Times Group chairperson Indu Jain passes away at 84
Mumbai: Times Group chairperson Indu Jain died on Thursday due to Covid-related complications, company sources said. She was 84.
Hailing her as a visionary, Times Now TV channel, part of the Times Group, described Jain as a lifelong spiritual seeker, pioneering philanthropist, distinguished patron of the arts, and passionate proponent of women's rights.
She breathed her last in Delhi, the sources said.
As tributes poured in for her from statesmen, captains of industry and spiritual masters, friends and admirers spoke fondly of her unquenched youthful spirit, zest for life, and determination to make the world a better place.
After becoming chairman of the Times Group in 1999 she evolved a distinctive leadership style, characterised by compassion and inclusiveness, that helped propel the group to new heights.
She set up The Times Foundation in 2000, with sustainable development and transformational change as its key goals. One of India's most respected non-profits, it provides community services and runs the Times Relief Fund to offer assistance during cyclones, earthquakes, floods, epidemics and other crises.
She was the founder president of FICCI Ladies Organisation (FLO), established in 1983 to promote entrepreneurship and professional excellence among women in India. From 1999, she also served as chairperson of Bharatiya Jnanpith Trust, founded in 1944 by Sahu Shanti Prasad Jain, her father-in-law, to promote literature in Indian languages.
The Jnanpith Award, conferred by the Trust annually, is acknowledged to be the most prestigious honour for authors writing in Indian languages.
She was also the guiding force behind the Oneness Forum, launched in 2003 to promote unity in the world. The MahaviraMahatma award was instituted under the aegis of the Forum to promote Mahatma Gandhi's principle of ahimsa (non- violence).
"Saddened by the demise of Times Group Chairperson Smt. Indu Jain Ji. She will be remembered for her community service initiatives, passion towards Indias progress and deep-rooted interest in our culture. I recall my interactions with her. Condolences to her family. Om Shanti," tweeted Prime Minister Narendra Modi.
A lifelong philanthropist, one of her last wishes was to donate her organs. Sadly, the complications caused by coronavirus meant that the wish could not be fulfilled, the sources said.
She received many honours, including the Padma Bhushan in 2016. She was conferred a Lifetime Achievement Award by the Institute of Company Secretaries of India in 2019, an award for Lifetime Contribution to Media by the All India Management Association in 2018, as well as a Lifetime Achievement Award by the Indian Congress of Women.
In 2000, she also addressed the United Nations at the Millennium World Peace Summit.
As chairperson of Bennett, Coleman & Co. Ltd, which owns the Times of India newspaper, she is credited with infusing new energy into the growth of India's largest media house.
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ED arrests Sandeepa Virk, 'cosmetologist' for alleged money laundering
New Delhi, Aug 13 (PTI): The Enforcement Directorate said on Wednesday it has arrested a woman, who claims to be an actor and a cosmetologist, under the anti-money laundering law in a case of alleged fraud and misrepresentation.
The agency said the purported links of the woman, Sandeepa Virk, with a Reliance Group executive, Angarai Natarajan Sethuraman (President, Corporate Affairs), are also under its scanner. Sethuraman, in a statement, denied any connection with Virk or any transactions related to her.
Virk was taken into custody under the Prevention of Money Laundering Act (PMLA) on Tuesday after searches were conducted against her and her associates in Delhi and Mumbai over the last two days.
A special court sent her to the ED's custody till August 14, the agency said. The woman claims to be the owner of a skin care products selling website named hyboocare.com, which the ED claimed was a "front" for money laundering.
She and her associates are being probed for allegedly exerting undue influence through "misrepresentation" and "defrauding" individuals by soliciting money under false pretences.
According to an Instagram ID of Virk, she is an actor and entrepreneur and the founder of the said website.
The federal agency said in a statement that the woman was also "in touch with" Sethuraman, former director of erstwhile Reliance Capital Limited.
She was communicating with him regarding "illegal liaisoning", the ED claimed, adding that the searches at Sethuraman's residence "confirmed" these allegations.
"Besides, diversion of funds for personal benefit has also been unearthed during the course of the search action," it said.
The ED alleged that public money worth about Rs 18 crore belonging to Reliance Commercial Finance Limited (RCFL) was disbursed to Sethuraman in 2018 by "flouting" prudent lending norms.
The funds were lent under terms that allowed a deferment of the principal amount as well as the interest, with multiple waivers granted and no due diligence conducted, it said.
The ED claimed that besides this, a home loan of Rs 22 crore was provided by Reliance Capital Limited by "violating" the prudential norms. "A large part of these loans are seen to have been eventually siphoned off and remained unpaid," it alleged.
Sethuraman, in a statement, dismissed the allegations as "baseless". He denied any connection with Virk or any transactions related to her.
Detailing about Virk's web portal, the agency said it purportedly sold FDA-approved beauty products. However, the ED said the products listed on the website have been found to be non-existent and the portal lacks a user registration option and is plagued by persistent payment gateway issues.
A scrutiny of the website uncovered minimal social-media engagement, an inactive WhatsApp contact number and an absence of transparent organisational details, all of which reinforce the finding of "non-genuine" commercial activity, the ED claimed.
"These factors, including limited product range, inflated pricing, false claims of FDA approval and technical inconsistencies, indicate that the website serves as a front for laundering funds," it said.
Another social media-hosted bio data of the woman said she is a certified cosmetologist.
The ED said several "incriminating" documents were seized during the searches and the statement of a man named Farrukh Ali, stated to be an associate of Virk, was recorded.
The money-laundering case stems from an FIR lodged by the Punjab Police.
Sethuraman said that the home loan he received from Reliance Capital was granted following due process and was secured by the property offered as collateral.
