Major Gogoi will be punished if found guilty: Army chief
Srinagar, May 25 : Indian Army chief General Bipin Rawat said on Friday that Major Leetul Gogoi will face exemplary punishment if found involved in any unlawful activity.
Speaking to the media on the sidelines of a function at Pahalgam, Gen Rawat was asked to comment on the incident in which the Major was detained for questioning along with a girl by the police.
The Army chief said: "Major Gogoi will be severely punished if he is found involved in any unlawful activity.
"If anyone in the Indian Army, at any rank, does any wrong and it comes to our notice, then strictest action will be taken.
"If Major Gogoi has done something wrong, then I can say that he will be given due punishment and the punishment will be such that it will set an example."
Major Gogoi hit the headlines in April last year when he tied a local weaver, Farooq Ahmad Dar, to the bonnet of an Army Jeep during stone pelting in Budgam district.
The officer was on Wednesday taken to a police station in Srinagar along with the girl and a man for questioning after the staff at a hotel reported that the officer had booked a room and wanted to stay there with the girl.
After questioning, police handed over the Major to his unit. A special investigation team headed by a Superintendent of Police has been set up to probe the incident.
Meanwhile, the family of the girl living in Chak-e-Kawoosa village of Badgam district has left the village after the news about the incident spread in the Kashmir Valley.
Reporters intending to meet the family discovered that the family had shifted to some unknown destination after the incident was reported by the media.
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Adani touts financial strength, shows can grow without external debt
New Delhi (PTI): Billionaire Gautam Adani's conglomerate on Monday touted its financial and credit details of its portfolio companies to investors, showcasing its robust profits and cash flows that can sustain growth without reliance on external debt.
The ports-to-energy conglomerate, which has been hit by an indictment in a US court against its founder chairman Gautam Adani and two other executives for allegedly bribing Indian official to secure solar power contracts, in a presentation to the investors highlighted its consistently expanding profits and cash flows, which over a period have led to lowering dependence on debt for its growth ambitions.
Equity now accounts for almost two third of its total asset creation, a stark contrast to five years ago. In the last six months, the group has invested close to Rs 75,227 crore, against a total debt increase of only Rs 16,882 crore.
A note was also shared with the investors, along with presentations.
Outlining the group's liquidity position, the note said, "Adani Portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least 12 months. As of September 30, 2024, Adani Portfolio companies had a cash of Rs 53,024 crore, which was close to 21 per cent of its total gross debt outstanding".
This amount, it said, was sufficient to cover the next 28 months of debt servicing requirement.
GROWTH WITHOUT DEBT
In the past, the group has announced plans to invest over Rs 8 lakh crore (USD 100 billion) across portfolio companies in the next ten years.
The Fund Flows from Operations (FFO) or cash profits stood at Rs 58,908 crore for the last twelve months and is growing over 30 per cent for the past five years. On the basis of this, even after assuming no growth, the group will be able to invest Rs 5.9 lakh crore only from its internal cash accruals over the next ten years, leaving very little dependency on external debt.
Further, at the portfolio level, there is very low debt gearing of 2.46x -- which means it has massive headroom for debt, according to the presentation.
Other highlights from the presentation included EBITDA (earnings before interest tax and depreciation) for the last twelve months, which it said is highly stable and hence predictable due to its infrastructure projects, which grew by 17 per cent to Rs 83,440 crore.
Also, existing annual cash flows alone can pay the entire debt in 3 years.
Gross assets/investments increased by Rs 75,227 crore, against total debt increase of only Rs 16,882 crore. Asset base has now increased to Rs 5.5 lakh crore.
Average cost of borrowing at 8.2 per cent, lowest in the last 5 years, due to upgrade in ratings across group companies, it said.
Adani Group's long-term debt from domestic banks was Rs 94,400 crore. This stood against a cash balance of Rs 53,024 crore, most of which was parked with Indian banks.
Borrowings from global banks were 27 per cent of total debt.
