New Delhi, March 22: India’s ambitious goal of becoming a ‘Viksit Bharat’ by 2047 will not only transform the country but also positively impact the world, Microsoft co-founder Bill Gates has said.

According to the billionaire philanthropist, if India can stay on the path of the 2047 plan, “it will be beneficial not just to India but to the whole world”.

Gates hailed India’s digital public infrastructure (DPI), including Aadhaar and UPI, calling it one of the country’s most significant contributions to the world.

Speaking at a media event in the national capital, he said that prioritising key sectors like health and education in India has created a very positive dynamic.

Gates emphasised that economic expansion would enable greater government investment in healthcare and education, creating significant opportunities.

On Artificial Intelligence (AI), Gates said that with AI, we can achieve enough food and medical care “without requiring everyone to work as we do today”.

In his meeting with Prime Minister Narendra Modi earlier this week, Gates said his meeting with the PM was focused on India’s development vision, particularly the ‘Viksit Bharat 2047’ goal — an initiative aimed at making India a developed nation by its centenary year of Independence.

The discussions between Modi and Gates emphasised how AI and digital infrastructure can revolutionise healthcare, education, and agriculture.

“As always, an excellent meeting with Bill Gates. We spoke about diverse issues including tech, innovation, and sustainability towards making a better future for the coming generations,” said PM Modi in a post on X.

Meanwhile, the India AI Mission and the Gates Foundation are expected to collaborate on several initiatives, leveraging technology to improve public services and create sustainable solutions. Gates also met Union Agriculture Minister Shivraj Singh Chouhan to explore new opportunities for agricultural development.

Chief Minister Devendra Fadnavis said that Microsoft and Gates Foundation will provide support to make Maharashtra a role model in the country in digital governance and right to service.

Mumbai, March 21: The Securities and Exchange Board of India (SEBI) has cracked down on multiple companies for misappropriation of funds raised through rights issues in the stock markets, after receiving complaints from whistleblowers.

SEBI is reported to have initiated investigations against these companies for the alleged illegal diversion of funds by promoters to their relatives or front companies for personal use rather than the declared purpose for which the money was raised.

The capital markets watchdog is currently looking into four or five such entities and has discerned a pattern in the misuse of such funds. The issue is, therefore, also being taken up on a broader level.

Most of the cases relate to small and dormant companies which float a rights issue, in which shares are offered to existing shareholders at a discount to raise funds for further investment to expand the business. However, these funds are then diverted for personal use such as buying property.

Unlike pump and dump cases, fund diversion from rights issues does not have an immediate impact on the stock market. Hence, such misuse of funds is more difficult to detect and whistleblower complaints are the main source of information in unearthing the cases.

In an interim order passed on December 5, 2024, SEBI observed that Mishtann Foods Ltd. misused proceeds from its rights issue, transferring funds to promoters and group entities instead of their stated purpose. The company withdrew an initial Rs 150 crore rights issue and later issued smaller rights issues under Rs 50 crore, seemingly to avoid SEBI scrutiny.

The markets regulator has barred the company from raising public funds and prohibited the promoters from trading or accessing the capital markets.

Mishtann Foods was also asked to return Rs 49.82 crore misappropriated from its rights issue and Rs 47.10 crore diverted through fictitious transactions. To improve governance, SEBI has mandated the formation of a new audit committee to ensure strict compliance with regulations.

Additionally, BSE has been directed not to approve any further rights issues by the company. These directives will remain in force until further orders.

In another order passed on December 11, 2024, SEBI released an order against Debock Industries Ltd. The company was found to have engaged in financial misconduct, including manipulating its financial statements, submitting false bank statements, and siphoning off rights issue proceeds.

The company allegedly used fictitious preferential issues to migrate to the Main Board of the stock exchange. As a result, SEBI imposed strict restrictions, preventing the accused from dealing in securities or accessing the capital markets.

New Delhi: Goldprices maintained a rising momentum for the third consecutive session to reach another all-time high of Rs 89,796 per 10 grams on Thursday, following a firm trend in global markets.

On the Multi Commodity Exchange (MCX), the precious metal contracts for April delivery hit a record high of Rs 89,796 per 10 grams in the morning trade.

Later, the yellow metal pared its gains and was trading Rs 268 or 0.3 per cent higher from the previous close at Rs 88,870 per 10 grams, with a business turnover of 13,084 lots.

Investors continued their safe-haven asset purchasing following the US Federal Reserve’s constant stance on the interest rate, according to analysts.

Globally, gold futures touched a lifetime high at USD 3,065.09 per ounce in New York.

“Gold rallies to another historic high in international markets after the US Federal Reserve held interest rates steady as anticipated, but signalled a possible reduction in borrowing costs by half a percentage point by the end of this year,” Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, said. Both dollar index and bond yields maintained at low also boosted gold prices, he added.