Tag: Ajay

Ajay Maken writes to Delhi L-G seeking probe into renovation at Kejriwal’s residence

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New Delhi: A day after alleging that renovation work at Delhi Chief Minister Arvind Kejriwal’s residence cost Rs 171 crore and not Rs 45 crore, Congress leader Ajay Maken on Monday wrote to Lieutenant Governor V.K. Saxena, requesting his immediate intervention to ensure that public money is not misused and to initiate a probe into the matter.
In the three-page letter to the L-G, Maken, who is a former Union minister, said, “I’m writing to express my deep concern and disappointment regarding the extravagant expenditure, environmental damage, and violation of heritage protection and zonal plans involved in the construction of the Chief Minister’s residence in Delhi.”
In the letter, the Congress leader alleged that the construction of the new CM House has cost the exchequer around Rs 171 crore, including the relocation of 22 officers’ bungalows, with 15 out of 22 houses adjacent to CM’s house on Flagstaff Road being demolished or being vacated.

He said that this figure includes around Rs 126 crore spent on purchasing 21 new Type 5 flats in CWG Village to compensate for the housing shortage.
Alleging violation of Master Plan Delhi (MPD) 2021, Maken said, “The new CM House has been constructed in the Civil Lines Old Bungalow Zone, an area protected under MPD 2021. The previous residence was a single-storey colonial-style building, which has been replaced by a three-storey structure with a basement (B+G+1+2) with a covered area of around 20,000 sq ft (almost double the previous covered area). This construction directly contradicts the MPD 2021 provisions, which aim to preserve the heritage and character of Lutyen’s Bungalow Zone and Civil Lines Old Bungalow Zone.”
He also cited damage to environment due to removal of 28 full-grown trees, which contradicts the provisions of MPD 2021 that emphasise the importance of preserving green cover in these protected zones.
The Congress leader alleged that work orders were seemingly split by PWD to keep them below Rs 10 crore, with the intent to avoid approval of the secretary/principal secretary, PWD (for works amounting to more than Rs 10 crore).
“This was allegedly done by engineers of PWD in collusion with then PWD Minister Satyendar Jain, as required by the delegation of financial powers,” he said.

He also alleged lack of concurrence from the finance department, deviations in procurement procedure and circumventing municipal laws and deceiving the Legislative Assembly.
“In light of these concerns, I kindly request your immediate intervention to address these issues and ensure that public money is not misused, environmental damage is minimised, and heritage protection and zonal plans are strictly adhered to in future development projects. Upholding the principles of transparency, accountability, and responsible governance is crucial for the betterment of our society and for safeguarding the interests of the citizens.
“I thus request you to conduct an inquiry into the above points. And if found guilty, grant sanction for prosecution of the principal beneficiary, the Chief Minister, and the principal perpetrator, then PWD Minister of GNCTD,” Maken said.
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#Ajay #Maken #writes #Delhi #seeking #probe #renovation #Kejriwals #residence
( With inputs from www.siasat.com )

May 8, 2023
7 Celebrities who own Rolls Royce: SRK to Ajay Devgn

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Mumbai: Bollywood celebrities are well-known for their extravagant lifestyles and fondness for luxury automobiles. These actors own some of the most expensive and powerful cars in the world, ranging from Rolls-Royces to Ferraris. Many Bollywood celebrities favour the Rolls-Royce brand in particular. The luxury car manufacturer from the United Kingdom is known for its exquisite design, high-quality craftsmanship, and powerful engines. These cars, from the Ghost Series II to the Phantom, are symbols of luxury and status. Let us take a closer look at some of the Rolls-Royce vehicles owned by Bollywood celebrities, as well as their impressive features.
1. Hrithik Roshan – Rolls-Royce Ghost Series II
Hrithik Roshan is one of Bollywood’s highest-paid actors, and he owns a Rolls-Royce Ghost Series II.
Price: 7 crores.

2. Ajay Devgn – Rolls-Royce Cullinan
Another Bollywood actor who owns a Rolls-Royce is Ajay Devgn. He owns a Rolls-Royce Cullinan, one of the world’s most expensive SUVs.
Price: Rs. 6.95 crore
3. Priyanka Chopra – Rolls-Royce Ghost
Priyanka Chopra is an internationally recognized actress and cultural icon. Her car is a Rolls-Royce Ghost.
Price: Rs. 5.65 crore
4. Sanjay Dutt – Rolls-Royce Ghost
Sanjay Dutt, another well-known Bollywood actor, owns a Rolls-Royce Ghost, as does Priyanka Chopra.

Price: 7.55- 8.83 crore
5. Badshah – Rolls-Royce Wraith
Badshah is a well-known Indian rapper and record producer. He is the proud owner of a Rolls-Royce Wraith.
Price: 6.4 crore
6. Akshay Kumar – Rolls-Royce Phantom VII
Akshay Kumar is one of Bollywood’s most well-known actors. He is the owner of a Rolls-Royce Phantom VII.
Price: 9.50–11 crores
7. Shah Rukh Khan – Rolls-Royce Phantom
Shah Rukh Khan, also known as the “King of Bollywood,” recently purchased a Rolls-Royce Phantom.
Price: 10–12 crores
It’s no surprise that some of India’s most well-known celebrities own some of the world’s most luxurious automobiles. These Rolls-Royce automobiles not only provide comfort and style but also serve as a status symbol for their owners. Each car, from Hrithik Roshan’s Rolls-Royce Ghost Series II to Shah Rukh Khan’s Rolls-Royce Phantom, is unique and customised to the owner’s preferences. These vehicles epitomise luxury and exclusivity and have become an integral part of celebrities’ lifestyles. These cars, with their powerful engines, not only provide a smooth ride but also an adrenaline-pumping experience.

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#Celebrities #Rolls #Royce #SRK #Ajay #Devgn
( With inputs from www.siasat.com )

May 7, 2023
Ajay Banga becomes World Bank chief unopposed

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Washington: Indian-American business leader Ajay Banga was on Wednesday appointed as the next President of the World Bank, which said it looks forward to working with him on the World Bank Group Evolution process.
“The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023,” the bank said in a press statement.
In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”

“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the statement added.
The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.
Banga is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.
He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.

He was awarded the Padma Shri in 2016.
Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.
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#Ajay #Banga #World #Bank #chief #unopposed
( With inputs from www.siasat.com )

May 3, 2023
Arvind Kejriwal, his associates shouldn’t be shown any support: Cong’s Ajay Maken

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New Delhi: Former Delhi Congress chief Ajay Maken on Sunday launched a scathing attack on AAP convener Arvind Kejriwal, saying that individuals like him and his associates who face “serious corruption charges” should not be shown any sympathy or support.
The stance by Maken, a former Union minister during the UPA government, is at variance with his party’s central leadership as Congress president Mallikarjun Kharge had telephoned Kejriwal on Saturday, a day after the AAP convenor was summoned by the CBI, and expressed solidarity with the AAP leader.
The statement comes at a time when efforts are being made to unite opposition parties and bring them together on a common platform.

In his call to Kejriwal, Kharge had stressed the need for opposition parties to unite against the BJP ahead of the 2024 general elections, according to sources.
In a long Twitter post that came on the day of Kejriwal’s questioning by the CBI, Maken said, “I believe that individuals like Kejriwal and his associates who face serious corruption charges should not be shown any sympathy or support.”
“The allegations of LiquorGate and GheeGate must be thoroughly investigated and those found guilty should be punished. It is important for all political leaders, including those from Congress, to recognize that the money gained through corrupt means by Kejriwal has been used against the Congress party in several states, including Punjab, Goa, Gujarat, Himachal Pradesh, Uttarakhand, and Delhi,” Maken said.
Noting that Kejriwal founded the Aam Aadmi Party (AAP) in 2013 with the aim of fighting corruption, following the Anna Hazare movement, Maken said the party promised to enact the Lokpal Bill, which was viewed by the opposition parties as a solution to corruption in the Congress party.
“However, Kejriwal dissolved his own government in February 2014, just 40 days after coming to power, demanding a strong Lokpal bill, which was later made public.

“Despite this, in December 2015, Kejriwal introduced a watered-down version of the Lokpal Bill that differed greatly from the original bill proposed in 2014,” the former Delhi Congress chief said.
This exposes the true character and intentions of Kejriwal, he added.
The original bill, which formed the basis for dissolving his 40-day government, has yet to be implemented, Maken said.
“Since 2015, Kejriwal and his party have failed to push for a stronger Lokpal bill. Instead, they have become known for their protests, marches, and counter-allegations only seeking more power. Now that Central Bureau of Investigation (CBI) or Enforcement Directorate (ED) has summoned Kejriwal, a stronger Lokpal bill instead, could have investigated the GheeGate allegations,” he argued.
Maken also appealed to capable advocates and senior steering committee members to refrain from representing Kejriwal or his government in court.
“While it is within their professional realm to represent anyone, doing so for Kejriwal’s government and associates sends the wrong message to our cadres and confuses them. It ultimately benefits the Bharatiya Janata Party (BJP) by dividing Congress Party votes,” he said.
Significantly, Congress steering committee member and advocate Abhishek Manu Singhvi has represented the AAP in the past and Kejriwal has reportedly sought his legal counsel.
Besides Kharge’s telephone call, the central leadership of the Congress has remained largely silent on Kejriwal summoning. Delhi Congress leaders, however, have been attacking Kejriwal over the liquor policy case.
Delhi Chief Minister Kejriwal was questioned by the CBI on Sunday in the excise policy case, amid protests by his party as the AAP chief accused the agency of acting at the behest of the BJP.
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#Arvind #Kejriwal #associates #shouldnt #shown #support #Congs #Ajay #Maken
( With inputs from www.siasat.com )

April 16, 2023
Indian-American Ajay Banga sole nominee to lead World Bank

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Washington: The World Bank has said that Indian-American Ajay Banga is the only candidate nominated for the President’s position as the nomination period closed on March 29.
The World Bank announced that Ajay Banga will be considered for the position.
In a press release issued on its website, the World Bank said, “The World Bank Group’s Board of Executive Directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday, March 29 at 6:00 pm ET.”
The World Bank further said, “The Board received one nomination and would like to announce that Mr. Ajay Banga, a U.S. national, will be considered for the position.” The World Bank said that a formal interview will be conducted with the candidate in Washington DC.
The World Bank in a statement said that a formal interview will be conducted with the candidate. It said, “In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the Presidential selection in due course.”
In February, US President Joe Biden nominated former Mastercard CEO Ajay Banga to lead the World Bank. In a statement, Biden noted that Ajay Banga is “uniquely” equipped to lead the World Bank at a critical moment in history.
Biden’s statement reads, “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.”
In his statement, US President Joe Biden noted, “Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”

Biden’s decision came after World Bank Group President David Malpass informed the Board of Executive Directors of his intention to step down from his position by the end of the Bank Group’s fiscal year on June 30.
Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation, according to the statement released by the White House.
Over the course of his career, Ajay Banga has become a global leader in technology, data, financial services and innovating for inclusion. He is the honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021.
Previously, Ajay Banga served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
Previously, Ajay Banga has served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with US Vice President Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Obama’s Commission on Enhancing National Cybersecurity, according to the statement released by the White House. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.
Ajay Banga was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
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#IndianAmerican #Ajay #Banga #sole #nominee #lead #World #Bank
( With inputs from www.siasat.com )

March 31, 2023
Ajay Banga poised to become World Bank chief unopposed

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Washington: Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post.
In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.”
The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
The former Mastercard Inc. chief, Banga currently serves as Vice Chairman at General Atlantic.
The bank’s board is expected to announce the next steps in its selection process on Thursday, with a view to confirming a new leader by early May.
“Over the next few months, you will see the World Bank undergo an important transition. We expect that Ajay Banga President Biden’s nominee will be elected President of the World Bank,” US Treasury Secretary Janet Yellen told lawmakers at a Congressional hearing on Wednesday.
“He will be charged with accelerating our progress to evolve the institution to better address 21st century challenges. This evolution will help the Bank deliver on its vital poverty alleviation and development goals,” Yellen said.
If confirmed, Banga would become the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

Banga is expected to replace the current World Bank president David Malpass, who will step down in June, nearly a year before his term is scheduled to expire.
Malpass faced strong criticism over the bank’s commitment to climate action and over his personal views on climate change.
Last week, reports emerged that China sounded doubtful about backing Banga, saying it is “open” to supporting “other potential candidates” based on merit.
Banga, however, received overwhelming support from major countries across the world, including India.
Following Banga’s nomination, he has travelled to several countries for support.
A coalition of 55 advocates, academics, executives, luminaries, and former government officials — including four Nobel Laureates — wrote an open letter to welcome and support Banga’s nomination as the next President of the World Bank.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, President Biden had said.
He has also worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.
He was awarded the Padma Shri in 2016.
Banga is expected to take over the reins of the anti-poverty lender at a crucial time, with the US and Western nations pitching for reforms to focus on addressing a slew of wide-ranging global issues like climate change.
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#Ajay #Banga #poised #World #Bank #chief #unopposed
( With inputs from www.siasat.com )

March 30, 2023
Ajay Banga tests positive for COVID-19 during routine testing in Delhi

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Washington: World Bank presidential nominee Ajay Banga has tested positive for COVID-19 during routine testing in New Delhi where he was travelling on the last leg of his world tour, and is currently quarantining in isolation, the Department of Treasury said Thursday.
India is witnessing a spike in influenza and coronavirus cases in the past two weeks. The country has recorded 1,134 new coronavirus cases, while the active cases increased to 7,026, according to Union Health Ministry data updated on Wednesday.
Banga’s New Delhi visit (March 23 and March 24) is the final stop on his three-week global tour that began in Africa before progressing to Europe, Latin America and Asia.
“During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic. In adherence with local guidelines, he is quarantining in isolation,” the Department of Treasury said Thursday afternoon.
While in India, 63-year-old Banga was scheduled to meet Prime Minister Narendra Modi as well as the Minister of Finance Nirmala Sitharaman and the Minister of External Affairs Subrahmanyam Jaishankar, the Treasury said in a previous statement.
India endorsed Banga’s candidacy soon after his nomination was announced.
Since then, a diverse coalition of governments has expressed their support for Banga, including Bangladesh, C te d’Ivoire, Colombia, Egypt, France, Germany, Ghana, Italy, Japan, Kenya, Saudi Arabia, the Republic of Korea, and the United Kingdom.
During his global listening tour, Banga met with senior government officials, stakeholders, business leaders, entrepreneurs, and civil society.

Along the way, he has built continuous momentum for his candidacy, gaining the support of advocates, academics, development experts, executives, Nobel Laureates, and former government officials.
If elected to serve, Banga will draw from his experience living and working in emerging markets and his expertise in forging public-private partnerships to mobilise investments and action to confront longstanding challenges.
That includes his efforts at Mastercard to successfully bring 500 million previously unbanked people into the digital economy, as well as its support for 50 million small businesses.
New Delhi logged 84 coronavirus cases with a positivity rate of 5.08 per cent on Wednesday, according to data shared by the health department.
The city has seen an increase in the number of fresh Covid infections over the last few days, amid a sharp rise in H3N2 influenza cases in the country.
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#Ajay #Banga #tests #positive #COVID19 #routine #testing #Delhi
( With inputs from www.siasat.com )

March 24, 2023
Ajay Banga, one of the illustrious alumni of Hyderabad Public School

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Hyderabad: Ajaypal Singh Banga, who has been nominated by US President Joe Biden to lead the World Bank, is one of the illustrious alumni of Hyderabad Public School (HPS) who achieved top positions in their respective fields.
The former Mastercard Chief Executive had his schooling at HPS in the 1970s when his father Harbhajan Singh Banga, an army officer, was posted here.
Banga received Padma Shri in 2016
Banga, 63, was earlier awarded Padma Shri by Indian Government in 2016.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement.
Ajay Banga, an Indian-American, is currently serving as vice chairman at equity firm General Atlantic.
“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” Biden said.
Banga also has critical experience mobilising public-private resources “to tackle the most urgent challenges of our time, including climate change,” the US President said.

Ajay Banga is one of the distinguished alumni in the long list that includes Microsoft CEO Satya Nadella, India’s former permanent representative at the United Nations Syed Akbaruddin, Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy and well-known cricket commentator Harsha Bhogle.
HPS has produced leaders in different fields
The premier educational institution of the city has also churned out powerful corporate honchos like founder and CEO of Fairfax Financial Holding Prem Watsa, Adobe Systems CEO Shantanu Narayan, Satya Nadella besides Ajay Banga.
The HPS alumni rose to great heights of success and fame in different fields like business, politics, civil services, armed forces, sports and films.
Cobra beer founder and a member of UK Parliament Karan Billimoria, former Andhra Pradesh Chief Minister N. Kiran Kumar Reddy, All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief and Hyderabad MP Asaduddin Owaisi, former cricketer Venkatpathy Raju and Telugu actors Akkineni Nagarjuna and Rana Daggubati are among the other alumni of the school which is celebrating its centenary this year.
“It could not have come at a better time,” Gusti Noria, President, The Hyderabad Public School Society, told IANS while reacting to Banga’s nomination for World Bank president.
“I am not entirely surprised, but this is something we are proud of. Good news keeps coming for HPS,” he said.
“It has become the habit for HPS to churn out gems. There is something in the DNA of HPS, something in the air the students breathe in,” he said.
He pointed out that Banga has joined the list of illustrious alumni who achieved top positions in their respective fields.
“HPS has produced leaders in different fields. This is because the sense of leadership is inculcated among children. The students develop leadership qualities from a young age and this helps them go places in whatever field they choose for themselves,” he said.
Banga, who passed out of HPS in 1976, graduated with a Bachelor of Arts in economics from St. Stephen’s College, Delhi University followed by PGP in Management from the Indian Institute of Management, Ahmedabad.
Starting his business career with Nestle in 1981, Banga became president and CEO of Mastercard in 2010. Last year, he became vice chairman at General Atlantic.
Inspired by the famous Eton College of Britain, VIIth Nizam Mir Osman Ali Khan, the last ruler of Hyderabad State founded HPS in 1923. It was exclusively meant for the sons of the nobility.
It was only in 1951 that the HPS opened its doors for public. Even after Independence and Hyderabad State’s merger with Indian Union, the school had the elitist tag as children of only powerful politicians, wealthy businessmen, IAS and IPS officers and celebrities used to get admission.
The school started admitting girls in 1984. HPS, which started with six students in 1923, today has nearly 3,000 students. It is run by a society comprising eminent people from all walks of life.
Spread over 130 acres in Begumpet near the old airport in the heart of the city, HPS is said to have the largest campus than Vatican City. Its main building is a heritage structure while the campus has trekking routes, rock-formations, two cricket fields, athletic arena and several hockey, football grounds and a big library.
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#Ajay #Banga #illustrious #alumni #Hyderabad #Public #School
( With inputs from www.siasat.com )

February 24, 2023
Biden nominates Indian-American Ajay Banga for World Bank president

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Washington: President Joe Biden on Thursday announced that the US is nominating Ajay Banga to lead the World Bank, saying the Indian-American business leader is uniquely equipped to lead the global institution at “this critical moment in history.”
Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was awarded the Padma Shri in 2016.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement.
“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” Biden said.
Banga also has critical experience mobilising public-private resources “to tackle the most urgent challenges of our time, including climate change,” the US President said.
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, he added.
Over the course of his career, Banga has become a global leader in technology, data, financial services and innovating for inclusion. He is honorary chairman of the International Chamber of Commerce, serving as chairman from 2020-2022. He is also chairman of Exor and independent director at Temasek.

He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. He previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc.
Banga, who has worked closely with Vice President Kamala Harris as the Co-Chair of the Partnership for Central America, is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on US-China Relations, and Chairman Emeritus of the American India Foundation.
He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Barack Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the US President’s Advisory Committee for Trade Policy and Negotiations.
He was awarded the Foreign Policy Association Medal in 2012, the Ellis Island Medal of Honour and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
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#Biden #nominates #IndianAmerican #Ajay #Banga #World #Bank #president
( With inputs from www.siasat.com )

February 23, 2023
DHFL bank fraud: Delhi court denies bail to bizman Ajay Nawandar

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New Delhi: A Delhi court on Wednesday denied bail to businessman Ajay Ramesh Nawandar in a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Limited (DHFL), and also cancelled the interim bail granted to him earlier.
Special Judge Ashwani Kumar Sarpal noted that the accused had manipulated the medical record in procuring interim bail in the case, and said that the chances of tampering of evidence and influencing public witnesses by the accused were greater.
“After considering the above facts and circumstances, I am of the view that allegations against accused Ajay Nawandar are somehow serious in nature and he being known to the main accused, former DHFL CMD Kapil Wadhawan and former director of the company Dheeraj Wadhawan, intentionally conspired with them for the purpose of concealment, diversion and disposal of the funds of the company and properties purchased from the same which ultimately belonged to banks,” the judge said.
The court said that the accused and his family did not have financial constraints and simple fact that he was having wife behind to be looked into did not create any ground to release him on bail.
“No ground exists to grant bail to this accused and accordingly bail application on merits is rejected. His interim bail granted on August 31, 2022 which was extended from time to time is hereby cancelled,” the judge said.
The judge noted that the accused allegedly entered into conspiracy with main accused Wadhawan brothers in order to dispose of and conceal the proceeds of embezzled funds.
The CBI had conducted searches at Nawandar’s premises and recovered a large collection of uber-luxury watches worth crores of rupees, including Rolex Oyster Perpetual, Cartier, Omega and Hublot Michael Kors, and two paintings worth Rs 33 crore.
The agency said that these valuable items belonged to Kapil Wadhawan and Dheeraj Wadhawan, who allegedly defrauded banks to the tune of Rs 34,615 crore, making it the biggest such case probed by the agency.

These were allegedly purchased using the proceeds of the scam and kept at Nawandar’s premises to evade recovery and seizure by enforcement agencies, the CBI said.
The CBI said that Nawandar was acting as a conspirator aiding and abetting Wadhawans to hide the proceeds of the crime and he was in the process to dispose these items of when he was arrested by the agency.
“During the investigation, it was found that the (DHFL) promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore (approximately) using the diverted funds,” the CBI had said.
The CBI had acted on a complaint from the Union Bank of India (UBI), the leader of a 17-member lender consortium that had extended credit facilities to DHFL to the tune of Rs 42,871 crore between 2010 and 2018.
The bank has alleged that Kapil and Dheeraj Wadhawan, in a criminal conspiracy with others, misrepresented and concealed facts, committed criminal breach of trust and abused public funds to cheat the consortium to the tune of Rs 34,615 crore by defaulting on loan repayments from May 2019 onwards.
An audit of DHFL’s account books showed that the company allegedly committed financial irregularities, diverted funds, fabricated books and round-tripped funds to “create assets for Kapil and Dheeraj Wadhawan”, using public money.
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#DHFL #bank #fraud #Delhi #court #denies #bail #bizman #Ajay #Nawandar
( With inputs from www.siasat.com )

February 1, 2023