Beyond Money
Mother of Orphans
A street-smart fighter, Sindhutai Sapkal broke free from mind-numbing abuse, to become the ‘mai’ to over a thousand orphans.
 
Badly beaten and kicked on her stomach by her husband when she was nine-months pregnant, Sindhutai Sapkal was dumped in a cowshed probably expecting her to be trampled to death. The 20-year-old gave birth to a daughter that night. Her saga of survival, endurance and ultimate triumph over adversity, to become the mother—‘mai’—of a thousand destitute and orphaned children, sounds surreal and like a fairytale. 
 
Her journey over the past 40 years began with her taking on the care of children lost or abandoned at railway stations, where she begged for a living. The effort has now grown into an enduring organisation that includes four orphanages providing a home to over 1,050 children. There is one shelter for cows as well. She likes to say that her grand family comprises 207 sons-in-law, 36 daughters-in-law and several grandchildren.  
 
The difference between orphanages run by Mai and other institutions is that the children do not have to leave at 18; they stay on until they get a job or are married and settled in their own homes. Many of the children nurtured by her have gone on to become doctors, lecturers, advocates and lawyers; but they remain very much attached to her. One is even doing a PhD on Mai’s life. Her life story has been captured in a biopic—Mee Sindhutai Sapkal, a film directed by Ananth Mahadeven—that was selected for world premiere at the 54th London Film Festival.
 
Her mission is “To bring up the orphans, destitute, distressed, children and women, rehabilitate them and provide them with basic necessities. To uplift the deprived section of the society and make them capable of living as respected human beings.”
 
While setting up her first orphanage, she gave up her own daughter to an orphanage so that she could remain fair to all the other children she had adopted over the years. 
 
Sindhutai’s work is fully funded by private donations and backed with other help by people from various walks of life. In her younger days, Sindhutai begged (at railway stations) or sang bhajans for a living; today, she uses her amazing power of oration to reach out to people. What shines through her talks is her extraordinary courage and intelligence. She peppers her speech with Urdu couplets and teachings of the saints from bhakti movement. She shares anecdotes from her life, making light of the travails and indignities she suffered; yet, she evokes tears, laughter and frequent applause. She usually ends her speeches with an appeal for funds and donations tend to pour in. These include plots of land and houses including one such donation by a retired high court judge.
 
She says, “I am still a beggar. I have experienced what it feels like to have no one with you, no place to go to, no shelter and no food to eat, for days. My work makes me feel like someone is helping me heal my own wounds.”
 
Over the years, Sindhutai’s life story has been documented in the form of a book; she has received over 750 awards and has been honoured by two Presidents of India. She has used most of her award money to buy land to make a home for her orphan children.
 
While Sindhutai Sapkal herself is an institution, she has set up two parent bodies, namely, Saptasindhu Mahila Adhar Balsangopan Aani Shikshan Sanstha (Pune) and Vanvasi Gopalkrushna Shikshan Krida Prasarak Mandal (Amravati). She runs four orphanages viz., Sanmati Bal Niketan at Manjari (Pune), Mamata Bal Sadan (Saswad), Savitribai Phule Muleenche Vastigruha (Chikhaldara) and Abhiman Bal Bhavan (Wardha). She also runs a cow shelter called Gopika Gai Rakshan Kendra at Wardha.
 
Sindhutai always invites people to visit her ashrams and see the work for themselves; you may like to visit her and join her efforts. Details of how to donate are given on the website and donations are tax-exempt under Section 80G of the Income-tax Act. 
 
Sanmati Bal Niketan Sanstha
Belhekar Vasti,
Near Vasantdada Sugar Institute,
Manjari (Bk), Tal Haveli, 
Dist. Pune -412 307
Telephone: +91-20-26999541
Email: [email protected] / [email protected]

 

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COMMENTS

Narendra Doshi

8 months ago

The video & presentation at Pune was life changer. I wish I was at Pune to hear her, physically. Kudos to ML for this great presentation.

Nifty, Sensex in an upmove again – Wednesday closing report
Nifty will trend up if it stays above 7,685
 
We had mentioned in Tuesday’s closing report that Nifty, Sensex were headed lower and that Nifty might move down towards 7,550. However, the major indices in the Indian stock markets rallied and made healthy gains to close more than 1.75% higher than Tuesday’s close. The trends of the major indices in Wednesday’s trading are given in the table below:
 
 
Short-covering ahead of derivatives expiry, coupled with lessened chances of a US rate hike and a recent economic reform buoyed the Indian equity markets on Wednesday. The BSE market breadth favoured the bulls - with 1,724 advances and 694 declines. Initially, both the key indices of the Indian equity markets opened on a positive note, in-sync with their Asian peers, especially the Chinese indices and a firm close of the US exchanges on Tuesday. Market observers cited that short-covering ahead of the derivatives expiry and increased chances of a rate cut by the Reserve Bank of India (RBI) supported share prices. Investors expect the RBI to cut key lending rates on the back of the union budget's fiscal prudence measures, reduction in small savings interest rates and low inflation. The RBI will conduct its first bi-monthly monetary policy review for 2016-17 on April 5. In addition, Tuesday's economic reform measure to allow 100% foreign capital in e-commerce with some riders cheered investors. The move is expected to benefit not just foreign multi-brand retail entities like Amazon and e-Bay, but also single-brand overseas chains like Adidas, Ikea and Nike. 
 
Besides, dovish comments from the US Federal Reserve chairman Janet Yellen on Tuesday indicated lessened chances of a US rate hike. A hike in the US interest rates is expected to have led away Foreign Portfolio Investors (FPIs) from emerging markets such as India. Further, an appreciating rupee boosted investors' sentiments. The rupee opened the day's trade at 66.49 to a US dollar from its previous close of 66.54 to a greenback. Bank Nifty has been trading sharply higher after Vijay Mallya of Kingfisher Airlines submitted a repayment plan of Rs4,000 crore to the Supreme Court. 
 
Having suffered nearly $3 billion in losses on its UK operations, Tata Steel is exploring to put its entire portfolio there up for sale, some 10 years after it forayed into Europe by acquiring Anglo-Dutch Corus for over $8.1 billion). The decision comes less than a week after Tata Steel UK said it has reached an agreement to sell its Clydebridge and Dalzell steel facilities in Scotland to the local government, which will, in turn, hive it off to Liberty House, an international steel and non-ferrous metals group. "The Tata Steel board today reviewed the recent performance of the European business of the, more specifically of Tata Steel UK. It noted with deep concern the deteriorating financial performance of the UK subsidiary in the last 12 months," a company statement said. "Following the strategic view taken by the Tata Steel Board regarding the UK business, it has advised the board of its European holding company, Tata Steel Europe, to explore all options for portfolio restructuring including potential divestment of Tata Steel UK, in whole or in parts." The company said while the global steel demand, especially in developed markets like Europe, has remained muted following the financial crisis of 2008, trading conditions in the UK and Europe have rapidly deteriorated more recently. "These factors are likely to continue into the future and have significantly impacted on the long term competitive position of the UK operations in spite of several initiatives undertaken by the management and the workers of the business in recent years," it said. "Even under these adverse market conditions, Tata Steel group has extended substantial financial support to the UK business and suffered asset impairment of more than £2 billion in the last five years," it said. "Given the severity of the funding requirement in the foreseeable future, the Tata Steel Europe board will be advised to evaluate and implement the most feasible option in time bound manner." Tata Steel shares closed at Rs324.40, up 6.75% on the BSE.
 
Biopharmaceutical company AstraZeneca will increase the headcount in its global technology centre (GTC) here while it is on the lookout for acquisitions of information technology (IT) companies in the drug development space, said a senior official on Wednesday. He said the company is focusing on in-housing of IT related activities to bring down its spend on IT to around $600 million in a couple of years from the current $900 million. "We will be increasing the headcount at our global technology centre to over 2,000 by the end of this year from the current strength of around 1,500," David Smoley, chief information officer-information services, told reporters here on Wednesday. "More than 50% of AstraZeneca's IT workforce will be located in Chennai," he added. According to him, the overall IT strategy of AstraZeneca is to in-source IT activities to cut costs by carrying out the work largely at the company's centre here and also in other locations. The massive $400 million cost savings in the company's IT spend happened by switching the strategy in favour of in-housing or in-sourcing from outsourcing and reducing the number of IT applications. Astrazeneca Pharma India shares closed at Rs1,145.00, up 1.19% on the BSE.
 
Commercial vehicle major Ashok Leyland Ltd on Tuesday said it has received a Rs800 crore order from the Indian Army for supply of various vehicles. In a statement issued here, the company said it would supply advanced-technology products - 450 units of field artillery tractors 6x6 and other similar Super Stallion vehicles and 825 units of ambulance 4x4 wheel drive. The field artillery tractor 6x6 on Super Stallion platform will function as a common gun tower for all artillery guns. The vehicle can be used for a variety of applications across logistics and tactical segments. "The orders for Field Artillery Tractor (FAT) 6x6 and Ambulance 4x4 are in keeping with the momentum witnessed recently in the area of upgradation of technology and resources by the defence forces," the statement quoted managing director Vinod K Dasari as saying.  Ashok Leyland shares closed at Rs108.10, up 1.36% on the BSE.
 
US stocks posted solid gains on Tuesday, as investors digested the dovish comments from US Federal Reserve Chair Janet Yellen. The Dow Jones Industrial Average added 97.72 points, or 0.56%, to 17,633.11. The S&P 500 gained 17.96 points, or 0.88%, to 2,055.01. The Nasdaq Composite Index jumped 79.84 points, or 1.67%, to 4,846.62, according to Xinhua. Speaking at the Economic Club of New York, Yellen reiterated on Tuesday that only gradual increases in the federal funds rate are likely to be warranted in coming years, and global developments have increased the risks associated with the Fed's economic outlook. Although the baseline outlook has changed little on balance since December, global developments pose ongoing risks. These risks appear to have contributed to the financial market volatility witnessed both last summer and in recent months, said Yellen. "Given the risks to the outlook, I consider it appropriate for the FOMC to proceed cautiously in adjusting policy," she said. Federal Open Market Committee (FOMC) is the policy-making panel of the Fed, the US central bank.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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Vijay Mallya’s offer is a very good deal if he sticks to it
Mallya’s offer will mean only a 7% loss, calculates Religare, and could prompt other wilful defaulters and stressed companies to clear their dues – a key positive for banks
 
The offer from beleaguered liquor baron Vijay Mallya to pay Rs4,000 crore for settling outstanding dues against the grounded Kingfisher Airlines is not a bad deal for the consortium of 13 banks headed by the State Bank of India (SBI), says a research report.
 
According to the note from Religare Capital Markets Ltd, the offer for settlement will curb banks' actual losses to about Rs500 crore, translating to a loss-given-default (LGD) rate of 7%, which is much lower than the Reserve Bank of India (RBI)'s LGD estimate of 36% over a business cycle on average.
 
"Mallya’s capitulation in the face of tremendous pressure from banks, the government and the RBI could prompt other wilful defaulters and stressed companies to clear their dues as well – a key positive for banks," the report says.
 
Mallya has defaulted on loans totalling Rs7,000 crore, of which banks have recovered Rs2,500 crore. A further one-time settlement of Rs4,000 crore would lower banks’ actual losses to about Rs500 crore or a 7% haircut.
 
1. Religare says, most banks have fully written off the loans outstanding to Kingfisher Airlines and hence any recovery will directly flow into profits. As per media reports, lenders with the highest exposure to Kingfisher Airlines are SBI (Rs1,650 crore), Punjab National Bank (PNB) and IDBI Bank (Rs800 crore each), Bank of India (Rs650 crore), Bank of Baroda (Rs550 crore), United Bank of India (Rs430 crore), Central Bank of India (Rs410 crore), UCO Bank (Rs320 crore) and Corporation Bank (Rs310 crore).
 
The RBI, in its dynamic provisioning report, has estimated the loss given default for various categories of loans based on data obtained from the top 15 banks, mix of public and private sector banks. LGD is a measure of actual loss to banks at the time of default. The RBI has provided two LGD benchmark rates for corporate loans – 36% over a business cycle and 79% over a down cycle on average. 
 
Religare says, "In the case of Kingfisher Airlines, the actual loss if banks accept Mallya’s proposal will be just 7% on principal– far lower than both LGD benchmarks."
 
In the past, there have been instances where banks have waived off penalties and interest on delayed payments to facilitate the settlement of cases. Tax authorities in India widely follow this practice to avoid a protracted legal process and to ensure early recovery of dues. In fact, the recent union budget provides a one-time dispute resolution scheme for direct taxes where the part or full penalty will be waived if the disputed tax demand is paid along with interest till the date of assessment. Thus, we do not think it will be unfair of banks to accept the offer, the research note added.

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COMMENTS

Ramesh Bajaj

8 months ago

Go ahead and finish the settlement; IF THE AUTHORITIES ARE 100% SURE THAT THIS MONEY WILL BE PAID ON TIME, (WITHOUT FURTHER DELAY) and no further settlements if there is default.
This is the only way forward.

Param

8 months ago

am i the only one who thinks this whole episode is a wonderful way for mallya & co. to make money by betting on bank stocks? especially if you can control what gets published when to drive the stock prices...

Dr Anantha K Ramdas

8 months ago

Vijay Mallya is trying to do what Donald Trump did! Pay back as little as he can and then declare bankruptcy... like Donald, start all over again...

Banks are suckers because all of them were vying with each other to lend money and when going is bad, they would naturally jump on the "victim" like poor vijay mallya!

Law must take its course; collect whatever is available and have a lien over all his property in India and abroad.

No discounts on loans taken..they have to be collected. Will somebody, in the meantime, like CBI or whoever, check on all the guys and dolls who gave away all these loans?

D S Ranga Rao

8 months ago

Fine. Get back as much as you can do. But, let the prosecution stand till the last penny is retrieved. After all, Mallya's offer is no favor, nor alms to banks. He ought to repay the debt he owed. It's all public money, not the pocket money of any minister, nor a banker; so, every rupee of it has to be accounted for. We've already had enough of write- offs of our hard-earned tax money stashed away abroad by all sorts of crooks without any prospect of its recovery. The citizens of this country, already frustrated with the government's failure to bring back the hidden wealth from abroad, are now keenly watching this drama. No need of any sympathies nor any concessions to any of the defaulters, please.

REPLY

Vaidyanathan K Iyer

In Reply to D S Ranga Rao 8 months ago

Exquisite indeed. Behind every fortune there is a crime is a novel but in reality I see here

Suketu Shah

In Reply to D S Ranga Rao 8 months ago

Perfectly said.He shd be made to pay every rupee including interest.Not one rupee waived as this wl set a bad precedent.No deals,no negotiations,nothing with him as mind you it wl set a very bad precedent.

D S Ranga Rao

In Reply to Suketu Shah 8 months ago

Exactly. All those defaulters, corrupt and inept bankers and all those who aided and abetted these fellows, howsoever high and mighty, should be ruthlessly pursued to the hilt and every penny recovered. The government cannot have any excuses for not doing so as all the loot and plunder happened right under their noses and right before their eyes, unlike in the case of so called black money stashed abroad stealthily.

Merchant M S

8 months ago

In the current situation collect as much as you can. A bird in hand is worth many in the bush. Any takers?

REPLY

D S Ranga Rao

In Reply to Merchant M S 8 months ago

Of course. But for the balance unpaid, the defaulter has to face the law. No exception, please. And no write-offs, at all.

Kumar Swamy

In Reply to D S Ranga Rao 8 months ago

Don't trust the above numbers until we know Mallya's exact proposal.

D S Ranga Rao

In Reply to Kumar Swamy 8 months ago

Yes, that's what i said in my direct comment:"...let the prosecution stand till the last penny is retrieved. After all, Mallya's offer is no favor, nor alms to banks. He ought to repay the debt he owed. ......."

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