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THURSDAY • JULY 11, 2019 CHENNAI ₹8 • Pages 18 • Volume 26 • Number 164 TECHNOPHILE BUSINESSLINE IMPACT INWARD FOCUS The Jabra Elite 85h offers useful Following our ground report, cane TCS wants to focus on improving efficiencies voice prompts and integrates cutter women in Maharashtra are set and ensuring its investments are returning with personal assistants p8 to get sanitation, health facilities p14 value, says CEO Rajesh Gopinathan p9 Ahmedabad Bengaluru Chennai Coimbatore Hubballi Hyderabad Kochi Kolkata Madurai Malappuram Mangaluru Mumbai Noida Thiruvananthapuram Tiruchirapalli Tirupati Vijayawada Visakhapatnam Regd. TN/ARD/14/2012-2014, RNI No. 55320/94 QUICKLY Auto sector stares at job cuts When Kiwis flew MCDONALD’S CASE NCLAT seeks more data from Bakshi as sales continue to skid New Delhi, July 10 The NCLAT has directed Vikram Bakshi, the former Indian joint venture partner of Contraction is seen reached that phase, but we are closing down in the recent past, McDonald’s, to furnish an additional soon going to be there. We can’t which is not a good sign, he added. affidavit outlining various financial details, across all segments, survive at this moment. At SIAM, The huge inventories are just be­ such as the amount he received from his is the worst in 10 we support the electric vehicle ginning to be cleared up, he ob­ settlement with the US burger chain. After plan of the government, but at the served. being embroiled in a bitter legal feud, years, says SIAM same time, we must survive dur­ The de­growth in the auto sector Bakshi and McDonald’s had earlier this year ing this (transition) period. The today is significantly prolonged, reached an out­of­court settlement. p2 S RONENDRA SINGH current technology that the in­ and the worst since 2008­09 and New Delhi, July 10 dustry has should also be protec­ 2011­12, SIAM said. “But, that time, Auto industry employees may ted through this phase.” every segment was not de­grow­ BANK CONSOLIDATION bear the brunt if sales continue to The de­growth in the auto sector ing. Here (present scenario), it is Centre to strengthen PSB boards fall, as the companies will be com­ is likely to be replicated in the every segment…it is an unusually Mumbai, July 10 pelled to shed manpower, the Soci­ other sectors, too, he added. The prolonged de­growth. There have Following the merger of Dena Bank and ety of Indian Automobile Manu­ auto sector today employs about been batches earlier — like in one Vijaya Bank with Bank of Baroda, the facturers (SIAM) said here on 37 million people, and they need to or two quarters — but never like government is now seeking to beef up the Wednesday. Already, no fresh re­ be protected, he added. this,” Wadhera added. number of whole­time directors (WTDs) on cruitment is happening. According to SIAM, usually, the the boards of large public sector banks The production volume of pas­ Cash-strapped players first quarters see good sales across The New Zealand team celebrates MS Dhoni’s wicket at the ICC Cricket World Cup semi­final in (PSBs) into which other PSBs will get senger cars and commercial The companies have no growth all categories, but this time round Manchester on Wednesday. The Kiwis survived Ravindra Jadeja’s onslaught to stun India by 18 merged. BoB currently has four WTDs — an vehicles has also been the lowest plans also right now because of that has not happened because of runs and reach the final for the second time in a row REUTERS MD & CEO and three EDs. p5 in the last 71 months, SIAM said, the cash constraints, and they the slowing economy, low con­ said adding that it will approach have already spent much sumer sentiment, poor finance the Centre for relief mechanisms, (₹70,000­80,000 crore) to up­ availability, drop in rural demand ADDITIONAL SURCHARGE ON FPIs including a GST rate cut. grade their products to meet BS­VI and increase in insurance cost. CBDT boss moots corporate structure Asked if there has been any job norms, said Wadhera. The June quarter of FY20 recor­ New Delhi, July 10 cuts over the last 10­11 months, The dealerships have seen a lot ded some of the worse sales in the Cabinet clears central tribunal for river FPIs and AIFs can get themselves structured SIAM President Rajan Wadhera of outlets (around 300, per Federa­ domestic market across all cat­ as a ‘corporates’ if they want to avoid said: “I don’t think we have tion of Automobile Dealers data) egories. paying the additional surcharge water rows, Bill to ban illegal deposits introduced in the Budget, CBDT Chairman Weak dispatches PC Mody suggested on Wednesday. At a Analysts said wholesale dis­ OUR BUREAU Gram Sadak Yojana at an estim­ tribunal in place of multiple post­Budget conference, he said the basic patches are likely to remain weak New Delhi, July 10 ated cost of ₹80,250 crore. inter­State tribunals is an at­ objective of the levy of surcharge on for the next one or two months, The Union Cabinet on Wednes­ Briefing the media about the tempt to resolve issues relating people with income between ₹2 and ₹5 and some signs of recovery are ex­ day approved a new code on oc­ changes in the labour laws, San­ to river water sharing in a time­ crore and over ₹5 crore is that these people pected from the festival season cupation safety, health and work­ tosh Gangwar, Minister of State bound manner. have the ability to pay. p10 only. ing conditions for the (Independent Charge) for La­ The government will place in Consumer sentiments remain unorganised sector which will bour and Employment, said the Parliament a new Bill that seeks poor, and this continues to weigh benefit up to 40 crore daily Codes on Occupation Safety, to tackle the menace of soliciting BILATERAL TIES on the demand for discretionary wagers, a Bill banning illegal de­ Health and Working Conditions unregulated deposits so that the India, Russia hold dialogue items like cars, said Ashish Mod­ posits, and the setting up of a Bill, 2019, will bring 13 Central la­ hard­earned money of poor New Delhi, July 10 ani, Vice President & Co­Head, Cor­ single tribunal to settle all inter­ bour laws under the ambit of the people can protected, he further India and Russia discussed ways to deepen porate Ratings, ICRA. “The govern­ State river water disputes. new code, which will be applic­ said. The Cabinet also gave the economic cooperation in areas such as ment’s push to recapitalise banks The Cabinet also decided to able to all establishments with green signal to granting Group A agriculture and agro­processing, the small and improve liquidity in NBFCs is amend the Protection of Chil­ 10 or more employees. status to the Railway Protection & medium industry, the digital economy positive for the economy, the bene­ dren from Sexual Offences (Po­ Force and to a new Bill which en­ and trade, banking & finance at the second fits of which will start reflecting in sco) Act, 2012, to make the pun­ Quick resolution sures the empowerment of India­Russia Strategic Economic Dialogue the next few quarters,” eh added. ishment more stringent, and I&B Minister Prakash Javadekar transgender people. in New Delhi on Wednesday. p3 First-quarter auto sales p2 cleared the third phase of the PM said the decision to have a single Detailed reports p4 IndiGo stock ‘Privatising Railways will affect everyone’ plummets amid MAMUNI DAS Unions (AICCTU), told Busi- Earlier, other trade union New Delhi, July 10 nessLine on the sidelines of a bodies like the All India Rail­ promoters’ feud With privatisation of the Rail­ protest here on Wednesday way Federation and National OUR BUREAU/PTI ways, trade unions fear that that there were apprehen­ Federation of Indian Railway­ New Delhi, July 11 moving people and goods by sions that there could be men also sought a clear The shares of InterGlobe Avi­ trains will become more ex­ large­scale employment of bluebrint on how the R ail­ ation Ltd (IGAL), the parent pensive, affecting the entire contract workers in the In­ ways intended to turnaround of IndiGo, plummeted over 11 country. dian Railways, even as per­ production units by corporat­ per cent on Wednesday, wip­ Santosh Roy, President, All manent workers lose their ising them. ing out ₹6,423 crore from its India Central Council of Trade jobs. Job-loss fears p4 market valuation following a spat between its co­pro­ moters over corporate gov­ ernance issues. The scrip tanked 10.73 per cent to close at ₹1,397.75 on the BSE. Intra day, it had plunged 17.54 per cent to ₹1,291. The co­promoters of In­ diGo, Rakesh Gangwal and Rahul Bhatia, have been en­ gaged in a war of words over governance issues. InterGlobe clarifies IGAL on Wednesday clarified that the existence of related party transactions (RPTs) was disclosed at the time of its IPO in 2015. Gangwal, in his submis­ sion to SEBI on Tuesday, had made several allegations about the RPTs. “Post the IPO, many of the RPTs have ceased to exist while others have been re­ newed on an arms’ length basis as part of the normal course of business,” the air­ line said in a media statement. The statement added that InterGlobe Enterprises (IGE) and its group entities had en­ sured that none of them took advantage of the RPTs. IGE and its founder (Bhatia and family) are co­promoters of IndiGo along with Gang­ wal. CEO reassures staff Meanwhile, IndiGo CEO Ro­ nojoy Dutta told employees that the mission, direction and growth strategy of the airline remain “unchanged and are firmly in place”.

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