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Hans India
22-07-2025
- Politics
- Hans India
Sarpanches demand release of Rs 1,121 cr Central funds
Guntur: Sarpanches from across Andhra Pradesh on Monday submitted petitions to district collectors, appealing for the release of Rs 1,121 crore in 15th Finance Commission funds from the Central government, which have been pending since December last year. They said that despite repeated appeals to Chief Minister N Chandrababu Naidu, Deputy Chief Minister Pawan Kalyan, and senior officials in the panchayat raj department, their pleas have gone unanswered for the past seven months. Under the leadership of Dr Jasti Veeranjaneyulu, national vice-president of All India Panchayat Parishad and chief advisor to the Andhra Pradesh Sarpanches Welfare Association, sarpanchs from Guntur district, cutting across party lines, submitted a memorandum to district collector S Nagalakshmi during the 'Spandana' grievances redressal programme. The sarpanches appealed to collector Nagalakshmi to facilitate the immediate release of the Central government's 15th Finance Commission funds, sent in December last year, to support the development of the panchayats. Speaking to the media outside the collector's office, Dr Jasti Veeranjanelu expressed dismay that the Rs 1,121 crore released by the central government in December last year has yet to be credited to the panchayat accounts. He criticised the practice of merely issuing government orders (GOs) and administrative approvals without disbursing the funds, calling it unreasonable. He also stated that there is little hope of receiving another Rs 1,000 crore expected from the Central government in July of the current financial year. Dr Veeranjanelu revealed that during a recent meeting with senior officials of the Union ministry of panchayat raj in Delhi, he was informed that the next tranche of Rs 1,000 crore would only be transferred if gram panchayats spent the funds received last year and submitted the utilisation certificates. Collector Nagalakshmi responded positively to the sarpanches' concerns, assuring them that she would bring the matter to the attention of the government and take immediate steps for a resolution.
Economic Times
18-07-2025
- Business
- Economic Times
Spandana Sphoorty to launch Rs 400 crore rights issue at steep discount
Spandana Sphoorty Financial has fixed the price of its proposed rights issue at Rs 230 per share, nearly 25% lower than the market price. ADVERTISEMENT The stock closed Friday at 305.95 apiece. The microfinance company will launch the Rs 400-crore rights issue on August 1. Shareholders will get 10 rights equity shares for every 41 shares held. The face value of the shares is Rs 10. Its equity share will expand by 89 million to 71 million, if the rights issue is subscribed issue will remain open until August 11. The board will have the right to extend the issue closing date up to 30 days, the company said in a regulatory is part of the microfinance company's plan to raise up to Rs 750 crore in equity in FY26. ADVERTISEMENT Spandana is facing severe stress in asset quality, as do other microfinance lenders. It suffered a Rs 1,035-crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total chief executive Ashish Damani had earlier said that principal promoter Kedaara Capital is expected to participate in the rights issue. ADVERTISEMENT Kedaara holds 48% in the company. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
18-07-2025
- Business
- Time of India
Spandana Sphoorty to launch Rs 400 crore rights issue at steep discount
Spandana Sphoorty Financial has fixed the price of its proposed rights issue at Rs 230 per share, nearly 25% lower than the market price. The stock closed Friday at 305.95 apiece. Explore courses from Top Institutes in Select a Course Category The microfinance company will launch the Rs 400-crore rights issue on August 1. Shareholders will get 10 rights equity shares for every 41 shares held. The face value of the shares is Rs 10. Its equity share will expand by 89 million to 71 million, if the rights issue is subscribed fully. The issue will remain open until August 11. The board will have the right to extend the issue closing date up to 30 days, the company said in a regulatory filing. Live Events This is part of the microfinance company's plan to raise up to Rs 750 crore in equity in FY26. Spandana is facing severe stress in asset quality, as do other microfinance lenders. It suffered a Rs 1,035-crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total portfolio. Interim chief executive Ashish Damani had earlier said that principal promoter Kedaara Capital is expected to participate in the rights issue. Kedaara holds 48% in the company.
Time of India
15-07-2025
- Business
- Time of India
Spandana Sphoorty to raise Rs 400 crore via rights issue for FY26 plans
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Microfinance company Spandana Sphoorty Financial is planning to raise up to Rs 400 crore from existing shareholders through rights issue of shares. The company board approved the plan board will meet again on Friday to fix the price of the issue and other related matters such as related payment mechanism, rights entitlement ratio, the record date and timing of the issue, Spandana said after Tuesday's board meeting in regulatory filings to the stock rights issue is a part of the microfinance company's plan to raise up to Rs 750 crore in equity in FY26.A board committee was earlier formed to oversee the capital raising exercise. Interim chief executive Ashish Damani had earlier said that the promoter Kedaara Capital is expected to participate in the rights Sphoorty suffered a Rs 1035 crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total portfolio. It faced another jolt when chief executive Shalabh Saxena abruptly stepped down in April amid suspicion of unreported frauds at the branch level and cash balance company however denied all the allegations.
News18
07-07-2025
- News18
'Planning Also Criminal': Karnataka Set To Tighten Law Against Child Marriage Amid Rise In Incidents
Last Updated: Under the proposed changes, even engagements will come under scrutiny and those involved could face prosecution while the magistrate will have more power to take proactive steps A young girl from Karnataka's Shivamogga, who had scored an impressive 82 per cent in Class 12, stood her ground and called the child helpline in May when her family started pressing her get married on 'Akshaya Tritiya', a day widely considered auspicious for weddings and engagements. In another case from Belagavi in the state, a 15-year-old girl was discovered to have been married not once but twice before reaching the legal age. She was first married off at the age of 12 and, after the relationship fell apart, she was wedded again at 15. Both times, she suffered the loss of two children at birth. It was only after a local NGO, Spandana, intervened that she was rescued. An investigation later revealed that her Aadhaar card had been tampered with – allegedly altered to increase her age by five years to make the marriages appear legal. In the last three years, Karnataka has recorded an alarming figure of 1,465 cases of child marriage. This worrying trend, coupled with increasing cases of forged Aadhaar documents to falsify minors' age, has prompted the state to push for tougher changes to the Prohibition of Child Marriage Act, 2006. 'This is exactly what we want to stop. These illegal activities are being secretly carried out, which is why we are tightening the law – to make every step more difficult and ensure people are afraid of the consequences," said a law department official. WHAT IS THE PROPOSED AMENDMENT? Under the proposed changes, not just the act of conducting a child marriage but even initiating plans or preparations, such as engagements, will now be treated as criminal offences. The punishment includes a prison term of up to two years or a fine of up to Rs 1 lakh, or both. Section 9A of the draft has outlined punishment for any person involved in the attempt or preparation of a child marriage or engagement, thereby expanding the net of accountability. 'Whoever makes an attempt and preparation to make child marriage, or attempt and preparation to make engagement of a child shall be punishable with rigorous imprisonment which may extend to two years or with fine which may extend to one lakh rupees or both," the draft amendment states. Authorities feel that by intervening at the planning stage – before the marriage takes place – they will be able to block many cases. Mass weddings, especially during the festival season, have become hotspots for underage marriages. While many are caught, some still manage to slip through. The draft amendment also includes a new clause stating 'where a child being a minor is engaged for the purpose of marriage, such engagement shall be considered null and void". This means that even engagements – not just marriages – will come under legal scrutiny, and those involved could face prosecution. Further, the Bill will empower magistrates to take proactive steps. 'If a JMFC or metropolitan judge is satisfied that a child engagement in contravention of this Act has been arranged or is about to be performed, such magistrate shall issue an injunction against any person – including a member of an organisation or an association of persons – prohibiting such engagement," it states. Under the existing legal framework, punishment is mostly limited to those who carry out or assist in conducting a child marriage – usually the parents – and the marriage is declared null and void. The proposed amendment significantly widens the scope of punishment. It aims to hold accountable not just those directly involved, but also anyone who facilitates or helps organise the marriage, including extended relatives, religious or community leaders, and others in the chain of preparation. WHY THE SPIKE IN CHILD MARRIAGES While the Karnataka government has made efforts – appointing child marriage prohibition officers (CMPO) and rolling out awareness campaigns – the ground reality, especially in more traditional and rural belts, remains grim. Officials said long-held social customs and a lack of awareness remain among the biggest roadblocks. The Bill is expected to be presented during the upcoming monsoon session of the state legislature. tags : bengaluru Child marriages Location : Bengaluru, India, India First Published: July 08, 2025, 00:43 IST News india 'Planning Also Criminal': Karnataka Set To Tighten Law Against Child Marriage Amid Rise In Incidents
