Chg SATURDAY, 4 JANUARY 2020 MUMBAI (CITY) ~10.00 THE MARKETS ON FRIDAY # VOLUME VII NUMBER 23  22 pages in 2 sections Sensex 41464.6 162.0 Nifty 12226.7 55.5 WEEKEND SEPARATE SECTION BACK PAGE P14 Nifty futures* 12256.5 29.8 Dollar ~71.8 ~71.4** Euro ~79.9 ~79.9** FACIAL RECOGNITION SYSTEMS INNOVATE, PATENT & PROSPER: Brent crude ($/bbl)## 69.2## 66.6** Gold (10 gm)### ~39931.0 ~873.0 RAISE PRIVACY CONCERNS MODI AT SCIENCE CONGRESS *(Jan) Premium on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE www.business-standard.com ADANI BUYS 75% IN KRISHNAPATNAM PORT Family rift out Oil surges as US strike kills IN ~13,572-CRORE DEAL Adani Ports and Special Economic Zone (APSEZ), one of the country’s largest private top Iranian commander port operators, announced on Friday that it into the open would be acquiring a 75 per cent stake in the REUTERS Andhra Pradesh-based Krishnapatnam Port London, 3 January Company for an enterprise value of ~13,572 crore. The proposed acquisition is the largest Oil prices jumped nearly $3 a barrel by APSEZ to date and would be funded at Murugappa and gold, the yen and safe-haven through internal accruals and existing cash bonds all rallied on Friday, after the US balance, said the Gautam Adani-led firm. 2 > killing of Iran’s top military com- Daughter of former group patriarch says will explore mander in an air strike in Iraq ratch- all options if not treated fairly on asset settlement eted up tensions between the two Budget session may powers. Traders were clearly spooked PAVAN LALL after the death of Iranian Major- begin on January 31 Mumbai, 3 January OPTIONS SUGGESTED General Qassem Soleimani, head of The government is contemplating BY ARUNACHALAM the elite Quds Force and one of the convening the Budget session of Parliament he low-profile promoters of the | Allowing her a seat on the board of country’s most influential figures, and on January 31 and the Union Budget is likely ~37,000-crore Murugappa Ambadi Investments, Murugappa a vow by Iranian Supreme Leader to be presented on February 1, sources said. Group, a Chennai-based con- Group’s investment company Ayatollah Ali Khamenei of revenge. The final dates will be notified by the glomerate, are headed for a pub- The West Asia-focused oil mar- T | Her exit from the group by selling government after the Cabinet Committee lic spat over asset settlement following kets saw the most dramatic moves on Parliamentary Affairs (CCPA) the death of the senior-most member and stake to other family members at fair with Brent crude futures leaping Demonstrators attend a protest against the killing of Iranian Major-General recommends the dates. A meeting to this family patriarch, M V Murugappan, two market value about 4.5 per cent to $69.20 a barrel, Qasem Soleimani, in Tehran on Friday PHOTO: REUTERS effect is likely to be held soon. years ago. Murugappan was also chair- THE GROUP HASN’T ACCEPTED EITHER OF THE their highest since September, man of Carborundum Universal and a TWO OPTIONS though the impact was felt across trustee of the group’s charity arm. almost every asset class. Europe’s MARKET REACTION ECONOMY & PUBLIC AFFAIRS P4 Valli Arunachalam, the older of STOXX 600 and Wall Street futures Brent crude ($/bbl) ~ vs $ (inverted scale) Sensex (BSE price index) 11 states see inflation Murugappan’s two daughters, told both fell around 1 per cent as New As of 17:34 IST Business Standard that she was hopeful Year optimism evaporated. The yen rate of over 6% in Nov of a settlement soon, but would have no rose half a per cent to the dollar to a Eleven of the 36 states and union territories option but to “adopt other means two-month high and the Swiss (UTs) recorded a retail price inflation rate of available to me if we can’t make this franc hit its highest against the euro over 6 per cent in November, thanks largely work amicably”. since September. to food price inflation, which touched the Arunachalam, a technology consult- “Geopolitics has come back to the double-digit mark nationally for the first ant by profession, was among the inheri- table, and this is something that could time in the previous calendar year. The states tors of the family patriarch’s shareholding have major cross-asset implications,” and UTs that witnessed high consumer price of 8.15 per cent, along with her mother, said Lombard Odier’s chief invest- index-based inflation rates were Tripura, M V Valli Murugappan, and sister. ment strategist, Salman Ahmed. TRUMP RATTLES TENSION CAN GOLD MARCHES Lakshadweep, Odisha, Uttar Pradesh, Kerala, Arunachalam’s contention is that after “THE SITUATION WOULD “What is critical is how it pans out in P6 WEST ASIA, DISTURB INDIA TOWARDS Madhya Pradesh, Manipur, Puducherry, her father’s passing away, she had dis- PERHAPS HAVE BEEN DIFFERENT the next few days,” Ahmed said. US POLITICS OIL DYNAMICS ~40,000 MARK Tamil Nadu, Rajasthan, and Mizoram. cussed two options on inheritance with HAD I NOT BEEN A WOMAN” the current management of the company and her uncle, M V Subbiah, who is now Valli Arunachalam, karta, M V ECONOMY & PUBLIC AFFAIRS P4 the senior-most in the family. Murugappa Hindu Undivided Family Compensation if workers The first option was allowing her a seat on the board of Murugappa Group’s IndiGo spat back on the table are sacked due to illness investment company. The second was to HOLDING FIRM Companies will soon have to pay exit the group by selling her stake to oth- Ambadi's holdings across Murugappa Gangwal calls extraordinary general meeting to scrap right of first refusal compensation to workers retrenched er family members at fair market value. Group companies (in %) because of prolonged illness. In the current But, according to her, the group hasn’t ARINDAM MAJUMDER law, there is no retrenchment protection for accepted either of the options. “Right now, EID Parry New Delhi, 3 January CLAUSES GANGWAL WANTS REMOVED workers. The proposal is part of the despite being one of the largest share- 40.7 | Rakesh Gangwal | Either of | Will have to inform (pictured) and the promoters the other in writing 45 Industrial Relations (IR) Code Bill, 2019, holders in the (investment) company, we Chola Financial The public battle between Rahul Bhatia which was referred to the Standing have zero visibility of the company’s and Rakesh Gangwal — co-founders of Rahul Bhatia will have days in advance about Committee on Labour by the government. operations. Requests for meetings since 38.3 the country’s largest airline, IndiGo — have the sole tag-along the number of shares August last year have fallen on deaf ears,” Tube Investments has taken a new turn with Gangwal con- discretion to rights in case being sold, price, buyer she said. 37.3 vening an Extraordinary General Meeting purchase shares any one of | Shares can’t be Arunachalam said she was flexible (EGM) of the company. The EGM, sched- from each other them Carborundum Universe transferred without ON about different ways the sale of her stake uled for January 29, will vote on changes before offering transfers the written consent of could have been executed. “There are 29.8 in the Articles of Association (AoA) it to a third shares to a the non-transferring always innovative ways to do a deal like demanded by Gangwal. The changes are SATURDAY Coromandel Engineering party third party shareholder SPECIALS this and we never said we need to be paid meant to scrap the AoA provisions that the full amount at one go. But we don’t 13.5 give the right of first refusal to both the WEEKEND RUMINATIONS: see any intent (on their part) at this Cholamandalam Investment & Finance promoters over each other’s shares in than the promoters’ initial investment. plained that Bhatia, who holds controlling Asian questions 9 > stage,” she said. 4.35 the company. The duo, together holding However, they publicly fell out last year power, used it to execute questionable India needs to figure out whether it pays to Arunachalam said the situation would a 75 per cent stake, is credited with build- after Gangwal wrote to the Securities and related-party transactions between his Note: Holding through Ambadi Investments and Ambadi be rule-takers or seek to be rule-setters. At perhaps have been different had she not Enterprises, as of Sept 2019 ing a successful airline, which is worth Exchange Board of India, alleging lack of group company Interglobe Enterprises the cusp of the century’s third decade, this been a woman. Turn to Page 10 > Source: Capitaline Compiled by BS Research Bureau about ~64,627 crore — many times more corporate governance. Gangwal com- (IGE) and IndiGo. Turn to Page 10 > and other questions flowing from Asia’s history of the last 50 years need urgent answers, writes T N NINAN

NATIONAL INTEREST: Didn’t abuse power as Trusts head: Ratan Tata RISHAD PREMJI SET TO Start-up of the decade 9 > BE NON-EXECUTIVE AAP has managed to break through entry DEV CHATTERJEE Tata Trusts to desist from taking any barriers for newcomers in our politics — Mumbai, 3 January HIS PLEA BEFORE APEX COURT decision that requires majority approval CHAIRMAN AT WIPRO caste, ethnicity, ideology, dynasty — to by the board of directors or in the annu- establish itself as a Delhi party with all- Following the move by Tata Sons, Tata | Did not engineer the | Tata group companies’ al general meeting, said Tata in his peti- Rishad Premji is likely to become India recognition. SHEKHAR GUPTA writes Group patriarch Ratan Tata, Tata Trusts coup against Cyrus directors were alienated tion. The findings of the NCLAT are non-executive chairman at Wipro as trustee Venu Mistry by Mistry when he was wrong, erroneous, and contrary to the the Securities and Exchange Board of chairman India’s directive on separation of the VERDICT ON Srinivasan, and Tata | Mistry did not records of the case, and require consid- > TATA-MISTRY Teleservices also went | Mistry reneged on DoCoMo eration by the Supreme Court, said Tata post of chairman SENSEX THIS WEEK disassociate himself and CEO comes into CASE WON’T to the top court, appeal- payment, bought disrepute in his petition. ing it to set aside the from SP group The petitions by Tata and Tata Sons effect from April 1. BE CHANGED: business to Tatas NCLAT P2 > National Company Law will be mentioned before the Chief According to Appellate Tribunal | NCLAT order will lead to chaos in the functioning Justice of India on Monday. The judge sources, Wipro’s (NCLAT) order regard- of Tata Sons will decide on the hearing date and board, which is ing power abuse and not taking decisions Bench. Asking the Supreme Court to set scheduled to meet regarding the holding firm of the group. aside the NCLAT order, Tata Teleservices on January 14, is The NCLAT order said Tata had regarding Tata Sons. Tata Trusts), and Nitin Nohria, a Trusts- said the company was not party to the expected to take a abused his powers as Tata Trusts chair- Tata said the NCLAT judgment of nominated director, for “unfair abuse dispute either at the National Company decision. 2 > man and had ordered him and other December 18 last year had castigated of powers”. Further, the NCLAT has Law Tribunal (NCLT) or at the NCLAT . Net change -110.5 % change -0.3 Trust nominees not to take any decision him, N A Soonawala (former trustee of ordered Tata and other nominees of the Turn to Page 10 > SoftBank’s India jewel accused of toxic culture, troubling incidents Oyo aims to be the world’s biggest hotel chain, but its growth was fuelled by questionable practices, allege former and current employees

VINDU GOEL & KARAN DEEP SINGH and former employees. That has the criminal complaints against Oyo, spawning other multibillion-dollar New Delhi, 3 January effect of inflating the number of rooms which said it withheld payments companies such as the ride-hailing Committed to growing listed on Oyo’s site. primarily over the hotels’ customer firm Ola and the digital payments Oyo, a start-up that offers budget hotel Thousands of the rooms are from service issues. provider Paytm. It would also be the right way: Oyo rooms, has grown into one of India’s unlicensed hotels and guesthouses, its “It’s a bubble that will burst,” said another black eye for SoftBank, which most valuable private companies and executives have acknowledged. To Saurabh Mukhopadhyay, a former Oyo is Oyo’s biggest investor and owns half Oyo on Friday said it was committed to aims to be the world’s largest hotel deter trouble from the authorities over operations manager in northern India the start-up’s stock. Masayoshi Son, growing the company “the right way”. chain by 2023. But at least part of Oyo’s the illegal rooms, Oyo sometimes gives who left the company in September. SoftBank’s chief executive, has hailed “We work hard every day to ensure rise in India was built on practices that free lodging to the police and other Oyo is part of a group of prominent Oyo as a jewel of his company’s $100 that our values are upheld by raise questions about the health of its officials, according to nine of the start-ups that have sprinted to get as billion Vision Fund, even as he recently thousands of committed employees, business, according to financial filings, current and former employees and big as possible, fed by money from wrote off billions of dollars on other and we are subject to regular court documents and interviews with internal WhatsApp messages viewed large investors such as the Japanese investments like WeWork. external audits to ensure proper 20 current and former employees, as by The New York Times. conglomerate SoftBank. Now some of “This is the only company which compliance and adherence to our well as others familiar with the Oyo has also imposed extra fees on those young companies — from the went global at this scale from India,” Code of Conduct. With regards to start-up’s operations. Many spoke on hotels and declined to pay the hotels office rental company WeWork in New Satish Meena, a senior forecaster for complaints of a small section of condition of anonymity for fear of the full amounts they claimed they York to the delivery service Instacart in the research firm Forrester in New property owners in India whose retaliation from the company. were owed, according to interviews San Francisco — have started showing Delhi, said of Oyo. “But as of now, payments are disputed, multiple Oyo offers rooms from unavailable with hotel owners and employees, cracks in their businesses. Any fall by there are serious doubts about the Ritesh Agarwal, escalation mechanisms exist and we hotels, such as those that have left its emails, legal complaints and other Oyo could blight India’s start-up business model.” Founder and CEO, continue to provide resolution,” said an service, according to the company’s documents viewed by The Times. Some landscape, which has received billions ©2020 The New York Times News Service Oyo Rooms Oyo spokesperson. P2 chief executive and nine of the current hotel operators have sought to file in foreign capital in recent years, Turn to Page 10 > 2 COMPANIES MUMBAI | 4 JANUARY 2020 1 >

THE TOP FIVE: WORLD’S SAFEST Verdict on AND MOST PUNCTUAL AIRLINES In ~13,572-cr deal, Adani buys Tata-Mistry case won’t 75% in Krishnapatnam Port be changed, Could now set eyes PRIVATE PORT The world’s safest and most punctual airlines are in the on NCLT-listed Dighi PLAYERS says NCLAT Asia Pacific region. Qantas Airways was named safest   Capacity FY19 RUCHIKA CHITRAVANSHI airline in the world on a top-20 list published by Port, say analysts (Figures in mt) AirlineRatings.com. AirlineRatings.com said it took New Delhi, 3 January 395 into account factors, including audits by governing and ADITI DIVEKAR Adani Ports 208 industry bodies, crash and serious incident record, Mumbai, 3 January The National Company Law profitability, and fleet age. 110 Appellate Tribunal (NCLAT) on dani Ports and Special EssarPorts 50 Friday reserved its order on a Economic Zone (APSEZ), one petition of the Registrar of THE SAFEST ON-TIME 113 A of the country’s largest private JSW Infra Companies (RoC), Mumbai, AIRLINES AIRLINES port operators, on Friday announced NA seeking to remove adverse obser- acquisition of 75 per cent stake in Notes: Major and private ports vation in its judgment in the Tata 1 Qantas Only one US carrier made capacity is estimated at 2,000 Andhra Pradesh-based Krishna- mt and FY19 saw total cargo Sons versus Cyrus Mistry matter. (Australia) the list in 2019 patnam Port Company for an volume of 1,280 mt, according The two-judge Bench, headed to industry estimates 2 Air New Zealand Airlines Country Punctuality (%) enterprise value of ~13,572 crore. by Justice S J Mukhopadhaya, said (New Zealand) The proposed acquisition is the it would not change its judgment in Garuda Indonesia 95.01 largest by APSEZ so far and would be ADANI PORTS’ DEBT SITUATION the matter, but it would clarify that 3 EVA Air Copa Panama 92.01 funded through internal accruals and Total debt (~ cr) (LHS) Debt/PBIDT (RHS) KARAN ADANI, CEO, Adani Ports SEZ the observations in the verdict cast (Taiwan) Skymark Japan 90.12 existing cash balance, the Gautam 32,000 12.0 no aspersions on the RoC. Adani-led company said in an “GIVEN THE BEST In the December 18 order, the 4 Etihad Hawaiian US 87.4 3.3 (UAE) exchange filing. 9.9 IN-CLASS INFRASTRUCTURE NCLAT had passed serious stric- Latam Chile 86.41 “This acquisition would acceler- 24,000 4.2 3.4 2.8 9.0 tures against the RoC, stating that 5 Qatar Airways ate our stride towards FY25 vision of AND THE DISTINCT Tata Sons had hurriedly changed 3.9 (Qatar) Source: Bloomberg handling 400 million tonnes (mt) its status to a private company from cargo. Given the best-in-class infra- HINTERLAND CATERED public “with the help of the RoC”, 16,000 6.0 structure and the distinct hinter- 3.6 BY KRISHNAPATNAM which was illegal. 4.3 land catered by Krishnapatnam 3.9 Mukhopadhaya said the word 3.4 PORT, THIS ACQUISITION IN BRIEF Port, this acquisition will increase 3.3 3.3 2.5 ‘hurriedly’ in the order refers to the our market share to 27 per cent 8,000 3.0 WILL INCREASE OUR company and not to RoC. (from current 22 per cent),” Karan MARKET SHARE TO 27% “Our order was not passed with any Missed debt payment because Adani, chief executive officer of 1,282 mala fide intention, and it doesn't 2,068 2,896 3,592 17,565 11,617 12,976 17,773 22,342 22,214 22,112 27,446 APSEZ, was quoted as saying. 0 3,767 0 (FROM 22%)" cast any aspersions on the RoC,” govt delayed rent: Peninsula Since the acquisition is subject to FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 he said. regulatory approvals, the transaction Compiled by BS Research Bureau Source: Capitaline The appellate tribunal said it Peninsula Land, an Indian property is expected to be completed in 120 would clarify that RoC was only fol- developer, blamed overdue rent from days, said the exchange filing. which handled 54 mt in FY19. enhancement plans over the next few Ports’ logistics arm Adani Logistics lowing the order of the NCLT in the central government for missing a The credit metrics of APSEZ con- “We expect the port to grow to 100 years would also include inorganic that did the stake buy. After this conversion of the company from ~2.35 crore ($330,000) debt payment. solidated are not expected to change mt in around seven years and expect growth route, Adani Ports’ net acquisition, brokerages are of the view public to private entity. “We won't It couldn’t pay State Bank of India on with this transaction and the net the Ebitda to double in around 4 debt/Ebitda has been on a roller- that the company would set its eyes change the judgment. However, time because tax departments, which debt/Ebitda, including Krishna- years,” said the company. coaster ride in the past few years, on the National Company Law since the RoC was never a neces- had leased office space from patnam Port, in FY21 is seen at around With this acquisition, the compa- though it is at a comfortable position Tribunal- (NCLT-) listed Dighi port, sary party, we have no jurisdiction Peninsula, were delaying rent 3.2x, which is in line with the pre- ny has strengthened its position on at present, keeping enough room for which will give Adani Group the pres- to cast any aspersions over them,” payments, the company said in a filing acquisition of net debt/Ebitda of 3.1x the east coast of India. Adani Ports is more deals. ence in Maharashtra. Justice Mukhopadhaya said. on Thursday. The loan used rent receipts as collateral, a facility in FY19, the company said. operating Ennore and Kattupalli Last week, Adani Ports forayed “Dighi looks like Adani Ports’ The RoC counsel told the appel- where the rent often goes straight to the bank rather than to As of March 31, 2019, debt at (Tamil Nadu), Vizag (Andhra into cold chain logistics via acquisi- next acquisition as it will give it pres- late tribunal that the judgment was the property owner, it said. Peninsula used its own resources Krishnapatnam Port stood at ~6,000 Pradesh), and Dhamra (Odisha) ports tion of 40.25 per cent stake in ence in Maharashtra,” said a Mumbai- highly critical of the RoC and to pay the loan and “regularised” the account, the company core. CVR Group-promoted Krishna- and terminals on the east coast. Snowman Logistics from promoter based analyst on the condition of deems them to have done illegal said, in a bid to ease concerns among investors grappling with patnam Port is a multi-cargo facility, Making it clear that its capacity Gateway Distriparks. It was Adani anonymity. acts whereas they were merely fol- a credit crisis that’s hit some property developers hard. The lowing orders of the NCLT while government is poised to miss its fiscal revenue-collection converting the company from pub- targets and exceed its Budget deficit goal as Asia’s third- lic to private. largest economy founders. “Lately, there have been delays “These are our findings, if you in the payment of rent by the government of India which, in Committed have a problem with the operative turn, resulted in delay in payment to SBI on the due date,” JSPL aims to be debt-free by 2023 part of the order, you can approach Peninsula said. BLOOMBERG< to grow the the Supreme Court,” the NCLAT SHREYA JAI with SAIL, on quantity and pricing. chairperson said. New Delhi, 3 January Sharma is hopeful of new business right way, The RoC told the tribunal that Dr Reddy's gets ICRA maintains coming their way with the Centre the current Companies Act does Jindal Steel and Power (JSPL) is aim- announcing $102 trillion of National says Oyo not provide any subscription limit shareholders’ nod negative outlook on ing to become debt-free by 2023 and is Infrastructure Pipeline (NIP). “We will for a company to be determined as for amalgamation passenger vehicles banking on housing, real estate sector benefit from the all sectors which the NEHA ALAWADHI private. The law was amended to and mobility infrastructure such, as NIP focuses on roads, housing, New Delhi, 3 January bring about greater ease of doing Rating agency ICRA on Friday Railways, Metro, and freight corridors defence, and energy,” he said. business. maintained a “negative” for growth. JSPL, however, will not invest in Oyo on Friday responded to In its petition, the RoC had said outlook on the passenger V R Sharma, managing director of any new project. “We will not spend the New York Times piece there were some factual and legal vehicle and commercial JSPL, said the company was looking any further capital expenditure in any that reported irregularities errors in the judgment, and hence, vehicle segments while at 50 per cent demand growth coming green field project. The company is and dubious business prac- appealed to the appellate tribunal maintaining a "stable" from the housing segment. “With the sticking to its annual target of sur- tices at the firm that offers to amend the order so that it cor- outlook on the two-wheeler revival in the real estate sector and passing 6.5 mt of steel production and budget hotel rooms, saying it rectly reflected the conduct of the OEMs and tractor segments. reduction of rate of interest for hous- sale,” said Sharma. was committed to growing RoC, as not being illegal and acting The negative outlook on the ing sector, there will be a demand Saddled with debt of ~36,000 crore, the firm “the right way”. in accordance with the provisions Dr Reddy's Laboratories (DRL) PV sector was due to the uptick till June 2021. The industry is JSPL plans to reduce ~7,000 crore of “We work hard every day of the Companies Act 1956/2013. on Friday said it had slowing economic growth, expecting demand of 12 million debt every year. By 2023, JSPL aims to to ensure that our values are received shareholders’ nod for the sharp decline in tonnes (mt) of rebars in the coming be debt-free or left with a nominal upheld by thousands of com- proposed amalgamation of Dr wholesale despatches quarters,” said Sharma. Rebars are debt. “JSPL also expects to touch mitted employees around THE OBSERVATIONS Reddy's Holdings into the to destock dealership used in construction sector. “THE INDIAN RAILWAYS turnover of ~50,000 crore by 2023,” the world, and we are sub- The Bench The order company. The resolution for inventory as well as tepid JSPL, which signed up for an order IS IMPLEMENTING Sharma said. ject to regular external audits the scheme was approved by retail demand, ICRA for supply of 100,000 tonne of rails In August, JSPL sold off its to ensure proper compliance says it will was not REPLACEMENT OF CURRENT clarify that the passed with 99.98 per cent votes of the said in a release. PTI< from the Indian Railways, is hopeful TRACKS WITH HIGH-SPEED Botswana coal mine, one of its major and adherence to our code total 131 million votes were cast of demand growth of 25 per cent from international ventures, to Maatla of conduct. With regards to observations any mala fide by equity shareholders of the the national transporter. “The TRACKS. WE ARE DESIGNING Energy for $150 million. The sale was complaints of a small section in the verdict intention, and company, it said in a regulatory From Jan 8, Hotel Railways is implementing replace- SPECIAL PRODUCTS FOR part of the company’s plan to mone- of property owners in India cast no it doesn't cast filing. 21,026 votes, which Leelaventure to ment of current tracks with high- THE RAILWAYS AND ALSO tise its global assets to pare debt at whose payments are disput- aspersions on any aspersions accounted for the rest 0.02 per speed tracks. We are designing spe- METRO RAIL TRACKS” the group level. ed, multiple escalation mec- the RoC on the RoC cent, were posted against the be renamed HLV cial products for the Railways and also V R SHARMA The company has investment and hanisms exist and we con- resolution, it added. The voting the Metro Rail tracks,” Sharma said. business ventures in other Southern tinue to provide resolution,” was conducted according to The two new products in JSPL’s Managing director, JSPL African markets as well, such as said an Oyo spokesperson. the directions of the Hyder- catalogue are 1,080 grade head-hard- Mozambique, Namibia, Zambia, “We are also investing in abad Bench of the National ened or heat-treated rails and 1,175 Tanzania, and Madagascar. However, technology and in building Company Law Tribunal on grade head-hardened rails. The com- cured 100,000 tonnes of rails from with rising debt and global slowdown stronger partner support tea- November 22, 2019. PTI< pany said these are speciality prod- JSPL, the first from the private sector in the coal and steel market over the ms to ensure reconciliations ucts for high-speed tracks. in at least three decades. Early this past few years, JSPL is selling off its happen faster. We expect all “We are supplying to all Railways year, JSPL won another order, international ventures to reduce its hotel owners to partner in Birlasoft CFO Rajeev zones and also to the Eastern for ~665 crore from the Rail Vikas debt burden. Sharma however con- delivering superior guest Gupta resigns, to be Dedicated Freight Corridor. We will Nigam (RVNL, a company under the firmed the company is not looking to experience. We will also con- Hospitality company Hotel sign another agreement with the railways ministry) to supply hive off Oman steel plant, as it tinue to utilise the provisions relieved on March 31 Leelaventure on Friday said Railways soon for bulk supply of rails,” 89,042 tonnes of rails. remains a “cash cow” for JSPL. in our contracts that allow us They say if the parties have a IT firm Birlasoft on Friday said the company name had been Sharma said, adding the quantity and Traditionally, state-owned Steel JSPL owns and operates a 2 mt per to incentivise and recognise problem with the operative its Chief Financial Officer changed to HLV with effect price were being decided by the Authority of India (SAIL) had a annum Steel Melting Shop in Oman thousands of owners who part of the order, they can Rajeev Gupta had tendered from December 27, 2019. Railways. monopoly on supply to IR. The which is the country’s first and largest consistently deliver a high- approach the Supreme Court his resignation and would be "Stock Exchanges have The Railways had in 2018-19 pro- Railway Board signs an annual deal such plant. quality guest experience.” relieved of his duties at the noted the change of name of end of March. "...Rajeev the company from 'Hotel Gupta, CFO and key Leelaventure Limited' to 'HLV managerial personnel of the Limited' and the same will be company, has tendered his given effect from January 8, resignation dated January 3, 2020," the company said in a Rishad Premji set to be non-executive chairman at Wipro 2020 and he will be relieved regulatory filing. The from the duties effective memorandum and articles of DEBASIS MOHAPATRA continue as the executive chairman. market capitalisation of around ~1.45 trillion, March 31, 2020," Birlasoft said association of the company Bengaluru, 3 January In response to a mail sent by Business is India’s fourth largest IT services company. in a BSE filing. It, however, did stands amended pursuant to Standard, a company spokesperson said: The 42-year-old took over the reins of not specify any reasons for change of name of the Rishad Premji is likely to become the “Wipro will comply with all applicable chairmanship from his father and founder Gupta's resignation. PTI< company, it added. PTI< non-executive chairman at Wipro as the regulatory norms.” To boost corporate Azim Premji in July. Currently, Azim Premji Securities and Exchange Board of India’s governance, and his family own about 74 per cent stake (Sebi’s) directive on separation of chairman Sebi mandated a in the company. and CEO roles comes into effect from April 1. CHANGE OF GUARD separation in the After an MBA at the Harvard Business According to sources, Wipro’s board, roles of School, Rishad Premji worked with GE Reliance Infra’s debt which is scheduled to meet on January 14, is Wipro has already set a clear road chairperson and Capital and Bain & Co, before joining expected to take a decision in this regard. map in the wake up Sebi directive managing Wipro in 2007. He has performed multiple “The shareholder resolution brought out According to the June 6 AGM director. The roles at the firm, from heading investor stands at ~6,073 cr at annual general meeting (AGM) on June, notice, Rishad will move to directive also said relations to strategy, before taking over the 2019, is visibly clear. The company has spelt non-executive chairman’s role the chairperson chairmanship. Reliance Infrastructure on December 31, 2019. it out clearly that in view of the (Sebi) should be a non- Persons close to him said he is a quick Friday said its total financial The filing showed that the provisions, Rishad (Premji) will move to the The board meet on January 14 executive director decision-maker, who provides a strategic indebtedness stood at over total amount outstanding was role of non-executive chairman,” said is likely to take a decision in and not related to direction to Wipro in new business areas. ~6,000 crore at the end of ~4,597.06 crore. Amit Tandon, founder and managing this regard the managing They also said Rishad Premji’s move to a non- December 2019. “Of the total amount director of corporate governance and proxy Rishad's stepping into a director or the executive will not impact business The company has submit- outstanding, amount of advisory firm IiAS. “The IT firm has even non-executive role is unlikely to CEO of the operations, as he would continue to give ted to the stock exchanges a default as on date was spelt out what will be compensation in the impact Wipro's strategic direction company. strategic direction as chairman. “As a disclosure of defaults on pay- ~1,048.70 crore,” it added. non-executive role. So, unless there is any Once founder and voice of the industry (being the ment of interest/repayment The total financial indebted- change, he is likely to move to non-executive implemented, former chairman of Nasscom), his of principal amount on loans ness of the listed entity, chairman role.” Rishad Premji will experience and knowledge will come in from banks/financial institu- including short-term and The AGM notice sent out to shareholders be one of the youngest business leaders to handy to provide right direction to the tions and unlisted debt secu- long-term debt, was ~6,073.66 in June also said if the new directive didn't don the role of non-executive chairman at a Indian IT sector,” said Pareekh Jain, founder rities for the quarter ended crore, the filing said. PTI come to effect, Rishad Premji would large cap Indian company. Wipro, which has a of Pareekh Consulting. MUMBAI | 4 JANUARY 2020 COMPANIES 3 . < Number of co-working Apex broadcasters’ body decries centres likely to treble in 2 yrs, Trai’s new cap on channel pricing says Anarock The number of centres of IBF says it may consider sumers’ interest, it appears to have con- large co-working operators in veniently forsworn the interest of the country is likely to double legal options against broadcasters,” IBF said. It added that or treble in the next two years, FACING this change would only benefit distri- as the segment has gained amendments made to bution platform operators (DPOs) as momentum, a leading real THE IBF IRE they have been allowed to charge as estate consultant said. February 2019 order much as ~160 for the channels that are In the co-working space, SOHINI DAS supposed to be free. top seven operators — Cowrks, Mumbai, 3 January In a recent report, India Ratings had WeWork India, Awfis, Regus, said it believed Trai's amendments to Smartworks, 91springboard, he Indian Broadcasting the tariff and interconnection regula- and OYO Workspaces — have Federation (IBF), the apex body tion were largely neutral for multiple over 350 centres across cities in T of broadcasters, on Friday system operators (MSOs) and negative the country, Anarock Property expressed its displeasure at the for broadcasters. The amendments have Consultant managing director telecom regulator’s latest notification, focused on a reduction in the final cus- Anuj Puri said. saying the move would hamper tomer price, resulting in broadcasters “This number is likely to industry growth and lead to shutting bearing the largest burden in the value double or even treble in the down of channels and unemployment. chain, it said. next two years, given the rate IBF will now strategise its future The industry body noted that broad- at which these leading players course of action, including evaluating | In changes to February introducing a cap on | It observes that these casters had pleaded with Trai (in actively leased spaces across legal options, based on feedback from its 2019 order, Trai has bouquet pricing, left amendments will response to its consultation paper) to major cities in 2019.” PTI member channels and networks. reduced the cap on untouched in the severely impair allow the industry to come to terms with The Telecom Regulatory Authority the MRP of individual new order broadcasters’ ability to the NTO before making further changes. of India (Trai) had issued amendments channels that can | IBF will evaluate legal compete with other “In fact, Trai itself had acknowledged to its February, 2019, tariff order earlier form part of a bouquet options based on unregulated platforms this need by proposing a two-year mora- this week. Among other things, Trai to ~12 per month from feedback from member | It accuses Trai of trying torium on further regulation. It appears reduced the cap on the maximum retail an earlier cap of ~19 channels and networks to micro-manage all IBF’s pleas have been ignored. price (MRP) of individual channels that what was arguably the Unfortunately, in this exercise, can form part of a bouquet to ~12 per | The regulator has | The IBF says the content creators and owners have month from an earlier cap of ~19. The sought to impose twin change was done cheapest rate for news been disempowered and the entire regulator has also sought to impose conditions for bouquet without giving any and entertainment in authority has shifted to middlemen," twin conditions for bouquet formation, formation, effectively “logical reason” the world the IBF said. effectively introducing a cap on bou- The changes are likely to have rami- quet pricing, which was left untouched ecosystem, these amendments would entertainment in the world. In the past fications. IBF felt that at a time when in the new tariff order (NTO). severely impair broadcasters’ ability to 15 years of regulating the broadcast sec- the economic environment was tough, The IBF said this was done without compete with other unregulated tor, Trai has issued 36 tariff orders and the order would force many channels giving any “logical reason” and platforms and adversely affect the ancillary regulations. to shut down and lead to unemploy- termed it arbitrary. It noted that viability of the sector. “This goes contrary to the govern- ment in the sector. After the NTO, the coming barely a few months after Trai The broadcasters claimed that Trai ment’s stated position of ensuring the ecosystem had settled down with about notified the NTO, effecting a was trying to micro-manage what was ease of doing business. While Trai 200 million consumers choosing their disruptive change of the distribution arguably the cheapest rates for news and claims the amendments are in con- favourite channels.

Suzlon to offer banks Kia Motors hikes prices of 68% haircut to recast debt Seltos by up to ~35,000

Suzlon Energy will offer to PRESS TRUST OF INDIA price starting from ~9.69 lakh. restructure debt at a steeper New Delhi, 3 January It is now available at a price discount than banks have range of ~9.89-16.29 lakh. been willing to consider so far, Kia Motors on Friday said it had Other companies said people familiar with the increased price of its SUV Seltos such as Maruti matter, pushing the wind tur- by up to ~35,000 across variants Suzuki, Mahindra & bine maker closer toward from January 1. Mahindra, Tata bankruptcy. The price hike is in the range of Motors, Toyota and The Pune-based company ~25,000-35,000 across various Renault, which had proposes to swap its ~11,300 variants of Seltos, Kia Motors India last month said they crore ($1.6 billion) of out- said in a statement. would increase standing debt into ~3,600 The South Korean automaker prices of their vehi- crore of new debt, translating had launched its maiden vehicle, cles from January, are to a 68 per cent discount, the Seltos in India last August with yet to announce it. people said, asking not to be identified as the terms are pri- vate. Lenders had earlier indi- Renault India sales up TVS Motor unveils new Hyundai begins cated a willingness to take a 50 per cent haircut, they added. 64.73% at 11,964 units scooter in Sri Lanka bookings for Aura The fresh proposal follows an assessment by Suzlon’s rat- Renault India Two and three-wheeler manufacturer Hyundai Motor India (HMIL) on ing company, on how much on Friday TVS Motor on Friday said it had unveiled Friday announced opening of debt can be sustainably recast. reported a 64.73 a 125 cc scooter TVS NTORQ Race Edition bookings for its upcoming compact A meeting with creditors is per cent jump equipped with new features. sedan Aura. likely for next week, one per- in sales to 11,964 The launch of the scooter witnessed The Aura, which will be available in son said. Lenders would now units in a huge turnaround in the Sri Lankan both petrol and diesel engine options, have to decide if this offer is December. The scooter market, TVS Lanka CEO Ravi can be booked with a down payment better than what they could company had Liyanage said. of ~10,000 at Hyundai website and get if they tip Suzlon into bank- sold 7,263 units “The scooter has become an immedi- dealerships, it said. ruptcy court. Its shares have in the same month a year ago, Renault India ate favourite and we are sure the Race HMIL Director (sales, marketing, lost almost half value over the said in a statement. With the introduction of Edition will satisfy the customers seek- and service) Tarun Garg said the firm past year amid the Centre’s new products Triber, Kwid and Duster, the ing an element of thrill and wanting more was beginning a new decade with the focus to squeeze clean energy company said its sales in 2019 grew 7.8 per from the scooter,” he said. commencement of bookings for the costs, forcing wind farm devel- cent to 88,869 units as against 82,368 units According to a statement, the Aura. opers to pass lower margins to in 2018. Race Edition features LED day-time “We are confident Hyundai Aura turbine manufacturers. The 7-seater compact MPV Triber running lamps, LED headlamp, and will make a mark in its segment,” he A spokesman for Suzlon clocked total sales of 24,142 units since its equipped with a hazard lamp enabled by said. The car will be launched on declined to comment. launch in August, it added. PTI a switch. PTI January 21. PTI 4 ECONOMY & PUBLIC AFFAIRS MUMBAI | 4 JANUARY 2020 1 > IN BRIEF Workers to get compensation if sacked due to illness CBDT extends deadline for SOMESH JHA ness. Sometimes it has also led to According to the IR Code Bill, compounding of I-T offences New Delhi, 3 January industrial dispute but many other “termination of service of the work- times workers are not able to redress er as a result of completion of tenure The Central Board of Direct Taxation Companies will soon have to pay it at an appropriate forum. This is a of fixed-term employment” will not (CBDT) has extended the last date for compensation to workers retrenched welcome pro-labour step,” said fall under the definition of retrench- taxpayers to avail a “one-time” facility because of prolonged illness. Virjesh Upadhyay, general secretary ment. This means that no compen- to apply for compounding of income tax In the current law, there is no of Bharatiya Mazdoor Sangh, an sation for retrenchment will have to offences to January 31, an order issued retrenchment protection for work- RSS-affiliated trade union. be paid. “But fixed-term workers on Friday said. The earlier deadline was ers. The proposal is a part of the Employers are currently required who are retrenched before the expiry December 31, 2019. In I-T parlance, Industrial Relations (IR) Code Bill, to give a notice of one month before of their tenure will be paid compen- compounding means that the taxman does not file a prosecution 2019, which was referred to the retrenching a worker and compensa- sation according to the law,” a senior case against the offender or tax evader in court ,in lieu of Standing Committee on Labour by tion includes payment to the tune of labour and employment official said. payment of due taxes and surcharges. The decision to extend the the National Democratic Alliance the worker’s salary of 15 days per year. Contract workers serving a fixed last date was taken “in view of references received from field (NDA) government in December. The formula for compensation would tenure will get equal statutory social formations, including requests made by the Institute of Chartered The IR Code Bill will consolidate be the same under the new law. security benefits as regular workers Accountants of India chapters ,wherein it has been brought to the three labour laws: the Trade Unions Further, the government has pro- in the same unit, under the fixed- notice of the CBDT that the taxpayers could not avail the benefit of Act, 1926; the Industrial posed a safeguard clause for term employment framework part the one-time relaxation window due to genuine hardships,” the Employment (Standing Orders) Act, retrenching workers who are hired of the IR Code Bill. order issued by the CBDT said. PTI< 1946; and the Industrial Disputes on a fixed-term contract i.e. a con- Under the current system, firms ILLUSTRATION: BINAY SINHA Act, 1947. tract with a fixed tenure. Though resort to hiring contract workers According to the Industrial of a workman on the grounds of con- 2019 — introduced in the Lok Sabha fixed-term employment is proposed through contractors and they argue Disputes Act, 1947, employers are tinued ill health” was one such cri- in December. to be legitimised through the IR that it’s a resource-intensive exer- ED questions HDFC cuts interest required to pay compensation to terion for companies to not pass on “Illness is beyond the control of Code Bill, companies will still have cise. Through the fixed-term Chidambaram over rate by 5 basis pts workers for retrenchment, except in retrenchment compensation to workers. There were many cases to pay compensation to workers who employment system, companies some conditions such as disciplinary workers. However, this clause does where employers had terminated are retrenched before the end of will be able to hire contract workers aviation scam case from this month action. “Termination of the service not find place in the IR Code Bill workers because of prolonged ill- their fixed-term tenure. directly. Former finance minister Mortgage lender Housing P Chidambaram was on Friday Development Finance questioned by the Enforcement Corporation has cut its retail Directorate in connection with prime lending rate by 5 basis its money laundering probe points with effect from Credit quality dips into alleged aviation-related January. This will benefit all financial irregularities said to the existing HDFC customers, 11 states see inflation rate have occurred during the UPA the company said in an to 7-yr low for large, dispensation, officials said. exchange filing. For all Chidambaram’s statement was salaried class borrowers with recorded under the Prevention loan up to ~30 lakh, the medium enterprises of Money Laundering Act, they effective rate will be 8.10 per of over 6% in November ABHIJIT LELE December 2018. said. The case pertains to cent while for borrowers with Mumbai, 3 January Downgrades in manufac- alleged losses suffered by Air loan amount greater than turing or services and infra- India because of the alleged ~30 lakh and up to ~75 lakhs, Odisha sees CAUSE FOR CONCERN Credit quality of the large structure entities are mainly multi-crore aviation scam, and the effective rate will be highest increase NATIONAL AVERAGE and medium enterprises due to deterioration in capi- irregularities in fixing air slots 8.35 per cent. BS REPORTER< (%) (LMEs) segment weakened to tal structure, weakening prof- for international airlines. on back of a seven-year low in the cur- it margins, decline in scale of PTI< rent fiscal year (April- operations, delays in debt Sebi asks CRAs to 10.65% rise in December 2019). servicing and weakening debt Forex reserves hit downgrade ratings food prices The asset quality deterio- coverage indicators, on non-cooperation rated for small enterprises CARE said. record high at (SMEs) as well but with lesser Credit rating downgrades The INDIVJAL DHASMANA intensity, according to CARE in financial sector entities in $457.46 billion Securities New Delhi, 3 January Ratings. 2019-20 have been largely on and The modified credit ratio account of continued liquidi- Exchange leven of the 36 states (MCR) for the LME segment ty pressure, leading to delays Board of and union territories declined to 0.92 in in deleveraging India (Sebi) E recorded a retail price LAKSHADWEEP TRIPURA ODISHA MANIPUR the nine months efforts of these has issued inflation rate over 6 per cent in (%) (%) (%) (%) of 2019-20. LMEs The modified entities. guidelines November, thanks largely to accounted for 70 credit ratio The reaffirma- to strengthen the ratings food price inflation, which per cent of the (MCR) for the tion and upgrade process of credit rating touched the double digit mark entities whose LME segment of ratings have agencies (CRAs) with respect nationally for the first time in financials were declined to been influenced to ratings that fall under the the previous calendar year. reviewed during 0.92 in the by the favourable The country's foreign ‘issuer not cooperating’ (INC) The states that witnessed the period. nine months of financial position exchange reserves swelled by category. The regulator said high consumer price index Thus, they 2019-20 of entities. $2.520 billion to touch a record that CRAs could downgrade (CPI)-based inflation rates have a larger share These are with high of $457.468 billion in the the rating assigned to the were Lakshadweep, Tripura, in the deteriora- respect to prof- week to December 27, instrument of an issuer, if it Odisha, Uttar Pradesh, Kerala, Note:Base year is 2012 Source: Ministry of Statistics and Programme Implementation (MoSPI) tion of overall itability, increase according to RBI data. had outstanding ratings as Madhya Pradesh, Puducherry, credit quality. in scale of operations, com- In the previous week, the non-cooperative for more Tamil Nadu, Rajasthan, beverages inflation rose close it inflation – recording a rate of stood at 10.96 per cent in MCR is defined as the ratio fortable debt servicing param- reserves rose to $454.948 than six months.BS REPORTER< Manipur and Mizoram. to double digits in the rural 10.25 per cent in November, up November, against 12.27 per of upgrades and reaffirma- eters, liquidity position and billion after increasing by $456 Odisha recorded the high- areas of Odisha. It rose from from 7.76 per cent the previous cent in October. tions to downgrades and reaf- capital structure. million.In the reporting week, est increase in inflation in 2.89 per cent in October to 9.97 month. To be sure, inflation At the national level, food firmations. Of the 29 key sectors, the the increase in reserves was Economy benefited November as the rate rose to per cent in November, an had been on the rise in the inflation touched 10.01 per cent While the SME segment, credit quality measured by mainly on account of a gain in from external 7.23 per cent in November increase of more than seven union territory since May, in November, up from 7.89 per too, saw a decline in its finan- the MCR in the nine months foreign currency assets, major against 3.35 per cent in the pre- percentage points in a span of when it had crossed the 6 per cent in October, driven by veg- cial position, the overall cred- of 2019-20 was above one for component of the overall environment: Report vious month, a rise of about one month. Meanwhile, the cent mark. etables prices, and onions in it quality of the segment was entities belonging to 17 sec- reserves, which surged by The Indian economy four percentage points. inflation rate in urban areas Tripura saw an inflation particular. However, food infla- seen as stable with the MCR tors, indicating improve- $2.203 billion to $424.936 benefited from “favourable This happened because stood at double digits of 13.09 rate of 7.54 in November, up tion in urban areas had already ruling over one in the April- ment in or higher stability billion, the data released by external environment” in rural areas in the state saw per cent in November from 9.69 over a percentage from breached the double-digit December 2019 period. rating. the Reserve Bank on Friday 2019, following which substantial rise in inflation per cent in the previous month. October. Here, too, the infla- mark in October, when it was The MCR in April- The credit quality of 12 key showed. PTI< portfolio inflows into equity rate to 7.37 per cent in This also was a rise of more tion rate had hovered close to 10.47 per cent. This rate rose to December 2019 declined to sectors was stressed with their and debt touched a multi- November, up from 2.61 per than three percentage points. or above the 6 per cent mark 12.26 per cent in November. In 1.07 from 1.12 in April- MCR being below one. year high, and if this cent the previous month, or an A surge in the inflation rate from July. rural areas, however, food infla- BoB raises ~920 cr momentum is sustained, it increase of 4.76 percentage in Odisha can also be gauged Among the 11 states under tion was still in single digits at by issuing Basel III will bode well for the points. Urban areas, too, wit- from the fact that the state saw consideration, only Manipur 8.83 per cent in November, DOWNWARD SPIRAL country’s external balance, a nessed a surge, albeit at a low- no inflation in the month of saw a marginal dip in the infla- though it rose from 6.42 per Credit quality trend for large, medium, small units (ratios) compliant bonds report by Singapore’s DBS er rate of 1.54 percentage January this calendar year (see tion rate. It recorded a rate of cent recorded in October. Bank of Baroda on Friday said Banking Group said on points, as inflation rose to 6.86 table). In fact, it was quite mod- 7.9 per cent in November, “Food inflation will remain it has raised ~920 crore by Friday. According to the per cent from 5.32 per cent, the erate till September, hovering down from 8.01 per cent the relatively elevated in issuing Basel III-compliant report, conducive global previous month. between zero and 2.21 per cent. previous month. December. As vegetable prices bonds on private placement drivers, such as flush of This was mainly because of The inflation rate in Odisha The inflation rate in most normalise, food inflation basis. The issue, which opened liquidity owing to low the food inflation rate, which, was, however, lower than states was driven by food should decline substantially in on Thursday and closed the interest rates and stable oil along with beverages, saw a Lakshadweep, Tripura and items, even though the decline January 2020, but remain same day, saw a total of 11 prices, provided a double digit rate of rise in Manipur. Lakshadweep in food inflation in Manipur between 4-5 per cent in the allottees through private favourable external November from 4.23 per cent recorded the highest inflation led to a fall in the overall rate of first half of the calendar year placement of bonds, the bank environment for the Indian in October to 10.65 per cent in rate among all the states – the price rise in Manipur. Even 2020,” said Aditi Nayar, prin- said in a BSE filing. PTI< economy in 2019. PTI< November. In fact, food and only one that saw double-dig- then, food inflation in the state cipal economist at ICRA. Note: As of April to December period Irdai plans hospital ratings to standardise services Banking system liquidity NAMRATA ACHARYA & SUBRATA PANDA Dividend payout ratio Kolkata/Mumbai, 3 January 75% for foreign-owned surplus crosses ~4 trillion Insurance Regulatory Development insurance intermediaries ANUP ROY ty will keep the overnight rates at Authority of India (Irdai) is planning to Mumbai, 3 January NET LIQUIDITY or slightly below the repo rates,” introduce ratings for hospitals for For insurance intermediaries with INJECTED said Badrish Kullhalli, head of majority foreign shareholding, the insurance claims in a bid to The surplus liquidity in the ~ trillion fixed income at HDFC Life standardise health services. This insurance regulator has capped the banking system crossed ~4 tril- Insurance. So what possibly comes a day after it issued guidelines dividend payout ratio at 75 per cent of lion on Thursday, data released Dec 26,’19 2.34 might happen if there is abun- on standard individual health their net profits. In case the profit for on Friday showed, as the gov- Dec 27,’19 2.41 dant liquidity in the system for a insurance. the relevant period includes any extra- ernment redeemed ~61,000 long time? “Abundant liquidity Dec 29,’19 2.42 According to a senior official at ordinary profits or income, the payout crore of its bonds issued in has been key instrument for Irdai, the regulator is consulting NABH ratio shall be computed after excluding 2003, and possibly because of Dec 30,’19 2.43 absorbing a portion of systemat- such extra-ordinary items for (National Accreditation Board for some expenditure done. Dec 31,’19 3.05 ic risk in the last one year. Hospitals & Healthcare Providers) for reckoning compliance with prudential The government will be bor- However, in the absence of any the rating. payout ratio, Irdai said. BS REPORTER rowing 70 days’ money worth Jan 1,’20 3.0 pickup in activity in the credit Under the rating mechanism, ~30,000 crore through the Cash Jan 2,’20 4.15 market, this will continue to insurers can charge on the basis of ICICI Lombard. ons or optional covers can be offered Anand Roy, Managing Director, Star Management Bill on Monday, dampen money multiplier,” said Source: RBI grades depending on facilities like Irdai already has a registry of along with the standard product, and Health and Allied Insurance, adding, and the Reserve Bank of India Soumyajit Niyogi, associate direc- number of doctors or equipment in the 33,000 hospitals and medical day care the insurer may determine the price, “We had discussions on the issue of (RBI) did a 63-day reverse repo trillion of bond holding. In the tor at India Ratings and Research. hospital. For example, charges centres in the health insurers and keeping in mind the covers proposed, ratings of hospitals with the insurer.” auction of ~25,000 crore on recent past, the central bank has “The concern is in spite of applicable in a three-star hospital Third Party Administrators (TPAs) subject to compliance with its The health insurance sector has Friday to absorb a part of the stepped up its bond purchases soft demand for credit, system would be different from a five-star one. network, called ROHINI (Registry of guidelines. been growing annually at a rate of over ~4.15 trillion of excess liquidity. to jack up its bond holdings to is incrementally becoming The regulator is already in Hospitals in Network of Insurers). “The health insurance market will 20 per cent. Last year, more than 20 Otherwise, the system liq- more than ~9 trillion. The RBI more dependent on central discussion with insurance firms for the Irdai has been moving towards open up a lot after this. There is going million health policies were issued, uidity was hovering at around has to give bonds in return for bank in the G-Sec market,” rating mechanism. standardising health insurance to be a lot of awareness that will be covering about 472 million people. ~2-~2.5 trillion in December, money it takes from banks. Niyogi said. The central bank is “At present, an insurer doesn’t have products for some time to make them created around health insurance with “This will lead to deeper and at ~3 trillion on January 1. But bond dealers don’t see also trying to influence the yield any control over the hospital accessible to common people. In this product,” said Amit Chhabria, penetration of health insurance, and The last such liquidity scene the high liquidity surplus dis- curve, instead of leaving it to ecosystem. To a large extent, rating will September, it came out with Business Head, Health Insurance, will also lead to more automation. The was witnessed just after turbing the system as such, the market forces. The reason be an indication of the quality of guidelines on standardisation of Policybazaar.com. rating of hospitals will be a huge demonetisation in the end of except for some minor hiccups. could be to correct the spread services. The idea is still at the exclusions in health insurance During financial year 2019-20, positive for the industry,” said Priya 2016 and early 2017 when While the monetarist school of between the shorter-term discussions stage, and details on what contracts. general and health insurance Gilbile, chief operating officer, banks were parking their economists believe that surplus bonds and the steep longer- parameters the rating will be based On Thursday, it issued guidelines companies collected ~44,873 crore as ManipalCigna Health Insurance. deposit-linked money with liquidity leads to inflation, it is term yields through open mar- upon needs to be seen,” said Mayank on standard individual health premium, registering a growth “Ultimately, we want the awareness the central bank. not always so. There are other ket operations (OMO), but the Bathwal, CEO, Aditya Birla Health insurance, asking general and health of about 21 per cent over the of health insurance to grow. And, the However, unlike the demon- factors that can counteract the market expects the RBI prepar- Insurance. insurers to offer products that can take previous year. standardised approach helps a lot of etisation era, this time the cen- liquidity impact on inflation. ing grounds for the government “We had some discussions with the care of basic health needs of customers “At present, there are too many people to get convinced about the tral bank is much more pre- “In the current case, it looks to borrow extra at a lower rate. regulator on hospital ratings. It will be with a maximum sum insured of ~5 products in the market, which is product. This is a kind of financial pared to absorb the excess unlikely that inflation will pick This is because the rate cut quite beneficial for the sector” said lakh and a minimum of ~1 lakh. confusing for the customer. Now, with inclusion,” said Rakesh Jain, executive liquidity, should there be a need. up due to the surplus liquidity. support coming from the RBI Sanjay Datta, chief of Underwriting, It said, the standard product should a base product, the penetration of director and CEO, Reliance General During demonetisation, the Demand in the economy is still would be very limited, after it Claims, Reinsurance & Actuary, at have basic mandatory covers. No add- health insurance will increase,” said, Insurance. central bank had only about ~7 quite weak. The surplus liquidi- paused in December. 6 US-IRAN FLARE-UP MUMBAI | 4 JANUARY 2020 1 > LEADERS SPEAK Trump rattles West Asia, US politics There is no doubt that the great ‘Risky’ Iran strike, which the Pentagon says was to prevent imminent attack on Americans, triggers global alarm nation of Iran and the other free nations of the AGENCIES continue to put American lives at risk “Just as Israel has the right of self- region will take revenge 3 January without responding in a way that dis- defence, the United States has exactly for this gruesome crime rupts, defends, deters and creates an the same right,” Netanyahu said in a from criminal United States (US) President Donald opportunity to de-escalate the situa- statement issued by his office. America...his death had Trump ordered the killing of a top tion.” “Soleimani is responsible for the death redoubled the Iranian general on Thursday, and in of American citizens and many other determination of the his characteristic style, the president Breach of US troop mandate: Iraq innocent people. He was planning nation of Iran and other made sure the world knew who was Iraq’s military condemned on Friday more such attacks.” Netanyahu spoke free nations to stand responsible. the killing of militia commander Abu on the airport tarmac in Greece after against America's As reports filtered out from Iraq that Mahdi al-Muhandis by US forces in cutting short a trip abroad to fly back to bullying and defend Qassem Soleimani had been killed in a an air strike on Baghdad airport and Israel. Islamic values" US airstrike, some administration offi- said it was a clear breach of their man- cials quietly acknowledged American date in Iraq. France, Netherlands issue HASAN ROUHANI, Iran President involvement. “The Joint Operations Command warnings to citizens Then, a tweet from the president: an mourns the hero martyr ... who was France urged its citizens in Iran on image of the American flag, absent any martyred last night in a cowardly and Friday to stay away from public gath- Soleimani has commentary. And finally, a statement treacherous attack carried out by erings and the Netherlands told Dutch killed or wounded from the Defense Department: Trump American aircraft near Baghdad nationals to leave Baghdad. thousands of Americans, ordered a strike on Soleimani, leader of international airport,” it said in a “Three days of mourning have was plotting to kill the Islamic Revolutionary Guards A boy carries a portrait of Iranian Revolutionary Guard Gen Qassem statement. been declared after the death of many more... He was Corps’ Quds force, to prevent attacks on Soleimani, prior to the Friday prayers in Tehran on Friday PHOTO: AP/PTI “We affirm that what happened General Soleimani. In this context, we both hated and feared US personnel. is a flagrant violation of Iraqi sover- recommend French citizens to stay within the country. They Trump’s decision to kill a man even in the face of action to protect eignty and a clear breach by the away from any gatherings and to are not nearly as regarded as the second most powerful potential consequences Americans and inter- American forces of their mandate behave with prudence and discretion saddened as the leaders person in Iran was hailed by his allies as he and his advisers can ests around the world. which is exclusively to fight Islamic and abstain from taking pictures in will let the outside one of his boldest strokes in foreign in no way confidently The Pentagon said State and provide advice and assis- public spaces,” France’s embassy in world believe. He should policy and lambasted by his critics as predict. that Soleimani had tance to Iraqi security forces.” Tehran said on Twitter. have been taken out likely his most reckless. “orchestrated” attacks many years ago!" Trump defended the move Friday Bracing for retaliation on coalition bases in Dozens of workers leaving Iraq Esmail Ghaani to succeed Soleimani morning in a series of tweets saying In Syria, there was little Iraq over the past few Dozens of US citizens working for for- Iran’s supreme DONALD TRUMP, US President Soleimani was planning to attack planning for the after- months and approved eign oil companies in the southern Iraqi leader appointed Americans. math. The White House the “attacks” on the US oil city of Basra were leaving the coun- the deputy com- That the attack came two days into was braced for potential "The world cannot embassy in Baghdad try on Friday, the Oil Ministry said. mander of the The American people Trump’s re-election year, and while he Iranian retaliation within afford another war this week. Iraqi officials said the evacuation Quds Force, should know that faces an impeachment trial in the US borders, two officials in the Gulf" would not affect operations, produc- Brigadier General Pompeo calls for President Trump’s Senate, raised immediate suspicion said. One said that the ANTONIO GUTERRES tion or exports. Esmail Ghaani decision to remove among his opponents that his decision government was on de-escalation Company sources told Reuters ear- (pictured), as the UN secretary general Qassem Soleimani from was politically motivated. And the heightened alert, but the The US State lier the workers were expected to fly replacement for the battlefield saved repercussions, extending to the possi- details of the administra- Department issued a out of the country. Soleimani, state media reported. American lives...he was bility of war, are unknown. tion’s preparations weren’t immedi- directive to American citizens to Oil production in Iraq, the second- Supreme Leader Ayatollah Ali active plotting in the As a private citizen in 2011, Trump ately clear. depart Iraq immediately because of biggest producer in the Organization of Khamenei said in a statement that region to take actions — publicly accused then president Barack the heightened tensions in the region the Petroleum Exporting Countries, programme of the Quds Force, the a big action as he Obama of planning war against Iran in Soleimani planned to attack as Secretary of State Michael Pompeo was about 4.62 million barrels per day military unit responsible for project- described it — that order to secure his re-election because Americans: Pentagon called for de-escalation with Iran. (bpd), according to a Reuters survey ing Iran’s influence via proxies across would have put dozens if “he’s weak and he’s ineffective.” The Pentagon said Soleimani was Pompeo said in a round of inter- of OPEC output. the Middle East, “will be unchanged not hundreds of But as president, Trump has actively developing plans to attack views that the US urged Iran to “de- from the time of his predecessor.” American lives at shown - first by his withdrawal of US Americans in Iraq and the Middle escalate” but is prepared for a response. Right to self-defence: Netanyahu Ghaani became deputy commander risk...we don’t seek war forces from Syria in September and East. “This strike was aimed at deter- “We don’t seek war with Iran,” Pompeo Israeli Prime Minister Benjamin of the Quds Force, the overseas arm with Iran’’ now with the strike on Soleimani - ring future Iranian attack plans,” it told CNN Friday morning. “But we, at Netanyahu said on Friday that the of Iran”s Revolutionary Guards, in that he will act in what he believes said, adding that the United States the same time, are not going to stand by US had the right to defend itself by 1997 when Soleimani became the MICHAEL POMPEO, US Secretary of State are the best interests of the country would continue to take necessary and watch the Iranians escalate and killing Soleimani. Force’s chief commander. Tension can stir India’s oil dynamics Airlines witness A $1/barrel change in crude oil price raises the import bill by ~6,328 crore, shows govt estimate headwinds amid SHINE JACOB New Delhi, 3 January HOW OIL MOVED IN LAST MONTH Strike, weak ~ limited price hike rent crude, the international bench- $/bbl mark for oil prices, rose 4.4 per cent B to reach $69.16 a barrel at one point take gold near on Friday after the United States killed a top Iranian commander in an air strike, raising concerns about its impact on the ~40,000 mark Indian economy. RAJESH BHAYANI The attack comes at a time when the Mumbai, 3 January Indian crude oil basket has averaged at $64 a barrel so far this financial year (2019-20, or The price of gold in Mumbai’s Zaveri Bazar marched FY20). The country’s crude oil import bill is towards the ~40,000 mark after a US airstrike killed expected to increase from the earlier target one of Iran’s most powerful generals. While the met- of ~7.84 trillion which was marginally high al's price has been rising for the past two weeks, — by 0.15 per cent — compared to 2018-19. Friday’s surge is one of the most pronounced as it On Friday, the Indian basket crude oil < Vehicle burning at the was aided by a weak rupee. price was seen at $65.99 a barrel, which Baghdad International Standard gold ended at ~39,931 per 10 grams, up may further increase in the case of escala- Airport following a US ~873, or 2.24 per cent, over Thursday's close. The inter- tion in tensions in the West Asian region. airstrike on Friday PTI national price climbed to a near six-year high at $1,549 According to the latest government esti- an ounce. At the same time, the rupee continued mates, if crude oil prices change by $1 a "The increase in tension has alarmed the world. Peace, stability depreciating against the dollar, making imports cost- barrel, India’s import bill will increase by and security in this region is of utmost importance to India." lier. Silver added ~990 to close at ~47,330 per kg. ~6,328 crore. In addition, every ~1 a dollar During the past three weeks, gold in Mumbai has EXTERNAL AFFAIRS MINISTRY increase in the exchange rate adds around gained ~2,200 per 10 grams. The price movement ~5,883 crore to the crude oil import bill. now depends on how Iran issue escalates. However, “For the next two weeks, the markets curve for the first time in several years as that it is "vital that the situation does not high prices in the local market, along with the ongo- will be tense. Prices are likely to shoot up if imports dropped by 0.7 per cent during the escalate further. India has consistently advo- ing inauspicious period, have hit demand. the crisis sustains and $75 a barrel price April to November period of last year to cated restraint and continues to do so". On the Multi Commodity Exchange, February ANEESH PHADNIS November with only November level cannot be ruled out,” said K 149.9 million tonnes (mt), compared to 151 A senior Oil and Natural Gas Corporation gold has already Mumbai, 3 January showing double digit growth on Ravichandran, senior vice-president and mt during the same time in FY19. (ONGC) official said none of the officials of crossed ~40,056. the back of lower fares. group head - corporate ratings, ICRA. Crude oil import bill saw a massive ONGC Videsh is stuck in crisis-hit countries. The Zaveri Bazar Domestic airlines are facing “Travel demand is soft at the He added the rising prices might affect decline of 11.6 per cent to $69.5 billion in the According to another industry expert, spot price is lower pressure with the increase in current pricing,” Ramachandran trade deficit and under-recoveries of oil April to November period of last year, com- this will have an impact on global crude oil because the market crude oil prices and soft demand said. marketing companies (OMCs). Experts indi- pared to $78.6 billion during the same time demand that was expected to increase by is trading at a dis- which has limited price hikes to “In my opinion, executing cate that petrol and diesel prices may also in FY19 because of low price. the middle of this year. Till November last count because of a single digit. fare hike now will be difficult for rise, which will have an inflationary impact. “Since we are now importing close to 85 year, India’s overall import bill was seen at lack of demand at State oil marketing companies airlines as the market is price According to a report by CARE Ratings, per cent of our oil requirement, any insta- $318.8 billion, of which petroleum imports higher levels. The raised the price of jet fuel by 2.6 per sensitive and forward bookings price of Brent has the potential to increase bility in the Persian Gulf is not good news for was around 25.4 per cent. spot market price is cent from January 1. for summer are and cross the $70-a-barrel mark in the com- India — both from the price volatility and Latest figures show India imported 64.9 $9-11 per ounce, or A kilolitre of jet fuel AVERAGE FARES weak, added ing days, depending on the retaliation the supply security angle. Also global crude mt of crude oil from West Asia till ~200-250 per 10 now costs ~64,423 For travel between Rakshit Desai, planned by the Iran government demand is looking up for 2020 after a mut- September in FY20. However, the total gram lower than the and on a year-on-year managing director BALANCE SHEET January 1 and 31 Crude oil and its products have a weight- ed year,” said Debasish Mishra, partner at import from the region is expected to be cost of import. This (YoY) basis, it of FCM Travel Fares in ~ ing of 10.4 per cent in the Wholesale Price Deloitte Touche Tohmatsu. lower than 143 mt and 142 mt imported in Std gold Silver has temporarily amounts to a 10 per Solutions. Index. In terms of the Consumer Price Index, Reacting to the airstrike, the External the past two years. ~/10 gm ~/kg reduced the import cent price hike. 2019 2020 “Most airlines fuel related items have a weighting of near- Affairs Ministry said, "The increase in ten- Any West Asian crisis will also impact 3 Jan ‘19 31,850 38,780 of the metal. Brent crude oil have engaged in ly 2.7-2.8 per cent directly, the report added. sion has alarmed the world. Peace, stability remittances since a major portion of this 3 Aug ‘19 34,214 37,425 Bullion buying price surged 4 per 3,956 4,128 predatory pricing Owing to lower economic activity, and security in this region is of utmost comes from this region. The Indian dias- 3 Oct ‘19 37,848 45,080 is expected to cent on Friday, fol- in order to India’s crude oil demand was on a declining importance to India." The ministry also said pora sent $79 billion back home in 2018. remain low till lowing tension Increase: 4.3 per cent improve load fac- 3 Dec ‘19 38,111 44,560 Booking period: December 3 Jan ‘20 39,931 47,330 January 14 because between Iran and Source: Cleartrip.com tor and working of the ongoing the US. capital position. inauspicious period Prices are expect- This has drawn % CHANGE for dealing in pre- ed to stay at elevated Domestic air the entire indus- Sensex slips 162 points as US stocks 1 Months 4.8 6.2 cious metals and levels due to pro- traffic rose try into deep dis- 3 Months 5.5 5.0 property. The fact duction cuts by oil 3.8 per cent counting. We 6 Months 16.7 26.5 that several jew- producing countries between expect the pres- drop, Asian shares reverse gains 1 year 25.4 22.0 ellers have received and expectation of a January and sure on airfares to recovery orders trade deal between November with continue in the Source: Industry AT A GLANCE PRESS TRUST OF INDIA HCL Tech, Infosys, Tech Mahindra and from the income- China and the US. only November near term,” said Mumbai, 3 January Bharti Airtel rose up to 2.08 per cent. tax department has Airlines, howev- showing double Kinjal Shah, vice- Change BSE power, auto, bankex, finance, metal, also contributed to the weak sentiment. er, have been unable digit growth on president and co- (%) Indian equity indices tumbled in tandem utilities and basic materials indices skidded “Compared to last January, demand is 20-30 per to pass on the price the back of head of corporate with global markets on Friday after the up to 1.20 per cent, while IT, teck and health- cent lower in different regions,” said a leading jeweller increase to cus- lower fares sector ratings, America 11:00 IST killing of a top Iranian general by the US care rose up to 1.52 per cent. Broader BSE in Zaveri Bazar, requesting anonymity. tomers due to the ICRA. NASDAQ 9,062 0.3 ratcheted up geopolitical tensions, trigger- Midcap index settled 0.45 per cent lower, Debajit Saha, senior analyst, India & UAE, at GFMS, soft demand. Fuel accounts DOW JONES 28,708 -0.6 ing a flight from riskier assets. After drop- while the smallcap gauge closed in the green. said, “Gold import in the last 2-3 months has improved “We have seen that booked for around 35-40 per cent of the ping over 286 points intra-day, the 30- In rest of Asia, Shanghai and Hong Kong over the September quarter. In November, imports fares for travel in January 2020 operating costs for Indian carri- S&P 500 3,245 -0.4 share BSE Sensex ended 162.03 points, or bourses ended in the red, while Seoul set- were strong at 61 tonnes and December is estimated are currently about 4 per cent ers. Additionally, 20-30 per cent Europe 0.39 per cent, lower at 41,464.61. tled a tad higher. to be around that level. However, total domestic sup- higher on a YoY basis. On an of the liabilities are dollar FTSE 100 7,622 0.2 Similarly, the broader NSE Nifty closed Stock exchanges in Europe opened sig- ply will still fall short by 23 per cent in the quarter end- average, fares during the April- denominated. CAC 40 6,044 0.1 55.55 points, or 0.45 per cent, down at 12,226.65. nificantly lower. On the currency front, the ed December.” Some jewellers are hoping demand will December period have been “Typically, $1 increase in Safe-haven assets like gold and the rupee depreciated 37 paise against the US revive after a fortnight. By mid- January, the US and eight per cent higher. We expect crude oil prices will increase Euro Stoxx 3,773 -0.5 Japanese yen strengthened as investors dollar to 71.75 (intra-day). China are also expected to sign the first phase of a the January fares to move up to operating costs of players by 50- DAX 13,219 -1.3 assessed the risk dynamics. In the US, Wall Street fell from a record trade deal that could bring about a correction in prices. the same level as well, said Balu 60 basis points. And, deprecia- Asia Back home, Asian Paints was the top los- high. Bank of America Corp and Citigroup Rajiv Popley, director, Popley Group, said, Ramachandran, senior vice- tion of every rupee will result in er in the Sensex pack, dropping 2.16 per cent, Inc fell more than 1 per cent as the news sent “Consumers are realising that gold prices will remain president, Cleartrip.com cost escalation of 900-100 basis S&P/NZX 50 11,593 0.9 followed by Axis Bank, Bajaj Auto, SBI, NTPC benchmark bond yields to their lowest level elevated this year and that is why we are seeing Domestic air traffic rose 3.8 points,” said Hetal Gandhi, SHANGHAI SSE 3,084 0.0 and Bajaj Finance. since December 12. Nine of the 11 major S&P demand for Pongal and bookings for Sankranti.” per cent between January and director, CRISIL Research. Source: Bloomberg Compiled by BS Research Bureau On the other hand, Sun Pharma, TCS, 500 sectors were in the red. 8 ISSUES AND INSIGHTS MUMBAI | 4 JANUARY 2020 1 > Dealing with Need a more mature response to citizenship protests Central ministers have been less than candid about NRC, NRIC and NPR, encouraging suspicion about their motives debt default Two weeks ago, this column testified to an alone an NRIC. Of course, these are not legal- NPR, encouraging suspicion about their inability to understand why all those frenzied ly state subjects. But how does the Centre motives. But that doesn’t affect the CAA’s people who keep passionate vigil and chant intend to cope with the inevitable constitu- validity. Objecting to fast track citizenship high-pitched slogans were up in arms. One tional gridlock? The Bharatiya Janata Party’s for victims of persecution because they are hy have debt only guesses from their emotional outpour- massive Lok Sabha majority can take it only Hindus is tantamount to opposing any relief defaults of gigantic ings that they fear the National Register of so far. Parliament can pass laws like the CAA to them precisely because they are Hindus. W proportions Citizens (NRC), National Register of Indian but execution and implementation rest with It’s difficult to believe Indians can be so become commonplace Citizens (NRIC), National Population state administrations. In this instance, not mean. Since the CAA is likely to apply main- everywhere? How is it that Register (NPR) and the CAA will be manipu- only are the governments of certain states ly to Bangladeshi Hindus, West Bengal’s globally, the debtors get away lated somehow to deprive 200 million Indian refusing to cooperate but as the protests response is crucial. Objectors probably fear with defaults so easily? Muslims of their birthright to make room for unfortunately prove, they can claim a huge the financial and other costs of another A little history is instruc- vast numbers of foreign Hindus, presumably reservoir of support from misguided people refugee influx. West Bengal has always tive here. Until just three meaning the 17 million in Bangladesh. This is who don’t understand that the CAA is not resented East Bengalis who may be politi- decades ago, the domestic WHERE MONEY TALKS carrying conspiracy theory to absurd anti-secular. cally useful but whose accents are ridiculed MARGINAL UTILITY defaulter was allowed to go lengths, especially since no Central leader is Far from denying secularism, it goes some and lifestyle mocked. The word “colony” has bankrupt and all his posses- SUNANDA K DATTA-RAY so enamoured of East Bengal’s fisherfolk way in affirming the secularism whose denial become a derogatory term because poorer TCA SRINIVASA RAGHAVAN sions were sold off. If neces- and boatmen. Nevertheless, even Mumbai’s led to partition. Including Muslims in the CAA refugees live in colonies. sary, he or she went to jail. he big question as the New Year Cardinal Oswald Gracias waded into the fray would subvert the basis of partition. Also, The problem is of the Centre’s own mak- International debt default punishment was similar. The dawned was whether the Citizenship with the jejune claim that citizenship should being neither militant nor proselytising like ing. It should have taken the people into con- defaulting country was crucified, along with its people. In the T Amendment Act (CAA) would plunge never be based on religion. “The time of Islam or Roman Catholicism, Indian secular- fidence and built up a consensus in a worthy case of Latin America in the early 1980s and East Asia in the the country into a constitutional crisis, raising Christmas is a time for peace, justice and ism seeks no converts. It suffices if the state cause. Instead, with the country against him, late 1900s, practically entire continents were impaled. questions about some fundamentals of the unity,” he declared. It’s also a time for avoids displaying religious bias, doesn’t will Mr Modi use Article 356 against recalci- Then two horrible ideas took shape. One was called the Indian Union. Police brutality against critics Christian charity and compassion for the demand majoritarian privileges, and if all the trant states such asWest Bengal and Kerala? “stability of the global financial system”; the other, after is no reason for not hailing the CAA as an act unfortunate minority community in country’s religions co-exist peacefully. Or will he send the Central Reserve Police 2008, “too big to fail”. Both were the creations of the Wall of humanity of which Mahatma Gandhi, B R Pakistan and Bangladesh. Pakistan and Bangladesh are none of India’s Force or even the army? Neither may amount Street, designed to protect its interests. Ambedkar and Maulana Abul Kalam Azad — The latest challenge to the Centre’s business. But Hindus there are because as the to civil war such as the Americans faced in Soon debtors started getting off relatively lightly while three persons the protesters invoke — would authority is the Kerala Assembly resolution successor state of the Raj, post-independence 1861 or the Pakistanis 110 years later, but both creditors tonsured the taxpayer to get back as much as they surely have been proud. But as pressures demanding that Parliament withdraw the India has a moral obligation towards people signify a breakdown of communications could. People who were not parties to the contracts were mount, Narendra Modi should think of a CAA. Eleven states had already announced who were Indians until the subcontinent’s which are essential for a harmonious con- made to pay. Default thus became an option, if not actually more mature response than tweeting a com- their refusal to implement the NRC. Two division on religious lines made them virtual sensual federation. Jaggi Vasudev, also attractive. plimentary certificate from a supposedly holy states — Kerala and West Bengal — have aliens in the land of their birth. known as “Sadhguru”, may be Mr Modi’s We in India, who copy the West blindly, followed suit. As man he may revere but of whom many others, reportedly even stopped work on the NPR True enough, central ministers have been guru but is hardly a credible instrument to a result, we have seen how major defaulters have decamped including this writer, had never heard. without which there can be no NRC, leave less than candid about the NRC, NRIC and restore federal confidence. to safe havens with covert but full political support. Or how, if they can “manage” the system, they are spending happy days at home with their families. In short, the intent and nature of the loans game has LUNCH WITH BS > JAYDEEP BARMAN | CO-FOUNDER & CEO | REBEL FOODS moment of epiphany for us. Rents, on the oth- changed. This underlying transformation is an important er hand, were shooting up. We shut the high reason for the Indian slowdown. It's frozen our banks in street stores, and set up kitchens further inside. their tracks. We had no idea that they would be called cloud kitchens a few years later,” he laughs. Remember Nicholas Brady? Cooking up a storm Our main course is over. Rebel has built The first step to be taken in making default safe, and there- interesting back stories about its food brands. fore attractive, was in America in the late 1980s during the So Behrouz Biryani spins a yarn around a decade long Latin American debt crisis. Barman talks to Viveat Susan Pinto & Niraj Bhatt about the company’s journey from being a mythical Persian war and a lost-and-found Nicholas Brady was the US treasury secretary, or finance recipe, Mandarin Oak dwells on a nameless minister, who pushed the idea that single-brand quick service restaurant chain to a multi-brand internet restaurant business monk, who loved serving Chinese food to trav- In India, we have bad private and sovereign debt ellers, while Firangi Bake delves into Baba seen how major had to be taken off the books of e are not surprised when Jaydeep Barman says. As we dig into steamed vegetable Firanga’s journal of pasta recipes. defaulters have banks, meaning American banks. Barman invites us to his headquar- dim sums, the signature dum gosht biryani, Barman prods us to try out the rose phirni, decamped to safe These had lent indiscriminately W ters for lunch where he wants us to nasi goreng, noodles, wraps and a Maharaja cheesecake and chocolate truffle, all part of havens with covert in Latin America. taste selections from the 10 online restaurant vegetable pizza, he talks more about his the Sweet Truth desserts brand. So what are but full political He created a set of bonds, brands the food tech company operates. The approach to the business and the problems he the next steps for Rebel Foods, we ask. He support. Or how, if underwritten by the US govern- company, which has marquee investors such has solved. plans to have 500 kitchens in 15 months in they can “manage” ment, via 30 year zero coupon as Coatue Management, Goldman Sachs and The conventional restaurant business is India, and is doing a pilot for a health food the system, they are bonds. The International Sequoia, claims to be the “world’s largest inter- made of real estate, retail and brand business brand. The food tech company has opened an spending happy days Monetary Fund and the World net restaurant company”, and is valued at over all merged into one. This is not true for any oth- Indonesian restaurant in Indonesia and makes at home with their Bank also signed on. In some cas- $500 million. Barman says, “We are ahead of er consumer business where the manufactur- Lebanese food in Dubai. families es the Federal Reserve of New York our closest competitor by miles.” er and the retailer are different. With internet, “At the core is our operating system and like also held their hands. Barman is disrupting the 500-year-old food is becoming disaggregated — Swiggy and iOS or Android, you can build apps on it. That’s But these were contingent liabilities. They stayed off restaurant industry, which he says hasn’t Zomato are retailers or distributors. There can how we can foray into any cuisine,” he says. budgets and would enter them only if the bonds went bad. changed at all. He is bringing scale in the food be only a real estate business like Travis Going forward, he plans to make and scale This arrangement allowed the debtor country to issue business through process, automation, and Kalanick’s new startup CloudKitchens, which more products or brands, either owned or these tradable bonds in exchange for their debt. In time, robotics, while retaining consistency, taste and rents out space to restaurants and chefs. licensed. “We also plan to create entrepreneurs these bonds became very valuable because that way the freshness. The availability of skilled chefs is “Companies like us can build brands without who can scale on our platform. We invested in banks could get the debt off their balance sheets. limited and yet the “magic of the dish” has to building distribution or real estate.” Slay Coffee, which was a single location for This is the precise problem that the government and the be retained. Riding on food delivery platforms, the food five years, which Rebel has taken to 70 loca- RBI are struggling with. But they are thinking in terms of The former McKinsey consultant breaks tech company can operate multiple “restau- tions in six months. crude recapitalisation by giving money to the banks, who, down the business in three parts — bill rants” from a single cloud kitchen. Its kitchen There’s also a plan to tap into the local in the future, will still be vulnerable to political pressure. of materials or ingredients, dispensing has robotics and automation and the compa- culinary community and become a dis- Anyway, once the terms of the Brady bonds had been what ingredient to put when, and move- ny has rules for every dish at the three com- tribution platform for well-known chefs settled, a bank could either exit or hold on in expectation of ment — tossing, frying or sautéing, and at ponents of ingredients, dispensing and move- or iconic single-restaurant offerings. a capital gain. Exit, on the other hand, meant you were out what temperature. ment. The new recipes and machines are “We will not own the brand, but simply on the Street clean and could raise fresh capital. After making associate partner at created in its culinary innovation lab and an give them a platform to showcase their Either way, it reduced the extent of American banks' hair- McKinsey’s London office in 2010, Barman industrial innovation design centre. skills and deliver the dishes they pre- cut by proportionately increasing taxpayers' haircut in the took a sabbatical never to go back. He co- Rebel Foods has 275 such kitchens in 30 pare,” he adds. debtor countries. The jargon for this was "spreading the risk". founded Faasos (the company’s earlier avatar) cities and runs 2,200 virtual restaurants. Another immediate target is to reduce But the effect was the same: Bystanders got scr**ed. Had with classmate Kallol Banerjee. Barman brings Each kitchen is run by a chief delight officer plastic. “We found that bagasse contain- Colin Powell been an economist, he would have called this the strategy consultant’s toolkit in solving who runs the kitchen with around half a ers leak even after we put a lid. We have collateral damage. problems for the company. He draws the two dozen staff. He is proud of the culture of created a machine which solves this prob- by two matrix — with right/wrong decision on ownership and innovation the seven-mem- lem by putting a seal, and it works for Indian version the one side and people agree/disagree on the ber senior management team has created. multiple types of packaging,” he says. We have also done a Brady bond type thing for the NBFCs. other. He says you make extraordinary returns “A lot of our staff has ownership, our attrition Barman’s family lives in Pune and in Last July, the finance minister said that for some good when you are right and people disagree. is negligible, and we are among the top rat- true consulting style, he comes to Mumbai NBFCs, the banks would buy their debt up to ~1 trillion and “When we started, we were wrong but people ed startups on Glassdoor.” every Monday and goes home on Thursday the government would underwrite 10 percent of that. agreed and we raised seed money. We found The food tech company does not have a evening. In Mumbai, he is happy to live in the But sadly, bonds are not a part of this solution. Thus the lia- ourselves in the next quadrant where people head of human resources (HR) and believes company guest house close to office, which bility is not a fully contingent one. It's a peculiar mixture didn’t agree with us and we were still wrong.” HR is every manager’s job. Recruiting for key has been set up for employees visiting from aimed at assuaging rather than really solving the problem. The His next step was introspection about the prob- functions is also rigorous — he discourages across the country. Barman is also an avid argument is the same as in the US in 1989 and 2008: Too lems and that’s how “I landed up on the mul- prospective employees to send resumes, but mountaineer and goes off the grid for 15 days much is owed by these guys and they are too important to fail. ti-brand cloud kitchen before anyone else,” he write a detailed essay explaining what excites a year — the last mountain he climbed is Mont But that takes care of only one side of the problem because says. Rebel Foods, unlike many other Indian them about the company and why they want Blanc, the tallest peak in the Alps. the debt of the public sector banks remains. The real ques- startups, is not an imitation of a successful to join. “Lateral hiring of experienced profes- ILLUSTRATION: BINAY SINHA Rebel Foods is delivering 2.5 million orders tion now is to see to whom we pass on that debt, and how. model in the US or elsewhere, he adds. sionals from competitors didn’t work for us,” and decided to set up Faasos, a brick-and-mor- every month across all its brands, had a top line This is what should engage the government's attention in Another two by two matrix of market size he adds. tar chain specialising in wraps in 2010. Even in of ~310 crore in FY19 and is growing at 100 per 2020. and fragmentation follows. Large market size Barman grew up in Kolkata and went to 2004, the duo had experimented bringing two cent year-on-year. The India business is The taxpayers cannot be the sole beast of the debt burden. and high fragmentation is the quadrant where study engineering at Jadavpur University, fol- cooks from Kolkata and set up a small Bengali expected to be profitable next year, and the As was pointed out by Jean-Baptiste Colbert, finance min- one can build brands. People are habituated to lowing it up with two management degrees — food eatery in Pune before they went on to do company will be ready for an IPO sometime in ister to Louis XIV of France, “the art of taxation consists in so the category and there are no large incum- one from IIM (Lucknow) and one from their international MBA. 2022. Biryani is the most popular category plucking the goose as to obtain the largest number of feath- bents. “If you think of biryani, Chinese, South INSEAD, France. “My parents are professors In 2014, Barman found that 70 per cent of ordered in India, and Behrouz Biryani, Barman ers with the least possible amount of hissing.” Indian — everywhere this opportunity exists. and getting degrees was encouraged,” he says. the customers at Faasos had no clue where the says, is the largest. “Today, it is biryani, 10 That’s where we focused on,” he adds. Away from home, foodies Barman and store was located. They would simply place an years down the line it could be vegan. As long “Let’s eat before the food gets cold,” Banerjee were missing Kolkata’s kathi rolls order on phone or on the website. “This was the as people are eating we will be there,” he says. When connectivity connects… The good cop-bad cop routine

spends her days hammering away on the He got the parish details from their church house, my wife (the good cop) said she not going anywhere because my hus- computer, the internet sometimes man- Whatsapp group for school number one. A would first check with me (the bad cop). band has to go to work.” Catch the good ages to confound, perplex and deeply frus- Facebook forum advised him to apply not I mentioned that another friend had cop (her), bad cop (me) routine? trate. Like, for example, when prior to the for nursery but KG in school number two. asked us to a party to which I had said we At any rate, it was late that night December 27, 2019 - the deadline for sub- He was connected with a teacher in school would come for a short while as we had (or early in the morning) when we got mitting nursery admission forms - Mary number three on Hike, who, in turn, con- our other friends to go to before mid- back from party number two to find asked me to submit a few online for her lit- nected him with someone in the admis- night, even though I knew my wife would that our children had decided to shift tle girl. School number one had extra sions department. prefer to stay with the first lot where the their bash to our home because some weightage for Catholics but needed details I asked him how he did it. He said he had food was likely to be better than at the genuinely bad cops had busted their of her parish, church and more. She didn't become a social media nerd ever since he second place. Once at Dinner Place #1, party. When we have visitors over, my have a clue and the form refused to let me discovered that his new ~3,000 phone came she refused to leave till the last meal of wife pretends to be solicitous, so even PEOPLE LIKE THEM proceed. She went off to ask if her hus- preloaded with Facebook Lite. Within days PEOPLE LIKE US 2019 had been served and though it wasn’t our party, band had a clue. By then, my session of use, he found it not only helped him stay KISHORE SINGH then told our hosts we had At Dinner Place #1, she said to them, “What GEETANJALI KRISHNA timed out. School number two refused to connected but also to make several new to go since I had stupidly my wife refused to will you drink? Let me get let me proceed after I disclosed the child's connections. So he ventured to other social promised to be elsewhere. leave till the last you something to eat.” ast week, I saw a group of drivers and age. She was overage by two days and all platforms. Hike Messenger worked online ear reader, I cannot begin the new And at Dinner Place #2, she meal of 2019 had And she said to me, “Why security guards outside our building I could do was swear at the computer as and offline, he discovered. TikTok and year with a lie, so let me tell you complained that if I had not been served and are you hiding your good L watching videos of the protests there was no human I could explain the WhatsApp helped him communicate with Dthat I went to sleep not at the mid- accepted the other invitation then told our hosts whisky, let these children against the Citizenship Amendment Act situation to. School number three’s appli- his unlettered mother and other relatives: night hour, as I had promised, but at in the first place, we would we had to go since I enjoy it.” Adding, “And go and National Register of Citizens on their cation also found her exceeding the age “Since she can't read, I either send her a dawn, accompanied by a hangover, and not have been late. She good had stupidly see what you can warm up smartphones. Each one of them was on a cut-off by two days, but its rules said that voice message on Whatsapp or a short video full of guilt as I had office to attend (for cop, me bad cop — you get promised to be so they are not drinking different social media platforms - From they would extend the eligibility age for on Tik Tok,” he said. Cheap internet on the which I was naturally late). And since I the drift? elsewhere on empty stomachs.” Hike to Facebook Lite to TikTok and even girls. Unfortunately, the form did not ask phone not only gave him connectivity and intend to be transparently honest this Even before, she’d placed And so I had some more Instagram. "To think that till last year, I for the child's gender. So I failed to fill connections, it simplified his life in other year, let me tell you that the blame for the role of villainy at my doorstep when to drink, and later, my wife said I was would have watched television to stay that one out either. ways. He could now pay mobile bills, school this lies not with me but with my wife. her friend Sarla wanted to know what not a good influence on young people abreast with what's happening," one com- How, I wondered, did people with less fees and more online. "The only thing I don't Our friends say that my wife and I oper- we were doing for New Year’s. “She wants with all that party hopping and soaking mented. "I think if 2019 was the year of the education than me and my several do which I would love to do, is buy groceries ate like the good cop-bad cop of to come over,” my wife hissed at me. To it up like a sponge. I said I would turn a smartphone - in 2020, cheap internet and degrees, navigate the internet? With great and vegetables online for the sheer con- Hollywood movies, which might sound Sarla, therefore, she said the following: new leaf if she would allow me to be good social networking sites will probably rule ease, I discovered to my chagrin. Mary venience of it," he sighed. When I asked glamorous, but they are only trying to “We’re going to Mauritius” one day; cop instead of always being the bad one, our lives…" asked her young brother-in-law for help. why, he replied: "Not that I can't navigate be insulting. “We’re going to Goa” on another day; and and I hope this clears the confusion I couldn't agree more, but something The man hadn't completed school but it theapps, but groceries are just cheaper in So, when a friend called to say we “We’ll be in Bikaner” finally, before laying about who will be good cop-bad cop in rankled. Even for someone like me, who took him an hour to sort out her forms. the local market…” should spend New Year’s Eve at their the whole fiasco at my doorstep: “We are our household in 2020. OPINION 9 >

Volume VII Number 23 MUMBAI | 4 JANUARY 2020

WEEKEND RUMINATIONS Start-up of the decade lennia. The core came from the supposedly demo- cratic kingdom of Vaishali in ancient times. T N NINAN AAP has managed to break through entry barriers for newcomers The notion was so comic-book and juvenile that I ended up writing a National Interest on it, head- in our politics — caste, ethnicity, ideology, dynasty — to establish lined “Arvind Chitra Katha”. If this is how they Asian questions itself as a Delhi party with all-India recognition planned to change the country and the “system”, it was never going to happen, I had said. To their hen Gunnar Myrdal was writing his three-volume Asian Drama in the late credit, after they got power, they gradually retreat- his has been a decade of start-ups. Hundreds evertheless, Anna was used and discarded ed into an establishmentarian calm, or at least rel- 1960s, no one would have dreamt that a Bangladesh, which was shortly to suf- of new ones have emerged and more than a Nwithin two years (his fast took place in 2011) atively so. You now rarely see them abuse anybody, fer from the deadliest tropical cyclone ever recorded, and then a liberation war, T dozen have achieved “Unicorn” status (val- and AAP came into being in 2012, the first new hold morchas, or sound angry. They follow the Wwould emerge as a star economic performer 50 years later. The country that was uation at more than a billion dollars) in quick time. political party with heft in decades, with zero polit- laws and the Constitution, run a remarkably clean dismissed by Henry Kissinger as an international basket case has now beaten its South Asian Our vantage point, however, is political. So, in ical legacy, vote banks, dynasties, or an ideology. ship, and have developed their own version of non- neighbours on both human development indicators and economic growth rates. Its per our book, the political start-up of the decade was This new proposition was neither Left nor Right ideological, underclass welfare. This change, and capita income of $1,905 compares with Pakistan’s $1,388, and is not far behind India’s $2,171. Arvind Kejriwal’s Aam Aadmi Party (AAP). Here are nor Centre, and so could conveniently attack any success, critics have to acknowledge. Myrdal’s book is often referred to as monumental, being all of 2,300 pages. But he got the many reasons why. party with these ideologies on the day, or align many things wrong, including whether population would be a deadweight (today China First, with established political parties and with anybody to discard them later — from the ompare Mr Kejriwal with another leader in a caste-ethnic-ideological forces with ossified vote Congress in Delhi to the Sikh radical groups in Csimilar age group, Rahul Gandhi. I will confine and India owe their large internal markets to population growth), but he also got some banks and entrenched dynasties, the entry barriers Punjab. Mr Kejriwal’s genius in political entrepre- myself to how each has responded to three big things right (like, initial conditions matter). And some passages in Asian Drama read like for newcomers in our politics are the steepest. neurship lay in how he used all of this: Lack of ide- challenges in our politics since the rise of Mr Modi: little better than journalism. Still, Deepak Nayyar has chosen the book’s 50th anniversary That’s why start-ups of the past — from the Jana ology and political fidelity, a ruthless use-and-dis- Nationalism, religion, and welfare ideology. Unlike to revisit Asia (Resurgent Asia: Diversity in Development). Sangh, the Swatantra Party, and Janata Party to card approach for friend and foe, a redefinition of Rahul, Mr Kejriwal never went to JNU during its Mr Nayyar’s story is nuanced, pointing to the different paths that countries in the the Telugu Desam, BJD, TMC and even durable welfare wrapped in high nationalism — Bharat troubles. region followed, often as a consequence of colonialism’s role in opening up closed markets. ones like the DMK — have drawn their ideology, Mata ki jai and Bhagat Singh’s portraits all became He was smart enough to stay far away from the Shashi Tharoor in An Era of Darkness has speculated on whether India could have made leadership, vote banks or caste/ethnic loyalties his venture’s USP. He was moving into the political “tukde-tukde” fire. Recall what he said when from a pre-existing force. AAP is sui generis. market, but with a product that pretended to be not Kanhaiya Kumar and Umar Khalid were arrested. it if it had not been colonised and given the railways and a modern administration (he Establishing yourself even in one small but like any other. That is brilliant entrepreneurship. If he had control over the police, Mr Kejriwal said, thinks it would have), but it is certainly true that without external influence many coun- prominent state, and building brand recognition all Like any classical start-up, AAP also went those who’d actually shouted the “tukde-tukde” tries of the region would not have introduced land reforms. Nor were Taiwan and South over the country, therefore, is a formidable achieve- through near-death moments, some of them self- slogans would have been in jail and the innocents Korea countries that took to exports like ducks to water; they experimented with import ment. made. Like the disaster of the Lok Sabha elections free. I know this entirely fails today’s test of being substitution before they realised that their home markets were too small. Officially, AAP was launched on in 2019, when it finished a distant woke. But what did Rahul get for trying to pass it? How much of the “Asian miracle” owes its success to autocratic rulers, and how were November 26, 2012. We’d say, how- third, behind even the Congress, Mr Kejriwal was quick to hail the surgical strikes, those rulers different from today’s Erdogan, on whose watch Turkey’s economy has ever, the entrepreneurial idea was in most Delhi assembly segments. Balakot, and voted for Article 370. He wouldn’t sown sometime in late 2010. This is From being written off then, it has concede nationalism to Mr Modi. And Bhagat tanked? Or other autocrats like Putin, whose Russia survives by exporting oil, gold, coal, when the premature self-destruc- made a smart recovery, and now Singh is an enormously more powerful icon than timber, and armaments, while that other Brics economy, Brazil, still flatters to deceive with tion of the UPA, or more specifi- looks like the front-runner in the Savarkar. its modest growth rates? How were Asia’s leaders of yore different from our own Narendra cally the Congress, caught its main Delhi elections due in weeks. While Rahul hopped between temples, Mr Modi in their understanding of what it takes to get an economy on to a higher plane? rival, the BJP, unprepared. There Again, like typical start-ups, Kejriwal kept his under-stated soft Hindu identity, While refusing to get into the democracy vs authoritarianism argument, other than to was space available for just some AAP has had continuing HR trou- never succumbing to the intellectual Left’s say that democracy is an end in itself, and that it is more conducive to checks and bal- time until Narendra Modi took bles. Or, maybe worse, with so demands for secular purity, and even launched a ances, Mr Nayyar concedes that political democracy is neither necessary nor sufficient charge of his party. many key people, including min- free pilgrimage programme for senior citizens. The This is when Mr Kejriwal was isters, expelled on charges rang- list of pilgrimages did have Ajmer Sharif, but most for economic development. He suggests that a Weberian bureaucracy was as much NATIONAL INTEREST acquiring the national limelight as ing from corruption to filming of these were to Hindu and Sikh holy places, and responsible for the success of the leading economies of Asia. Given that the economies of an anti-corruption campaigner SHEKHAR GUPTA themselves having extra-marital, his advertising painted him as a modern-day Asia range from communist to capitalist, and Myrdal’s observation that the same solu- while being seen as incorruptible if consensual, sex. As we often see Shravan Kumar, the storied, model son from India’s tions in different countries seem to produce different outcomes, should India be willing himself. This, we must note, was also the year when with start-ups, there has been an exodus of many past who took his ageing parents to all 84 centres to experiment more with administrative arrangements — which necessarily imply almost all institutions of the old establishment, co-founders. of Hindu pilgrimage on his shoulders. At the same greater decentralisation? from politics to bureaucracy, the media and the I may be stretching it, but in Yogendra Yadav time, Mr Kejriwal was quick to host the T M Krishna Will this be an Asian century? Mr Nayyar thinks not, perhaps because only two or three corporates, suffered a precipitous loss of trust and and Prashant Bhushan, Mr Kejriwal may even have concert when forces of the Hindu Right forced it respect. It was exacerbated by the Radia Tapes dis- his equivalent of Mark Zuckerberg’s Winklevoss out elsewhere. Later, there was a huge, communi- countries in the region have reached high-income status. But if one looks through the Brics closures. twins. AAP has also built a trait essential for start- ty Diwali mela with lasers, as a woke statement prism, the shift in the balance of power seems a foregone conclusion. The four Brics coun- It fed conveniently into a “sab chor hain (every- ups, which, sometimes, is also the cause of their against fire-crackers. tries were supposed to account for half the GDP of the six leading western economies by body’s a thief)” mindset. No established party or self-destruction: An almighty personality cult We know that Brand Kejriwal-AAP have a long 2025; they are already past that landmark — having got there from 15 per cent in 2003. The leader was spared by this fury. If everybody was around one leader. way to go even if they win another Delhi election. reason is how well the two Asian giants have done — but their natural rivalry will prevent already declared a thief, India was desperate to see Those who follow my work — written or spoken But they are now an established party with a them from acting together in pursuit of common objectives. somebody who wasn’t. In walked the insurgents. — would know my often sceptical view of AAP’s uniquely flexible politics. We will agree with it In the half-century since Asian Drama was written, India has missed the bus more than Mr Kejriwal and his young team were not yet politics. As a commentator, I have been at argu- sometimes, disagree often, but it is a force nobody once. If we now want to avoid being dragged into a Hobbesian world dominated by one or touched by power and, thereby, corruption. mentative odds with AAP leaders since the Anna can ignore, not even Mr Modi, because it will keep They had modest personal lifestyles, spoke a movement. Searching for their non-existent ide- punching above its weight. As it does, for example, two Leviathans, India needs to figure out whether it pays to be rule-takers or seek to be rule- simple idiom, and sounded convincing. All they ology, I read up Mr Kejriwal’s best-selling charter, on social media. We know that in start-up terms, setters (for instance, in a regional trading arrangement). Or, do we really have an answer to did was berate and condemn the established polit- Swaraj. You can read the pamphlet-sized book in dominating one small state in a decade seems mod- China’s strategic challenge? If not, what are our options? At the cusp of the century’s third ical class and elites (from Manmohan Singh to good time — I finished it by the time we were over- est. But in a nation’s politics, particularly India’s, decade, these and other questions flowing from Asia’s history of the last 50 years need Mukesh Ambani) as unworthy of India’s trust. head Bhopal, halfway on a Bengaluru-Delhi flight. it’s a pretty short time. urgent answers. Anna Hazare arrived on the scene as a force mul- It was a mish-mash of ideas and idealism drawn tiplier. from anecdotal wisdom over two and a half mil- With special arrangement with ThePrint The price of proving citizenship Private role in the space race EYE CULTURE Several other private companies in scale of charges that will be tinguish between citizens and and most lack birth certificates. ument. Applicants most often the US and elsewhere are planning or based on religious identity. others. Ownership of land should be need it for some economic pur- KUMAR ABISHEK designing lunar landers. Hence, recent- We still don't know what doc- The Assam NRC excludes acceptable but not everyone pose or another, ranging from ly announced Chandrayaan-3’s success umentation would be considered almost 2 million persons in a owns land. Most people don't. going abroad to study to work n the 1400s, China used to own the is a must for India’s space ambitions; sufficient to prove somebody is a state which has a population of School certificates may be related stuff. They are prepared biggest seafaring fleet in the world we can’t afford to lose out. citizen. There have been many 35 million. The vast majority of acceptable, but nearly 30 per to pay speed money to I — it was called the “Treasure Fleet”, And for realising our space dreams, contradictory statements made the excluded are Hindus. Many cent of India was illiterate in smoothen the processes. Those with some ships as big as 127-metre the Indian private sector must be on this issue by many central are former government servants, 2011. At this instant, therefore, who need them more, pay more. long. In comparison, La Santa María encouraged because if we lose this race, ministers. Logic would suggest including retired defence per- the list of acceptable documents Those who lack supporting doc- was only 49-metre long. There was the moon, Mars, and mineral-rich that any of voter identity card sonnel. Since my father's fami- remains unclear. uments to avoid immigration another key difference — while the asteroids will already be crowded and passport should be suffi- ly hails from I presume clearance, pay more. A graduate Chinese fleet was government-owned, before we reach there. VIEWPOINT cient. After all, these are sup- Silchar, in the that whenever going for a Master of Business the small Santa María was a private The Draft Space Activities Bill, 2017 DEVANGSHU DATTA posedly issued only to citizens Barak Valley, I The Assam NRC excludes the list of accept- Administration in the US will explorer’s flagship; his name was — slated to lay down India’s first space and, if for argument's sake, the happen to almost 2 million persons in able criteria is pay much less than a mechanic Christopher Columbus. law — is hanging fire. This Bill seeks to voter ID doesn't prove citizen- know quite a a state which has a released, it will looking to get to a construction China appeared all set to circum- allow both public and private sector to ost commentators have ship, the 2019 elections were a few of the population of 35 million. offer some pow- job in the Gulf. navigate the globe but instead, the participate in the country’s space pro- been so focussed upon sham. The citizenship status of excluded indi- The vast majority of the ers of discretion If passports are important, Ming Dynasty retracted into itself and gramme, and private players to build M the religious identity millions of non-resident Indians viduals. Some excluded are Hindus. Many to local officials proof of citizenship, whatever burnt down the Treasure Fleet, appar- satellites, rockets, and space vehicles politics of the Citizenship and Indians travelling abroad is to my personal are former government to accept docu- that is, is even more important. ently in a bid to control foreign trade or for domestic as well as global use. Amendment Act (CAA) - cum also questionable. knowledge are servants, including retired mentation. It Lack of a passport will hamper for other internal reasons. On the oth- The most secure way to boost our National Register of Citizens In addition to these two doc- Hindus, who defence personnel. will also proba- economic prospects. Lack of er hand, Columbus and many enter- space capabilities is to allow private (NRC)-National Population uments, which are only issued are also retired bly offer an “out” proof of citizenship will land prising individuals like him opened the innovation. We can learn from our Register (NPR) that insufficient to citizens, a record of govern- government servants with pass- clause, where local politicians or somebody in a detention centre. New and the Old World for conquest experiments – the opening of the tele- attention has been devoted to ment service, which comes with ports and voter IDs. Gazetted officers can vouch for The going rate will, therefore, be and permanent European colonisation. com and the aviation sectors, where the ways in which this could be a identity papers, issued by the So what documentation is individuals. The passport veri- higher. It will be even higher for Cut to the modern era. While space increased private participation multiplier for corruption. It is government should be suffi- acceptable? Municipal birth cer- fication system works on that those who made the mistake of exploration is being largely led by gov- changed the entire landscape. not difficult, however, to under- cient. But central ministers have tificates cover only about 80 per basis. Those powers of discre- being born into a religion this ernment bodies, it appears private com- Furthermore, India’s satellite launch stand why the processes of said in public statements that cent of people born in the 21st tion and the MLA certificates are government doesn't like. It will panies will guide its next phase — space market is expected to grow to $30 bil- implementation will enable cor- these documents may not be century and even fewer in pre- broadly fungible and available be even higher for the landless, travel — in the lure of extra- lion by 2026, according to a ruption. It is also easy to extrap- acceptable. Nor is the ceding decades. It is a joke in bad on the basis of payment. An rural poor born beyond the pale. terrestrial real estate and The Draft Space report in Business Insider. olate from there to understand Permanent Account Number taste to ask for proof of birth of entire service industry that expe- The corruption that accompa- resources. And as of now, Activities Bill, It is not that India doesn’t that the corruption will dispro- (PAN) or the Aadhar — although people born before say, 1990. dites passport issuances works, nies this exercise of enumera- India is too far behind in this 2017, seeks to have NewSpace companies: portionately affect the poor, and both can be issued to resident About 75 per cent of Indians because of that fungibility. tion will exceed anything we've space race. allow both public There are over 20 such start- that there is likely to be a sliding non-citizens but supposedly dis- lived in villages prior to that date Passport is an important doc- ever seen. With the advent of the and private to ups, such as Skyroot new decade, the Indian participate in the Aerospace (designing a rock- Space Research Organisation country’s space et that can be assembled and (Isro) announced that it has programme, and launched in a day to place shortlisted four Air Force private players to small satellites in the space) Economic ‘Doom Loops’ get harder to avoid pilots as astronauts for the build satellites, and Bellatrix Aerospace indigenous Gaganyaan mis- rockets, and (working on in-space propul- additional borrowing. Negative shocks ripple through where repayments are current, cycle continues through succes- sion in 2021 – 60 years after space vehicles for sion systems). Besides com- In theory, the wealth effect the structure of household worsening cash flow pressures. sive phases until a new balance is Soviet cosmonaut Yuri domestic as well panies like Godrej Space and increases consumption. But high- finances. Looked at from a balance Forced sales, defaults and achieved. Australia has just expe- Gagarin in 1961 became the as global use L&T are working with Isro to er asset prices may not translate sheet perspective, assets such as repossessions set off a spiral of rienced this process. A shock first human to journey into develop rocket sub-systems. into cash flow and households can houses and financial investments falling prices across asset classes. induced by tightening credit con- outer space. But they all need a conducive envi- go deeper into debt. Think of using are financed by mortgages and Shrinking household net wealth ditions set off falling house prices Undoubtedly, India needs to catch ronment and support to flourish. low interest rates to invest in the other debt. On a cash flow view, and collateral value force even less that slowed growth and weakened up fast. It not only faces stiff competi- First, the Space Activities Bill soon residence, borrowing against employment and investment consumption. Postponed home the financial sector. Interest rate tion from China, the US, Japan and needs to clear parliamentary processes home equity and undertaking income must cover consumption purchases and upgrades impact cuts of 0.75 per cent, loosening even the tiny nation of Luxembourg to become a law. Until then, no private leveraged purchases of rental and debt repayments. Any income construction. This has a material credit controls and government but also and especially from private Indian company will be able to launch SATYAJIT DAS properties and financial assets to shock — unemployment, lower impact on the US and euro area, actions have brought temporary players like Elon Musk’s SpaceX, Jeff its own satellites. The Bill is being crit- build wealth. earnings, declines in interest or where housing accounts for about stability. Bezos’ Blue Origin, and Richard icised for not clarifying the eligibility he world’s advanced Global household debt has dividend income — must be offset one-sixth of the economies. Recent central bank actions Branson’s Virgin Galactic. criteria for potential licensees. economies are trying to reached around 75 per cent of by reduced consumption. Higher Where banks are a major part around the world — an easing bias Actually, we need our own SpaceX, if Second, we need to have a clear and Tkeep their balance on an gross domestic product (GDP), debt repayments or inability to of the stock market, such as in the and resumption of quantitative we don’t want to keep playing catch- transparent space policy, starting with unstable platform of high con- with especially high levels in some refinance pressures the ability to US, UK and Australia, further con- easing — reflect the realisation up. setting up an independent space regu- sumption, asset prices and house- advanced economies. The com- consume. Falling housing prices tagion comes from reduced bank that policy must prop up asset SpaceX has set an aspirational goal lator, tasked with laying down rules and hold debt as we enter the 2020s. parable figure was around 57per or values of financial investments profits pressuring share prices and prices to safeguard consumption, to land humans on the red planet by giving licenses for carrying out space Any significant shock or increase cent in 2007 and 42 per cent in weaken the household balance dividends. The loss of net worth which constitutes around 50 per 2024, and it is taking big and quick activities from Indian soil. Currently in volatility could trigger “doom 1997. Even with very low interest sheet, forcing reduced consump- and income further hits con- cent to 60 per cent of GDP in steps towards space travel, so keep fin- Isro is both leading market player and loops” that compromise the eco- rates, household debt service tion or accelerated debt reduction. sumption by investors who rely advanced economies. The prob- gers crossed. Realistically, any human licensing umpire in the Indian space nomic and financial systems. ratios, which measure aggregate These first-order effects spread on this cash flow. Then there are lem is that these policies perpetu- mission to Mars is likely only in the sector and that’s a conflict of interest. The great recession ended principal and interest repayments through successive disturbances, government finances. General tax ate and increase debt, prevent nor- 2030s (the next low energy launch win- Third, there should be dedicated tri- more than a decade ago. In recent to income, remain high, ranging which rapidly amplify the stress. collections decline. Direct revenue mal asset-price cycles and increase dow occurs in 2033). bunals to adjudicate related disputes. years, personal consumption aug- from 8 per cent to 16 per cent. One area of contagion is the derived from property and finan- the vulnerability of households. But the moon is on everyone’s radar. The space race is nothing but a colo- mented by government deficit This high financial sector. Major negative cial transactions falls. If the gov- The ability to maintain this Even Nasa is planning to send two nial battle, led by enterprising individ- spending has underpinned consumption/prices/debt combi- shocks expose excessive risk-tak- ernment has to support financial inherently unstable equilibrium humans (probably the first woman) uals with state support. India ended up growth. Rising employment nation is unsustainable and can ing by borrowers and lenders. If institutions — a persistent feature remains the key to the prospects of there by 2024 after a gap of 48 years; the a victim of the colonial race; we can’t helped people purchase more. But lead to self-reinforcing feedback employment markets worsen, vul- of asset price busts — the funds advanced economies. The social last manned mission (Apollo 17) to our finish losers once again — we must with wage growth low, borrowing loops. Initially, increases in asset nerable households can’t service required to recapitalise banks and strains that it’s coming under, for natural satellite was in 1972. boost our capacity, technology, and pol- against buoyant housing and prices facilitate an expansion in borrowings. Non-performing guarantee deposits stress govern- example, in terms of purchasing Also, SpaceX Falcon 9 is slated to icy to become a space power and the stock prices was a major factor in credit and consumption that leads loans increase. Banks tighten cred- ment balance sheets. These are power and affordability of hous- launch a private moon lander in 2021, key is in private hands. consumption. Central bank and to further price rises. Slower it, making it less available, harder already weaker after 2008. Capital ing, are increasingly expressed in besides its #dearMoon project (a lunar government policies that engi- growth, unemployment, or falling to get and more expensive. flight or reduced inflows as for- mass protests across the globe. tourism mission) is expected to take Every week, Eye Culture features writers neered high asset prices and col- income or asset values can quick- Maturing debt becomes difficult eign investors exit squeeze the cur- flight in 2023. Mr Bezos’ Blue Origin with an entertaining critical take on art, lateral values allowed scope for ly send the cycle into reverse. for borrowers to refinance even rent account and currency. The ©Bloomberg plans to use its Blue Moon lander. music, dance, film and sport 10 THE SMART INVESTOR MUMBAI | 4 JANUARY 2020 > Brokers to meet Sebi on new norms THE COMPASS P&G in a tough spot Worries over restrictions on intra-day margins LION’S SHARE Share in average daily turnover (%) over surging costs in F&O segment a major bone of contention 3 9 JASH KRIPLANI “Earlier, there was an ambiguity Cash Futures Correction would give good entry Mumbai, 3 January in the futures and options segment, where margin reporting needed to be point to long-term investors arge brokerage houses are set done only at the end of the day. for crunch talks with the However, the new norms require SHREEPAD S AUTE lower penetration and L Securities and Exchange margins to be taken upfront before rising awareness about Board of India (Sebi), seeking clarity any trade,” said Nitin Kamath, chief The Procter & Gamble sanitary napkins. on the new norms pertaining to executive officer of Zerodha. Hygiene and Healthcare However, in light of margins that are set to take effect “We could especially see the (P&G) stock has sharply the slowdown, pushing this year. smaller traders in the futures seg- 88 outperformed the Nifty rev enue growth at the The implications of the same on ment get impacted,” Kamath added. Options FMCG (up 0.3 per cent), cost of profitability would the market ecosystem, going ahead, Market sources added that while clocking a gain of 15 per be challenging, says will also be a key talking point. exchanges have already told broker- Source: HDFC Securities, as on March 19, 2019 cent over the past year. an analyst. According to market sources, the age houses that the upfront margins The gain was largely This is because con- Association of National Exchanges will get inspected on an intra-day margin reporting is yet to be put in on account of the tax sumers may shift to Members of India (Anmi) will meet- basis, brokers will nevertheless dis- place, exchanges will work on the sys- cuts announced in cheaper products and ing the market watchdog and cuss the subject with Sebi. tem to ensure there is proper report- September. On the oper- rival brands. Johnson & exchange officials on January 8 to According to market participants, ing on this front. ating front, however, the Johnson (Stayfree) is understand the new guidelines. a large segment of industry used this segment. “In the F&O segment, it is per cent of the market volume, while In the last few months, Sebi has key metrics look weak pushing its products For now, brokerages are bracing grey area to attract investors in the mandatory for trading members to the options segment accounts for 80- brought in several norms to tighten both on the revenue and aggressively, which could for a dip in trading volumes, given F&O segment, especially the retail collect initial margin, net buy pre- 85 per cent. the practices in the broking industry. margin fronts. impact P&G’s growth and that the curbs on leverage trades — clients who lacked funds. mium, delivery margin and expo- Most brokerages — both small On handling of client securities, Sebi P&G’s continued focus market share. effective from January — are likely In a circular on New Year’s eve, sure margin from respective clients and large — try to offer additional issued a circular stating that brokers on growth in the under- After reporting a to hurt transactions in the futures the NSE clarified that Sebi’s norms on an upfront basis,” the NSE said leverage to clients to facilitate their were required to “unpledge” any penetrated category healthy 20 per cent and options (F&O) segment, in on collecting upfront commission in its circular. transactions in the F&O segment. client securities and sell them in the (feminine hygiene seg- growth in FY19, the com- which leveraged intra-day trades are would not only be applicable to According to industry data, the Market participants said that even market if the dues were not cleared ment) with pany posted common. the cash segment, but also the F&O futures segment accounts for 10-15 though the mechanism for intra-day by the clients. distribution an 8 per cent expansion, rise in rev- advertising enue for the spends, and September price cuts, 2019 quar- among oth- ter. Further, SBI plans to sell ers are ex - it took a DSP’s gamble to go long on bonds pected to sharp 508- 5 mn shares in keep mar- basis-point gins under hit on pressure for Ebitda (ear- pays off after RBI’s Operation Twist NSE; invites bid now. nings before Analysts interest, SUBHADIP SIRCAR & DIVYA PATIL unprecedented bond auctions to overlook rate cuts as a driver State Bank of India on Friday at Kotak tax, depreci- Mumbai, 3 January after a series of rate cuts failed GOING DOWNHILL for yields was vindicated as the said it was looking to sell 5 mil- Institutional Equities ation and amortisation) to stop a steepening in the yield Bond yield has dropped more RBI held the policy rate steady lion shares, representing 1.01 believe that operating in margin to 21.8 per cent, An asset manager’s decision to curve. Bhatia was cued to the than 30 bps from mid-Dec since October. per cent stake, in the NSE as underpenetrated cate- year-on-year. load up on long India sovereign possibility that the central bank (yield in %) Rising inflation has pushed part of its capital raising exer- gories is the right strategy How the company bal- bonds at a time when the gov- needed to do more as spreads back easing expectations to at cise. At present, it holds 5.19 per even if there is a short- ances the need for rev- ernment’s record debt sales between policy rates and other least April. The fiscal worries in cent stake in the exchange. term compromise on enue growth while main- were scaring others, is turning borrowing costs remained wide. the Indian bond market that “SBI is one of the sharehold- margins. taining/improving prescient. The 10-year bond yield has made DSP’s positioning stand ers of NSE and intends to divest P&G had also under- margins, will be key. DSP Investment Managers, dropped more than 30 bps since out still looms large. up to 1.0101 per cent of its equity taken price cuts to the Nevertheless, the long- which manages about ~77,600 mid-December as the RBI con- By all indications, the gov- shareholding in NSEIL (National Stock Exchange of tune of 10 per cent for its term potential remains crore ($10.8 billion), had been ducted two operations. It will ernment is set to miss its fiscal India) through a competitive bidding process,” the feminine hygiene seg- intact. This is driven by betting since August that longer buy another ~10,000 crore deficit target of 3.3 per cent of lender said in a public notice. The bid should be sub- ment last year. premiumisation of its yields would decline. worth of bonds — maturing gross domestic product for the mitted for a minimum lot of 1 million shares in the pre- Advertising spends as product portfolio, which The strategy paid off when between 2024 and 2029 — on year ending March 31. Bhatia scribed format and the last date for submission is a percentage of sales con- has given a fillip to both the Reserve Bank of India sur- January 6, while selling a simi- flags this risk but sees limited January 15. In 2016, SBI had sold 5 per cent stake in the tinued to remain elevated revenues and margins. prised investors by embracing lar amount of shorter-term with liquidity, would have to impact from a slight widening bourse to Mauritius-based Veracity Investments for at 10-11 per cent in FY19, Given the near-term a US Fed-style Operation Twist, debt, it said on Thursday. buy more bonds to park their of the deficit gap. ~911 crore, valuing the exchange at over ~18,200 crore. compared to 8-9 per cent headwinds and expensive buying long-end debt and sell- DSP Government Securities money, given the lackluster The DSP Government Following this transaction, SBI’s holding reduced almost three years ago. valuations, any correc- ing short-end bonds. Fund returned 12.8 per cent in demand for loans. Securities Fund has nearly to 5.19 per cent while its subsidiary, SBI Capital, holds The feminine hygiene tion would signal a good “Recent measures by the the past year, among the top The proportion of deposits 90 per cent of its investments 4.33 per cent stake in the exchange. segment (Whisper) acc- entry point for long-term RBI largely complement our performers in the category, that lenders keep in govern- in bonds maturing between The recent exit of IFCI from the NSE valued the ounts for close to 70 per investors. view of demand-supply being shows Value Research data. ment securities rose to 28.6 per 2029 and 2033, while DSP country’s largest stock exchange at around ~35,000 cent of P&G’s sales. It fol- The stock is currently addressed to bring down the cent by December — above the Strategic Bond Fund has about crore. Last month, IFCI sold its entire 2.44 per cent lows a July-June account- trading at 56x its FY21 yields,” Saurabh Bhatia, head Desperate banks regulatory requirement of 18.5 82 per cent of its debt in similar stake in the NSE for a consideration of ~805.6 crore. ing period. estimated earnings, (fixed income) at DSP, said in Bhatia’s preference for longer per cent — as loan growth maturity papers as of Besides the NSE stake dilution, the bank is looking The strategy to focus which is higher than an interview in Mumbai. bonds was also driven by the slowed, shows RBI data. November 30, data provided by to raise funds from initial the public offering of its on growth is positive in 40-45x in case of many The RBI resorted to the expectation that banks, flushed Meanwhile, DSP’s decision the company shows. BLOOMBERG subsidiaries UTI Mutual Fund and SBI Cards and the long term, given the other FMCG players. Payment Services. PTI

> FROM PAGE 1 Didn’t abuse power SoftBank’s India jewel accused of toxic culture... as Trusts head: Tata SoftBank declined to com- losses have mushroomed. The during the nine months he was practice that half a dozen other ular with unmarried couples moned to the police station, ment. Ritesh Agarwal, Oyo’s company expects to lose mon- there, he sometimes spent all current and former employees looking for places for their where they pleaded with the chief executive, acknowledged ey through at least 2021, day and night in front of a com- also described. trysts, one scheme involved guest not to register a formal Yet the appellate tribunal in a recent interview that some according to recent govern- puter to meet deadlines. In some cases, they said, the workers at properties run complaint. Oyo’s legal team order asked it to reinstate of his company’s room listings ment filings. Some efforts to “The culture is really very start-up wanted to squeeze the directly by the start-up collud- also instructed them not to tell Cyrus Mistry, who had been included hotels that it no expand in countries like Japan toxic,” he said. Mukhopadhyay, hotel owners into renegotiating ing to keep the guests checked anyone about the incident removed as Tata Sons chair- longer worked with. have flopped. who began working at Oyo in contracts that it deemed in after they left. The workers because it could hurt the com- man in 2016, on the board. He said Oyo left those list- In December, SoftBank and August 2018, said employees unprofitable. In others, Oyo then cleaned and resold the pany’s image, he said. The The company has been ings up and marked them as Agarwal put another $1.5 bil- were under so much pressure wanted to save money and fig- rooms for cash to other guests guest withdrew the complaint denied an opportunity to “sold out” as it tried to woo the lion into Oyo to accelerate its to add new rooms that they ured that most owners would and pocketed the money, the and moved out. defend the “justified, legiti- hotels back. Aditya Ghosh, expansion. The funding, nego- brought hotels online that not press for full payment. people said. In a telephone interview, mate and lawful removal of Oyo’s head of India operations, tiated over the summer, valued lacked air-conditioning, water “If 1,000 people shout, we Oyo has conducted surprise the guest confirmed Mistry”. also said in an interview that the company at $8 billion. heaters or electricity. He and will pay 200,” Mr. Sharma said raids at some properties, seiz- Mukhopadhyay’s account. Oyo The petition filed by Tata many hotels lacked required At the same time, two other eight others said their man- Oyo managers had told him. ing employee cellphones and disputed some details and said Trusts also points out that licenses, leaving them vulner- big investors, Sequoia Capital agers had asked them to In a police complaint filed checking rooms and records any decision to file a complaint Article 75 of Tata Sons’ able to the occasional govern- and Lightspeed Venture engage in a monthly shell in November, Betz Fernandez, for evidence, they said. was up to the guest. Articles of Association is not Mistry group and the Tatas. ment raid. He denied that Oyo Partners, reduced their hold- game of briefly inserting these owner of the Roxel Inn in An Oyo spokeswoman said To placate the authorities per se oppressive, and was Cyrus Mistry was made the gave free rooms to officials. ings. The venture capital firms, unavailable properties into Bangalore, said Oyo owed him it investigates all fraud accusa- over unlicensed properties, not even challenged in the Executive Chairman of Tata Ghosh dismissed what he which both hold board seats at Oyo’s listings — complete with $49,000 and acted with “inten- tions and had in some Oyo managers also gave the company petition as origi- Sons in a purely professional called “noise” from hotels Oyo, sold $1.5 billion of their fake photographs — to help tion to cheat and cause wrong- instances fired employees. police and other government nally filed but was done so capacity and not as a repre- about extra fees and nonpay- stock — about half their stakes impress investors. ful loss” by charging him for Executives have also asked officials free rooms on request, only subsequently. The sentative of the SP Group,” ment of bills. “The disagree- — to Agarwal. Lightspeed and Ghosh, who left the India non-existent guests and refus- employees to paper over trou- current and former employees NCLAT has wrongly declared he said. ment is about the penalties we Sequoia declined to comment. job this week and joined Oyo’s ing to pay the contracted min- bling incidents, some workers said. They said the details were the conversion of Tata Sons Tata said Mistry was charge on customer service The current and former board, said that some hotels imum monthly payment. Oyo said. Mukhopadhyay said that recorded in dedicated from a public entity into a reluctant to disassociate failure,” he said. workers said that Oyo was nev- open in stages and that “there said the dispute was in arbitra- one night last June, a long- WhatsApp groups, one of private one illegal, without himself from the SP family He added that nearly 80 er an easy place to work but is no padding.” tion. Oyo’s oversight of its term guest at an Oyo-run prop- which The Times reviewed. even discussing or appreci- business, which was a con- percent of Oyo’s employees that pressure increased over Saurabh Sharma, who workers was also sometimes so erty in Noida, near New Delhi, Mr. Ghosh said, “We do not ating the previous Supreme dition of his appointment as had been at the company for the last year. worked for Oyo from 2014 to lax that employees brazenly called him. She said three men encourage or involve ourselves Court judgment in a previous chairman of Tata Sons. less than a year, so training has Mohammad Jahanzeb Gul, 2018 as an operations manager, stole from it, said four people had raped her in her room. in any kind of bribery or graft.” case, the Trusts said. Mistry had concentrated been a challenge. “We have just who joined the start-up in said the company sometimes who were involved in the start- The next morning, Mukhopadhyay said Oyo’s The feud between Mistry power and authority in his grown very, very fast,” he said. January 2019 and supervised deliberately withheld pay- up’s fraud-fighting efforts. Mukhopadhyay and another growth practices contributed and Tata started after the own hands, which alienated But as Oyo has grown, its 23 Oyo properties, said that ments from hotel owners — a Because Oyo hotels are pop- Oyo employee were sum- to his decision to leave. former was sacked by the several senior leaders within Tata Sons board in October the group and group compa- 2016, citing “incompetence”. nies, Tata said. Subsequently, the Mistry In the spat with DoCoMo Family rift out in the open... IndiGo spat back on table family’s investment compa- and Tata, Mistry showed nies, which hold an 18.5 per complete obstinacy and “In this lone battle for equal rights members in many ways, and was a odically in order to factor in the Gangwal felt the need for an EGM as that’s calls and text messages. cent stake in Tata Sons, attempted to resist comply- for women in the boardroom, I pillar of support for everybody, but changing dynamics and corporate the only forum where removal of clauses The shareholders’ agreement between moved the NCLT, Mumbai, ing with legal obligations, hope this will have some impact in strangely none of that was being shifts, he added. "The important is possible from the Articles of Association, Gangwal and Bhatia, according to clauses appealing his dismissal, but Tata said. As Tata group making the journey easier for other reciprocated after he passed away, thing is that it needs to be done by which were part of the shareholders agree- in the agreement, was valid for four years lost the case. Later, the chairman, Mistry was resist- women who are treated unfairly she said. consensus," Tandon said. "One of ment that expired in November. Gangwal after the IPO in 2015. A clause in the agree- Mistry companies moved ing paying arbitration mon- and not given the opportunities Emails and messages to M V the biggest changes in corporations believes the agreement restricted his con- ment conferred on the founders the right the NCLAT, which on ey to DoCoMo after the they deserve.” Subbiah and M A Alagappan were and business houses in the last trol and prevented him from diluting his of first refusal for each other’s shares in December 18 last year Japanese telecom major She said the group’s interests not answered. Murugappa Group decade is that women have become stake without Bhatia’s permission. case one of them wanted to sell. The agree- ordered Tata Sons to rein- asked Tata Sons to buy back were owned by the shareholding executives declined to comment as far more hands-on than before.” However, it will be difficult to pass the res- ment also contains a ‘tag-along’ clause, state Mistry as executive its stake in the telecom com- company of the group called the matter pertained to “family and Like many successful family olutions as changes would require support which stipulates that the other promoter chairman. pany in accordance with a Ambadi Investments, a private the family investment company”. business groups, Murugappa from 75 per cent shareholders. has the right to join any share-sale trans- Tata Trusts owns 66 per previous agreement signed firm which has no women repre- Subbiah is the current patriarch of Group has separated its ownership “Without Rahul Bhatia’s support, it’s action and sell his stake along with the cent in Tata Sons, the hold- during Tata’s tenure. sentative. Moreover, unlike women the group and a former executive role from its operational manage- impossible for Gangwal to pass the reso- one who is exiting. ing company of the Tata After Mistry was members of the family, Murugappa chairman. Alagappan is the former ment to be future ready. This lutions,’’ said Mohit Saraf, senior partner “The fourth anniversary of the IPO was group. The rest of the stake removed, DoCoMo was paid male heirs have always had an early executive chairman of the group, meant roping in professional man- at law firm Luthra & Luthra. Any EGM res- on November 10. Therefore, the agree- is owned by an assortment its dues. “This is not what induction into businesses, she said. and stepped down in 2009. agers as well as non-family direc- olution requires support of 75 per cent ment has automatically expired. But as on of small investors, including the Tata Sons brand stands Arunachalam said she tried her Amit Tandon, managing direc- tors on the board. shareholders. When the AoA was being date, the articles contain several provi- Tata group companies. for. Quite to the contrary, best to ensure her father's wish that tor of Institutional Investor Although many of its firms are framed, Gangwal should have insisted that sions of the shareholders’ agreement that Tata said the NCLAT honouring its commitments all asset distribution should be Advisory Services (IiAS), said for in low margin, old economy verti- any change to the shareholders’ agree- were incorporated into the Articles. As judgment was based on the is one of Tata Sons’ highest handled amicably was fulfilled. But any large business house with mul- cals, there has been continued ment must automatically reflect in the these provisions have now expired, RG wrong premise that Tata virtues it takes great pride in. two years later, she said, it tiple promoters involved, changing focus on investing in new areas and AoA, Saraf pointed out. Sources said Group seeks an amendment to the Articles Sons was owned by just two The spat with DoCoMo appeared she was running out of the management ethos in opera- expanding existing businesses. In Bhatia would also start communication to remove those expired provisions,” the groups. “There has never brought ill-repute and repu- all options that would have made tion for a few generations was not 2018, the company announced that with institutional shareholders seeking Gangwal family said in the EGM notice. been any relationship akin tational losses to Tata Sons,” him happy. Her father had support- easy. However, the family consti- it would invest ~2,000 crore in a gas their vote against the resolutions. to a partnership between the Tata said. ed the family, helped other family tution ought to be reviewed peri- plant in Russia. Gangwal didn’t respond to multiple More on business-standard.com 14 MUMBAI | 4 JANUARY 2020 1 > PM’s motto for youth: Innovate, Ghosn’s escape jet from Japan used illegally: Operator MNG

The private jets that transport- slip from the grips of Japan’s patent, produce and prosper ed Carlos Ghosn from Japan to legal system. Ghosn said in a Lebanon were deployed ille- statement yesterday that his YUVRAJ MALIK tions to eliminate archaic farming gally using falsified records family played no role in aid- Bengaluru, 3 January practices. “Can we find farmer-centric that didn’t mention the former ing his flight, and that he alone solutions to crop burning? Can we re- Nissan Motor executive as a organised his departure. That rime Minister Narendra Modi on design brick kilns for lesser emission passenger, the aircraft’s opera- he was able to leave the coun- Friday said the scientific com- and higher efficiency? Can we have tor said. try despite confiscated pass- P munity should focus on innova- better solutions to deliver clean drink- MNG Jet Havacilik AS said ports and round-the-clock sur- tions for the rural poor and farmers ing water in villages?” in a statement that it filed a veillance has fed the folklore and exercise discretion in choosing the The Prime Minister said: “Motto for criminal complaint on surrounding Ghosn as a causes they work for. youngsters must be to innovate, January 1 about what it said shrewd strategist. “New India needs technology as patent, produce and prosper.” amounted to “the illegal use Turkey Detains Pilots, Japanese media reported well as a logical temperament so that Meanwhile, Union Science and of its jet charter services.” One Probes Ghosn Flight After on Friday that surveillance our effort for social and economic Technology Minster Harsh Vardhan, company employee, who is Istanbul Stop Ghosn’s auda- footage shows Ghosn left the development of the individual is in the who presided over the inauguration, being investigated by author- cious escape from house arrest house alone on the day of his right direction,” Modi said in a speech said the government was close to ities, has admitted to fabricat- has remained shrouded in disappearance but didn’t after inaugurating 107th Indian finalising a policy on scientific social ing records and acted alone, mystery, giving rise to specu- return. Science Congress at the University of responsibility (SSR). Like corporate MNG said. lation just how managed to BLOOMBERG Agriculture in Bengaluru. social responsibility (CSR), SSR will On Thursday, Modi had inaugurat- ensure that corporations invest in ed five new laboratories of the Defence technology for the general good of Research and Development the society. Organization (DRDO), which will only “In the 2015 ISC (Indian Science No need for further corporation employ scientists under the age of 35 Congress), Modi had used the word years, and work on modern weaponry. scientific social responsibility. At the On Friday, the Prime Minister said moment, we are in advanced stages tax cuts, says Abhijit Banerjee technology had played a decisive role PM Narendra Modi at the 107th Indian Science Congress at the University of of developing a policy on how we can in various schemes and projects of his Agricultural Sciences, Bengaluru PHOTO: PTI fulfil SSR,” said Vardhan. He added GEETIKA SRIVASTAVA need the money... get the cash, they spend it," he government. Aadhaar-related bene- that gene editing, Artificial New Delhi, 3 January money in hands of poorer added. fits, rural electrification, improving be decisive for rural technology, espe- Technology, he said, helped the Intelligence, energy storage, quant Banerjee suggested that sanitation and building houses for the cially “cost-effective agriculture and government in identifying 80 million systems, were some areas the govern- Ahead of the Union Budget, the government use existing poor, among other initiatives, were farm-to-consumer supply chain, women who suffered from smoke from ment would promote through SSR. Nobel Laureate Abhijit infrastructure, such as the aided by modern technology. where technology will bring signifi- earthen furnaces, and helped provide The prime minister’s visit was not Banerjee has opposed any Jan Dhan Yojana, to provide “Friends, we need a revolution in cant improvements.” their households with electricity. It without incident, as there were stray further cut in corporation tax the incentives. This, accord- technology assisting agriculture He said digital services, e-com- also helped in building 20 million protests reported in parts of the city rates. He stressed the need to ing to him, would not affect practices,” he urged. “Your contri- merce and mobile banking have assist- houses for the poor in areas deter- during his visit. Thousands of ASHA push demand to encourage labour supply. He also spoke bution will help India become a $5 ed the rural population significantly, mined through geo-tagging, apart workers, or Accredited Social Health investment by India Inc. on a variety of other issues. trillion economy.” while modern data science, especially from creating a direct selling channel Activists, marched through the city on At an event in New Delhi, Commenting on farm Modi, who was on a two-day visit to after the roll-out of Aadhaar, has for farmers. Friday demanding payment of pend- Banerjee said corporate loan waivers, he said they Karnataka, said the next decade would helped in better targeting of projects. He urged the youth to look at solu- ing dues from the Central government. houses in India were sitting only provide benefits to a cer- on a “pile of cash” without tain section of farmers who investing it in the economy. have availed loans. This, he “There is no need for a fur- said, was a sign of an under- ther cut in corporate taxes. developed machinery to help TikTok gets most user info, content Australian PM calls off The corporate sector is sit- those in need. ting on cash and not invest- Micro credit, Banerjee ing due to a demand prob- said, only helps 5 per cent of removal requests from India India visit over bushfires lem. The government needs beneficiaries, adding that he Australian Prime Minister Scott conveyed condolences on to get the demand side “I THINK YOU HAVE TO did not believe it improved India made the highest num- requests for nine accounts, fol- Morrison (pictured) has called behalf of all Indians on the going,” he said. GET THE DEMAND SIDE their standard of living. ber of requests for user infor- lowing which eight accounts off his four-day visit to damage to life and The government had cut GOING... YOU NEED TO When asked about the mation and content removal on and four pieces of content were India from January 13 property in Australia the corporation tax rate from Citizenship Amendment Act, short-video platform TikTok in removed or restricted. due to devastating due to the severe 30 per cent to 22 per cent in GET MONEY IN THE he said, “We should worry the first half of 2019, ahead of After India, the US made 79 bush fires in several bushfires. He also 2019. HANDS OF PEOPLE WHO about creating structures countries like the US and Japan. total requests in the first half of parts of his country, offered India's He also emphasised the WILL SPEND IT NOW, that start making people feel According to the company's 2019 (for 255 user accounts), of diplomatic sources said unstinted support to need to put money in the vulnerable”. first transparency report, which 68 were legal and 11 were on Friday. Morrison was Australia and the hands of the poor to increase PEOPLE WHO NEED THE Banerjee's statements TikTok received 107 total emergency requests. TikTok scheduled to hold Australian people, who demand. “I think you have to MONEY... “ come in the backdrop of the requests (99 legal and 8 emer- 47 per cent of requests saw received six government extensive bilateral talks with are bravely facing this get the demand side going... lowest GDP growth India has gency) for 143 user accounts some information being pro- requests in the US and total Prime Minister Narendra Modi unprecedented natural you need to get money in the seen in over six years, with between January and June duced. In addition, TikTok accounts specified stood at sev- during the visit. Earlier, Modi calamity, an External Affairs hands of people who will people,” he said. "Studies the economy growing at just 2019 from India. It added that received 11 government en in the said period. PTI spoke to Morrison and Ministry statement said. PTI spend it now, people who show that if you give people 4.5 per cent in Q2FY20. ii | PEOPLE 4 JANUARY 2020

Sonny Mehta (9 November 1942 – 30 December 2019) THE | | | | | | | || | | | | | INDIAN

T A L K I N G POINT EXPRESS ARCHIVE

SHUMA RAHA The audacity SALMAN RUSHDIE

of hope first met Sonny in London in 1982 I when he was at Picador, in Britain, and about to publish the paperback of ow magical these first few days of the Midnight’s Children. I arrived at his new year are! How unsullied and scintil- office, and after he said hello, he H lant with promise! We celebrate the com- handed me a copy of Ryszard ing of a new year because it gives us a brand new Kapuscinski’s book about Haile parcel of days to realise our hopes and dreams — Selassie, The Emperor. “You have to a fresh slate, as it were, to write another, better, read this,” he said. “It’s the best book chapter of the story of our lives. No matter how I’m publishing this year.” Humility disappointing the past has been, every January 1 was the first lesson he taught me. dawns as a potential annus mirabilis — a blessed In 1986, I visited Nicaragua and year when everything might go miraculously wrote a first draft of a reportage book right. It’s a time when our audacity of hope, our about the Sandinistas and the Contra belief in the possibilities of our future, is at its war, which Sonny, in Britain, and truest and most resilient. Elisabeth Sifton (another sad loss this This new year, the hope that’s usually centred year), in the United States, would on our individual lives seems to have metasta- publish as The Jaguar Smile. This was sised into something vast and collective. Look when I learned how great Sonny’s around, and you will see that hope burning bright editorial skills were. We went through everywhere. It burns in the soft light of candles the draft line by line, and he asked held aloft by those protesting against the questions, wanted clarifications, Citizenship Amendment Act and the National demanded more depth and Register of Citizens, the twin instruments which Achampion improved the text beyond all meas- threaten to upend the right to equality guaranteed ure. The book in its published form by the Indian Constitution; it burns in the unyield- owes everything to him. ing eyes of mothers and grandmothers who gath- In 1990 we had a profound dis- er every day at Delhi’s Shaheen Bagh in biting agreement over my novel Haroun cold weather to register their opposition to the and the Sea of Stories, which strained divisive CAA-NRC; it flares in every ringing cry of our friendship for some time; but Hindu, Muslim, Sikh Isaai, aapas mein sab bhai of champions five years later he was the passionate bhai, and surges through every peaceful, demo- publisher of The Moor’s Last Sigh and cratic protest against the citizenship issue that insisted on accompanying me every- has been taking place across the country. where on my United States book REUTERS tour, and then everything was all Authors who worked with him recall Sonny Mehta’s elegance, his wit and, right again. above all, his fierce devotion to books and their writers

onny Mehta, the India-born, point of asking the young American writer ly books and no doubt surmised from these Cambridge-educated editor who for where he’d like to have dinner that night — we that I was a small-town boy who would be more than 30 years presided over were with a group — and I suggested “sushi?” feeling a bit out of his depth in London (I Alfred A Knopf and the New York not really grasping the culinary limitations of was), and that with this invitation he would S publishing scene with seemingly London in the mid-1980s, expecting that make me feel both welcome and important. effortless grace and erudition, died on Monday Japanese restaurants and sushi bars were as Anyway, at the end of a very pleasant evening at 77. Mehta published Nobelists and Pulitzer popular there as they were in Los Angeles. I we decided to go out for a bite to eat. It was Prize winners as well as first-time authors, and remember a distinct hesitation fell over the liv- raining, though, and the restaurant was a bit here he is remembered by some of the writers ing room as we finished our drinks, and then too far to walk to, so a taxi was in order. He was on the phone a lot during whose careers he shaped. Sonny waved it off and spent the next 45 min- Outside Sonny’s flat, the Iranian novelist said, that book tour, because he was also utes not only locating a Japanese restaurant “We’ll probably have more luck if we let publishing a novel by Dean R Koontz The protests may have been great or small, that served sushi but one that was open and Richard hail it.” My first reaction was puzzle- at the time. “It’s doing very well,” he spontaneous or well organised. They may have JOHN BANVILLE could accommodate a party of six. An hour lat- ment. Why would someone like me, who had- told me. “We just printed 400,000 been massive demonstrations such as the one in loved Sonny for his grace, his insouciance er, we were seated in a somewhat deserted n’t a wealth of experience hailing big-city hardcover copies.” Once again, his Kochi on New Year’s Day, or a gathering of people I and his sly, quiet humour. When he first Japanese restaurant far from Sonny’s house. I taxis, be more likely to succeed than my two great support for my work was agitating against alleged police excesses against told me of the mysterious, debilitating illness was mortified that I had caused this compli- urbanite companions? But before I’d even ful- accompanied by a lesson in humility. CAA-NRC protesters. But what drives them all is that attacked him some years ago, he cation, and I remember telling Sonny: “Really, ly articulated the question, I understood. I When he was honoured at the the hope that the idea of India is too powerful, too described how one day he found himself fall- you did not need to do this.” “Please,” he said had light skin. I remember glancing at Sonny, Center for Fiction gala last year, precious, to be ground underfoot. What drives en onto the pavement on Central Park South as he lit a cigarette, “you’re the writer. The whose sad expression seemed to say, “He’s Sonny abandoned the taciturn them is the belief that citizens can come togeth- and unable, for the moment, to get up again. writer always comes first.” right, you know.” Even now I can feel the pro- habits of a lifetime and spoke at er to resist a law that violates the secular, egali- Naturally, people just stepped over him — found embarrassment of acknowledging this great length, and with deep emo- tarian, pluralistic ethos of the country and force Manhattanites always have somewhere very shared truth about the world we lived in, and tion, about his life in books. All of us the government to withdraw it. important to go to — but then a pretty young JOSEPH J ELLIS the look on Sonny’s face suggested that he, no who heard him that day were great- And witness the people who have raised their woman stopped, as pretty young women will, hen I somewhat surprisingly won the doubt a regular victim of that same world, ly moved, partly because it was such voices against the amended citizenship law. They and knelt beside him and asked what she WNational Book Award in 1997, Sonny and was also deeply embarrassed. a shock to hear him speak so open- are common folk, students, women, the elderly — could do to help. Sonny, relating this to me, his lovely wife, Gita, were seated at my table. In fact, I think that’s what I’ll remember ly — and so much! — and partly, I indeed anyone who feels they must stand up did one of his wistful smiles, and said, “You He leapt up, tried to stand on the chair while most about Sonny, the impression he so often think, because we feared it was a against a legislation that discriminates between know, she really was very pretty.” Of course, cheering, then gave me a push to go up to the managed to convey: not just that the world sort of farewell. It’s so sad, today, to people on the basis of religion. Their spirit, res- soon his wife, Gita, urgently summoned, stage and accept the award. needed to be a kinder, fairer, know that it was. oluteness and purity of intent (though the gov- arrived to rescue him. No one was more visibly hap- better place than it was, but ernment has sought to devalue them by calling the He loved the world and his loved ones, py for me than Sonny. ‘SONNY WAS THE also that he might somehow protests politically engineered) have, in a sense, and was a great champion of good books in KIND OF MAN be partly to blame, that he’d sparked a virtuous cycle of hope. They have, in particular and of humane culture in general. YOU’D BE PLEASED been aware of the world’s turn, drawn in the cynics and the naysayers who The death of every noble man makes a slight, CARL HIAASEN imperfections for some time times for hours, slipping into this or that bar. throw up their hands in resignation and despair. ignoble adjustment to the world. He would onny was my editor for TO GIVE YOUR now and meaning to do He loved to walk. This made cruel the frailty For hope is infectious. It is also exhilarating and have wished us better times ahead. I shall S the last 29 years, and a BOOK TO WHEN something about them, but in his legs (handled with impeccable dignity) enticing. It is not for nothing that every mass miss him to the end. dear friend. He was always YOU YOURSELF it had somehow slipped his in recent years. But right up until a few movement against injustice springs from the hope the most interesting person mind and so, as a result, here months ago he’d also wing into London and that, ultimately, the people will triumph. in the room — and yet the COULDN’T MAKE IT we were with no choice but we’d meet. I felt he continued to watch over It is too early to tell if the protests against CAA- OMAR EL AKKAD quietest. The first time I went ANY BETTER’ to genuflect before its ugli- my British publications as much as the NRC will swell into a sustained mass movement. hey used to warn you, before you first met to meet him, I was com- ness. In a world where far American ones, and I must be far from alone The Centre is clearly determined to push ahead TSonny Mehta, not to be intimidated by pletely intimidated. I got to too many people refuse to in feeling that the quality of watching over you with the two instruments to fast-track citizen- the silence. Don’t let it throw you off, my agent his office at 10 in the morning, and there was take responsibility even for what is clearly was something he uniquely gave. To be ship for non-Muslim immigrants and disenfran- told me, he just doesn’t say much. a bottle of Scotch already open on his desk. I their fault, here was a man who felt responsi- watched over by Sonny and have his person- chise the rest whom the state machinery deems Truth is, he didn’t have to. The best writing thought, “This is going to work out fine.” ble when he wasn’t. A man, in other words, al friendship — what a deal! No publisher was “illegal”. So, it’s doing its best to quell the protests. advice I’ve ever received came delivered from I remember when I was finishing one of my whose moral imagination could be counted ever more closely at my side or ever made me Peaceful protesters have been carted off by the him in single sentences — simple yet deeply novels he announced he was coming to South on. The kind of man you’d be pleased to give more welcome in his own home — the police, Section 144 of the CrPC (which prohibits nuanced advice I would think about for Beach to do the final edit face to face, which your book to when you yourself couldn’t make London or New York one — as if it might be the assembly of four or more people) has been months, each time arriving at the realisation wasn’t our typical routine. I was worried that it any better. mine. He was a peerless champion at what he slapped in several places and internet service sus- that what he suggested was exactly what the he didn’t like the final draft and wanted to tell did and yet his great gift and mission was to pended in multiple states. The police have beat- work needed. His gift, I think, was to read me in person. champion you, to champion writers. To be en up students, children have allegedly been every manuscript twice at the same time — When I arrived at his hotel, I found the JANE SMILEY championed by a champion for almost 40 raped in custody, 20 people have been killed in once for exactly what it was and once for every- manuscript in neat little stacks all over Sonny’s onny was always smart and kind and years: that is something beyond price, an hon- Uttar Pradesh, many injured, and hundreds have thing it could be. room. We spent less than an hour going over S friendly. Maybe what I am most grateful our for which I can’t be too grateful. What an been summarily arrested. I’m not sure my friends outside the writing his notes, and the rest of the night we hung out for is that he let me do what I wanted to do. He immense loss. Whether the current horrors further stiffen world believed me when I told them I had the on Ocean Drive, eating and drinking. It was championed The Greenlanders, which, I the resistance to CAA-NRC or whether the finest editor in the world. But I did. More than winter, and basically Sonny just wanted a fun think, everyone thought was truly odd and protests lose momentum in the near term, what’s anything I have achieved or ever will achieve, trip to Florida. Looking back, I wish we’d done maybe not sellable. I talked him into a few EDMUND WHITE certain is that people have woken up to the hope those rare afternoons spent in Sonny’s office it that way on every novel. other things, too. But I think my best memo- fter my novel A Boy’s Own Story was that it is possible not to acquiesce, it is possible to listening to him dissect the inner workings of ry was just going to an Indian restaurant with A turned down by my previous London fight for their rights. In a 2017 essay titled “Protest a novel will always be the fondest memories of him somewhere in Manhattan, and then publisher, Sonny bought it, surrendered his and persist: Why giving up hope is not an option”, my career. He came to literature from a place RICHARD RUSSO strolling back down the street, chatting about own office for interviews with every small gay Rebecca Solnit wrote, “Actions often ripple far of love, and that love is evident in every book any years ago, when I was in London to this and that. I was very fond of him, and will bar publication, arranged for a sellout public beyond their immediate objective, and remem- he ever touched. M promote one of my early novels, Sonny miss him so! event at a trendy theater, gave a chic party at bering this is reason to live by principle and act in Mehta somehow found out that I was in town his house, where his jet-set wife arrived after hope that what you do matters, even when results and invited me for a drink at his flat in jumping out of a plane with Viscount Linley, are unlikely to be immediate or obvious.” BRET EASTON ELLIS Knightsbridge. He also invited an Iranian nov- GRAHAM SWIFT the queen’s nephew, and where the beautiful The protests over citizenship will continue to often felt intimidated by him. I first met elist he wanted me to meet. The invitation onny published me first in Britain in the whippet wore an expensive pearl necklace and reverberate. And they will likely change India in Ihim in 1986, when I was 21 and had been was especially generous given that, if memo- S 1980s, then in the United States. The real- half the guests were sniffing cocaine. He sold more ways than we can imagine today. flown to England and was being introduced to ry serves, I was then published in hardcover ity was he gave me a personal bridge between 100,000 copies, and the publicist, Jacqui the UK publishing world; Sonny had just pub- by Random House, though Vintage, Sonny’s London and New York. My very sense of New Graham, won a prize. A heady moment for a Shuma Raha is a journalist and author based in Delhi lished my first novel, Less Than Zero. The sec- imprint, published me in trade paperback. York, at least of Manhattan, is bound up with simple guy like me from the Midwest. ond night I was in London, I was at Sonny and He and I had met maybe once or twice before being in it with Sonny, with literally walking Gita’s home. Sonny was very solicitous, to the in New York. But of course he’d read my ear- round it with him, block after block, some- @ 2020 The New York Times iii 4 JANUARY 2020 BOOKS & IDEAS |

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UTTARAN DAS GUPTA Poetic protests

he nationwide protests against the Citizenship Amendment Act, 2019 — or T the CAA — has led to an outpouring of poetry. This is somewhat unprecedented. While occasional poetry is not uncommon in India, poets responding so spontaneously to a political development is not common either. While news reports and opinion pieces, thousands of which have been written in India and abroad since ear- ly December, will provide a historical context to this moment, poetry responding to it will be the witness to its emotional core. Varun Grover’s “Hum Kagaz Nahi Dikhyange (We will not show our papers)”, which has been put to music by Rahul Ram, has become a sort of an anthem for the anti-CAA protests. The poem, which defiantly claims that citizens do not need to show any papers to prove their citizenship, seems to embody in some ways the call to civil dis- obedience of the law by social activist Harsh Mander and writer Arundhati Roy. Its widespread appeal was evidenced when Debosmita Chowdhury, a topper from the international rela- tions department of Jadavpur University in Kolkata — my alma mater — decided to tear up a copy of the contentious Act on stage at the con- muscle weakness and vision and hearing impairment. vocation ceremony of the university, while crying He began using a wheelchair at the age of 12, and out: “Hum Kagaz Nahi Dikhyange”. used it for the rest of his school days. It was annoying Another poem that has become a rallying cry to be treated differently, so he found refuge in the for protestors is Faiz Ahmed Faiz’s “Hum Progammed computer lab where he could be on his own without Dekhenge (We shall see)”. The poem, written in having to interact with people who felt sorry for him. the late 1970s, was a gauntlet thrown to Pakistani In later years, he enjoyed spending time with techno- military dictator Zia-ul-Haq, who responded by anarchists who cared more about the craft of hacking banning public recitation of Faiz’s work. than the way he looked or walked. Nevertheless, ghazal singer Iqbal Bano defied the dictator’s diktat by performing the ghazal, ylie writes about what it means to be a queer wearing a sari, which was declared by Zia’s W whistleblower, and this is a profoundly mov- Islamist allies as Hindu attire. (Reminds you of ing section of the book. A refusal to hide oneself is at some contemporary national leader’s reference to deceive the heart of coming out. It is often defined as an act to identifying people by their attire?) Bano was of truth-telling, of defying social norms, of being banned and exiled from Pakistan for her defi- brave even while one is afraid of the implications. ance, but her performance and Faiz’s words have Being a whistleblower was like a second coming out. continued to inspire kindred spirits across the The whistleblower in the Cambridge Analytica scandal offers a What Wylie wanted to speak about was not his sex- subcontinent, as seen in their wide currency dur- thought-provoking memoir about the seamy side of social media, ual orientation but his intimate knowledge of the ing the anti-CAA protests. inner workings of Cambridge Analytica. What he writes Chintan Girish Modi had to fight against was not a heteronormative uni- verse but non-disclosure agreements and the threat of lawsuits by the rich and powerful. Wylie does an his is a book that lives up to its name. It would help Britain, the United States and their allies excellent job of showing how lawyers, journalists will make you acutely conscious of how defend themselves against online threats. It took him and former colleagues formed a supportive network you navigate digital spaces, interact with a while to realise that he was in bed with people who around him. strangers online, disregard your own were building ideological warfare to spread hatred The book ends with an insightful epilogue titled T safety, and part with personal informa- against immigrants, people of colour “On Regulation: A Note to Legislators”. tion. Do not read it if you are prone to anxiety because and LGTBQ citizens. He did not Wylie wants you to know that the dis- it can trigger your worst fears about cyberspace. The share their values, so he quit, and mal picture he has painted is not narrative style builds it up as a story of epic propor- eventually became a whistleblower meant to create panic but to draw tions, a battle between the unscrupulous on helping the world uncover connec- attention to the gaps that can be filled. Varun Grover’s ‘Hum Kagaz Nahi Dikhyange’ one side and the conscientious on the other. tions between Brexit, Donald He wants lawmakers to ensure that has become an anthem for the anti-CAA protests WHAT MAKES THIS Here is an avalanche of facts that can leave Trump’s election campaign and the law keeps up with technology so BOOK ENGAGING IS you shaken and scared. Russian intelligence. that Silicon Valley executives cannot The poem has managed, as always, to give THE FACTTHAT The author is Christopher Wylie, a What makes this book engaging get away with saying that they are not offence. After complaints from a faculty member WYLIE HAS A GIFT Canadian data scientist known for setting up is the fact that Wylie has a gift for responsible for the mass shootings, that it is “anti-Hindu”, the Indian Institute of FOR DESCRIBING and taking down Cambridge Analytica, describing people in detail. Even if ethnic cleansing and various other Technology Kanpur has constituted a committee which started as an offshoot of Strategic he finds them loathsome. They assaults on democracy being to examine the allegations. Not only Faiz, Zia and PEOPLE IN DETAIL. Communication Laboratories (SCL) and come across as individuals with dis- launched through the use of their dig- his supporters would also be turning in their EVEN IF HE FINDS worked closely with Facebook. This book is tinct characteristics, behaviours and ital platforms. If they want to profit graves with this strange turn of events. A lifelong THEM LOATHSOME. an unsettling account of human depravity motives. You get to understand why from these systems, they must be will- communist, Faiz’s poem was deemed anti-Islamic THEY COME ACROSS fuelled by capitalist fantasies about psy- the author was drawn to them, tried ing to address the social costs. by the Islamists in Pakistan. AS INDIVIDUALS chological profiling, data mining and social to suppress his own feelings of dis- MINDF*CK Just as architects and engineers It reminds me of a poem by Faiz’s compatriot, WITH DISTINCT engineering. It is about an elaborate archi- comfort, and lacked the courage to INSIDE CAMBRIDGE have to abide by building codes, Wylie Fahmida Riaz, “Tum bilkul hum jaise nikle / ab tak tecture of manipulation that includes every- call them out at several moments ANALYTICA’S PLOT TO advocates that people who create kahan chhupe the bhaai / vo murakhta vo CHARACTERISTICS, one from military contractors to university until his moral compass could not BREAK THE WORLD online platforms should be account- ghamadpan / jis mei hum ne sadia ganvai / aakhir BEHAVIOURS professors, all motivated by a thirst for pow- take it any longer. He takes responsi- Author: Christopher Wylie able to a digital building code. This pahunchi dvaar tuhare / arey badhai bahut bad- AND MOTIVES er. It shows you how Western democracies bility for his actions, and admits that Publisher: Hachette should include “abusability” audits and hai (You turned out just like us! / Where were you that pay lip service to human rights are he will always live with the shame of Price: ~599 safety testing before products or fea- hiding all this time, brother? / That stupidity, that unapologetic about digital colonialism in having participated in building sur- Pages: 269 tures are released. He also recommends ignorance / in which we wallowed for a century / Africa, South Asia and West Asia because data is veillance networks that sought to developing a code of ethics for software it has arrived at your doors/ Congratulations, what they are after. weaponise information. However, he engineers, requiring them to consider many congratulations to you!) Wylie was only 24 years old when he joined SCL in wants to make things right and let the world know the impact of their work on vulnerable populations. If Several Indian poets writing in English, includ- London but he had a great deal of experience for how data-gathering practices are used to design fake the engineer thinks that the employer’s request to ing yours truly, have also responded to the recent someone his age. He had not only worked for the news and disinformation campaigns that sow the build a feature is unethical, there should be a duty to developments. For instance, Manash Firaq Liberal Party of Canada but had also volunteered on seeds of polarisation in society. refuse and a duty to report. The people who take these Bhattacharjee, the author of the recently pub- the presidential campaign of Barack Obama, and Mindf*ck is also about Wylie’s personal journey as risks and come forward with the truth must be pro- lished Looking for the Nation: Towards Another had been involved in digital campaigns for the Liberal a gay man who grew up with the experience of dis- tected by law from retaliation from their employer. Idea of India, published one dedicated to “the Democrats in the UK. SCL had brought him on board ability. He suffered from two rare conditions, the The question that remains, however, is this: Is the women of Shaheen Bagh”. The residents of that to use his skills for counter-radicalisation efforts that symptoms of which included severe neuropathic pain, state a trustworthy regulator? neighbourhood in Delhi, especially women, have been braving the historic cold in the national cap- ital this year to keep round-the-clock vigil, in protest against the CAA. The area has become sort of a symbolic home for the protesters over the OUT NOW past several weeks. “If you want to see ripples of light / In the heart of darkness, /come to Shaheen Bagh,” the HISTORY MEN: THE NEW WORLD BAHAWALPUR: ALLTHE WRONG poem, titled “Come to Shaheen Bagh” begins. JADUNATH SARKAR, DISORDER AND THE THE KINGDOM TURNS: PERSPECTIVES The title is used as a refrain, as a sort of invitation, GS SARDESAI, INDIAN IMPERATIVE THAT VANISHED ON THE INDIAN to urge people to crowd into the protest site, in RAGHUBIR SINGH AND A well-known politician A journalist recreates ECONOMY solidarity with the women and children. “The THEIR QUEST FOR and an academic team the story of one of the Why does India lurch winter of fear belongs to all,” the poem continues, INDIA’S PAST up to assess the rise of smaller border princely from one economic crisis “And the women fight for / What the police can This is the story of three the East in the third states that acceded to to another? A banker and only guard.” What the women and children of historians and close decade of the 21st Pakistan to present a a journalist, long-time Shaheen Bagh, along with so many others, are friends and their century and India’s microcosmic study observers of the Indian fighting for is perhaps the constitutional right to collaboration in role in the new of the fate of the economy, reveal a equality and fraternity. “Come and see the chil- researching a seminal international order. Islamic state. remarkable continuity in dren bear / Nothing except hope; / They know period of Indian history. Shashi Tharoor Anabel Loyd policy mistakes across the something we don’t. / They know something / TCA Raghavan & SamirSaran Penguin political spectrum. The tyrants of the world forget.” HarperCollins Aleph ~599, 304 pages TCA Ranganathan & ~799, 425 pages ~799, 292 pages TCA Srinivasa Raghavan The writer’s novel, Ritual, will be out in February Westland ~799, 404 pages iv | THE GOOD LIFE 4 JANUARY 2020

COURTESY: AKAR PRAKAR

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(Far left) This is Not a Still Life by Sameer Kulavoor; watercolours on postcard by Gaganendranath Tagore

ALOK CHANDRA

looking less like the powerhouse it was tout- itors looking for something whimsical or Wines over the ed to be. Safe is being preferred over shock- unusual by way of background. ing, even as the annual jamboree of the art Indian galleries will play up the well- world, all bells and whistles, has settled into knowns for their appeal across all ages: lastdecade an annualised stupor. F N Souza, S H Raza and M F Husain will The art fair’s potted history has been no point to the near absence of Tyeb Mehta and less varied than its wares, its 12th edition in V S Gaitonde, who are more likely to be spot- hile 10 years is a long time in politics, it 13 years arcing across an ambitious genesis ted at auctions given their price points. Early is no time at all in wine terms. Still, the to international spotlighting. Launched in Bengal modernists will be scattered amidst W last decade has been eventful for the 2008 — just ahead of the Lehman Brothers galleries — you can count on at least a few industry, both in India and internationally, and crash that led to a global recession and put a exceptional Jamini Roys — and there should here’s a retrospective of the same. spoke in the price of art — it has struggled to be some outstanding works by Mrinalini remain relevant in a fast-changing world. Mukherjee (her retrospective at The Met in Outwiththeold,inwiththenew From Pragati Maidan’s leaky buildings to New York was extremely well received) and at A key event in India was the collapse of the erst- Jamboree the traffic-choked NSIC Grounds in Okhla, least one work — a chair by Prabhakar Barwe while market leader, Indage, in 2009-10 and the its choice of venue has pointed to New (following his retrospective at NGMA in emergence of Sula Vineyards as its replacement. Delhi’s lack of statured exhibition infra- Mumbai and New Delhi) — that breaks the Indage, which had launched in 1986 with the structure. Begun by Neha Kirpal in 2008, mould of the conventional. sparkling wine Marquise de Pompadour, followed In a depressed market, the Indian art she sold part of her stake to Sandy Angus and What does abstract art in 2020 look like? by generic wines Riviera and Chantilli, had over- world’s big annual event will play safe instead Will Ramsay in 2011, then the balance to the Saubiya Chasmawala’s doodle-like calligra- extended itself internationally and was deeply MCH Group in 2016. MCH decided to demit phy might have some answers. Experiments affected by the global downturn of 2008-09. Sula, of cutting-edge, pretty rather than zany. soon after, and it is currently owned by across medium include Idris Khan’s digital which had launched better-quality varietals Sandy Angus and helmed by Jagdip Jagpal. prints on aluminium, and Jaykumar’s hand- (Chenin Blanc, Sauvignon Blanc and Merlot) in Kishore Singh previews the India Art Fair The fair has also struggled for an identi- painted black and white photographs. With 1999-2000, was able to step up and take advantage ty. At a time when art fairs are a dime a the #MeToo taint still fresh, Subodh Gupta is of the vacuum in the market. dozen, it was conceived as a crossroads for Sula went on to establish two production facil- i Weiwei’s ode to climate international art — as much about ities in Karnataka (at Bidar and another near change, an iron sculpture Indian collectors acquiring global STARTED BY Bengaluru), and is estimated to have sold over based on deceased tree roots artists as about international col- NEHA KIRPAL IN one million cases in 2018-19. Its annual musical from Brazil, might be the lectors hoping to spot contempo- extravaganza, “Sulafest”, is now a destination in its A gawking point that Damien rary Indian art. That hope was soon 2008, THE INDIA own right, attracting an estimated 30,000 people Hirst’s dots or Marc Quinn’s bloodied fibre- thwarted. Indian buyers scarcely ART FAIR IS over two days. glass head were in previous editions, but knew the names of Indian artists, HELMED BY India Art Fair 2020 is going to be less about leave alone international ones; JAGDIP JAGPAL New wineriesinIndia shock-and-awe than about sales. Provocative international galleries found Indian (RIGHT) Fratelli Wines, with 240 acres of greenfield vine- works might capture eyeballs, but converting customs extortionate and withdrew; SINCE 2017 yards and a winery (both at Akluj, near Solapur in footfalls into rupees is the big challenge the international flavour of the fair Maharashtra) launched its first wines in 2010 and when the economy is sliding, and India is changed to Indian and South Asian; has gone on to challenge Grover for the No 2 posi- and lack of buyers and high rentals meant

tion in the Indian wine market. An innovative COURTESY: AICON ART Mumbai galleries boycotted the fair before partnership between Indian and Italian promot- being wooed back by Jagpal. In the last few ers, Fratelli has gone on to redefine the quality of years, India Art Fair has moved from more to Indian wines. The partnership in 2018-19 with less, opting for quality and visitor experi- Boisset (France) and the launch of J’Noon at ence over a mind-numbing sameness. ~4,000 a bottle is a reflection of the company’s Inevitably, an art fair is about sales, and commitment to quality leadership. the question everyone asks is: “How did it do?” In this conundrum, the struggle to find artworks between the safe and the experi- mental has proved a challenge for galleries likely to be more absent than present, leaving and artists. Increasingly, artists are vocal room for young talent to find a place. The about their need to create art that does not most sought after by lay buyers? Paresh necessarily feed bottomlines, something Maity, Jayasri Burman, Seema Kohli, galleries are loath to encourage in the great G R Iranna, Sidharth, Anjolie Ela Menon, gloom of the Indian marketplace. This is Thota Vaikuntam — take your pick. where the art fair has stepped in with a Among art projects, I am looking forward smorgasbord of involvements driven by to Sameer Kulavoor’s painted canvas façade institutions and museums, art projects and outlying the three tents of the fair. Touted as artists in residence. the country’s largest commissioned canvas painting, it depicts everyday bazaar scenes: uch of what you will see at India Art an appropriate choice for the melee. Is it for MFair 2020 is contemporary art, but if sale? That might depend on the offer… Anita (Clockwise from you’re expecting zany cutting-edge, you are Dube’s installation of skeletal flowers and right) An installation in for a disappointment. Galleries are choos- bodies is an intellectual ode to loss in a tech- by Pakistani artist ing the predictable over the risky, so a certain nocratic age. The artist, a former curator of Rasheed Araeen; decorative trope marks the narrative. Which the Kochi-Muziris Biennale, knows a thing or an untitled work by is why the return of international galleries two about sparking discussions around art at Saskia Pintelon; such as David Zwirner is to be welcomed. the interstice of commerce and social reality. Wine consumption Industry giant Marcel Dzama’s Ain’t David Zwirner’s choices for Indian visitors Rathin Barman’s installation of defunct colo- in India grew at a LVMH invested an esti- Gonna Get Out of this might not break new ground but are never- nial buildings being revived as heritage steady 12-15 per mated ~50 crore in set- World Alive theless a pointer to what international col- spaces with found objects and materials has cent annually this ting up a state-of-the- lectors are looking at. In particular, check a significance given the Indian government’s past decade to art winery near Nasik out Canada-based Marcel Dzama’s anachro- push to establish a new parliament and min- reach an estimated in 2014 to produce nistic art that features humans, animals and istries. There are daily performance art pieces 4.5 million cases sparkling wine under hybrids that the gallery is hoping will find a in the auditorium, as well as workshops led in 2019-20 the “Chandon” label — resonance among Indian collectors. by four artists in residence, all of which I its sixth such venture Regionally, I’m partial to Sri Lankan artist would recommend: New York-based Ghiora outside France. Earlier ones included Argentina Saskia Pintelon’s primarily grey paintings Aharoni and Renuka Rajiv’s paper collages, (1959), the US and Brazil (both 1973), Australia where figures are not referenced by history or paper artistry with Manisha Parekh, and car- (1986) and China (2013). geography. New York’s Aicon and London’s tooning with Gagan Singh. The Focus section Then there are SDU Wineries and Krsma Grosvenor galleries straddle the universe of has solo booths by K S Radhakrishnan, Estates, new boutique wineries in Karnataka that Indian moderns along with South Asian mas- Subodh Kerkar, Ratheesh T and others. came up around 2014 and are now making excel- ters and contemporary artists, and I’m look- India Art Fair opens to the public on lent award-winning wines, even though these are ing forward to Pakistani artist Rasheed January 31 and winds up on February 2, not available outside Bengaluru/South India due Araeen’s airy, primary-coloured installations. allowing three days for visiting, viewing, bar- to the high cost of marketing wines in cities such Danish sculptor Olafur Eliasson’s silvered gaining, basking in the sun (hopefully). as Mumbai, Delhi and Kolkata. glass spheres should be a selfie draw for vis- Tickets are for sale online for ~600, with a And there is, of course, Grover Zampa weekend package for ~900. If you’re Vineyards that went through a change in owner- lucky to have a pass for January 30, ship in 2012-13 when Ravi Viswanathan bought you’ll get to the fair sans gawking out the erstwhile promoters and injected fresh crowds; if not, you can get a preview capital into the company — it subsequently pass for ~4,000 — worth every last acquired both the Four Seasons and the Charosa rupee. There are plenty of art events, wineries in Maharashtra (formerly owned by UB openings and launches outside the fair Spirits and the HCC Group, respectively) and is grounds too — plan for the Defence busy reinventing itself as a serious contender in Colony Gallery Night on January 28, a the Indian wine market. preview at Kiran Nadar Museum of Art on January 29, several gallery openings Thewiderenvironment and auction previews across town on Wine consumption in India grew at a steady January 31, parties every night (you’ll 12 -15 per cent annually this past decade to reach have to snaffle invitations), and among an estimated 4.5 million cases (40 million litres/54 the exhibitions I’m keen on are million bottles) in 2019-20. Of this, about 450,000 Ravinder Reddy’s recent works at cases were imported, 1.8 million were domestic Vadehra Art Gallery, and Prodosh Das premium and the rest were wines priced below Gupta’s sculptures at Triveni ~250 per bottle. Kala Sangam.

That’s still only about 30 ml per capita (two ZWIRNER The F&B at the venue is some of the tablespoons) — compared to 240 ml in China, 1.4 best in the city, there is a bookshop with DAVID litres in Brazil and 3.35 litres worldwide. So there’s / the most extensive collection of art enormous scope to grow wine consumption in books you’re likely to find under one India — if only lower taxes and ease of doing busi- DZAMA roof. And, as pièce de résistance, there’s ness resulted in lower prices to consumers. BMW’s art car — this one painted by MARCEL Andy Warhol in 1979. You can’t get any artier — or consumerist — than that.

Alok Chandra is a Bengaluru-based wine consultant COURTESY: COURTESY: SASKIA FERNANDO GALLERY v 4 JANUARY 2020 THE GOOD LIFE |

The Kaveri flows / lapping or in spate / like the melodies (of him) / that plead or gush / at Rama's feet. / Here lies Tyagaraja, / Valmiki of Reading Us music, / in the land of the five rivers / in a prayer beyond life / in a prayer beyond music. through its

hese words from a verse by Purasu Balakrishnan reflect the t-shirts ecstatic joy experienced by musi- cians and audiences alike during T the annual Tyagaraja Aradhana MEKADO MURPHY at Thiruvaiyaru on the banks of the Kaveri in the Thanjavur delta region of Tamil Nadu. ou could watch Jordan Peele’s Us a dozen The occasion commemorates bard-saint times and still not catch all of the symbol- Tyagaraja (1767-1847), widely regarded as Y ism, references and ideas tucked in it. Yes, primus inter pares among the Trinity of scissors are clearly a thing, but what’s with that vaggeyakaras or composers (Muthuswami tuxedo t-shirt? Dikshitar and Syama Sastri, his contempo- The movie, ostensibly about a family, the raries, being the other two). All three were Wilsons, hunted by its doppelgängers, is some- both born in the temple town of Tiruvarur, not thing of an awards contender. Its star, Lupita far from Thiruvaiyaru where Tyagaraja lived, WIKIMEDIA Nyong’o, is up for a Screen Actors Guild Award on and sang of his ishta devata, Rama, while pio- Jan. 19 for her haunting portrayal of a mother with neering the development of a sophisticated a painful past and a demented double speaking in COMMONS art form that has come to be known as classi- a creepy voice. But performance is only one piece cal Carnatic music. The anniversary is in this cinematic puzzle. If you look closely, you’ll observed in January, on Bahula Panchami see that some of the narrative threads are woven day (this year on 15 January). right into the costumes — the tops in particular. It is a marvel of syncreticism that In an interview, Peele, who wrote and directed Tyagaraja, whose parents migrated from Us, said the choice of t-shirts “represents one of the Telugu country, has been revered by suc- central themes, which is the identity, the outward- ceeding generations of Tamil-speaking music facing branding that we present to the world.” But aficionados. Also significant is the fact that his Sacred space he also said the shirts were an opportunity to samadhi is preserved immaculately thanks incorporate “little Easter eggs and coincidences, to the devotion and munificence of Bangalore which are a major theme for the movie as well. Nagaratnamma, a woman of devadasi Thiruvaiyuru,wherecomposer-saintTyagarajalived,isanannual Here is a look at a handful of the clothing choices descent, something that warring upper caste in Us with Peele explaining what they mean to factions did not or could not accomplish. pilgrimageforCarnaticmusicians,eminentandunknown,youngandold. the film. Supported through the decades by the fami- ly of the late Congressman G K Moopanar, V Ramnarayan travelledasadevotedaficionado Tuxedoshirt

the festival is a pilgrimage for Carnatic musi- PHOTOS: AKIRA IO The Wilsons’ son, Jason (played by Evan Alex), is cians young and old, men and women, vocal- seen in a long-sleeve shirt with a tuxedo print on ists and instrumentalists, who congregate in the front. It’s a fun look for a character who is a bit a spirit of surrender — to their gods, to their of a performer and enjoys magic tricks, but there’s music and, above all, to Tyagaraja. more to the boy. “I always thought of him as the A highlight of the Aradhana is the tradi- mage of the group,” Peele said. “He’s young, but he tional unchavrutti, a procession of bare-chest- has a wisdom. He sees and understands things ed vidwans and sari-clad women around the that other people in his family don’t.” Samadhi. Each of them then performs Visually, Peele wanted a shirt for him that Tyagaraja’s kritis without improvisation or would contrast with the Jaws top Jason also wears. embellishment, all eventually coming togeth- It’s like an arrow facing downward, as opposed to er in a majestic climax of a choral rendering of “Jaws,” an arrow facing upward. “This reflects the the composer’s pancharatna (five gems) kri- central battle between the monster rising up and tis in the ragas Nattai, Gowlai, those going down,” he said. Arabhi, Varali and Sri. Over the years, the homage has acquired Jaws elements of razzmatazz, a tele- IT IS A MARVEL OF SYNCRETICISM THAT Jason wears a Jaws shirt in one key scene partly vised spectacle marred by gar- TYAGARAJA, WHOSE PARENTS MIGRATED because of Peele’s admiration for Steven ish backdrops and banners and FROM TELUGU COUNTRY, HAS BEEN Spielberg’s 1975 thriller. hoardings, even protests by “It could always be an argument for the best groups affiliated to political REVERED BY SUCCEEDING GENERATIONS movie ever made,” he said. “One of the reasons it parties alleging anti-Tamil or OF TAMIL-SPEAKING MUSIC AFICIONADOS resonates is because it’s able to scare us, with this casteist machinations on the great feeling. It doesn’t bum you out, but it’s terri- part of the organisers. The fying. To find that combination is special." Festival of Sacred Music presented by the Prakriti Foundation, a month or so after the Aradhana, is held at beautiful, tastefully dec- orated venues like the Diwanwada palace and the Panchanadeeswara temple, and is not limited in scope by Tyagaja’s compositions

or even Carnatic music. COURTESY:

y own favourite Thiruvaiyaru experi- SRUTI Mence was to travel there by road from

Chennai to attend the 24-hour-long akhan- MAGAZINE dam of Tyagaraja songs on Maha Shivaratri (this year on 21 February). It culminates in a stirring finale of ritual at dawn followed by the (Clockwise from top) The Aiyarappar Temple in Thiruvaiyuru; a highlight of the Aradhana is the traditional unchavrutti, a procession of distribution of delicious prasadam at the bare-chested vidwans and sari-clad women around the Samadhi; performing at the Aradhana is like a pilgrimage even for renowned artists like He wanted to conjure that emotion for a beach humble Tyagaraja temple some distance from Zakir Hussain and U Shrinivas; the Carnatica Brothers, K N Shashikiran and P Ganesh, singing in front of Tyagaraja’s idol sequence while paying tribute to the earlier film in the samadhi, on the banks of the Kaveri. This several ways throughout Us. is a mercifully low-key affair, and is still beau- Sitting on the cool sands of the riverbank Road, which then allows you to visit some nied by T Sankaran, music scholar and station Peele said that the shirt is a perfect repre- tifully devout in the way the musicians pay and listening to song after song through the magnificent temples including the director in All India Radio, and cousin of cel- sentation of the theme of darkness rising from obeisance to Tyagaraja. The unchavrutti pro- night was magical. My friends and connois- Brihadisvara and Gangaikondacholapuram ebrated dancer T Balasaraswati. Sankaran was below, a shadow that can’t be seen at first but ceeds from Tyagaraja’s little home — with an seurs, Ramanathan (a son of past master temples at the tailend of your journey. a fund of stories that expanded and illumi- is imminent. internal wall partitioning it between him and Ramnad Krishnan), Jayaraman and Raja, had My email friend William Jackson, nated the enquiring mind of the young He had to get Spielberg’s permission to use the his brother Jalpesa — to the temple, where the been trying to persuade me for years to join American biographer of Tyagaraja and other American student of music and theology. image. “He gave me his blessing and specified the musicians make their offerings to the saint all them on this journey. I finally succumbed in great South Indian saint-composers, has writ- Every sight and sound was an eye-opener to design that he wanted for it,” Peele said. night long, never repeating a song, thanks to February 2018, travelling in a luxurious SUV, ten a delightful description of his journey by him. The pinnacle was the sight of Sankaran’s the eagle-eyed attention of the trio of listening to some other-worldly singing by train, first to Chidambaram, home to the veshti fluttering in the wind from a bus win- BlackFlag Ramanathan, Viswanathan and Gopal and the late Krishnan all the way. We took an famous Nataraja temple, and on to dow after they had both bathed in the Kaveri. Shirts from the influential American punk band their unobtrusive team of volunteers. inland route and not the scenic East Coast Thiruvaiyaru, back in the 1980s, accompa- What a serene image from the past! Black Flag show up more than once. The first time is in an early boardwalk scene that takes place in 1986. Then later, in a present-day sequence, one of the Wilsons’ twin neighbors wears the band’s tee as a cutoff. But the shirts aren’t just a celebration of punk. he last time I tried sipping on that. Our recipe was such that it end- “The revolution against the country that the beer that came in a peppy yel- ed up having that amount of alco- Black Flag iconography suggests was appropri- T low can — it was a popular hol,” clarifies Jindal. “In other parts ate,” Peele said. “But also the logo is four lines in a brewer’s attempt at making beer of of the world, there isn’t really a con- row that make this flag. That contributed to the the non-alcoholic variety — my expe- cept of light or strong beers. People recurring theme of 11:11 in my film” — a reference rience was plain hideous. The so- just go for whatever they like, with- to the Bible verse Jeremiah 11:11, about a reckon- called beer was almost like a weird out fussing too much about the alco- ing from God — “as well as the image of four shad- concoction of ginger tea and cough hol content,” he adds. owy figures.” “It’s this idea that all these pieces of syrup — more a remedy for a cold Yavira, available in a bold black- the puzzle are on this strange line between coin- than something to excite your taste and-gold avatar, is a fine example of cidence and fate.” buds and liven up your senses. balance — just enough punch, com- My recent tryst with yellow- plemented by a delicate creami- Thoserabbits,tho coloured packaging was far more ness. Having said that, I would have Rabbits keep popping (hopping?) up in the movie. pleasant. A lovely medium head, a liked some more aroma, and some The opening credits play over a shot of cages full rich gold tone and a thick but per- extra fruitiness to go with the crisp- of rabbits against the wall of what looks like a fectly clean texture. What I’m refer- ness it offers. classroom. And rabbit motifs adorn the apparel of ring to is BeeYoung, a new offering Currently only retailing in Delhi, the Wilsons’ daughter, Zora, played by Shahadi from Kimaya Himalayan Beverages. Uttarakhand and Uttar Pradesh, Wright Joseph. Why? The beer, which arrived in Delhi late Strong but subtle Jindal is determined to take things Partly because she’s a competitive runner, but last year, is among a handful of craft- slow. Having seen other craft beer that’s not the only reason. “There’s something ed strong beers making their way Two new beers defy the stereotype of ‘strong’ beers being crude tipples suitable brands go after large volumes, he about this movie I always thought of as an Easter into the Indian market. After cash- only for quick inebriation, writes Dhruv Munjal doesn’t want to compromise on story, sort of an Easter horror story,” Peele said. “It’s ing in on the wildly popular trend of quality. “We have seen the mistakes a return from the cave of a messiah, of sorts.” Belgian-style witbiers, many brands That is one of the reasons why I Austria — offering a gentle bitterness ensure that the beer retains its tem- that others have made. For us, it’s Zora also wears a green short-sleeve hoodie are now shifting their attention to generally abhor strong beers. The that will gladden purists. The com- perature and texture, hence only all about ensuring that every tiny that just says “tho” on it. strong beer, which continues to be inebriation aspect aside, the popular pany also promises a citrusy twist at the in-between size.” detail, every ingredient is taken “There’s something about the word ‘tho’ as it the preferred choice of over 80 per ones taste dreadful, being awfully the end, but that somehow managed Along with BeeYoung, Kimaya care of,” he says. translates into our culture that has a sort of teenage cent of beer drinkers in the country. heavy on the palate. BeeYoung sur- to elude my taste buds. has launched Yavira — Sanskrit for But in a country where beer text connotation,” Peele said. But he also said “tho” “The problem with strong beer is prised me because it drank incredi- Another unique thing about beer — a lighter variant that Jindal drinkers are still somewhat shy when can be used to mean rabbit in Vietnamese. “I just its perception. In India, it is seen as bly well for a beer with 7.2 per cent BeeYoung is the packaging — hopes will appeal to a more “evolved it comes to experimenting, how dif- figured that anyone who speaks Vietnamese is this foul-tasting drink that you have ABV. In fact, it was so smooth that I unlike all other beers (available in audience”. Crafted with imported ficult is it to force them to switch loy- getting an extra little Easter egg.” only to get drunk. What we needed initially had it mistaken for a stan- 330ml, 500ml and 650ml), it only Argentine barley and fused with alties? “It’s like eating butter chicken. was a strong beer that did not com- dard pale lager. It’s made with water comes in 500ml bottles and cans. Basmati rice, Yavira, despite having Each restaurant makes it differently, promise on quality and one that you sourced from the Bhakra Dam, and “We wanted to find the right quan- around 6.2 per cent ABV, is being but you like one the best. It’s the © 2020 The New York Times could also enjoy,” says Abhinav the hoppiness is near perfect — it tity. 330ml is too small to share with marketed as a lager. “We don’t like to same with beer. You give them a Jindal, founder and CEO at Kimaya uses Styrian Golding hops, a variety friends, and 650ml is too much,” call Yavira a strong beer because quality product and they’ll keep Himalayan Beverages. mainly grown in Slovenia and explains Jindal. “We wanted to there was no attempt to make it like coming back to you.” vi | HEALTH 4 JANUARY 2020

ISTOCK CHESS #1383

By DEVANGSHU DATTA

he King Salman World Blitz and Rapids in Moscow turned into yet T another unqualified success for Magnus Carlsen. The classical world champion won the rapid title with 11.5/15 and a comfortable 1-point cushion. He defended his 2018 blitz title by winning a tiebreaker against Hikaru Nakamura after they tied at 16.5/21 (The prize money was split 50:50.) So Carlsen is the triple champion. He was also the triple champion in 2014. MAGIC Carlsen played his usual fast-game mix of somewhat shady, complicated openings, sharp tactics and impeccable endgames. He must have been lost, or nearly lost, in several games, but his opponents could not grab their chances since he pushed them into wild scrambles. BALM Other notable performances came from Alireza Firouzja who took silver in the rapids and Nakamura who took bronze in CBDoil,foundinmarijuana,isgaining the rapids and silver in blitz. Alireza lost a heartbreaker to Carlsen when he ran out of popularityforitspain-relieving time in a position where he had a material edge and a probable win. He followed up by properties. It’salsonowlegallyavailable complaining he had been disturbed when Carlsen cursed himself (in Norwegian) inIndia,writesAmrita Singh after blundering but the appeal really had

embers of the cannabis fam- Sciences Po in Paris, uses CBD oil to manage her home — at the risk of inviting legal action, ily don’t find easy accept- anxiety. Prithiani isn’t sure if her feeling calmer since the oil was not legally available in India ance in our country. The is a placebo effect or whether the oil genuine- until then. plant’s bad reputation owes ly helps. She’s just happy that she’s not as anx- That changed two months ago following M to the presence of tetrahy- ious as she used to be. But she also cautions that approval from the ministry of AYUSH drocannabinol (THC), its chief psychoactive one can start developing immunity to CBD oil. (Ayurveda, Yoga, Naturopathy, Unani, component. But besides THC, cannabis con- “My flatmate who introduced me to it now uses Siddha, Sowa Rigpa and Homoeopathy), the tains about a hundred other components that an oil with higher CBD content. The one with government body tasked with developing are not primarily about the high. smaller dosage doesn’t seem to help her any- and regulating alternative medicine. CBD, or cannabidiol, is one such compo- more,” she says. Soon after, the Bombay Hemp Company nent. It contains less than 0.3 per cent of THC Derived from the cannabis plant, CBD is (BOHECO) produced its first batch of appli- and, therefore, doesn’t trigger anything believed to alleviate pain, even in patients in cation-based CBD oil in India. While the oil approaching a high. Most popularly sold in advanced stages of cancer. Gurugram-based can be applied on the body, it is not meant the form of CBD oil, the compound has gained restaurateur Udbhav Avantsa would put a to be ingested. Ingestible CBD-based prod- no chance. Vladimir Kramnik came third popularity over the last few years for its anti- drop or two of CBD oil on a slice of bread and ucts are expected to be available by the end in the blitz — not bad for a retiree! We’ll inflammatory and pain-relieving properties. give to his mother who was suffering from of February. look at the specifics of the Indian Users say it is highlyeffective in alleviating oral cancer. “Her body had started becoming BOHECO, an agro-based company, has performances in the next instalment. arthritis and other chronic pains. resistant to the medicines she had been tak- been at the forefront of creating a market In the women’s version, Koneru Humpy Besides its medicinal benefits, CBD has ing for several months. At that point, CBD with hemp-based products since it was set scored a terrific success, winning the rapid also become a star in the ever-evolving skin- oil helped relieve her pain, with almost no up seven years ago. Hemp, another member title with an Armageddon tiebreaker care industry since it is considered to have side effects,” he says. Though the cancer of the cannabis family, is like marijuana’s against Lei Tingjie. Ekaterina Atalik came both anti-ageing and acne-fighting properties. eventually claimed his mother’s life, Avantsa sober cousin — a sustainable option for third. Despite years near the top of the The Western market is flooded with various says she was in far less pain, thanks to the oil. making cloth fibre and healthy food prod- rankings, India’s #1 had never won a world CBD-laced lotions, potions and balms. A Harvard University study states that ucts, including the nutrient-rich hemp-seed title and she wasn’t fancied at short time The oil is also believed to help treat sleep dis- CBD is highly effective in treating childhood oil. However, hemp-seed oil is still thought controls after a two-year layoff. She’s won a orders such as insomnia. While some research epilepsy syndromes such as Dravet syn- of as another contentious oil simply because Grand Prix, tied for first in another Grand indicates that CBD oil helps in cases of anxiety drome and Lennox-Gastaut syndrome, it belongs to the cannabis family. It has been Prix and won the rapids in her first three and panic attacks, medical opinion on its use to which typically do not respond to anti- available for sale in India since 2018, after events post her return. Kateryna Lagno treat such disorders remains divided. “When seizure medication. Uttarakhand became the first state to allow won the blitz handily to retain her 2018 there are both therapies and medicines avail- During trials, CBD was able to reduce the hemp cultivation. title. Anna Muzychuk and Tan Zhongyi able to treat anxiety, why should one opt for number of seizures and in some cases stop “While hemp-seed oil is extracted from the came second and third respectively in blitz. CBD oil, especially when there is a lack of med- them altogether. Following such evidence, seeds of the cannabis plant, CBD oil comes The women’s world title match starts ical evidence (about its effectiveness)?” says the US Food and Drug Administration (FDA) from the flowers and leaves of the plant,” says this weekend and it is split between Samir Parikh, director-Fortis National Mental approved Epidiolex, the first-ever cannabis- Rohit Shah, co-founder of Health Horizons, an Shanghai and Vladivostok. Defending CBD oil has gained Health Program, Delhi. Notwithstanding the derived medicine, for these conditions in 2018. online retailer of organic products that also champion, Ju Wenjun, has more popularity over the last few doctor’s argument, the side effects of anti-anx- However, Epidiolex continues to remain the makes hemp-based products. Shah adds that it experience and a great record in the past years for its anti- iety pills — blurry vision, confusion, loss of only such drug available since CBD still hasn’t took a year and a half to convince the authori- three years, and she’s the marginal rating inflammatory and pain- memory, headaches — have people turning to received full support from the medical world. ties that they weren’t planning on producing favourite with 2584 versus the 20-year-old relieving properties CBD oil. illegal products. challenger, Aleksandra Goryachkina’s Aditya Shekhawat, a final-year student at ow if you had to procure CBD oil before Both hemp-seed and CBD oil are cate- rating of 2578. The young Russian certainly Delhi College of Arts and Commerce, devel- N November 2019, you’d have had to gorised as Ayurvedic products. (Hemp-seed cannot be counted out. She’s jumped oped anxiety about two months ago and after source it from, say, Australia, Canada or some oil also contains traces of CBD.) “We simply several levels in the last six months. consulting with his therapist, he decided to European Union countries. Or else, make it at used science to justify the cultivation of The Diagram, White to play (White: try CBD oil. He procured his bottle of ingestible cannabis,” says Yash Kotak, co-founder, Eltaj Safarli Vs Black: Maxim Rodshtein CBD oil from an Israel-based research and BOHECO. He claims the company managed (Fide grand Swiss 2019) is one of the development laboratory. The oil has to be to sell its first batch of CBD oil within a month candidates for combination of the year. administered sublingually. “The effect of CBD of launching it. While CBD oil for skin health White played 22. Qh6+! Kg8 23. f5!! [This oil kicks in after two or three hours. So it’s not is available for ~749 (100ml) the one to treat is the first really tough move since 22.— as quick as the usual prescription drugs to treat arthritis pain starts at ~949 (100ml). So far, Kxh6 23. Nxf7 is easy to find] Play anxiety, but it definitely helps me feel calm,” these products are available only online on continued 23. – ef5 24. Rxf5 Rf8 and says Shekhawat. the company’s website. now 25. Ne6!! (1-0). It’s an epaulette Similarly, Anmol Prithiani, a student at Despite the purported benefits of CBD oil, mate with 25.—fxe6 26. Rxe6 Qd8 27. some people may experience side effects such Rxg6+ hg6 28. Qxg6#. The side as fatigue, nausea and irri- variations are one-movers. tability. The claims, espe- cially on social media, Devangshu Datta is an internationally rated that the oil can cure can- chess and correspondence chess player cer, meanwhile, are exaggerated. Research on CBD oil is still in its BS SUDOKU #2939 infancy and statements such as these are irre- sponsible. While the oil is help- ful for managing aches and anxieties, only fur- ther research can identify the effects of long-term use of the oil.

THE BS CROSSWORD #3298 Hard: ACROSS: 19 They don’t cut, they just give Cerberus (9) 22 Some of the poor wretches Solution on Monday 1Hoists occupying most of a financial relief ! (2,5) 4Italian gentlemen’s token or may try to be sick (5) city (7) 21 Protection of original work, but piece of silver (7) 24 Letter from Greece containing 5Intolerant of how I got into the imitation OK? (9) 5Call to mind it’s watery inside (7) current (5) HOW TO PLAY cot ... (7) 23 Some soberness in the Swiss 6Half of guides adopt extremely Fill in the grid so that every row, every column 9Nobleman correct about a tail capital (5) chic designer (5) and every 3x3 box contains the digits 1 to 9 lamp (4,5) 25 Respond and about turn (5) 7Willing female (9) SOLUTION #3297 10 Conservative leader is given 26 Concluding words: cloning is 8Was resting, doctor, so we’d SOLUTION TO # 2938 firm fish (5) wrong (2,7) taken a break (7) 11 Longbow’s structure made of 27 Ted to seize his chances? (4,3) 14 Bridge team sweeps the board wood (5) 28 Discover South American naval (9) 12 Nothing on oil installation but vessel abroad (4,3) 16 Scores of journals (9) bent nails are new ! (9) 17 A month with no drink in proper 13 Equip yours and mine for DOWN: form (7) hardships (7) 1Way to crack a barrel for a 18 Tidying around, demonstrating 15 Family who might help the singer (7) pride (7) needy traveller in Russia ? (7) 2Ten ran out it was suffocating ! 19 Section reserved for reviews (7) 17 Rebuilding Dundee, an old (2,3) 20 Self-appointed PM announced penny is exposed (7) 3Beware of the dog like surplus (7) vii 4 JANUARY 2020 WIDE ANGLE |

the game. The fan culture is much better in Bengal and Kerala. A Goan fan won’t wear his love for his team on his sleeve. But that means that the pressure on players is much greater in places like Bengal. Here, fans will discuss the game at the end of the match, then go off for beer and forget about it. In Bengal, football can be everything for some of them. They will talk about it and think about it at every moment.” One of the reasons behind this could be the scattered presence of Goan clubs across the state. With FC Goa, however, the fans of different clubs, or of football in general, now have one team to rally behind. “One big fan moment in Goan football,” Mergulhao continues, “is when Dempo made it to the semi-finals of the AFC Cup [in 2008]. Three buses full of Dempo fans travelled to Hyderabad for that match. FC Goa fans have taken to travelling to outstation matches as well. We never saw this with the I-League.” Many of those changes in fan culture have been wrought by Barreto’s Gaur Army. “We travelled to every FC Goa game last season,” he says. “If it’s one of the closer destinations — Mumbai, Bengaluru, Pune — we travel by bus; other places by air. To Kerala, we went by train. Numbers vary — the shorter bus trips obviously have more people travelling; but even when we fly, there are usually at least 15 to 20 people. For the finals in Mumbai [in March 2019], we had 280 people!” Sadly for that sizeable contingent, FC Goa failed once again to Alive and kicking seize the day, losing to Bengaluru FC by a solitary goal scored in the 27th minute of extra time after a goalless 90 minutes. There are other elements of the FootballfansinGoaareshakingofftheirsussegado so much so that he and his girlfriend European fan culture that the Gaur Army Natasha Mistry got married in a ceremo- has tried to bring to its support of FC Goa, andbecomingananimated,raucous, evenbelligerent ny at Liverpool’s home ground Anfield in such as synchronised chanting. Asked to 2013, the first couple in the world to do so. demonstrate, Barreto sings, to the tune of lot,writesAniruddha Sen Gupta (Since that event, Liverpool FC has begun Boney M’s “Brown Girl in the Ring”: “Coro- offering “Weddings at Anfield” as a spe- minas, shalalalala / Coro-minas, sha- cial package for fans.) lalalalala / Coro-minas, shalalalala / He n his everyday avatar, that of a Anish offered a space at the hotel for scores whenever he wants!” young entrepreneur helping his the game screening. “I had expected Such vocal support certainly energis- father run a wholesale cement maybe 10 or 15 people to show up,” says es the players. “In Goa,” says Sahil business, Conrad Barreto is a soft- Barreto, “but the turnout was close to 60- Tavora, who has played in the ISL for Goa I spoken, pleasant young man just 70!” Encouraged by that first try, the and Mumbai, and is currently in the under 30 years old. Like all good super- Liverpool FC Goa, which along the way Hyderabad squad, “if there’s an FC Goa heroes, he is someone who you would gained official recognition from the club, game, everyone knows it, and think leads a sedate, even humdrum, exis- continued screening games at various people will come from all over tence. But, like all good superheroes, that locations around the state. THE GAUR ARMY HAS TRIED TO the state to watch and support deceptive exterior hides the fact that, in But Barreto figured that things would BRING ELEMENTS OF EUROPEAN the team. It feels good. I get an altered state, he is almost single-hand- get even more exciting if he brought fans recognised all the time. Even edly transforming a signature aspect of of different clubs together for the screen- FAN CULTURE , LIKE SYNCHRONISED my parents get stopped by Goan life — its football fan culture. ings. At the height of the 2012-13 season, CHANTING, TO THE GAME fans. My brother and I happen The story started simply enough. he launched The Football Dugout (TFDO) to look similar. One time, he Barreto was a dedicated Liverpool fan who as a Facebook group, and fans started local support. “Fans here don’t get the was in the VIP box, and some young fans first started using social media to bring pouring in. In the years since, TFDO has sort of energy and culture we bring to the thought it was me. They wanted to take together other Indian Scousers like him- grown into a massive online community game,” he says with a wry grin. “When we selfies, and even when he told them it self. “Around 2011-12,” he says, “a group of with real-world presence. The Facebook stand up and cheer, people from behind wasn’t me, they said it didn’t matter, they ‘FC GOA HAS us Liverpool fans started a Facebook group is almost 25,000-strong, with mem- will be telling us to sit down.” would take the photos with him since he’s ALL KINDS group called Liverpool FC Goa. We start- bers scattered across various parts of the Barreto is vocal about the value of fan my brother.” OF FANS — ed by chatting online, but quickly moved world. Barreto has registered TFDO as a bases to clubs: “FC Goa has all kinds of Mergulhao is not that convinced about up to the idea of having some real-world corporate entity, and recently tied up with fans — men, women, children. They the nature of Goan supporters, especially MEN, WOMEN, interactions.” The first of these was a a friend, Hillary Gomes, to launch a TFDO might not know much about football, but when compared with those from other CHILDREN. THE screening of a Liverpool game at the website. Besides featuring footballing passion for Goa unites them. Mumbai has places. “When Bengaluru FC played their PASSION FOR Mandovi Hotel in Panjim. news and social media feeds, the website not got the same sort of fan culture. I-League matches in Goa, their fans would The Mandovi Hotel, the first interna- has started providing offers on game and Cricket is the big thing there. FC Goa, make a louder noise in the stadium than GOA UNITES tional-class hotel in the city, was set up in event tickets, mobile fantasy challenge Bengaluru FC, Mohun Bagan, East Bengal ours,” he points out. “And we’re okay with THEM’ the 1950s by the family of Purxotoma apps and club merchandise. — these clubs have great fan bases. AtK it. It reflects the Goan attitude. Never Ramanata Quenim, then member of Having organically grown into a [the Atletico de Kolkata franchise] also have outstation fans faced any aggression CONRAD BARRETO Parliament in Portugal representing Goa. creator of a different type of fan culture in did, but during the third season of ISL, from Goans.” Founding member, Anish, one of the current generation of Goa, Barreto has become clearer in his one of the owners said something along Though some would say that is what The Gaur Army Quenims, is a dyed-in-the-wool Reds fan, objectives as time has passed. “We’ve the lines of ‘AtK is much more popular sets Goa apart and makes it such a warm, never had the sort of fan culture there is in than any other Kolkata club’.” Barreto wonderful place to be, Mergulhao is clear- European football,” he says. “Over there, believes their fan base shrank as a result ly unhappy about it. fans lose their sleep over their clubs’ of that statement. “That is the power of Barreto has used the leverage that performances. I have seen people crying, the fans.” TFDO and the Gaur Army have provided both when their team lost and when Marcus Mergulhao, sports editor at to explore avenues beyond the football they won.” The Times of India in Goa, has had an arena. “With the visibility that TFDO has He decided to actively try and grow insider’s view of the transformation that given me, I also work as an influencer that sort of following for FC Goa. Though has taken place in fan culture in Goa. “In for various Goan establishments,” he says. there was already an existing FC Goa Fan the past,” he says, “everyone from our vil- “We also do fundraising events under the Club, Barreto went about creating a new lage used to go for matches at Fatorda. Liverpool FC Goa banner. We have presence called The Gaur Army (the gaur, We would all take a bus together. The raised funds for orphanages through our or Indian bison, is Goa’s state animal, and thing with Goa is that everybody loves drives. This year, we’re doing it for an FC Goa’s emblem). It brought a new, more football, but they don’t always show it in animal shelter. It’s not just a fan club. It’s raucous, more in-your-face edge to the terms of the way they follow a team or a community.” CONRAD BARRETO / THE GAUR ARMY

realising that they’re learning!” she says. students in the fourth to sixth grades. Each pro- Many of the facilitators, Arya included, work with It’s all about the music Manzil Mystics started its journey from Manzil gramme costs ~1.8 lakh, of which 60 per cent goes children with special needs. “For many, while (a Delhi-based alternative education and learning to facilitators and the rest towards training, devel- even learning simple lyrics is challenging, the their hopes, ideas, emotions and frustrations centre). “Many of us loved making music and so oping the curriculum and more. results are transformational,” says she. “Not only An organisation is using music to through music. LTM’s pedagogy has developed Manzil Mystics, our band, was born ten years ago,” The results are evident. Teachers report that do they blossom with music, some even get to transform the lives of children organically. “First of all we recognise that we’re Arya recounts. They became popular for their children who’ve attended these workshops are perform in front of audiences which gives them a studying in low-income schools, not teachers,” she says. “We’re facilitators who socially relevant music, but it didn’t seem enough. more eager to come to school and seem more great sense of achievement.” simply enjoy singing and playing with children!” “We wanted to use music not just as a tool for social focused. Through music and games, the facilita- Supported by BookASmile (BookMyShow’s finds Geetanjali Krishna Their one-hour sessions focus as much on build- change but also for its incredible educational poten- tors teach children about the importance of per- charity arm), Pratham, Wipro, KPMG and some of ing rapport and developing relationships as they tial,” she says. That’s how in 2016, Manzil Mystics sonal hygiene, teamwork and other life skills. the best incubators in India, Manzil Mystics now wo young people walk into a government do on music. Arya and her cohort of 30 facilitators the NGO was born. They used the income from “Now you can easily differentiate between stu- supports over 30 musicians and has encouraged school classroom armed with a guitar and have devised a series of games to this end. the band’s gigs to finance their initial work and dents who’ve attended our workshops in school as many talented youngsters to look at music as a Tsongbook instead of textbooks and chalks. “Consequently, the children learn without even devised a 10-month music-based curriculum for they’re noticeably better turned out!” Arya says. source of livelihood. Last year, BookASmile, which They get the children to hum some simple notes. funds their programmes in 15 schools, asked the The guitarist begins to strum. A student beats a Teachers report that Mystics to select students to sing the national tattoo on the wooden desk. In minutes, the class- THE children who’ve anthem for an Independence Day special film. “We room is resonating with joyful and not necessarily BRIGHT attended these often show the video to children during work- always tuneful sounds. “Music can change a child’s SIDE workshops are more shops,” she says. “Some recognise schoolmates in relationship with learning,” says Preeti Arya, co- eagerto come to school the video and feel inspired to see how far music can founder of Manzil Mystics, an NGO that has evolved take them!” a unique pedagogy to use music to teach life skills In the years ahead, the Mystics would like to and bring joy into the classroom. “It gives children reach out to more schools, funds permitting. an alternate form of expression, broadens their per- “Music is the best way to promote peace, love, jus- spective and helps them perform better in studies.” tice and harmony,” says Arya. At a time when the The flagship programme of Manzil Mystics, country is divided and angry over so many issues,

Learning Through Music (LTM) operates in 35 MYSTICS the music and philosophy of the Mystics is a wel- SDMC or low-income schools in Delhi and has come balm. created 80 music classrooms for over 3,000 stu- MANZIL dents. Participants learn how to sing, write and Learn more here manzilmystics.org or follow their

compose their own songs and in so doing, express COURTESY: YouTube channel viii | GEAR 4 JANUARY 2020 Thefuture’shere

directlyfacetheuseranddelivera ASUS ROG MOTHERSHIP dynamicperformance. (FROM ~4.5 LAKH) Performance (4/5) iththeROGMothership,Asus Thelaptop’sG-Syncdisplaysarepowered Wclaimsto have reimaginedthe by theNvidiaGeForceRTX2080GPU gaminglaptop. Theresultisapowerful and8-coreIntelCore i9-9800HK CPU-GPUcombinationwithother processor. Thisispairedwith64GBDDR- strikingconfigurationsto elevatethe 4RAM,threeSSDsinRAID0and2TB gamingexperience.Here’showthe SSDstorage. It’savailableintwodisplay laptopperformsonmajorfronts: options,bothwitha17.3-inch,1920x1080 resolutionpanel.Thefirstisthe4KUHD The Design (4.5/5) IPSpanelwitha60Hzrefreshrateandthe Rightoffthebat,youcantellthis secondisthe1080pIPSpanelwitha Mothershipissomethingelse. The 144Hzrefreshrate. Ireviewedthelatter invasion desktopreplacementlaptop, whenshut, model.Thehighrefreshrateenables spans16.1x12.6x1.2inchesandweighsa eventhetoughgamesto runatahigher whopping4.8kg(goodluckluggingit frameratewithquickresponsetime.I around).Thetophasablackbrushed couldplaybothHalo:ReachandFIFA20 HALO:REACH (~349) aluminiumfinishwithanROGlogoatthe onthesystemonmaxgraphicswithno bottom.Andyoudon’tflipthe discerniblelags. GAMEPLAN ineyearsafterHalo:Reachwas Mothershipopen.Rather,likesome Laptopsoftenfacetheproblemof releasedsolelyforXbox360,the majesticintergalacticspacecraft,the overheating,usuallybecausethevents N remasteredversionofthepopular laptopsetsupinstages.First,youstand sitatthebottom.Here, withthevents With a futuristic laptop, a sharp headset and a legacy game, first-personshooterhasnowbeenreleased thesystemup,openthekickstandto set facingupwards,overheatingisneveran asthefirst—andfornowtheonly—titleof upthemonitorandthenlowerthefront issue.Asushasfittedtwofansandeight Chirinjibi Thapa is all set for the weekend Halo:TheMasterChiefCollectionfor panel,whichthenrevealsakeyboard heatpipesontheMothership. MicrosoftWindowsandXboxOne. attachedto themonitorwithadeck.The Butahighlevelofperformance Halo:Reachisthe2010prequelto the keyboardcanbedetachedfromthemain meansloudfans.Whilegaming,they Haloseries.Theeventstakeplaceinthe systemto beusedfromadistance. tendto gointooverdrive. So,youmight Thesoundofthegame year2552,whenhumanityisinawar Themonitorfitsa17.3-inchscreen wantto have adecentheadseton. againstanallianceofalienscalledthe borderedby thickbezels,which Thebatterylastsalittleoverfourhours Covenant.Asmallgroupofsuper-soldiers, accommodatealotofventsandports. onasinglecharge,whichisnotbad. theNobleTeam,issentto aplanet,Reach ThereareinallsixUSBports,five of LOGITECH G PRO (~9,995) (colonisedby humans),after whichsupportthe3.1Gen2standard. Verdict (4/5) communicationrelayfromtheplanet TwoportssupportType-Cformfactor. TheAsusROGMothershipisapeekinto heLogitechGProgamingheadsetisthethird breaksdown.ThesoldiersfindaCovenant Besides,thereisanHDMIoutput,two thefutureofgaminglaptops.Itmightnot andfinalpieceintheGProlineupofgaming invasionupontheplanet.Theplayersteps audiojacks,acardreaderanda beagreathitinaprice-consciousmarket T intotheshoeofthesoldier“NobleSix”and peripheralsthatincludeakeyboardanda KensingtonLockport. likeIndia(ithasn’tyetbeenlaunched). mouse. Madeinconsultationwithe-sportsathletes through11intricatemissions,thesoldiers TheMothership’s keyboardis ButthenAsusisprobablyonlytargetinga (hence“G-Pro”),theheadsetstripsaway thefrills tryto fightofftheCovenantonslaught magneticallyattachedto themain nicheaudienceanyway. andfocusesontheessentials:soundandcomfort. whilesafelyevacuatingthehuman system,butinaslightlyinclined population. mannerthatmaytireyourwristsif Design(4/5) Don’tdelve intothegameexpectingtoo thesurfaceismountedtoohigh. To beginwith,itgetsridoftheubiquitousRGBlights. muchintermsofgraphics.Itis,afterall,a Detached,theWi-Fikeyboard Theresultantall-blackfinishblendedwiththesilvery remasteredversionofa2010game.Even alsodisconnectedonafew LogitechGlogoemblazonedonmetaldiscsoneither so,itisasignificantimprovementonthe occasions.However, the sideandthestainlesssteelheadbandextendersgive thingsaboutit.Itisflexible,effectively filtersout original.Itrunsmuchsmootherandthe typingexperienceisgood. itanelegantlook. backgroundnoise, hasahighsensitivityandemits visualsaresharper,courtesythe60frames Thefour4-wattspeakers Theflexibleheadbandiscushionedwith crispandclearvoices. persecondgameplayandenhanced atthemonitor’s bottom memoryfoamleatherette, whichfeelsdurable.The resolution.Amongtheinnovationsarethe largeleatheretteearcupsandthelongadjustable Performance(4/5) UltrawidedisplaysupportandtheFOV slidersinheadbandsensuretheheadsetfitsearsof TheGPropacks50mmdriversandoffersdecent (fieldofview)slider,whichallowsthe allsizes.Theearpadsfeelsoftandprovidedecent soundacrossgenres,butitreallycomestolifeduring playerto controlhisperipheralvision.The passive noiseisolation.Icouldwearitforhourson gamingsessions.Thedirectionalsoundwasquality gamecanrunonupto 4KUltraHD. endwithoutanydiscomfort. enoughformetoknowfromwhichsidethealiens However, onlythreepre-setgraphic Despiteallthegoodthings,therearetwo wereshootingatmeduringHalo:Reach.Thereseems optionsareavailable:Original, questionablechoicesthataren’tquiteadeal-breaker. tobenolaginsoundreproduction.Thefocusonbass PerformanceandEnhanced.Fornow, one First:thedecisionto optforin-linecontrolsinstead alsomeansthattheperformancesortofpetersoutas canplaytheregularCampaignmode,the ofonesembeddedwithintheheadset.Andsecond: wemovetowardsthehigherendsofthespectrum, Firefightmode(fightforsurvivalagainst Logitech’sdecisionto goforawiredheadset. likewhenlisteningtomusic. endlesswavesofenemies)andthe Thein-linecontrolsincludeamuteswitchanda multiplayeronthePC.Playerscanalso volumetabonthebraidedcable.Theheadphone’s Verdict (4/5) accessthemillionsofcommunity-created audiocablecomeswithasplitteradapterto beused TheLogitechGProiselegant,light,comfortableand mapsandgametypes. onthePC.TheGProgamingheadset’sinnocuous- packsatop-tiermicrophone.At ~9,995,it’sagreat lookingdetachablemicrophoneisoneofthebetter buyforlonggamingsessions.

BOSE SOUNDSPORT FREE ~18,990 ULTRABOOST 20 ~18,999 Training mate Lastingimpact VEER ARJUN SINGH

didas dreamt of a Agravity-defying Thepremiumearphones shoe and shot off its fromBoseareyourworkout beloved Ultraboost to the International Space companion,butlittleelse, Station. While it did get a futuristic paint-job that writesVeer Arjun Singh screams “I was in space”, the Ultraboost 20 seems to have learned the rest ireless may bethe future, but it’s not from Earth’s streets. It’s a W there yet. The technology is going refresher of last year’s through some necessaryrounds of evolution. Ultraboost 19 with subtle Even the best earphones leak sound, let in but crucial changes. Here’s more ambient noise than ideal, do not speak how the pair felt on feet in well through their microphones, come off Delhi’s punishing cold. unnoticed sometimes, and generally do not deal well with water, sweat and dust. The Design (4/5) shoes. And its uniformly stretchy PrimeKnit is BoseSoundsport Free doesbetter on some The Ultraboost 19 introduced a one-piece great for long-distance running. Along with counts and messesup a few basics. It’s not the upper that wraps around the footlike a sock the Asics Gel-Nimbus 21, it has been my go-to ideal pair but might just bewhat you should called PrimeKnit. In mostcolourways, it has a running pair for some time now. But a few use till a better one comes along. multi-colour hue with an additional layer of kilometresshy of completing a hundredin the threading in the vamp areaor around the pair, I have been longing for a few Design (3/5) whocomplainthatAppleAirPodsand they sound all right and don’t come off. These midsole or both. The UB20 changesthe upper improvements. And surprisingly, the UB20 TheSoundSportFreeisbiggerandheavierthan SamsungGalaxyBudsarenotpowerful are goodon both counts. to a uniformly coloured, single-tone PrimeKnit fixesmostof them. mostpopularfullywirelesspairs.Itis enough.Takeyourpick. textile, reminiscent of the original Ultraboost. The legendary Boost midsole is noticeably brightorangeinitsmostpopular Asfar as fit goes, it’s important Performance (4/5) A single colour upper goeswell with the alien- more concentratedand perhaps slightly versionandthere’snothingsubtle Scorecard that one goesthrough the box and Bosejustdoesnotfalterwhenitcomesto inspiredpurple-hued, multi-coloredmidsole. trimmed. It feels a bit like the Boost HD aboutthat.There’salsoblueand Sound choosesthe right earplugs and wing sound.Itspremiumtrulywirelesspairtreats I’d recommend the black colourway (pictured) midsole of the Adidas Pulseboost HD — a very brownforthelessexhibitionistic. tips for a perfectfit. I did not have musicbetterthanmostinitscategory.It’sloud if you are a runner firstand a sneakerhead versatile pair currently available on discount Thepairispartofactive wearand any problems with the fitting during butthehighsarenotscreechy andithasabass after. The white and grey, much like the many for ~8,339 — but more premium. It’s still very hasanIPX4rating,whichmeansit Comfort my outdoor runs. And I don’t thanyoucanactuallyfeel—ararityamong colourways of the UB19, are beautiful sneakers responsive but lesscushioned, something canhandlealotofsweat,water mind the eye-popping wirelesspairs.Themicrophoneisalsoalot but impractical for a performance shoe that mostrunners I exchange notes with had hoped splashesandlightrain.ButI Battery orange pieces jutting out betterthanmanyofthepopularpairs. mustn’t beboxed. for. wouldn’tshowerwearingthemand of my ears solong as If you don’t mind carrying a slightly The translucent lace cage of the UB19 also The stretchy upper and the wide toe box certainlynotswim. bigger case (I don’t), the battery of the getsa revamp with a reflective three-stripes still make my broad feet happy, but what I TheJabraEliteActive 65t SoundSport Freeis excellent. Along logo. The tongue looks tidier in a single stitch. absolutely love in the UB20 is that new (~11,999),forinstance,hasanIP56 with the case, the not-so-little pieces The heel, constructed with neoprene instead PrimeKnit feels lessstiff around the vamp rating,whichmeansitcanhandledust,high- pack about 15 hours of battery. A of PrimeKnit, is a change I appreciate the most. while a tailoreddouble-stitch reinforces the pressurewaterspraysandevenpouring single charge lastsfor about five hours. It doesnot rub against the feet like fibre edges around the toe box.It easesthe strain rain.Stillnoswimming,though,butthe sometimes does. And the single, reflective during sharp turns and protectsthe footfrom pairisgoodenoughformostoutdoor Verdict (3.5/5) orange stripe at the back is playful, and also abrasions. activities. Forapairthatistailor-madeforworkouts,the useful during night runs. TheSoundSportFreeearphones dust- andwater-resistanceisnotupto the My only disappointment with the design is Verdict (4.5/5) adhereto theearswell,eventhoughthey markandtheBluetoothconnectioncanbe that the skeletal heel-frame has already started The cushioned yet ruggedUltraboost, which aredeliberatelydesignedto letsome patchysometimes.Thehard-pressbuttons losing colour in two weeks of ruggeduse. That’s can clock more miles than mostpairs without ambientnoiseseepin.Theyaregreatfor alsotakesomegettingusedto.Thatsaid,the poor performance for an ace running shoe that showing signs of weakness, has been tweaked outdoorusebutlessthanidealatan pairissturdy,hasBose’s excellentsound,a doubles up as a dope sneaker. to perform even better. At 300 grams a piece, infamouslyloudDelhigym(youareforced greatbatterylifeandadecentfit.The it’s not the lightest of running shoes, but the to pumpupthevolume,sometimesto the SoundSportFree,for~18,990,isgreatfor Performance (5/5) UB20 for ~18,999 will take you the distance and pointthatyoustopenjoyingthemusic).On workoutsthatlastanhourortwo, butit’snota The UB19 packs the mostresponsive last you verynearly a lifetime. Justwhat the theupside,theyareloudenoughforthose pairthatyouwouldn’twantto takeoff. cushioning I have ever experienced in a pair of distance runners ordered.