines all over the country to start functioning.

ATMs and their cash trays so far were mainly made to dispense 100 and now-spiked 500 and 1,000 rupee notes. The two high denomination notes were declared illegal by the government on November 8.

Experts said since the new Rs 500 and Rs 2,000 notes would be different in size and shape from the old Rs 500 and Rs 1,000 ones, engineers would have to readjust the cash trays, or cassettes, and the software running the machines.

Jaitley told the media on Saturday that “the finance ministry is constantly monitoring the cash replacement exercise,” referring to another time-consuming process of replacing invalidated currency notes with new bills in the teller machines.

A large queue of people wait outside a bank to exchange Indian currency in the denominations of 1000 and 500 that have been declared to be of no value, in New Delhi, India, Friday, Nov. 11, 2016. Delivering one of India's biggest-ever economic upsets, Prime Minister Narendra Modi this week declared the bulk of Indian currency notes no longer held any value and told anyone holding those bills to take them to banks to deposit or exchange them. (Courtesy: AP Photo/Saurabh Das)

A large queue of people wait outside a bank to exchange Indian currency in the denominations of 1000 and 500 that have been declared to be of no value, in New Delhi, India, Friday, Nov. 11, 2016. Delivering one of India’s biggest-ever economic upsets, Prime Minister Narendra Modi this week declared the bulk of Indian currency notes no longer held any value and told anyone holding those bills to take them to banks to deposit or exchange them. (Courtesy: AP Photo/Saurabh Das)

Asked why the government had not recalibrated the machines in advance, Jaitley said it would have defeated the purpose “to maintain secrecy” of the surprise move.

Rajiv Kaul, CEO and Vice-Chairman at CMS, one of India’s largest cash management companies, told IANS on email that the immediate focus after the government’s decision was to flush out the spiked currency notes from the machines.

The second step would be to replenish the machines with new notes.

But before that, they had to “ensure every ATM recognises the new notes and manages multiple replenishments including those of lower denominations,” Kaul said.

This is where the challenge lies. Because cash trays of all the machines have to be replaced with newer ones that can handle new currency notes. The machines would also need to be extensively tested before cash supply is restored.

“We believe the entire country’s ATM network will be streamlined to the new order in the next two to four weeks,” Kaul said.

Anuj Chauhan, a banker in Delhi, said a technician has to physically visit an ATM for reconfiguration that would normally take about four hours for each machine.

That means the reconfiguration of all two lakh machines would take about 800,000 man hours.

If a technician completes two ATMs a day, companies managing the machines would all together need some 4,000 trained technicians to complete the process in 30 days. Finding them would be another challenge.

If you build in natural delays and breakdowns into this calculation, it means the serpentine queues and chaos outside ATMs won’t go away anytime soon. (IANS)

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Tata Motors gets notice for removal of Mistry, Wadia

Nov 11, 2016 0

Mumbai– Tata Motors on Friday informed the stock exchanges that it has received a notice from shareholders representing 26-per cent of the voting rights for the removal of Chairman Cyrus Mistry and Independent Director Nusli Wadia from the company’s board.

Based on responses, if any, from the duo after they are furnished a copy of the notice, the company may have to call an extraordinary general meeting of shareholders for their removal, if they don’t do so on their own.

Ratan Tata

Ratan Tata

On Thursday, Tata Consultancy Services (TCS) had also issued a special notice under Section 169 (read with Section 115) of the Companies Act, 2013, and made a requisition for an extraordinary general meeting of shareholders to consider Mistry’s removal as a director of TCS.

TCS replaced Mistry as its Chairman and appointed Ishaat Hussain as the new Chairman of the board of directors of the company with immediate effect.

Tata Sons, the holding company of the Tata Group companies, removed Mistry, 48, as its chairman last month saying that he had lost the confidence of the board due to several factors and that the trustees were increasingly concerned with the growing trust deficit.

Tata Sons on Thursday said the ousted Chairman should resign from all group companies and deplored the manner in which Mistry has sought the support of independent directors of Indian Hotels to continue as its Chairman.

“Mistry conveniently forgets that he was appointed as the Chairman of the Tata operating companies by virtue of and following his position as the Chairman of Tata Sons,” Tata Sons said in a nine-page statement issued on Thursday.

However, following Tata Sons’ statement, the independent directors of Tata Chemicals on Thursday had reposed their faith in Chairman Mistry, while taking up the second quarter results for the current financial year.

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Mamata calls on opposition parties to fight over demonetisation issue

Nov 10, 2016 0

Kolkata– Stepping up her attack on the Narendra Modi-led Central Government over the demonetisation issue, West Bengal Chief Minister Mamata Banerjee appealed to all opposition parties on Thursday to “fight the political and financial anarchy” together.

In a series of tweets, the Trinamool Congress supremo dubbed the Modi regime “anti-poor” and urged the opposition to “work together boldly” against the “anti-poor government”.

Mamta Banerjee

Mamta Banerjee

“May I appeal to all political parties in the Opposition to work together boldly against the anti-poor govt at the Centre. Let us fight this political and financial anarchy together. We will be with you all,” she said.

Banerjee said she had enquired from all sections of the society about the present financial chaos.

“The feeling is that black money was to be brought back from outside as per the electoral assurance. But now the government has made the common people feel helpless and penniless. Is it right,” she asked.

Banerjee said there were “millions of real stories” across cities, towns and villages about the demonetisation “affecting the marginalised”.

Citing an example, she said “tea garden owners have expressed difficulty to pay wages on time”.

She added that this could lead to frustration among poor workers, most of whom are tribals.

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Congratulations, shock: World leaders react to Trump’s victory

Nov 9, 2016 0

New York– Politicians across the world reacted differently to the election victory of Donald Trump, set to become the 45th President of the United States. Some congratulated him, while others voiced shock.

Russian President Vladimir Putin congratulated Trump on the victory and expressed hope that the two countries will continue collaborative work on international issues.

Trump often praised Putin throughout his campaign, and his relationship with the Russian President was among the highlights of the presidential race.

President-elect Donald Trump (Photo courtesy: National Review)

President-elect Donald Trump (Photo courtesy: National Review)

Putin noted in the message that he hopes to address some “burning issues that are currently on the international agenda, and search for effective responses to the challenges of the global security,” RIA Novosti reported.

Putin also expressed confidence that “building a constructive dialogue between Moscow and Washington, based on principles of equality, mutual respect and each other’s positions, meets the interests of the peoples of our countries and of the entire international community.”

Indian Prime Minister Narendra Modi congratulated Trump and said India looks forward to working with him closely to take bilateral ties to “a new height”.

“Congratulations @realDonaldTrump on being elected as the 45th US President,” Modi tweeted.

The Prime Minister also appreciated the friendship that Trump had “articulated towards India” during his campaign.

Indian President Pranab Mukherjee also congratulated Trump on his victory.

Japan’s Prime Minister Abe also congratulated the Republican on his victory and described the alliance between the two countries as “impregnable”.

“With all my heart I hope that Japan and the US will play a leading role in ensuring peace and prosperity in the Asia-Pacific region. The Japan-US alliance is impregnable,” he stated in the message to Trump.

Abe will be sending his special adviser, Katsuyuki Kawai, to the United States shortly “to build confidence” with the new White House administration, Kyodo news agency reported.

Philippines President Rodrigo Duterte offered “warm congratulations” to Trump, saying he looks forward to working with him to enhance relations, a Philippine minister was quoted by the Mirror online as saying.

Duterte, who has expressed outrage almost daily with the Obama administration and threatened repeatedly to end one of Washington’s most important Asian alliances, hailed the success of US democratic system and the American way of life, Presidential Communications Secretary Martin Andanar said in a statement.

Egyptian President Abdel-Fattah al-Sisi congratulated Trump on his victory, the Egyptian presidency said in a statement.

Sisi wished Trump success as the new US president, hoping to enhance Egyptian-US cooperation at all levels.

Italian Foreign Minister Paolo Gentiloni said his nation respects the result of the presidential election in the US, although it was unexpected.

“The victory of Donald Trump is the most important event that will change many things in the world,” the minister said, stating that Italy will continue its cooperation with the US.

German Defence Minister Ursula von der Leyen said the US election result was a “huge shock” in comments on German ARD TV. She urged Trump to prevent isolationism, saying, “It’s in Europe’s interest that the US remains open to the world.”

In France, Foreign Minister Jean-Marc Ayrault has said that the election results must not weaken relations between Europe and the US, and assured that France remains an ally of the US, and will have to see what the new President’s policies will be.

French ambassador to the US Gerard Araud caused astonishment with his tweet that the “world is collapsing before our eyes” just as Trump was set to be elected the 45th US President.

Araud, the serving ambassador, tweeted his remarks as the defeat of Democratic Hillary Clinton became evident during counting of US election votes.

The 63-year-old said: “After Brexit and this election, everything is now possible. A world is collapsing before our eyes. Dizziness,” the mirror.co.uk reported.

The diplomat later deleted the tweet, the daily reported.

Meanwhile, one of America’s top allies in the Pacific, South Korea, said that they would expect the US to go on with the policy of pressuring North Korea.

Swedish Prime Minister Stefan Lofven said he would have preferred to see Hillary Clinton in the White House, but declared his readiness to work with Trump as well.

“I think the election result will make many individuals, as well as the market, worried. At the same time it is a situation to which we are well prepared. I would have preferred Hillary Clinton to win for a number of reasons. However, Sweden will do everything possible to retain good relations with the United States, no matter who is the president,” he told SVT channel, noting also his concern at the “prevailing political climate of hate” in the US. (IANS)

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Modi calls upon people for a corruption-free India

Nov 9, 2016 0

New Delhi– Terming his government’s decision to demonetise Rs 500 and Rs 1,000 currency notes as a “historic step to fight corruption”, Prime Minister Narendra Modi on Wednesday called upon people to work together for a corruption-free India.

Indian Prime Minister Mody

Indian Prime Minister Mody

“A historic step to fight corruption, black money and terrorism,” Modi said on Twitter a day after announcing the decision to axe Rs 500 and Rs 1,000 notes.

With megastar Rajinikanth joining a host of actors to laud the Prime Minister for the move, Modi took the opportunity to call upon the people to join the fight against corruption and black money.

“Thank you. All of us have to work shoulder to shoulder and create a prosperous, inclusive and corruption-free India,” posted Modi in reply to Rajinikanth’s tweet, “Hats off Narendra Modiji. New India is born, Jai Hind”.

Among the other Bollywood stars to hail the move were Amitabh Bachchan, Rishi Kapoor and Anushka Sharma.

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