Firestar Diamond owned by India’s most wanted Nirav Modi files for bankruptcy in US

Agencies
February 27, 2018

Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India's biggest-ever bank scam, has filed for bankruptcy in the United States.

The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York on Monday.

Indian state-run lender Punjab National Bank had earlier this month unearthed fraudulent transactions at one of its Mumbai branches, the amount of which could now be about $2 billion.

Modi, founder of Firestar Diamond, and his uncle Mehul Choksi, who owns Gitanjali Gems Ltd, are suspected of colluding with two employees from Punjab National Bank in the fraud.

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News Network
January 9,2025

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The United Nations Children’s Fund (UNICEF) has reported that at least 74 children were killed in Israel’s relentless violence in the Gaza Strip during the first week of 2025, marking a grim start to the New Year for children in the besieged territory.

In a recent report released on Wednesday, UNICEF said that the fatalities occurred within just eight days, emphasizing that the lack of adequate shelter, compounded by winter weather, poses severe risks to the children in Gaza.

“For the children of Gaza, the New Year has brought more death & suffering with at least 74 children reportedly killed,” Executive Director of UNICEF Catherine Russell said, calling for an immediate ceasefire to end the violence.

She expressed deep concern over the number of children who have either been killed or have lost loved ones during the tragic beginning of the year.

Numerous fatalities have occurred during mass casualty events, including nighttime assaults in Gaza City, Khan Yunis, and al-Mawasi, which has been designated a "safe zone." The most recent attack claimed the lives of five children in al-Mawasi on Tuesday, according to UNICEF.

The situation is dire, with reports indicating that eight infants and newborns have died from hypothermia since December 26, highlighting the severe risk facing young children who are unable to regulate their body temperature amid the harsh conditions as Israel weaponizes cold against children in the Gaza strip.

“UNICEF has long warned that inadequate shelter, lack of access to nutrition and healthcare, the dire sanitary situation, and now the winter weather put the lives of all children in Gaza at risk. Newborns and children with medical conditions are especially vulnerable,” Russell emphasized.

The humanitarian crisis in Gaza has reached alarming levels. The number of aid trucks entering the region remains grossly inadequate to meet the basic needs of families, while civil order has largely unraveled, leading to the looting of humanitarian supplies.

According to UN reports, over a million children are currently living in makeshift tents, with almost all of the 2.3 million population displaced several times over the last 15 months.

Moreover, the few operational hospitals are overwhelmed, and the destruction of civilian infrastructure has severely hampered access to essential services, including food, clean water, sanitation, and healthcare.

Kamal Adwan Hospital, previously the only functioning medical facility in northern Gaza with a pediatric unit, has ceased operations following a raid last month, exacerbating the already critical healthcare situation.

A recent report from the Palestinian Central Bureau of Statistics noted a 6% decline in Gaza's population in 2024, indicating that Israeli forces are intentionally targeting specific demographic groups, such as children and youth, resulting in a significant “distortion of the population.”

Since the onset of the genocide, Israel has killed 45,936 Palestinians, including over 17,600 children, as reported by the Health Ministry in Gaza, indicating a tragic loss of one child approximately every hour.

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News Network
January 9,2025

Mangaluru: In a significant development, Mescom has proposed a phased electricity tariff hike starting with Rs 0.70 per unit for the fiscal year 2025-26. The proposal has been submitted to the Karnataka Electricity Regulatory Commission (KERC) for approval, signaling a potential increase in electricity costs for consumers.

Mescom emphasized that the current tariff structure is insufficient to meet operational expenses and manage revenue effectively. To address this, the company has invited public objections to the proposed hike.

Currently, the electricity supply cost is Rs 9.23 per unit, while the consumer tariff stands at Rs 8.53 per unit, leading to a shortfall of Rs 0.70 per unit. For the financial year 2023-24, Mescom reported revenue of Rs 5,924.73 crore against an expenditure of Rs 6,310.39 crore, resulting in a deficit of Rs 367.66 crore. For the 2025-26 fiscal year, projected revenue is Rs 5,850.81 crore, with an actual requirement of Rs 5,961.63 crore, creating a deficit of Rs 110.82 crore.

In a first, Mescom has submitted a multi-year tariff revision proposal to KERC. The plan outlines a hike of Rs 0.70 per unit for 2025-26, followed by Rs 0.37 per unit for 2026-27 and Rs 0.54 per unit for 2027-28.

"An increase in electricity tariff is inevitable," stated Jayakumar R, Managing Director of Mescom. "Mescom has submitted a proposal in this regard to KERC."

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News Network
January 8,2025

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Mangaluru, Jan 8: The serene beaches near Kulai Jetty under the limits of Surathkal police station turned into a scene of tragedy on Wednesday, January 8, as a group of four close friends saw their day of joy morph into heartbreak. 

Three young men lost their lives in the unforgiving waves, while one narrowly escaped death, saved by the heroic efforts of local fishermen.

The victims have been identified as: 

M. S. Manjunath (31), son of Shivlingappa, hailing from Upparigenahalli, Chitradurga district.

Shivakumar (30) from Shivamogga district.

Satyavelu (30) from JP Nagar, Bengaluru.

The sole survivor, Parameshwara (30), from Hangarga, Bidar district, now carries the weight of a harrowing ordeal and the devastating loss of his three closest friends.

These young men, all students of AMC Engineering College in Bengaluru, had embarked on a trip meant to create memories of joy and camaraderie. Driving overnight from Bengaluru, they reached Mangaluru on Wednesday morning. After breakfast at a local eatery, the group decided to visit the picturesque Kulai Jetty, seeking solace and adventure in the sea.

But their joyful outing took a tragic turn. While playing in the water, the four were caught in strong currents. Despite the swift intervention of local fishermen, only Parameshwara could be rescued in time. The lifeless bodies of Manjunath, Shivakumar, and Satyavelu were later found on the right side of the jetty, their dreams and futures cruelly cut short.

The Surathkal police, alerted to the incident, promptly arrived at the scene and began their investigation. The bodies were transported to AJ Hospital for post-mortem examinations, leaving their families and friends to grapple with the enormity of their loss.

A case has been registered at Surathkal Police Station. This incident serves as a stark reminder of the unpredictable and dangerous nature of the sea, urging visitors to prioritize safety above all else.

What was meant to be a day of joy has left a void that can never be filled, as three grieving families now face the unbearable pain of losing their loved ones.

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