SATURDAY, 11 JANUARY2020 MUMBAI (CITY) ~10.00 THE MARKETS ON FRIDAY Chg# VOLUME VII NUMBER 24 24 pages in 2 sections Sensex 41,599.7 147.4 Nifty 12,256.8 40.9 WEEKEND SEPARATE SECTION THE SMART INVESTOR P10 Nifty futures* 12,290.0 33.2 Dollar ~70.9 ~71.2** Euro ~78.7 ~79.1** BUSINESS BOROUGHS: SMALL CHRIS WOOD SEES GOLD Brentcrude ($/bbl)## 65.2## 65.5** Gold (10 gm)### ~39,601.0 ~121.0 CITIES AS START-UP HUBS RISING TO $4,200/OZ *(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 RIGHT TO BUSINESS VIA YESBankdirectorquits,says INTERNET PROTECTED SC puts on hold BY CONSTITUTION: SC MDmisledboardoninvestors The Right to Freedom of Expression through the internet is part of Article 19(1)(a) of the NCLAT orderin Constitution, is subject to reasonable Bank will examine charges as well as director’s fit and proper criteria restrictions, which apply to all fundamental rights, and is subject to judicial review, the SURAJEET DAS GUPTA & ANUP ROY Supreme Court held on Friday. Those New Delhi/Mumbai, 10 January BANK'S WOES CONTINUE carrying out business via the internet also have the fundamental right to continue it, Tata-Mistry case YES Bank’s independent director and The allegations What the bank says the apex court said, and directed the chairman of its audit committee, Uttam |Ravneet Gill, CEO of YES Bank, | The bank was getting legal government to review the internet Prakash Agarwal, resigned on Friday, initially only verbally communicated opinion on Agarwal’s fit and suspension in Jammu and Kashmir (J&K) Mistry gets four weeks to respond to court notice alleging that Managing Director and the names of investors proper criteria, but he resigned within seven days. 6 > Chief Executive Officer Ravneet Gill before the issue could be taken up RUCHIKA CHITRAVANSHI had misled the board of directors about |When demanded, terms sheets were provided which showed no firm |Board on Friday allowed New Delhi, 10 January LEGALTANGLE the binding ECONOMY&PUBLIC AFFAIRS P4 TURBULENT offers to raise commitment fundraising of up to ~10,000 cr, ED attaches Kochhar’s t took the Supreme Court less than a TIMES capital. |No effective due diligence was done but no investor named minute on Friday to stay a National 2016 2020 The bank’s about the investors |The board will consider Citax’s BSEprice in ~ assets worth ~78 crore Company Law Appellate Tribunal Oct 24: Tata Jan 2: Tata Sons files board said in a |Even as the board was not $500 mn proposal; rejects The Enforcement Directorate (ED) on Friday I (NCLAT) order, which had last month notification that Sons board sacks petition in SC, convinced about capital SPGP and Erwin Singh attached assets and cash belonging to reinstated Cyrus Mistry as executive chair- Cyrus Mistry as challenging NCLAT it had received raising, the bank issued Braich’s offer former ICICI Bank managing director and man of Tata Sons. While the tribunal ver- chairman ruling the resignation media releases and |Citax offer will be chief executive officer Chanda Kochhar and dict had surprised the corporate world, of Agarwal, and Jan 3: Ratan Tata notified exchanges of discussed in the next husband Deepak Kochhar in connection Mistry, who was removed as Tata Sons chair- 2019 that certain firm commitment meeting with the Videocon loan case. These include a man in a boardroom coup in October 2016, moves SC in personal observations Dec 18: NCLAT Ravneet Gill, South Mumbai apartment at CCI Chambers, maintained he was fighting for the rights of capacity made by him on Uttam Prakash Agarwal, orders rein- former director CEO, YES Bank valued at ~3.5 crore and other assets. minority shareholders and was not interest- Jan 5: Mistry declines the bank’s gover- ed in returning to the post he held more than statement of nance would be “duly examined by the Mistry as executive chairmanship three years ago. in a media statement board”. However, the notification on gating whether Agarwal met the fit and (RBI), but before the issue could be tak- BACKPAGE P16 Around noon, when the three-judge Bench executive board meeting did not mention if the proper criteria as a director after being en up by the board on Friday, he Govt notifies Citizenship comprising Chief Justice S A Bobde and chairman and Jan 6: NCLAT upholds allegations were discussed. A YESBank cautioned by the Reserve Bank of India resigned. Turn to Page 10 > Actamid protests Justices B R Gavai and Surya Kant took up the conversion of its own order, dismisses official did not want to add anything Tatas’ appeal against the NCLAT verdict on Tata Sons from a RoC’s appeal beyond the exchange notifications. P4 The Centre on Friday notified the Citizenship Friday, it said the tribunal order suffered from The bank also said it was investi- YES BANK SCALES DOWN FUNDRAISING TARGET TO ~10,000 CR private to public Jan 10: SC grants Amendment Act (CAA). The notification came “basic errors”. The Bench noted that never entity nearly a month after Parliament passed it on before had there been a judgment of this interim relief to Tatas December 11, and in the wake of sustained nature under the Companies Act. With this anti-CAA protests across India. The Supreme stay, the salt-to-software conglomerate can Court is set to hear petitions challenging the get back to business as usual with N IIP in the green after 3 months constitutionality of the law on January 22. Chandrasekaran at the helm of Tata Sons. The Mistry camp has four weeks to respond to the court notice, though senior advocate C A ECONOMY&PUBLIC AFFAIRS P4 Grows at 1.8% in Nov Sundaram, appearing for Cyrus Investment SOMETHING TO CHEER ED summons Edelweiss had sought two weeks to file a reply. The court has ordered the $110-billion SUBHAYAN CHAKRABORTY IIP growth in % founderin forexcase Tata group not to exercise power under New Delhi, 10 January The Enforcement Directorate (ED) issued fresh Article 75 of the Company Law to push out summons to Edelweiss group founder and shares of minority holders in the company. A rebound in manufacturing activi- Chairman Rashesh Shah in connection with Tata Trusts, with a 66 per cent stake, is the ty pulled up November’s overall an alleged multi-crore forex violation case. largest shareholder in Tata Sons, while industrial output, helping it to grow He has been asked to appear on January 13. Shapoorji Pallonji holds 18 per cent in the 1.8 per cent after declining for three Confirming the development, an ED official Tata group’s holding firm. consecutive months. Output had said Shah was earlier called to join the The top court has stayed the NCLAT’s declined by 3.8 per cent in investigation on Thursday, January 9. order for conversion of Tata Sons from private lawyers including Abhishek Manu Singhvi, October after a 4.3 per cent contrac- to a public entity. Harish Salve and Mohan Parasaran. The tion in September, the steepest fall in “Our first impression is not good about lawyers for the Mistry family eight years. the order of the tribunal. The tribunal grant- include Aryama Sundaram, Arun Kathpalia The rise in the Index of Industrial Note: Based on updated base year of 2011-12 ‘There should not be any Source: Ministry of Statistics and Programme ed the prayer which was not prayed…There and KG Raghavan. Production (IIP) helped pull up Implementation supply policy of coal’ was no prayer in the petition for reinstate- The Bench observed, “You (Cyrus) have cumulative growth in industrial out- Union Minister for Coal, Mine & Parliamentary ment of Mistry but the tribunal went ahead been out of the saddle quite a long time...How put to 0.6 per cent in the April- Affairs PRALHAD JOSHI tells Shreya Jai with it and ordered his reinstatement,” the does it hurt you today?” November period of financial year the 5 per cent rise in output regis- ative in four of the eight months till that he wants an open market for Bench said soon after the matter, 28th on the The SC has issued notices to Cyrus 2019-20 (FY20), the data released on tered in the previous fiscal year. November in FY20. Manufacturing coal with no policy restrictions list, came up in the court. Tatas are being Investment, Mistry, and others, while posting Friday showed. Broad-based slowdown across sec- output rose 2.7 per cent in and that state-owned Coal India represented by a battery of prominent the matter after four weeks. Turn to Page 10 > However, this was still lower than tors has meant that output was neg- November. Turn to Page 10 > would remain the primary player in the Indian coal mining space. SACHIN BANSAL’S ECONOMY Infy audit panel says no ‘financial impropriety’ PAGE 4 CHAITANYA SEEKS DEBASIS MOHAPATRA substantially without merit”. COMPANIES P2 BANKING LICENCE Bengaluru, 10 January Based on the findings, the Q3 REPORT Oyo plans to fire 1,200 “Infosys is a model of committee said the restatement Sachin Bansal-led Chaitanya India Fin Credit on Information technology serv- strong corporate governance, of previously announced finan- CARD Friday said the microfinance company had in India in 4 months ices major Infosys on Friday and the company’s handling cial statements or other pub- applied for a universal banking licence to the Oyo Hotels has let go of 5 per cent of its 12,000 said its audit committee found of these allegations from lished financial information Revenue ~23,092cr Reserve Bank of India (RBI).