OPINION, P6 ECONOMY, P2 INTERNATIONAL, P8 TV MOHANDAS PAI & S KRISHNAN EDITORIAL BUDGET SESSION JACK’S BACK Remove tax hurdles Requiring RTI applicants PM to chair Ma makes first to atmanirbharta to state motive behind in query will weaken the all-party meeting public appearance start-up investing cause of transparency on January 30 in three months

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VOL. XI NO. 304, 18 PAGES, `6.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGAR H,CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUM BAI,NEWDELHI,PUNE READ TO LEAD

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IN THE NEWS CURRENT STATUS DAMAGE CONTROL ● INNOVATION INDEX GLOBAL RALLY Govt completes K’taka is top tripartite talks Now,a battery that Govt offers to state again, Markets surge on labour codes THE GOVERNMENT on charges in 5 mins Delhi best Wednesday completed to record highs tripartite consultations for RACHEL MORISON stay farm laws among UTs four new labour codes, January 20 FE BUREAU Nifty50 Intra-day, Jan 20 moving a step closer to FE BUREAU Mumbai, January 20 14,700 finalising the rules and ISRAELI COMPANY STORE- New Delhi, January 20 14,644.70 their subsequent DOT has manufactured the for 18 months AMID STRONG GLOBAL cues, 14,650 implementation, reports first battery for electric vehi- DELHIHASREMAINED the Indianequitiesclosedatrecord fe Bureau in New Delhi. cles that can be charged in just FE BUREAU most innovative destination highs on Wednesday with the 14,600 five minutes, a step toward StoreDot said rapid New Delhi, January 20 "We have proposed among Union Territories 50-shareNiftyrallyingsmartly 14,550 Aadhaar verdict: making refuelling as fast as charging batteries could to withhold the (UTs),while Karnataka has led to close at 14,644.70.The Sen- cars at a gas station. CAVINGINTOthepressureput the pack of majorstates in the sex ended the day just a few overcome range and implementation 14,500 14,538.30 SC junks pleas The lithium-ion samples charging anxiety,a critical on it by agitating farmers,the Innovation Index for 2020 pointsshyofthe50,000-mark. (of farm laws) for 1-1.5 Previous close: 14,521.15 seeking review were produced by StoreDot’s barrier to mainstream EVadoption CentreonWednesdayproposed released by the NITI Aayog Thoughthemarketistradingat 14,450 strategic partner in China,Eve itwouldkeepthreecontentious years so that onWednesday. near lifetime high valuations, Open Close ■The lithium- ■The THE SUPREME Court has Energy,andhavebeenusedasa Israeli farmlawsinabeyancefor12-18 the protest Maharashtra has over- foreign portfolio investors ion samples firm is aiming dismissed a batch of peti- demonstration in a two- months and also set up a taken Tamil Nadu to grab the (FPIs) continue to invest with The brokerage expects were produced for a 2025 mass ends..." tions seeking review of the wheeled scooter.StoreDot said by its China roll-out ifit can joint committee to discuss the —NARENDRA secondspotamongkeystates. inflows in January having moremeaningfulupgradesto Constitution Bench judg- that rapid charging batteries strategic find the right legislationsindetail. SINGH TOMAR , Himachal Pradesh remained alreadycrossed$2.50billion. the consensus forecasts for ment that upheld the cons- could overcome range and partner Eve strategic Farmerleadersdidn’timme- AGRICULTURE the top performer among Strategists at Credit Suisse earnings in FY22.“As the out- MINISTER titutional validity of the charging anxiety,a critical bar- Energy partners diatelyaccepttheoffer,refusing North-Eastern and hill states. have observed the CAGR of put level assumptions for Aadhaar scheme, reports riertomainstreamEVadoption. to settle for anything less than Though the rankings are 24%fortheNiftyEPSbetween FY22 GDP are reset, earnings fe Bureau in New Delhi. The However, batteries that an outright repeal of the laws. announced separately for the FY20 and FY23appears prima estimates are likely to see Bench dismissed the review charge this quicklymaynot be ingtouseoffast-chargingalso Nonetheless,theyagreedtodis- "The government is three categories, in terms of facie optimistic, given weak upgradestoo.WhileindexEPS petitions against the apex achievable at scale for years is an under-appreciated issue. cusstheCentre’sproposal. running away from justtheindexscore,Delhitops earnings growth in FY10-20. and GDP are only weakly court’s September 26, 2018 with existing plug-in infra- Thegovernment’ssoftening discussion on MSP the list,with a score of 46.6, “However, growth is a more linked,ifatall,inmostmodels judgment in a 4:1 majority. structure. Degradation relat- Continued on Page 2 stancewillnotmerelydelaythe followed byKarnataka (42.5). reasonable 16%, excluding thestartingpointforgrowthis radical and much-needed even as we wanted it." However, the average banks and Tata Motors,”they the nominal GDP forecast,” Final day: IRFC reformsrequiredtofreefarmers —RAKESH TIKAIT, scores in innovation among pointed out. theyopined. Ola partners with Siemens to build its from the shackles of middle- SPOKESPERSON, BHARATIYA major states and UTs are just IPO subscribed KISAN UNION (BKU) `2,400-cr EV manufacturing facility in TN men and ensure unhindered 25.35and26.01,respectively, Nifty Midcap 100 Nifty Smallcap 100 3.49 times inter-state farm trade,it would out of 100, suggesting a huge Intra-day, Jan 20 Intra-day, Jan 20 OLA ON Wednesday anno- operationsandallthemanu- alsobringtotheforeitsinability Wednesday,agricultureminis- room for improvement. 22,250 22,197.40 7,485 THE IPO of Indian Railway unced that it has partnered facturing processes in the topushthroughhardreformsin terNarendraSinghTomarsaid: The north-eastern and hill Finance Corporation (IRFC) with Siemens to build its plant, ensuring better pro- thefaceofstiffresistance. “Wehaveproposedtowithhold states scored even less — an 22,180 7,465 7,439.20 was subscribed 3.49 times `2,400-croreelectricvehicle ductivity. The factory that Both the panel of ministers the implementation for 1-1.5 average of just 17.89. on the final day of bidding (EV) manufacturing facility Ola claimswill be the largest andfarmerleadershaveagreed years so that the protest ends HimachalPradeshscoredonly 22,110 7,445 on Wednesday, reports in Tamil Nadu, reports fe scootermanufacturingfacil- to meet again on Friday to dis- andtheleaderssitwiththegov- 25.This also brings to the fore 22,040 7,425 7,432 PTI. The offer received bids Bureau in New Delhi. The ityin theworldwill generate cusstheproposals. ernment to discuss issues the huge regional disparity 22,027.25 for 4,35,22,57,225 shares agreementwithSiemenswill closeto10,000jobs. After the 10th round of relatedtotheprotest.” in innovation. 21,970 7,405 ■ Previous close: 21,969.20 Previous close: 7,395.65 against 1,24,75,05,993 equip Ola to digitise certain Report on Page 4 talks between agitating farm- 21,900 7,385 on offer. ers and the government on Continued on Page 2 Continued on Page 2 Open Close Open Close

Changing expectations FE BUREAU

Euromonitor International has identified the top trends TOP 5 GLOBAL CONSUMER that provide insights into changing consumer values and TRENDS IN 2021 how they are disrupting businesses globally. BUILD BACK CRAVING OUTDOOR PHYGITAL PLAYING BETTER CONVENIENCE OASIS REALITY WITHTIME Protecting the health Consumers craving Businesses moved ev- Delivering virtually Consumers are now and interest of convenience ofpre- ents outside, allowing enabled at-home both able to be more society and the pandemicworld. Firms consumers to recon- experiences will be creative with their planet is the new must ensure seamless nect out ofhome. Firms imperative to drive e- time. Businesses expectation that shopping journey should pivot strategy commerce sales should offer increased consumers have across channels to include outdoors flexibility.

69% 68% 64% $15.8 bn 51% of professionals of consumers of professionals global personal of consumers chose expect consumers to over the age of 60 think work from home accessories “time for myself” be more concerned prefer speaking with will become a long- e-commerce sales amongst their top I have made over 100 about sustainability humans term change in 2020 three life priorities import payments online in last 1 year without INSOLVENCY RESOLUTION visiting the branch. Hiren Karia Market now getting ready for Jay Raj Fine Paper Co. ultra-fast pre-pack,says Sahoo ● PEP TALK BANIKINKAR PATTANAYAK The USP of pre-pack is that it takes less Don’t worry New Delhi, January 20 time for conclusion, increasing the THE PRE-PACK INSOLVENCY probability of revival of a firm at a about schemewillyieldfasterresolu- higher value. Longer time for resolution tion and help maximise the typically depletes the value of the firm volatility, value of a stressed firm, the and increases resolution costs." chief of the insolvency regula- Scan to —MS SAHOO , CHAIRMAN, IBBI watch says Birla tor said, refuting the notion his story that a shorter time frame for FE BUREAU submission and clearance of a Mumbai, January 20 resolution plan under the pro- Board of India (IBBI) who and Sungard Availability Ser- posed scheme may not draw headedanofficialpanelonpre- vices—emergedfromChapter ADITYA BIRLA GROUP chair- thebestbidder. pack insolvency, told FE in an 11bankruptcyinjust24hours man Kumar Mangalam Birla “In fact, the market is get- interview.Underthisapproach and 19 hours, respectively, he has called on corporations and ting ready for ‘ultra-fast pre- that envisages even faster res- highlighted. Experience ICICI Bank Trade Online individualsnottobeundulydis- pack’,”MS Sahoo,chairman of olution, two stressed firms in A digital banking platform for all your foreign trade transactions. turbedbytheexcessivevolatility theInsolvencyandBankruptcy the US — Full Beauty Brands Continued on Page 2 after the pandemic but to remain focused on core econo- mic and business variables, Digital Paperless* Initiate round the clock demographic drivers of market QuickPicks trends,technological drivers of supply chains while building EPF: No.of new subscribers Peak power demand scales reserves for the future. These fundamentalvariables,hewrote hits lowest in 6 months new high of 1,85,280 MW in an annual note on awebsite, THE NUMBER of new subscribers PEAK POWER demand in the don’tchangeasdiscontinuously joining the Employees’ country touched a record Export Remittance Export & Import Bill Bank Guarantee Trade aspricesandindicessuggest. Provident Fund (EPF) scheme 1,85,280 mega watt (MW) on & Import payments Regularisation & Letter of Credit Finance & More “Thepeople,companies,and dropped to its lowest in six Wednesday, signalling a spurt in nations who have emerged months in November 2020, reports fe commercial and industrial activities as strongerhavebeentheoneswho Bureau in New Delhi. This suggests formal businesses go through a“reset” phase *Scanned copy of documents is required to be submitted online. Terms and conditions of ICICI Bank apply. had accumulated reserves of job creation is yet to gather pace despite after the lifting of lockdown curbs in recent strengthandnotnecessarilythe businesses resuming operations following months, reports fe Bureau in New Delhi. Give a missed call on SMS ‘TRADE’ to ones who were sprinting the the lifting of Covid-induced lockdown Wednesday’s demand breached the icicibank.com/tradeonline fastest,”hewrote. restrictions. Only 6.4 lakh new subscribers previous high of 1,82,888 MW recorded on 92 0548 0548 joined the EPF scheme in November, far December 30, 2020, power minister 5676766 Continued on Page 2 lower than 7.7 lakh in October. PAGE 2 RK Singh said on Twitter. PAGE 2

Pune 2 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM MONEY MATTERS Tuhin Kanta Pandey, Dipam secretary Bidding time for retail investors in IRFC IPO was extended beyond 5 pm to take care of the large number of applications. IRFC IPO had a total size of `4,633 cr of which IRFC would get two-thirds of the EconomyTHURSDAY, JANUARY 21, 2021 proceeds and the Government one third (`1,544 cr) Quick ● PMAY-G Crisil: States’ Number of new EPF subscribers PM releases `2,691 cr fiscal deficit lowest in six months in Nov View seen spiking FE BUREAU At the same time, least New Delhi, January 20 number of subscribers exited for beneficiaries in UP to historic the scheme in November.The THE NUMBER OF new sub- number of such subscribers scribersjoiningtheEmployees’ has, in fact, been on the wane Slams previous Parliament Budget session: PM to high of 4.7% Provident Fund (EPF) scheme since June. In June, 9.5 lakh govts for their chair all-party meeting on Jan 30 PRESS TRUSTOFINDIA dropped to its lowest level in ` subscribersexitedthescheme; Mumbai, January 20 sixmonthsinNovember2020. but the numbercame down to policies,‘wrong’ PRIME MINISTER NAREN- customaryprocedurebefore This suggests formal job cre- Only 6.4 lakh new just 2.61 lakh in November. intentions DRA Modi will chair an all- the beginning of every ses- THECOMBINEDFISCALdeficit ation is yet to gather pace subscribers joined the EPF Net subscribers’addition in partymeetingonJanuary30 sionofParliamenttoensure of the states will hit a peak of despite businesses resuming scheme in November Novemberalsofellto10.11lakh during which the gov- itssmoothfunctioning. `8.7lakhcroreor4.7%oftheir operations following the lift- from 10.5 lakh in October and Govt to get PRESS TRUSTOFINDIA ernment will put However,thistimeit GDP this fiscal on the back of ing of Covid-induced lock- joined everymonth in FY20. 13.31lakhinSeptember.InJuly Lucknow, January 20 forth its legislative is being held a day steep fall in tax collections due down restrictions. JoiningtheEPFOismanda- and August, EPFO added 5.8 `1,544 cr from agenda for the after the session to disruptions inflicted by the Only 6.4 lakh new sub- tory for organisations having lakh and 7.3 lakh net sub- PRIME MINISTER NARENDRA Budget session of starts on January pandemic,accordingtoareport. scribersjoinedtheEPFscheme 20 or more workers earning scribers.Overall,EPFOhasadd- IRFC IPO ModionWednesdaylashedout Parliament,parlia- 29.“The all-party Revenue of the states have in November, far lower than upto `15,000 a month. Low ed around 45.29 lakh net sub- THE GOVERNMENTWILL atpreviousgovernments,saying mentary affairs meeting will be so badly fallen that as much as 7.7 lakh in October and 11.4 addition of new subscribers scribers in theApril-November get `1,544 crore from the thepoorhadtobearthebruntof minister Pralhad held on January 30, 70%ofthefiscaldeficitiscon- lakhinSeptember,showedthe typically indicates slow recov- periodofthecurrentfiscal. initial public offering their“wrong”policiesandinten- Joshi said. He said the where government will tributed by revenue deficit, latest monthly payroll data ery process of business in the Age-wise analysis indicates (IPO) of Indian Railway tions. He said the poor people meetingwillbeheldvirtually putforthitslegislativebusi- whichnormallyusedtobeonly released by the Employees’ formal sector apart from job that during November 2020, Finance Corporation. never believed in the past that and an invitation has been ness for the Parliament ses- around15%,aCrisilstudysaid Provident Fund Organistaion losses.Atthesametime,itmay the age-bracket of 22-25 has “Bidding time forretail the governmentwill help them extended to floor leaders of sionandwouldalsolistento onWednesday. (EPFO) onWednesday. alsopointatpotentialincrease registered highest growth in investors in IRFC IPOwas getaroofovertheirheads. allparties. the Opposition’s sugges- Economic activity slumped “The dip indicates that injobsintheinformalcategory subscriber base with around extended beyond 5 pm to “Their (previous govern- An all-party meeting is a tions,”Joshisaid.— PTI from late March when lock- business confidence levels are of workers like casual, tempo- 2.72 lakh net enrollments. take care of the large ments’) policies were wrong downwas imposed,and subse- not strong yet,”said XLRI pro- raryorcontractworkers. State-wise,Maharashtra,Harya- numberof applications. and the poor had to bear the quentlyimprovedastherestric- fessorKRShyam Sundar. The number of subscribers na,Gujarat,TamilNaduandKar- IRFC IPO had a total size brunt of their wrong inten- Modi specifically criticised 2016. “When we brought the tionswere eased.While Q1 saw In July 2020, 5.7 lakh new exited earlierbut rejoinedwith natakacontinuetotakethelead of `4,633 crofwhich IRFC tions,”hesaidwhilereleasinga the state’s previous Samajwadi PMAY-G in 2016, the govern- the economy tanking by a his- subscribershadjoinedtheEPF theschemealsofelltoitslowest in the employment recovery would get two thirds of financial assistance of `2,691 Partygovernmentforitsalleged ment here, which you all toric -23.9%, by Q2 the con- scheme. The number then in November to 6.3 lakh from cyclewith adding around 53% the proceeds and the crore to 6.1 lakh beneficiaries failure to take advantage of the removed,despite our repeated tractionnarrowedto7.5%and went up to 6.8 lakh in Julyand 7.1 lakh in July, 7.15 lakh in of the total net payroll addition Government one third in Uttar Pradesh under the Prime Minister Awas Yojna requests did not provide the now analysts are expecting Q3 7.4lakhinAugust.Onanaver- August,8.32lakhinSeptember in the current fiscal yearacross (Rs 1,544 cr),”Dipam Pradhan MantriAwasYojana. (Gramin) after its launch in namesofbeneficiaries,”hesaid. andQ4toprintinthegreen. age, 9.2 lakh new subscribers and7.64lakhinOctober. alltheagegroups. secretaryTuhin Kanta Pandeytweeted. MoRTH,DRDO Peak power demand Cabinet approves `5,282 cr to revive J&K hydro project in geo-hazard FE BUREAU Kashmir State Power the project develop- sinceJuly,2014andtheJammu will get 1% free power in the mamt tie-up scales new high New Delhi, January 20 Development mentcontractforthe and Kashmir government had first year, gradually rising to THEMINISTRYOFroad Corporation Ratle hydro plant terminatedthePPAinFebruary receive 12% free power in the transportandhighways FE BUREAU atthelowplantloadfactor(PLF). THE CABINET ON Wednesday (JKSPDCL), with and JKSPDCL had 2017.Out of the 1,024 metres twelfthyear.TheCentreexpects (MoRTH)onWednesday New Delhi, January 20 The PLF of coal-based power approved an investment of equity contribu- signedapowerpur- of tunnel excavations needed JammuandKashmirtogetfree enteredintoapactwith plants fell to 50% in H1FY21 `5,282 crore in building the tions of 51% and chase agreement fortheproject,490metreshave powerworth `5,289 crore and theDefenceResearchand PEAK POWER DEMAND in from58%ayearago.Electricity 850 mega watt (MW) Ratle 49%,respectively. (PPA) with the com- alreadybeendugout. water usage charges worth DevelopmentOrganis- the country touched a record consumption dropped 4.9%y- hydro-electric project on the The Centre will pany in June, 2010. To make the project viable, `9,581 crore from the hydro ation(DRDO)tostrength- 1,85,280 MW on Wednesday, o-y to 841.4 BUs in April-Nov- Chenab river in Jammu and provide a grant of Former Prime Minister Jammu and Kashmir will project during its project life encooperationinthe signalling a spurt in commer- ember as industrial and com- Kashmir,signallingtheCentre’s `776.44croretoJKSPDCLforits Manmohan Singh and UPA exempt it from paying water cycleof40years. sustainablegeo-hazard cial and industrial activities as mercial activities remained renewedeffortstoboostinvest- equitycontribution in theven- chairperson Sonia Gandhi had usagechargesfor10yearsafter The Cabinet, on Wednes- management. businessesgothrougha“reset” mutedamidlockdowns. mentsinthemilitancy-infested ture. NHPC will invest its laidthefoundationstoneforthe commissioning.TheUnionter- day,also approved the signing phase after the lifting of lock- However, power demand valley.Theprojectwillbejointly `808.14-crore equity from its Ratleprojectin2013.However, ritorywillalsopartlyforegothe of memorandum of under- EXIM policy: DPIIT down curbs in recent months. has been on the rise in recent developed by the National internalresources. construction work was sus- 12%freepowerthathoststates standing between India and invites applications Wednesday’sdemand months even in states Hydroelectric Power Corpora- Secunderabad-based GVK pendedattheprojectsitedueto ofhydropowerplantsnormally Uzbekistan for cooperation in breached the previous like Gujarat, Maha- tion (NHPC) and Jammu and Industries was earlier awarded frequent local disturbances receive.Jammu and Kashmir the field of solarenergy. forconsultant highof1,82,888MW rashtra,Tamil Nadu THE DPIITHAS invited recorded on Decem- and West Bengal, applications from persons ber 30,2020,power whereindustrialand FIEO urges govt to extend incentives to having considerable minister RK Singh commercial con- Weak reform roll-out,financial sector woes experience in the field of said on Twitter.“The sumers comprise R&D services sector to boost exports trade forengagement as a surging demand for more than 40% of elec- to lower India’s medium-term growth: Fitch consultant forthe export- power is a certain indicator tricity usage.On January 19, FITCH RATINGS ON Wednes- Itsaidtheplannedfarmsec- APEX EXPORTERS BODY R&D services exports through import policy. that our economy is getting power used bythese stateswas daysaid India’s medium-term torreformsaimtoenhanceeffi- FIEO has urged the govern- schemes like SEIS (services backontrack,”headded. higher by 12.6%, 13.8%, 3% growth potential is at around ciency,by giving farmers more menttoprovideincentivesand exports from India scheme), RITESwinsICAI The rise in demand is good and 19.1%,respectively,than 6.5% but weak implementa- flexibilityoverwheretoselltheir the right infrastructure to the enabletherightinfrastructure awardforfinancial news for power producers, as theyear-agoperiod. tionofreforms,combinedwith producebystrippingoutmiddle R&Dservicessectortoboostits and ecosystem in the country, coal-based power plants were InGujarat,Maharashtra,TN continued financial sector men and has the potential to exports.Federation of Indian provide right regulatory reportingexcellence runningatonly53%utilisation and Bengal, it was lower by problems, could lower its improve farmers' income and Export Organisations (FIEO) regime,streamlinetaxation,to RITES,AMINIRATNA level in December owing to 12.5%, 11.6%, 12.9% and potential.It said the revival of reduce consumer prices.“But, President Sharad KumarSaraf provide encouragement and public sectorenterprise, lower consumption. The 13.7%,respectively,inH1.Low- the reform agenda is among termgrowthandpartiallyoffset implementation risks are sig- alsoappealedtostatestocome ensure growth of the sector has been awardedwinner installed power generation erelectricityvolumesconsumed the government’s policy downside pressures to invest- nificantandtheSupremeCourt forward and support this spe- andalsoprovidealevelplaying underthe‘Plaque’categ- capacityof3,74,199MWinthe byhighlyindustrialisedstatesin responses to the Covid shock. mentfromrenewedasset-qual- in mid-January suspended the cialised sector as it holds huge field in the international mar- oryat the ICAIAwards for countryis more than twice the FY20haddraggeddownthean- “Ifimplementedeffectively, ity challenges in the financial relevant laws to facilitate a opportunities forexports. ket,”FIEO said in a statement Excellence in Financial peak demand, implying that nual demand growth to a six- we believe these reforms may sector and damaged corporate review and airing of farmer “Saraf requested the gov- onWednesday. Reporting 2019-20. most powerplants are running yearlowof1.3%. helptosupportIndia'smedium- balancesheets,”Fitchsaid. grievances,”itsaid.— PTI ernment to incentivise the — PTI

From the Front Page

Damage panel,lastThursdaysaidhewas pline”oftheIBCanditdoesnot whyliquidationisallowed,even recusinghimselffromthecom- impair rights of any party inalimitedsense,whenresolu- control: Govt mittee.His recusal came after E-vehicles: Now, a battery that charges in 5 minutes beyondwhat is provided forin tion is the primaryfocus of the farmer unions and Opposition a CIRP,he stressed. pre-pack scheme,Sahoo said it offers to stay parties called it a“pro-govern- StoreDot is aiming for a production product makers — ones which Technologies UK.“But these Sahoo said the pre-pack ispermittedwheretheCoCcon- ment”panel and insisted that 2025 mass roll-out if it can thatisscalable,”Mye- that can supply EVs. benefits will take a while to framework offers two optional siders that liquidation is the farm laws for the members publicly stated find the right strategic part- rsdorfsaid.“Wehave “This is a huge posi- comeonstream.”StoreDotwa- approaches for the committee onlyoptionfortheresolutionof their position in favour of the ners, CEO Doron Myersdorf really focused on tive to the industry, s picked by BloombergNEF as ofcreditors(CoC)fortheresolu- stress of the firm. It will also 18 months threelaws. said.Now that chemistry has wheretheholygrailis making rapid charg- oneofitstop10of2020lead- tion and maximisation of requiretheapprovalofcreditors EvenastheSupremeCourt- Meanwhile, the apex court proved extreme fast charging — five-minute charg- ingonthegomorecon- ingthelow-carbontransition. stressed asset value.If the base having as much as 75% ofvot- appointedcommitteeiswork- on Wednesday expressed its can be done,the battle beco- ing of EVs.”Myersdorf said venient and reducing a BP invested $20 million in resolution plan, submitted by ing share. “It does not serve ing on the issue,the govern- strongdispleasureovercertain mes the infrastructure, he thecompanyhasthousandsof hugebarriertoadoption,”said 2018 and raised $60 million the eligible promoter,realises muchpurposetoinitiateCIRPin ment also has the segments casting aspersions added.“It’s not only a labora- samples to share with poten- David Watson, CEO of EV- fromfirms,includingDaimler dues of operational creditors in suchcases,lettingfurtherdeple- responsibility to deal with the on the members of the com- tory experiment, it’s a mass tialpartnersliketier1battery- charging company Ohme in2017.— BLOOMBERG full,theCoCmayapproveit(sub- tion ofvalue,and then proceed situationarisingoutofthecur- mittee constituted byit. ject to meeting other require- forliquidationwith66%ofvot- rent protest,Tomarsaid. Foritspart,thegovernment ments),withoutputtingthesaid ingshare,”hesaid. The minister also said he has already tried to explain Delhi best cations and ICT exports and mended by the US and Israel,” reject them. However, the plan to Swiss challenge.“If the was assured by farmer leaders that the MSP procurement inflows of foreign direct thereportrecommended. extant Insolvency and Bank- base plan does not realise dues Focus on they would discuss among regimewon’tbestoppedunder among UTs investments, according to the Importantly, India’s R&D ruptcy Code (IBC) envisages of operational creditors in full, themselves the proposal on the new laws. It also talked in innovation report. Maharash- spendingremainedconstantat 180 days, extendable to 270 the CoC must put the said plan building Thursday and convey their detail about the amendments The low scores reflect tra has scored 38,while Bihar around0.6-0.7%ofitsGDP,way days,for the completion of the to Swiss challenge and approve decision in the next round of in the Essential Commodities markedly poor spending of finishes the lastwith 14.5. below the expenditure level of entirecorporateinsolvencyres- the better of the base plan and reserves for meeting. “I am very much Act and theirpositive implica- statesonresearchanddevelop- Among UTs,Delhi’s rank- countries like Israel (4.3%), olutionprocess(CIRP). Swisschallengerplan,subjectto hopefuloffindingasolutionin tionsforfarmers.However,the ment. FE had earlier reported ing was propped up by the South Korea (4.2%), the US Despite the stipulated time minimumentitlementofoper- future: Birla the next meeting,”he said. farmers continued to demur. that Huawei,Mitsubishi Elec- highest number of trademark (2.8%) and China (2.1%), frame under the extant IBC ationalcreditorsanddissenting Birla pointed to the swift RakeshTikait,spokesperson Throughtheamendmentin tric,Samsung and Qualcomm and patent applications filed accordingtoastatementbythe framework, CIRP in several financialcreditors,”hesaid. recoverystagedacrosssectors, of the Bharatiya Kisan Union theECAct,thegovernmenthas filedmoreinternationalpatent by it,along with the establish- ministryofheavyindustriesand high-profile cases – from Essar Heexplainedthatpre-pack, completely negating doom- (BKU),said:“Thegovernmentis said stock-holding limits on applications each than the ment of new start-ups and publicenterprisesinJuly2019. Steel and Bhushan Steel to bydesign,willavoidsometasks sayerswho had predicted irre- running away from discussion essentialitemswillbeimposed wholeofIndiain2019,accord- companiesinthelastfinancial Official expenditure, Bhushan Steel and Power– got of the CIRP like“appointment versible shifts in consumer on MSP even as we wanted it.” onlyifthereis100%increasein ing to the data compiled bythe year. These has catapulted almost entirely by the Centre inordinatelydelayed,thanks to of an interim resolution pro- demand and the evisceration “Knowing the government’s retailpriceofhorticulturalpro- Geneva-based World Intellec- Delhi in the Knowledge Out- with negligible contribution litigations, caused mainly by fessional, and executes some of sectors.In India too,the ini- rigid stand on our demand for duce and 50% in non-perish- tual Property Organization put indicator.Its performance fromstategovernments,isthe defaulting promoters.The IBBI tasks before commencement tial prognosis and narrative of repealofthelaws,wewantedto able agricultural foodstuffs (WIPO).Thisisdespitethecoun- is also attributable to its con- driving force of R&D in India, datashow,ofthe1,942ongoing likepreparationofdraftinfor- experts proved to be exces- take up the MSPissue first,but withinaprescribedtimeframe. try’sprogressinrecentyears. ducive business environment, in contrast with the advanced CIRP cases as of September mation memorandum”. This sivelypessimistic.Whileitisn’t they(ministers’panel)refused.” On their demand for a According to the Innova- especially in terms of internet countries where the private 2020,theresolutionofasmany will help conclude the resolu- clear exactly how much froth Some farmer leaders said they legally guaranteed minimum tion Index report, southern penetration,whichisthehigh- sectoris the dominant force. as 1,442 had been dragging on tion process faster. there is in the euphoric finan- rejectedthegovernment’ssug- support price (MSP) mecha- Indiahasconsolidateditsposi- estin the country.The innova- beyond the mandatory 270 “TheUSPofpre-packisthat cial markets, he said, another gestiontoformacommitteeto nism, farmer leaders said the tion as the innovation hub, as tionscoresalsoshowapositive Market now days.However,since the credi- ittakeslesstimeforconclusion, quarter or so was needed to discusstheMSPissue. governmentwas trying to“run fourstatesfeatureinthelistof correlationwiththegrossstate tors and the debtors already increasing the probability of confirm the booming trajec- On January 12, the apex awayfrom”a discussion on the the top five innovative states. domestic product (GSDP), getting ready arriveataconcensusoninitiat- revival of a firm, at a higher toryis here to last. court had stayed the imple- issue.Tomar highlighted that The Index is prepared by meaning higher economic ing the pre-pack resolution, value.Longer time for resolu- With markets hitting new mentation of the farm laws thecurrentpaddyprocurement theNITIAayogincollaboration growth leads to more innova- for ultra-fast chances of frivolous litigations tiontypicallydepletesthevalue highs everyday,Birla wrote the andaskedacommitteeconsti- under MSP is robust and the withtheInstituteforCompet- tion and theviceversa. undertheproposedframework of the firm and increases reso- extent of froth in the euphoric tuted by it to submit its report Centre has increased the num- itiveness.It has five indicators “Thegovernmentmustcon- pre-pack: Sahoo areminimised,analystssay. lution costs associated with financial markets was still an within two months. ber of purchase centres by 1.5 that capture aspects of con- sider providing direct R&D Thegovernmentearlierthis Operational creditors time,making the possibility of open question. The change in Thecommitteewasdirected timesofwhatitwaslastyear. duciveenvironment,whiletwo grants to companies.This is a month made public the Sahoo under the pre-pack frame- revivalbleak,”Sahoosaid. the underlying earnings esti- toholdadialoguewithfarmers others demonstrate innova- deviation from R&D funding panel report.Stakeholders are work,theIBBIchiefsaid,willbe The Sahoo panel report has mates has been far lower than and submit its recommenda- Innovation tion results. mostlygoingtoacademicinsti- required to submit inputs by entitledtothesameprotection suggestedthatwhilenoliquida- the price swings suggest, he tions.ButBhartiyaKisanUnion Karnataka’sleadpositionis tutions,withtheabsenceofany January 22.Pre-pack allows 90 as available to them under the tionisallowedforCoviddefaults noted.The economists,he said, (Mann) president Bhupinder Index: K’taka is attributed to its strong num- intention to commercialise days to applicants to submit extant IBC rules and their anddefaultsupto`1crore,this arenowsearchingforalphabets Singh Mann, one of the four ber of venture capital deals, innovativeconcepts.Suchprac- resolutionplansandanother30 rights won’t be diluted. Pre- is permitted for non-Covid that will adequately describe members on the SC-appointed top state again, registered geographical indi- tices have been heavily recom- days to NCLT to approve or pack has the“rigourand disci- defaults above `1 crore.Asked thistrendofcautiousoptimism.

Pune WWW.FINANCIALEXPRESS.COM THURSDAY, JANUARY 21, 2021 FINANCIAL EXPRESS ECONOMY 3 SC irked over aspersions cast on SC rejects pleas seeking review of 2018 Aadhaar order court-appointed panel members FE BUREAU chud voiced dissent in the dis- New Delhi, January 20 missal of the review pleas as Bharatiya Kisan Union leader well,saying that the review pe- Reiterates police to BhupinderSingh Mann,one of THESUPREMECOURThasdis- titions should remain pending decide on whether themembersoftheexpertpanel missed a batch of petitions untilalargerbenchdecidedthe has recused himself from the seeking reviewof the Constitu- questions referred to it in the protesters can enter committee afterconcernswere tion Bench judgment that up- RojerMathewcase,wheresome the national Capital raised regarding his neutral held the constitutionalvalidity moreclarityonsomeofthepro- standontheissue. oftheAadhaarscheme. visionsofanenactmentpassed and stage tractor LawyerHarishSalve,appear- ABench comprising justices asaMoneyBillhadbeensought. rally on R-Day ingforaDelhi-basedcitizenwho AM Khanwilkar, Ashok Earlier,JusticeChandrachud wantstoremoveprotestersfrom Bhushan, S Abdul Nazeer, BR in his dissenting judgement of the Delhi borders, submitted GavaiandDYChandrachudina September 2018 had held the FE BUREAU thathewillfileacontemptpeti- 4:1 majority dismissed the re- entireAadharAct to be uncon- New Delhi, January 20 tion if any more “nonsense” is view petitions against the apex stitutionalandhadalsotermed said about the members of the court’s September 26, 2018 the passing ofAadhaarAct as a EXPRESSING DISAPPOINT- hearing,”theCJIsaid. panel.Theapexcourtreiterated judgment.“Wehaveperusedthe money bill as a fraud on the MENT OVER the“unnecessary The CJI told counsel for the its previous stance on the deci- review petitions as well as the Constitution. aspersions”castonthemembers farmerunions that itwas their sion to allow or disallow the grounds in support thereof.In Whileupholdingtheconsti- oftheexpertcommitteesetupto choicetoappearornottoappear protesters to enter the Capital ouropinion,nocaseforreviewof tutionalvalidityof theAadhaar address the farmers’grievances beforethepanel.“Butyoucannot and stage the planned tractor judgment and order dated (Targeted Delivery of Financial on the three farm laws, the malign people like this and cast rally on Republic Day,that it is 26.9.2018 is made out.Wehas- and Other Subsidies, Benefits Supreme Court on Wednesday aspersions on them and the for the police to decide. The tentoaddthatchangeinthelaw andServices)Act,2016,thefive- hit back at the farmers’unions, court.Whydoyouneedtobrand court allowed the Centre to or subsequent decision/judge- judge Constitution Bench in a saying the opinion of these ex- peoplelikethis?Youcannotma- withdrawitsplea. ment of a coordinate or larger 4:1 majorityhad ruled that the pertsinfavourofthelegislation lignpeopleaccordingtothema- The Centre had been urging bench by itself cannot be re- AadhaarAct didn’tviolateyour didnotdisqualifythemfromsit- jorityopinion?” theSCtoorderthefarmersnotto gardedasagroundforreview.” righttoprivacywhenyouagree tingonthepanel. The CJI also said that the carryout the tractorrallyas any However, Justice Chandra- tosharebiometricdata. ThebenchledbyChiefJustice committeewas formed onlyto rallyorprotest that disrupts or SABobdewhile hearing a fresh listen to the farmers’concerns disturbs the Republic Daycele- application byfarmers’groups against the three farm laws and brations will cause“an embar- UK and Belgium BhartiyaKisanUnionLokshakti make a report to the court and rassmenttothenation.” and Kisan Mahapanchayat for hadnoadjudicatorypowers. “Weseeitasirregularandim- seek cheaper India- re-constituting the panel, “Where is the question of properto allowordisallowany made vaccines lamentedthat“brilliantpeople” bias?TheSCappointsacommit- rallyorprocession.Thenormisit have been subjected to“name- teeandtheirreputationistornto isapolice matter.Thepolicede- INDIA SAYS IT can increase its calling”justbasedonnewspaper shreds,”Justice Bobde told the cide it.Weare not going to pass productionofCovid-19vaccines reports.“Thebasisofyourappli- farmers’groups. theorder,”theCJIsaid. to500millionpermonthforex- cationisthatallfourpeopleare However, the apex court Farmerleaders,however,clar- port,as its fields interest from disqualified.Howdidyoucome sought response fromAttorney ifiedthattherallywillbepeace- the UK,Belgium,and countries tothisconclusion?Theyarebril- GeneralKKVenugopalontheap- ful.“Theyare going to celebrate across the Middle East and liant minds in the field of agri- plicationseekingtoreconstitute Republic dayandwon't breach Africaseekingaccesstocheaper culture. How do you malign the expert panel. The farmer peace with their tractor rally,” inoculations. The SouthAsian themjustbecausetheyhaveex- unions had opposed the com- counsel Prashant Bhushan as- nationhasthecapacitytoboost pressedsomeviewsinthepast? mittee because its members suredtheSC.Insistingontheim- theproductionofAstraZeneca’s Howcanyou playwith people’s were in favourof the three new portanceofsituationremaining vaccine being produced locally reputation like this?” Justice farmlaws.TheyhadaskedtheSC peaceful, the CJI also told by the SII as well as an indige- Bobde asked the farmers’ to remove them as they had Bhushan that he should advise nously developed shot, on ex- groups. openlyfavouredthelaws. his clients, not only as their pectationsthatdemandwillrise “There are judges who hold The SC had set up a four- lawyerbutalsoaseniormember bythe end of thisweek,accord- viewsonaparticularsubject,that membercommitteetobreakthe oflegalfraternitytoensurethat ingtopeoplewithknowledgeof does not mean that lawyers de- deadlockandfacilitatethereso- Delhiresidentsdonothavetoex- the matter,who asked not to be cline to argue before them.The lutionoftheissuesbetweenthe perienceanyunsavouryincident identified as talks are still in opinionscanchangeduringthe farmers and the government. onRepublicDay. progress.—BLOOMBERG ED arrests 2 in MP e-tendering Farm stir in north hits money-laundering case Gujarat weavers’ biz PRESS TRUST OF INDIA LimitedHyderabadamongoth- New Delhi, January 20 FE BUREAU ers were named as the"main" Out of the total domestic beneficiaries of the alleged Ahmedabad, January 20 THE ENFORCEMENT DIREC- scam. business, Gujarat based TORATE has arrested two peo- This police case was filed DUETO ONGOING farmers’ag- textile traders are getting ple on money laundering when the Congress govern- itation, Gujarat-based textile around 35 to 40 per cent charges in the alleged over ment under chief minister Ka- traders and weavers are facing from these North `3,000 crore e-tender rigging mal Nath was in power in the difficulties in transporting their Indian states racket of Madhya Pradesh,the state. products in North Indian states, centralagencysaid. The ED had also raided especially Punjab, Haryana, Hi- Srinivas Raju Mantena, more than 20 premises of the machalPradesh,Jammu&Kash- founderand chairman of Man- accused and others linked to mirand Delhi NCR. dian states.According to most of tena Constructions,and his as- the case in Hyderabad,Bhopal Not only logistic problems, the traders, if the farmers issue sociate Aditya Tripathi of Arni andBengaluruearlythismonth butnearly300textilemarketsin continues for a longer period of Infraandaresidentofstatecap- andseizedsomedigitaldevices Surat are not getting adequate time,they will have to cut down ital Bhopal have been arrested andrecordedthestatementsof buyersfromtheNorthIndianre- on production. under sections of the Preven- somepeople. gion as they have postponed Not only delivery of finished tion of Money Laundering Act The police FIR,the ED said, traveltoGujaratduetotheagita- products have been affected due (PMLA),itsaidinastatement. hadstatedthatthestatee-pro- tion, says Dev Kishan Mangani, to the agitation, but Gujarat The two have been sent to curementportalismanagedby chairman, textile committee of based weavers are experiencing judicial custody till February 3 MPSEDC and Antares Systems South Gujarat Chamberof Com- short supply of raw materials bya court,it said.“They are ac- of Bengaluru and Tata Consul- merce and Industry(SGCCI). from states like Punjab says cusedinthemoneylaundering tancyServices(TCS). “A large quantity of ready- Ashok Jirawala,president of Fed- investigationintothee-tender "They are given a 5-year made garments, sarees, dress eration of Gujarat WeaversAsso- scam in Madhya Pradesh.” contract for the maintenance materials and fabric are being ciation (FOGWA) adding,“Hun- This police case was filed andoperationofthesaidportal. sent to North Indian states, but dreds of weavers are getting whentheCongressgovernment EOWBhopal has alreadyfiled a duetotheagitationtransporters importantrawmaterialincluding under chief minister Kamal preliminarychargesheet and it are also not giving guarantee for speciality lycra yarns. Though Nathwasinpowerinthestate. has been established from the timely delivery of goods.Due to supply has not completely "In this case,large number IPaccess logs that Osmo ITSo- this issue, many Gujarat based stopped,deliveries are being de- of infrastructure companies, lutionsofVinayChoudharyand textile traders are complaining layedduetotransportationprob- mostly based in Hyderabad, VarunChaturvedihadmisused aboutstuckpaymentsfromPun- lems.As a result of it,weavers are conspired with few senior gov- the login credentials provided jab,HaryanaandJammu&Kash- forcedtooperateunderuncertain ernmentofficialsandITservice byAntares and had illegallyac- mirregions,”says Mangani. conditions during the current providersofMPSEDC(Madhya cessedandtamperedthee-ten- Thefarmersissuehasstarted peakwinterseason.” Pradesh State Electronics De- dersandchangedthebidvalues affecting negatively at a time With almost 30 per cent velopment Corporation) to of certain companies to make when textile industry in Gujarat share,Gujarat is the largest pro- tamper e-tenders and to ille- themL1(lowestbidder)." is coming out of challenges of ducer of textile in the country. gally obtain large value con- "In return they had taken Covid-19 post two months lock- Suratisconsideredasthebiggest tracts,"theEDclaimed. illegal gratification from the down and subsequent problems clusteroftextileinIndia.Thean- The moneylaundering case bidding companies," the ED of labourand loss of business,he nual turnover of the textile sec- stems from an April,2019 FIR alleged."Max Mantena JVHy- added. tor of the city is over `80,000 filed by the state police eco- derabad had illegally won the Out of the total domestic crore.It is employing more than nomic offences wing (EOW) tender no 10030 worth business, Gujarat based textile 20lakhpeople.Nearly30million where Max Mantena,Micro JV `1,030 crore in this fashion," traders are getting around 35 to metersofrawfabricisbeingpro- Hyderabad, GVPR Engineers it said. 40 percent from these North In- duced perday. CBI arrests its DSP,inspector in bribery scam within agency PRESS TRUST OF INDIA pecuniaryconsiderations. New Delhi, January 20 The FIR also namedAddi- tionalDirectorofShreeShyam THECBIHASarrestedoneofits PulpandBoardMillsMandeep deputy superintendents of po- Kaur Dhillon and directors of lice R K Rishi and Inspector FrostInternationalSujayDesai Kapil Dhankad along with an and Uday Desai in the bribery advocateinconnectionwithan case. allegedbriberyringrunbythem It is alleged that Dhankad, within the agencyto help com- a State Bank of India manager paniesaccusedofsiphoningoff whojoinedtheagencyondep- bank loan funds worth `4,300 utation as Inspector acted in crore,officialssaidWednesday. collusionwithRishiandSang- All the three arrested ac- wan and received regular pay cused were presented before a offs to pass crucial informa- special CBI court which sent tion pertaining to cases themtofivedaysoftheagency's against Shree Shyam Pulp fac- custody,they said.The agency ing probe in `700 crore loan also conducted searches at default and Frost Interna- Rishi'shouseinSaharanpurdis- tionalin`3,600croreloande- trictofUttarPradeshandthatof fault,theysaid. hiswifeinRoorkee,theysaid. "The CBI has a zero-toler- The CBI had booked Rishi, ance policy towards corrup- Dhankad and advocate tionbeitotherdepartmentsor Manohar Malik along with within the organisation.The DeputySPRKSangwanandan- case is a result of strict vigil other lawyer Arvind Kumar and action on anyinputwhich Guptaforallegedlycompromis- indicates involvement of our ingtheintegrityofinvestigation officialsincorruptpractice,"an of certain cases on extraneous official said afterthe FIR.

Pune 4 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

COMORBIDITIES IN BUSINESS

Kumar Mangalam Birla, Aditya Birla Group chairman

Quite notably, Covid-19 was more crippling for ❝people with comorbidities... The analogy can partly❝ be extended to businesses. Partly applicable, since comorbidities make businesses less able to THURSDAY, JANUARY 21, 2021 Companies withstand shocks like the financial crisis of 2008. Quick ● INDIA DIGITAL SUMMIT View ‘Cos need enough reserves in ‘Telcos expected to tank to fight competition’ see growth for 2nd FE BUREAU get into the billions of dollars,”Kalra said. quarter in a row’ New Delhi, January 20 Although there are significant chal- SHUBHRATANDON lenges,Kalra believes that Indian compa- Estimates of key performance INDIANCOMPANIESSHOULDhaveenough nies have a lot of potential and it is quite Mumbai, January 20 “reservesinthetank”tofightthedeep-pock- evident from the fact that local start-ups indicators for Q3FY21 eted global players crowding the market, alonegarnerednearly$10billioninfund- ALL INDIAN TELECOM operators are Deep Kalra, founder and group executive ing from investors in a pandemicyear. expected to show sequential growth for Total minutes chairman,MakeMyTrip,saidonWednesday. Kalra is hopeful that this decade will thesecondquarterinarow,astheDecem- (billion) 953 896 536

Kalrasaidthatunlikesomeestablished belongtoIndia.“Fundamentally,thereisa berquarterofthecurrentfiscalisexpected Minutes of usage economies like Europe that have imple- lotofcapitalavailableinternationallyand tobemarkedbyhighergrossadditionsand (minutes) 776 1,005 663 Hindustan Zinc Q3 net Data volume

mented stringent rules around monopo- they are looking for good companies. I newdata subscribers. (billion MB) 14,737 8,116 4,679 rises 36% to `2,200 cr listicbusinesspracticesandprivacy,India Fundamentally, there is a thinkIndiawillbethebeneficiary.Wewill Thegrowthinaveragerevenueperuser Data usage/ VEDANTAGROUP firm Hindustan is yet to concretise laws in that space and probably in this decade not go from (Arpu) is expected to sustain during the subscriber (GB) 12 16.2 11.3 lot of capital available Arpu (`) 148 167 123 Zinc onWednesdayreported a 35.8% theyare still“evolving". ❝ $2,000 to $6,000 per capita but my esti- quarter for all operators on a sequential rise in net profit to `2,200 crore for “....there is no denying the fact that ❝internationally and they are mate would probably end at closer to basis. While Bharti Airtel is expected to Source: Emkay India Equity Research the quarterended Decemberdriven India is an open economy. We have a $4,000 to $5,000 per capita which is report Arpu in the range of `165-`167, byrecoveryin metal prices and strict regimewhere everyone’s here,everyone’s looking for good huge,”Kalra said. seeing an increase of 1.5-2%,Vodafone millon as compared to average 16 million cost discipline.The companyhad invited or not but everyone’s here. For a companies. I think India will Tobebetterequippedtodealwithacri- Ideaisexpectedtoreportaslightlyhigher additions over the last six quarters, ana- posted a net profit of `1,620 crore in market (digital) which today is not that sisashugeasCovid-19inthefuture,Kalra 3-5% increase in Arpu from `119 in lysts at EmkayResearch said. the corresponding quarterof the large.That’s the scary part. I think it is be the beneficiary. advised businesses to scale up with vari- Q2FY21 to `123-`125 in Q3FY21. Bharti’s Ebitda (earnings before inter- previous fiscal,Hindustan Zinc said in going to be very hard for the local players — DEEP KALRA , MAKEMYTRIP FOUNDER ablecostsandnotfixedcosts.MakeMyTrip RelianceJio,accordingtoanalysts,willsee est,tax,depreciation and amortisation) is a filing to BSE. who do not have the resources. Do not thathadtoletgoofabout10%ofitswork- a 1.5-2% quarter-on-quarter increase in expectedtoriseonly2%q-o-qto`11,300 thinkthatyoucanbattlesomeofthelarge force has started thinking “really hard” Arpu to `147-148 compared to `145 in crore. India Ebitda is expected to rise a Adani Solarcommissions playerscominginandiftheygetintoyour enables players to be in the game for the about every new recruitment. Kalra said the preceding quarter. marginal 1.2% q-o-q to `8,100 crore, market,byjustholdingontoyouroldcus- long haul.“We have all now seen so many during good times, companies start Wirelessserviceproviders’revenueisset impacted by de-consolidation of Bharti 150 MWplant in Kutchh tomers..no,”Kalra said at the 15th India battles in India which are getting a little expandingtheirworkforceheavilybut“we to improve in Q3FY21 on continued sub- Infratel.The company’s net loss is esti- ADANI GREEN Energy(AGEL) arm Digital Summit. sanerrightnow...butwithdiscountingand never realise that overnight,we may have scriber addition, analysts at Axis Capital matedtobe`470crore,accordingtoana- Adani SolarEnergyKutchh One has Kalrasaidmoneyplaysahugeroleasit for that,you need not $100 million...you to cut back on thoseverysame people”. observed.“Arputoimprovedrivenbyupscal- lysts at ICICI Securities. commissioned a 150 MWsolarplant ing (migration to 4G from 2G).Margin to VIL is expected to see an increase of in Kutchh,Gujarat.The companyin a improve from revenue increase on operat- 3.1% in Ebitda on a q-o-q basis aided by statement said that despite all the Shriram Automall ingleveragebenefit.Subscriberadditionfor revenue growth and continued cost opti- challenges of global pandemic Covid- Ola, Siemens ink pact to set RJio to be muted,while Vodafone Idea to misation, said another domestic broker- 19,unprecedented rain and flood in continuelosingsubscribers,”theysaid. age.However,IIFLpredictsasharpdecline Kutchh,the team of experts made it enters public Analysts expect that Bharti Airtel will in Ebitda forVIL in Q3FY21.According to possible to commission the project up EVmanufacturing plant sportthefastestsequentialrevenuegrowth thebrokerage,thirdquarterislikelytosee three months priorto its scheduled sector forward thisquarter.Indiawirelessrevenuetobeup additional costs pertaining to extra commissioning date. FE BUREAU 5.9% q-o-qas subscriberadditionsin Sep- month’s salary paid out to employees in New Delhi, January 20 auction industry temberflowedthroughtoQ3,saidAxisCap- November and rebranding expenses. SterliteTech net profit ital.Arputoimproveledbycontinuedcon- “Hence, we expect reported Ebitda to OLAONWEDNESDAYannouncedthatithas FE BUREAU versionto4Gandsubscriberaddition. decline 14% q-o-q.After removing one- jumps 65% to `87 cr partneredwith Siemens to build its `2,400 Chennai, January 20 ForVIL,the brokerages expect revenue off benefits in second quarter, Ebitda BROADBAND SOLUTIONS provider croreelectricvehiclemanufacturingfacility growth to be moderate.Revenues for the declinewould be 7%.” SterliteTechnologies (STL) on inTamilNadu.TheagreementwithSiemens SHRIRAM AUTOMALL India (SAMIL), a telcotoriseonly1.1%q-o-q.Thisisdueto Jio is estimated to see its Ebitda rise by Wednesdayreported a 65% jump in will equip Ola to digitise certain operations platform forpre-ownedvehicles & equip- continuedlossofsubscribers,whichisesti- 3.5-4% q-o-q but should be restricted by consolidated net profit to around `87 and all the manufacturing processes in the ment, from the stable of Shriram Group, mated to be down 3 million this quarter, weak revenue growth and cost inflation. crore forthe quarterended December plant,ensuringbetterproductivity. hasreceivedthestandardisationtesting& accordingtoanalystsatICICISecurities. Operatingmarginsareexpectedtoremain 2020.The companyhad posted a net The factory that Ola claims will be the to set up the facilityin Hosur. quality certification (STQC) e-procure- Weak subscriber additions and Arpu flattishsequentially.JiohadreportedEbitda profit of around `53 crore in the largest scooter manufacturing facility in Theentirematerialhandlingatthefac- ment system (ePS) certificate from the increase of 2% q-o-q could restrict rev- of `7,701 crore for the July-September corresponding quarterof the the world and generate close to 10,000 torywillbefullyautomated,startingfrom quality assurance and conformity assess- enue growth to 4% for Reliance Jio. Sub- quarter.Marginsareestimatedtoimprove previous financialyear. jobsandhaveaninitialcapacitytoproduce raw material, materialsmovement inside mentbodywhichwillenablethecompany scriber additions remained muted at 8 by36basispointssequentiallyto43.3%. 2 million units a year.It will serve as Ola’s thefactory,tostorageandfinishedscooter toforayintothe`50,000-crorepublicsec- Mercedes’2021GLCwith global manufacturing hub catering to its rolling off the production lines and being torforward auction industry. customers in India as well as key markets loaded onto trucks. Ola said it will get After going through extensive tests, ‘Mercedesmeconnect’tech acrossEurope,UK,LatinAmericaandANZ, accesstoSiemens’integratedDigitalTwin SAMILhasbecomeamongthefirstprivate Apple maker Pegatron leases space ONWEDNESDAY,Mercedes-BenzIndia the companysaid in a statement. design and manufacturing solutions to company in India to have its auction por- launchedthe2021GLCSUVintwo “These advanced technology systems digitalise and validate product and pro- tal certified by the STQC directorate for near Chennai,to invest $150m variants—theGLC200priced`57.4 willseamlesslyblendwithOla’sworkforce duction ahead of actual operations. exclusively conducting forward auctions, lakhandtheGLC220d4Mfor`63.15 to provide the perfect synergy of humans “We look forward to bringing this fac- which is among the first of its kind issued FE BUREAU Pegatron Corporation had in lakh,(ex-showroom).Amongother and machines working in tandem,” the tory online in the coming months and by the agency.STQC, an e-procurement Chennai, January 20 November 2020 approved a changes,theGLCrangeisnow companysaid. putting our products in the hands of cus- system is responsible for maintaining e- proposal to invest `1,100 crore ‘connected’,withitgettingthe In December last year,Ola had signed tomers,”saidBhavishAggarwal,chairman governancestandardsandrelatedconfor- APPLE’S CONTRACT MANUFACTURER ‘Mercedesmeconnect’integrating anMoUwiththeTamilNadugovernment & group CEO,Ola. mityaspertheDeitY-guidelineswhichare Pegatron Corporation has leased out half through its subsidiary Pegatron AlexaHome,GoogleHomeandparking an essential requirement forvarious gov- amillionsquarefeetspacein anindustrial Technology India for its India plans locationsonnavigationsystemandapp. ernmentagenciesfortheire-procurement park near Chennai developed by a city- needs and for various entities to conduct based real estate company. Newgen Q3 net profit up WhatsApp: Working on addressing forward auctions underSARFAESI. Thecompanywhichhasplanstopump TamilNaduafterFoxconn, withitsfacility The certification stands as an assur- in around $150 million into setting up at Sriperumbudur near Chennai.Besides, 48% to `35.4cr misinformation on user policy update ance that the SAMIL’s exclusive forward contract mobile manufacturing facilities Tata Electronics is reportedly planning to NEWGEN SOFTWARE Technologies auction portal is extremely dependable, for Apple in Tamil Nadu,will use this site invest around $676 million at Hosur to onWednesdaysaid it has clocked PRESS TRUSTOFINDIA sApp will always protect personal mes- trustworthyandaboveallverysecure.Data for assembling and warehousing pur- manufacture mobile phone components. 47.8% rise in consolidated net profit New Delhi, January 20 sageswithend-to-endencryption,sothat of each client is stored securely in poses,according to sources. Another iPhone maker Wistron had at `35.4 crore forthe December2020 neither WhatsApp nor Facebook can see encrypted form on cloud thereby main- Mail sent to Pegatron seeking com- madeheadlineswhenasectionofworkers quarter,driven bycost ADAY AFTER India asked it to withdraw them.“We are working to address misin- taining desired level of privacy,adding to ments on the development did not elicit vandalisedtheKarnatakaplantinDecem- rationalisations.The companyhad changestoitsprivacypolicy,WhatsAppon formationandremainavailabletoanswer its existing firewalls deterring any delib- any response till the time of going to the ber 2020 while protesting salary pay- registered a net profit of Rs 24 crore Wednesdaysaidtheproposedchangedoes any questions,”the spokesperson further erate breach. The auction portal has been press. ments,causingseveredamageresultingin in theyear-ago period,Newgen said in notexpanditsabilitytoshareuserdata stated. customised for disposal of both movable Sources in the state government said halting of the operations. Sources said a regulatoryfiling.Its revenue grew withFacebookandthatitisopento In a strongly worded letter to andimmovablepropertyandiscapableof thatthecompanyhasleasedoutspacefor besides Tamil Nadu’s excellent port con- marginallyto `185.5 crore in the answering questions on the issue. WhatsApp CEO Will Cathcart,the handlingunlimitedauctionevents,simul- Apple-related operations in Tamil Nadu. nectivity coupled with incentives offered quarterunderreviewfrom `185 crore The Indian government on Ministryof Electronics and Infor- taneously for multiple clients across all Accordingtosourcesprivytothedevelop- by the state government, the Wistron in theyear-ago period,it added. Tuesday posed 14 questions to mation Technology has said the public sector undertakings and various ment, Pegatron has leased half a million episodewould haveplayedinthemindsof WhatsApp on its “invasive” proposed changes to the What- state local authorities. sq-ft at city-based realty firm Casa thePegatronmanagementwhilechoosing Havells Q3 profit jumps changes in Terms of Service and Pri- sApp Terms of Service and Privacy Sameer Malhotra, CEO SAMIL said , Grande’s Chennai industrial park. the state for building its manufacturing vacyPolicy.“Wewishtoreinforcethatthis Policy,without giving users an option to “online forward auction has so far been Pegatron Corporation had in Novem- base forApple. 74.5% to `350.14 cr update does not expand our ability to opt-out,“raise grave concerns regarding untapped by us for the public sector and ber 2020 approved a proposal to invest Tamil Nadu is one of the largest hubs CONSUMERELECTRICAL goods share datawith Facebook.Our aim is to theimplicationsforthechoiceandauton- thus,weatShriramAutomallfeelproudto `1,100crorethroughitssubsidiaryPega- formobilehandsetsandcomponents.The makerHavells India onWednesday provide transparency and new options omyof Indian citizens”. receiveSTQCcertification.SofaratSAMIL, tron Technology India for its India plans. state houses companies including Nokia, reported a 74.52% jump in its availabletoengagewithbusinessessothey The letter noted that with over 400 we were offering auction services,soft- Sources said that the company will have Samsung, Flex, Motorola, Foxconn, BYD consolidated net profit to `350.14 can serve their customers and grow,” a million users in India, the changes will ware development & consulting services one ortwo production facilities in India. among others.The Tamil Nadu govern- crore forthe third quarterended on WhatsApp spokesperson said. have a disproportionate impact on the tovariousautoOEMs,leasingcompanies, Pegatron will be the second contract menthasbeentakingboldstepstoattract December2020.The companyhad The spokesperson added that What- country's citizens,it said. banks/NBFCsandinsurancecompanies.” manufacturer to assemble iPhones in investors from electronics. posted a consolidated net profit of `200.62 crore in the October- Decemberquarterayearago,Havells said in a regulatoryfiling.Its revenue Fada bats for incentives for from operationswas up 39.67% to Cairn says engaged with Indian govt `3,175.20 crore during the period underreviewas against `2,273.29 voluntary scrappage policy crore in the corresponding period last on adherence to arbitration award fiscal,the companysaid. FE BUREAU The auto dealers body has sought Chennai, January 20 benefits for claiming depreciation PRESS TRUSTOFINDIA listing on local bourseswas not"unlawful Volvo opens booking for New Delhi, January 20 taxavoidance"andorderedtaxauthorities FEDERATION OF AUTOMOBILE Dealers on vehicles for individuals paying to drop the tax demand. S60 priced `45.9 lakh Associations (Fada) has urged the Union income tax as well as extension of AMONTHAFTERatribunalatthePerma- “Asignificant milestone was achieved ONWEDNESDAY,Volvo CarIndia finance minister Nirmala Sitharaman to depreciation period for corporates nent Court of Arbitration in The Hague in December 2020 with a unanimous opened online-onlybookings forthe go for an immediate scheme, based on orderedIndiatoreturn$1.2billiontoUK’s award in favour of Cairn in its arbitration all-newS60; introductoryprice of the incentive, for encouraging voluntary CairnEnergy,thecompanyonWednesday withtheGovernmentofIndia,”chiefexec- caris Rs 45.9 lakh (ex-showroom). scrapping of old vehicles and replacing istered in India until March 31, 2000 said it is engagedwith the Indian govern- utive SimonThomson said. Bookings can be made on the themwith newerones. shouldqualifyunderthemodernfleetvehi- ment on implementation of the ruling. “We have engaged with the govern- companywebsite,and deliveries of In a pre-Budget memorandum to the cle replacement scheme.Similar schemes The three-member tribunal, which ment of India regarding adherence to the carswill start from mid-March. finance minister, the auto retailers’body havebeensuccessfullyimplementedinthe comprisedajudgeappointedbyIndia,last tribunal’s ruling and are taking all neces- saidthatgovernmentmustdesignarobust US,Canada,the UK and Italy by providing month unanimously overturned a sary steps to protect our rights to the HERE ties upwith Ramco inspection and certification policy or end fiscal incentives and concessions for `10,247 crore retrospective tax demand India had breached its obligations to Cairn award,”he added.He did not elaborate. of life policy for vehicles in the country. replacementthroughasingle-windowfleet on the British oil and gas company and undertheTreatyandawardedtoCairndam- The Income Tax Department had in to add location intel However, as both the policies would take modernisationprogramme,”Fadasaid. asked the government to return shares it ages of $1.2 billion-plus interest and costs, 2015slappeda`10,247croretaxdemand HERETECHNOLOGIES,the mapping time to be effectively implemented,there Fadahassoughtintroductionofbenefits sold,dividend it seized and tax refunds it whicharenowpayable,”thecompanysaid. onCairnforallegedcapitalgainsitmadein and location services major,has was a need for an attractive incentive for for claiming depreciation on vehicles for stopped to enforce the tax. The tribunal,in a 582-page judgment the 2006 business reorganisation. Cairn partneredwith Ramco Systems,the successful implementation of vehicle individuals paying income tax as well as In an update ahead of announcing its on December 21, had ordered the return denied the scheme avoided any tax that cloud enterprise software provider,to scrappagepolicyacrossthecountry. extension of depreciation period forcorpo- preliminaryresultsfor2020,thecompany of thevalue of shares that the IncomeTax wereprevalentonthatdateandchallenged embed location intelligence in the Fada recommends that the policy rates.Thiswillboostvehicledemandduring said it is taking all necessary steps to pro- Department sold as also the dividend it thedemandthroughanarbitration. latter’s logistics ERPplatform.Ramco implementation should be focused on theseextraordinarytimesandalsoincrease tect its rights to the award. seized and tax refunds it withheld to During the pendency of the arbitra- Logistics Software provides an end- incentivesratherthanstrictmandates.Itis the numberof individuals filing ITreturns “InDecember,thetribunalestablished recover tax demand that was levied fol- tion, the government sold Cairn's near 5 to-end business solution forcontract more feasible to encourage people than to andpromotegrowthinGSTcollectionforthe to rule on Cairn's claim against the Gov- lowinga2012amendmenttotheIncome per cent holding in Vedanta, seized divi- logistics,freight forwarders,project forcethemtoreplacetheiroldvehicleswith government.The increase in depreciation ernment of India under the UK-India Tax Act that gave authorities powers to dendstotalling`1,140croreduetoitfrom cargo,reeferlogistics,e-commerce new ones.“We have already witnessed a rate forall types ofvehicleswhichwasvalid Bilateral Investment Treaty found in seek taxes on past deals. those shareholdings and set off a Rs logistics and parcel/express service similar success in the voluntary surrender tillMarch31,2020shouldalsobeextended Cairn’s favour. It ruled that the 2006 reorganisation 1,590-crore tax refund against the providers. ofsubsidiesbyconsumers.Allvehiclesreg- forFY21anditwillfueldemandfurther. “The tribunal ruled unanimously that of Cairn Energy's India business prior to demand.

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CIN NO L74899DL1990PLC041790

Regd. Office:-Unit No 134,1st Floor, Rectangle-1, Saket District Centre, New Delhi- 110017 Corp. Off.: 4th Floor, MVL-I Park, Sector-15, Gurugram-122001, Website: www.ltgroup.in, Tele: 0124-3055100, Email: [email protected]

NOTICE Notice is hereby given pursuant to Regulation 29 read with Regulation 47 of the Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 that a meeting of Board of Directors of the Company will be held on Friday, the 29thJanuary, 2021 at 11.00am at the Corporate O�ce of the Company at 4th Floor, MVL-I Park, Sector-15, Gurugram-122001 through audio visual means to inter alia, consider, approve and take on record the unaudited Financial Results of the Company for the quarter and period ended 31st December, 2020, to declare Interim dividend for the period ended 31st December 2020 and tofix record date as 10th February, 2021, if declared. The notice is also available on website of the Company www.ltgroup.in and also on the website of the stock exchanges www.nseindia.com and www.bseindia.com. Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in securities of the Company shall remain closed till Sunday, 31st January, 2021. Accordingly, all Directors, Designated employees, Insiders and their immediate relatives are being intimated not to enter into any transaction involving the securities of the Company during the aforesaid period of closure of trading window. In continuation with MCA Green initiative circular and pandemic COVID 19, we request all shareholders who have not registered their email ids with the Company/ Depository to get it registered so that the Company can send the annual reports and other communication in electronic mode to be an Environment friendly Organization. Equity Shareholders of the Company are invited to send their questions, if any, to be discussed with the Board in their ensuing meeting in wordfile to [email protected] along with your name, address, Folio No. /DP ID and Client ID along with number of shares held. By Order of the Board For LT Foods Ltd Monika Chawla Jaggia Place: Gurugram Company Secretary Date: 21.01.2021 Membership No. F5150

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Prime minister of India Narendra Modi

Itwas a thrilling series with the best from both the ❝teams on full display.India andAustralia make for ❝ formidable competitors on the field, and solid partners offit OpinionTHURSDAY, JANUARY 21, 2021

Need to state motive ● TAXING BURDEN ABOLISHTHE ENHANCED SURCHARGE ON CAPITALGAINS FROM UNLISTED SHARESAND REDUCE behind query weakens RTI THE HOLDING PERIOD FOR UNLISTED EQUITYSHARESTO QUALIFYAS LONG-TERM CAPITALASSET Delhi HC’s orderweakens transparency law; suo motu disclosure by govt,penalties can help check motivated requests An atmanirbhar budget HATTHERIGHTtoInformation(RTI)Actcanbemisusediswell-known— thinkofthehundredsoffrivolousRTIapplicationsandRTIbeingusedas a tool of blackmail in cases where a government official may have exer- T ciseddiscretion.But,thetransparencylaw,forthegreaterpart,hasproved for Indian investors to be one of the most effective tools to hold all levels of the government account- able.Therefore,whenanypillarofthestatesuggestsbroad-sweepchangestothelaw or its implementation against the backdrop of misuse, it is important to weigh M NARENDRAMODI refunds later and improve taxpayers’ these against the harm such circumscribing could do. So, the Delhi High Court’s announced a seed fund of cashflows. recentorder,whichsaysthattheCourtholdstheopinionthat“wheneverinforma- `1,000croreforstartupsto There is double taxation on capital tionissoughtundertheRTIAct,disclosureofaninterestintheinformationsought set up and growtheirbusi- TV MOHANDAS PAI gainsinIndia.Formerfinanceminister,P would be necessary to establish the bonafides of the applicant”,needs to be read nesses, at Startup India’s Chidambaram abolished LTCG tax on againsttheimplicationsitcouldhavefortransparency.Theparticularsofthecase intPernational summit ‘Prarambh’. He & S KRISHNAN listed equity shares and equity mutual in which this orderwas passed may make the direction seem merited; the matter said the government is taking impor- Pai is chairman,Aarin Capital Partners and fund units in FY 2004-05 and intro- relates to an appeal against the non-disclosure of certain information sought by tantstepstoensurethatIndia’sstartups Krishnan is a tax consultant. Views are personal ducedSTTinstead.STTcollectedinFY20 theapplicant,pertainingtotheselectionofcandidatesforappointmenttopostsat don’tfaceashortageofcapital.Heindi- was `11,000 crore, almost the same theRashtrapatiBhavan,withoutdisclosingthattheapplicant’sdaughterhadbeen cated that startups are already receiv- amount as LTCG tax on individuals! a contender for the jobs.Some of the nature of the information sought,the court ing assistance to raise equity capital applicabletoFIIs.Thiscreatesdiscrimi- individuals, HUFs and companies to When former FM,Arun Jaitley reintro- ruled,was invasive of individuals’privacy,which is proscribed under the Right to through the Fund of Funds.To supple- nation against high-income earners in switch over to a lower tax regime from duced the LTCG tax on listed equity Information law. ment this, the government will also Indiawhoinvestinstartups.Toencour- FY21 and onwards if theirtotal income shares and equity mutual fund units However,if the Court’s orderwere to be implemented,it would vitiate against enable startups to raise debt capital by age the growth of Indian capital and to iscomputedwithoutclaimingspecified from FY19,STTcontinued,resulting in the very spirit of the transparency law.Imagine if an applicant suspected graft or providing a guarantee.India’s goal for prevent India from becoming a digital exemptions ordeductions.There is also doubletaxation.AnabolitionofLTCGtax thenextfiveyearswillbetoenablestar- colony,theenhancedsurchargeoncap- no requirement to payminimum alter- will remove this double taxation and nepotisminamatterofgovernmentoperation,andweretoseekinformationthat tupstobecomeunicorns. italgainsfromunlistedsharesshouldbe native tax (MAT) for companies under enable investors to choose investments couldhelpbringthistolightwhilehavingtodisclosethatthepurposewastoexpose This is a laudable initiative by the abolished,ashasbeendoneforFIIs! thenewtaxratesof15%and22%.How- basedonriskandreturninsteadofbeing the corruption! Would such information then be readily shared? And what hap- Centre. India currently has the third- There is blatant discrimination on ever,therateswerenotreducedforpart- drivenbytaxconsiderations. penstotheapplicants’securityinsuchaninstance?Whileadocumentmaintained largest startup ecosystem in theworld, thetaxationoflistedandunlistedequity nershipfirms/LLPs.Byreducingthebase TheIncomeTaxReturnStatisticspub- for the National Campaign for the People’s Right to Information lists 469 RTI- with around 50,000 startups and 42 shares.Investments in unlisted equity I-Trate for them without being eligible lished bythe CBDTreveals that income related attacks, based on media reports, till October 2020, the Commonwealth unicorns creating a value of $170 bil- shares carry higher risks and lower liq- to specified exemptions or deductions, from LTCG in FY18was just `1.42 lakh Human Rights Initiative lists 89 murders and 172 assaults.Even if there were no lion and 800,000 jobs! Over 20 uni- uiditycomparedtolistedequityshares. all enterprises in Indiawill have a com- crore out of the gross total income of assaults oranyotherattack on information-seekers in such a case,thiswould cer- corns are domiciled overseas, and However,toqualifyasalong-termcapi- monbasetaxrateof22%. `51.33lakhcrore.TheLTCGfromalltax- tainlyalert the relevant personnel ordepartment to act to coverup the matter. almost all of them have very high for- tal asset, the holding period is 24 Remunerationpaidbyapartnership payers averages only2.60% of the total ItisalsoimportanttokeepinmindthatSection4ofthetransparencylawcallsfor eignholdingduetoonerousIndianreg- monthsforunlistedsharescomparedto firm oran LLPto its partners,according incomegeneratedfromallsources,over proactive disclosure of information by the government to ensure that the need for ulations! Consequent to good govern- 12monthsforlistedshares.LTCGtaxon to the terms of the partnership deed the four financial years from 2015 to applicationsgetsreduced.Ifthisweretobedoneeffectively,theneedfordealingwith mentpolicyinthepastfewyears,about thesaleoflistedsharesis10%whileitis exceeding certain defined limits isn’t 2018.Thelossofrevenuefromtheabo- amassivevolumeofdisclosurerequests—includingthosethatcouldbemotivatedby 721AIFshavebeensetupinIndiawith 20%forunlistedshares.Evennon-resi- allowedasadeductiontothepartnership litionofLTCGisminusculecomparedto private interest—could be obviated.A2013 circularof the department of personnel acapitalcommitmentof$55billion.It dents payLTCG tax at 10% on unlisted firmortheLLP.However,remuneration thebenefitsgenerated.AbolitionofLTCG andtrainingnotesthatthesuomotudisclosureofinformationhasnotbeeneffective; is a tragedy,though,that only 10% of shares!Consideringthatangelinvestors paid by a company to employees is taxwillincentivisetaxpayerstorecordall mattersmayhaveimprovedsince,butsomeoftheguidelineslaiddownbythecircu- thecapitalinvestedinstartupsbetween having high income generally invest in allowedasadeductionwithoutanylim- transactionsfully,kickstartinvestment, larcouldbebuiltuponintheinterestoftransparency.Forinstance,iftherelevantinfor- 2014 and 2020 ($70 billion) is from startup companies, the LTCG tax for its,and the employees are liable to pay createjobsandimprovepositivity. mation on transferpolicies and transfers are to be made public,similarinformation India.India targets 100,000 startups, themaftersurchargeandcesswouldbe income-tax on such remuneration. A AnAIFisdefinedundertheSEBI(AIF) couldbesharedonappointments,discretionaryorotherwise.Tobesure,somematters 100unicorns,32,50,000jobsby2025, over 28%.There is no rationale for this partnershipfirm/LLPshouldbeallowed Regulations,2012asanyprivatepooled but due to lack of adequate Indian difference.To provide an incentive to toclaimfulldeductiononremuneration investmentvehiclewhichcollectsfunds willalwaysinvolvesubjectivityanddiscretion,buttransparencyonabroadlyaccept- investments,India is well on its way to domesticinvestorstosetasideaportion paid to its working partners, and the from investors,whether Indian or for- ableprinciplebehindasubjectivecallcanalways besharedwiththepublicto ensure becomingaDigitalColony! of their investment corpus for unlisted partnersshouldbeliabletopayincome- eign,forinvestingitinaccordancewith thatdecisionsdon’tcomeundertheshadowofclaimsofnepotismorcorruption. To encourage high-income earners companies, the holding period for taxonsuchremunerationreceived. adefinedinvestmentpolicyfortheben- inIndiatoinvestinstartups,theCentre unlisted equity shares should be To attract foreign funds at a lower efitofinvestors.SEBIregulationsdonot should remove the discrimination in reduced to 12 months to qualify as a cost,theFMextendedthe5%withhold- permit Category I and IIAIFs to under- taxation faced by investors in startups long-termcapitalassetandtheLTCGtax ing tax concession up to June 30,2023, take business activities. The I-T Act Punishing risky behaviour in India and the MSMEs.The Finance on the sale of unlisted shares should be to FPIs and Qualified Foreign Investors, specificallyprovidesfortaxationofbusi- (No.2) Act 2019 imposed a higher sur- reducedto10%. on interest payments from rupee- ness income of an otherwise exempt Linking vehicle insurance to driving quality a good idea charge on individuals with taxable The accompanying graphic shows denominated bonds issued by Indian investment fund! The I-T authorities income beyond `2 crore.The effective theadditionalinstanceswhereforeign firms,G-secs and municipal bonds.The haven’tissuedspecificguidelinesonthe HE INSURANCE REGULATOR,Irdai,woulddowell to acceptthe recom- incometax(I-T)rateforindividualswith investorsenjoyaconcessionaltaxrate. period of 5% withholding tax conces- determinationofbusinessincomeofan mendation of its working group to link motor-insurance premiums to taxable income between `2-5 crore Tocurb the discrimination between sionforinterestpaymentonmoneybor- investment fund. This causes uncer- driving history.Theworking group has plumped fora points-based sys- increased to 39%,and for those above foreign and domestic investors, who rowedfromandbondsissuedtonon-res- taintyinincomecharacterisationforan tem,in which,every time a traffic violation is reported for a person,the `5 crore,to 42.7%.This enhanced sur- remaininvestedinIndiaatalltimes,div- identswas also extended up to June 30, AIF,and thereby,its taxation.All gains T charge was later withdrawn on short- idend and interest income should be 2023.However,theTDSratesonvarious from investments in financial instru- insurancepremiumforthevehicleregisteredundertheirnamegoesup.Thedraft report submitted by the group says that the Insurance Information Bureau (IIB) andlong-termcapitalgainsfromlisted taxed at the slab rates or 20% (ex sur- paymentsinIndiahavenotbeenreduced ments in public markets in India are equitysharesonwhichsecuritiestrans- chargeandcess),whicheverislower.Con- after the I-Trates were reduced.These taxedas“CapitalGains”.GivenCategory will coordinate with various states’ traffic-police and calculate violation points, actiontax(STT)ispaidandonshort-and sequently,themaximumtaxrateapplic- shouldbealignedwiththelowerI-Trates I and II AIFs can’t undertake business basedonwhichcompanieswilldeterminepremiums.ItwillalsobuildtheITinter- long-term capital gains generated by able to dividend and interest income applicable to individuals and firms to activities,areferencetocomputationof face that can relaythis data to general insurers.While the IIBwill record historical FIIs on the transfer of securities (both shouldbe20%(excludingsurchargeand prevent unnecessary refunds.The TDS profits/gains from business or profes- trafficviolations,itwillonlydosofortwoyears.So,aperson’straffic-violationhis- listedandunlisted).Asaresult,resident cess)toalltaxresidentinIndia. ratesshouldbereducedto5%incaseof sionisn’trelevantandmustberemoved tory will impact only two insurance cycles. If the person’s driving behaviour individuals are required to pay an AlargenumberofMSMEsinIndiaare interestanddividendincome,insurance fortaxationofinvestmentfunds. improves in the meantime, subsequent renewals would not be as costly.Despite enhancedsurchargeonshort-andlong- registeredaspartnershipfirmsandLim- commission payable under section For an atmanirbhar budget,the FM possible hiccups, this seems a welcome idea for a country that, as per the WHO, term capital gains generated from the ited Liability Partnerships (LLP). The 194D, payment in respect of deposits mustabolishtheenhancedsurchargeon accounts for 6% of global road accidents despite having just 1% of the world’s transferof unlisted shares,which is not FinanceAct,2020,providedanoptionto under National Savings Scheme, rent capital gains from unlisted shares, motorvehicles. fromland,building,furnitureorfitting, reduceholdingperiodforunlistedequity Atpresent,thepremiumisbasedonthemakeandmodelofthevehicle.While feesforprofessionalortechnicalservices, sharesto12monthstoqualifyasalong- the point system is a step up,India needs to move fast to integrate telematics.In Nature of income Domestic investors Foreign investors income in respect of units payable to a term capital asset,reduce LTCG tax on the UK and the US,insurance companies have been relying on“black box”fitted Dividend income (ex that Taxable at applicable slab rates for resident person, certain income from thesaleofunlistedsharesto10%,abol- Base tax rate 20% in the car to ascertain driving habits.The black box relays GPS information,dri- on which Dividend individuals. For firms opting to be unitsofabusinesstrustandinvestment ish LTCG tax on the sale of listed securi- vingspeedanddriverbehaviourtocalculatepremiums.Ifadriverkeepsonover- Distribution Tax is paid) taxed u/s115BAA, base rate is 22% fund paying an income to a unitholder. ties,reduce base I-Trate of partnership speeding on a repeated basis,premiums are raised.Companies have also devel- The exemption threshold forTDS rates firms and LLPs to 22%,limit the maxi- Taxable at applicable slab rates for shouldbeincreasedto`50,000peryear. mumtaxrateapplicabletodividendand oped games to alert drivers about their behaviour.The drivers are asked to play Interest income individuals. For companies opting to be Base tax rate 5% a simulation game on the same route they usually drive, alerting them on taxed u/s115BAA, base tax rate is 22% Thiswon’tleadtolowerrevenues,itwill interest income to 20% (ex surcharge instancesofover-speedingandlaneviolation.WhileIrdai’sannualreportin2019 only reduce the need to claim large andcess)andreducetheTDSratesto5%. hadrecommendedadoptingtelematicsformotorinsurance,itisyettobeimple- mented in India.The obvious hiccups—two or more people driving a vehicle, chauffeur-driven vehicles,etc,could complicate premium calculation—are sig- LETTERS TO nificant, but penalising the vehicle owner will ensure that the nudge towards saferdriving is passed along a command-chain.Integrating phone data tovehi- Vaccines passports a ticket to nowhere THE EDITOR cle telematics can also be used to ascertain onus. The use of data and technology in insurance should not be limited to motor Gloomy visions of an inoculated elite lording it over LIONEL LAURENT The fortress falls insurance.Healthinsuranceproductscanadoptasimilarstrategybyusinghealth everyone else won’t get needles in arms any faster trackers.Companies have been giving theircustomers health bands to track their Bloomberg With its stupendous three wicket progress.They build incentives for customers who exercise more or log a certain win over Australia in the fourth and numberofstepsontheirhealthtrackerbyloweringtheirpremiums.Thisneedsto EVERY IDENTITY DOCUMENT brings plantobanunvaccinatedtravelers. are more likely to get a twin-track final test which saw both India become an industrystandard. itsowndystopia.AustrianauthorStefan Still, with European leaders set to bureaucracy: Some people brandishing retaining the much coveted Zweig, who saw the modern passport debatethetopicthisweek,andCommis- a vaccine certificate,others a negative Border-Gavaskar trophy and changeinternationaltravelaftertheWW sion boss Ursulavon der Leyen backing Covid-19test.Isthisgoingtobeagame- putting an end to home team's 32- I,wrote:“Formerlymanhadonlyabody theideaasa“medicalnecessity,”there’sa changer? Given we have yet to see full year-old unbeaten run at "Fortress MoonshineVACCINE andsoul.Nowheneedsapassportaswell, riskthatattemptsatsketchingoutwork- concreteresultsofvaccinecampaignsin Gabba", a new Indian cricket team forwithoutithewillnotbetreatedlikea ablevaccinepassportswillsnowballinto termsofimmunity,it’slikelytestresults comprising minefield of young ‘How to make Covid-19 vaccine at home’ being a top online human being.”More recently,after the a distraction from bigger public-health willbekeyforawhileyet. talents had announced its 9/11 terrorist attacks in the US, the issues.Muchlikelastyear’shastyenthu- Instead of being a unityproject that emphatic arrival with a bang. If search is a worrying development spreadofbiometricpassportsraisedcon- siasm for digital immunity certificates mightharmonisetheEU’s27divergent Thakur and Washington gave a cernsoversecurityandprivacy.“Withthe forthosewithantibodiesfrominfection, approaches,vaccinepassportsarecreat- hope of fight when doubts were F THE REAL-WORLD consequences of this were not so worrying,“how to old passport,we knewwherewe stood,” or contact-tracing apps to break trans- ingnewarguments.Romania’spresident raised about India's chances of make corona-vaccine at home” being a top search trend on Google would theBBCreportedin2006.Today,it’sthe missionchains,it’stoomuch,toosoon. has called it a“divisive”idea,while the winning, Pujara, Pant and Gill probably have been fodder for amusement.People have used the time- prospectofaCovid-19vaccinecertificate The main problem here is thatwe’re French junior minister for European walked the extra mile and gains from increased productivityfromwork-from-home and from forced that’s conjuring up digital-dictatorship justafewweeksintoavaccinationcam- affairssaysthedebateistoo“premature”. honoured that fight with their I fears.The idea is being pushed by the paignthatisgoingtorunintolate2021. The EU’s energy right now should be sterling performances. The timeless lockdowns because of Covid-19 to hone their DIY(do it yourself) skills,but this takes DIY to absurd limits.Beyond the absurdity lies a more troubling truth. travelindustryasaleaptowardsnormal- It’sveryearlytobetalkingaboutvaccine directedtowardgettingneedlesinarms. epic scripted by the young Indian cricket team at Gabba will be With the communication on vaccine strategy so muddled,and almost every ity after the worst year on record for certificates when the EU has adminis- If there’s one thing that could actually internationaltourismandbytechfirms tereddosesequivalenttojust1.3%ofits delay a vaccination campaign,it’s this remembered for ages. Such a prominent vaccine candidate coming under some or the other cloud,the trust eagerforlucrativegovernmentcontracts population so far — and is expected to kindofdebate,arguesAlbertoAlemanno, magnificent triumph cannot be of the masses in vaccines is perhaps dangerously eroded. and a gold mine of data.Yes,it’s nice to cover70%ofitsadultpopulationonlyby alawprofessoratFrenchbusinessschool considered a coincidence or a Some of the communication failure, of course, is because Covid-19 has no daydream about being able to travel the summer. Planning ahead usually HEC.Itcreatesincentivestofakecertifi- fluke. It is nothing but the outcome precedent; governments didn’t have templates for pandemic communication freelyagain,butcriticssayitwouldintro- makes sense, but at this stage, all it’s catesorcutthevaccineline. of sustained planning, systematic ready,either.Vaccine development has been accelerated beyond what could duce an unequal society in which an doing is tarnishing the image of the jab Vaccinepassportsmaywellbeneeded development, and an ambition to have ever been imagined because the world needs a pharmacological response inoculated elite get the freedom to fly as a public good. If a vaccine passport onedayforCovid-19,justastheyarefor be a global leader in the game. to the pandemic.But,if people are reallytrying to makevaccines at home—bear long-haul, attend concerts or dine in landedtomorrow,theaddressablemar- yellow fever in some countries.Privacy Reasons such as careful grooming in mind,people have‘Googled’all sorts of information and built garage nuclear restaurants.Do we want to be divided ketwouldbesmallerthanSlovakia. andethicsconcernsassociatedwiththis of the under-19 cricketers, getting ‘reactors’—the portents are ominous.A haste to clear vaccines has meant sub- betweenthejabsandthejab-nots? Theotherproblemisthetendencyto idea arevalid,but theyare solvable,and them acquainted with alien version of norms and led people to question the process of clearance. It hasn’t This might all make for a great exaggerate what a vaccine certificate our discomfort may one day look as conditions at a young age and an helped that governments have tried to obfuscate with terms like ‘clinical trial episodeofBlackMirror,butit’snotwhat wouldreallyachieve.It’shighlyunlikely quaintasZweig’s.Thechallengenowisto inscrutable system to ensure no mode’.Indeed,in India,some doctors have come on record that theywon’t advocateswithintheEU,ledbytourism- that anyone would want to exclude the keepthedebategroundedinreality,and talent slips out of the system receive a particular vaccine. While the government needs to do more to quell dependent Greece,have in mind right unvaccinatedfromtheirpremises,espe- ensureitdoesn’tgetinthewayofimmu- should explain our winning march concerns,it also needs to win people’s confidence if vaccinations are to be suc- now.Greek PM Kyriakos Mitsotakis has ciallyaspeoplewithsevereallergiesand nisation.Wearenotthereyet. in all the formats of the game. cessful. Unless science informs decisions and is not edged out by symbolism, proposed this as a way to travel freely pregnant women are currentlyadvised This column does not necessarily — M Jeyaram, Sholavandan such searches won’t be a‘fringe occurrence’; worryingly,moonshine‘vaccines’ fromonecountrytoanother,andalsoas nottogetthePfizer-BioNTechjab. reflect the opinion ofthe editorial could become a cottage industry. anincentivetobevaccinated.There’sno Rather than a twin-track society,we board orBloomberg LPand its owners ●Write to us at [email protected]

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Betweenarock &ahardplace SIDHARRTH SHANKAR

Partner,J. SagarAssociates Views are personal

DTH needs a level playing field in terms of regulatory touch to compete with OTT

Y20 HAS BEEN a whirlwind for the Direct-to- Home (DTH) broadcasting industry in India. As per a December 2020 report by the Confed- eration of Indian Industry (CII), in association with the Boston Consulting Group,the lock- Fdown initially saw a surge in the number of DTH sub- scriptions. However, the CII report estimates that the growth rates of the DTH segment were dwarfed by SVoD (subscriptionvideo-on-demand)/OTT(over-the-top) ser- vices, which registered a 55-60% year-on-year growth. This is largely because, currently, internet penetration that is key to OTT penetration is low in comparison with that of the DTH industry. As theyearended,the Cabinet approval of a long-pend- ingproposaltorevisetheguidelinesforprovidingDTHser- vices in India has brought cheerforthe industry.The Cabi- net’sdecisionwasquicklyfollowedbytheannouncementof ILLUSTRATION: ROHNITPHORE the revised guidelines for obtaining a licence to provide DTH services,which were notified on December 30,2020. HE BUDGETIS anexercisein subsidies across all states. Further,thegovernmenthaswithdrawnthecaponFDI,the arithmetic and algebra. Moreover, substituting subsidy intention being to attract more investments to the sector. Planned expenditures must reforms(suchasadirectbenefittransfer While the new guidelines have been welcomed by the square with estimated rev- ARUNABHA GHOSH to poor consumers) for poorly designed market,they can hardly be considered a panacea for the enues. Otherwise, expendi- cross-subsidies could substantially industry.Akeyreasonforthisistheconspicuousabsencein Tture must reduce or the fiscal deficit improve industrial competitiveness. In the revised guidelines of a grandfathering provision for CEO, Council on Energy, Environment andWater ceew.in must increase,with the threat of high Twitter: @GhoshArunabha @CEEWIndia 2017-18,electricitycross-subsidiesfrom existing licensees, requiring them to apply afresh for inflation rearing its head. But, these commercial and industrial consumers obtainingalicencetoprovideDTHservices.Theproblemis arithmetic identities are not as straight- amounted to `75,000 crore. Fixing the exacerbated by the provision that states that the issue of a forward.Therearevariablesthatcouldbe distortions could allow for industrial fresh licence to existing licensees will be subject to the adjusted to find additional resources or ● INFLEXION POINTS powertariffstodropby20-35%and30- licensees clearing their existing dues.To put this in per- to deflect spending towards alternative 50% forcommercial establishments. spective, the combined dues of the DTH market are esti- (more progressive and sustainable) pur- Lowpowertariffs offered to distribu- matedat`9,000crore.Acasepertainingtothepaymentof poses.At the heart of shifting from the tion companies also ensure that older licencefeeduesbyDTHoperators,currentlypendingbefore constants of arithmetic to the variables and inefficient coal power plants stay in the apex court and marked for hearing in the last week of of algebra lies the reform of subsidies. The algebra of business.Shuttingdowninefficientther- February2021,hingesonthedifferenceofopinionbetween India spends about `2.89 lakh crore malpowerplants,manywhichhappento the DTH operators and the (~$39.5 billion) annually to subsidise beolderthan25years,wouldincreasethe governmentontheinterpreta- energy production and consumption, financial solvency of newer, more effi- tionoftheDTHguidelinesand according to a recent CEEW and IISD cient generators. Targeted decommis- theamendmentsthereto.Such A key difference study.This covers electricity,gas,LPG, subsidies sioningwould save the powersystem up long-drawn-out litigations between DTH and kerosene and fertiliser. Subsidies are to `23,000 crore, benefits that could be and the ensuing tangle for the OTT is the latter’s neededeithertopromotegoodsandser- India’s power subsidy structures perpetuate distorted sharedwithparticipatingdiscomsorpay DTHoperatorsunderscorethe vices that have greater social/environ- for the transition of the coal-dependent urgent need for a stable regu- use of telecom to mentalwelfareortounderwriteaccessto prices for dirty fuels and limit the resources available to workforce. latory framework. Another reach customers, basic levels of consumption for those Furthermore,savingsinthepowersys- onerous provision in the which does not who cannot afford them.If the latterare target the households needing support tem could be redirected for the clean guidelines, observed by the require any not assessed properly, subsidies end up energy transition. India’s goal of 450 Indian Broadcasting Founda- beingwasted,therebydistortingthevery gigawattsofrenewablescapacityby2030 tion,isthecross-mediaowner- licensing under the socialwelfare theywere meant to fix. would need $200 billion for generation ship restrictions on the sector. Indian Telegraph Consider this: Poorly targeted elec- capacity alone. There is very limited On the positive side, the Act, 1885 tricity subsidies (at `63,778 crore) con- capacityinbanksandNBFCstomeetsuch newguidelineshavepermitted stituted more than a fifth of all energy debt requirements,and project develop- sharingofinfrastructure,such subsidies. Yet,India has one of the high- sion criteria.In order to overcome the could save subsidies on fertiliser, and ersstrugglewiththehighcostsoftapping as satellite transponder space est electricity tariffs on a purchasing limitations of self-reporting of instead cover the costs (within a decade) bond markets.Instead,a subsidised and and earth stations, on a voluntary basis. Further, distribu- power parity basis. India’s policies and incomes,wealth and social indicators of shifting farmers to more sustainable timebound credit enhancement of tors of TV channels will be allowed to share the common programmes indicate that it is, rightly, would also be needed to categorise farming practices. Subsidies for renew- `4,543crore,spreadoverfiveyears,could hardware for the Subscriber Management System (SMS) going through two energy transitions, households properly. ablesareneededtoinvestingridbalanc- mobilise bond market flows of `76,000 and Conditional Access System (CAS) applications.Such towards universal energy access and a Third, conditional cash transfers ing and energy storage so that the wider crore and almost double India's installed sharingofinfrastructurebyDTHoperators,recommended shift toward cleaner energy.But its sub- should ensure that the consumption of electrification of many other sectors ground-mountedsolarcapacity. by the Telecom RegulatoryAuthority of India (TRAI) as far sidy structures militate against both demeritgoods(suchasdirtysolidfuelsfor (transport, cooking, small industries) Thebiggestbeneficiariescouldbedis- back as March 2017, could potentially lead to significant objectives,perpetuatingdistortedprices cooking) does not displace cleaner cook- becomes feasible. coms. Despite massive cross-subsidies, savings forend-consumers.In 2019,TRAI had also recom- fordirtyfuels and limiting the resources ing gas. But the subsidy amount must Whowouldbenefitiftheseprinciples between FY 2016 and FY 2019, the rev- mendedset-topboxinter-portability,facilitatingDTHsub- available to target the households need- varybywealth/incomelevels.Otherwise, were followed? For one, millions of poor enue deficit on account of domestic and scribersinswitchingovertoanewserviceproviderwithout ing support. poorer and deserving households might householdscouldhavecontinuedaccess agriculture consumers grew 48%, from having to change the user-end infrastructure.The guide- The algebra of subsidies can change slipbackintousingsolidfuelsratherthan to safe, affordable and cleaner cooking `1,17,824 crore to `1,74,391 crore.The lines are,however,silent on this aspect.Such measures, ifwe adopted principlesconsistentwith refilling a cylinder, despite vast sums fuels or electricity. Lower crude prices wideningrevenuegapmakesitimpossi- alongwiththeeasingofFDInorms,couldattractmoreser- social justice, environmental sustain- spentongivingthemanLPGconnection. giveanopportunitytoincreasethenum- ble to make capital investments to vice providers to the DTH industry as they would signifi- ability and new economic opportunity. Fourth, unconditional and direct ber of free LPG refills to beneficiaries of upgrade distribution infrastructure or cantlyreduce the initial costs in setting up the service. First,we need better information. Only incometransfersmaybeusedtosupport the Pradhan Mantri UjjwalaYojana.This increase clean energyprocurement. TheDTHindustryisengagedintheuphilltaskofcoping 13 states and Union territories report a basic minimum level of consumption would, in turn, increase household dis- The difference between good and with the customer’s growing appetite for fresh content.A powersubsidydata; just seven give data of electricity, commensurate with cli- posable income, thereby driving rural bad subsidies lies in the balance key difference between the DTH service and its competi- bycategory.Improved subsidydistribu- matic conditions,type of housing and demand.Inurbanareas,CEEWestimates between social welfare and political tors is the use of the existing infrastructure of theTelecom tiondatawouldhelpidentifythegroups householdwealth.Similarly,subsidiesfor thatrapidrolloutofpipednaturalgasby patronage.The pandemic-induced eco- ServiceProviders(TSPs)toreachcustomers,whichdoesnot that benefit, and create the political agricultural use of electricity and fer- 2025couldresultinLPGsubsidysavings nomic crisis gives one more chance to requireanylicensingundertheIndianTelegraphAct,1885 spacetoreviseelectricitytariffsupwards tiliser should be linked to farm size. In of over`1 lakh crore,even if the govern- fix the distortions, increase energy (as opposed to the DTH industry).This is a clear regulatory for richer consumers. The Give-It-Up fact, a targeted direct benefit transfer ment fullysubsidised the `6,000 cost of security nets for those who need them, arbitrage,enablingthecompetitorsoftheDTHindustryto campaign for LPG subsidies followed scheme for power could be designed in a PNG connection at an outlay of free up resources to invest in clean offerproducts/services at competitive rates.Further,since this principle. collaborationwithdepartmentsrespon- `25,000 crore.Likewise,a well-targeted infrastructure, create more jobs and theirservice standards are on a parwith the DTH industry, Second,the population needs to be sibleforprovidingnon-energysocialwel- directincometransfercouldcoverallora attract billions more in new invest- riding on the back of technological innovations and better categorised based on fare schemes aswell. portionofnominalelectricityconsump- ment.Without factoring in these addi- increasing internet penetration gives them a clearedge.In wealth/income. The forthcoming cen- Fifth, incentives that wean house- tion.Suchanelectricityaccesssafetynet, tionalvariables,the algebra of subsidies such an environment, it is imperative that a level-playing sus can go beyond the way the Socio- holdsorfarmersorindustriesawayfrom during stressed economic conditions, will be limited to the constants of past field, based on market dynamics, be created for the DTH Economic Caste Census has been used dirty fuels could have wider benefits. In would cost `3,000 crore for three policies rather than the profitable servicevis-à-vis otherentertainment platforms. so farto create merelyinclusion/exclu- agriculture,forinstance,naturalfarming months, less than 5% of annual power promises of the future.

HY SHOULD DHAR- smeltereitherin aWestAsian countryorin MENDRA Pradhan, Indonesiabytransportingaluminafromthe who holds charge of Damanjodirefinerytocreatingoneatanew the Union petroleum Nalco’s need siteinOdisha,Nalcohadconsideredseveral &naturalgasandsteel options over the past many years, but all Wministries,be publicly urging his Cabinet cameto anaught. colleague Prahlad Joshi (Union coal and Joshihasnowinvokedthe‘Aatmanirb- mines minister) to push through the long- for speed har Bharat’vision to say that Nalco will deliberated expansion of the central-gov- invest `30,000 crore by 2027-28 so that ernment-ownedNationalAluminiumCom- thecompanyonceagainsecuresits “right- pany(Nalco)?(Nalcocomesunderthemines The country’s aluminium KUNAL BOSE ful place”in the aluminium industry.The ministry.)Theanswerisnotfartoseek.From two most important components of theproductionofbauxitetomakingofalu- bellwether needs to work Aformer FT correspondent, the author is Nalco’s development programme would mina and its smelting into aluminium now India Correspondent of Euro Money be 500,000 tonne brownfield expansion metal,Nalcohasallofitsoperationscentred fast to increase capacity publication Metal Market Magazine ofAngulsmelterandinstallationofanew in Odisha.The eastern state has the largest stream at Damanjodi alumina refinery share of the country’s bauxite resources,as that is expected to give an extra 1 million alsoofsomeotherminerals. At the same time,though the PSU has tiesistoleveragethecountry’srichendow- million tonnes. During 2019-20, metal built large greenfield smelters. Commis- tonnecapacity.ExpansioninAngul,along PradhaniscreditedwiththeBJP’smete- ownership of high-alumina-content baux- ments of bauxite and non-coking coal. consumption was down 6% to 3.72 mil- sioning of new smelters has taken the with upping of amperage of the existing oricriseinOdishaoverthelastfewyears.The iteinabundanceandthebenefitofexcellent AccordingtotheIndianBureauofMines,the lion tonnes.Even while the industry here capacity of Hindalco to over 1.3 million four potlines,will make Nalco an over-1- partywoneightofthe21LokSabhaseatsin logistics,includingvirtuallycost-freetrans- countryhas bauxite resources of 3.896 bil- hasthecapacitytomeetthelocaldemand, tonnesandthatofVedantato1.75million million-tonne aluminium unit. 2019againstonein2014.Moreimportant, fer of the mineral from the hills of Panch- lion tonnes,including proved reserves of except for some special alloys and VAPs, tonnes. Hindalco continues to enrich its The government has reinforced its vote share rose impressively to 38.4% patmali at Koraput district to the alumina 656 million tonnes.That Odisha will con- 2019-20importsat2.17milliontonnes— VAPportfoliobycommittingincreasingly Nalco’s rawmaterials securitybyallocat- from 22% during this period.Pradhan is refinery at Damanjodi through a 14.6 km tinue to be the epicentre of India’s alu- facilitated greatly by our free trade agree- larger quantities of primary metal to the ing of bauxite and coal deposits from well aware of the emotional attachment of longconveyorbelt,ithassofarnotdisplayed miniumindustry—sinceitaloneholds51% ments with ASEAN countries through making of flat rolled products, foils and time to time.All Indian smelters being Odisha’s people to the state’s iconic alu- theinitiativethatwillhelpittocatchupwith of India’s bauxite resources—is taken for which China is often suspected to be re- extruded items. VAPs give much better run on coal-fired electricity have higher minium venture.In the early1980s,when theothertwoindustryconstituents,namely, granted.AndhraPradesh,withownershipof routingthemetalandforeign-originscrap EBITDA than smelted aluminium.After power cost than the ones in West Asia the central government set up the alu- HindalcoandVedantaAluminium,interms 16%resources,hasn’tbeenabletobecome arrivals at very low customs duty—have acquiring51%ofBALCOin2001,Vedanta thatarebasedonelectricityderivedfrom miniumventure,withtechnologyfromAlu- of capacity building and development of analuminiumcentrebecauserepeated,vio- forced our producers to become highly raised its smelting capacity to 600,000 gas or in countries where hydel power is miniumPechineyofFrancethatwassubse- value-addedproducts(VAPs)thatarenotas lentagitationshavescupperedefforts. export-dependent.This,however,worksto tonnes from 345,000 by commissioning availableaplenty.Nalco’senergycostwill quently taken over byAlcan of Canada to exposedtopricefluctuationsattheLondon The country’s measly per capita alu- their disadvantage because LME-linked a newsmelter. come down once it starts drawing coal finally become part of Anglo-Australian Metal Exchange (LME) as a primarymetal. minium consumption of 2.5 kg stands in localaluminiumpricesincludefreightand Pradhan’s disappointment is that even from Utkal D and E blocks.Allocation of mininggiantRioTinto,Odisha(thenOrissa) Being a politician,Pradhan could well feel stark contrast to the global average of 11 importduty. whileNalcohasforlongbeentalkingabout the 75 million tonne Pottangi bauxite washardlyontheradaroftheprivatesector. thepopularfrustrationwithNalconotdeliv- kgand24kginChina.AsperNitiAayog,lift- The government iswell aware of the buildingnewlargesmeltingcapacitytotake deposit will be supportive of refinery Nalco caught the imagination of the com- eringonitsgrowthpromises. ingIndia’spercapitausetotheglobalaver- difficultiescausedbyhighlevelsofimport its capacity to over 1 million tonnes, the expansion.Thecompanyhasanumberof mon man in the state as it stands out as an Joshi admits that there remains“a huge age will require an additional annual alu- that,acoupleofyearsago,involvedforeign company has remained stuck with a VAP projects, including an aluminium example of how harnessing of a locally- scope for stepping up the per capita con- miniumuseof16milliontonnes.Thatwill exchange outgo of $5.5 billion or1.1% of 460,000tonnesmelteranda2.275million park in the pipeline.A man of fewwords, foundnaturalresourceforvalueadditionin sumption of aluminium in the country” make India the second-largest consumer India’s total imports cost. Braving the tonne alumina refinery even while it has Nalco’snewchairmanSridharPatrahasa severalstagescouldcreatewealthandlarge underpinningtheneedtobuildnewsmelt- ofthemetalafterChina.Indiapresentlyhas import-relatedissuesandlandacquisition enoughbauxiteresourcestosupportmuch big task—to ensure project implementa- employment,directlyandindirectly. ingcapacity.Thechallengeforindustryenti- an aluminium smelting capacity of 4.1 challenges, Hindalco and Vedanta have largeroperations.Frombuildingagreenfield tion gains pace.

Pune 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM EYE ON CHINA

Janet Yellen, US' incoming treasury secretary

China is clearly our most important strategic ❝competitor.As you said, we need to work with allies.❝ International We also need to strengthen our own economy so that we can compete. We need to take on China's THURSDAY, JANUARY 21, 2021 abusive, unfair, and illegal practices.

Quick ● FIRST-DAY MOVES Jack Ma, missing for months, View Joe Biden to sign 17 orders emerges for first time since crackdown on his empire

BLOOMBERG reversing Trump’s policies January 20

JACK MA HAS resurfaced after months In his first hours as out of public view that fuelled intense Trump offers'best speculation about the plight of the bil- President, Biden will end lionairegrapplingwithescalatingscrutiny Trump’s ‘Muslim travel wishes' to new overhis internet empire. administration China's most recognisable entrepre- ban’,say his aides neur addressed teachers via livestream EXTENDING HIS "best wishes" and Wednesday during an annual event he AGENCIES praying for the success of the new hoststorecogniseruraleducators,accord- January 20 administration in keeping America ing to people familiar with matter.In a firmer resolution to devote ourselves to Google investigating safe and prosperous, outgoing US video of the event circulated online, Ma education philanthropy," Ma said in the US PRESIDENT-ELECTJOE Biden plans to President Donald Trump in his talkedabouthowhe'llspendmoretimeon video."Working hard for rural revitalisa- staff over handling of kickoffhisnewadministrationonWednes- farewelladdresshassaidthatAmer- philanthropy.The co-founder of Alibaba tion and common prosperity is the sensitive data daywith orders to restore the United States icans must unify around their andAntdidn'tmentionhisrecentrun-ins responsibility for our generation of busi- to the Paris climate accord and the World shared values and rise above parti- withBeijingduringhisaddress,whichwas nessmen." ALPHABET'SGOOGLEISinvestigating HealthOrganisation,aidessaid. san rancour to forge their common firstreportedinalocalblog.Antconfirmed The assault on Ma's trillion-dollarcor- amemberofitsethicalAIteamandhas Biden will sign 17 orders and actions destiny.“Thisweek,we inaugurate a the authenticityof thevideo in an email. porate empire encapsulates a broader lockedthecorporateaccountlinkedto hours after being sworn in as US leader to new administration and pray for its Alibaba's shares gained more than 4% campaign to rein in a generation of Chi- thatpersonafterfindingthat break from policies of departing President successinkeepingAmericasafeand inHongKong.Whileit'sstillunclearwhere nese tech giants that Beijing nowviews as thousandsoffileswereretrievedfrom DonaldTrumpandsetnewpathsonimmi- prosperous. We extend our best Ma is, his emergence in a public forum wieldingtoomuchcontrolovertheworld's itsserverandsharedwithexternal gration,theenvironment,fightingCovid-19 wishes,and we also want them to mayhelpquellpersistentrumorsabouthis No. 2 economy. The flurry of actions accounts,thecompanysaidon andtheeconomy,theysaid. have luck -- averyimportantword,” fate while Beijing pursues investigations against his twin companies drove home Wednesday.Axios,whichfirstreported In first-daymoves,hewill endTrump's Guards stand at the west front of the Trump said on the eve of his depar- into online finance titan Ant Group and howBeijinghaslostpatiencewiththeout- thelatestinvestigationarounda much-assailed ban onvisitors from several Capitol before the inauguration of US ture from theWhite House for his AlibabaGroupHolding.Theexecutivehad size power of its technology moguls,per- memberofGoogle'sAIteam,said majority-Muslim countries and halt con- President-elect Joe Biden in Mar-a-Lago resort in Florida.— PTI keptoutofpublicviewsinceearlyNovem- ceived now as a threat to the political and MargaretMitchellhadbeenusing structionofthewallthatTrumporderedon Washington on Wednesday REUTERS ber,when Chinese regulators torpedoed financial stability President Xi Jinping automatedscriptstolookthroughher theUS-Mexicobordertostemillegalimmi- the country a path to citizenship that the Ant's $35 billion IPO, tightened fintech prizes most. messagestofindexamplesshowing gration.Hewill also set a mask mandate on behindontheirmortgagesduetothecoron- Trump administration denied.Biden"will regulations, then ordered an overhaul of The government has increasingly discriminatorytreatmentofTimnit federal properties to stem the spread of aviruspandemic. take action -- not just to reverse the gravest Ant and launched a separate antitrust soughttoexertinfluenceoverthegrowing Gebru,aformeremployeeintheAI Covid-19; restore protections of nature HealsoplanstosendabilltoCongressto damagesoftheTrumpadministration--but probe intoAlibaba -- all in a span of days. extent to which companies from Tencent teamwhowasfired. reservesremovedbyTrump;andseekfreezes revamp immigration policies and give mil- alsotostartmovingourcountryforward,"the "Recently, my colleagues and I have Holdings to ByteDance amass data and on evictions and protection for millions lions of undocumented migrants living in aidessaidinastatement. been studying and thinking.We made a direct commerce and media. P&G boosts sales forecast as consumers keep at-home behaviour Netflix soars after hit shows Trump’s last-minute pardons included PROCTER & GAMBLE boosted its sales and profit outlook on push users past 200 million expectations that surging at-home ex-strategist Steve Bannon, 73 others demand for its toilet paper and LUCAS SHAW laundry detergent will continue, January 20 PRESSTRUSTOFINDIA Bannonhasbeenanimportantleaderinthe even as the rapid pace of growth Washington, January 20 conservativemovementandisknownforhis took a slight dip in the latest NETFLIX ENDED ITS biggestyearin com- Ex-Google worker politicalacumen. quarter.The maker of Charmin,Tide panyhistorywithabang,addingmorecus- OUTGOING PRESIDENTDONALD Trump who stole trade BesidesBannon,otherpardonrecipients and other household staples now tomers than expected and saying it no has pardoned his formerpolitical strategist included Elliott Broidy, a former top expects organic revenue to grow as longerneeds to borrowmoneyto build its SteveBannon,oneofthekeyarchitectsofhis secrets also in list fundraiser for Trump's campaign who much as 6% in fiscal 2021,an entertainment empire. 2016electoralvictory,asheissuedawaveof pleaded guilty to one count of conspiracy increase from the previous outlook The world’s leading paid streaming pardons using the final hours of his presi- PRESIDENT DONALD Trump par- relating to a secret lobbying campaign to of no more than 5%.P&G also sees service attracted 8.51 million new sub- dencytograntclemencyto143people. doned a formerGoogle engineerwho influence the Trump administration on core earnings per share rising as scribers in the final three months of the The record 73 pardons and 70 commu- was sentenced to prison lastyearfor behalfofaforeignbillionaireinexchangefor much as 10%,according to a year,helpedbythepopularityofhitshows tations came in addition to the dozens of stealing trade secrets from the tech millionsofdollars,andKenKurson,afriend statement Wednesday,up from a such as Bridgerton and The Queen’s Gam- similaractionsthatTrumptookafterhelost giant related to robotic vehicles. of Trump's son-in-law Jared Kushnerwho range of 5% to 8%. bit.That outpaced Netflix’s own forecast theNovember3presidentialelectionstoJoe AnthonyLevandowski left Google in waschargedlastOctoberwithcyberstalking and the 6.06 million projected by Wall BidenoftheDemocraticParty. early 2016 where he worked in the duringaheateddivorce. Pakistantest-fires Street,anditssharesrose14%inpre-mar- SkepticsofNetflixhavelongidentifiedits TheWhite House in a statement issued autonomousvehicledivisiontostarta Trumpalsograntedafullpardontorap- ket trading. debtasaloomingdisaster,arguinganeco- onWednesdaysaidthatTrumpgrantedafull companycalled Otto.That company perLilWaynewhohadpleadedguiltytoagun surface-to-surface The earnings report included two key nomic recession would cripple the com- pardontoBannon,whowasinchargeofthe wasacquiredbyUberfor$680million possessionchargeinMiami. ballisticmissile milestones for Netflix: The company pany and cause customers to cancel sub- final months of his 2016 presidential cam- astheride-hailingventurepursuedits Anotherrapper,Kodak Black,received a passed the 200 million-subscriber mark scriptions en masse. paign.BannonwasindictedinAugustwhen own autonomous vehicle division. commutation after he pleaded guilty to a PakistansaidonWednesdaythatit forthefirsttimeandsaiditscashflowwill WhileNetflixhasconsistentlyreported NewYork federal prosecutors charged him Before leaving,Levandowski down- weaponscharge. successfullytest-firedanuclear- allow it to stop relying on debt to fuel its profits,it had to borrowbillions of dollars andthreeotherswithdefraudingdonorsof loadedatroveofGoogle’sself-driving Brett Berish of Sovereign Brands,who capablesurface-to-surfaceballistic growth.With $8.2 billion in cash -- and a to fund its spending on new programs. It more than a million dollars as part of an cartechnology,leading eventuallyto supports a pardon for Wayne, whose real missilewhichcanstriketargetsupto credit line that hasn’t been drawn down - hadnegativefree cashflowof $3.3billion online fundraising campaign purportedly 33countsofintellectualpropertytheft name is Dwayne Michael Carter,described 2,750kilometres.Thelaunchof - Netflix said it no longer needs external in2019,itsworstonrecord.Sincethen,it’s aimedatsupportingTrump'sborderwall. againsthim. —AP himas“trustworthy,kind-heartedandgen- Shaheen-IIImissilewas"aimedat financing.It’s also considering stock buy- turnedacorner.Freecashflowwillbeclose The White House in its statement said erous,”theWhiteHousesaid. revalidatingvariousdesignand backs,somethingithasn’tdoneinabouta to the break-even point in 2021, Netflix technicalparametersofweapon decade. saidTuesday.Analysts had projected neg- system,"saidastatementissuedbythe The pandemic has provided a huge ative $619.7 million.Against that back- MAPPING THE VIRUS mediawingofthePakistaniarmy-the boost to Netflix’s business,forcing people drop,Netflix’s debt spree looks like awor- Pfizer-BioNTech Inter-ServicesPublicRelations(ISPR). inside and limiting other entertainment thy investment. It borrowed some $15 Cases exceed � UK hospitals like war zones as Covid death toll Themissileiscapableofcarrying options like movie theaters and concerts. billion to boost its market capitalization nears 100,000 shot likely to nuclearandconventionalwarheadstoa The company added 25.9 million cus- bymore than $200 billion. 96 million � Germany toughens Mask rules in hopes of rangeof2,750kms,thestatementsaid. tomers in the first six months of lastyear, Critics have also argued Netflix would slowing virus spread and ended up adding 36.6 million cus- sufferwhenrivalmediacompaniespulled Deaths surpass � Swiss extend job furlough programme as foil Covid Meghanseekscourt tomers in all -- a record.“It’s accelerated their most popular titles from the service pandemic endures that big shift from linear to streaming and created their own competitors. Yet 2 million � Singapore air trials pre-departure Covid tests to mutant, new rulingover‘serious entertainment,”Spencer Neumann, the Netflix posted its best performanceyet in revive travel breach’ofprivacy company’s chief financial officer, said on the same year that several new competi- Recoveries � More than 46 million shots given worldwide study shows acallwithinvestorsandanalystsTuesday. tors entered the fray and Disney+ added � Big government muscles back into Covid-hit LAWYERS FORTHE Duchess of Netflixhasrepeatedlywarnedthatthe 87 million paid subscribers. 69,299,718 Europe Sussex asked a British judge on surge in the first half of 2020would limit “Our strategy is simple: If we can con- NAOMI KRESGE & JANICE KEW Tuesday to settle her lawsuit against its growth in subsequent quarters --what tinue to improve Netflix every day to bet- Some British hospitals look like war zones with January 20 a newspaper before it goes to trial by itcallsthe“pull-forward”effect.Neumann ter delight our members,we can be their doctors struggling to cope with an influx of patients infected with Covid-19, the ruling that its publication of a cautioned this would continue to affect firstchoiceforstreamingentertainment,” government’s top scientific adviser said, as PFIZERANDBIONTECHbuiltthecasethat “deeply personal”letter to her growthin2021,andNetflixgaveaconser- the companysaid in a letterto sharehold- the death toll rose by a record daily amount theirCovid-19vaccinewillprotectagainst estranged fatherwas“a plain and a vative estimate for the current quarter.It ers.“This past year is a testament to this towards 100,000. the new variant of the coronavirus that serious breach of her rights of expects to add 6 million new subscribers approach.”Netflix shares climbed as high The US has recorded 400,000 Covid-19 deaths, emerged in the UKwith results of another privacy.”Meghan’s latest attempt to in the period, compared with an average as $570.79 in premarket trading. The a sobering milestone that comes as the nation labtrial. protect her privacy laid bare more analyst estimate of 7.45 million. stock rallied 67% last year, but concerns prepares to inaugurate a new president who LikepreviousworkoutoftheUniversity details of her fraught relationship But Netflix found more runway than about slowing growth had weighed on has pledged to speed up vaccine delivery and Two coronavirus cases in Beijing’s Daxing of Texas Medical Branch,the results pub- promote protective measures like mask- district Jan. 17 were caused by the virus with her estranged father,who expected in the latest period. Netflix in 2021.Through Tuesday’s close, wearing as a patriotic duty. variant found in the UK, Pang Xinghuo, deputy lished onWednesdayshowed that antibod- claims he has been“vilified”as a Itsgrowthduringthelastyeardispelled itwas down 7.2% since the start of the iesinthebloodofpeoplewhohadbeenvac- Germany’s daily coronavirus death toll rose by director of the Beijing Center for Disease dishonest publicity-seeker. two common critiques of the company. year.— BLOOMBERG the most since the pandemic began amid Control and Prevention, said at a briefing. cinatedwere able to neutralize aversion of tentative signs that the infection rate is Pfizer and partner BioNTech built the case that themutantvirusthatwascreatedinthelab. starting to come down. their vaccine will protect against the new The studywas published on preprint server Iran recorded 6,182 new infections in the last variant of the coronavirus that emerged in the BioRxivpriortopeerreview. 24 hours, up from 5,917 yesterday. Iran’s UK with results of another lab trial. Unliketheearlierstudy,whichfocused China plans online payment rules that daily deaths have more than halved in Singapore Airlines set up pre-flight coronavirus ononecrucialmutation,thenewresearch January massive closures and tighter tests for passengers through its booking tested all 10 mutations located on the restrictions, including overnight curfews in platforms as part of efforts to revive travel most cities. demand. virus’s spike protein,which helps it bind mayhit fintech giantsAnt andTencent tocellsinthehost.Antibodiesintheblood of 16 volunteers in a previous German BLOOMBERG andtheirtransactionswithaffiliatedpar- trial of the vaccine were just as effective January 20 ties. It will step up supervision of any against the lab-created mutant strain as changestoshareholdersorbeneficiariesat Morgan Stanley profit races past they were against the original virus.The CHINA PROPOSED MEASURES to curb payments firms,it said. result“makes it veryunlikelythat the UK marketconcentrationinitsonlinepayment “This shows there’s no let-up in regu- estimates on trading strength variant viruses will escape” protection market,potentiallydealinganotherblowto latorytighteningonthesprawlingfintech from the vaccine, wrote the research financial technology giant Ant Group and businesses,” said Dong Ximiao, a REUTERS lion,or$1.30pershare,ayearearlier.Ana- team, led by BioNTech chief executive itsbiggestrivalTencentHoldings. researcher at Zhongguancun Internet January 20 lysts had expected a profit of $1.27 per officerUgurSahin. The central bank said on Wednesday Finance Institute. share,according to RefinitivIBES data. TheBioNTechteamisneverthelessready that any non-bank payment company Regulators shocked markets in MORGANSTANLEY'SPROFITSsurgedin Revenue from the bank's institutional toadaptthevaccineifneededinthefuture,it with half of the market in online transac- November by suspending billionaire Jack the fourth quarter, comfortably beating securities business, its largest source of said.Thatcouldbecomenecessarytoprotect tionsortwoentitieswithacombinedtwo- Ma’srecordinitialpublicofferingofAntas estimatesastheWallStreetbank'strading income,rose to $7 billion from $5.05 bil- againstotherstrainsamidevidenceanother thirds share could be subject to anti-trust The rules present the strongest and they stepped up oversight.Ant has since business benefited from coronavirus- lionlastyear.Hightradingvolumesduring variantthatemergedinSouthAfricamaybe probes,accordingtodraftrulesreleasedby most detailed message yet of regulators’ been ordered to overhaul its business and inducedvolatilityin financial markets. the quarter,stemming from the U.S.elec- hardertocheck. the People’s Bank of China. planstocurbmonopolisticpracticesinthe an antitrust investigation was launched The bank on Wednesday also con- tions and the release of coronavirus vac- Aseparatestudyonthatstrainraisedcon- Ifamonopolyisconfirmed,thecentral online payments industry.Ubiquitous in into affiliateAlibaba Group Holding. firmed plans to buy back $10 billion of cines, benefited the bank's trading unit, cern.Scientists found that half of the blood bank can suggest the cabinet impose China,AntandTencenthavetransformed Whilethey’vestoppedshortofdirectly shares this year,after the Federal Reserve which is housed within the institutional samples from a handful of patients who restrictive measures including breaking howconsumersshopthroughtheirmobile asking for a breakup of Ant,the central allowedmajorbankstoresumedoingsoin securities business. Net revenue rose to already had Covid-19 don’t have the anti- up the entity by its business type. Firms appsthatareusedbyacombined1billion bankhasstressedthatthecompanyneeds December.Netincomeapplicabletocom- $13.64 billion in the quarter,from $10.86 bodies needed to protect against the South alreadywithpaymentlicenseswouldhave people. to“understand the necessityof overhaul- monshareholdersroseto$3.27billion,or billion last year, while revenue from the Africanvariant,which is spreading around aone-yeargraceperiodtocomplywiththe Theregulatoralsovowed“comprehen- ing”andcomeupwithatimetableassoon $1.81 per share, in the quarter ended company's investment banking division theglobe. newrules,the PBOC said. sive”oversight of companies in the space, as possible. December 31, compared with $2.09 bil- roseto$2.30billionfrom$1.58billion. —BLOOMBERG

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TECH & PANDEMIC Agendra Kumar, president, Esri India Apart from managing the Covid-19 situation,❝ Geographic Information System (GIS) is being ❝leveraged in managing business continuity eTHURSDAY,FE JANUARY 21, 2021 and vaccine distribution.

● TALLYSOLUTIONS the time to internet.We are building forall ● WORKPLACE TECH thesepeopleforallthesituations,”headds. A lot of these new products and tech- nologies are data intensive.“Our current Creating focusistocollectvolumesofthisdataand unlock insights and value,”he says.How- Homegrown and growing big ever,Goenka says that there are also ways delight in the tointerpretandcorrelatethisdatainaway coreofourproductshavealwaysoperated “Thisisadirectoutcomebasedonourcus- able to imagine their (work)life. When that it makes sense to a layperson who A fine balance between on-premise,offlineandwedonotwantto tomers’experience.Whenwe think about many engineers come together, this is would use the product eventually. “If new world legacy software & modern changethat,”saysTejasGoenka,MD,Tally the future,we have to think hard to find boththechallengeandafactorthatdrives tomorrowIamabletomodelanalgorithm Solutions. “There is a strong roadmap outwhat could be the next big experience newfeatures and solutions,”he adds. that would help kirana stores to identify of work needs is what accounting ahead for the coming quarters which will shifter,without which they will never be Goenka points out howTally’s firstver- the same item in both branded and software major Tally is havenewertechnologiesgraduallygetting sion convinced accountants not to go back unbrandedpackagingsintheirinventory, implemented without making too many to their old ways due to the simplicity and I can tap into the effectiveness of smart banking on for growth changes to the well-accustomed prod- actualvalue it unlocked.Engineers atTally computingusingthecollecteddata.While ucts,”he adds. trytobalancethis,thestrengthofthelegacy that’swherewearegoing,todaywealready Goenka says Tally follows this process software with the rich features offered by do predictive work which will suggest to SRINATH SRINIVASAN is because of the outcomes from engage- modern technologies.The continuing our customers on what could go wrong ment with customers on almost daily legacyof the product is also a testimonyto from the data theyalreadyhave,”he says. BUSINESS MANAGEMENT SOFTWARE basis.“Wearealsoaverytightlymadepro- the Indian software engineering prowess. TodayTallyhasnearlytwomillionbusi- provider TallySolutionshasgonethrough prietarysoftware.Ourdatabase,ourmem- According to him,the companyenjoys 70- nessesandoversevenmillionusersinover Richard Lobo a number of iterations since the time of ory managers are made by our own engi- 80%ofmarketshareinIndia.Hebelievesin 100 countries including Middle East, DOS operating system to the present day neers. We do not use operating system catering to the majority of this customer Africa (Kenya), South Asia (Bangladesh) trendofcloudcomputing.Ithasalsofaced protocols forsome of the functions of our baseinsteadofthefewwhowouldexpectall andSouthEastAsia(Indonesia).Italsohas OUR WORKPLACES HAVE always been competition from largeAmerican players products.We use our own,” he explains. moderntechnologiesattheirfingertips. a highly profitable partner network with muchmorethanphysicalspacesweoccupy. and many small domestic and interna- Goenkaandhisteamarenowexpanding more than 28,000 partners associated Asemployees,weexpectanexperiencefrom tionalplayers.Unlikethecloud-firstprod- Tally’s suite of products.The company has withthecompanydirectly.Thesepartners ourplaceofworkthatenablesustodoabet- ucts,Tally promises modern technology comealongwayfromsimplebookkeeping help take customer service hyperlocal terjob,tobuildourskillsandtohaveacom- while still retaining aspects of the legacy Our database, our memory software. Today, Tally has solutions for wheneverit is needed through theyear. munity that nurtures us.This pandemic, software that it started with. In a recent managers are made by our retailenterprisesandforthosewho “Asweexpand,wecontinuetofocuson whiletakingusawayfromtheofficewehave offering, this homegrown firm has want a server.“We are also community of SME owners, developers, beenusedto,hasgivenusanopportunityto ensured that its clients can access its own engineers. We do gradually moving towards accountants&taxconsultantsandecosys- redesigntheworldofworkforthebetter. reports anywhere, anytime and on any ❝ front office in creating tem players—startups, banks and so on,” To differentiate oneself as an employer not use operating device of its choice.At the same time, the solutions,” he says.“It Goenka says, adding, “Tally will also be of choice, companies need to pursue user can continue to run the application system protocols for requiresreliabilityaswell workingonsoftwarethatwillconnectvar- employee experience with a rigour that locally on a device, unlike several cloud- some of the functions as the ability to work ious businesses and unlock the value matches consumer experiences.The best first and cloud-onlyproducts. offline.There are cus- within in doing so.”Along with this,the people leaders must focus on experiences “I think there are a lot more features of our products. We tomers in places such homegrown company will also continue that make work more human using tech- and technologies to carefully explore use our own. as Kashmir and to explore cybersecurity surrounding its nology.Itinvolvesredesigningeverytouch- beforegoingcompletelytocloudandsub- remote parts of products,havingaddedencryptionlevels, point that matters with the end-user in sequently implementing other modern — TEJAS GOENKA, Rajasthan who may a version of which is already rolled out in mind to make it intuitive,intelligent,and technologies likeAI/MLto the fullest.The MD, TALLYSOLUTIONS not be connected all its existing products. personalised. Establishing a culture where your employeesareproudandpassionateabout theirworkplacestartswithdesigninggreat Tech workplaceexperiences.Letuslookatasce- nario.Your company’s new recruitment system has carefully analysed available data and narrowed on a tech-savvycandi- datenamedBettyandsetupavirtualmeet- Bytes ing.Using an AI-based questionnaire,the Gadgets system determines the areas the inter-

● CES 2021 HRsmartwatchwillbeavailableinIndia April onwards for`14,495. AmazfitGTR2eandGTS2e:Thetwo latestadditionstotheAmazfitGT2series Armed with the latest tech will be launched in India this month. While the GTR 2e has a classic round designwitharotatable,1.39-inchAmoled Wearables and smartwatches announced at CES coming to India soon high-definition screen,the GTS 2e has a square design and a rotatable,1.65-inch HDAmoled screen comparable in clarity VIKRAM CHAUDHARY such as health and wellness-related onwards),and theAccess Gen 5E MKGO tothelatestsmartphones.Thebrandsaid tracking, a built-in speaker for Blue- (will be available at select MK boutique thesewillbe“ataffordablepricepointsfor THE CONSUMER ELECTRONICS Show tooth-enabled calling, and contactless storesworldwide,pricenotannounced). theIndianconsumers.” 2021 (January 11-14) turned out to be NFC payment capabilities.The watches Skagen Jorn Hybrid HR: Fusing Fossil Gen 5 LTE Touchscreen: It is the largest digital tech industryevent in include the Gen 5E Darci (priced classic style with smart technology, the enabled with 4G cellular connectivity history, with over 2,000 companies— `25,995,willbeavailableinIndiaMarch Hybrid HR smartwatches work with powered byVerizon,Qualcomm’s Snap- Wipro to set up digital including almost 700 startups phones running the latest version of dragon Wear 3100 platform, and Wear viewershould focus on to delivera unique from37countries–launching Android or iOS. Features include two- OS by Google, and this means Android experienceforBettytoconsideryourcom- hub for Fiat Chrysler innovationsthatwillmovethe week battery life, e-ink display, activity phoneuserscanstayconnectedwithtex- pany.The week before the interview,your WIPRO ANNOUNCED THAT it has been world forward. In the field of and sleep tracking,custom watch faces, ting and calling abilities without need- virtualschedulerhasconnectedwithBetty chosen as a strategic technology services wearables in particular, heart rate sensor,GPS, music control, ing their phone.It also has 8GB storage. and given her a run-through for today partner by Fiat Chrysler Automobiles advances in sensor technol- accelerometer, rapid charging (50 min- It will be first launched in the US and along with a virtual tour of the office,and (FCA) to establish its first Global Digital ogy, smart fabrics, cloud utesto80%),andsoon.TheJornHybrid available in India only 2022 onwards; interactions with avatars of her manager HubinHyderabad.Thisdigitalhub,called computing, flexible prices haven’t been announced. andco-workers.Thisintelligentsystemhas FCAICTIndia,willsupportFCA’sinforma- membranes and more connected with Betty’s car as she tion and communication technology are taking fitness and approachedtheoffice,directedtoaparking operations to focus on delivering pre- wearablestothenext space,and allowed her access through her mium mobility services and help FCA level, helping track smartphone.Bettyisthenguidedtoameet- achieveitsgoaltoenhancecustomercen- activity and extend ing room,where herfuture managerwaits. tricitythrough digital transformation.As connectivity. As Betty leaves with an intent to join,she partofthisengagement,Wiprowillsource At the all-digital downloadsthecompany’svirtualonboard- andbuildatalentpoolofmorethan1000 CES 2021, a number ingapponherphone.Withanswerstoafew skilled consultants and technologists for of new smartwatches simplequestionsaswellaspermittedaccess FCAICTIndiawhowillhelpdevelopcapa- andwearableswereshow- tohersocialmediaaccounts,theadvisorhas bilities around futuristic technologies. cased,and of these at least already paired herwith the best-fit buddy, Thehubwillshowcasehigh-performance four are confirmed to be assigned her a comfortable work location, engineering skills and digital best prac- launched in India. configuredherITtools,andoptimallysched- tices.FCA ICT India will be built from the Michael Kors Access Gen uled her day one.By connecting commer- ground up to meet FCA’s specific needs 5E: Powered with Wear OS by ciallyavailabletechnologywithinternalsys- and growth agenda in the region.Ashish Google, these have features tems,youcancreateauniqueexperiencefor Saxena, head of manufacturing,Wipro anyindividual. said,“The automotive industry needs a The first step in creating a great robust digital infrastructure that will ● ONEPLUS BAND employee experience is in knowing the accelerate the pace of innovation and touchpointsthatmattertoyouremployees. change it is currently experiencing.We Aself-servicedigitalplatformforemployees will help catalyse FCA’s transformation to conduct all transactions and obtain all and innovation by leveraging our global Staying active has never been easier companyinformation on the go could be a technologypartnerships,in-houseIPsand real game-changer.From applying leaves, accelerators in the automobile sector.” consumers will be easily enticed to pick exploring the outdoors.Put simply,you fect blend of powerful hardware and checkingcompensationandbenefitentitle- The OnePlus Band up its new band that carries an afford- canstaycoolandlookcooleverytimeyou intelligent algorithms helps you learn ments,booking travel,submitting claims, Helping MSME on their provides you with a wealth ablepricetagof`2,499.Letuscheckout wearyourOnePlusBand. howwellyourbodyabsorbs oxygen. creatingprojectopportunities,oreveniden- some of its keyfeatures. Inside,theOnePlusBandisequipped You can track and analyse your sleep tifyingtalentcanbedoneatamereclick. digital journey of statistics on your The OnePlus Band comes with an with sensors that monitor your blood patterns effortlesslywith this band.You Nextistobuildandsustainahealthyand MICRO,SMALLAND medium workouts and general active design and dynamic colours (our oxygen saturation (SpO2) level to give can also combine sleep tracking with productiveworkplacebypromotinghealth enterprises (MSMEs) are an important trialunitwasBlack)thatmakeyoustand you a deeper understanding of your continuous SpO2 monitoring to get a andwell-being,ensuring safety,improving growth engine of the Indian economy. health so you have the data out in a crowd. It seamlessly integrates health.The blood oxygen sensor on the more comprehensive view of your productivityandencouragingwork-lifebal- With over60 million business units,the you need to achieve your withyoursmartphoneusingtheall-new bandbeamsinfraredlightontoyourskin health.What’smore?Youcancheckyour ance.AnAI-based performance system can sectorcontributes to 29% of India’s OnePlus Health app.That means,now to measure SpO2 levels by sensing sleep score, receive insights and adjust come in handy to flag potential work or GDP,40% of exports and employs over fitness goals you can get insights and suggestions to changes in the colour of blood.You can routines to improve your sleep quality health-related problems faced by employ- 110 million people.These businesses are improve your health metrics over time. also check your SpO2 levels on demand over time. You can also conveniently eesthroughthecompany’snetworkanaly- looking forreliable,secure connectivity It'salsodesignedtobehighlypower-effi- oractivatecontinuousSpO2monitoring trackyourvitalswiththeOnePlusBand’s sisalgorithm. and digital platforms thatwill add to SUDHIR CHOWDHARY cient; a single charge lasts upto two whilesleeping.Inotherwords,aper- real-time heart rate monitoring.With And finally, we need to bring human theirefficiencyand competitiveness. weeks of standbytime. personalised heart-rate alerts,the band intuition and creativity to work with sys- Towards this,BhartiAirtel is stepping up COVID HAS BROUGHTtheimportance The vibrant 2.97cm will notify you of irregular readings. It tems and data to come out with solutions initiatives to accelerate the digital of physical and mental fitness to the (1.1-inch) AMOLED comeswith13dedicatedexercisemodes that are meaningful to employees. The transformation of MSME bypartnering forefront of people’s consciousness. colourdisplaywith to help you track your workout, on importanceofuserbasedtestingandrapid with National Small Industries Whether that’s finally quitting a smok- deepercontraston the ground or at the gym.Yoga prototyping of solutions helps in getting Corporation (NSIC),a government ing habit, exercising more, or talking to theOnePlusBand andCricketmodesareamajor solutionsintouseatapacethatisuseful. enterprise.Basically,the alliance is someone about depression,there’s an worksprettygood drawhere. Theglobalshifttoremoteworkhascre- intended to make it easierformillions of increased focus on overall wellness. No even in direct Overall, the OnePlus ated both opportunities and challenges for small and medium businesses get access wonder, the wearables market has been sunlight. You Band provides you with a thefutureofourworldofwork.Onthepos- toAirtel’s connectivity,conferencing, particularlyresilient during 2020. can connect to wealth of data on your itive side,companies have seen the need to cloud,security,and go-to-market Sensing a market opportunity,One- the OnePlus workouts and general accelerate their investments in workplace solutions.These solutionswill be Plushasmarkeditsmuch-awaitedentry Health app and health so you can easily technologyas officeworkers have adapted available through NSIC’s online portal intothefast-growingwearablessegment explore a number of achieve your fitness better to using these solutions.We have a www.msmemart.com aswell as through withitsall-newOnePlusBand.Anevery- watch faces orpersonalise goals. Hence it finds a uniqueopportunitytohelpmakeourwork- NSIC’s field offices across the country daywearable,itisado-it-all,smartactiv- the OnePlus Band with your pictures. strong mention. places more human by using technology underNSIC’s aggregationvertical itytrackerthatkeepsupwithyouractive Rated 5ATM and IP68,the band iswater pairedwithhumanthought. offering ICTenabled digital services,said lifestyle.OnePlus has a reputation for resistantupto50metersfor10minutes. ■ Estimated street PUdayakumar,director(Planning & making great products and I am sure It’s dust-resistant too,so it’s perfect for price: `2,499 The writer is executive vice president, Marketing),NSIC. Head HR, Infosys

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LIQUIDITY SUPPORT

R Sridhar, CEO, IndoStar Capital

The government and RBI took calculated Markets ❝measures which aided economic recovery. We ❝ expect similar policy momentum to prevail in the THURSDAY, JANUARY 21, 2021 Union Budget FY22.

● Money Matters SENSEX NEARS 50K-MARK ICICI Bank seeks buyers G-SEC Global rally pushes mkts to for `193-crore exposure Benchmark yield rose 0.011% under selling pressure to SBEL road project 5.916 fresh records; auto,IT shine 5.917 GauravDua,seniorvicepresident,head SHRITAMA BOSE The markets reacted to Sensex Intra-day, January 20 — capital markets strategy and invest- Mumbai, January 20 strong positive cues coming 49,792.12 ments, Sharekhan by BNP Paribas, said, 49,900 “The pillars of the long-term equity rally ICICI BANK IS on the lookout for a buyer January 11 January 20 from global markets ahead are in place with low interest rates, bank for its `193-crore exposure to Srinagar of Joe Biden being sworn in 49,800 49,508.79 balancesheetsonamend,significantpol- BanihalExpressway(SBEL),asubsidiaryof icyreformsalongwiththerecentfocuson the listed Ramky Infrastructure. In Janu- 49,700 `/$ as the president of the US attractingforeigninvestmentsanddevel- ary 2020, Indian Overseas Bank had 49,600 oping the manufacturing sector.” moved the Hyderabad bench of the The rupee ended higher 0.196% FE BUREAU Equities have received foreign portfo- National Company Law Tribunal,seeking on share market gains Mumbai, January 20 49,500 lio inflows at $2.56 billion so far in Janu- that insolvency proceedings be initiated and a weak dollar ary.Apartfromlowinterestratesandhigh against SBEL. EQUITIES CONTINUED THEIR record- 49,400 liquidity,thepreferenceofglobalinvestors Inapublicnotice,ICICIBanksaidofits Inverted scale 73.03 breakingriseonWednesday,withtheSen- foremergingmarketshasalsocontributed `192.8-crore loan to the company,`36.8 49,300 sex ending the day a few points shy of the Open Close to robust inflows.Most foreign invest- crore is seniordebt and `156 crore is sub- 73.39 50,000-mark — it rallied 393.8 points mentbanksareoverweightonglobalequi- ordinated debt. It has security over all (0.8%) to close at 49,792.12. The Nifty tiesandbelievetheIndianmarketsdespite assets/rights of the borrower under its soared 123.85 points (0.85%) to close at Shree Cement, Gail, NTPC and HDFC stretched valuations can deliver positive project document and escrowaccount,by sectionofNationalHighway–1Afromkm 14,644.7.The markets reacted to strong Bank, down by 2.1%, 1.8%, 1.56%, returns for2021. way of first ranking charge for the senior 187.00 to km 189.350 (Banihal bypass) January 11 January 20 positivecuescomingfromglobalmarkets 1.04% and 0.92%,respectively. The Niftyis trading at a 12-month for- debt and second ranking charge for the and km 220.700 to km 286.110 (approx- ahead of Joe Biden being sworn in as the Equities have been hitting record ward price earnings 22.4 times,which is subordinateddebt,alongwithacorporate imately 67.76 km) on a design, build, president of the US. highs since November last year, which much higher than its five-year average of guarantee and sponsor support agree- finance, operate and transfer (annuity) C=/$ Automobile companies drove the means that the markets have been mak- 17.5times.WhileCreditSuisseWealthMan- ment from the promoter. basisundertheNationalHighwaysDevel- markets, with stocks such as Bajaj Auto ing fresh records for three straight agement expects the markets to remain “Presently, the borrower is a non-per- opment Project. The euro fell against 0.148% and EicherMotors hitting their52-week months.In March 2020,stocks hit their volatile,itadvisesinvestorstostayinvested formingassetwiththebank/otherlenders AccordingtoIcra,thetotalrevisedcost the dollar highs.Tata Motors has rallied 38.84% in four-yearlowswith the onset of the pan- in equitieswhile cutting risksto theirport- and is facing litigations initiated byother of the project is `2,000 crore.The total January itself.IT stocks also contributed demic. The Nifty touched a low point of folio. Siddhartha Khemka, head — retail lenders viz recovery suit with DRT,”the concession period is 20 years, including 1.2151 to the gains. Major gainers on the Nifty 7,610.25 and has rallied by92.4% since research,Motilal Oswal Financial Services, notice said.The asset is being offered on a the construction period of three years. 1.2111 were Tata Motors,Adani Ports and SEZ, then. When the Sensex crosses the said:“Goingahead,themarketmomentum cash-onlybasis. SBELwillreceiveafixedannuitypayment Wipro, Tech Mahindra and Maruti 50,000-mark,the index would take its couldcontinueforafewdaysonthebackof According to a rating rationale dated of `134.82 crore semi-annually for 17 Suzuki with rise of 6.09%, 4.4%, 3.4%, compounded annual growth rate positive global cues and good earning sea- January14,2020,issued byIcra,SBELhas years. The project is being funded by 2.72% and 2.55%,respectively.Signifi- returns to 15.5% forthe period between son so far. However, there could be some outstanding borrowings of `1,440 crore. `1,440-croredebt and `360 crore of pro- cant loserswere PowerGrid Corporation, 1979 and 2021. volatilityintherun-uptotheBudget.” Icra rated the company‘D’as itwas not moters’ contribution and one-time fund January 11 January 22 cooperatingwith the agency. infusion of `200 crore from the NHAI. Ramky Infrastructure holds a 74% “Theprojectachievedprovisionalcom- stake and Jiangsu Provincial Transporta- mercial operations date (PCOD) in April BofA Securities tion Engineering Group Company holds 2018. As against planned financial Federal Bank Q3 net 26% in SBEL,whichwas set up forcon- progress of 100.00%, actual financial Quick expects Nifty to struction, operation and maintenance of progress is 95.20% as on September profit falls 8% because the four-laning of the Srinagar-Banihal 2018,”the rating note said. View touch 15K by of higher provisioning end of CY2021 Rupee settles 12 paise higher at 73.05 RISING FOR THE second session on the 73.17 against theAmerican currency. FE BUREAU trot,the rupee finished 12 paise higherat Meanwhile, the dollar index,which « Govt hikes authorised (` cr) Q3FY20 Q3FY21 Chg (%) Mumbai, January 20 73.05againsttheUSdollaronWednesday gauges the greenback's strength against Total Net Net interest GNPA NNPA amid a rally in domestic equities and a a basket of six currencies,slipped 0.07% capital of Punjab & income profit margin (%) (%) BOFASECURITIES ON (%) Wednesdaysaidit weak greenback overseas. to 90.43. Sind Bank to `10k cr expects the Nifty to touch 15,000 at the At the interbank forex market, the On the domestic equity market front, end of the calendar year 2021, which is rupee opened at 73.11, and hit an intra- the BSE Sensex ended 393.83 points or STATE-OWNED PUNJAB & Sind Bank just 2.4% away from Wednesday’s mar- dayhigh of 73.05 and a lowof 73.14. 0.80% higher at 49,792.12, while the onWednesdaysaid the government 0.60 ket close of 14,644.7. It finally closed at 73.05,higher by 12 broaderNSENiftyadvanced123.55points has raised its authorised capital to The brokerage stated that it expects paise overits last close. or0.85% to 14,644.70. 3,941.36 3,738.22 3.22 2.71 `10,000 crore."Government of India foreign portfolio inflows to continue in On Tuesday, the rupee had settled at —PTI vide Gazette Notification No.F.No.l 2021 and that it could touch $10 billion 440.64 l/8/2019-BOA-I dated 06.01.2021 404.1 3 2.99 1.63 for CY2021. has increased theAuthorized Share Commenting on the target, Amish « « ANALYST CORNER Capital of the Bank from `3,000 crore 5.4« 8.3 22*« 28* « 103* Shah, India equity strategist, BofA Secu- to `10,000 crore,"the bank said in a Source: BSE *bps rities, said,“In the current context, the filing.Lastyear,the government had targetdoesnotleavemuchupsideforthe approved capital infusion of `5,500 markets. We are still bullish but not as Maintain‘neutral’on crore into the bank through FE BUREAU that is promising. Provisions have been bullish as we were last year because the preferential allotment of shares.The Kochi, January 20 increased substantially to absorb any markets have done reallywell.” fundwas approved from `20,000 unfavourable turn of events.Asset qual- The foreign brokerage stated that IRB Infra with TP at `122 crore cleared byParliament in FEDERALBANK ON Wednesdayreported ityissueshavebeenkeptincheckdespite it expects the foreign inflows into the September2020 forcapital infusion an 8.3% year-on-year (Y-o-Y) decline in external headwinds.” Indian markets are going to be posi- MOTILAL OSWAL dependency on new orderwins.We cut in PSBs as part of the first batch of its third quarter net profit to `404.10 Gross NPA as a percentage improved tive for the CY2021, but it would not our FY21E/FY22E/FY23E EPS by SupplementaryDemands forGrants crore, mostly because of higher provi- from 2.99% to 2.71%, while net NPA be as high as that seen in 2020 at IRB’S CONSOLIDATED FINANCIALS are 7%/5%/10% due to higher depreciation for2020-21. sioning for bad loans. The lender had improved from 1.63% to 0.60% on a Y- $23.3 billion. not comparable Y-o-Y due to the in the BOTsegment.Though NHAI has reported a net profit of `440.64 crore in o-Y basis. The provision coverage ratio BofA Securities expects foreign monetisation of nine assets through ramped up ordering,with 4QFY21 Sebislaps`25-lakhfine theyear-agoperiodand`307.62crorein improved substantially from 45.30% to portfolio investors to pump in capital the InvIT route and consolidation of expected towitness higher orderwins, the second quarter of the current fiscal. 77.10%. worth $10 billion in the Indian mar- the Mumbai-Pune Phase II project. The anyweakness in orderwins may pose a ontwoindividuals Provision and contingencies for the However, if the bank had classified kets on the back of large and higher fis- Construction business reported a downside risk to our earnings estimates. MARKETS REGULATOR SEBI on quarterunderreviewstoodat`421crore, borrower accounts as NPA after August cal stimulus especially in countries like revenue/Ebitda/adjusted PAT decline We maintain ‘neutral’,with a SoTP-based Wednesday imposed a total penalty an Y-o-Y increase of 161% from `161 31,2020,the bank’s proforma gross NPA the US. of 22%/22%/53% Y-o-Y. Normalcy in TPof`122 per share.Any favorable of `25 lakh on two individuals for crore provided in the year ago period.The ratio and proforma net NPA ratio would While the foreign financial services traffic led to strong (32% Q-o-Q) outcome from theAhmedabad- not complying with its directives to bankrecordedanoperatingprofitof`963 have been 3.38% and 1.14%, respec- firm is not pricing in a correction, it growth in collections across 13 toll Vadodara Expressway arbitration may disgorge the unlawful gains made croreduringthequarter,against`743.82 tively,sources said. expects the returns from the markets to assets of IRB and IRB InvIT.Though pose an upside risk to ourTP. by them.The individuals are crore in the same quarterlastyear. The Kerala-based lender said at the be lower than last year. losses from the associates reduced Consolidated earnings miss Mansoor Rafiq Khanda and Firoz Shyam Srinivasan,MD & CEO,said: end of the December 2020 quarter,total In its Outlook 2021 report,the bro- sequentially, higher depreciation from expectation. Consolidated revenue Rafiq Khanda (noticees).The “Thebankcontinuesitsstrongoperating deposits stood at `161,670 crore, com- kerage stated that it was overweight on Mumbai-Pune Phase II project led to a declined 11%Y-o-Y to `15.5 billion (17% individuals were engaged in momentumdespiteexternalturbulence. pared with `144,592 crore in the year- financials, industrials, materials, sta- 29% miss on our earnings estimate in ahead ofour estimate) on stronger than providing investment advisory This has helped the bank strengthen its ago period. ples,telecom and pharmaceutical sec- spite of a beat on our revenue expected execution in the EPC segment. services to investors upon the balance sheet further.The growth in the Advances at the end of Q3 stood at tors whereas it was underweight on estimate. For 9MFY21, adjusted PAT Ebitdawas flatY-o-Y at `7.2 billion (6% receipt of requisite fees without netinterest marginis encouraging given `128,174 crore, compared with sectors such as consumer discre- stood at `197 million (v/s `5.7 billion in ahead ofour estimate). Higher revenue obtaining registration from Sebi, the challenging operating environment. `120,861croreinthethirdquarterofthe tionary, information technology and 9MFY20). from lower margin construction business according to a Sebi order. Gold loan continues its golden run, and last fiscal. energy. Cash flowvisibility has improved implies a lower beat on Ebitda. Due to meaningfully due to the Mumbai-Pune higher depreciation and losses from Phase II project. Construction order associates, adjusted PATdeclined 57%Y- book (OB) remainsweak,with OB-to- o-Y to `695 million and missed our Bajaj Fin to make payments foraywith merchants,consumerpush revenue ratio of1.1x, thereby increasing expectation by 29%.

FE BUREAU partners and merchant ecosystem by Mumbai, January 20 Net profit decreases 29% in third quarter May this year. “Once deployed, this will require Maintain‘buy’on APSEZ BAJAJ FINANCE ON Wednesday BAJAJ FINANCE ON Wednesday cost of surplus liquidityof `213 crore much lowerheadcount addition as a pro- announced its forayinto India’s compet- reported a 29% year-on-year fall in its against `83 crore. portion of growth,”the company said. itive payments business. The consumer net profit for the quarter ended During the quarter,the company Bajaj Finance plans to roll out the first with revised FV of `600 financier’s push in this segment will December31 to `1,146 crore. did one-time principal write-off of phase of its business transformation by coverits 1.03-lakh strong merchant base The fall in profit was driven by a `1,970 crore on account of Covid-19 mid-July,2021. KOTAK INSTITUTIONAL EQUITIES promoter group in Adani Gas, Adani and five proprietaryapps forconsumers. declineinnetinterestincomeby`239 relatedstress,MDRajeevJainsaidatan The business transformation once Green Energy and Adani The company is in the process of crore to `4,296 crore, lower business investorcall. fully delivered will drive significant THE $2 BILLION proceeds from the Transmission. launching Bajaj Pay for consumers in Q4, volume and front-loading of loan The company provided `800 crore velocity gains, reduction in operating Total deal for the Adani group would The promoter group may allocate which will offer an integrated payment losses and provisions due to Covid-19 as of December 2020 for Covid-19 costs and significant improvement in help it better manage its mandates of the large $2 billion proceeds across solution comprising Unified Payments related stress. related stress.“If recoveries are better customer experience,it expects. reducing share pledges, financing three key areas. Reducing share Interface (UPI), prepaid payment instru- Newloans booked during the quar- in FY22,we may experience lower net It said it has accelerated its business ambitions in Australia and airports, pledges across listed entities— ($3 ment (PPI), equated monthly instalment ter was lower at 6.04 million, against loan loss to average assets,”Jain said. transformation journey to provide and bid for Concor. We reduce our billion aggregate promoter-level (EMI)cardandcreditcardtoitscustomers. 7.67 million in Q3FY20.Assets under Bajaj Finance's gross non perform- financial products and services to its 46 cost of equity assumption for Adani debt). Part of the proceeds from the It is alsoworking onBajajPayformer- management as of Decemberwent up ing assets (NPA) stood at 0.55% and million customers in a seamless manner Ports to 12.75% from 13.25% and Total deal may go towards reducing chants, aimed at broadening a payment 1% to `1,43,550 crore. net NPAwas at 0.19% as on Decem- bycreating an omnichannel framework. bring monthly volume run-rate for the group’s share pledges. We note solution offering for its merchants and The net interest income for ber 31,2020,compared with 1.61% Theomnichannelmodelwillenablethe FY2022 to levels reported in past commitment of the promoter enablinggrowthinitsmarketsharefrom Q3FY21declined 5% to `4,296crore, and 0.70%, respectively, as of customertomovebetweenonlinetooffline December 2020. Retain ‘buy’ with group to reduce share pledges to these merchants in the medium term. against `4,535 crore in Q3FY20, December31,2019.The provisioning andviceversainafrictionlessmanner. revised FV of `600 (from `535 insignificant levels by September These moves will all be a part of Bajaj because of interest reversal of `450 coverage ratio as of December 31, Bajaj Finance’s push to enable a earlier). 2021. Aggregate share pledges Finance’s business transformation plan. croreversus `83 crore in Q3FY20 and 2020 was 65%.— FE BUREAU stronger and direct digital connect with Total Renewables has acquired a amount to ~12% of overall market The financier is building five propri- its customers is significant in the light of 16.4% stake in Adani Green Energy, capitalization of Adani group’s listed etary marketplaces — EMI store,insur- the Reserve Bank of India’s (RBI) impo- as per a recent BSE release. entities as of today. ance marketplace, investment market- said in its investor presentation. On the operations side,the company sition of a monetary penalty of `2.5 Unauthenticated media reports Financing capex/equity place,‘BF Health’and a broking app — The company also plans to partner is also developing or significantly trans- crore on the company for using coercive separately suggest that the French requirement in Australia/airports with the help of group companies. with an adjunct app ecosystem of more forming four‘productivityapps’— Sales methods of recoveryfrom its borrowers. oil and energy group Total plans to prior to external funding coming in “These 5 appswill provide customers than 25 members,which have relevant One app,a merchant app,a collections The regulator held the company buy 20% stake for a quantum of $2 ($2.5 billion near-term requirement). with an option to review,compare and products and services for its customers. app and a partner app. accountable for its failure to ensure that billion. To put this in perspective, the Part of the proceeds from the Total buy host of financial products and ser- “These apps will provide adjacency to It expects that these apps will signif- its recovery agents did not resort to $2 billion quantum is equivalent to a deal can be used to support any vices across electronics, insurance, BFL’s core offerings thereby increasing icantly improve the productivity and harassmentorintimidationofcustomers combination of the past three shortfall in financing for the group’s investments and health,”the company stickiness,”Bajaj Finance said. efficiencies of its employees, channel as part of its debt collection efforts. instances of monetisation by the ambitions.

Pune WWW.FINANCIALEXPRESS.COM THURSDAY, JANUARY 21, 2021 FINANCIAL EXPRESS MARKETS 11

HDFC AMC Q3 PAT rises 5% to `369 crore SBI executes inter-bank money Surge in bad debt market transactions linked to SOFR PRESS TRUST OF INDIA `369.26 crore for the three `594.91 crore from `591.99 tinues to be some uncertainty New Delhi, January 20 monthsendedDecember31.It crore in the same period last regarding how the pandemic STATE BANK OF India on rate (SOFR).SOFR is an identi- set to complicate had posted a PAT of `352.55 year. “Our financial perfor- will ultimately pan out, mar- Wednesday said it has exe- fied replacement for USD HDFC ASSET MANAGEMENT croreintheyear-agoperiod,the mance in the initial period of kets have been upbeat and our cuted two inter-bank short- LIBOR (London Inter-Bank Company (AMC) on Wednes- company said in a regulatory this fiscal had suffered due to financial performance this term money market transac- Offered Rate) which is NBFCs’problems day reported a 5% increase in filingwiththestockexchanges. the effects of the pandemic on quarterhasimprovedfurther,” tions with pricing linked to expected to be phased out at its profit after tax (PAT) to Total income grew to the markets.While there con- HDFCAMCsaid. secured overnight financing the end of 2021. PTI DIVYAPATIL & ANIL POONIA January 20

TROUBLEDSHADOWBANKS NBFC face mounting challenges to a nascent recovery from the ` pandemic, with their asset quality set to deteriorate fur- ther as flagged recently by the Reserve Bank of India. Non-performing assets already swelled in the most recentdatatothe highestinat least fiveyears,at 6.3% as of already heading for its worst March 2020 even before the annual contraction since the worstofthepandemicimpact, 1950sthisfinancialyear.Fitch the RBI said in a report last Ratings this month said rating week. That is up 100 basis outlooks have turned negative points from ayearearlier. formanyNBFCs and that asset Recent days have brought quality risks loom as support more reminders of strains, as measures may be pared down creditors to bankrupt shadow thisyear. lender Dewan Housing The sector, meanwhile, Finance Corp voted on a piledonmoredebtlastmonth, takeover plan. Further finan- a Bloomberg index measuring cial pain in the industry could outstandingliabilitiesshowed. threatenarecentrebounddri- NBFCsandhousingfinance ven by stimulus last year. firmsarethelargestborrowers Ample liquidity helped non- offundsfromthefinancialsys- bank lenders’borrowing costs tem,the RBI said in the report. stay near a five-year low in Asubstantialpartofthatfund- December,accordingtoamea- ing comes from banks, and sure that’s among fourindica- hence any failure of a shadow torscompiledbyBloombergto lender could act as a solvency check on the health of the shock to theirbanks. industry. To be sure, the RBI last monthsaiditwouldintroduce Strong debt gauges risk-based internal audits at Shadowlendersfundawide largeNBFCs.Itisalsomonitor- rangeofbusinessesfromsmall ing 100 non-bank lenders rig- holidaytouroperatorstoprop- orouslytoensurefinancialsta- erty giants.Any setback would bilityis maintained. not bode well for an economy BLOOMBERG IRFC public issue subscribed 3.49 times on final day

PRESS TRUST OF INDIA New Delhi, January 20 Indigo Paints THE INITIAL PUBLIC offering IPO subscribed ofIndianRailwayFinanceCor- poration was subscribed 3.49 1.90 times on times on the final day of bidding on Wednesday. The first day offer received bids for 4,35,22,57,225 shares, The initial public offer- against1,24,75,05,993shares ing of Indigo Paints was on offer. subscribed1.90timeson The qualified institutional the first day of bidding buyers (QIBs) category was on Wednesday.The offer subscribed 3.78 times, non- received bids for institutional investors 2.67 1,04,67,410 shares, times and theretail individual against 55,18,402 investors category by 3.66 shares on offer,accord- times. ingtodataavailablewith The initial public offering the NSE. The portion of up to 178.20 crore shares reserved for qualified comprisesafreshissueofupto institutional buyers 118.80 crore shares and an (QIBs) was subscribed offer for sale of up to 59.40 10%, non-institutional crore shares. investors1.10timesand Thepricerangefortheoffer the retail individual was fixed at `25-26 pershare. investors (RIIs) category IRFChadonFridayraisedalit- by3.29 times. tle over `1,398 crore from — PTI anchorinvestors. It is a dedicated financing armoftheIndianRailwaysfor Railways through market bor- mobilising funds from rowing at the most competi- domestic as well as overseas tive rates and terms. markets. DAMCapitalAdvisorsLim- Its primary objective is to ited,HSBC Securities and Cap- meetthepredominantportion italMarkets(India),ICICISecu- of 'extra budgetary resources' rities and SBI Capital Markets requirement of the Indian werethemanagerstotheoffer.

Sundaram Finance appoints Rajiv Lochan as new MD

FE BUREAU Finance and other group com- Chennai, January 20 paniesinfinancialservices. AN Raju,directorof opera- SUNDARAMFINANCEON tions,will assume the role of Wednesday announced that deputy MD while Srini- RajivLochan,directorof strat- vasaraghavan will remain on egy,willassumetheroleofMD theboardandplaytheroleofa with effect from April 1. TT mentor. Srinivasaraghavan,thecurrent Srinivasaraghavan said:“It MD, completes his term on has been a great privilege and March 31 and is retiring from honour to lead this outstand- service after 38 years with the inggroupofpeoplewhomake company, the last 18 years up Team Sundaram over all being the MD. these years. Our enduring HarshaViji,deputyMD,will commitment to the Sun- assume the office of executive daram Values will ensure that vicechairman,andtakerespon- Sundaram Finance scales sibility for the overall strategy greaterheightsunderthenew and direction of Sundaram leadership team”. CCI clears Axis-Max Life deal THE COMPETITION COMMIS- about 1% stake in Max Life SION ofIndia(CCI)onWednes- andisalsothebiggestdistribu- day said it has approved the tor of the insurer's products stake acquisition in Max Life through banking channel. Insurance Company by Axis Additionally, Axis Capital Bank,AxisCapitalandAxisSecu- andAxisSecuritieswillacquire rities. According to the combi- 2% and 1%, respectively, nationnoticefiledwiththeCCI, shareholding in Max Life.Fur- theshareholdingofAxisBankin ther,Axis entities will have a MaxLifewillincreasetoapprox- right to acquire an additional imately9.9%. stake of up to 7% in Max Life, Currently, the bank holds in one ormore tranches. PTI

Pune THURSDAY, JANUARY 21, 2021 WWW.FINANCIALEXPRESS.COM 12 FINANCIAL EXPRESS

Regd. Office: ‘Rasoi Court’ 20, Sir R. N. Mukherjee Road, Kolkata–700001 Phone: 033 22480114 / 5, Email: [email protected], Website: www.jlmorison.com/corporate

Pursuant to Regulations 29(1)(a) and 47(1)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of the Board of Directors of the Company will be held on Friday, 29th January, 2021 interalia to consider and approve the Un-Audited Financial Results of the Company for the quarter and nine months ended 31st December, 2020. Notice can be accessed on the web-site of the Company i.e. www.jlmorison.com/corporate and the Stock Exchange i.e. www.bseindia.com For J. L. Morison (India) Limited Sd/- Sonal Naik Company Secretary & Compliance Officer

KI KAYCEE INDUSTRIES LIMITED CIN: L70102MH1942PLC006482 Regd. off: Old Kamani Chambers, 32-Ramjibhai Kamani Marg, Ballard Estate,Mumbai-400001; Tel.No.:02222613521 FaxNo.02222613521 Website: www.kayceeindustries.com Notice NOTICE is hereby given that pursuant to Regulation 47 read with Regulation 33/ Regulation 29 of SEBI (LODR) Regulations, 2015 the Meeting of the Board of Directors of the Company will be held on Thursday, January 28, 2021 through Video Conferencing (VC), inter alia, to consider and approve the ��������� �� ������� �� ��� �������� �� ����������� un-audited financial results of the company ������� ��������� �� ����������� ��� �������� �� ���������� for the quarter and nine month ended ���� �� �� ������ ���� ��� ��������� �� ���������� �� �� ��������� �� ���������� ���� ���� ������ ��������� �� ���������� ��� ���������� �� ����� �������� �� �������� December31,2020. ������� ���� �� ���������� ���������� ThisinformationisalsoavailableonCompany's ������ ���������� ���� �� �� ���� �� website www.kayceeindustries.com and also ��� ���� ���� ��� ���������� �� ��� ����� �� ���� � �� �� ����������� ��� ��� ����������� onBSEwebsitewww.bseindia.com. ������� ��� ��������� �� ���� ���� �� ���� ��� ������� �� ��� ��������� ������ ��� ������� For Kaycee Industries Limited ���������� ������ ������������������������������ Sd/- ����������������������������� ��������������������������� Harshal Patil ����������������� ������� ���������������������� ���� ��������� Place:- Mumbai ����� ���� Company Secretary Date:- January 20, 2021 ���������� �� ��� ������ �� ��� ������� ���� ����������������������������������������� �������� ������ ������� ������� ������� ������� � �� ��� ����� ������� ����� ���������� ������ ���������������������������� ������������������������������ ������ ��� ����� ��������������������������� ������� ������� ������ ������������ ����� ���� �������������� � ������������� CELLA SPACE LIMITED (Formerly known as Sree Sakthi Paper Mills Limited) CIN-L93000KL1991PLC006207 Sree Kailas,57/2993 /94, Paliam Road,Ernakulam , Kerala -682016 NOTICE OF POSTAL BALLOT/E VOTING Members are hereby informed that pursuant to Sec�on 110 and other applicable provisions, if any, of the Companies Act, 2013 (the “Act”) read with Rule 22 of the Companies (Management and Administra�on) Rules, 2014, (the “Rules”), Regula�on 44 of the Securi�es & Exchange Board of India (Lis�ng Obliga�ons & Disclosure Requirement) Regula�ons, 2015 (the “SEBI Lis�ng Regula�ons”) read with relevant Circulars issued by MCA in view of COVID-19 pandemic , the Company has completed the despatch of Postal Ballot No�ce dated January 9, 2021 on January 20,2021 only through electronic mode to all those members of the Company whose e mail addresses are registered with the Company or with the Depositories as on January 15, 2021 (“Cut off date”). The requirement for sending physical copy of the Postal Ballot No�ce and Postal Ballot Form has been dispensed with the MCA circulars. Members are hereby informed that 1. The Special Business pertaining to offer or invite to subscribe, issue and allot, 60,00,000 (Sixty Lakh) 11.25% Non Conver�ble Redeemable Cumula�ve Preference Shares (hereina�er referred to as “NCRCPS”) of face value of Rs. 10/- each at par, for an aggregate value not exceeding Rs. 6,00,00,000/- (Rupees Six Crores only) to Mr. S Rajkumar (Managing Director and Promoter) for cash in one or more tranches as given in Postal Ballot No�ce is transacted through Postal Ballot via remote e vos�ng pla�orm provided by Central Depository Services (India) Limited (CDSL). 2. The e vo�ng commences on Thursday, January 21, 2021 at 9.00 a.m (IST). 3. The e vo�ng period ends on Friday, February 19, 2021 at 5.00 p.m (IST) and therea�er, the remote e-vo�ng shall be blocked and vo�ng shall not be allowed beyond the said�me. 4. Only those members whose names are recorded in the Register of members of the Company or in the Register of Beneficial Owners maintained by the Depositories as on cut off date, ie, January 15, 2021 are en�tled to cast their votes 5. The board has appointed Adv. K Vijayaragavan as Scru�nizer for the Postal Ballot. 6. Members who have not received Postal Ballot No�ce may write to [email protected] and obtain the same. 7. If you have any queries or issues regarding e-Vo�ng, you may refer the Frequently Asked Ques�ons (“FAQs”) and e-vo�ng manual available at www.evo�ngindia.com, under help sec�on or write an email to helpdesk.evo�[email protected] or contact Mr. Ni�n Kunder (022- 23058738) or Mr. Mehboob Lakhani (022-23058543) or Mr. Rakesh Dalvi (022-23058542). 8. All grievances connected with the facility for vo�ng by electronic means may be addressed to Mr. Rakesh Dalvi, Manager, (CDSL,), A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to helpdesk.evo�[email protected] or call on 022-23058542/43. Members who have not registered their e-mail address may temporarily get their e-mail address registered with the Company’s RTA, by clicking the link: h�ps://bigshareonline.com and following the registra�on process as guided therea�er. Post successful registra�on of the e-mail, the Members would get so� copy of the No�ce and the procedure for e-vo�ng along with the User ID and Password to enable e-vo�ng for this Postal Ballot. In case of any queries, Members may write to the RTA at h�ps:// bigshareonline.com. The Postal Ballot No�ce is available on the Company website, www.sreekailas.com, the BSE website www.bseindia.com and on the website of CDSL at www.evo�ngindia.com. Result of Postal Ballot shall be declared on or before Sunday, February 21, 2021 and shall be communicated to BSE Limited and shall be also placed on the Company website at www.sreekailas.com. For Cella Space Limited (Sd/-) Place: Cochin - 16 Jiju George Date : 20/01/2021 Company Secretary & Compliance Officer

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Standalone Consolidated

Quarter ne Months Quarter Quarter ne Months Quarter Particulars ended ended ended ended ended ended 31.12.2020 31.12.2020 31.12.2019 31.12.2020 31.12.2020 31.12.2019 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

1 Total income from operations 394,136 1,187,111 373,822 08,877 1,227,551 383,

2 Net Profit from ordinary activities after tax 40,410 111,249 44,064 814 114,309 45,162

3 Net Profit for the period after tax (after 0,410 111,249 44,064 814 114,309 45,162 traordinary items)

4 Paid-up Equity Share Capital 39,917 39,917 39,846 39,917 39,917 39,846 (Face value `2/- per Equity Share)

5 Reserves (excluding Revaluation Reserve as 07 1,411,407 1,287,102 882 1,441,882 1,309,624 shown in the Balance Sheet of previous year)

6 Earnings Per Share (EPS) (in )(before extra ordinary items)(of `2/- each):

Basic 2.03* 5.58* 2.21 2.10* 5.73* 2.27

Diluted 2.02* 5.56* 2.20* 2.09* 5.72* 2.26*

7 arnings Per Share (EPS) (in )(after extra ordinary items)(of `2/-each):

Basic 2.03* 5.58* 2.21 2.10* 5.73* 2.27

Diluted 2.02* 5.56* 2.20 2.09* 5.72* 2.26*

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Encore Asset Reconstruction Company Private Limited Encore ARC Corporate office Address : 5th Floor, Plot No. 137, Sector- 44, Gurugram - 122002, Haryana POSSESSION NOTICE Whereas, Encore Asset Reconstruction Company Private Limited (Encore ARC) has acquired all rights, titles and interests of The Vishweshwar Sahakari Bank Ltd. in the financial assets of Mr. Khanderao Damodar Chinchwade originated by The Vishweshwar Sahakari Bank Ltd. under section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, (SARFAESI Act, 2002) vide Registered Assignment Agreement dated 20-02-2019. And whereas, Authorised Officer of Encore Asset Reconstruction Company Pvt. Ltd. in exercise of powers conferred upon him under Section 13(2) of SARFAESI Act, 2002 read with Rule 3 of the Security Interest (Enforcement) Rules 2002, had issued a demand notice dated 17.03.2020 calling upon the Borrower, Mortgagor and Guarantors Mr. Khanderao Damodar Chinchwade, Mr. Dinakara Basava Shetty and Mr. Pravin Baburao Shinde to repay the amount mentioned in the notice being Rs.66,95,103.97/- (Rupees Sixty Six Lakh Ninety Five Thousand One Hundred Three and Paisa Ninety Seven only) as on 29-02-2020 with further interest from 01-03-2020 at contractual rate and other expenses thereon, within 60 days from the date of receipt of the said notice. The Borrower, Mortgagor and Guarantors having failed to repay the amount, present notice is being given by the Authorised Officer of Encore ARC, to the Borrower, Mortgagor, Guarantors and the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred on me under sub-section (4) of section 13 of SARFAESI Act, 2002 read with Rule 8 of Security Interest (Enforcement) Rules, 2002 on 15-01-2021. The Borrower, Mortgagor and Guarantors in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of Encore Asset Reconstruction Company Private Limited for an amount of Rs.66,51,311/- (Rupees Sixty Six Lakh Fifty One Thousand Three Hundred Eleven only) as on 31-12-2020 with further interest from 01-01-2021 at contractual rate and other expenses thereon. The Borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available, to redeem the secured assets. Description of the Immovable Property All that piece and parcel of the land bearing CTS No.1814 situated at village Chinchwad Taluka Haveli District Pune within the limits of P.C.M.C and within the jurisdiction of Sub-Registrar Haveli No.1 to 26 Pune total admeasuring 5550 sq. mtrs. out of which open land of admeasuring 3345.85 sq. mtrs. is for residential purpose and 1121.85 sq. mtrs. for Commercial use on which there is construction admeasuring 136.57 sq. mtrs. of River View Hotel and bounded as under: On or towards East: By CTS No.1816, On or towards South: By CTS No.1813 and thereafter Pawana River, On or towards West: By Thergaon- Chinchwad Road, On or towards North: By 12 Mtr Road and thereafter CTS No.1815 Date: 21.01.2021 Sd/- Place: Gurugram Authorised Officer Encore Asset Reconstruction Company Limited

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Pune THURSDAY, JANUARY 21, 2021 WWW.FINANCIALEXPRESS.COM 18 BACK PAGE FINANCIAL EXPRESS ● FUTURE UNCERTAIN Festive mood in Harris’s ancestralvillages inTN Trump’stumultuous PRESS TRUST OF INDIA at the local temple for her suc- daughter of immigrants ever Nagapattinam, January 20 cessfulstintasUSVP. elected to national office in the Somevillagersarejustwait- UnitedStates. WITHINDIAN-ORIGINKamala ingtoseeherbeingsworn-inon Peopleofthesevillagescon- Harris all set to be sworn in as television. siderherasthedaughteroftheir termendsundercloud the firstwomanvice-president Thulasenthirapuram-Pain- soil.Though Harris’s ancestors oftheUSonWednesday,people ganaduvillagesarelocatedvery left the village many decades of two villages in Tamil Nadu, close to each other near Man- ago,theyhadkepttheirconnec- Trump now has a native to her maternal grand- nargudi in Tiruvarur district,a tions with the temple at Thu- unique place in parents, are in a festive mood part of the fertile Cauverydelta lasenthirapuramintact. bursting crackers,distributing region.Harris’s grandfatherPV Gopalan and other family history — as the sweets and calendars with her Gopalan moved out of Thu- membershavemadedonations only president ever photoembossed. lasenthirapuram village as a for temple renovation during impeached twice The 10-km stretch between Villagers at Thulasendrapuram in Tiruvarur district on youngmanandtookupajobin variousperiods. Mannargudi andThulasenthi- Wednesday hold portraits of US VP-elect Kamala Harris theBritishgovernmentservice. In 2014, a donation was rapuram-Painganaduvillagesin after participating in special prayers ahead of her oath HergrandmotherRajambe- made in the name ofKamala- STEVE HOLLAND Tiruvarur district is lined with taking ceremony PHOTO: PTI longed to the nearby Harris,according to the temple & JEFF MASON huge digital banners carrying Painganaduvillage. authorities. Washington, January 20 thephotoofKamalaHarris. photo to people, while politi- houses drewrangoliswith con- The 56-year-old Kamala Thevillagersarenowhoping Tocelebratetheoccasion, cians cutting across partylines gratulatory messages and fire- Harris,borntoaJamaicanfather that she would make a visit to PRESIDENT DONALD TRUMP various business organisations offered sweetstopassers-by. crackers were burst at many andIndianmother,scriptedhis- the village where her grandfa- leaves the presidency on President Donald Trump and first lady Melania Trump arrive distributed calendars with her Womenfolk of almost all places.Specialprayerswereheld tory by becoming the first therlived. Wednesdayundera dark cloud on Marine One before boarding Air Force One at Andrews of his own making,ending his Air Force Base, Maryland, on Wednesday PHOTO: AP/PTI singlefour-yeartermstainedby twoimpeachments,deeppoliti- foreboardingAirForceOneone notmentionBiden,towhomhe EU sighswith relief as Biden readies to enterWhite House caldivisionsandhishandlingof lasttimetoflytoFlorida.Hisar- hasnotformallyconceded. ASSOCIATED PRESS a pandemic that has caused rival at his Mar-a-Lago club in Trump has a longwayto go arrival as “resounding proof European Council it’s perceived in Europe and the The Europeans have invited 400,000USdeaths. PalmBeachisbeingtimedtoget torebuildanimageleftintatters Brussels, January 20 that,once again afterfourlong rest of the world has also Bidentoasummit,quiteproba- president Charles Michel Trump,74,will bid farewell himbehindthewalloftheresort byhisstormypresidency,partic- years,Europehasafriendinthe changed,” said Michel, whose blyinBrussels,inparallelwitha totheWhiteHousehoursbefore before Trump’s term as presi- ularlythe final months.Trump THE EUROPEAN UNION’S top WhiteHouse.” said trans-Atlantic opencriticismoftheTrumpera top-levelNATOmeetingassoon President-elect Joe Biden is in- dentexpiresatnoon. now has a unique place in his- officialsbreathedasighofrelief “The United States are back, relations had 'greatly contrasted starklywith the si- as he’s ready. Michel said the augurated.Thatwill make him Banned from Twitter after tory—astheonlypresidentever on Wednesday that Joe Biden and Europe stands readyto re- suffered in the last lencethatmostlyreignedinEu- EU’spriorityistotacklethecoro- the first outgoing president his supporters stormed the US impeachedtwice. will be taking overas president connectwithanoldandtrusted four years' ropewhiletheRepublicanleader navirus pandemic and climate sinceAndrew Johnson in 1869 Capitol on January 6, Trump Even afterTrump leaves of- of the US,but theywarned that partnerto breathe newlife into wasintheWH. change,rebuildtheglobalecon- to skip the Inauguration Day usedanold-schoolmethod—an fice,the Senate is still to hold a theworldhadchangedafterfour ourcherished alliance,”she told This change, Michel said, omyandboostsecuritytieswith ceremony marking the formal emailed press release — to dis- trial on the impeachment yearsofDonaldTrumpandthat EU lawmakers, hours before lations had“greatlysuffered in means “that we Europeans Washington. transferof power,in a final dis- tributeafarewellvideoonTues- chargebroughtbytheDemocra- trans-Atlantictieswouldbedif- Biden was to be sworn in at his thelastfouryears.Intheseyears, (must) take ourfate firmlyinto In Germany, President playofpiqueathisfailuretowin dayinwhichheveeredfromhis tic-ledHouseofRepresentatives ferentinthefuture. inauguration ceremony in theworldhasgrownmorecom- ourownhands,todefendourin- Frank-WalterSteinmeierissued re-election. usual divisive rhetoric and that he incited an insurrection. “ThisnewdawninAmericais Washington.European Council plex, less stable and less pre- terestsandpromoteourvalues,” avideostatementonhiswebsite Trumpandhiswife,Melania, sounded an upbeat message. Its outcome could determine the momentwe’ve been await- president Charles Michel,who dictable.”“We have our differ- and he underlined that“the EU as well as Instagram and Face- will depart the South Lawn on “Nowmore than ever,we must whetherhewill be disqualified ingforsolong,”EuropeanCom- chairs summits between the ences and they will not chooses its course and does not book before the inauguration, the Marine One helicopter for unifyaround oursharedvalues from running again for presi- mission president Ursula von EU’s 27 heads of state and gov- magically disappear. America wait for permission to take its callingita“gooddayfordemoc- JointBaseAndrewsinsuburban andriseabovethepartisanran- dent. —REUTERS der Leyen said,hailing Biden’s ernment,said trans-Atlantic re- seemstohavechanged,andhow owndecisions.” racy”. Maryland,wherehewillpreside cour,andforgeourcommon overamilitary-stylesendoffbe- destiny,”he said.But he did China is clearly US’s most strategic competitor: Yellen PRESS TRUST OF INDIA Washington, January 20

ACKNOWLEDGING THAT CHINA is clearly America’s most important strategic competitor, the incoming treasury secretary Janet Yellen has told lawmakers that the US needs to take on Beijing’s“abusive,unfair,and ing in people,and creating a illegalpractices”. more competitive economy Therelationsbetweenthe inresearchanddevelopment. US and China are at an all- “We need to take on China’s time low.The two countries abusive, unfair, and illegal arecurrentlyengagedinabit- practices.China is undercut- ter confrontation overvari- tingAmerican companies by ous issues, including trade, dumping products,erecting the origins of the novel coro- tradebarriers,andgivingille- navirus pandemic,the com- galsubsidiestocorporations,” munist giant’s aggressive shesaid. military moves in the dis- “It’sbeenstealingintellec- puted South China Sea and tualpropertyandengagingin humanrights. practicesthatgiveitanunfair “China is clearlyourmost technological advantage,in- importantstrategiccompeti- cluding forced technology tor. As you said, we need to transfers.Andthesepractices, workwithallies.Wealsoneed including China’s low labour to strengthen ourown econ- and environmental stan- omysothatwecancompete,” dards,ourpracticesthatwe’re Yellen,who has been nomi- prepared to use the full array nated by President-elect oftoolstoaddress,”shesaidin Biden as his treasury secre- responsetoaquestion. tary, told members of the Yellen reiterated that Senate Finance Committee China is the most important during her confirmation strategic competitor of the hearingonTuesday. US,stating that she feels it’s ShesaidBidenwouldsoon necessary to devise an ad- comeforwardwithapackage ministration-wide and mul- toaccomplishthatbyinvest- tifacetedapproachtoaddress ing in infrastructure,invest- thethreatsthatChinacauses. China labels Pompeo ‘doomsday clown’ over genocide claims CHINA’S FOREIGN MIN- ofthecentury,”Hausaid. ISTRYdescribedoutgoingUS Pompeo’sannouncement secretaryof state Mike Pom- Tuesday doesn’t require any peo on Wednesday as a immediate actions,although “doomsday clown” and said theUSmusttakethedesigna- his designation of China as a tionintoaccountinformulat- perpetrator of genocide and ing policy toward China. crimesagainsthumanitywas China says its policies inXin- merely “a piece of wastepa- jiang aim only to promote per”. economic growth and social The allega- stability.The US tions of abuses China said Pompeo's has previously against Muslim designation of China spoken out and minoritygroups as a perpetrator of taken action on in China’s Xin- genocide and Xinjiang,imple- jiang region are crimes against mentingarange “outright sensa- of sanctions tional pseudo- humanity was against senior propositionsand merely ‘a piece of Chinese Com- amaliciousfarce wastepaper’ munist Party concocted byin- leaders and dividual anti- state-run ent- China and anti-Communist erprises that fund repressive forces represented by Pom- policies in thevast,resource- peo,” spokesperson Hua richregion. Chunying told reporters at a Lastweek,theTrump ad- dailybriefing. ministration announced it “Inourview,Pompeo’sso- would halt imports of cotton calleddesignationisapieceof and tomatoes fromXinjiang, wastepaper. This American withCustomsandBorderPro- politician,whoisnotoriousfor tection officials saying they lyinganddeceiving,isturning would block products from himself into a doomsday there suspectedofbeingpro- clownandjokeofthecentury ducedwithforcedlabour. withhislastmadnessandlies —AP

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