May 18 (PTI) Microfinance institution Arohan Financial Services has filed preliminary papers with market regulator Sebi to raise funds through an initial public offering (IPO), comprising a fresh issue of shares worth Rs 600 crore.

Apart from the fresh issue, there will be an offer for sale (OFS) of 4.04 crore shares by existing investors, according to the draft red herring prospectus (DRHP) filed with Sebi.

US Teachers Insurance and Annuity Association, a retirement financial services firm, Michael & Susan Dell Foundation, Aavishkaar Goodwell India Microfinance Development Company-II Ltd, Tano Capital, TR Capital III Mauritius, and Danish Sustainable Development Goals Investment Fund, among other existing investors, will offload shares.

Proceeds from the fresh issue will be used to boost the company’s capital base and for general corporate purposes, the draft papers filed last week showed.

Earlier in January, Arohan Financial Services Managing Director Manoj Kumar Nambiar stated that the company is looking to raise Rs 1,500 crore through its maiden public offering.

Arohan Financial Services is a technology-enabled non-banking financial company -microfinance institution (NBFC-MFI) offering income-generating loans and a suite of financial and non-financial products to customers primarily across rural and semi-urban states in India.
It had an assets under management (AUM) of Rs 6,308 crore as of December 2025.Arohan Financial Services, which commenced its business in 2006 with operations in a single location in Kolkata, has gradually expanded its footprint. As of December 2025, it operates 1,073 branches across 17 states in the country.

The filing comes after the successful listings of Aye Finance and Kissht in 2026.

DAM Capital Advisors, Motilal Oswal Investment Advisors and SBI Capital Markets are managing the issue. PTI

Bhubaneswar, Volatility has shot up in the financial markets due to the ongoing West Asia conflict, but the Indian bourses have the capacity to “absorb different types of shocks”, Sebi Chairman Tuhin Kanta Pandey said on Monday.

When there is a crisis in one part of the world, it also impacts the rest of the globe, Pandey told reporters here on the sideline of the Regional Investors Seminar for Awareness.

“Due to the prevailing conflict in West Asia, the oil supply chain and its prices got affected in the rest of the world. All the economies have been affected by this and obviously, there are inflationary risks. Besides, spillover effect and second-order effect will also come in,” he said.

“However, the advantages of a resilient Indian market are that it is able to absorb different types of shocks, and when these end, the market again resumes its normal trajectory,” Pandey said.

He also admitted that there have been some foreign portfolio investment outflows since September 2024, but domestic investors have “retained their confidence”.

“Ups and downs in the market are quite natural because globally they are interconnected,” the Sebi chairman said. PTI

“Today’s policymaking is constrained by a more volatile external environment with more frequent and overlapping shocks, a rising public interest bill, in part reflecting market concerns with countries’ elevated debt, and the long-standing challenge of weak productivity growth,” he said.

NEW YORK — Residents across the Mid-Atlantic and Northeast braced for another round of heavy rainfall Monday as National Weather Service forecasters issued flood watches and flash flood warnings for parts of New York, New Jersey, Pennsylvania and Maryland, warning of rapid rises in rivers, urban flooding and dangerous road conditions.

A slow-moving frontal system continued to pump moisture into the region, with some areas already soaked from weekend downpours facing the risk of additional 2 to 4 inches of rain through Tuesday. Forecasters placed much of the region under flood watches, with flash flood warnings active in vulnerable urban corridors and low-lying areas.

The National Weather Service’s Weather Prediction Center highlighted marginal risks of excessive rainfall in parts of the Northeast, though localized training thunderstorms could produce extreme hourly totals capable of overwhelming storm drains and small streams. Officials urged residents to avoid travel if possible and to never drive through flooded roadways.

In New York City, officials activated the city’s Flooding Emergency Plan as the mayor’s office warned of potential street flooding in low-lying neighborhoods in Brooklyn, Queens and Staten Island. Subway stations in flood-prone zones saw increased monitoring, with sandbags deployed at key entrances. Commuters faced delays on major routes including the FDR Drive, Cross Bronx Expressway and Belt Parkway.

New Jersey authorities reported flash flood warnings in several northern and central counties. The New Jersey Turnpike and Garden State Parkway experienced ponding in spots, prompting state police to advise reduced speeds. Coastal areas from Atlantic City northward remained under heightened scrutiny for possible minor tidal flooding combined with heavy rain runoff.

Pennsylvania’s Philadelphia region and surrounding suburbs faced the brunt of the system. The National Weather Service office in Mount Holly, New Jersey, covering eastern Pennsylvania, issued multiple warnings as thunderstorms intensified. Urban flooding has already been reported in parts of Philadelphia, with vehicles stranded in underpasses. Emergency crews conducted several water rescues overnight and into Monday morning.

Maryland officials activated emergency operations as flash flood warnings covered portions of the state, particularly areas near Baltimore and the Chesapeake Bay watershed. Rivers and streams already running high from earlier rains in the region faced further rises, with some locations approaching minor flood stage.

Meteorologists attributed the persistent wet pattern to a stalled frontal boundary interacting with ample Gulf moisture. Precipitable water values remained elevated, supporting repeated rounds of showers and thunderstorms. While widespread river flooding remains a lower threat in the immediate term, flash flooding and poor drainage issues pose the greatest dangers.

This latest round follows a series of active weather events across the Mid-Atlantic in recent weeks. Earlier in May, slow-moving systems triggered significant flooding in parts of the region, with schools evacuated and roads closed. The pattern has raised concerns about cumulative impacts on saturated soils and overwhelmed infrastructure.

Emergency management officials in all four states emphasized safety messages. “Turn around, don’t drown” campaigns gained renewed urgency as social media filled with videos of vehicles navigating high water. First responders stressed that just six inches of moving water can sweep away a car, while a foot can carry away larger vehicles.

In New York, Gov. Kathy Hochul’s office coordinated with local agencies to prepare for potential power outages and debris. Utility companies prepositioned crews in anticipation of lightning and wind damage from stronger cells. Similar preparations occurred in Trenton, Harrisburg and Annapolis.

The economic toll of repeated flooding events continues to mount. Businesses in flood-prone downtown areas reported closures, and schools in several districts shifted to remote learning or delayed openings. Insurance claims from earlier May floods already strain local resources, with officials warning of higher premiums in vulnerable zones.

Climate experts note that such back-to-back heavy rain events align with broader trends of intensified precipitation in the Northeast due to warming temperatures. A warmer atmosphere holds more moisture, leading to heavier downpours when conditions align. This event serves as another reminder of the region’s increasing vulnerability to extreme rainfall.

Forecasters expect gradual improvement mid-week as the system shifts eastward. Drier air and higher pressure should return by Thursday, offering a chance for drying and assessment of damage. However, another disturbance could bring additional showers by the weekend.

Residents are advised to stay informed through official channels. The National Weather Service, local emergency management and apps like Notify NYC provide real-time updates. Homeowners should clear gutters, secure outdoor items and prepare emergency kits with flashlights, batteries, non-perishable food and medications.

Agricultural impacts also emerged as a concern. Pennsylvania and New Jersey farmers reported delays in planting and concerns over waterlogged fields affecting crops. Maryland’s Eastern Shore faced similar challenges with potential runoff carrying nutrients into the Chesapeake Bay, exacerbating water quality issues.

Transportation hubs braced for disruptions. Amtrak adjusted schedules on the Northeast Corridor, while major airports including JFK, Newark and Philadelphia monitored for lightning and wind shear. Commuter rail lines operated on modified timetables where flooding threatened tracks.

As the rains continue into Monday evening, officials continue to monitor river gauges and urban drainage systems closely. The combination of saturated ground and additional precipitation creates a high-risk scenario for localized flooding that can develop with little warning. Communities with histories of flooding, including parts of the Lehigh Valley, Hudson Valley and Baltimore metro, remain especially vigilant.

This weather event underscores the importance of preparedness in a region increasingly prone to heavy precipitation. While no widespread catastrophic flooding is currently expected, the potential for dangerous flash flooding demands respect and caution from all residents. Authorities will continue issuing updates as conditions evolve throughout the day and into the week.

NEWTOWN SQUARE, Pa. — As Aaron Rai hoisted the Wanamaker Trophy after his dramatic 2026 PGA Championship victory at Aronimink Golf Club, the first person he embraced on the 18th green was his wife, Gaurika Bishnoi — a professional golfer in her own right whose influence, mindset and on-course expertise have become central to his success.

Bishnoi, 27, has emerged as one of the most compelling figures in the golf world following her husband’s breakthrough major win Sunday. The Indian professional, who competes on the Ladies European Tour and dominates domestic events, has been credited by Rai as an indispensable partner both in life and in the game.

“I wouldn’t be here without her,” Rai said in emotional post-round comments. “She’s been incredible. She’s a professional golfer herself, so her mindset, her advice, her thoughts — whether it’s technique or the way I’m holding myself — are absolutely invaluable.” The couple even shared a 30-minute strategy discussion in the car the day before the final round.

Born on August 9, 1998, in Rohtak, Haryana, and raised in Gurugram, Bishnoi first pursued tennis before transitioning to golf. Her younger brother played a pivotal role, with the siblings training together at the prestigious DLF Golf and Country Club. She turned professional in 2016 after a strong amateur career that included representing India in international events like the Queen Sirikit Asia-Pacific Women’s Amateur Championship and the World Amateur Golf Championship.

Bishnoi quickly made her mark on the Hero Women’s Pro Golf Tour, India’s premier women’s circuit. She claimed the No. 1 ranking in 2017 and 2019 and has amassed eight professional victories. Standout moments include multiple titles with strong closing rounds, such as a 4-under 66 to seal a win in Mysuru. She also earned a degree in Economics from Jesus and Mary College while building her golf career.

On the international stage, Bishnoi competes on the Ladies European Tour, where she continues to develop her game and gain experience against top global talent. Though she is still seeking her first LET title, her consistency and competitive edge have earned respect across the women’s game.

The couple’s shared passion for golf created an instant connection. Both of Indian heritage — Rai born in England to Indian-origin parents — they bonded over the unique demands of professional life. They married on July 22, 2025, in a vibrant traditional Indian ceremony at Hedsor House near London. The wedding blended cultures and drew attention from the golf community.

Their partnership extends well beyond the altar. Bishnoi famously caddied for Rai during the 2025 Masters Par 3 Contest, going viral after outdriving him on a hole with a crisp, powerful swing that showcased her own elite skill. Rai returned the favor by caddying for her at a Ladies European Tour event later that year.

Fans and fellow players have celebrated the couple’s dynamic. Bishnoi posted celebratory messages after Rai’s PGA win, calling him her “rockstar.” Their mutual support stands out in a sport where athletes often travel solo for weeks at a time. The pair currently resides in Jacksonville, Florida, near TPC Sawgrass, allowing them to train together and balance competitive schedules.

Rai has repeatedly highlighted how Bishnoi’s perspective strengthens his mental game. As a fellow competitor, she understands the pressures of scoring under scrutiny, the technical nuances of swing mechanics and the emotional rollercoaster of tournament golf. Her input during practice rounds and strategy sessions has helped him refine his already precise ball-striking and two-glove wearing routine.

Bishnoi’s own journey reflects resilience and dedication. From early days balancing academics and sport to navigating the challenges of professional tours, she has maintained a strong work ethic. Her success on the Hero Women’s Pro Golf Tour established her as a trailblazer for Indian women’s golf, inspiring younger players while she continues pursuing higher goals on the global stage.

The couple’s story resonates beyond golf. In an era of high-profile athlete relationships, their low-key yet deeply supportive partnership offers a refreshing model. Both understand the sacrifices required — long hours on the range, time away from home and the mental fortitude needed to compete at the highest levels. Their shared Indian cultural roots add another layer of connection in a sport still working to increase diversity.

Following Rai’s historic win — the first by an Englishman in 107 years at the PGA Championship — attention has turned to the woman standing quietly but powerfully behind him. Bishnoi has largely kept a modest profile, focusing on her game and supporting her husband, but her talent ensures she is far more than just “the golfer’s wife.”

As Rai prepares for the next major at the U.S. Open and beyond, Bishnoi will continue balancing her own competitive ambitions with their life together. Their story illustrates how two professionals can elevate each other, blending technical insight, emotional support and shared dreams of excellence.

In the aftermath of Aronimink, the golf world has gained not just a new major champion but a glimpse into a modern power couple whose combined passion for the game promises more memorable moments ahead. For Gaurika Bishnoi, the role of supportive spouse comes naturally — because she knows exactly what it takes to chase victory on the fairways.

Britain’s reliance on bricks-and-mortar levies has reached a level unmatched anywhere else in the developed world, leaving businesses shouldering a disproportionate share of the burden and the Exchequer dangerously exposed to any wobble in commercial property values.

The United Kingdom now extracts more from property taxes than any other major economy, with receipts equivalent to 3.7 per cent of the entire economy, according to the annual business rates review published by tax firm Ryan. The figure is well clear of France and Canada, both on 3.4 per cent, with Belgium and Luxembourg trailing on 3.3 per cent, a gap that underlines just how exposed the British system has become to a downturn in commercial real estate.

Taken together, business rates, council tax and transaction levies such as stamp duty are now generating around $136 billion (£108 billion) a year for the Treasury, more than France, Japan or Canada raise, and second only to the United States, where total receipts are nearly seven times larger at $855 billion. The OECD’s most recent Revenue Statistics confirm Britain’s outlier status among advanced economies.

Just under 11 per cent of every pound the Government raises in tax now comes from property — the third highest share among advanced economies, behind only South Korea on 11.8 per cent and the United States on 11.4 per cent. That level of dependence, analysts argue, has begun to crowd out investment in precisely the kind of physical, capital-intensive businesses ministers say they want to attract.

A structural problem, not a valuation quibble

Alex Probyn, practice leader at Ryan, said the combination of stubborn inflation, the end of pandemic-era reliefs and a string of policy tweaks had pushed receipts ever higher, in effect baking the squeeze into the architecture of the tax.

“Business property is carrying a disproportionate share of the overall tax burden, and that is beginning to weigh heavily on investment, particularly in sectors that rely on physical assets and long-term capital,” Probyn said. “Property taxes in the UK are the highest by international standards, and the system is designed in a way that continues to increase the yield over time. That creates a clear tension between the need to raise revenue and the need to support investment. That balance has to be addressed.”

The Government’s revaluation of business rates in England, Wales and Scotland, which came into force this April, is forecast to drag the total rates take up to £37.1 billion in 2026-27, from £33.6 billion the previous year, a leap of £3.5 billion in a single year. Business Matters has already reported on the £1.56 billion rise in rates bills that has rippled through every sector of the economy.

Probyn warns that the Exchequer’s fiscal dependence on these revenues is itself becoming an obstacle to reform. “This is not simply a question of valuation methodology. It is a structural issue,” he said.

Appeals backlog hits 40,000 as SMEs go to the wall

The pressure on businesses has been compounded by a logjam at the valuation office, the HM Revenue & Customs agency responsible for setting rateable values. Nearly 40,000 firms have lodged appeals against their revised bills and are still waiting for a hearing, with the Valuation Office Agency bracing for a further deluge of challenges from hospitality operators hit by punishing increases to their rateable values.

The average wait is now 11 months, during which firms must continue paying the higher rate. Some businesses are waiting up to 18 months for an assessment — a delay that has tipped a number of small companies into closure before their case is even heard. The squeeze helps explain why nearly 5,500 small firms have urged the Chancellor to halt what they describe as an “apocalyptic” revaluation, and why business rates appeals have plummeted overall, with many owners deterred by the cost and complexity of challenging their bills.

Layered on top of all this is the spike in energy costs flowing from the war in Iran, which broke out at the end of February. Three in five companies say the combination has forced them to freeze hiring and investment plans, the precise opposite of the growth story ministers are trying to sell.

The verdict from the high street

For SME owners on Britain’s high streets and industrial estates, the message from the data is unambiguous: the country’s tax system is increasingly tilted against the firms that take on premises, employ staff and pay rates in the local authority where they trade. Until ministers grasp the nettle of structural reform, rather than tinkering with reliefs at the margins, the burden on physical businesses will continue to rise, and so will the risk that the next downturn in property values takes the public finances down with it.

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Lululemon is showing its teeth. 

The Vancouver-based athleticwear company is taking its battle with activist founder Chip Wilson public, writing in a letter to shareholders on Monday he has “outdated perspectives” and “troubling conflicts of interest” that will derail its turnaround plan, materials reviewed by CNBC show. 

The letter, Lululemon’s first major public response to Wilson since his proxy battle ramped up late last year, comes after settlement talks with the retailer’s founder fell apart last week, materials reviewed by CNBC show. The missive lays out why the company’s strategy, its incoming CEO Heidi O’Neill and board nominees are ultimately best for shareholders as it urged them to vote in its favor and set June 25 as the date for its long-awaited annual meeting. 

“Wilson, who stopped serving on the Board over a decade ago for well-documented reasons, has been attacking the company and the Board for many years, damaging the brand and hurting shareholders. He has now put forward three opposing nominees in an attempt to regain increased influence over the company that he has coveted since he left,” the letter, viewed by CNBC, states. 

“Your Board firmly believes that replacing any of lululemon’s directors with Mr. Wilson’s less qualified nominees would endorse his misguided perspectives, deprive the company of critical skills and expertise, and risk derailing our progress in an especially pivotal time for our business and organization.” 

Wilson didn’t immediately return a request for comment. 

Lululemon’s business has been under pressure for around two years, particularly in the Americas, its largest market, as it navigates the impact of tariffs, a shaky U.S. consumer and a product assortment that’s failed to wow shoppers in the same way it once did. It has also faced steep competition in the athleisure space from upstarts like Vuori and Alo Yoga as the global athleisure market started to cool.

When reporting fiscal fourth-quarter earnings in March, Lululemon issued weak fiscal 2026 guidance and warned higher tariffs and its proxy battle with Wilson would weigh on its bottom line. As of Friday’s close, shares are down almost 43% this year.

Wilson, who founded Lululemon in 1998, stepped down as CEO in 2005 but stayed on as chairman until 2013 when he departed after blaming a recall of its trademark black pants on customers. He told Bloomberg at the time, “Some women’s bodies don’t work for the pants.”

“It’s really about the rubbing through the thighs, how much pressure is there over a period of time,” he said.

Wilson has been a frequent critic of the brand in the years since, but ramped up his attacks late last year as Lululemon’s challenges were mounting. His biggest gripe has been the company’s board of directors, whom he blames for his decision to step down as chair in 2013, and has been lobbying both the company and shareholders to get behind his slate of nominees.

In response, Lululemon has asserted that its leadership is why the brand has been able to scale into an $11 billion retailer, and argued Wilson is aligned with direct competitors including Alo Yoga and Vuori, who Wilson has admitted to advising, security filings show.

At Lululemon’s annual meeting next month, shareholders will be presented with two sets of director options for election that both sides are betting can help turn the company around. Shareholders can vote to elect the retailer’s nominees, former Levi Strauss CEO Chip Bergh, former Unilever chief growth and marketing officer Esi Eggleston Bracey and serial board member and former Gap finance chief Teri List. Or, they can opt for Wilson’s nominees, former ESPN chief marketing officer Laura Gentile, former Activision CEO Eric Hirshberg and former On co-CEO Marc Maurer. 

Wilson has said the retailer’s downward slide is a result of “deprioritizing creative excellence at the altar of efficiency.” The solution, he argued in a letter to shareholders last week, is “more proven, creative leaders” in the boardroom. 

“Our three nominees all understand what it takes to foster a creative, focused and successful business that delivers superior returns through creative excellence – in design, technology and execution,” Wilson wrote. “[They] have all led organizations that only succeed when they out-create their competitors, and they know what it takes to create an inspired, creative organization and help it thrive.” 

Last week, Lululemon made a final attempt to resolve its proxy contest with Wilson and reach a settlement agreement, materials viewed by CNBC show. It offered to appoint two of Wilson’s nominees following the annual meeting, up from a previous offer of one, and agreed to appoint a third new director not from his slate but subject to his approval. The company also said it would to create an advisory brand product council that would include Wilson’s third nominee not appointed to the board.

In response, Wilson upped his demands, asking for the right to replace directors if his nominees stopped serving on the board and full reimbursement for his campaign by the company, among other requests, materials viewed by CNBC show. Lululemon rejected that offer and settlement talks fell apart.

Now, Lululemon is arguing in the letter that its nominees are “vastly superior” to Wilson’s and the election of any one of the founder’s picks “would result in a significant degradation of your Board’s experience and expertise, including the loss of deep industry and corporate governance experience as well as financial expertise that is required for a public company.” 

It criticized Gentile, Hirshberg and Maurer for having no public company board experience and either no or little time working in apparel and retail. 

It pointed out that Maurer, who about a year ago stepped down as the co-CEO of On, a direct competitor to Lululemon, still has a personal stake in his former company worth tens of millions of dollars, making up “a considerable portion of his net worth.” 

The company also came to the defense of its incoming CEO, who is slated to take the helm in September after almost 30 years at Nike

When Lululemon announced last month O’Neill was its choice as its next CEO, Wall Street sold off the stock on concerns she was partially responsible for some of the challenges Nike is currently facing. There are also concerns that she won’t be starting in the job for several months, pushing out the timeline to recovery further than some investors had hoped, especially given Lululemon’s long lead times for merchandise. 

“A near 30-year veteran of [Nike] is not the symbol of transformative, creative-first leadership that can instill shareholder confidence in today’s world,” Wilson wrote in a letter to shareholders on April 29. “Shareholders are right to question if she has the product skillset or history of value creation that is needed to revitalize lululemon.” 

In response, the retailer said in its letter to shareholders that O’Neill is “the ideal executive to lead” the company and brings a “unique balance of creativity and operational discipline required at this pivotal moment.” 

“As the Board initiated the CEO search, we established criteria that encompassed both turnaround and growth experience. We recognize there are parts of lululemon’s business that need a reset, but that should not be the end game. The lululemon brand remains fundamentally strong and there is significant potential to innovate and evolve product and engage our communities to scale the business even further across activities and internationally,” Lululemon wrote.

“During the months-long interview process, Ms. O’Neill distinguished herself through a rare combination of deep industry, product, and brand experience as well as her strong track record of both transformation and growth at scale. She demonstrated an ability to clearly articulate the lululemon brand’s essence and future opportunity, while also bringing a pragmatic, execution-oriented mindset,” the company added in the letter.

Lululemon pointed to O’Neill’s many years of experience leading Nike’s apparel business through a period of rapid growth and her time spent reducing product lead times and resetting the brand prior to her departure. 

“O’Neill established and built Nike’s Women’s business and grew it into a multi-billion-dollar franchise,” Lululemon said. “And she led important digital transformations as an early digital champion and innovator, during a period of rapid digital commerce sales growth of more than 65%.”