Digital First Debt Resolution Company CLXNS Onboards Sumit Kumar Basu As Its Head Of Legal & Compliance

* With over 19 years of experience, Sumit Kumar Basu intends to establish a robust legal framework for efficient fund recovery, ensuring strict adherence to RBI guidelines.

CLXNS, a leading digital-first debt resolution company, has onboarded Sumit Kumar Basu as Head of Legal and Compliance. With an extensive experience of over 19 years, Sumit brings a wealth of knowledge and expertise to his new role.

In his capacity as CLXNS' Head, Sumit Kumar Basu will establish a robust legal framework for efficient fund recovery, ensuring strict adherence to RBI guidelines. His leadership will foster a sustainable ecosystem by collaborating with the law enforcement agencies, building a network of legal ecosystem, and maximising recoveries while maintaining and/or ensuring statutory compliances. His unwavering dedication to regulatory compliance and his adeptness in formulating impactful legal strategies will further fortify CLXNS’ standing in the financial industry.

Throughout his remarkable career, Sumit Kumar Basu has showcased exceptional capabilities in managing a wide range of litigations, including but not limited to those related to Section 138 of the N.I. Act, SARFAESI, Arbitration, and NCLT cases. He started off his legal stint as a practitioner in the Original Side of the Honb’le Calcutta High Court and has a total experience of 18+ years under his belt. His extensive work across various regions has not only provided him with valuable insights but also enabled him to establish strong connections with legal vendors nationwide.

Speaking about his appointment, Sumit Kumar Basu, Vice President at CLXNS, said, “I am delighted to join CLXNS and share my vision for the company, which can be encapsulated as 'a spark that can ignite a million dreams’. My core focus will be working with the team to enhance legal and compliance functions, propelling our journey to become a preeminent force in the financial industry. By fostering a culture of integrity and excellence, we will empower individuals and businesses to overcome financial challenges and realise their aspirations.”

Welcoming Sumit to CLXNS, Manavjeet Singh, MD & CEO of CLXNS, said, "We firmly believe that Sumit's extensive expertise in legal matters, coupled with his proven track record of increasing recoveries, will be of immense benefit to our company. His strategic leadership will play a pivotal role in achieving CLXNS' goals and driving our growth in the coming years. With Sumit Kumar Basu at the helm of our legal and compliance functions, we are well-positioned to provide efficient financial solutions while upholding strict compliance with all legal and regulatory requirements."

Sumit's remarkable expertise in asset repossession, skilfully leveraging Section 9 Orders, has consistently yielded impressive results. His relentless pursuit of excellence in recovering funds from delinquent pools has garnered industry recognition, with the esteemed Star Award at L&T Financial Services serving as a testament to his outstanding achievements. Sumit was previously associated with renowned institutions, including HDFC Bank, Reliance, L&T Finance, and ARCIL.

About CLXNS

CLXNS Technologies is a digital first debt resolution company that helps lenders like banks, NBFCs, and fintechs in debt recovery. Our main focus is on compliance, and we abide by all regulations and requirements suggested by RBI, each time, every time, with zero exceptions.

By lowering NPA and preventing predicted credit loss, we ensure the highest degree of collection efficiency. Regardless of the ticket size or loan amount granted, we support all lenders in fulfilling their duties. Our suite of digital products makes it quick and economical for various types of lenders to collect debt. By enabling micro- and hyper-segmentation to contact the consumer at their preferred channel and with the appropriate content, our AI-powered platform offers the best possible customer experience.

Manipal Institute of Technology Partners With Schneider Electric, NXP Semiconductors, And IBM Amongst Others

~ Enable Schneider Electric’s R&D workforce to undergo on the job full-time MTech Degree ~

Manipal Institute of Technology (MIT), one of India's top academic and research institutes in the field of technology, has announced its partnership with Schneider Electric, IBM and NXP Semiconductors etc., to promote industry focused learning at the university and to enable current working professionals to upskill and acquire higher qualifications themselves.

Through these partnerships the university aims to focus on research, internships, and workforce development; thereby bridging the skills gap between academic learning and market requirements. Through the collaboration with Schneider Electric, which addresses the current working professionals’ cohort, MIT will provide on-the-job post graduate programs to Schneider’s employees. This initiative enables employees to upskill without leaving the organization and receive an M.Tech degree.

In the words of Dr. Manohara Pai, Program Designer, Professor of ICT and Former Head of Innovation centre and MUTBI, MIT Manipal, “The Master’s program offered to Schneider Electric R&D India is unique in many respect. It is physical and the full course is delivered in the industry campus. The program curriculum has been framed to meet the upskilling requirement of industry 4.0 in general and Schneider electric in particular”

Another initiative is the MoU with NXP Semiconductors in the area of electronics, VLSI Design, Embedded Systems, and Software. Through this initiative, the aim is to expose engineering students to industry-specific practical use cases, research opportunities, internships, and collaborative project work, along with jointly guided degree programs. The partnership also includes faculty training, participation in design contests, and access to special initiatives such as NXP Campus Connect.

Expressing his excitement about the collaboration, Hitesh Garg, India Country Manager, NXP Semiconductors said, “India is undergoing a rapid transformation in the semiconductor domain through specialized programs like the India Semiconductor Mission (ISM), an initiative of the Government of India. This transformation requires active collaboration among various stakeholders including academia. We believe that the collaboration between NXP and MAHE will strengthen to bridge the gap between Industry and academia, hone the practical knowledge of students and germinate an innovation culture at the beginning of their careers. This partnership will also promote ecosystem development by providing more research opportunities for students in alliance with Industry experts.”

Speaking about the initiatives, Dr Sriram KV, Associate Director - Industry Liaison Placement and Practice School, Manipal Institute of Technology, said “Such industry-academia partnerships serve as a catalyst to augment the tenet of learning in India. Collaborations like these help universities to stay at the forefront of innovation and technology and eventually provide more placement and recruitment opportunities to students. In addition, such partnerships bridge the gap between academia and industry, enabling students to get hands-on experience and practical knowledge.”

MIT's commitment to providing students with a well-rounded education goes beyond its partnerships with Schneider Electric and NXP Semiconductors. The university has also collaborated with companies such as Cerner Health Care, IBM, Signify, Ingersoll Rand Technologies and Sciences, Forbes Marshall, Everest Blowers etc. to offer subject-specific open electives as well as has formed an industry advisory committee with experts from various fields to ensure that the curriculum is aligned with the professional requirements of the ever-changing industry landscape. In addition, MIT also invites industry experts to join the institute as adjunct faculty, which further helps in bridging the gap between industry and academia.

“Beyond the on-the-job learning aspects, such partnerships are critical to enhance employment opportunities for students and prepare them for real-world industry problems. These initiatives are a testament to our dedication to provide students with a learning experience that is both comprehensive and practical, giving them a competitive edge in the job market”, added Cdr (Dr) Anil Rana, Director, MIT Manipal.

Every year, 300+ recruiting teams, including 50+ Fortune 500 companies, visit MIT Manipal for UG and PG campus placements and internships.

SKAN Research Trust And Quadram Institute Bioscience To Collaborate In Gut Microbiome Research

SKAN Research Trust, promoted by Indian entrepreneur Mr. Ashok Soota and UK-based Quadram Institute Bioscience have entered into a Comprehensive Partnership Agreement to collaborate on research programmes focused on gut health and developing therapies that alleviate ageing and neurological diseases.

Areas of common interest:

The Quadram Institute Bioscience (QIB) and SKAN Research Trust direct considerable research resources towards addressing gut health and the gut-cardiovascular and gut-brain axes. Important areas on which QIB and SKAN will collaborate under the terms of the Comprehensive Partnership Agreement include:

·         undertaking joint research projects in UK and India for the development of microbiome-based products that promote human health and treat neurological and age-related ailments;

·         technology transfer between the organizations to augment cutting-edge Indian research capabilities;

·         training of young Indian research scientists with Quadram Institute Bioscience and

·         study of large Indian population cohorts to develop India-specific therapies that alleviate ageing and neurological diseases.

Prof. Ian Charles, Director of Quadram Institute Bioscience, said, “Our agreement with SKAN Research Trust signals important new collaborations between scientists in the UK and India and underlines our global reach in terms of research into the gut microbiome, gut-brain axis and human health.”

Mr. Ashok Soota, Chairman & Managing Trustee of SKAN, said, “We are delighted to be collaborating with Quadram Institute Bioscience, one of the global leaders in the field of gut microbiome research, particularly the gut-brain axis.”

The first project QIB and SKAN will undertake in terms of the Comprehensive Partnership Agreement will be “Microbiome-based Therapies to Alleviate Symptoms of Parkinson’s Disease.” Prof. Arjan Narbad, Group Leader, Translational Microbiome at QIB, and Dr. Yogesh Shouche, eminent gut microbiologist of SKAN, will be the principal investigators of this research project.

Prof. Arjan Narbad, Professor of Translational Microbiome, Quadram Institute Bioscience, said, “This exciting new collaboration will accelerate our common research in modulation of the human gut microbiome for health benefits with particular focus on the Parkinson’s disease for which currently there is no cure.” 

Dr. Yogesh Shouche, Group Head, Gut Microbiology Research Division of SKAN, said, “We look forward to gaining from Quadram Institute Bioscience’s expertise in gut health research. We at SKAN hope to add value to the project findings by bringing in cohorts exposed to different environment conditions and diets.”

The India leg of the research project will commence once necessary approvals are secured from the Government of India.

About SKAN Research Trust

SKAN is a not-for-profit medical research trust focused on transformational technologies that will alter the future of medicine through the discovery of new therapies. SKAN’s areas of expertise include gut microbiome, human genomics, stem cells, and transformational artificial intelligence applied to areas of ageing and neurological ailments to achieve breakthrough therapies.

IndiaJets - India’s Ist Business Aviation Startup Commences Operations; Raises 500,000 USD Seed Funding

* Launches with a unique subscription model to Fly Private

India’s first subscription based business aviation startup, IndiaJets, has announced the launch of its operations in India with the IndiaJets Aircraft Membership program.  The model mimics a timeshare in the sky, and is tailor made for business owners and senior management professionals who can enjoy the benefits of a private aircraft at their disposal without having to actually own one nor have the burden of overseeing and managing air worthiness, crew, maintenance etc.  Subscribers will just have to buy the share size appropriate to the annual flight requirement for a fixed amount per month and per hour flown, without having to hire personnel, pay hangar rent, or attend to the many other details inherent in whole aircraft ownership, including variable costs. The company has internally accrued seed funding of USD 500,000 and currently operates a 6-seater business jet. The company plans to induct another 32 aircrafts including medium to large jets over the next few years.  

Commenting on the development, John Kuruvilla, CEO and Co-founder, IndiaJets said, “For successful business leaders air travel is now a way of life and for them the value of time is far greater than the value of money. But in India there are several challenges. The high cost of aircraft ownership and monthly operations and maintenance are strong entry barriers. In addition, time wasted at Airports, standing in queues, crowded airports and lounges make commercial flying an unpleasant experience. Flying Private is the only solution and business leaders across the world are now doing so through fractional ownership. Fractional ownership offers the flexibility, convenience, privacy, tax- and time-saving benefits of aircraft ownership, without the attendant capital expense or management responsibilities. Subscribers can customize their itinerary, set their own schedules, save and maximize the value of their time and travel in comfort in a highly sanitized space”

While the Government of India announced its intention to pave the way for fractional ownership to come into effect to spur the growth of non-scheduled operations in the country in October 2022, the framework for the same is yet to be announced.   

Rajesh Rajan Co-Founder & COO said, “Safety and reliability are the two most critical non compromisable aspects of aviation and at IndiaJets this would be our priority. With vast experience of flying both helicopters and fixed wing for the Coast Guard and having led some of India’s largest MROs ( Maintenance and Repair organization) enables us to understand what goes behind the scenes.”

TGS Gupta, Co-Founder & CFO said, “The IndiaJets membership model will empower smaller businesses to now get the advantage of maximising the value of their time and drive rapid progress in the smaller towns where many have their businesses or relationships. We believe that we will provide this much needed impetus that business in Bharat needs, to drive growth.

IndiaJets, is a brand owned and operated by Prive Avion Alliances Pvt. Ltd, a company that was started in October 2022. Founders include John Kuruvilla, CEO & Co-Founder, T G S Gupta, CFO & Co-Founder and Rajesh Rajan, COO & Co-Founder.

Novo Nordisk And IIIT Bangalore Sign MoU To Drive Industry-Academia Research Opportunities And Skill Development

Novo Nordisk, a Global Business Services (NOVO NORDISK GBS) and the International Institute of Information Technology, Bangalore (IIITB) have inked a Memorandum of Understanding (MoU) to combine IIITB’s technology and digital capabilities with Novo Nordisk’s development and data science expertise to explore breakthrough innovations and efficiency gains to better serve the needs of patients.

Under the terms of the MoU, IIITB and Novo Nordisk GBS will jointly engage in initiatives including research, innovation projects, hackathons, case competitions, guest lectures, education programs, internships, placements, employee development, branding and corporate social responsibility collaborations. The MoU will be effective from May 19, 2023, for a period of two years.

Commenting on the initiative, Mr. John Dawber, Corporate Vice President, and Managing Director of Novo Nordisk Global Business Services, said, "We are delighted to partner with IIIT Bangalore to develop deeper industry-academia collaboration with a specific emphasis on healthcare and pharma solutions that leverage technology and data to make a positive impact on patients’ lives.  Novo Nordisk is expanding in Bangalore, adding more than 500 new skilled positions each year, delivering high levels of expertise and process excellence for our global company. With access to the talent pool at IIIT Bangalore, we believe we can significantly enhance our innovation contribution to the Indian academic ecosystem and ultimately improve health."

Prof. Debabrata Das, Director of IIIT Bangalore, added, "We are very happy to collaborate with Novo Nordisk to foster innovation and scientific discovery. Our goal is to encourage cross-fertilization of ideas between academic researchers and technical experts from Novo Nordisk to drive innovation and develop novel solutions for the pharmaceutical industry."

Besides fostering knowledge sharing between industry and academia, the partnership will also provide students at IIIT Bangalore with opportunities to gain real-world experiences, develop new skills, and build relationships with leading industry professionals.

About Novo Nordisk

Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk employs about 57,100 people in 80 countries and markets its products in around 170 countries.

Novo Nordisk Global Business Services (GBS) in India has had a significant footprint since 2010, committed to seamless high-quality solutions with a strong focus on talent incubation, digitalisation, and process excellence. With over 3,500 employees the Bangalore based-hub partners with global colleagues across the pharma value chain to support drug development, manufacturing, commercial, and social business services. For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn, YouTube.

About IIIT Bangalore

IIIT Bangalore is a premier institute focused on Post-Graduate IT education and research, located in the heart of Electronic City, Bangalore. IIIT Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC) and remains top 80 (out of more than 1,200 engineering colleges in India) in the National Institutional Ranking Framework for the last four years. India Today ranked The institute number 1 among India's Best Technical Universities (Private). IIIT Bangalore contains state-of-the-art infrastructure, world-class faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students cognitive of the current technologies, experiential learning and practices, thereby equipping them with the tools and knowledge to solve contemporary real problems. Since the founding of the Institute in 1998, IIIT Bangalore has enjoyed 100% placement every year on account of the strong support of the industry and the growing base of talented alumni.

For more information log on: https://www.iiitb.ac.in/

Gameskraft Foundation, Inspire Institute Of Sport Partner To Strengthen The ‘Athletics Centre Of Excellence’

Gameskraft Foundation, the social arm of the skill-based online gaming company Gameskraft and Inspire Institute of Sport (IIS), have announced their partnership to provide high-class training and access to facilities to identified young sports talents in India across various disciplines in the sport of track and field, at the ‘Gameskraft Foundation Athletics Centre of Excellence’.

Started in 2017, IIS is a trust that has helped 500+ athletes like Neeraj Chopra, Jeswin Aldrin, Praveen Chithravel, Manu DP and Parul Chaudhary in bringing glory for India by breaking various sports records and securing victories across a variety of international events, including the Olympics. IIS has focused on transforming India’s sports landscape and helps identify and nurture champions of the future. The athletes at IIS have won 1000+ medals including 3 Olympic medals. The Institute has 17 National Record Holders and 75+ National Champions across 5 sports disciplines of Athletics, Wrestling, Boxing, Swimming and Judo.

As part of this collaboration, Gameskraft Foundation and IIS are conducting various activities for the promotion of athletic training programs, such as jumps, throws, sprints and hurdles at a state-of-the-art high-performance training center spread across 42 acres in Vijayanagar, Karnataka. The objective of this partnership is to provide holistic development, sustainability, and empowerment to athletes. This comprises providing the right coaching, sports science, athletic management, education and skill development, accommodation, nutrition, and travel support to the athletes.

Commenting on the partnership, Vikas Taneja, Group CEO of Gameskraft Group, said, “It is indeed a moment of great pride to partner with the Inspire Institute of Sport. We are honoured to join hands with an institution that is propelling Indian athletes in making a worldwide mark and raising our flag high at international arenas. At Gameskraft Foundation, it is our vision to empower communities and promising individuals whose perseverance and skill inspire us. With this association, we hope to see more rounded individuals who will be equipped to meet life’s challenges both within, and outside of sports.”

Rushdee Warley, CEO, Inspire Institute of Sport said, “We are delighted to partner with the Gameskraft Foundation for our Track and Field programme at the IIS. Through the Athletics Centre of Excellence, we will continue to build and nurture athletes with a holistic approach. So much about what we do at the IIS is about the people and organisations we partner with, and in Gameskraft Foundation, we have the right fit to further build on our foundations and support the future of Indian athletics.”

Speaking on the association, Avinash Sable – National Record Holder in the 3000 metres steeplechase event and Commonwealth Games Silver medalist – said, “Athletics in India is on the rise at the moment, and it needs partnerships like the one between Gameskraft Foundation and IIS to take it even further. All of us who are part of the programme are benefitting so much by it, and the younger athletes are fortunate to receive support like this at an early age. We hope to keep improving and flying the Indian flag high in competitions across the world.”

Find the link to the film here - https://www.webcargo.net/l/0L7QTqY6oK/

About Gameskraft Foundation

Gameskraft Foundation is the social arm of the leading online skill-based gaming company Gameskraft Technologies Pvt Ltd. The foundation engages with communities at a grassroots level to transform lives and create positive impact, powering ambitions and realising hopes through its efforts. Visit us at https://www.gameskraft.com/csr/

About IIS

Inspire Institute of Sport is India’s first privately funded high-performance training centre that trains talented young athletes across five Olympic Disciplines - Wrestling, Boxing, Judo, Athletics and Swimming. Spread over 42 acres in Vijayanagar, Karnataka, IIS is a unique initiative led by the JSW Group that brings together 30+ corporate donors who are collectively funding the operations of the institute through CSR funding. Led by an Advisory Board comprising senior Indian sporting legends like Abhinav Bindra, Sourav Ganguly, Mahesh Bhupathi and high- performance expert Dr Tom Patrick, IIS offers 500+ talented young athletes’ full scholarships in a completely residential, world-class training environment. Visit us at https://www.inspireinstituteofsport.com/

Photo Caption: L-R: Rushdee Warley (CEO, IIS), IIS athletes - Madhvendra Singh (Hurdles), Neeraj Chopra (Javelin Throw, Olympic Gold medalist), Nimeksha Siddi (sprinter) and  Vikas Taneja (Group CEO of Gameskraft Group).

NTPC – FY23 Revenues Up By 10.95%; PAT Up By 5.62% (Standalone)

The Country’s largest power generator- NTPC Ltd., with a present group installed capacity of 72,304 MW, has declared the financial results for FY23 on 19 May 2023.

NTPC Group recorded the highest ever annual generation of 399 Billion Units in FY23 as compared to 361 Billion Units in FY22, an increase of ~11%. NTPC’s standalone gross generation in FY23 is 344 Billion Units as compared to 310 Billion Units in the previous year, registering an increase of ~11%.

NTPC Coal stations achieved a Plant Load Factor of 75.90% as against the National Average of 64.21% during FY23.

On standalone basis, Total Income of NTPC for FY23 was Rs 167,724 crore as against previous year Total Income of Rs 124,750 crore, registering an increase of 34.45%.  Profit After Tax for FY23 was Rs 17,197 crore as against Rs 16,282 crore in FY22, registering an increase of 5.62%.

On consolidated basis, Total Income of the group for FY23 was Rs 177,977 crore as against previous year Total Income of Rs 134,994 crore, registering an increase of 31.84%. Profit After Tax of the group for FY23 was Rs 17,121 crore as against corresponding previous year PAT of Rs 16,960 crore.

The Board of Directors of NTPC Ltd. have recommended a final dividend @ 30% of paid-up share capital i.e. Rs 3/- per equity share of face value of Rs 10/- each for FY23, subject to the approval of the shareholders in the Annual General Meeting. The Company had paid an Interim Dividend @ 42.50% of paid-up share capital i.e. Rs 4.25 per equity share in February 2023. This is the 30th consecutive year of dividend payment by the company.