Chase Bank Ground Lease: Fill & Download for Free

The flamboyant liquor baron, Vijay Mallya, once hailed as the King of Good Times and Indian version of Richard Branson, is being chased by almost every institution in the country — the banks, regulators and, finally, the judiciary — for the Rs 9,000 crores he owes to the lenders. How did Mallya fall to his current plight, where he is personally held accountable for the failure of the airline business Kingfisher Airlines and delayed repayment of loans? The answer lies in a decision forced on him by lenders in 2010 to give a second lease of life to the airline that was then on the brink of a collapse.“Mallya had his back against the wall. Banks insisted him to offer personal guarantees for any further lending,” said a retired banker, who was previously with State Bank of India (SBI), on condition of anonymity.“Otherwise, there was no reason why Mallya is personally held responsible for the repayment of the loan (Rs 9,000 crore now including the accrued interest amount). There are bigger stressed borrowers (companies) around,” the banker said, giving examples like Bhushan Steel and Winsome Diamonds.The Kingfisher Airline, grounded in 2012, never made profit in its eight years of operations. When Mallya approached the group of lenders for further lending in 2010, there was serious differences of opinion among the group of senior bankers in SBI, and other banks in the consortium, on why should they lend to the airline again. But, the majority decision was to take the big risk again and lend to Mallya.“It was, in a way, throwing good money after bad (since the KFA exposure was already stressed),” the banker quoted earlier said. “But, if we didn’t do that at that point, the exposure till then would have gone bad instantly. No one wanted that to happen. There was no option before us,” said the official. But, everyone knew what was in the store, though no one said anything in the discussion room. “The mood was partly that of helplessness and partly optimism,” the banker said.Bankers were optimistic because Mallya himself was hopeful of turning around the airline, even though the entire aviation industry was groping in darkness. Ironically, however, despite Mallya’s optimism, everyone saw the writing on the wall.Mounting lossesIn March 2012, Kingsiher halted its international operations to Europe and Asian countries and cut down local flights to 110-125 a day with a fleet of 20 planes from 340 flights earlier to save money. By October 2012, the bird flapped its wings for the last time. Since then, it hasn’t seen the skies.Kingfisher, once the second-largest airline in India, had little chances of resuming its operations since the necessary regulatory approvals were not in sight and its balance sheet was bleeding. The company’s losses had widened to Rs 2,142 crore for its fiscal fourth quarter ending in March 2013, compared with a net loss of Rs 1,150 crores a year earlier. The accumulated losses as of March 2013 stood at a whopping Rs 16,023 crore.Kingfisher Airlines' net losses in Rs crorets dues had mounted to over Rs 15,000 –Rs 16,000 crore to banks, airports and others and its flying licences expired at the end of last year. The death bells were begining to ring. In his desperation to revive the airline, Mallya twice submitted revival plans to the aviation regulator, with parent UB Group committing initial funding, but with no luck. In its eight-year life, the airline never made profit even once.Mallya remained optimistic though not to lose the airline’s licence. “We have not submitted an ambitious plan. We have submitted a holding plan," Mallya told reporters, while the government wasn’t convinced. "The problem is in the last two to three months, he's given so many plans and he's not adhered to any of them," the then Aviation Minister Ajit Singh told reporters in New Delhi.Panic grips banksPanic was beginning to set in in the banking industry, especially state-run banks, which were the majority in the banking consortium. After all, banks had to answer a lot to shareholders not just for further lending to Mallya in 2010, but for offering generous loan recast facilities and converting the debt of Kingfisher to equity at a huge premium.In early 2011, the bank consortium including SBI had converted debt amounting to Rs 1,400 crore into equity at a 60 percent premium to the prevailing market price. Going by the stock exchange data, on March 31, there was preferential allotment to SBI and ICICI Bank due for conversion of compulsorily convertible preference shares into equity shares at a price of Rs 64.48 each. Remember, on that day, KFA shares closed at Rs 39.90 on the BSE."Within a few months, the share value had eroded so much that banks were put in a difficult position,” said the banker quoted earlier. Kingfisher last traded at Rs 1.36 on the BSE on 22 June 2015. The entire loan restructuring exercise to Kingfisher was done without any special dispensation from the RBI, which means that banks had to make heavy provisioning on their books, hoping that the airline will revive sooner or later and pay back the money. That never happened.Finally, Kingfisher, was declared an NPA by most banks, including SBI, towards the end of 2011 and beginning of 2012. The majority burden of Kingfisher loans was on government-owned banks. The smartest in the lot was ICICI Bank, which managed to sell its entire Rs 430 crore Kingfisher loan exposure to a debt fund managed by the Kolkata-based Srei Infrastructure Finance Ltd in mid-2012. The sarkari banks were the real bakaras in the entire story.So what lies ahead?Banks' chances of getting their money back from Mallya are very less since Kingfisher hardly has any assets left for banks. Even if banks go ahead and sell Kingfisher assets such as the Kingfisher House in Mumbai, it will fetch only a fraction of what is at stake. The only hope for banks is if Mallya himself have a change of mind and decides to pay back banks from his personal wealth (Mallya has shares worth Rs7000 crore in various companies and lot more in fixed assets)."But, all that will happen if he returns to the country and say he will pay back,” the banker said, adding that bankers are more irked by Mallya flaunting his wealth publicly even now when thousands of crores are at stake. According to reports Mallya already received $40 million of his severance pay fro Diageo before his flew to UK. Can the final battle between banks, led by SBI, and Mallya in Supreme Court and Bangalore DRT result in lenders getting their money back. Chances are less.source-firstpost

Sometimes I do wonder about the mainstream media and the way it has been used to brainwash people who just listen to the news and read the stuff oozing out of the press and do not bother to really think harder about what is the truth. In order to see the truth you have to have an open mind and look a bit deeper. As an example of the way the media portrays China’s involvement with Africa, it is often labelled as a debt trap. Really? What about the spider spinning its webs from the other side of the planet? While I believe China is not doing complete charity in its dealings with Africa, I would say that it is a case of the pot calling the kettle black.Actually before we call a kettle black, we ought to look at ourselves first if we are the pot. If you read “Confessions of an Economic Hitman” by John Perkins on how America really took over the world by coercing poor countries into accepting huge development fund loans so they are forever in debt to US organisations, you would understand. You would know how highly paid professionals went out under the ‘wings’ of the surreptitious organisations using tools like fraudulent financial reports, rigged elections, payoffs, extortion, sex and murder to benefit a cabal of corporations, banks, rich aristocrats and plutocrats. So, the world is still the same, whichever side of the glass you care to peer through. Do not take the moral high ground so readily.http://www.ipsnews.net/2004/07/development-tied-aid-strangling-nations-says-un/Donor money that comes with strings attached cuts the value of aid to recipient countries 25-40 percent, because it obliges them to purchase uncompetitively priced imports from the richer nations, says a new U.N. study on African economies. The 24-page study singles out four countries – Norway, Denmark, the Netherlands and the United Kingdom – as the only donors breaking away from the concept of ”tied aid”, which comes with strings attached. About 60-75 percent of Canadian aid is tied, one of the world’s highest amounts. The United States, Germany, Japan and France still insist that a major proportion of their aid money be used to buy products originating only in their countries, according to experts. The United States makes sure that 80 cents in every aid dollar is returned to the home country. “This has ensured that aid money is eventually ploughed back into the economies of donor nations,” says Njoki Njoroge Njehu, director of 50 Years is Enough, a coalition of over 200 grassroots non-governmental organisations (NGOs). The U.N. study is also implicitly critical of the much-trumpeted African Growth and Opportunity Act (AGOA), signed into U.S. law in May 2000, as being too restrictive in its scope. “AGOA is more sinister than tied aid”, says Njehu. “If a country is to be eligible for AGOA, it has to refrain from any actions that may conflict with the U.S.’s ”strategic interests.”www.globaljustice.or.uk/sites/default/files/files/resources/zambia01042004.pdfIn the early 1970s, after the oil crisis (increasing the price of imports) and relative commodity price collapse (reducing the revenue from exports), Zambia had to turn to the International Monetary Fund (IMF) and World Bank for assistance. So began some thirty years of Bank and Fund intervention in the Zambian economy. In return for loans, Zambia was required to implement Bank and Fund endorsed economic policies over three decades. Unfortunately, this period is a sad story of increasing debt, economic stagnation or collapse, and social crisis. After the external economic shocks suffered in the early 1970s, Zambia’s total external debt rose from US$814 million to US$3,244 million by the end of the decade. The situation then further deteriorated with Zambia’s external debt more than doubling to US$6,916 million by the end of the 1980s. In return for loans, the IMF and World Bank insisted on implementation of economic policies such as privatisation and cuts in public spending, ‘free market’ policy interventions that have included: trade liberalisation; investment deregulation; privatisation; cutting or abolishing subsidies; laying-off civil service staff; public sector wage cuts or freezes and reduced state intervention in the agricultural sector. Yet a close examination of economic and social indicators suggests the kind of policies being foisted on Zambia by these institutions over the past twenty years have been a dismal failure. For example, trade liberalisation, a key plank of Bank and Fund economic orthodoxy, has been disastrous for Zambia’s manufacturing sector. Textile manufacturing has been one sector particularly badly hit. The lowering of tariffs on textile products, and particularly the removal of all tariffs on used clothes, led to large increases in imports of cheap, second-hand clothing from industrialised countries.Agricultural liberalisation has had a similarly poor record. A 2000 World Bank study acknowledged that the removal of all subsidies on maize and fertilizer under World Bank/IMF structural adjustment loans led to “stagnation and regression instead of helping Zambia’s agricultural sector.” In 2003, the Zambian President, Levy Mwanawasa, said, “[The IMF’s privatisation programme] has been of no significant benefit to the country … privatisation of crucial state enterprises has led to poverty, asset stripping and job losses.”This report clearly demonstrates that the IMF and World Bank’s involvement in Zambia has been unsuccessful, undemocratic and unfair. The evidence suggests that the past twenty years of IMF and World Bank intervention have exacerbated rather than ameliorated Zambia’s debt crisis. Ironically, in return for debt relief, Zambia is required to do more of the same. The country has been condemned to debt.http://williameasterly.org/books/the-white-mans-burdenThe imperialist interpretation of "The White Man's Burden" (1899) proposes that the white man has a moral obligation to rule the non-white peoples of the Earth, whilst encouraging their economic, cultural, and social progress through colonialism. In the later 20th century, in the context of decolonisation and the Developing World, the phrase "the white man's burden" was emblematic of the "well-intentioned" aspects of Western colonialism and "Eurocentrism". The poem's imperialist interpretation also includes the milder, philanthropic colonialism of the missionaries: The implication, of course, was that the Empire existed not for the benefit — economic or strategic or otherwise — of Britain, itself, but in order that primitive peoples, incapable of self-government, could, with British guidance, eventually become civilized (and Christianized).Easterly addresses the frequent negative outcomes of loans and grants provided by the World Bank, The International Monetary Fund, and the United States Agency for International Development. Those programs, he points out, have as their focus the best interest of the wealthy and are guided by what the rich perceive to be what is best for the recipients of the monies, but not necessarily what would benefit them the most. The process of utilizing what is known as “top-down goal setting” makes the situation worse because it shuts out information and feedback from the “bottom,” blocking out what really needs to be known about why these projects meet with failure so frequently. Adding another layer of frustration to the efforts is the fact that poorer nations are frequently riddled with corrupt and unscrupulous governmental officials who embezzle money and increase the cost of conducting business while shunning private investments.http://projects.huffington http://post.com/worldbank-evicted-abandoned/new-evidence-ties-worldbank-to-human-rights-abuses-ethiopia"Rights Denied - New Evidence Ties World Bank To Human Rights Abuses In Ethiopia"Author: Sasha Chavkin, ICIJ / Huffington Post...Otiri and Omot are among thousands of Anuak, a mostly Christian indigenous group from the rural Ethiopian state of Gambella, who have fled from Ethiopia’s mass relocation campaign.The Ethiopian government financed the evictions in part by tapping into a pool of aid money from the world’s most influential development lender, the World Bank, two former Ethiopian officials who helped carry out the relocation program told the International Consortium of Investigative Journalists. The money, the former officials said, was diverted from the $2 billion in funding that the World Bank had put into a health and education initiative. The World Bank strongly disputes that its money supported the mass evictions in western Ethiopia. Even as Anuak refugees and human rights groups have publicly charged that World Bank money has been used to bankroll brutal evictions, the bank has continued to send hundreds of millions of dollars into the same health and education program......Among the largest leaseholders in Gambella is Saudi Star, a conglomerate owned by Ethiopia’s richest man, Saudi dual citizen Sheikh Mohammed Al-Amoudi.Land previously occupied by Anuak is now being used by Saudi Star for commercial plantations, according to two Anuak elders interviewed by ICIJ and reports by the Oakland Institute and Human Rights Watch. The government cleared small villages within what became the Saudi Star lease area and relocated the residents as part of the villagization program, the Oakland Institute’s report said. A spokeswoman for the sheikh confirmed that Saudi Star has leased 10,000 hectares in Gambella, but denied any of the land had been occupied by Anuak. “No people or farmers were relocated from the land on which Saudi Star is operating,” she said. She said any suggestions the company improperly benefited from the government’s land-use decisions are fabrications fueled by “advocacy groups with a political agenda.”Rethinking Accountability at the World BankAuthor: Natalie Bridgeman Fields & Kindra Mohr, Accountability Counsel in Development ChannelThe World Bank faces a disconnect between its mission to serve the poor and the effects of its projects, some of which displaced 3.4 million people in the world’s most fragile regions over the past nine years. Last month, World Bank President Jim Yong Kim admitted to known, longstanding problems with the Bank’s resettlement policies and released three internal reviews revealing the Bank’s failure to collect even minimal information on resettlement…In our own work at Accountability Counsel,…we have glimpsed how Bank projects not only harm people, but also call the Bank’s legitimacy into question…A drastic rethink of the Bank’s approach to accountability is necessary.http://news.bbc.co.uk/2/hi/business/6589287.stmZambia is forced to pay 15.5USD million to vulture fund Donegal International for a loan Zambia took out fromRomania in 1979, which Donegal bought from Romania in 1999 for $3.2 million. Donegal had been suing for $55 million.www.bkconnection.com/books/title/a-game-as-old-as-empireWith chapters spotlighting how specific countries around the globe have been subverted, A Game As Old As Empire uncovers the inner workings of the institutions behind these economic manipulations. The contributors detail concrete examples of how the “economic hit man game” is still being played: an officer of an offshore bank hiding hundreds of millions of dollars in stolen money, IMF advisers slashing Ghana’s education and health programs, a mercenary defending a European oil company in Nigeria, a consultant rewriting Iraqi oil law, and executives financing warlords to secure supplies of coltan ore in Congo. Together they show how this system of corruption and plunder operates in real life, and reveal the price that the rest of the world must pay as a result. Most important, A Game As Old As Empire connects the dots, showing how the various pieces of this system come together to create the world’s first truly global empire.Global Empire: The Web of Control, Steven Hiatt - Third World countries pay more than $375 billion a year in debt service, twenty times the amount of foreign aid they receive. This system has been called a Marshall Plan in reverse, with the countries of the Global South subsidizing the wealthy North, even as half the world’s population lives on less the $2 a day. How does such a manifestly unjust system maintain itself? Steven Hiatt outlines the web of control—financial, political, and military—that maintains this system and explains why it’s so hard for Third World countries to escape.Selling Money—and Dependency: Setting the Debt Trap, S. C. Gwynne - Rising oil prices created an oversupply of petrodollar deposits in international banks, and eager young bankers recycled this money into new loans to developing countries for dubious projects. Sam Gwynne traveled the globe on behalf of U.S. banks, helping ensnare Third World countries in debt.Dirty Money: Inside the Secret World of Offshore Banking, John Christensen - At least $500 billion in dirty money flows each year from poor countries into offshore accounts managed by Western banks, dwarfing the amount those nations receive in foreign aid. The sources of this money range from tax evasion, kickbacks, and capital flight to money laundering and drug trafficking. John Christensen was an offshore banker who found himself managing these secret accounts. He shows how the offshore banking system extracts tribute from countries that can least afford it and explains why this black economy has become essential to the international corporate elite.BCCI’s Double Game: Banking on America, Banking on Jihad, Lucy Komisar - The Bank of Credit and Commerce International (BCCI) was a useful tool for many powerful clients, ranging from the CIA and the Medellín cartel to Osama bin Laden, al-Qaeda, and influential figures in both the Republican and Democratic parties. When BCCI was finally shut down, as much as $15 billion had been lost or stolen—the biggest bank fraud in the world. Lucy Komisar reveals why banking authorities looked the other way for so long, and how BCCI’s allies in Washington were able to block any meaningful investigation.The Human Cost of Cheap Cell Phones, Kathleen Kern - Civil strife in the Democratic Republic of Congo has cost 4 million lives in the last ten years, as militias and warlords fight over the country’s resources. The atrocities being committed in Congo have been funded, at least indirectly, by some of the biggest Western corporations. They see the country only as a source of cheap coltan—vital to making semiconductors—and other minerals. Kathleen Kern explores the direct relationship between the suffering of the Congolese people and the low prices Westerners pay for cell phones and laptops.Mercenaries on the Front Lines in the New Scramble for Africa, Andrew Rowell and James Marriott - Some 30 percent of America’s oil will come from Africa by 2015, and multinational oil companies are increasingly resorting to private armies to protect their operations there. Communities in the Niger Delta have been campaigning for a share of the oil wealth pumped from under their land. In 2006, Nigel Watson-Clark was working as a Shell security officer in Nigeria, protecting offshore oil rigs—a frontline soldier in the web of oil exploitation. Taken hostage during a raid by local militants, he found himself in the middle of the struggle for Nigeria’s oil.The Mirage of Debt Relief, James S. Henry -
G8 leaders have proudly announced $40 billion in debt relief for eighteen heavily indebted poor countries in Latin America and Africa—just over 1 percent of the $3.2 trillion that those countries owe. But the actual debt relief granted will be only a fraction of this small amount—and the strings attached to getting it make even this modest amount hardly worth getting: closed hospitals and schools, bankrupted local businesses, and high unemployment. James S. Henry delivers the analysis and outlines steps for an effective relief campaign for Third World debtor countries.www.newscientist.com/article/mg21228354-500-revealed-the-capitalist-network-that-runs-the-world/The idea that a few bankers control a large chunk of the global economy might not seem like news to New York’s Occupy Wall Street movement and protesters elsewhere . But the study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, is the first to go beyond ideology to empirically identify such a network of power. It combines the mathematics long used to model natural systems with comprehensive corporate data to map ownership among the world’s transnational corporations (TNCs).“Reality is so complex, we must move away from dogma, whether it’s conspiracy theories or free-market,” says James Glattfelder. “Our analysis is reality-based.” The Zurich team can. From Orbis 2007, a database listing 37 million companies and investors worldwide, they pulled out all 43,060 TNCs and the share ownerships linking them. Then they constructed a model of which companies controlled others through shareholding networks, coupled with each company’s operating revenues, to map the structure of economic power. The work, to be published in PLoS One, revealed a core of 1318 companies with interlocking ownerships. Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What’s more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world’s large blue chip and manufacturing firms – the “real” economy – representing a further 60 per cent of global revenues.When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network. “In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.

From earning a salary of Rs. 3,500 per month in 2009 to being a CEO of an IT firm in 2018 till now. Yes, it looks quite unbelievable at first but if you will read my journey in this answer, then you will find out how I made it possible 😊.2009: The year I completed my B.Tech in IT from SUS College of Engineering and Technology located on the outskirts of my hometown Chandigarh. But nobody could have guessed that this year would bring the ‘great recession’. Yes, I graduated in the recession year when the Indian IT industry was struggling with financial losses and distress.But what was the result of the recession? Average salary packages in the placement drives were lower than the entire fees paid to the college! 2 LPA was the average salary figure and the college fees paid for all the semesters were around 4-5 lacs. This was not something that I had planned and as such, there was no desire or any enthusiasm left to participate in the drives.So, I and some of my friends with this same attitude attended the placements just for the sake of killing the time with no real intentions to get the job. The money factor had influenced me somewhere and this decision led my status to be “engineer+unemployed”. Trust me, you don’t want this.2009-10: The peer pressure and unemployment together had stressed me out. So I decided to visit a local job consultant/agency in sector 34, Chandigarh to see if something was available for an IT Engineer. When I entered the premises, I saw the waiting area crowded with people, mostly engineers from different streams and universities. Everyone was looking for a job. Luckily, the agency had something for me and scheduled an interview for the software engineer position in a mediocre firm in Chandigarh next Friday 11’00 clock in the morning.But things got more interesting when it rained heavily on Friday and the thunderstorm was also not helping. But I had to go. I had no other choice. I commuted to the venue that was 50 km away from my place (Chandigarh) by changing 2 busses and 1 auto. My shirt was wet but I was in no mood to lose the opportunity a second time. I reached on time and then went straight to HR and was informed that only 2 vacancies were available.After waiting for some time, I got to know that one person was now shortlisted and only 1 position was left. It was my turn now but I was a little nervous because of my wet shirt. I entered the room and the interviewer asked me why I was all wet and I told him everything. He stared at me for a few seconds and told me that I have been shortlisted. I was surprised to hear this but the interviewer told me that my dedication and hunger for the job was something that he was looking for. So when we discussed the salary, it was finalized at INR 3500 p.m i.e. $50 per month!Did I reject the offer this time? No way! I took it. When my parents asked me about this, I told them the truth and then my father told me that it’s alright. He reminded me of the power of the middle-class people. A power to earn everything and lose nothing. This motivated me to learn as much as possible from the work experience. I joined my first company and got the exposure of:Information TechnologySoftware DevelopmentLogicsArithmeticWeb DevelopmentJS & CSSI forgot to mention earlier that my salary was a cash payout. Everybody was paid in cash and I used to receive 35 notes of Rs.100! However, after 6 months I got an increment and now I was earning 65 notes of Rs. 100, i.e. Rs. 6500 p.m 😄. Although I served only 9 months with the company, I am still grateful to them for providing me a ground-level exposure to technology and business.2010-12: In April 2010, I switched to a mid-size company in Chandigarh where I was working as a software engineer with the monthly payment of Rs. 9000. This time, I was getting my salary in the bank account😊. The company provided me the platform to experience “professional work culture” apart from learning the technologies. I also got to learn about:conversation styles & behavior to be followed while in a meeting,how the professional emails are written and exchanged,how the pressure of the deadline is handled, and so on….I left this 2nd firm in July 2012 with the last withdrawn salary of 20000 p.m.2012-14: Got the opportunity to work as a Lead Engineer with HCL Technologies in NOIDA after clearing 3-4 rigorous selection rounds. This was the first time I had to leave Chandigarh to work in a totally strange city where I had no friends or family members. But at the same time, I wanted to gain exposure to working in an MNC. It was hard, but I packed my bags and boarded the train for New Delhi.After making myself comfortable in the seat, I looked outside my window and saw the wonderful farms of Punjab. I don’t know why, but this had made me emotional somewhere and suddenly the tears started to roll from my eyes because of the thoughts like:How will I manage everything alone in such a big city?How will I adjust to a PG or a flat with a stranger?Who will I ask for help?Who will I share my office experiences with?I somehow kept those thoughts aside and joined the HCL with a salary of 35000 p.m. The pay was good but the appraisals were like a joke. I worked day and night for a year and realized that the annual increment was only 3%. From 5 LPA to 5.15LPA after the increment.Another thing that bothered me was that the implementation of even small changes in a website would take days. It was like a typical corporate life at HCL. Office politics, endless meetings, midnight working, no creativity, and obsolete technology was all under one roof.The scope of learning was limited as we were not working on the latest technology. So, I left the company in July 2014 to explore other options for skill development.Although, one great thing that happened to me during my time in HCL was my marriage with the love of my life.😍😍 Here is the picture of me and my wife when we purchased our first car:Here is another picture of me and my lovely daughter. 😊😊2014-15: This year was a turning point in my life when I took the opportunity to work for Cvent as a software engineer in Gurgaon. I took the job opportunity at Cvent becauseThey offered me 25% more than my expected CTC. This was surprising and thrillingThe infrastructure was amazing. So-called state-of-the-art facilities were present everywhere.Also, this is a place where the sharpest and creative minds work together. Graduates from IITs and other popular American colleges form the major portion of the workforce at Cvent. The corporation had an entirely different work culture. I can say that this company has motivated me a lot to pursue entrepreneurship.However, as time was passing, homesickness was taking me over. I was away from my home and my parents in Chandigarh for almost 3 years. My parents were missing all of us. Me, my wife, and my daughter were also missing them. I wanted to live in my city where all of us would live together as a joint family and share memorable moments. This was more important for me.So, I never hesitated and resigned to move back to Chandigarh.2015-18: I started working with Wolters Kluwer Australia in Chandigarh as a Sr. Software Engineer on a CTC that was 20% less from the CTC at Cvent. But, it didn't bother me because I was at home with my family and had a new opportunity to learn more skills at Wolters Kluwer Australia.This company was a great choice as it has 18600 employees with overseas operations in Australia, New Zealand, and the United States. Also, after a year, I was promoted to Team Lead and then to a Software Development Manager. At this point in my life, I had acquired vast knowledge of diverse technologies and was earning a handsome salary. My immense work experience also helped me to develop dynamic skills for leading the teams and efficiently delivering the projects before deadlines.Me and my colleagues at Wolter Kluwer2018-Present: A LIFE CHANGING EVENTI got in touch with a close friend from the first company I used to work in 2009. Since that year we have been in a great connection and used to discuss the problems, drawbacks in the IT functions and what could have been done to solve them. We both used to experience the problems in IT and technology at least once a month while working in the office and wanted to do something about it.In 2012, he incorporated an IT firm in Chandigarh known as APPWRK IT Solutions today. I was very happy for him, but I couldn’t join at that time because I was still learning advanced technologies. You cannot run a company if you don’t understand the operations. But in 2018, I was ready to contribute my knowledge and skills.He was aware of my journey, my skills, my experience, and my knowledge. He needed someone to lead the firm on the tech and management level. He asked me if I would like to join the firm as a partner. Without any second thoughts, I said, let’s do it.His business competence and my advanced skills were the perfect combinations that the startup needed.Although, everyone advised me not to take this offer as I was already earning a handsome salary by working from 9 to 7. But my work experience and drive to always learn had put me in the place where I was no longer afraid to take the risks and accomplish my dreams to do something big and have an organization that can assist businesses and individuals with their IT related requirements. Running the startup was not easy and there were like a million problems, but we managed them with our dedication and hope.I cannot disclose my salary today, but one thing is for sure that my dreams have been coming true without chasing money. I always wanted to bring the difference in the IT hub from a tier-2 city, Chandigarh. Till now, we have been doing a great job in providing satisfactory services to our customers from different parts of the globe.The satisfaction that my clients receive is the salary that I earn. So you can say that sometimes my salary is credited multiple times a day. 😃😃My team during the celebration of New Year 2019:Now we have leased a much bigger place for our team to work more conveniently:Amazing views from the office:Me and my dad in the cabin of the new office:Once the COVID-19 lockdown will be over, all the team will move to this large space.CRUX- Never chase money during the early days of your career. Always focus on learning something new and creative that can help you to build a strong and competitive profile. It is no rule that graduates from IITs or IIMs are the only ones who are capable enough to bring change in the community. If you also want to bring the change, then never give up on hope. Always go for the ‘knowledge’ factor and never hesitate in making the mistakes or taking the risks. As quoted by John Wooden, If you're not making mistakes, then you're not doing anything.All the best for your journey, and please, feel free to share your experience. 😊EDIT-1: Thank you all for the positive response. I have been receiving queries in the DMs and comments section where the young and enthusiastic minds are asking me for the tips to advance and grow in their career and professional life.I will recommend them to self-realize what they actually want and expect from their life in the next 10 years. You need to think now and plan for that today. Once, you have set your final goal, then develop a strategy and divide it into small milestones. After that, give your best to achieve those milestones one-by-one, and then you will be able to turn those expectations into a wonderful reality.