Indian student slams Harvard University for barring pro-Palestine protesters in graduation speech
Over 1000 students staged walkout following speech in solidarity with barred students
Cambridge: In a dramatic turn of events during Harvard University's commencement ceremony, Shruthi Kumar, a graduating student from Nebraska, deviated from her prepared speech to sharply criticize the university for its actions against students protesting Israel’s military actions in Gaza. Kumar, an Indian American chosen to deliver the English commencement address for the undergraduate class, used her platform to highlight what she described as the university's intolerance towards freedom of speech and civil disobedience.
"As I stand here today, I must take a moment to recognize my peers—the 13 undergraduates in the class of 2024 who will not graduate today," Kumar stated, referring to the students who were barred from graduating due to their involvement in pro-Palestine protests. Despite a majority vote by the faculty of arts and sciences in favor of allowing these students to graduate, the Harvard Corporation, the university’s governing body, decided on Wednesday to prevent them from graduating.
According to the Harvard Crimson, the 13 students faced disciplinary action for their active participation in campus protests against Israel's actions in Gaza, which the protesters described as genocidal. This decision sparked significant backlash among the student body and faculty.
During her speech, Shruthi Kumar pulled out a piece of paper containing her off-script remarks, which she had hidden in her gown. "I am deeply disappointed by the intolerance for freedom of speech and the right to civil disobedience on campus," she declared, receiving widespread applause and a standing ovation from her peers.
She continued, "The students have spoken. The faculty have spoken. Harvard, do you hear us?"
Kumar also highlighted personal experiences of being targeted, stating, "In the fall, my name and identity, alongside other black and brown students at Harvard, were publicly targeted. For many of us, students of color, doxxing left our jobs uncertain, our safety uncertain, our well-being uncertain."
She called for solidarity, emphasizing the importance of empathy and support despite differences in personal experiences. "We are in a moment of intense division and disagreement in our community over the events in Gaza. I see pain, anxiety, and unrest across campus. But, it’s now in a moment like this that the power of not knowing becomes critical. Maybe, we don’t know what it’s like to be ethnically targeted. Maybe, we don’t know what it’s like to come face to face with violence and death. But, we don’t have to know. Solidarity is not dependent on what we know. Because, not knowing is an ethical stance," she said.
Following Kumar’s speech, over 1,000 Harvard University students staged a walkout in solidarity with the 13 undergraduates.
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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.
