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SATURDAY, 11 JANUARY2020 (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), 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 ’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 and dict had surprised the corporate world, of Agarwal, and Jan 3: 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 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 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 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. 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 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 “ 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 (RBI). The application was employees in China partly due to non- “no evidence of financial start to finish has been was not required. made under the RBI’s On-Tap Banking License consistent with these high YoYgrowth QoQ growth performance, while dismissing 12 per cent of impropriety or executive mis- “The committee took the 7.9% 2.0% Guidelines, 2016. In September, Bansal had its 10,000 staff in India. It plans to shed conduct” at the firm as alleged standards of governance” complaints seriously and com- invested $104 million to another 1,200 in India over the next three to by whistle-blower letters last NANDAN NILEKANI missioned a thorough investi- Netprofit ~4,457cr acquire around 90 per four months, sources said. Oyo is undergoing year. The investigation was gation. It determined that there cent ownership of Co-founder and YoYgrowth QoQ growth a restructuring, trimming redundancy in carried out with the help of chairman, Infosys was no evidence of financial Chaitanya, a 10-year- China and India, leading to thousands of external agencies. impropriety or executive mis- 23.5% 10.9% old Bengaluru-based dismissals, sources said. The Bengaluru-headquar- conduct,” said Sundaram. Operating margin firm that catered to low- tered firm, in a seven-page Infosys Co-founder and 21.9% income borrowers for I-T SEARCHES OYO’S GURUGRAM OFFICE P2 release, rejected each of the alle- ‘WHISTLE-BLOWERPOLICYSHOULDN’TBE P3 Chairman Nandan Nilekani, vehicle finance, gations made in the anony- USEDASWEAPONS’ who was present at the earn- YoYgrowth QoQ growth housing loans, small mous whistle-blower com- ings press conference, vouched - 70 bps 20 bps business loans, and plaints disclosed on October 21. for the firm’s corporate gover- Source: Company education loans in ON This came on a day when the The company said the audit pendent legal counsel Shardul nance standards and ethics, five states. company announced its finan- committee, headed by Amarchand Mangaldas & Co which, he said, continued to INFY MEETS ESTIMATES, T E NARASIMHAN & SATURDAY cial earnings for the third quar- Independent Director D and PricewaterhouseCoopers, remain undiluted. EYES DOUBLE-DIGIT P3 BIBHU RANJAN SPECIALS ter of 2019-20. Sundaram and assisted by inde- found that the “allegations are Turn to Page 10 > GROWTH IN FY20 MISHRA report 2 > WEEKEND RUMINATIONS: Beyond taxes 9 > There are many ways to make the government’s money go further — if it were AfterGaitondeandRaza,whoarethenewMasters? to bring to the task the same determination it has shown in persisting with the amended citizenship law, writes T N NINAN Subodh Gupta is set to Reigning champions ART AND THE STARS On The WayUp theminourauctions,”saysMehta. Average high selling price Average high selling price She says Sotheby’s looks at where enter the big league but artistshave shown their work, who is NATIONAL INTEREST: Vasudeo S $2-3 Subodh $250,000- representing them, who has written Stooping to lose 9 > there are others too Gaitonde million Gupta 350,000 about them and who is collecting them Six months after returning to power with a Tyeb $1.5-2 Bhupen $250,000- carefully before adding them to an huge mandate, Modi government is stuck PAVAN LALL Mehta million Khakhar 350,000 auction. Other art expertssuggestthat fighting students – its most ardent voters Mumbai, 10 January Subodh Gupta will bethe one living artist who are now pessimistic, hopeless and Sayed Haider $500,000- Bharti $170,000- to cross the threshold. Ashvin even angry. SHEKHAR GUPTA writes Seenthroughtheeyesofbillionaire Raza 1.5 million Kher 250,000 Rajagopalan of the Piramal Art collectorsandbig-ticketauctions,theart Akbar $500,000- Jitish $100,000- Foundation says Gupta is going to bethe worldinvariablypointstoalistof Padamsee 750,000 Kallat 250,000 fastestliving artist to reach the million- signaturesthatkeepsthecashregisters dollar mark as an average price. Across > SENSEX THIS WEEK Maqbool $350,000- Atul $100,000- ringing:VSGaitonde,TyebMehta, Fida Husain 750,000 Dodiya 250,000 the board, a reappraisal is underway of andSHRazawhosework artistswho had not received their due but Jagdish $125,000- commandstensofcroresatauctionsat Sources: Piramal Art Museum, Art are now getting important retrospectives Christie’s andSotheby’s.Followinghis Asia, Saffron Art Gallery A painting by , 1955 COURTESY: PIRAMAL ART FOUNDATION Swaminathan 225,000 and are being included in literature. deathonMonday, theworkofAkbar “TheProgressiveArtistsGrouphas Padamseeisalsoexpectedtofetcha longcastashadowinourfieldbutweare higherpricethisyear. broaderpoint.“Welookattheartistswe MehtaaddsthatSotheby’slooksfor worksuchasAbirKarmakarandSalman happytoseeartistssuchasBhupen Butwhoarethenextbig-hittersofthe offeratSotheby’swithinthecontextofthe criticalandcommercialappealaswellas Toor.“Theyarethenewyoung‘Old Khakhar,ArpitaSingh,Nasreen Indianartworld?YaminiMehta,Sotheby’s widerarthistoricalcanonandareboth qualityinconceptandexecution. Masters’andinterestingartiststowatch Mohamedi,PrabhakarBarwe,GievePatel, deputychairman,IndianandSouthAsian carefulandsensitiveaboutintroducing Butshedoesofferthenamesofsome butitisimportantforartiststohavea SudhirPatwardhanandothersgain Net change 135 % change 0.3 Art,deflectsthequestionbymakinga newartistsintoourauctions.” youngcontemporaryartistsdoingnotable strongprimarymarketbeforeincluding ground,”saysMehta. Turn to Page 10 > 2 COMPANIES MUMBAI | 11 JANUARY 2020 1 > SoftBank-backed Oyo plans to fire 1,200 in India in 4 months BLOOMBERG fund the hotel company’s fast interna- Bengaluru/Hong Kong, 10 January LAY-OFF SHOCK FOR SOFTBANK tional expansion. Oyo had been grow-  Ritesh Agarwal-founded  This is anothersetbackfor ing at a rapid clip, but its reputation I-T searches Gurugram office Oyo Hotels is firing thousands of staff Oyo is undergoing a rejig, SoftBank, whose portfolio has suffered due to customer com- Oyo Hotels and Homes said on The news comes at a time across China and India, people trimming redundancy in has been buffeted by plaints about bad experiences along Friday income tax authorities when Oyo’s major familiar with the matter said, adding to China and India troubles atWeWorkand with grievances about poor or unfair had carried out a surprise shareholder SoftBank faces growing signs of trouble at one of the slumping share prices at treatment from several of the over search at one of its four offices renewed investor scrutiny  Ithas letgo of 5% of its largest start-ups in SoftBank Group Slackand Uber 20,000 hotel owners in its chain. in Gurugram. "There is a after being forced to bail out Corp’s portfolio. 12,000 employees in SoftBank’s Vision Fund has so far routine TDS survey in progress one of its best known  It has let go of 5 per cent of its 12,000 China partly because The growing turmoil may invested about $1.5 billion in Oyo, push- in one of our offices. We are portfolio companies, the employees in China partly due to non- of non-performance complicate SoftBank’s ing its valuation to $10 billion. The com- cooperating with the cash-burning, office- performance, while dismissing 12 per efforts to raise a successor pany also counts Airbnb, Sequoia authorities, and are sharing firm WeWork,  cent of its 10,000 staff in India, one of In India, the firm has to the Vision Fund, the Capital, and Lightspeed Venture committed to for about $10 billion the people said. It plans to shed anoth- already dismissed 12% world’s largestpool of Partners as backers. It promoted its real engaging with all last year. er 1,200 in India over the next three to of its 10,000 staff start-up investments estate business chief, Rohit Kapoor, to relevant The latest four months, the person added. CEO for India and South Asia in stakeholders," an Oyo development adds to Oyo is undergoing a restructuring, December to shake up the business. spokeswoman said. Oyo's challenges as it trimming redundancy in China and trouble at WeWork and slumping share became apparent revenue and pool of start-up investments. “Oyo is In its aggressive effort to acquire It was not immediately faces backlash from some India, leading to thousands of dis- prices at Slack Technologies and Uber profits were not living up to their once- one of SoftBank’s current crown jew- market share, Oyo offered hotel stays clear what prompted the hotel owners in India who say missals, according to the people, who Technologies. The billionaire has called grand ambitions. els,” said Michael Norris, research and for as cheap as $4 a night, according to search and Oyo did not they have been blindsided by requested not to be named because for greater financial discipline among Adding to Oyo’s challenges, hotel strategy manager at AgencyChina. a person familiar with its practices. The elaborate. The director hidden fees. they aren’t authorised to talk to media. the founders in his portfolio, spurring owners in China have been protesting “Issues in China, Oyo’s largest market, firm stocked up on rented room inven- general of investigation at In November, internal An Oyo representative had no imme- job cuts at smaller outfits like in front of the firm’s offices, accusing it continues the Vision Fund’s woes.” It tory by signing exclusive deals and India's Income tax projections showed Oyo's diate comment when contacted. Zume Pizza. Other SoftBank investees, of violating contractual agreements. would make raising a similar-sized sec- guaranteeing income to hotel owners. department could not be India business will likely Oyo’s downsizing is another setback including Getaround, Wag Labs, The growing turmoil may complicate ond Vision Fund a challenge, he added. It’s allegedly reneging on those guar- immediately reached for make losses until 2021. for Masayoshi Son’s SoftBank, whose Fair and Brandless, have had to cut staff SoftBank’s efforts to raise a successor to Son has been a keen supporter of antees, the cause of the protests outside comment. REUTERS portfolio has been buffeted by recent or change business models once it the Vision Fund, the world’s largest Oyo founder Ritesh Agarwal, helping its Chinese offices, one person said. IN BRIEF ~5.9-trn bond HCC lenders initiate carve-out Sachin Bansal eyes bigger role of ~2K-cr debt to separate SPV bill is looming

Hindustan Construction Company (HCC) on Friday said its lenders had initiated a in global mkt over India Inc carve-out of about ~2,100 crore of debt along with arbitration claims and awards BLOOMBERG to a special purpose vehicle (SPV). The SPV is T E NARASIMHAN & BIBHU RANJAN MISHRA Mumbai, 10 January expected to have a new third party Chennai/Bengaluru, 10 January FLIPKART CO-FOUNDER’S CHAITANYA investor. “The debt, along with receivables SEEKS LICENCE FROM RESERVE BANK It’s the last thing India’s stricken credit comprising approximately an award cover achin Bansal-led Chaitanya India Fin Credit  The application was to acquire over 90% markets need: a record debt bill. Companies of one time and claims under arbitration of 1.5 times, will move to (CIFCPL) said on Friday the microfinance made under the RBI’s ownership of Chaitanya must repay an unprecedented ~5.9 trillion an SPV controlled by a new investor," the statement said. HCC Scompany had applied to the Reserve Bank On-Tap Banking of local notes this year, just as corporate added: “The debt/asset carve-out, which will be in the nature of a of India for a universal banking licence, making  On Friday, IFCalso said defaults spike. Many firms are already License Guidelines slump sale, is subject to lenders’ final approvals. Lenders aim to it clear that it intends to play a bigger role in the itwill buy4.5% stake struggling after economic growth slumped to seek their internal approvals and target to close the transaction broader financial services space in the country.  In Sept, Bansal had, via in Navi Technologies its weakest since 2009. prior to March 31, 2020." The move is expected to deleverage the The application was made under the RBI’s Navi, invested $104 mn for $30 million That’s putting India behind China, company. HCC said the tenure of the debt at the SPV will be up to 10 On-Tap Banking License Guidelines 2016. Indonesia and a few others in the region. Credit years and repayments from the proceeds of the Awards will yield In September, Bansal had invested around “OUR VISION IS TO GO BEYOND WHAT market scares have impeded Prime Minister an IRR higher than current yields offered by HCC. PTI< $104 million to acquire over 90 per cent owner- HITHERTO HAS BEEN BROADLY DEFINED AS ’s efforts to revive growth. Chief ship of Chaitanya, a 10-year old Bengaluru-based among the problems is a lingering crisis at non- firm that caters to low-income borrowers for vehi- ‘FINANCIAL INCLUSION’ AND PROVIDE banking financial company that started in 2018, GMR Infrastructure NCLT okays demerger cle finance, housing loans, small business loans ACCESS TO FORMAL FINANCIAL SERVICES with a shocking default by then high-rated and education loans, across five states. USING TECHNOLOGY THAT PEOPLE CAN lender IL&FS. The woes mounted last year arm raises ~2K cr of ’ This follows a disclosure earlier in the day by when major mortgage lender Dewan Housing through NCDs consumer business International Finance Corporation (IFC), the USE INTUITIVELY AND EASILY” Finance missed repayments. So it’s concerning GMR Infrastructure on Friday Tata Chemicals on Friday said it investment arm of the World Bank, that it would SACHIN BANSAL, CEO, Navi Technologies that shadow banks and other financial com- said its arm GISL had raised had received the approval from acquire around 4.5 per cent stake in Navi panies account for the biggest group of bond ~2,000 crore through issuance the Mumbai Bench of the Technologies for $30 million. maturities this of non-convertible National Company Law Tribunal Soon after his exit from Flipkart, Bansal, along global best practices as a mainstay. tribute to increasing competitiveness in the year, at ~4.2 tril- debentures, mainly to retire (NCLT) sanctioning the scheme with his IIT-Delhi batch mate Ankit Agarwal, set “Building a universal bank is a reflection of our retail and MSME banking segments in India, by lion. Such lenders some of its existing debt. of arrangement between the up Navi Technologies (earlier BAC Acquisitions) commitment to provide financial services to those leading incumbents to invest in technology- extend credit to "The funds...have been raised company and Tata Global as a vehicle to invest in start-ups through a mix who need them most,” said Bansal, who is also the driven products for customer engagement and everyone from by one of the step down Beverages for the demerger of of equity and debt. Navi is in the process of chief executive officer at Navi. financial service provision. Thus, it hopes to small shopkeep- subsidiary of the company, the consumer products acquiring 100 per cent ownership of Chaitanya “Our vision is to go beyond what hitherto serve as a catalyst for bringing in new digital ers to property GMR Infra Services (GISL). GISL business. The business consists from Bansal and other existing investors. has been broadly defined as financial inclu- banking models in the country. tycoons. Many companies are has raised funds of ~2,000 of food brands Tata Salt and IFC in a statement said that its investment sion and provide access to formal financial “We are looking beyond the traditional way of While there already struggling crore through issuance of Tata Sampann among other in Navi is to support the transformation of services using technology that people can use delivering banking services to people with a focus are tentative after growth slumped non-convertible debentures products. BS REPORTER< CIFCPL (Chaitanya) into a technology-led uni- intuitively and easily.” on ease of use and customised offerings. It is signs of recov- to its weakest since (NCDs), in the normal course of versal bank that would provide mass market The proposed bank seeks to leverage tech- going to be an exciting journey,” Ankit Agarwal, ery in certain 2009. NBFCs and other its business, primarily to retire banking solutions for individuals, micro, small nology platforms and data analytics to simplify chief financial officer at Navi, said. areas of the financial firms account some of its existing debt," it HC seeks Centre's reply and medium enterprises (MSMEs) and select loan application processes and tailor loan terms On Thursday, Navi Technologies had also shadow bank for the biggest group said in a NSE filing. PTI< on RIL plea to recall corporate houses. The investment values Navi to the needs of individuals and MSMEs. It aims announced that it was looking at acquiring the sector, a fund- of bond maturities this at around $670 million. to rapidly scale and achieve higher usage and general insurance business from Wadhawan ing squeeze has year, at ~4.2 trillion assets disclose orders According to a press statement issued by deposit rates by delivering better terms, conven- Global Capital, a step that is seen as part of its kept borrowing Zomato raises The Delhi High Court on Friday Chaitanya, the proposed bank aims to bridge the ient and tailored product offerings, compared strategy for the financial services space. Reports costs high. The financiers pass that on by $150 mn from sought the Centre's reply on a credit gap for the retail and MSME sectors by to incumbent financial institutions. suggest the firm may shell out around ~100 crore charging their own customers more for plea by developing industry leading technology and IFC expects the new bank’s success will con- to acquire the business. money. The picture isn’t all gloomy, though. Ant Financial seeking recall of orders asking Policy makers have taken steps to keep liq- Online restaurant guide and it to file an affidavit on its uidity abundant. And more than half of the food ordering platform Zomato assets. the HC issued the bonds due this year carry top-notch ratings, on Friday said it had raised notice on RIL's application while another 17 per cent are notes that are $150 million (over ~ 1,065 crore) and listed the matter for hea- PASSENGER VEHICLE SALES DOWN graded between AA+ and AA-. from existing investor Ant ring on February 6. The plea That suggests the risk of rampant failures Financial as part of a larger was filed in a pending pet- 1.24% IN DEC ON PRODUCTION CUT should be lower. But as the stunning fall of for- funding round. According to ition of the government for merly top-rated IL&FS illustrated, even that’s a filing by India, execution of an arbitral Passenger vehicle sales declined 1.24 per cent THREE-WHEELERS no guarantee that there won’t be bumps ahead. also an existing shareholder award in its favour. PTI< year-on-year (YoY) in December to 235,786 units, as BUCK THE TREND in Zomato, this transaction is manufacturers decided to cut production to match at a pre-money valuation of subdued retail demand and reduce inventory of BS-VI Dec ‘18 Dec ‘19 % change $3 billion. PTI< Merc maintains emission norms compliant vehicles. The fall was due to TOTAL 1,617,398 1,405,776 -13.08 JLR global sales dip pole position for an 8.4 per cent decline in car sales to 142,126 units. -1.24 -12.32 22.10 -16.00 Shriram Transport 5th straight year The industry said a change in the subdued consumer in 2019, but show Finance raises Mercedes-Benz India on Friday sentiment leading to an improvement in sales would said it remained the market happen only when overall economic mood improves. ~3,556 cr via bond leader in the domestic luxury signs of recovery According to the data released by Siam on Friday, 1,259,007 Shriram Transport Finance on car segment for the fifth REUTERS 238,753 factory dispatches of utility vehicles increased significantly 235,786 Friday said it had raised $500 straight year in 2019, selling by 30 per cent YoY to 85,252 units as a result of the new London, 10 January million (around ~3,556 crore) 13,786 units. However, this was

product launches by incumbents Hyundai Motor India, 75,984 66,622 1,050,038 through dollar bond, making 12.7 per cent lower from 2018, 43,650 53,297 Carmaker Jaguar Land Rover (JLR) posted a it the first international public when it had sold 15,538 units. M&M, and Renault India and new entrants like MG Motor 6 per cent fall in full-year sales on Friday after social bond issuance from the In Q3, the firm clocked sales India and Kia Motors. ARINDAM MAJUMDER Passenger vehicles Commercial vehicles Three-wheelers Two-wheelers a challenging year in which its performance country. PTI< growth of 3.3 per cent. PTI< Source: SIAM was hit by the weakening Chinese autos market and falling demand for diesel vehicles in Europe. Retail sales stood at 557,706 vehicles in 2019, hit by a 13.5 per cent slump in China, but in the past six months the firm reported double-dig- Broadcasters may not release pricing next week it growth in the country, with overall company sales up 1.3 per cent it’s too early to talk about the third. in December. “2019 Plan to move court against Trai’s amendments AIRING DISSENT Statistically, overall 94 per cent of was a year of two Indians are aware of the NTO and the halves,” said Chief SOHINI DAS & VIVEAT SUSAN PINTO noted that while the changes were “There have “We have not choices they have are because of the Commercial Officer Mumbai, 10 January applicable from March 1, broadcasters been two tariff had any detailed efforts made by the broadcast industry Felix Brautigam. had to publish their new channel pricing exercises in less discussions collectively. The month-on-month “Over the last six As top broadcasters plan to move by January 15. than a year. with the churn in the industry shows that people months we saw a court against the Telecom Regulatory Broadcasters say that after the What was the regulator are continuously fine-tuning their marked improve- Authority of India (Trai), challenging the amendments, they have not had any need to have a after the choices. The other objective of the NTO ment in China, where amendments to the new tariff order detailed discussions with either second one so January 1 was transparency which it has brought intensive work with (NTO) of last February, they are unlikely Trai or the distribution platform soon?” amendments” in. The question therefore, is “what is the In the past six months our retailers, com- to adhere to the regulator’s deadline of operators (DPOs) after the amendments UDAY SHANKAR, NP SINGH, fundamental need to change again? In -owned bined with significant January 15 to publish their new channel were released. Chairman, Star and MD & CEO, Sony my opinion there was no need.” firm reported process and product prices in line with the new rules. “We had already shared our points of Disney in India Pictures Networks On the whole, broadcasters echoed double-digit growth improvements are Broadcasters would move court view with the regulator during that the industry, consumers and all in China starting to gain against Trai seeking stay on the consultations that happened post the stakeholders needed to settle down from traction.” amendments next week, both earlier NTO. Trai has chosen to ignore the changes implemented in the At the start of 2019, JLR announced plans to independently as well as under the aegis them mostly. We have not had any “There have been two tariff exercises bouquet to ~12 from ~19 earlier. February tariff order. The collective cost cut around 10 per cent of its workforce and it of the apex industry body Indian detailed discussions with the regulator in less than a year. What was the need to Sudhanshu Vats, group CEO & MD, to the broadcasters was over ~1,000 crore has been pursuing measures to reduce costs Broadcasters Federation (IBF). after the January 1 amendments,” said have a second one so soon. It only means Viacom18 and vice-president IBF, in just communicating changes to the and improve cash flows by £2.5 billion . “We are definitely evaluating legal NP Singh, managing director (MD) & that the previous exercise was not claimed that since 2003 till date, the rate consumers. Singh said: “Even with that, The company, owned by Tata Motors, options and plan to move court on the chief executive officer (CEO), Sony thought through because it needed to be at which channel prices have grown is there was an overall loss of 12-15 million returned to the black in the three months to the matter. In that case, there are no plans to Pictures Networks India (SPN) and also tweaked so soon,” said Uday Shankar, less than that of inflation in the country. subscribers in the process.” end of September 2019, posting a £156-million come out with new channel prices in president of the IBF. chairman of Star and Disney in India. This is at a time when cost of acquiring or In the current NTO, if a consumer is ($204 million) profit. JLR, like much of the car accordance with the amendments to the In a rare show of solidarity the In its January amendments, Trai has creating content has only gone up. paying, say ~275 per month as his bill, industry, has also faced the challenge of step- tariff order at this moment,” said a top country’s top broadcasters came limited discounting of channel He added, “The objective of NTO 1 around 60 per cent goes to the ping up investment in zero and low-emissions executive of a leading broadcaster. together to address the media on Friday, bouquets to 33 per cent besides bringing was to give choice to consumers, bring distribution platforms, 15 per cent vehicles as regulations tighten while simulta- TRAI came out with amendments to expressing their displeasure about the down the maximum retail price (MRP) transparency and reduce litigation. towards taxes, and about 25 per cent neously dealing with a drop in demand for its earlier tariff order on January 1 and amendments to the tariff order. of any channel to be included in the While only the first two have happened, comes to pay broadcasters. some conventionally-powered models. MUMBAI | 11 JANUARY 2020 COMPANIES 3

. < Infosys meets estimates, ‘Don’ttakeanythingatfacevalue’ When co-founder and chairman NANDAN NILEKANI attended the Infosys earnings conference on Friday, it was evident that the company was going to announce more than numbers. As the companies disclosed the investigation report into the whistleblower complaints, Nilekani eyes double-digit growth decided to be personally present to answer a volley of questions. Excerpts of what he said: On the whistleblower allegations: conclusiononthat.Ifsomebodysays DEBASIS MOHAPATRA We receivedthecomplaintonSeptember ethicalemployees,thenyoushouldthink Bengaluru, 10 January 30andthen,wefollowedaseriesof aboutit.Your(journalist’s)jobisnotto WE HAD A ROBUST actions.Whatwehavedoneistheabsolute takeanythingatfacevalue. nfosys, the country’s rightthingtodo.We followedthehighest second-largest IT services QUARTER DESPITE HIGHER THAN standardofcorporategovernanceand On whistleblowers claiming to be I company, on Friday met USUAL FURLOUGHS. OUR disclosures.Ifthewhistleblowergoesto in possession of purported street estimates of the third themedia,thenthatisnotinourcontrol. emails and audio files: quarter’s financial numbers and REVENUES HAVE GROWN IN Aswehavesaidearlier,wedon’thaveany. gave guidance for double-digit DOUBLE DIGITS YEAR-TO-DATE Frequency of whistleblower complaints: Ifthereareanyvoicemailsoremails,they growth for the full year. WITH A STRONG DEAL PIPELINE” Thisistheseason3ofthisNetflixseries arewelcometogiveittousortothe But,weareverycomfortableasthishas For the quarter ended (laughs).Obviously, Ican’tsayiftherewill investigators.So,ifwedon’treceivethat, beenathoroughinvestigation. December, the Bengaluru-head- SALILPAREKH beanotherseasonofthis.Iamnotthe whatconclusionwecometo.AsfarasSEC quartered company posted a CEO & MD, Infosys produceroftheseepisodes.Certainly, itis isconcerned,theyneitherconfirmnor Onhiscontinuanceonchairman'srole: net profit of ~4,457 crore, a rise of adistraction.Ourfinancedepartment, denyanything(abouthavingaccessto AsIhavealwayssaid,Iwillbehereaslong 23.5 per cent year-on-year (YoY). whichhasninedaystoclosethebooks,has voicemails,emails).That'swhy, weare asneeded.Thatdoesn'tchange. In sequential terms, net profit todealwiththis(probe)atthesametime. suggestingthattheyshouldgiveitour grew around 11 per cent. attrition levels were the other ing and financial services space. client locations. These meas- investigators. Anyplantochangewhistleblowerpolicy: Revenues grew 7.9 per cent positives for Infosys during this “Infosys delivered in-line ures will help us to improve our Possible involvement of disgruntled We arecommittedtodisclosurelevels YoY at ~23,092 crore during quarter. revenue performance (in Q3), margin further,” said Nilanjan employees: Ongoing investigations by SEC, whichhavethehighestlevelsof October-December. Seque- “We had a robust quarter while the margins slightly Roy, chief financial officer, Ifthishasbeendonebydisgruntled other regulators: transparencyandwewillcontinueto ntially, they grew 2 per cent. In despite higher than usual fur- missed our expectations,” said Infosys. employeesornot,needstobeexamined. Firstofall,weworkwithalargenumberof dothat.Asfarasthepolicyisconcerned, dollar terms, revenues were at loughs. Our revenues have Sanjeev Hota, Head of Among verticals, Infosys Itcouldhavebeendonebyanybody. It regulatorsandexchanges.We arefully wewillhavealookatit. $3.24 billion, 8.6 per cent higher grown in double digits year-to- Research, . reported double-digit growth in couldhavebeendonebyemployeesor cooperatingintheinvestigations. YoY and 1 per cent on a sequen- date with a strong deal “Net profit beat our esti- verticals like communication, possiblybyoutsiders.Iwouldn’tgetinto Therefore,Iwillnotdrawanyconjecture. More on business-standard.com tial basis. Infosys’ revenues in pipeline,” said Salil Parekh, chief mates on the back of higher oth- hitech, and manufacturing. constant-currency terms rose executive officer and managing er income and a lower tax rate, However, growth in the key ver- 9.5 per cent and 1 per cent in director. while BFSI (banking, financial tical of BFSI remained subdued sequential terms. “Given the digital momen- services, and insurance) rev- at 6.2 per cent, while it was 2.5 The third quarter is tradi- tum, we have increased our enue growth moderated during per cent in the retail vertical on tionally a weak one for Indian IT guidance for the whole fiscal the quarter, on expected lines,” a YoY basis. While communica- services players owing to a year.” Infosys’ digital revenues he added. tions grew at 18.6 per cent, it was higher number of holidays and grew 41 per cent to constitute During the third quarter, 12.1 per cent for hitech. client furloughs towards the end 40.6 per cent of the total. Infosys’ operating margin “There was weakness in the of the calendar year. However, the company’s core improved 20 basis points to 21.9 BFSI and retail verticals during The New York Stock business contracted 5 per cent per cent on the back of cross- the quarter. However, as the Exchange-listed company is YoY during this period. currency gains apart from cost- client spend comes back, we are expecting its revenues to grow In the third quarter, the com- optimisation measures. When better-placed to cash in on those 10-10.5 per cent in FY20 as pany signed large deals with a compared with the year-ago opportunities,” said UB Praveen against 9-10 per cent guided ear- total contract value (TCV) of $1.8 period, the margin saw a decline Rao, chief operating officer, lier, on the back of a robust billion. This took the TCV of of 70 basis points. Infosys. Net staff addition in the pipeline of large deals and such deals signed in the first “We are on track to meet our third quarter stood at 6,968 to uptick in client spending in sec- nine months of the financial margin guidance of 21-23 per take its headcount to 243,454. tors such as retail. year to more than $7 billion. cent for the fiscal year. All our Infosys’ attrition also came Improvement in the operat- During the quarter, the IT serv- cost-opimisation measures are down by 210 basis points on a ing margin, a healthy deal ices firm signed 14 large deals, of executed and we are also build- sequential basis to 19.7 per cent pipeline, and a dip in overall which seven were in the bank- ing up an employee pyramid in in the December quarter. PhonePe dives deeper into India’s financial services market PEERZADAABRAR our users to manage their money and ful- Bengaluru, 10 January PayU buys PaySense fil their aspirations.” Liquid Fund is targeted at users across Walmart-owned digital payments firm in $185-million deal India, including those from smaller towns PhonePe has started going deeper into the and cities, who have never experienced Indian financial services market, whose Digital payments gateway provider PayU solutions beyond savings accounts. size could touch around $340 billion in the has acquired a controlling stake in Nexus PhonePe already sees over 56 per cent of its next few years. PhonePe said it had Venture Partners-backed fintech start- transactions from tier-2 and tier-3 cities. launched a new savings product “Liquid up PaySense at a valuation of $185 According to the firm, users can begin Fund” on its app. million. According to the deal, PayU will saving with as low as ~500 in a completely The company said the all-digital prod- merge it with its credit business LazyPay secure and paperless process in less than uct would help its over 175 million users to build a full-stack digital lending five minutes. The company said the plat- grow their savings by earning higher short- platform in the country. Naspers-backed form is the best way for new users to expe- term fixed deposit like returns with the PayU will also pump in $200 million in rience mutual funds as the money is invest- ease and liquidity of a savings account. the new enterprise in the form of equity ed in safer instruments, such as bank and The Bengaluru-based firm is competing capital of which $65 million will be government securities. There is no lock-in with rivals Alibaba-backed Paytm, Google immediately invested, while the rest period and the customer does not have to Pay and Amazon Pay that are also eyeing will be infused in the next two years. maintain minimum balance. the sector. SAMREEN AHMAD PhonePe was a part of Walmart’s $16 “Our strategy around financial servic- billion acquisition deal of e-commerce firm es is figuring out (different) segments too many processes and forms.” Flipkart in 2018. Doug McMillon, presi- where we want to drive penetration, edu- Liquid Fund is PhonePe’s second prod- dent and chief executive officer of Walmart, cating customers and investing deeply uct in the mutual funds space after “Tax had said in November said they were see- into products that are simple and easy for Saving Funds”. ing “tremendous growth” in PhonePe. customers to understand and are (cus- “Liquid Fund will allow millions of our “The company is acquiring more than tomised) for them,” said Hemant Gala, users to earn higher returns on their sav- three million new customers per month. head of payments, banking and financial ings with the ability to withdraw their mon- With over 55 million monthly active users, services at PhonePe. “We are also creating ey instantly 24x7,” said Terence Lucien, we’re quickly looking for ways to monetise a simple onboarding procedure. head of mutual funds, PhonePe. “We will the customer base, including an offering of Customers find it intimidating if there are continue to add more such solutions for financial services,” McMillon had said. ED files charge sheet against Singh brothers

PRESS TRUST OF INDIA New Delhi, 10 January

The Enforcement Directorate Friday filed a charge sheet against former promoters Shivinder Singh and his brother Malvinder before a Delhi court in a case related to alleged misappropriation of funds at Religare Finvest (RFL). The final report, filed before Additional Sessions Judge Sandeep Yadav, also Shivinder Singh (left)and named former CMD of his brother Malvinder are in Religare Enterprises (REL) judicial custody Sunil Godhwani (58) as an accused. through Star Artworks, In the charge sheet, filed derived out of criminal activ- by ED’s Special Public ities and utilised the amount Prosecutor Nitesh Rana, the in repayment of its existing probe agency has accused all liability towards RFL by pro- three of money laundering, jecting it as untainted. punishable under sections 3 Religare said in a state- and 4 of the Prevention of ment that ED’s move vindi- Money Laundering Act. cates its claim that the erst- The court took cognisance while promoters and of the charge sheet and Godhwani were at the helm issued production warrant of affairs when the frauds against them for January 20. were committed and used The ED also named RHC the powers vested in them to Holdings as an accused. commit fraud by siphoning It said the accused had off money from REL and RFL acquired proceeds of crime through shell entities con- to the tune of ~150 crore trolled by the brothers. 4 ECONOMY MUMBAI | 11 JANUARY 2020 1 > Kochhars’ assets, ED summons Edelweiss founder Mumbai house Rashesh Shah asked to appear on Monday; ED probing forex violations; firm terms allegations baseless SHRIMI CHOUDHARY & Sources said Shah has been baseless allegations contained DEV CHATTERJEE called to produce certain docu- STOCK TAKES 10% HIT(~) in the news items which are attached by ED Mumbai, 10 January ments, including his companies’ apparently attributed to books of accounts along with 125 unidentified sources. We are in he Enforcement details of his companies in India 117.2 fact shocked at the spread of Directorate (ED) has and abroad. 106.00 unauthenticated allegations T issued fresh summons The agency is learnt to be 120 and inference being drawn to Edelweiss Group founder probing whether there is any there from,” it added. and Chairman Rashesh Shah direct or indirect link between ED, however, is learnt to in connection with an alleged the Edelweiss chief and a 115 have come across some shell multi-crore forex violation. He Mumbai-based firm Capstone firms, which were allegedly cre- has been asked to appear on Forex. Sanjay Nathalal Shah, ated for these activities. Shah’s January 13. who is working with Edelweiss 110 personal appearance was Confirming the develop- Finvest, is a ‘person of interest’ required as the issue is serious ment, an ED official said Shah and has already been asked to in nature, said the official. was earlier called to join the give his statement on buying 105 The news of the ED sum- investigation on Thursday huge amount of foreign Jan 9,’20 Jan 10,’20 mons hit Edelweiss Financial (January 9), under the Foreign exchange through several enti- Source:Bloomberg Services shares as it fell by 10 per Compiled by BS Research Bureau Exchange Management Act ties, a source said. The informa- cent on Friday to close at ~106 a (FEMA). However, he is learnt tion about the case first surfaced share. The company has lost Assets include a south Mumbai apartment at CCI Chambers, to have sought some time, after a whistle-blower wrote a let- received a communication Edelweiss Group Companies our companies have any trans- ~1,046 crore in market capitali- valued at ~3.5 crore (book value), along with assets of projects seeking personal engagement. ter to the government agencies. from the Enforcement dealings with a company action with this company — sation and has already lost 40.6 belonging to Deepak Kochhar’s Nupower Renewables The ED now issued fresh sum- In a media statement, Directorate to appear and pro- called Capstone Forex. We Capstone Forex.” per cent or ~6,780 crore of market mons to him. Edelweiss said “We have vide information about would like to state that none of “We further deny the wild value in the last one year. SHRIMI CHOUDHARY machinery in possession of New Delhi, 10 January accused Chanda and Deepak Kocchar and the companies The Enforcement Directorate owned/controlled by Deepak (ED) on Friday provisionally Kochhar under PMLA," ED attached assets and cash said in a release. YES Bank scales Govt may seek RBI dividend belonging to former ICICI The acquisition of the Bank managing director and Kochhar residence in south chief executive officer Chanda Mumbai was complex, involv- down fundraising boost as revenue decreases Kochhar and husband Deepak ing Deepak Kochhar and firms Kochhar in connection with linked to Videocon group. “Flat & AFTAB AHMED the Videocon loan case. no 45, CCI chambers, held in New Delhi, 10 January These include a south the books of Quality Techno target to ~10,000 cr Mumbai apartment at CCI Advisors Private (QTAPL) and The government plans to push the Chambers, valued at ~3.5 crore the share certificate is in pos- ANUP ROY central bank for a fiscal lifeline in the (book value), along with assets session of Chanda Kochhar Mumbai, 10 January form of another interim dividend, as it of projects belonging to and her family,” ED said in the struggles to meet its expenditure com- Deepak Kochhar’s Nupower attachment order. YES Bank on Friday scaled down its mitments amid a steep revenue short- Renewables and its sub- This apartment was fundraising plan to ~10,000 crore, fall, three sources directly aware of the sidiaries, such as Wind Farms, owned by QTAPL between from nearly ~14,000 crore approved matter said. The fresh call comes just Echanda Urja Private, worth 2009 and 2016. During this by the board in November, as it con- months after the ~74 crore (book value). These period, no rent was paid and tinued with its struggle to get (RBI) approved a ~1.76 trillion ($24.8 farms located in Tamil Nadu no consideration was given investors. billion) dividend payment to the fed- and were worth for such residence. The apart- The bank notified the exchanges eral government, including ~1.48 tril- ~33 crore and ~40.75 ment appeared to that its board approved raising of lion for the current fiscal year. THE SAVIOUR crore, respectively. have been trans- funds up to ~10,000 crore, in one or The RBI largely earns profits  The RBI largely earns  The rest is Besides, a cash The total book ferred in 2009 to more tranches, through Qualified through its trading of currencies and profits through transferred to amount of ~10.5 lakh value of these Videocon group, Institutional Placement (QIP), Global government bonds. Part of these earn- trading of currencies the government in the was seized by the ED assets is ~78 cr. presumably to sat- Depository Receipts (GDRs), ings are set aside by the RBI for its and government bonds form of dividend during searches at However, the isfy a liability American Depository Receipts operational and contingency needs premises of Pacific market value Deepak Kochhar   (ADRs), Foreign Currency Convertible The bank received an updated while the rest is transferred to the gov- Part of these earnings Itearned a surplus of Capital Services, one is higher at or his business Bonds (FCCBs), or any other meth- proposal from Erwin Singh Braich ernment in the form of dividend. are set aside by the RBI ~1.23 trillion lastfinancial year, of Deepak Kochhar’s around ~800 cr Credential ods on private placement basis. The and SPGP Holdings, but “decided It earned a surplus of ~1.23 tril- for its operational and which was substantiallyhigher companies. Finance Limited bank will hold an extraordinary gen- not to proceed with the offer” lion in its last financial year, which contingency needs than previous years The total book (CFL) owed eral meeting for this purpose. The was substantially higher than previ- value of these assets is ~78 Videocon group. It was reac- bank also said it received an updated binding offer of $1.2 billion, with total ous years. crore. However, the market val- quired by Deepak Kochhar proposal from Erwin Singh Braich interests of nearly $3 billion. Ravneet One of the officials said the gov- Payment firms’ penalty RBI releases strategy for ue is higher at around ~800 (indirectly by the family Trust and SPGP Holdings, but “decided not Gill, YES Bank’s CEO and managing ernment wants the RBI to consider its crore. “Some more assets are acquiring 100 per cent of to proceed with the offer.” director, had said that the bank demand for an interim dividend given norms tweaked financial inclusion in pipeline, which we are eval- QTAPL) for nominal consid- However, it is “willing to expected to close the deal by the end this financial year has been an "excep- The Reserve Bank of India tweaked the RBI released National Strategy for uating. While the attached eration. favourably consider the offer of $500 of calendar year. tional year," with economic growth norms for imposing penalties on paym- Financial Inclusion for five-year period. assets valuation is underway,” “Investigation revealed that million of Citax Holdings and Citax However, a letter dated January 9 projected to fall to an 11-year low of 5 ent system operators for not complying The financial inclusion is increasingly is said an ED source. Chanda Kochhar and her fam- Investment Group and the final deci- by Uttam Agarwal, an independent per cent. "We do not want to make an with regulatory requirements, with a a key driver of growth and poverty ED has issued provisional ily acquired the apartment at sion regarding allotment to follow in director and chairman of audit com- RBI interim dividend a regular thing, view to ensure safety and security to alleviation world over. Access to formal attachment order of proceeds Mumbai owned by one of the the next Board meeting, subject to mittee on the board of the bank, but this year can be treated as extraor- various stakeholders, including custo- finance can boost job creation, reduce of crime under the Prevention Videocon group companies, by requisite regulatory approval(s).” alleged that Gill might have misled dinary," said the source, adding the mers. The amount of monetary penalty vulnerability to economic shocks and of Money Laundering Act way of acquiring that company The Citax offer will be taken on the board, and shareholders. The let- government is likely to push for a pay- would vary depending on the impact on increase investments in human capital, (PMLA), which will be valid for through her family trust at a next round as the “relevant condi- ter alleged that the bank really did out of between ~35,000 crore and account of various factors. PTI RBI said. BS REPORTER 180 days, until the court con- nominal price by creating book tions precedent could not be com- not have any credible offer, and that ~45,000 crore ($4.9 to$6.3 billion). If firms it and allows it to make a entries,” said ED. pleted as on date.” This is a remark- the investors that showed interest did agreed, it would mark the third final confiscation on the ED findings showed loans able scale down by the bank, which not seem to be strong enough to straight year in which the RBI has annual budget for the next fiscal year ed RBI governor by Prime Minister ground that the assets were were refinanced and new loan urgently needs capital, but has failed invest the money in the bank. No due agreed to give the government an on February 1, and is widely expected Narendra Modi in late 2018 after the created out of the proceeds of aggregating to ~1,730 crore was to get so. The bank's core equity cap- diligence was done on these invest- interim dividend. Spokesmen for the to announce a fiscal stimulus includ- resignation of Urjit Patel, has cut the laundered money. sanctioned to Videocon Indus- ital is at 8.7 per cent, against the min- ments and there was no firm com- finance ministry and RBI both ing more spending on infrastructure policy repo rate five times by a total of "ED has provisionally tries (VIL) and its group com- imum regulatory requirement of mitment. Three other investors were declined to comment on the matter. and tax incentives to boost consumer 135 basis points and eased liquidity attached movable and immov- panies and these became non- 8 per cent. The bank’s management interested in investing in debt papers India's Finance Minister Nirmala demand and investments. restrictions to support falling eco- able assets consisting of flat, performing assets (NPA) for had said in November that it received of the bank, and not equities. Sitharaman is expected to present the Shaktikanta Das, who was appoint- nomic growth. REUTERS land, seized cash, plant and ICICI Bank on June 30, 2017.

Coal-fired ‘There should not be any supply policy for coal’ plants need time to meet Days after the government eased the entry of domestic and foreign players into the coal mining sector, What are your plans to overhaul the Union Minister for Coal, Mines & Parliamentary Affairs PRALHAD JOSHI said he wants an open market coal supply system? norms: Ministry with no policy restrictions. Joshi, in his first interview since taking charge, tells Shreya Jai that state- Coal India is already supplying to owned Coal India would remain the primary player in the mining space. Edited excerpts: power and other industries. But eve- The power ministry has ry industry should have access to asked for coal-fired power What was the motive behind plan — are linked there. So, any mines. Whatever revenue comes coal in an open market. If I have a plants around New Delhi, opening up the coal sector now? successful bidder can directly apply will go to the state governments. I mine, one should mine and sell, if the capital city with the We thought this is the best time to there for clearances. All central- appeal to the state governments to possible. worst air quality in the world, do it (coal reforms). Till 2015, it was a level clearances are integrated. expedite the clearances at their to be given more time to different era, and since then we These reforms are reducing level, make it a single-window Will you be changing the long-term install equipment to reduce have streamlined things without corruption at the highest level. In system, which is time-bound. fuel supply agreement under emissions, after the year-end hampering demand. After gaining the past, there used to be an ‘X-tax’, The minerals available in the which Coal India supplies? deadline for action passed. experience of auctioning captive which I ’t wish to name. Now country, including coal, should not Commercial mining by private A government official, mines, we decided to remove all you even don’t have to go to any be imported. This is the advice I got companies will take three-four yea- who requested anonymity, restrictions, including end-use of ministry. from the PM. I am new to this field. rs, so we will think about it. But, Coal told Reuters on Friday the coal from these mines. We have The day I took charge, he told me India would remain our prime sup- power ministry had sent its opened it under the direct route of Would states be able to join the you do the following — stop plier, even after these reforms… recommendation to the Foreign Direct Investment (FDI). Parivesh portal? imports, talk to all stakeholders and may be in the ratio of 60:40. We environment ministry, There is no point in keeping such We are ready to open it for them. It involve them to make mining more want to strengthen Coal India. They which is in charge of enforc- restrictions — otherwise the FDI will benefit the country and the industry-friendly, without affecting should produce a minimum of ing the emission standards, policy becomes useless. state. If the states stall mining, I am the environment. One should have 1 billion tonnes by 2023-24. We have for the power plants to be Prime Minister (PM) Narendra not losing anything. system that’s allocated 16 blocks to them. We given new deadlines starting Modi felt now is the time to do it. Industry is losing but “There is a shortfall and transparent and cannot depend on the private July 2020 and ending Having the fifth-largest coal the biggest loser is the that’s why we have simple — that’s sector. But the private sector should December 2021. resource in the world, we are state, which will miss opened up the sector. the PM’s vision. meet the shortfall. The utilities have cited importing 235 million tonnes. Of on the revenue coming About the SHAKTI From ‘X tax’ to no- costs and technical difficul- that, 100-135 million tonnes is from these mines. Policy… my predecessor human Did this decision face any resist- ties for missing earlier dead- substitutable. Piyush Goyal has done interference to ance from Coal India workers’ lines, at the end of 2017 and How much time, on an well... As far as the advance unions? then the end of 2019. What about forest and average, would it take power sector is clearance, we have There has been no such thing. We Ultimately, the environ- environment clearance? to get forest and concerned, coal stock at progressed. have always duly communicated to ment ministry and its feder- We are bringing many changes environment power plants has been win situation. about coal shortfall, be it under the Coal India. It already has mining al pollution regulator could without compromising on clearance under this rising for three months What is the fuel supply agreement with Coal capacity enough to operate for the shut plants that continue to environment. The policies are being new policy? and stands at 32 million estimated The coal sector is opening up at a India or for stressed assets under coming 30-40 years. We are now flout the rules, but such dras- made keeping environment That I cannot say. That tonnes now. So there is revenue expected time when all sectors are facing the SHAKTI scheme. Your take? giving them new blocks too. tic action would appear clearance in mind. We have is the prerogative for no issue on supply side” from these mines? slowdown in demand and consu- There is a shortfall and that is why highly unlikely, observers requested the ministry concerned the ministry In another four- mption. Will there be bidders for we have opened up the sector. How do you plan to improve the say, because of the public to have a look at it so that our natural concerned, especially the Ministry five years, this prior approval will mines and buyers for so much coal? About the SHAKTI Policy… my physical and financial situation of backlash to power shortages resources are used in India only. of Environment and Forests save eight-nine months for the Demand from the power sector predecessor Piyush Goyal has Coal India? and the economic cost. There was a time when you (MoEF). Of the 20 clearances that a companies. Calculating the benefit this year was low because of done well. It is a good policy. But Coal India is the most economical India had a phased plan would go to the environment company needs after winning a is difficult at this time, but import of monsoon and more hydropower. why are all these policies needed miner in the world. To make it more for plants to comply ministry and you had to do multiple mine, only nine are from the central substitutable coal will almost stop. The PM has said demand will pick for the sake of coal supply. I think efficient as far as mining and with emission norms with things. That has changed now. In government. So, I want to appeal to up, we are very confident about it there should not be any policy. One economic activity is concerned, we some plants given until some cases, we upload the mining the state governments to keep party What would be the revenue- as the government has taken should be able to get coal with ease will work out some strategy. Curr- end-December 2019, while plan on a public portal — Parivesh. politics and political rivalry aside. sharing formula for these mines many measures. Even if we and from various sources. As far as ently, Coal India produces 600 others had till the end It is then available for all the They should not think that just between companies and the state? imagine there is slowdown, we the power sector is concerned, coal million tonnes. I see India prod- of 2022. The required ministries concerned to access. All because the PM has initiated this It will be different for partially have to plan for the future. We stock at power plants has been ucing 1,400-1,500 million tonnes by changes involve some departments — including the reform, they will not cooperate. explored and fully explored. The have to be prepared. rising for three months and stands 2023-24, including private players. 440 coal-fired units, with a Central Mines Planning & Design The Union of India will not get a rules will be framed. We will talk to at 32 million tonnes now. So there combined capacity of Institute, which approves mine penny from these coal and mineral the stakeholders and make it a win- There have been repeated concerns is no issue on supply side. More on business-standard.com 166.5 gigawatts (Gw). REUTERS 6 ECONOMY & PUBLIC AFFAIRS MUMBAI | 11 JANUARY 2020 1 >

IN BRIEF N TOP COURT CRACKS THE WHIP N WTO sets up dispute panel over India's duty hike on 28 US goods Freedom of speech, biz via Experts hail The World Trade Organization's (WTO) dispute settlement body has set up a panel to examine the US complaint SC verdict on against India which had increased customs duties on 28 American goods Net are basic rights, says SC last year. The US in July had dragged India to the WTO by filing a complaint internet access against New Delhi's move to increase Orders J&K curbs review customs duties, alleging the decision in a week; says Sec 144 NEHA ALAWADHI & es that could invoke these as inconsistent with the global trade ROMITA MAJUMDAR shutdowns,” she said. “But we norms. According to a communication of the Geneva-based WTO, can’t be used as a curb New Delhi/Mumbai, 10 January have seen rampant and very the dispute settlement body has established a panel "to examine casual use of these processes. the matter referred by the US". The US had alleged that the on democratic rights The Supreme Court’s judg- These shutdowns that India additional duties imposed by India "appears to nullify or impair ment on Friday asking author- has seen, as a trend, need to the benefits accruing to the US directly or indirectly" under the ADITI PHADNIS ities to review the suspension stop and this SC judgment GATT 1994. PTI< New Delhi, 10 January of Internet services in becomes the first step in revers- Kashmir within seven days ing the trend," Nappinai said. he Right to Freedom of Expression was seen by experts as a small Apar Gupta, executive India's forex UBI to cut MCLR through the internet is part of Article step in reducing the govern- director at Internet Freedom reserves touch across tenors by T 19(1)(a) of the Constitution, the ment's indiscriminate shut- Foundation, said the ruling lays Supreme Court held on Friday. It is subject ting down of down the basic record $461.1 bn 10 bps from today to reasonable restrictions, which apply to all internet access. principles and State-run Union Bank of fundamental rights, and is subject to judi- The court had safeguards to be India (UBI) on Friday said it cial review, it said. held that com- followed by the will cut the marginal cost of Those carrying out business via the plete suspension government in funds-based lending rate internet also have the fundamental right of services should such cases. (MCLR) by 0.10 percentage to continue it, the apex court said, and be considered “It also says points across tenors from directed the government to review the inter- only if “neces- shutdowns can- Saturday. The bank has red- net suspension in Jammu and Kashmir US Ambassador to India Kenneth Juster during his visit to Jagat Migrant camp in sary” and not be made uced the MCLR by 10 basis (J&K) within seven days. Jammu on Saturday PHOTO: PTI “unavoidable”. It indefinitely and The country's foreign points across all tenors with The court, however, did not provide further said the cannot be applied exchange (forex) reserves effect from January 11, 2020. immediate relief to petitioner Anuradha The order said indefinite suspension of meant that people in the Valley have been freedom of indiscriminate- touched a record high of The benchmark one-year Bhasin, Kashmir-based publisher of services could not be allowed and that the entirely cut out from the rest of India. speech and ly...Much now $461.157 billion, after it MCLR, which is a gauge for Kashmir Times and journalist; and suspension could only be temporary. Any Residents outside the state have been expression and  Software Freedom depends on surged by $3.689 billion in pricing of auto, personal and Ghulam Nabi Azad, Congress leader and such order must adhere to the principle of unable to speak to their families in Kashmir, the freedom to Law Centre, a non- further govern- the week to January 3, said home loans, stands at 8.10 former chief minister of the erstwhile proportionality and would be subject to leading to a great deal of mental stress and practice any pro- profit legal services ment action, and the RBI. In the previous per cent. UBI said this is the state. The judgment was delivered by a judicial review. anxiety, Azad said. fession or carry on organisation, which much falls on week, reserves had risen by seventh consecutive rate cut Bench of justices N V Ramana, R Subhash The court went on to direct the govern- Jaiveer Shergill, who is also a prac- any trade, busi- maintains an internet future actions of $2.52 billion to $454.948 announced by the lender Reddy, and B R Gavai after reserving ment to publish future orders passed under ticing Supreme Court lawyer, said the ness or occupa- shutdown tracker for the government to billion.In the reporting since July 2019. PTI< orders on November 27 last year. Section 144 of CrPC and orders suspending top court made an important theoretical tion over the India, estimates the comply with the week, the rise was mainly Pronouncing the verdict, Justice the internet and telecom services. observation regarding the five-month medium of inter- ruling, as well as due to an increase in foreign Ramana said the court would not delve into The three-Judge Bench heard a batch of internet shutdown in Kashmir. But the net enjoys consti- number of shutdowns the court’s own currency assets, a major CAMS files papers the political intent of the orders imposing petitions that had challenged the validity of lawyer felt “teethy directions” to deter tutional protec- between 2012 and enforcement," component of the reserves, for IPO, may raise restrictions in Kashmir. He said, “Liberty government’s move to impose restrictions the “thick-skinned” BJP were the need of tion under Article now at 381 Gupta added. which rose by $3.013 billion and security are always at loggerheads. It is on media, communications, transport, and the hour, asking, "Who will compensate 19(1)(a) and Article  Review of internet The Software to $427.949 billion. PTI< up to ~1,600 crore the court’s job to ensure that citizens are to impose curfew in parts of J&K immedi- for $1 billion trade loss?" 19(1)(g), thus mak- shutdown in Kashmir Freedom Law The NSE and Warburg Pincus- provided all rights and security.” ately after the abrogation of Article 370. PTI quoted locals as welcoming the ing it a funda- within seven days was Centre (SFLC), a backed Computer Age Disagreement does not justify destabil- Ghulam Nabi Azad had argued that order. “It is a piece of very happy news mental right. non-profit legal seen by experts as a Govt extends GST Management Services (CAMS) isation, the Bench observed, adding that a basic livelihood had been deeply affected by for us, a huge relief, as the internet has NS Nappinai, services organisa- amnesty scheme has filed the draft red herring complete curb on the internet must be con- the fetters on the internet, broadband and been suspended for over five months Supreme Court small step in reducing tion which main- prospectus for its IPO with Sebi. sidered by the state only as an extraordinary landline connectivity. Industries such as now. We really hope that services will be advocate and the government's tains an internet till January 17 The size may be between measure. The order also said: “Powers tourism, handicrafts, manufacture, con- resumed as soon as possible now,” said cyber law special- indiscriminate shutdown tracker There will not be any fee on ~1,500 crore and ~1,600 crore under Section 144 of CrPC cannot be used struction, cultivation, agriculture and infor- Ishtiyaq Ahmad, a businessman in Lal ist, said India has shutting down of for India, esti- late filing of goods and and will be an offer for sale of as a curb on legitimate expression of dem- mation technology have been brought to a Chowk area of Srinagar. already gained internet access mates the number services tax (GST) returns 12.1 million shares, said sources. ocratic rights.” state of cessation, with the economy in the The Congress party said: “The Supreme global notoriety of shutdowns under form 1 (GSTR-1) till Selling shareholders will inclu- Section 144 of the Code of Criminal region suffering losses running into thou- Court rules that tactics like indefinite inter- as an enforcer of between 2012 to January 17, with the Centre de Great Terrain Investment — Procedure (CrPC) is a remedial and pre- sands of crores or rupees. Access to basic net shutdowns and indiscriminate use of internet shutdowns. “We’re now at 381. Of these, 106 were extending waiver by seven affiliate of Warburg Pincus, NSE ventive measure and must be subject to the healthcare too, he argued, was impeded, Section 144 to silence dissent are unaccept- glad that the ruling recognises recorded in 2019, including the days. The "amnesty" Investments, Acys Investments, test of proportionality. It can only be used if with people in the Valley unable to avail of able in a democracy. We hope this serves as the importance of communi- one in Kashmir, which is the scheme was to end on HDFC and HDB Employees there is a likelihood of violence and danger the government’s Ayushman Bharat a reminder to the tyrant duo that law and cation channels. There are only longest recorded shutdown January 10. BS REPORTER< Welfare Trust. PTI< to public safety, the court held. scheme. Over and above all this, the ban has constitution is above their divisive policies.” very specific stringent process- anywhere in the world.

N US-IRAN FLARE-UP N ‘Global oil market well supplied, ‘India oil demand growth to pip China’s soon’ A report released by IEA Executive Director Fatih Birol on Friday said India's oil demand crude price to remain at $60/bbl’ is expected to touch 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017  Electricity demand for space cooling in At a time when tensions between Iran and the buildings in India looks set to increase to nearly United States (US) threaten to raise crude oil prices, 1 350 TWh in 2050 and requires an additional FATIH BIROL, executive director of the International “INDIA HAS TO MAKE 800 Gw of power generation capacity just to Energy Agency (IEA), tells Shine Jacob that the MORE USE OF ITS meet space cooling needs world has enough oil to tide over any crisis. He NATURAL GAS.  believes 1 million barrels per day of surplus oil will Need to ramp up rail infrastructure: IEA help keep prices at $60 a barrel. Edited Excerpts: EXPORTERS ARE analysis shows by enhancing the role of rail in COMPETING WITH EACH the transport sector, India could reduce oil How do you see the situation in West Asia OTHER TO FIND BUYERS. demand by 3.1 million barrels per day, save $60 and the concerns in the crude oil market? billion on fuel expenditure and reduce GHG As expected, the oil markets did not react so INDIA SHOULD MAKE THE emissions by 585 mt CO2-eq and PM 2.5 emiss- badly. If you look at the past one year, from MOST OF IT” ions by 14 thousand tonnes per year by 2050 January 2019 to January this year, oil Faith Birol, remained around $60 a barrel. This is despite production from one of the most Executive director, IEA Mid-2020s $190 billion 1 billion 257 per cent important oil producers — Venezuela — India’s rate of a year units Growth in India’s plastic almost going to zero. growth in ’s savings in Expected rise consumption between 2017 and Iran, which was exporting almost 3 mil- consumption will energy imports in air 2050. The country’s petrochemical lion barrels per day, is now down to 0.3 mil- surpass China’s, till 2040 by conditioners capacity is expected to further lion barrels or almost nothing because of making it attractive raising level of its by 2050 from increase from its current level of 16 the sanctions. There was unrest in Libya market for refinery energy efficiency 36 million mt per year, which accounted for 4 and Iraq, an attack on Saudi Arabia’s assets, then came the killing of Iranian General investment ambition units in 2018 per cent of the global capacity in 2017 Qasem Soleimani. Despite all this, the prices remained around $60 a barrel. I see the prices staying at the same level. Oil prices rising to triple digits, as some are people saying, is not something that I believe in. Gems & jewellery sector banks

Is there any reason for this belief? One reason is that there is a huge amount of reduce the vulnerability. needed. But if you look at the overall pic- on Centre’s support for growth oil supply coming from the US, , ture, it should be very well chosen and Norway, Brazil and others. And because of The rate of growth of India’s oil rationalised. GIREESH BABU India imported 766 tonnes of gold, continuous production growth in these consumption is expected to surpass China’s Chennai, 10 January which came down to 710 tonnes in countries, there will be at least 1 million in the mid-2020s. How will this demand be The report — India 2020 Energy Policy 2019. Around 10 per cent of this may barrels per day of surplus oil in the market met? Review — talked in detail about the role that The gems and jewellery industry in go for investment, while the jewellers this year. Therefore, those geo-political ten- India recently became the third-largest oil sustainability initiatives will play by 2050, the country is expecting gold prices get the rest, along with the old gold sions may have only a short-term impact on market in the world, right behind the US that can help India save $190 billion a year. to be volatile during 2020, as the hos- for recycling during the year. the prices and are not going to change the and China. In terms of other fuel such as gas Can you elaborate? tility between the US and Iran may With Tamil festival Pongal falling fundamentals of the oil sector and that is and solar, too, it is growing very stronger. In Energy efficiency is number one. Using continue this year. next week, and then weddings start- why there is no nervousness in the market. a report in 2015, we said India is moving to energy-efficient measures from air condi- Notwithstanding the price volatil- ing to take place, the industry is the centre stage of global energy affairs. tioners to trucks to electrical motors to ity, the industry hopes that various expecting the demand, which was You recently mentioned that there may be That is exactly what happened. industry and making much more use of forms of government support may down by 25-30 per cent in the recent an increase in demand by March. Do you see Now, we are seeing that the demand is renewable energy. help it grow 10 per cent in terms of vol- past due to the economic slowdown, that? growing very strongly because In terms of solar energy, India’s ume during the year as compared to to pick up. The production growth is very strong. We India is getting much more mod- achievements are already very a 10-15 per cent decline in 2019. Apart from the demand to reduce expect production of more than 2 million ern, the economy is growing and, good. We need to increase the share “The other day, when missiles customs duty, it also asked the gov- barrels a day. If the demand is slightly more therefore, energy demand is grow- — that means in addition to the were fired by Iran, gold prices ernment to raise PAN card limit for than 1 million barrels per day, there will be a ing. There are many methods by utility kind of solar, we have to touched $1610 and in the Indian gold purchases from ~2 to ~5 lakh. surplus of around 1 million barrels per day. which India can meet that and I move to rooftop solar. Afterwards, market crossed ~42,000. But luckily, The facility for EMI should be One year ago, we said that prices are not have to suggest three of them — it it should be like mushrooms — for the same night, US President Donald 2019, which along with goods and extended to the gems & jewellery expected to increase and that is exactly will be investment, investment and both homes, industrial buildings Trump said the country embraced services tax (GST), is around 15.5 per industry, which in turn, will lead to a what happened despite all these develop- investment only. and commercial areas. peace. Immediately, the price fell by cent against the earlier three per substantial growth in business. ments. These are the most important things for India also has to make more use of natu- $50. The fluctuation will be going on cent. It also asked the government to India and in order to get the investments, ral gas. It is easily available and abundant throughout 2020,” said N Anantha “GJC has approached the Centre, allow jewellers to be agents for hall- Is this one of the biggest crises, after you India needs reforms, it has to open up, and now. Exporters are competing with each Padmanaban, chairman of the All requesting it to withdraw the duty in marking and expand the range from took charge of the IEA in 2015? prices for consumers should be rationalised other to find buyers and India should make India Gem and Jewellery Domestic the upcoming Budget. If this hap- 14,18 and 22 karats to 20, 23 and 24 Yes, it is and I hope it does not escalate. The to meet the market realities. India should the most out of it. India has to make use of Council (GJC). pens, it may help the industry to karats, which are prevalent in cer- world is becoming a dangerous place. restructure and reform the energy markets. its existing and planned — around 10 — liq- The price volatility has gone up manage the volatility better,” he said. tain states. Especially, West Asia, a region for oil and Otherwise, investments will not come and uefied natural gas terminals. around 5-10 per cent owing to the “This year is going to be very cru- The industry’s demand to form gas, is becoming more and more difficult. we will not get necessary infrastructural The most important thing is that as a US-Iran tension. This may impact cial for the industry,” he said, adding a steering committee led by gov- Countries like India, which imports a sub- developments. country, you should have enough pipeline ability of the jeweller to purchase that during the year it expects the ernment officials and representa- stantial amount of oil and gas from West distribution to villages and the towns and inventory. government to support the industry. tion from the industry to discuss Asia, will be vulnerable to the develop- Do you think rationalisation of subsidy too the cities, so that everybody gets access to The impact is more considering “With that in mind, we expect 10 the issues has not been considered ments there. But the government is taking is needed? natural gas which will reduce coal-based that customs duty of 12.5 per cent per cent increase in business com- by the government in the last six the right steps in the right direction to There may be limited areas where subsidy is cooking in parts of the country. imposed by the government in mid pared to last year,” he added. In 2018, month. 8 ISSUES AND INSIGHTS MUMBAI | 11 JANUARY 2020 1 > The politics The rise of the fringe They are organised and the opposition to them is leaderless. Who will win the war that is bound to break out? of cool killed Gauri Lankesh; to the Hindu Yuva has since been acquitted of the charge. But and released many months later. Vahini, dormant but by no means decommis- despite that, Muthalik’s entry into many states In response, Adityanath formed the HYV sioned; to the Sri Rama Sene, fringe Hindu ruled by the BJP is banned — including Goa. (UP). So in Eastern UP now, there are at least two groups are popping up all over the country. The Sene challenged the late Pejawar Swami groups competing for the same fringe. Another nstagram, that most mil- They are splitting but they are not dying. Vishwesha Theertha (who died last month) to organisation, the Yogi Sena, has been launched lennial of social networks, They’re the unicorns of Indian politics. a shaastraarth (a scriptural duel) when the lat- in Western UP with the same objective: Rousing I was till recently com- Anti-BJP activist and editor Gauri Lankesh ter hosted an iftaar at the premises of the and organising Hindu youth. While HYV says it posed almost entirely of peo- was assassinated, the Special Investigations Krishna temple in Udupi some years ago. will do nothing to embarrass the chief minister ple’s vacation snaps and close- Team (SIT) probing her murder has found, by The Hindu Yuva Vahini was formed on and involves itself in such blameless pursuits as ups of their unappetising a hired hand, Parashuram Waghmare, who was Rama Navami day in 2002 in Uttar Pradesh by delivering flood relief, what it is actually doing, bowls of salad. But over the recruited by one Amol Kale. At least 12 people Yogi Adityanath. Initially envisaged as a body no one knows. HYV acknowledges that its sup- past fortnight, it has com- have been named in the conspiracy of young activists, the word porters are chafing at the bit at the anodyne pletely changed character for PLAIN POLITICS that was hatched not just to kill Why only JNU? The “Hindu” was added on the activity they’re being asked to carry out and it many of us. Now, when you ADITI PHADNIS Lankesh but also Govind Pansare, a “real” Hindus are advice of Mahant is hard to keep them reined in. TICKER scroll through Instagram sto- Left-leaning thinker, and Narendra now all over the Avaidyanath of Gorakhpur, In America, as in India, fringe group activi- ries, they are 50 per cent pho- Dabholkar, the rationalist who ques- place. Ranging from then alive. Sunil Singh, a co- ty has seen a spurt in the last few years. “Antifa’” MIHIR S SHARMA tos from protests and 50 per f there is one part of the Bharatiya Janata tioned many Hindu beliefs and super- the gang that killed founder of the HYV, recalled, short for anti-fascist, turns up regularly to cent lists of where the next Party (BJP) that is confused by what hap- stitions. The 9,000-page chargesheet Gauri Lankesh; to despite the BJP’s Kalyan counter-protest far-right rallies and speaking protests are. Instagram’s winter of discontent has well and I pened at Jawaharlal Nehru University says all the co-conspirators had links the Hindu Yuva Singh being in power in UP events. The group’s mission is to fight fascism truly begun. (JNU) in the twilight of 2019 and dawn of 2020, at one or other time with the Hindu Vahini, dormant and at at any cost, and defend America's most disen- On one level, it is easy to mock and deride this phenome- it is the party’s student wing, the Akhil Janajagruti Samiti (HJS), the Sanatan but by no means the helm in Delhi, the pitiful franchised groups. Most are either anarchists or non. Seasoned political types will ask themselves what value Bharatiya Vidyarthi Parishad (ABVP). Torn Sanstha and the Sri Ram Sene. The decommissioned sight of Yogi Adityanath hav- have far left-leaning political beliefs. “Proud to any political movement is added by people who last month between deep contentment at seeing the HJS says it was formed in response to ing to beg that one of his sup- Boys” says it is a “a pro-Western fraternal organ- were posting about Christmas in Europe and next week will no pinkos being roundly thrashed (many must the demands of the situation as “due porters be given a seat in the isation”. It has an initiation rite that includes doubt be back to snaps of their skiing holidays. But I think it have wished they’d been the ones to do it) and to a “secular” democracy today, the state of Assembly elections prompted the formation of “getting into a major fight for the cause”. is worth unpacking, nevertheless, what has changed for some self-righteous indignation at supposed Left- the society, nation and dharma is on the the HYV — visualised as a fringe group In India, it is hard to judge where it will all in urban India since the introduction of the Citizenship instigated vandalism, the ABVP, at least in decline. A system of governance based on designed to exert pressure over the BJP and end. The fringe is organised. The opposition to Amendment Act (CAA). JNU, needs to ask itself if it is time to move over Dharma, that is, establishment of the Hindu raise Adityanath’s profile in eastern UP. When it is leaderless, inarticulate but determined to First, the Act itself seems like the sort of straightforward and make space for the “real” Hindus — like nation, is the need of the hour as a solution to Adityanath became chief minister but would contest and fight back. The collateral damage assault on Indian nationhood that the government has so far the Hindu Raksha Dal, a fringe group that has the problems of Hindus.” not heed the HYV’s demand for a share of the is the ABVP, seen as being quick to strike but been relatively careful to avoid. You could claim that the Babri claimed credit for carrying out the JNU attacks. Pramod Muthalik floated the Sri Rama Sene power pie, Sunil Singh walked out forming his afraid to wound. Somebody has to win the war judgment and the National Register of Citizens were due to the Why only JNU? The “real” Hindus are now — the very same that would barge into pubs own HYV Bharat. He was imprisoned almost that is bound to break out sooner than later. Supreme Court. The revocation of Article 370 and the triple all over the place. Ranging from the gang that and drag out women having a drink there. He immediately under the National Security Act And it won’t be via the ballot box. talaq ban could be made to fit into a liberal, right-based frame- work of equality if you tried. But the CAA is another beast alto- gether. However much the government and its outreach com- munity might insist it is merely an enabling act, it is hard to see LUNCH WITH BS > STEVE WINTER | CONSERVATION PHOTOGRAPHER “Predators have no desire to hurt us it as anything but the first step towards a constitutionally because we have not been a part of their Hindu nation. image search for millennia!” He clarifies: Second, the nature of the early protests in the cities were “There is no way that these cats want to eat clear — and attractive. Muslim women sitting on dharna at us. We stink. We use deodorant, shampoo, Shaheen Bagh, crowds waving the tricolour — there was noth- Frame by frame toothpaste, perfumes.” ing there for traditional middle-class prejudices to hang on to. The question leads to a pertinent discus- It was clear that the only danger caused by the protests was sion on ecology and dangers it faces as wildlife from police overreaction. Winter talks to Ruchika Chitravanshi about how he composes gets displaced. “Every other breath you take Third, the attacks on universities were repugnant even to comes from forests, and big cats live in the for- people who have not much time for shots in his mind before actually shooting them and why he est. If we can save big cats, we can help save However much the student protests in general. The took up an Indian cooking course ourselves because we need these areas,” government and its general notion that university stu- said Winter. outreach community dents are going to spend some time t was the twenty-fourth day of sitting atop Out in the wild, animals mark their terri- At this point, almost like an interlude might insist it is waving flags and shouting slogans this elephant in Madhya Pradesh’s tories, the photo journalist says. “So did I... our next course arrives — a delicious merely an enabling before settling into a steady job and I Bandhavgarh tiger reserve for Steve mainly to protect my space from wild boars.” serving of grilled sea bass with sweet act, it is hard to see disdaining politics has sunk deep Winter, one of the world’s most celebrated One night, when he was reading a book, potato and goan mango curry. This is it as anything but into the Indian middle-class con- wildlife photographers and a big cat special- Winter heard a creeping noise on the stairs accompanied by a smoked eggplant rai- the first step towards sciousness. Nothing would have ist. Balancing his camera with its 600-mm and a brushing sound on the floor. “And then, ta, chilli hoisin duck kulcha and a pearl a constitutionally changed if this government had lens and a tripod on a shifty elephant which I heard scratching under the door... I was so millet roti with a topping of fresh Hindu nation merely dismissed student protests was getting uneasy under the summer sun, scared. I whacked my machete on the side of churned butter. The portion size, in keep- with indulgence, as their predeces- Winter was worried yet calm, when sudden- the bed and whistled and I heard the thing ing with the concept of tasting menu, is sors did. But to attack protestors, whether using the police or ly he saw what he had been waiting for all running down away.” just right. political thugs disguised as students, is a bridge too far for most. these days. The tiger cubs had just emerged Next morning, the locals told him it might As we get back to our discussion, Winter ’s courageous decision to go and stand from the trees with their mother to play. have been the black panther. That was shows me the latest edition of National with protestors at Jawaharlal Nehru University is thus more Radio silence. Winter had already composed Winter’s first encounter with a big cat. Geographic magazine which features The revealing and influential than some might think. It reveals that the prized shot in his mind and managed to Our next item on the menu, pulled pork Tigers Next Door, a 30-page story of over 5,200 even those in Bollywood who might have previously been capture seven frames, hoping at least one of phulka tacos and the jackfruit version of the words he did put together with his wife, also sympathetic but aloof, think that it will either do them no them would be sharp. same, is served just in time. Each preparation a photographer and a writer. It is a story of harm to turn out for a cause they believe in, or that things have Sitting comfortably in the plush Indian takes time and the food arrives slowly, but tigers in roadside zoos, many of them pets, got bad enough that they are willing to take a risk. But perhaps Accent restaurant in New Delhi’s Lodhi Road, Winter is a patient man. several abused, in South Carolina. even more revealing was a short clip that was trending on we admire the final photograph taken around I would have thought 24 days in Witnessing the wild beasts tamed in such social media of the film magnate Bhushan Kumar. Kumar five years ago that made it to the cover of the Bandhavgarh was a long wait, but then he a way looked wrong in the pictures. had been invited to a meeting meant to “clear up doubts” recently launched National Geographic’s cof- tells me how he waited 15 months for one of Winter calls them the worst tiger breed- among the film community about the CAA. He had even been fee table book, Tigers Forever. Winter asks for his most well-known and iconic shots — a ers in the world. photographed driving into the meeting at a Mumbai hotel. But a shot of double espresso to kick start our mountain tiger strolling in Griffith Park at In India, Winter has also engaged when asked by a reporter about the meeting in the presence of lunch while narrating his many adventures. the edge of Sunset Boulevard with the with the ministry of environment dur- film stars such as Anil Kapoor, Kumar said that merely being Even as a nine-year-old Indiana boy, all Hollywood Sign in the background. This was ing Jairam Ramesh’s tenure to request in the hotel didn’t mean he attended the meeting. (Kapoor’s Winter wanted was to get out of his home- again a shot he had already framed in his a change in the laws for the way tigers face was a picture of amusement.) When people as exposed, town and travel the world. Although photog- mind. “I knew I needed incredible picture to are counted here. “Tigers in India only influential — and government-sympathetic — as Kumar feel raphy came naturally to him — Winter’s father illustrate urban wildlife.” existed legally if they were in a tiger the need to distance themselves from the CAA in public, you was an amateur photographer — he joined When he shared the idea with a scientist reserve, which was a bureaucratic know something has gone very wrong. university to study urban renewal... to friend who monitored the wildlife in the area, mindset... because tigers exist wher- Narendra Modi’s rise to power in 2013-14 felt as unlikely “become something”. Soon he realised this he looked at him like he was crazy, Winter ever they want to exist.” before it happened as it feels inevitable now. Part of what was not his calling. “I quit and decided to trav- said. However, as soon as the big cat was spot- His next stop is the Gir forests underlay that extraordinary ascent was the careful cultiva- el the world and came to India... I first came ted, Winter had to figure out ways to install in Gujarat. tion of influential voices. Somehow the candidacy chief min- here in 1979...” remote cameras he learned to use while shoot- Wherever the tiger trail took him, ister with a chequered record was transformed into a cool Having backpacked from Kolkata and ing the snow leopards in Ladakh. Winter managed to create some awareness cause. Nobody knows how the politics of cool works. Annapurna in Nepal, all the way down to As a result of the picture, the largest about big cats and prove that tigers are not as Sometimes it comes together, sometimes it doesn’t. Barack southern India and then to Lucknow, that too wildlife overpass is being built in the area violent as they are made out to be. “Why do a Obama’s campaign managed it; Hillary Clinton’s campaign did on a third class railway ticket and buses back funded by American actor Leonardo DiCaprio story? Why spend months away from your not. But what we are seeing at this moment is a reversal in our in his “hippie days”, Winter is no stranger to and his foundation. We pore over some more family? If you’re just going to watch this own politics of cool. For seven years, Modi has been the cool India or Indian food. of his work on his latest iPhone. “It has a great species disappear?” brand. Now, somehow, he is less so. Soon, we are served two baby naans camera,” he says. His love for tigers, the biggest of the big Perhaps it is something to do with that period — seven stuffed with Danish blue cheese and topped The anar and churan kulfi is before us, to cats, is more than evident by now. We are years? Seven years after the UPA rose to power it became with some champagne honey; the waiter cleanse the palate for what is coming up nearing the end of this sumptuous meal with embroiled in anti-corruption scandals. And, indeed, there is cautions us to wait for it to cool down, next; roast chicken and smoked papad cur- desserts ready to be served — a chilli peanut ILLUSTRATION: BINAY SINHA much that is worth revisiting in UPA-II’s sordid descent into almost sensing our excitement to try the ry. It comes with wine pairing recommen- ice cream cornet, jalebi with Haji Ali inspired paralysis and unpopularity. The UPA was India’s most inept dainty mouthfuls. dations of Allegrini Valpolicella Classic or custard apple cream and coconut burfi with government when it comes to communication. It came across Winter is narrating his early adventures in Rondinella among others. The idea is tempt- ing.” He even took up an Indian cooking dark chocolate mousse. Reluctantly, Winter as either arrogant, or inarticulate, or aloof. Modi’s govern- the forest of Sierra de las Minas in Guatemala ing but Winter gives it a pass — he has a talk course afterwards. has to leave all the sweet delights behind, as ment is India’s best when it comes to communication. There where he had built a shack to shoot the vibrant scheduled later for budding photographers I am curious if Winter has ever had a close the time for his talk for photographers is too is little doubt that it will do a better job of recovering the situ- blue-green bird Quetzal while digging into and journalists. shave with a big cat since I had read how he close and his ride has already arrived. ation than the UPA did. But one thing that even the NDA spin- the sumptuous bites of our first course that Winter loves Indian food. “My first masala was attacked by a rhinoceros once. “Twenty- As I walk him out, Winter gives me his vis- masters will struggle with is the politics of cool. If you don’t takes us through the streets of India with bite- dosa and sambhar with chutney in the south eight years and I have never been attacked iting card. It has the famous Hollywood shot know how it works, you can’t manipulate it. size portions of Maharashtrian dabeli, puri on a banana leaf just blew my mind. You and I am super close to them,” the 63-year-old of the mountain tiger on the back. Why am I aloo and Winter’s favourite chilli crab. know I'm the kid from Indiana. It was amaz- lensman says. not surprised? When survival trumped bias Thanks, but no thanks

lage has worsened every summer, even to go ahead with the plan anyway. there’s south-east Asian congee which Sir?” “No, a plain one, served instead of though the region receives a reasonable Not unexpectedly, the higher caste vil- I’ve never been partial too; fruits, toast.” A few minutes later, all is sorted amount of rain during monsoon. Not only lagers were horrified at the idea. How could flavoured yogurts, doughnuts and all out. The paratha and the omelette final- wells and tube wells, but even village ponds water recharged by rainwater from a Dalit’s kinds of temptations from the bakery I ly make it together to my table. Only, by dry up as the temperature shoots up to rooftop be “clean”, they asked. find easy to resist, and cheeses that I now, they’re stone cold. I tell myself the nearly 50 degrees Celsius. Deep fissures As it turned out, the recharge system sometimes succumb to. Cold meats left sprouts will hold me till lunchtime. develop in the fields and the villagers have successfully prevented the well from drying out for hours — ugh! How can anyone But I do like coffee at breakfast. little water for themselves, let alone for out the following summer while other water even think of it? Helpfully, the waiter had taken the their livestock. WaterAid has successfully sources dried up. “People were amazed to This morning, it isn’t crowded in the order for my preferred choice of cap- set up rooftop rainwater harvesting sys- see that this well continued to have abun- spillover restaurant where those who did- puccino. “Yes, Sir, a cappuccino.” “A tems to recharge wells and tube wells in dant water throughout the summer,” Srivas n’t find a seat in the coffee shop have strong cappuccino,” I suggest, “even a PEOPLE LIKE THEM the area. When they approached Mahuee’s recounted. Eventually, his upper caste PEOPLE LIKE US been adjusted, so I decide to be a little very strong cappuccino.” I am assured of gram pradhan Malkhe Srivas to build a sim- neighbours were compelled to set aside KISHORE SINGH adventurous. Having spooned some its arrival. Only it doesn’t. “My coffee,” GEETANJALI KRISHNA ilar project in the village in 2017, he was their caste prejudices and draw water from sprouts and dahi, I ask the chef at the I remind a passing waiter — not mine — excited to help. He even offered to set the the well. “Today, the very people who’d ear- eggs counter for a masala omelette, lavish and we go through the same sequence n rural Uttar Pradesh, especially in the harvesting system on his rooftop as he lived lier criticised me are clamouring for similar hen it comes to breakfast, with chillies, served over a paratha “With again. I wait. No coffee. “Would you like heart of Bundelkhand, the annual sum- next to one of the wells in the village. But recharging systems to be put up on their nothing can beat Indian hotel toast?” he asks. “No, with a paratha,” I anything else, Sir?” my waiter is back to I mer drought regularly wreaks econom- there was a hitch. roofs as well,” he said. “We’ve now built two W buffets, so I wonder why I’m say. “A stuffed paratha with aloo?” he clear my uneaten plate.” “I’m waiting for ic and emotional havoc in the lives of vil- In the heartlands of Uttar Pradesh, caste more recharge pits independently, and as feeling blue. The hotel where I am writ- asks. “A plain paratha,” I coax him, my cappuccino,” I say. “Very well, Sir,” lagers. Some months ago, I visited the fissures tend to run deep and Srivas is a the pradhan, I plan to construct such pits ing this has as lavish a spread as any — “served with the egg on top of it.” When all he says. Mahuee village in Banda district to docu- Dalit. “To avoid even accidentally touch- near all water sources in the village in the but too much food can be off-putting is confirmed, I retire to the corner table Over the shenanigans of the paratha ment the interventions of WaterAid, an ing lower-caste people like me,” he told me, year ahead.” too, which is why I prefer to order a la assigned to me. I have work to do. and omelette, I’m drawing a little notice international NGO that works on issues “some of my upper caste neighbours would- And so the drought proved to be a social carte. Usually, a glass of orange juice Fifteen minutes later, I am served a to myself, but the cup of coffee remains relating to water, sanitation and hygiene n’t even draw water from the well at the leveler in Mahuee. What years of education, and eggs is just fine, though I do extend paratha, plain, no trimmings, no accom- elusive. I decide to walk across to the across the country. I discovered that the same time as I did.” He wondered what they social messaging and reservations could- myself over weekends. At the time of paniments. “Your paratha, Sir,” says the hostess to ask for her help. “Coffee, Sir,” drought actually had an unintended posi- would say when they heard that water from n’t accomplish, water scarcity did in one writing this, I’ve skimmed past the waiter solicitously. “I asked for an she says, “I’ll send somebody across.” tive fallout in this underdeveloped village. a Dalit’s rooftop was going to recharge a summer. The caste taboo, once broken, has spreads of baked beans, sausages, omelette with it,” I remind him, “placed Finally, perhaps a half hour and a half- Here’s what I saw. common well. Even if the harvested rain- somewhat reduced in importance now. scrambled eggs, bacon; the north over the paratha.” The paratha is dozen reminders later, I have what I Mahuee is ranked high among the vil- water from his rooftop managed to do the “Now everyone drinks water from the well Indian puris and bhajis; the south removed and replaced, a few minutes asked for — a strong cappuccino. I’m lages worst affected by groundwater deple- job, there was a strong possibility his high- recharged by the rainwater from my Indian (always tempting) vadas, idlis later, by an omelette. No accompani- tempted to ask for a second round, but tion in Banda district. Locals attest that in er caste neighbours would not even use that rooftop,” Srivas told me. “I’d not believed and fresh dosas off a live counter; pan- ments; no paratha. “I’d like a paratha dare I risk it? I take the coward’s way out. the last decade, water shortage in the vil- water. After much discussion, they decided this would happen in my lifetime.” cakes and waffles if you’re up to it; with it,” I explain. “A stuffed paratha, Tomorrow is another breakfast day. OPINION 9 >

Volume VII Number 24 MUMBAI | 11 JANUARY 2020 WEEKEND RUMINATIONS Stooping to lose T N NINAN Six months after returning to power with a huge mandate, Modi government is stuck fighting students — Beyond taxes its most ardent voters who are now pessimistic, hopeless and even angry ome Budget time and it is surprising how much of the discussion is on tax rates ompetitive sport follows the system of victory. Especially on how the young were walk- ingly — angry “but this isn’t what we had voted and revenues — though these account for only 60 per cent of the Union leagues — upper, middle, lower, senior ing out of the identity trenches — of caste, lan- for”. I can also say with reasonable certainty Budget, up from about 52 per cent of the government’s last C and junior and so on. A contestant’s guage, ethnicity, in many cases even religion that a very, very large percentage of these young C Budget. Non-tax revenues, including borrowings to fund the deficit, account stature determines the league in which she — to embrace Mr Modi. people voted Mr Modi, and mostly for the first for the remaining 40 per cent, or close to ~11 trillion, but there is little focus on how to plays. One who stoops down to play at a much The sentiment you saw in their eyes was opti- time in their lives. Once a month, ThePrint boost non-tax revenues or reduce the level of borrowings by saving on expenditure. This lower level, or fight with the “bachchas” (jun- mism, joy, an anticipation of a better life, the holds an innovative free-speech event called is surprising, given how it is non-tax revenues that have fallen short even as tax revenues iors), diminishes her/his own stature. storied “achche din”. They were not breaking “Democracy Wall” at a key campus. have grown faster than gross domestic product (GDP). We are applying this test to our politics, their families’ old political loyalties because One of its features is a giant banner that specifically to the way the BJP government is they hated someone, or were afraid of them. If looks like a wall where the students can freely If tax revenues have done well, thank the oil windfall of 2014-16. Arun Jaitley used handling student protests. 2014 was an election of hope of a better life, write what’s on their mind and sign their the opportunity afforded by the sharp drop in oil prices to soak up tax revenue, A simpler way of understanding this is how 2019 was the renewal of that promise in the names. These have changed character dramat- though some of it has had to be given back to the consumer. There is also work to be our great old wrestler-actor Dara Singh handled expectation that it will take that long to redeem ically over the past six months. In the last three, done on individual taxation as well as on goods and services tax (GST). But while the any new challenger. He asked him to fight his it fully. the change is drastic. airwaves are full of noise on these issues, not nearly enough attention gets paid to brother Randhawa first, beat him, and earn the Within six months, however, they find they All these are from private or elite universities. non-tax revenues — where there are repeated shortfalls in disinvestment receipts right to fight the champ. I asked him why, and are being delivered something entirely differ- Among outbursts of anger and disappointment on and mismanagement of revenues from sectors like telecom. A government hungry he said every “Lallu Panju” (Tom, Dick and ent. The economy is in a free fall. And it’s been the latest one, along with clever lines like “P...k for revenue has simply fallen back on the companies it owns, asking them to up their Harry) wants to be able to boast he wrestled declining for so long, so consistently, that the The Folice” and “Mera Desh Jal Raha with Dara Singh. Why should I lower my own promise of growth and better days now looks a Hai....#SaveAustralia”, what catches the eye most dividend payments or borrow on its behalf. This year North Block’s long arm also standing to please them? fantasy. strikingly is “bure din wapas kar do” (please reached Mumbai to extract surpluses from the Reserve Bank of India. Back to the game of hard politics. For a A mid-1970s kind of pessimism, even hope- return my bad days to me). Until about three The flip side of this is the story of where the money goes. Trillions of rupees have month now, that is precisely what this almighty lessness, is growing among the young. New jobs months back, there was some criticism. Today been used to shore up the balance sheets of government banks, while more trillions BJP government is doing: Senior, powerful men aren’t available. And while all jobs are impor- we see not a line, not even a word of praise. You invested in highways and railways have not yielded the returns they should have. and women fighting with children. They’ve tant and dignified, let’s face it: Not every young ignore this kind of unanimity in anger among the More highways could have been monetised through maintenance and operations seen fires lit in campuses across the country in person studying in a college is looking forward educated young at your own peril. contracts that yield the government net revenue. The railways in turn is into the final response to their policies. Their response — to delivering for Swiggy or Zomato or driving an At most times, a cocktail of nationalism, reli- especially where the BJP has been in power — Ola or Uber. gion, and an almighty personality cult can win phase of building high-speed, high-capacity freight corridors, but it is not yet certain has been consistent. Bring down the full force of That isn’t what Mr Modi had promised them. you one election. But it can’t win you two in what kind of traffic such lines will attract, given that the existing rail traffic is only par- state power, internet and telecom restrictions, Their aspirations and needs are clear and pres- succession. Six months after he rode hope to tially containerised and new growth centres along the corridors are not yet up and and, at least in one case, Uttar Pradesh, collec- ent, and not being fulfilled. And certainly they his second conquest of India, he has senior running. tive fines. won’t be compensated for the let-down either police officers (who trusts the police on their Meanwhile, another ~20,000 crore is being used this year to keep the postal If a government elected with by “firmness”, with which you word in this country, I am so sorry to ask) hold- department going, mostly because the pay and pension bill is much bigger than the such an enormous popular vote control and “integrate” Kashmir, ing press conferences, calling students rioters revenue. This spares the blushes of perennial loss-makers like Air India and Bharat finds it worth its while to fight or how you teach a les- and anti-nationals; cabinet ministers speaking its students rather than reason son a day. Nor will their needs be out on TV channels, telling boys and girls on Sanchar Nigam Ltd, though their losses too run into thousands of crores. Talk of con- or listen to them, three things met by how much you can per- our campuses how to behave and be patriotic. verting the postal network into a bank has remained just that: Talk. If the government follow: suade them to fear the Muslim or But today’s young are smart. were to demand performance from the companies and ministries concerned, the First, a tyrant versus the hate the migrant Muslim “ter- They leave them speechless when they retal- non-tax component of the Budget would get a booster shot, and there would be less underdog story builds up. mite”. iate by waving the tiranga, mass-reading of the infructuous outlay to support non-performing companies. Second, it generates pictures None of these would get them preamble of the Constitution, and singing the The irony is that the government thinks it has all the money in the world to give that gravely damage Brand India a job, a living, a better life. national anthem. Just over six months back you these companies, when the truth is that it is more strapped for cash now than at any globally. And you can’t stop any Unless, of course, they are your had the cream of Bollywood fawningly pose for of this from “getting out”. ideological followers. The disil- selfies with Mr Modi. Today, many of the mar- other time in the last decade. Can the management of food stocks be made more effi- Third, and the most significant, NATIONAL INTEREST lusionment of the college-going quee stars, not just the usual “arty” ones, have cient? Can shortfalls in payment to electricity generators get a prior claim on states’ it inevitably creates a “children SHEKHAR GUPTA youth with Modi-2 has been rap- lent their support to protests. And the rest may share of Central taxes? Can private shipyards be given business to see if they can versus uncle/aunty mood” among id and deep. be silent, but almost no star of any consequence deliver within cost and stipulated timelines, because today the public shipyards don’t the youth. Let me elaborate. has risen in the government’s support. You have do either? Can politics be taken out of pricing decisions so that the subsidy bill gets obody should also remain under the mis- doubts, check out the worthies who landed at curtailed? very exit and opinion poll in 2014 and 2019 Nconception that it is just a virus specific to the central ministers’ dinner in Mumbai to sup- In short, there are many ways to make the government’s money go further — if the Eshowed us that the young of India, all of the the few, liberal, Left, public universities infest- port the Citizenship Amendment Act. You will millennials but especially the first-time voters ed by “Urban Naxals”. The anger has now spread need Google to identify some. government were to bring to the task the same determination it has shown in per- backed Narendra Modi with passion. I have in to expensive private campuses as well, which And in the middle of all this, you field a sec- sisting with the amended citizenship law? The key question is how much political my archives a string of short conversations with allow no politics and unions, and cost many ond-term cabinet minister like Smriti Irani to capital the government is willing to spend on economic reform measures that will be young people while travelling through the 2019 students’ parents a lot of their savings and mock and taunt Deepika Padukone. Remember, unpopular with one or other section of the population. If Air India is not sold, will it campaign across the country that name only inherited assets. I have been speaking at sever- we said the league you choose to play in decides be shut down? After all, private airlines have been shut, so why not Air India? To take one leader: Modi. al in different parts of the country, and found your stature. Show us a more effective way of such decisions, the economy has to become the government’s No. 1 priority, which it I wrote and spoke out at a Centre for Policy anger similar to what you might see at JNU, losing India’s youth. self-evidently is not at the moment. Research debate in New Delhi on the factors I Jamia, or BHU. found were propelling Mr Modi towards a big The sentiment is a bemused — and increas- In special arrangement with ThePrint

demanding educational reform. In both cities there were police beat- Remember Safdar Lighting the campus tinderbox ings at barricades, arrests, and bloodletting. Thence forward the EYE CULTURE Janam, was a part of the cast that was hundreds of protesting students a bunch of “anti-national” students through parliamentary legislation. story of Jayaprakash Narayan’s performing Halla Bol! on the day gathered at the gates — some stark hell-bent on shredding the country Opposition to both has been swiftly emergence as a galvanising force, UTTARAN DAS GUPTA Safdar Hashmi was murdered. She led facts stand out. They suggest the but is now applied to anyone politi- and peremptorily dealt with. Emergency rule and Mrs Gandhi’s the troupe back a couple of days later to complicity of forces on high behind cally opposing government policy Mr Modi’s authoritarian streak fall in 1975 is well-known. “In her eepika Padukone has been at complete the interrupted perform- the orchestrated attacks. A large or ruling party ideology. is sometimes compared to Indira grasp of the nuts and bolts of the the receiving end of praises and ance; the group has been revisiting police force turned a blind eye to Like that other shop-soiled appel- Gandhi’s rise to absolute power. If machinery of power,” observes Ms Dbrickbats for turning up at Jhandapur every year since then on several hours of mayhem in the stu- lation “Khan Market Gang”, the label so, the triggering of a students’ agi- Sahgal, “Indira Gandhi installed a Jawaharlal Nehru University (JNU) the day of Hashmi’s martyrdom. dents’ hostels, the street lights con- can be embarrassingly ironic. Two tation carries a fateful echo from strategy of command that depended earlier this week to express solidarity Hashmi’s vision of street theatre veniently went off, and the vice- pillars of the Modi government, the non-so-distant past. entirely on personal loyalty”. with students assaulted by armed mis- was utopian and internationalist. In chancellor — a government Finance Minister Nirmala In 1971, fresh from victory in the The student uprisings of 1974 creants, who breached security to enter an essay outlining the vision of Janam, appointee — fiddled, like Nero, as Sitharaman and Foreign Minister S Bangladesh war and a triumphant were not abetted by WhatsApp the campus last Sunday evening. Some he noted: “Street theatre, as we know it AL FRESCO his realm burned. To this day he has Jaishanker, are former JNU students, election, Mrs Gandhi was at the wars, Twittermania, or a body of have accused her of using the incident today, is not more than fifty or fifty-five SUNIL SETHI not been held accountable for his and have had to issue cringe-worthy very zenith of her power. Her inter- outspoken supporters from the film to promote her new film Chhapaak — years old. It began with a short play by failure to restore order. Moreover, assurances that in their student days national prestige was high and her world. The smashings and thrash- in which she plays the protagonist, an Mayakovsky — Mystery-Bouffe — dur- the assailants have not been tracked. there was no “Tukde Tukde Gang” command of the party and state ings at JNU are right in our face; acid attack survivor. Others have said ing the 1917 revolution in Russia. he ill wind of rampant vio- And, bizarrely, FIRs were filed and they were engaged in blameless governments untrammelled. Yet it they force the most passive observ- that her gesture was “bare minimum” During the Second World War, the lence against students and against Ms Ghosh as the agent intellectual capacity-building rather was precisely her tightening grip er to take sides. As a pan-Indian (to from a celebrity at a time when the same play was performed more than a T faculty of Jawaharlal Nehru provocateur rather than the sinister than involvement in the university’s on controlling levers that made use that overused but indefinable entire nation has been roiled by thousand times in front of the troops of University (JNU) by masked hood- untraceable attackers. As a established Left-liberal leanings. things go wrong — the lightning phrase) community, university stu- protests against the contentious the Red Army. Street theatre in the lums on January 5 took place in Centrally-funded institution, JNU (The two are not necessarily mutu- rod being the students’ unrest in dents everywhere are the same. Citizenship Amendment Act. Yet, Soviet Union has been closely related some of the most miserable weath- has been very much in the govern- ally exclusive, indeed they often go Bihar and Gujarat. Everyone either knows a college- some other — mostly supporters of the to the growth of people’s movements. er the capital has known, with tem- ment’s line of fire for some time, together in places of higher learn- In her incisive political biogra- goer, or was one, or, in the basic government — have called for a boy- In China, North Korea, Cuba and peratures plummeting to the cold- from February 2016 in fact, when ing.) phy Indira Gandhi: Tryst with Power human desire for self-improve- cott of her new film for extending sup- Vietnam, street theatre has been nur- est in decades. Kanhaiya Kumar, its former stu- Judging by the spillover of stu- (Penguin; ~399), the writer ment, hopes to become one. An ill- port to “anti-national” JNU. tured in the cradle of the Communist If that was a barometer of nation- dents’ president, was arrested for dents’ protests nationwide in Nayantara Sahgal gives a detailed educated driver I once had, a run- At the same time, a thirty-year-old party. In Africa, street theatre has been al politics, then a bitter winter of dis- sedition and criminal conspiracy for expressions of solidarity for the JNU account. It was small things (such away from rural Bihar, used to video has been circulating on social the mouthpiece of nationalist move- content augurs a dangerous spring allegedly voicing anti-national slo- violence, infiltrating campuses and as JNU students recently protesting regretfully intone: “Sir, vidya se badi media, in which uses ments. In the US, underclass African for the Narendra Modi- gans, a charge he denied. Like his tampering with the aspirations of a a hike in hostel fees) that set off the koi sampati nahin hai” (Sir, there is her time on stage at 12th International Americans have used street theatre to ruling establishment and their successor, Ms Ghosh, Mr Kumar restive youth population desperate conflagration. In January 1974 a stu- no greater wealth than education). Film Festival of India in January 1989 propagate their aspirations. In India Hindutva-fuelled followers. belongs to the Leftist union and has for degrees and hungry for jobs can dent revolt against food prices in New Delhi’s rulers should be to read out a note of protest for the too, street theatre has been closely From the blur of images of long been denounced by the prime have unforeseen consequences. It is engineering college hostels in alert to lighting a dangerous tin- murder of theatre activist Safdar related to the struggle for Bloody Sunday — students’ union minister, home minister and the not the same kind of control Ahmedabad and Morvi erupted into derbox. Besides, the city-state will Hashmi. In the video, Kabir Bedi asks Independence. But even after President Aishe Ghosh’s bandaged BJP’s students’ union as the “Tukde enforced by military might in the a citizens’ movement against scarci- elect a new government on about her opinion of the new wave the- Independence, our society is deeply head from wounds inflicted, Tukde Gang” — by now a rather jad- lockdown in Kashmir or the passing ty and misrule. That same year stu- February 11. The voters will factor atre director. “My views on my direc- afflicted with class hierarchy, social Deepika Padukone’s flying visit, ed phrase that started out to describe of the Citizenship Amendment Act dents of Patna colleges held protests in JNU’s Bloody Sunday. tors can be reserved for a later date,” injustice and improper distribution of she replies to a surprised Bedi, while wealth.” The aim of his theatre was to Victor Banerjee looks on. “I choose this attack these injustices. occasion to read out our protest,” she In another article for The Telegraph, adds. According to some sources, sen- Vidyarthy Chatterjee writes: “Hashmi How our lexicon got enriched in the past decade ior Congress leaders — miscreants was too astute a student of history and associated with the party accused of too perceptive an observer of the social The most interesting additions become the newest definition of who is hyper-aware of current meaning, and the pennants of rev- killing Hashmi — were apparently and economic realities of his time to to our active vocabulary in the last content consumption yes, but also social issues, and news, and is gen- olution. So also, #MAGA (the present in the audience. not realise that given the existing char- 10 years have come from portman- defines the volume and velocity of erally politically engaged. More and acronym for Make America Great Hashmi, a member of the acter of the Indian ‘system’, violent teau words … blended words … the viewing. more brands today, in fact, are seek- Again) which became easily the Communist Party of India (Marxist) confrontation with the propertied and Brexit, bromance, shero, metrosex- There is no dearth of blended ing a “woke” positioning. most emblematic political hashtag and founder of the theatre troupe Jana the privileged would amount to a bat- ual, netizen, screenager, frenemy, words in use today … affluenza, Similarly, another buzz-word of of the decade, catapulting Donald Natya Manch (Janam), was beaten up tle lost before it had even begun. That, freemium, emoticon, unfriend, bodacious, celebutant, chillax, recent times is “swag” … the new- Trump to the American presidency. on January 1, 1989 — allegedly by a in spite of his sagacious understanding staycation, podcast, athleisure, crunk, liger, mansplaining … in gen word for “cool” … a certain bold Language and lexicon, in con- Congress mob, led by party leader of conditions on the ground, violence buzzworthy, upcycle, solopreneur, domains that are more sociological self-assurance in style, expression clusion, fulfils a number of roles Mukesh Sharma — as he and his visited him the way it did carries a les- sexting, adulting, dadbod, … and the likes of animatronic, and manner which in the old days and functions in a changing society. troupe were performing their play son immersed in sadness and irony. YES, BUT... dadance, clickbait, hatewatch, sid- bionic, cyborg, mockumentary, was nothing but “swagger”! It interprets the whole of our expe- Halla Bol! at Jhandapur Colony in In a sense, Hashmi’s was a death fore- SANDEEP GOYAL eye, humblebrag, meetcute, pho- docusoap, telethon, and many more To think that just 10 years ago, rience, reducing the infinitely var- Sahibabad, the industrial town of told, both moving and enlightening.” tobomb … it is not that the likes of that are derived from technology we did not know, or use, words like ied phenomena of the world around Ghaziabad on the outskirts of Delhi. Other writers, artists and activists s a student of linguistics one motel or smog or brunch did not and entertainment. Even choco- selfie, ping, poke, tweet, meme, us, as well as the worlds inside us, to The performance was a gesture of sol- have been murdered since Hashmi’s was taught that language exist previously in our conversa- holic, fregan and hangry which are emoji, troll … or did not even know a manageable number of classes of idarity for Ramanand Jha, a commu- death in India by political parties of all A changes due to assimilation tional language, but in the 2010-20 related to food. So, anything goes. what a hashtag was all about. occurrences, types of processes, nist leader who was fighting the persuasion, from the far Right to the and dissimilation, mergers and decade, marrying parts of multiple The other major trend of the Talking of hashtags, #MeToo events and actions, classes of municipal elections in the area. far Left. One is almost immediately splits, syncope and apocope, proth- words or their phonemes and com- decade just gone by has been the entered the global consciousness objects, people and institutions. In Hashmi succumbed to his injuries a reminded of the murders of Govind esis and epenthesis … new words bining them into a new word heightened embracing of acronyms when on October 15, 2017, Alyssa a way it becomes the “social con- day later in the hospital. Pansare, Narendra Dabholkar, M M are borrowed or invented, the became almost a fashion in popular … wildly popular ones like BFF, Milano wrote: “If you’ve been sex- struction of reality” around us. The Senior journalist V Kumara Swamy, Kalburgi and Gauri Lankesh in 2013-14 meaning of old words drifts or is culture. Take “dadbod” mentioned FOMO, FYI, ICYMI, GTG, BRB, IMO, ually harassed or assaulted write rapid change that the world has wit- in an article for The Telegraph late last by a shadowy right-wing organisation. redefined, and morphology of the earlier. To the uninitiated, it is slang TTYL, TBTF to the more esoteric “me too” as a reply to this tweet.” nessed in the past decade is truly year, wrote: “People talk of Safdar In recent times, it has also become very lexicon develops or decays every for a body shape of middle-aged GOAT (Greatest Of All Times), And world began to talk about its reflected in the massive enhance- Hashmi as if he was a man who died at fashionable to call people “anti-nation- couple of generations. In the past men, usually dads, with a slightly EGOT (an Emmy-Grammy-Oscar- experiences, sparking one of the ment of our day-to-day lexicon, and a ripe old age. …In his thick glasses, al” if they are critical of the Bharatiya decade all of the above has hap- protruding tummy out of an other- Tony winner), OOTD (Outfit Of The most acrimonious outpourings and how new actions, new mannerisms, coat-muffler and wide smile, Hashmi Janata Party-led central government pened to our language, and our wise muscular body which is actu- Day) or the more grounded TLDR shaming in recent history. And new attitudes, new thinking, new looks much older than he actually was or its policies. But, if Hashmi’s death has vocabulary. New words, new mean- ally being celebrated these days as (Too Long Didn’t Read) or 2C2E #MeToo became the hashtag that products, and new ideas have all at the time the photograph was tak- taught us anything, it is that no amount ings, new interpretations, new sexy! Not just that, some new intro- (Too Complicated To Explain)! showed us how a few words can found names, and expressions, that en.” When he was murdered, he was of bullying, even murder can silence implications and new understand- ductions like MeTime are actually Our recent vocabulary has also galvanize and unite people for a define them and evoke a common only 34 years old. But he “had already artistes or their ideas. One can perhaps ings have created a new lexicon profound expressions of how an been vastly enriched by words like cause. The likes of #Egypt and understanding of their meanings made a name for himself as a fiery take hope from it in our dark times. prompted by new technologies, entire generation wants not just “woke” which made an appearance #ArabSpring, amongst us all. street theatre actor and director.” new social realities, and a new way leisure or solitude, but a cocooned on the conversation horizon barely #UmbrellaRevolution and Hashmi’s fame really grew to mythic Every week, Eye Culture features writers of living life. And it has happened personal downtime with zero intru- a couple of years ago. Now, who or #BlackLivesMatter all became The writer is an advertising and media proportions after his murder. His wife, with an entertaining critical take on art, in a fraction of a generation. sions. Similarly, bingewatch has what is “woke”? Well, it is someone words that were pregnant with veteran Moloyashree Hashmi, who now runs music, dance, film and sport 10 THE SMART INVESTOR MUMBAI | 11 JANUARY 2020 > Chris Wood sees gold rising to $4,200/Oz THE COMPASS Infosys valuation may Figure double of what (European Central Bank) renewed the US, hitting a 15-month high by the THE SIGNIFICANT balance sheet expansion last quarter,” end of 2019. others estimate; Wood said. The second is the apparent confir- rise on Q3 scorecard prices had risen 18% BREAK ABOVE Such policies will discredit the mation of a “phase one” trade deal $1,460/OZ IN THE LAST central banks that have pursued between the US and China. Wood, At 17 times its FY21 earnings, firm is in calendar year 2019 SEPTEMBER QUARTER unconventional monetary policy, however, is sure that once the fears threatening the stability and integrity pertaining to a global economic trading at 26% discount to rival TCS IS, HOPEFULLY, of the current fiat-paper- downturn re-emerge, cen- RAJESH BHAYANI FURTHER money system. The positive trigger tral banks will start loos- SHREEPAD S AUTE Mumbai, 10 January CONFIRMATION OF A However, with the US- for gold in 2019 ening policies, which will NEW BULL MARKET Iran conflict not escalat- was a renewed benefit gold. Infosys has given its he ultimate target price for ing, gold prices are now easing cycle by the Gold prices are also investors multiple reasons gold in the long term is $4,200 IN GOLD correcting. US Fed and the expected to be volatile. to cheer. A decent show in Tper ounce, says market analyst CHRIS WOOD, Philip Newman, direc- realisation that the Nigam Arora, author the December quarter Christopher Wood in his GREED & Global head (equity tor, Metal Focus, a Fed will not be of the Arora Report and a (Q3), strong order inflows, Fear report. strategy), Jefferies London-based research able to normalise US-based market observ- improved guidance, and This is almost double of what house, said: “In the very monetary policy er, said: “Algorithmically more importantly a clean many analysts anticipate. short term, investor senti- the projected price range chit for the management He, however, has not given a time- of a new bull market in gold,” he said Friday, down from the $1,611 seen two ment will continue to be for gold is $1,450-1,700. on whistlebower com- frame for this but what he sees is more in the report, his weekly note to days earlier. dominated by developments in West Expect gold to be volatile later in the plaints are positives. than double the all-time high the gold investors. “This is because central banks, Asia. Without dramatic escalations, year.” In the mid-term, he is bullish Its performance in Q3 price saw — $1,900, on September 5, The positive trigger for gold in including most importantly the we would not be surprised if gold on gold. He said: “The prospect of was broadly similar to 2011. 2019 was clearly a renewed easing Federal Reserve, will not be able to retreats towards $1,500 or goes below interest rates staying low for a long what analysts had esti- The gold bullion price rose by 18.3 cycle by the US Federal Reserve (Fed) exit from unconventional monetary that in the coming weeks.” time is helpful for gold. In addition, mated, with reported rev- per cent in 2019. and the resulting realisation that the policy in a benign manner and will He also discussed two near-term there is heavy speculation that the enue and net profit growth “The significant break above Fed will not be able to normalise mon- ultimately remain committed to headwinds for gold. dollar will fall. Gold is priced in dol- rising 2 per cent and 10.6 $1,460/oz in the last September quar- etary policy. ongoing balance-sheet expansion in One is improving bond yields lars. If the dollar falls, then gold per cent, sequentially. ter is, hopefully, further confirmation Gold was trading at $1,550 on one form or another, just as the ECB since last September, particularly in will go up.” Even in constant cur- rency (CC) terms, Infosys’ sequential revenue growth of 1 per cent in Q3 was at par with analysts’ expec- Ruling the decade: 66 tations of 0.9-2.0 per cent. Sebi issues fresh notice to NSE However, the earnings before interest and taxes SACHIN P MAMPATTA October 9, and a tlement application. It said it entities deliver 10x or Ebit margin at 21.9 per Mumbai, 10 January Supplementary notice dated was awaiting a response from cent marginally missed December 16, 2019… in relation the regulator. Street estimates of 22.3 per The Securities and Exchange to certain alleged irregularities The NSE holds 37.5 per cent returns from ’10-’19 cent. As expected, the Board of India (Sebi) has sent a in the appointment of Chief in it through subsidiary NSE s many as 66 entities have financial services vertical are expected to boost rev- supplementary notice to the Strategic Advisor and his re- Investments. The matter is list- Adelivered more than 10x returns (31-32 per cent of rev- enue growth for the firm. NSE on appointment irregular- designation as ‘Group ed as part of disclosures of liti- in the last decade, between 2010 enues) grew at a moderate Infosys bagged large ities and code of conduct vio- Operating Officer and Advisor gation involving group firms. and 2019. Sectors that have large pace in Q3. deals to the tune of $1.8 lations pertaining to its chief to MD’ by the former MD and It also mentioned other weights in frontline indices Nifty But better growth by billion in Q3, taking the strategic advisor. CEO, and the sharing of certain matters related to the NSE. and Sensex have marginal other verticals, such as total to $7.36 billion in The supplementary notice internal information pertain- One was in relation to prefer- representation in the list. For retail, communication, life FY20 so far — up 56 per was sent on December 16, and ing to the NSE with an alleged ential access to its co-location instance, only two banks — City sciences, and hi-tech, cent year-on-year. follows a show-cause notice ments of Computer Age third party by the former MD facility, and another on con- Union and IndusInd Bank — have among others, helped off- Lastly, a clean chit by sent on October 9. The details, Management Services (CAMS), and CEO,” it said. nectivity offered to trading delivered over 10x returns. In the set the same. the audit committee on which also mention actions by which is planning an initial It added that the exchange members through an unautho- financial services industry, five companies came in The digital business the whistleblower issue the former managing director public offering (IPO). had sought inspection of rised service provider. as ten-baggers during this period. and Bajaj grew a sharp 40.8 per cent will further support the and chief executive officer, are “The NSE is in receipt of records related to the matter Finserv led the financial services pack, with gains of 132x and 27x, year-on-year in CC terms. stock, though a decision stated in the draft offer docu- Sebi’s show-cause notice dated from Sebi, and had filed a set- More on business-standard.com respectively. Only two FMCG companies — KRBL (13x returns) and According to the manage- from regulators such as Britannia (18x returns) — feature in the list. Experts say the lesser ment, continued softness the US Security and discovered businesses provide a higher possibility of multi- in the European banking Exchange Commission bagger returns, given it is more likely that the market has not space hurt its financial (SEC) is pending. discovered the true value of their underlying business. In the services segment, and the Given these positives, Nifty crosses 12,300-mark on easing tensions BSE500 universe, the biggest multi-bagger has been the pressure would continue the American depositary acquaculture company Avanti Feeds, which has given staggering for a few quarters, while receipts listed at the returns of 352x. Dinner sets maker La Opala has delivered retail segment would Frankfurt Stock Exchange SUNDAR SETHURAMAN gain in three weeks. On NIFTY's MILESTONE commentaries would give 44x returns. JASH KRIPLANI remain volatile. rose 7.5 per cent. Mumbai, 10 January Thursday, the indices posted investors insight into corpo- Despite the pressure in Amit Chandra, analyst their biggest gain in three 12,256.8 12,320 rate health at a time when the Dec-end, Dec-end, Gains key verticals, the FY20 CC at HDFC Securities, says The Nifty rose and breached months following an ease in economic growth is the slow- 2009 2019 (x-times) revenue growth guidance that a strong deal pipeline, the 12,300-mark for the first crude oil prices, which fell on est in years. Avanti Feeds 1.66 584.5 352.00 was revised to 10-10.5 per healthy growth in the dig- time, on Friday, as crude oil the hopes of de-escalation in 12,280 Advance estimates Caplin Point Lab 1.65 301 182.42 cent, from 9-10 per cent. ital business, lower attri- prices eased further on the US-Iran tensions. released by the statistics min- Bajaj Finance 32 4235.1 132.22 The firm also increased tion, and a positive audit back of easing US-Iran ten- “What’s also working in istry on Tuesday pegged GDP its revenue guidance for report on the whistleblow- sions. The benchmark rose as favour of equities are lacklus- 12,240 growth for FY20 at 5 per cent. PI Industries 17.7 1,447.5 81.64 the third straight time, er issue should help much as 12,311, before ending tre alternative asset classes Coal India, Tata Motors Astral Poly Technik 14.4 1,176.35 81.57 despite sluggish outlook improve valuations. the session at 12,257 — a gain and a supportive global risk- 12,215.9 and Infosys were the biggest Relaxo Footwear 9.6 615.5 64.11 for the sector. This could also narrow of 41 points or 0.33 per cent. on trade,” said Amar Ambani, 12,220 gainers in Nifty. Symphony 18.4 1,160.75 63.22 However, the move the valuation gap between Jan 9,’20 Jan 10,’20 The Sensex, on the other head of research (institutional Foreign portfolio investors 15.8 974.85 61.85 was expected by analysts. Infosys and TCS, he adds. hand, rose 147 points and equities), YES Securities. or FPIs were net buyers of Better growth esti- At 17x its FY21 estimated closed the session at 41,600, Analysts said that with eas- earnings and the US-China equities worth ~578 crore, La Opala RG 3.29 145.9 44.34 mates for other verticals, earnings, Infosys is cur- an increase of 0.36 per cent. ing geopolitical tensions, tariff deal next week. while domestic institutional Atul 92.2 4,053.3 43.96 a strong digital business, rently trading at a 26 per

Friday’s rise helped the investors will be closely Market players said the investors or DIIs were net sell- Source: Capitaline, from BSE500 universe and the large deal pipeline cent discount to TCS. indices mark their first weekly watching the third quarter earnings and management ers to the tune of ~251 crore. Compiled by BS Research Bureau

> FROM PAGE 1 Infosys audit panel says... Gaitonde and Raza... YES Bank... Although is based in gallery in Kolkata, believes that while it is “I am pleased that after a rigor- actions, when ultimately con- The process also involved iden- England, he spent his childhood and form- important to note that living artists don’t Agarwal alleged that Citax had governance, failure of compli- ous investigation, the committee cluded and determined, will tifying 46 custodians for collec- ative years in India and is also recognised appreciate more than 10 or 15 per cent a a share capital of only £100, ance, management practices has found no wrongdoing by the have a material and adverse tion of relevant documents and internationally. year, the ones with serious long term mil- and that neither Citax nor and the manner in which the company or its executives. CEO effect on the company’s results electronic data, apart from Dinesh Vazirani, founder of Saffron Art lion-dollar potential include artists such as Braich’s offers could be called state of affairs of the company Salil Parekh and CFO Nilanjan of operations or financial condi- reviewing over 8 terabytes of Gallery, says that in terms of commanding Ganesh Pyne. binding commitments. But are being conducted by Mr Roy are strong custodians of the tion,” Infosys said in a statutory electronic data involving 210,000 high prices, other upcoming artists include Others see it differently. For Reena Lath, the bank told the board, Ravneet Gill – MD/CEO, Dr company’s proud heritage,” he filing to the exchanges. documents from electronic Rameshwar Broota, Jogen Chowdhury and director, Akar Prakar Gallery in the capital, exchanges, and the media Rajeev Uberoi, senior group said. The investigation conduct- In a letter dated September sources and imaged devices. Himmat Shah. it is important to note that in 1997, the first that it had received a binding president governance and ed by Infosys, however, is inde- 20, 2019, an anonymous group Additionally, the company “Beyond talent, it takes a specific check- ever homegrown Indian auction house offer of up to $1.2 billion for controls, Mr Sanjay Nambiar pendent of two other investiga- calling itself as “Ethical consulted independent internal list to cross a certain price threshold. That ‘Heart’ was established more as an auction capitalisation of the bank. – legal head and board of tions being conducted by the US Employees”, had alleged that auditors Ernst & Young on large takes a body of work over several decades, for promoting the arts than for profit. Agarwal strongly denied directors,” Agarwal’s resigna- and Indian market regulators, Infosys’ current management deals and treasury-related international shows, and dedicated patron- “I remember the room was full of impor- any wrongdoing. Rather, he tion letter said. based on the same whistle-blow- was taking “unethical” steps to processes, the findings of which age amongst collectors,” he said. Sangita tant industrialists and collectors of art. said the RBI letter was a rou- Agarwal, an independent er complaints. inflate short-term revenue and were shared with the probe Jindal, publisher of Art Asia, adds that two Some had come to watch and some to col- tine one and was received in director at the bank since 14 Additionally, the NYSE-listed profit. In the letter, the whistle- team. other vital metrics are consistent critical lect, more to support the initiative than real- April last year as part of annu- November, 2018, said he was company is also facing a share- blower flagged concerns about “While our business is acclaim and auction performance. ly looking at art as an investment,” she said. al check on the fit and proper appointed by the sharehold- holders’ class-action lawsuit, several zero-margins deals, say- focused on delivering solutions If some earlier artists have been neglect- At that time, she recalls, a Ganesh Pyne criterion of all the directors. ers to serve for a period of five which was filed in the district ing they were closed by flouting for a changing world, for 38 years ed, it’s also because of an absence of his- was among the most expensive works, sell- “I had given them six legal years starting June 12, 2019. court of New York in October. norms. The whistle-blower also our culture and values have torical records which has left a lot of deep ing for the handsome price of ~10 lakhs. “In opinions on the issue where Agarwal alleged that on The company said it would con- made several personal charges remained constant,” said rich talent remaining unappreciated, that same auction a Souza which was at the chief justice of Kerala and October 31, 2019, when the test the lawsuit. against Parekh and Roy. Nilekani. “Infosys is a model of according to Mortimer Chatterjee, co- least five times larger than the Pyne, sold others gave me a clean chit. management held a meeting “The group is subject to legal During the probe, Infosys strong corporate governance, founder of Mumbai art gallery Chatterjee for just ~60,000. Today a Souza is consid- But they used that tool to pres- of the capital raising commit- proceedings and claims, which said, the investigation team con- and the company’s handling of & Lal. “The whole talk of the Bombay ered ‘a super-duper’ investment,” she said. surise me because I was a tee (CRC), Gill said the bank have arisen in the ordinary ducted an extensive analysis -- these allegations from start to Progressives has been such a red herring If experts and critics agree on one thing, vocal member in the board had received a commitment course of business. The compa- 128 interviews with 77 persons, finish has been consistent with because it led the conversation away from it is that price is merely one criterion that against the malpractices. How from a global investor to put ny’s management does not rea- including company officials these high standards of gover- those not in it,” said Chatterjee. decides the value of an artwork and not much time does it take to $1.2 billion in the bank. sonably expect that these legal mentioned in the allegations. nance.” Rakhi Sarkar, founder of CIMA art necessarily the definitive one. ascertain the fit and proper However, there was no meet- criterion? I am a director since ing held by the board of direc- November 2018,” he said. tors for considering this pro- “These are not mere alle- posal. The bank subsequently Tata-Mistry case... gations, but hard facts. The informed the exchanges that IIP in the green after 3 months capital raising issue is going it had received such an offer, “We have to hear the matter in detail,” the on for four months. They did- without disclosing the name three-judge Bench said. The NCLAT had The sector accounts for 78 per cent economist at ICRA, said. pushing domestic production in the economists who said e-commerce n’t even do due diligence on of the investor. last month asked Tata Sons to reverse the of the index. In October, it had con- Most importantly, the capital sector over the past two years sales in October were very high. Citax. Did they find if the The NSE, according to status of the company from private to pub- tracted 2.1 per cent. goods segment, which signifies through a series of benefits and a Crucially, the consumer non- investor has enough money to Agarwal, issued several letters lic limited and reinstate Cyrus Mistry as a investment, contracted 8.6 per cent phased manufacturing programme, durables category turned positive in invest in the bank? Let us first to the bank, seeking details of director on its board and on three other Return of manufacturing in November, after a 21 per cent fall aimed at reducing imports of elec- November, after having contracted examine the fit and proper cri- the investor mentioned on group firms. NCLAT, in its order, had called Of the 23 sub-sectors within manu- in the previous two months. tronics goods. for two months, with production terion of the management October 31, but the bank had the conversion of Tata Sons from public facturing, 10 recorded year-on-year Production in the category remained Auto components, steel and sug- growing 2 per cent. itself,” Agarwal said. not satisfactorily answered to private ‘’illegal’’ and Mistry’s removal contractions, down from 18 in the in the red for the tenth month, ar, were flagged by the government “The turnaround in factory out- He alleged in his letter to those queries. In the board ‘’oppressive’’ to minority shareholders. previous month. However, econo- despite government efforts to open as sectors pulling down overall IIP put growth still cannot be interpret- the capital markets and bank- meeting on November 29, Gill Tata Sons in its plea to the SC had said, mists suggested that the worst may up even more sectors to easier for- growth. Machinery production ed as some kind of a green shoot on ing regulators, as well as to the verbally informed the board “The direction to restore Cyrus Mistry for not yet be over. eign direct investment (FDI) flows shrank four per cent, lower than the the industrial front. Until a majority exchanges, that YES Bank about the binding term sheet his remaining term, without noticing that “As anticipated, a favourable base earlier this year. 18.1 per cent contraction seen in the of the use-based sectors show posi- CEO Gill initially did not want with certain investors. the term has come to an end is a recipe for effect led to the IIP posting a turn- The IIP database showed that previous two months. tive growth on a sustained basis, it to disclose to the board the “However, in spite of disaster, for the reason that it will create around to a mild growth in contraction remained entrenched would be difficult to believe that names of the investors who repeated requests by the unnecessary confusion in the working of November 2019, although the pace across automobile segments, with Consumer demand fizzles Indian industrial sector has come gave binding offers. In the undersigned and other board companies and lead to more conflict.” trailed our expectations. On average, motor vehicle production falling 12.6 A month after the festive season tra- out of the woods,” Sunil Kumar subsequent meetings, Gill members, the management After the Tatas challenged the NCLAT industrial performance remained per cent in November, albeit lower ditionally begins, November saw Sinha, principal economist at India communicated the names for reasons best known to order in the SC, Mistry said in a public lacklustre in October-November than the 28 per cent fall in October. production of consumer durables Ratings, said. verbally, and it was also found them did not table or share statement that he would not pursue the 2019, with a year-on-year decline of Similarly, production of electron- contract for a sixth consecutive Meanwhile, mining output rose that one of them, Citax, had a any correspondence or paper executive chairmanship of Tata Sons, or 1.2 per cent, driven by all the use- ics also reduced almost 10 per cent month. However, production con- 1.7 per cent after an eight per cent share capital of just £100. or a copy of the binding term directorship of TCS, Tata Teleservices or based categories, except intermedi- in November, lower than the 30 per tracted 1.5 per cent in November, a fall in October. Contraction in elec- “There are serious con- sheet,” his letter alleged. Tata Industries—the three firms listed by ate goods and consumer non- cent fall in the previous month. This much lower pace than October’s 18 tricity generation fell to five per cent cerns as regards deteriorating the tribunal. durables,” Aditi Nayar, principal comes in spite of the government per cent. The contraction baffled from 12 per cent in October. standards of the corporate More on business-standard.com 14 ECONOMY & PUBLIC AFFAIRS MUMBAI | 11 JANUARY 2020 1 > Modi and Mamata may share stage in Kolkata

AVISHEK RAKSHIT 150 years of the KoPT. retariat (Nabanna) to invite Gandhi’s invitation to attend a The chief minister has been to establish a deep sea port at state whenever and wherever nec- Kolkata, 10 January Banerjee has been extremely Banerjee to attend the event,” said meeting of like-minded supporting the students agitating Tajpur, which has been a bone of essary. Whether we build it or the vocal in opposing the CAA and Mansukh Laxmanbhai Opposition parties on Monday, to against the CAA, and has sent del- contention between the Centre state, it will benefit the country Prime Minister Narendra Modi has vowed not to implement it in Mandaviya, Union minister of come up with a joint action plan egations to Uttar Pradesh to stand and the state. after all,” said Mandaviya. and West Bengal Governor the state. Modi, on the other state for shipping with independ- against the CAA and the proposed by families of those who died in The state initially partnered The Centre has also decided to Jagdeep Dhankhar are expected hand, has criticised Banerjee on ent charge. National Register of Citizens. the alleged police firing. The state with KoPT to set up a deep sea set up maritime museums in to share the stage with Chief several grounds, including cor- Mandaviya has already invit- The political situation in the BJP unit, on the other hand, had port in either Sagar Islands or every major port across the coun- Minister Mamata Banerjee at a ruption and law and order. The ed Dhankhar. People in the know country, following the student mounted its opposition against Tajpur. However, it later decided try to host the naval history of Kolkata Port Trust (KoPT) event governor has also been a strong said Banerjee may meet Modi on protests, is also part of the agenda. Banerjee, alleging her party’s to go solo and KoPT —under the India. on Sunday. This comes amid the critic of the state government. Saturday before the event. The Banerjee reasoned that it is in involvement in the violence that union shipping ministry — was Further, the Centre has identi- raging issue of the Citizenship “Prime Minister Narendra development assumes signifi- protest against the alleged vio- rocked West Bengal just after the left behind. People in the know fied Mumbai, Goa, Kochi, Amendment Act (CAA). Modi, Governor Jagdeep cance as Modi and Banerjee have lence unleashed by the Left Front Citizenship Amendment Bill said KoPT was interested in being Chennai, Mangaluru, Modi is visiting Kolkata to Dhankhar, and Chief Minister not shared a public platform in and the Congress on January 8 in became an Act. a partner for the project. Visakhapatnam, and Kolkata as inaugurate a few historical struc- Mamata Banerjee will inaugurate recent times. her state. Banerjee and her party Mandaviya said the Centre “We are absolutely fine if the potential destinations for cruis- tures that have been restored, and the 150-years’ celebration of Banerjee has also decided to are opposed to any bandh and does not object to the state gov- state government decides to go es. The first riverine cruise is kick start the celebration to mark KoPT. I am going to the state sec- skip Congress president Sonia strike. ernment proceeding with its plan alone. We will cooperate with the expected to start from KoPT. LICchairman:Need Pakistan epitomises cost-effective products ‘darkarts’: forlower-middleclass India at UNSC

PRESS TRUST OF INDIA THE RESERVE BANK OF INDIA United Nations, 10 January HAS GIVEN US 12 YEARS TO In a hard-hitting response, PARE OUR STAKE IN IDBI India said Pakistan "epitomis- BANK.... WE HAVE ALWAYS es the dark arts”, but there are no takers for its "malware” WANTED TO HAVE A BANK. after Islamabad raked up the WE HAVE HAD TIE-UPS issue of Jammu and Kashmir WITH MANY BANKS. NOW at the UN Security Council. “One delegation that epit- THAT WE HAVE A BANK, IT IS omises the dark arts has, yet WORKING VERY WELL. IDBI again, displayed its wares by BANK IS LEADING THIS YEAR peddling falsehoods earlier today. These we dismiss with AMONG ALL BANKS WITH disdain,” India's Permanent ALMOST ~500 CRORE OF Representative to the UN PREMIUM COLLECTION FOR Ambassador Syed Akbaruddin said on Thursday. LIC IN FY20 "My simple response to MR KUMAR, LIC Chairman Pakistan is even though it is late, neighbour, heal thyself of your malaise. There are no tak- ers here for your malware,” SUBRATAPANDA only $7.8 of saving and insur- agents do 80 per cent of the Akbaruddin said, addressing Pune, 10 January ance is in place for a typical sales. There are 2.1 million the UN Security Council open Indian household, leaving a individual agents as of now. debate on ‘Maintenance of People below the poverty line mortality protection gap of “We will require roughly International Peace and require new forms of social $92.2. 4 million people in the next Security Upholding the United security and should benefit For the life insurance couple of years,” Kumar Nations Charter.' from corporate social respon- industry to increase its busi- added. Akbaruddin's strong response sibility while there is a need ness and cater for the under- “Our sales of policies are came after Pakistan's envoy to for cost-effective and tax- penetrated market in India, not growing in number. We the UN Munir Akram raked exempt products for the low- banks need to sell insurance are selling more or less 20 up the issue of Jammu and er-middle class, according to aggressively and leverage million policies every year. Kashmir while addressing the M R Kumar, chairman of their customer base. Also, all We are targeting at least 20 Council during the open state-owned Life Insurance insurance companies need to per cent growth in the num- debate. Corporation (LIC). recruit agents extensively ber of policies and reach 25 The Pakistani envoy also Addressing the 21st C D and provide them profes- million by March this year,” raised the abrogation of Deshmukh memorial semi- sional training, Kumar said. Kumar said. Article 370, communications nar on Friday at the National Kumar pointed out “The Reserve Bank of lockdown in Kashmir and Insurance Academy, Pune, despite the online channel India has given us 12 years to referred to Wing Commander the LIC chairman said for distributing products on pare our stake in IDBI Bank. Abhinandan Varthaman, who although life insurance had company websites or web- And we have not heard any- was captured by Pakistan after been one of the fastest-grow- aggregators for over a decade thing from the Insurance an aerial combat in February ing sectors in India since it now, the mode is yet to see Regulatory and Development last year after New Delhi had opened up in 2001, the vast any traction. Authority of India. We have conducted counter-terror uninsured population and However, banks, corpo- always wanted to have a operations in Pakistan's market potential put the rate agents, and brokers have bank. We have had tie-ups Balakot. Akram called on the achievement of insurance managed to hold their own, with many banks. Now that Security Council and players in the shade. contributing 14 per cent of we have a bank, it is working Secretary General Antonio India has the highest pro- the sale of new policies, very well. IDBI Bank is lead- Guterres to “act decisively to tection margin in the Asia which is still small consider- ing this year among all banks prevent a disastrous war Pacific region, at 92.2 per ing the reach these entities with almost ~500 crore of between Pakistan and India.” cent, which means for every have. premium collection for LIC Pakistan has been unsuccess- $100 needed for protection, Effectively, individual in FY20.” fully trying to drum up inter- national support against India for withdrawing Jammu and Kashmir's special status and bifurcating it into two union territories. Reacting sharply Keralagetsinvestment to India's decision, Pakistan downgraded diplomatic ties with New Delhi and expelled offersof~1trillion India's high commissioner. India has categorically told the international community The Kerala government has TOP INVESTORS the investors. There would that the scrapping of Article received investment inten- COMMITMENT AT not be any intermediaries 370 was its internal matter. It tions to the tune of around ~1 between prospective entre- also advised Pakistan to trillion during the ASCEND ASCEND KERALA 2020 preneurs looking for invest- accept the reality and stop all 2020 Global Investors Meet. (~crore) ment in Kerala and the anti-India propaganda. The largest commitment was Abu Dhabi 66,900 authorities. In his statement to the by Abu Dhabi Investment InvestmentAuthority “One can apply directly at Council, Akbaruddin said that Authority, which committed several levels starting from it is increasingly acknowl- around 66 per cent of the Kerala Infrastructure 8,110 the village office to the edged that the 15-nation total investment. Management CMO,” he added. Noting that Security Council faces crises Speaking at the meet, KITEXApparel Park 3,500 the government will accord of identity and legitimacy, as which was concluded on MSME Consortium 2,050 priority to completing the well as relevance and per- Friday, Chief Minister Joy Alukkas 1,500* projects proposed in formance. Pinarayi Vijayan said that of ASCEND 2020, he empha- “The globalisation of ter- the amount, ~98,708 crore Ashique Chemicals 1,000 sised the need for skilled ror networks; the weaponisa- comes in as direct promise & Cosmetics labour across sectors. The tion of new technologies; the during the two days of Aerotropolis, Kannur 1,000* government is in talks with inability to counter those ASCEND, while there are “a Delwan Group, Qatar 1,000 various universities to resorting to subversive state- couple of entrepreneurs KCM Appliances 750 improve the standards of craft are showing up the whom we happened to miss” Kerala’s courses in skills, he shortcomings of the Council.” at the event but have DM Healthcare 700 added. Special consideration Akbaruddin noted that in a expressed their willingness Believers Church, 600 will be given to the invest- world constantly in flux, the to invest. Thiruvalla ment proposals from MSMEs challenges to international Overall, the state has Pillai (RP) Group 650 at the ASCEND, though it peace and security are a step received 164 investment pro- Agape Diagnostics 500 will stay away from projects ahead of the systems designed posals. Across the sessions with negative ecological to tackle them. “It is evident at ASCEND 2020 came in DP World 500** impact. now that fires are all around promises worth ~32,008 Adtech Systems 500 The government has con- the horizon. To undertake a crore and towards the end, Fair Exports India 500 vened a meeting on January fair evaluation of the available the Kerala Infrastructure *(LoI); **(Logistics Park) 21 of local administration mechanisms without belit- Management Ltd vowed Source: Kerala Government presidents and secretaries. tling their importance, we ~8,110 crore, while the Abu The session had saw 100-odd need to ask ourselves – are Dhabi Investment Authority ed with this task, said the projects, ratified by KPMG as they still fit for the purpose of promised investments of Chief Minister. viable, presented across sec- implementing the funda- ~66,900 crore. The government will seri- tors such as petrochemicals, mental principles of the DP World will be invest- ously consider complaints agro and food-processing, Charter?” He underscored the ing around ~500 crore for a against top officers who are defence, life sciences, need for the Council to be part logistic park. indifferent or negative in aeropolis, tourism and hos- of the political tool kit to The government plans to their response to industrial pitality, ports and harbour, address ongoing and future meet the prospective investments, A meeting will fisheries, infrastructure, threats to global peace and investors individually. A be convened to sort out the mobility development, logis- security, emphasising that the team led by Principal matter by facilitating inter- tics and electronic hardware. Council should represent cur- Secretary (Industries) Dr K action between top bureau- rent global realities and be fit Ellangovan has been entrust- crats and representatives of T E NARASIMHAN for purpose. 16 MUMBAI | 11 JANUARY 2020 1 > Boeing staff call DGCA ‘stupid’ for Amid protests, Centre notifies Citizenship Act ARCHIS MOHAN 737 MAX approval, reveal docs New Delhi, 10 January US firm apologises The Centre notified the Citizenship Amendment Act to Indian regulator, (CAA) on Friday. The notifica- tion comes nearly a month SpiceJet, and after Parliament passed it on December 11, and in the wake the flying public of sustained anti-CAA protests. The Supreme Court is set to PRESS TRUST OF INDIA hear petitions challenging the New Delhi, 10 January constitutionality of the law on January 22. uring the approval process for The Centre, by notifying 737 MAX planes in India in 2017, the law, has indicated its D Boeing executives used terms resolve to implement it even such as “fools” and “stupid” for the as lawyers and retired judges, Indian aviation regulator Directorate Opposition parties, activists, General of Civil Aviation (DGCA), students and retired bureau- according to internal documents crats have criticised it as released by the company. unconstitutional as it discrim- could sour Centre-state rela- Christian migrants who have In early 2019, regulators across the inates on the basis of religion. tions. come to India until December world banned flying 737 MAX planes Home Minister Amit Shah’s In recent weeks, Prime 31, 2014, because of religious after two fatal accidents involving the statements in Parliament that Minister Narendra Modi and persecution in Afghanistan, aircraft that killed 346 people. The CAA would be followed by the Shah have said there are no Bangladesh, and Pakistan. It DGCA also ordered grounding of these WHAT THE MESSAGES SAID ing if it is necessary to have a mandato- National Population Register plans to bring in NRC, and that does not provide for citizen- planes in March last year. “I just Jedi mind tricked this (these) fools. I should be ry simulator-based training for pilots (NPR) and National Register of no detention camps have come ship to Muslims. It has also The latest batch of internal Boeing given $1000 every time I take one of these calls. I save that will fly 737 MAX planes in Indian Citizens (NRC) have led to mis- up. But protests have contin- brought down the period of documents were provided to the US avi- this company a sick amount of $$$$” airspace. Since the ban of 737 MAX givings in large sections of the ued with over 30 people killed, naturalisation for such ation regulator Federal Aviation plane in India by the DGCA in March society, particularly Muslims, mostly Muslims, across India, migrants from 12 years to six Administration (FAA ) and US Congress “The DCGA in India is apparently even stupider, if 2019, the regulator has made it clear to that they might lose citizen- including at least 20 in BJP- years. last month and released on Thursday. In that's a word. I am drinking obviously” Boeing that simulator-based training ship and sent to detention ruled Uttar Pradesh. The Act is not applicable to one of the conversations, a Boeing exec- must be conducted for all pilots of 737 camps. Kerala and West Bengal The law has amended the the tribal area of Assam, utive is recorded as stating, “The DCGA MAX planes and only then a green light have said they would not Citizenship Amendment Act Meghalaya, Mizoram, and is apparently even stupider, if that’s a approvals of 737 MAX plane by DGCA in Boeing executives are discussing a call would be given. When asked about the implement the NPR, with oth- of 1955 to provide for Indian Tripura and all other areas of word. I am drinking obviously.” In India. that one of them had with the DGCA conversations, Boeing India said, “These er non-BJP ruled states also citizenship to Hindu, Sikh, the Northeast covered under another conversation, a Boeing execu- In one of the conversations regarding regarding 737 MAX approvals. communications do not reflect the com- expressing reservations, which Buddhist, Jain, Parsi and the ‘inner line permit’. tive says the following about DGCA: “I 737 MAX approvals, the first Boeing The first executive is recorded to pany we are and need to be, and they are just Jedi mind tricked this (these) fools.” executive states how officials of a regu- have said, “I just Jedi mind tricked this completely unacceptable. We regret the SpiceJet is the only Indian carrier having lator — which is not the DGCA — are (these) fools. I should be given $1000 content of these communications, and 737 MAX aircraft in its fleet. The budget “idiots”. every time I take one of these calls. I apologise to the DGCA, SpiceJet, and to airline grounded 13 such planes in The executive then adds, “The DCGA save this company a sick amount of the flying public for them. This will ulti- March last year. When contacted regard- in India is apparently even stupider, if $$$$.” The second executive then asked mately include disciplinary or other per- ing this matter on Friday, a senior DGCA that's a word. I am drinking obviously.” what did the first executive convinced sonnel action, once the necessary official responded, “On the specific issue The second executive respo- the DGCA of. reviews are completed.” of simulator training, we have made our nded,”Sounds about right!” An hour lat- The first executive responded, “To In an unrelated message, one Boeing stand clear.” On the other conversations er, two executives were recorded dis- simply produce an email from me to the pilot said: “This airplane is designed by among Boeing executives, the official cussing the 737 MAX approvals — using DGCA that states all the airlines and reg- clowns, who in turn are supervised by told PTI, “We respect his views and shall text messages — by the DGCA in India. ulators... accept only the MAX CBT monkeys.” These messages are likely to come up to expectations.” According to However, it is not clear if these two exec- (computer based training).” add to the hurdles for David Calhoun, a the documents accessed by PTI, on utives, who are discussing this matter, The first executive further said, “To longtime board member who will take December 12, 2017, two Boeing execu- are the same ones who were talking make them feel stupid about trying to over on January 13 as chief executive tives had a discussion around 8.35 pm about the matter earlier. require any additional training require- from Dennis Muilenburg, who was oust- using text messages regarding the In this second conversation, the two ments.” In 2017, the DGCA was enquir- ed last month. Police release pictures of nine attackers

The Delhi Police on Friday released pictures of nine suspects in the JNU violence case and claimed JNUSU president Aishe Ghosh was one of them, five days after a masked mob assaulted students on the varsity’s campus, leaving 35 injured, including her. Ghosh was among seven of the nine suspects who are from Left-leaning student organisations, which have been opposing the hike in hostel fees and had called for a boycott of the semester reg- istration process. The January 5 violence at the Jawaharlal Nehru University (JNU) is fallout of tensions brimming on the campus since January 1 over the registration process issue, police claimed. DCP (Crime Branch) Joy Tirkey said a majority of the students wanted to register for the winter semester from January 1 to 5, but the left-leaning students’ bodies were not allowing them to do so. Several people including Aishe Ghosh attacked students in the hostel, the police officer claimed. Ghosh, who was injured in the attack, however, refuted the charge saying the Delhi Police should make public whatever proof it has against her. “I too have evidence of how I was attacked,” she said. JNU Vice Chancellor M Jagadesh Kumar said all decisions taken earlier at the HRD ministry about the hos- tel fee are being implemented “in totality” and regular classes at the varsity will start from January 13. The university will extend the deadline for the semester registration process again if need- ed, he said after the HRD Ministry met with the JNU adminis- tration. Later in the day, a TV reported Akhil Bhartiya Vidyarthi Parishad members were part of the masked mob. The two sus- pects in purported videos, in their sting, state they are ABVP volunteers and varsity students pursing Bachelors in French. The ABVP has refuted the charges. HRD secretary Amit Khare later said the JNU had agreed to basic demand of students and requested them to call off the agitation. Three JNU professors approached the Delhi High Court seeking directions to preserve data, CCTV footage and other evidence relating to the January 5 violence on the varsi- ty campus. PTI Raghuram Rajan backs Deepika, Lavasa

PRESS TRUST OF INDIA ting attendance at her latest New Delhi, 10 January movie, Chhapaak at risk, the actress “inspires us all to take Backing Deepika Padukone, stock of what is truly at stake”. former RBI governor Rajan said, it is elevating to Raghuram Rajan said the see “young people of diverse actress’ silent protest against faiths march together, Hindus JNU violence as also and Muslims arm-in-arm Election Commissioner behind our national flag, Ashok Lavasa doing his duty rejecting artificial divides impartially despite harass- stoked by political leaders for ment to his family, showed their own gain. They show that that for some people, truth, the spirit of our constitution freedom and justice are not still burns brightly”. just lofty words. Without naming Lavasa, In a blog on Linkedin, the sole member of the Election Rajan said the news of a gang Commission who refused to of masked assailants break- give a clean chit to Prime ing into Jawaharlal Nehru Minister Narendra Modi and University and then going on Home Minister Amit Shah in a rampage for hours, entire- the matter of electoral process ly undisturbed by the police, violations, he said: “When an is “worrisome”. Without Election Commissioner carries naming Padukone, who has out his duties impartially won both bouquets and brick- despite the harassment it bats for her silent protest by brings upon his family, he meeting victims of the attack asserts that integrity has not on JNU, he said despite put- been completely cowed.” PTI ii iv vii viii PEOPLE THE GOOD LIFE WIDE ANGLE MOTORING Prateek Kuhad, the Sudhir Patwardhan’s Right-wing writing The Jaguar XE, indie singing star tribute to life in Mumbai asserts itself all souped up

11 JANUARY2020

1. The Genrobotics team, based in Thiruvanantha- puram, makers of sewer cleaning robot Bandicoot

2. Pritika Mehta, whose Chandigarh-based firm SockSoho makes quirky socks for men

3. Vibhu Tripathi (left) and Ayush Jindal of Vizzbee Robotic Solutions

4. The Kabadiwala co-founders, Anurag Asati (left) and Kavindra Raghuwanshi

5. Mayura Davda-Shah; and a model with a M A Y Ubag

1 2

ast November, barely 10 months after they joined hands to launch a startup, Vibhu Tripathi and Ayush L Jindal found themselves among the finalists at a cham- pionship organised by Airbus in BUSINESS Toulouse, France. Over 140 startups from 51 coun- tries had turned up for the event. Tripathi and Jindal’s venture, Vizzbee Robotic Solutions, eventually came in fourth. And the aerospace company invited them to move to its India office in Bengaluru to be a part of its men- toring programme. But for the moment the two seem content to operate out of their hometown — Bhopal, the city of lakes. BOROUGHS Beyond the pages headlined by the Flipkarts, Olas and OYOs is a story of startups in India’s smaller cities — Jaipur, Chandigarh, Solapur, Thiruvananthapuram, Ghaziabad, Kochi — which are beginning to catch the attention of the UnfoldinginIndia’s smallercitiesisastoryofthenextwave ofpromising app Jugnoo. And, the headquarters of a company world outside as also of investors. that makes quirky premium socks for men, In 2019, early stage investment fund and start- startups, findsNikita Puri SockSoho. Founded in 2018 by data scientist cum up incubator Venture Catalysts made 13 deals entrepreneur Pritika Mehta, SockSoho started with featuring startups in Tier 2 and Tier 3 cities. It her roping in a few friends to set up a direct-to-con- invested ~42 crore in startups such as Ghaziabad- sumer fashion brand that would allow for cus- based eyewear brand ClearDekho and Indore- tomisations (including handwritten notes for gift- based content platform, WittyFeed. And, as of ing). Today the company counts among its clients January 2020, the , which sheikhs from Dubai, business honchos such as funds early-stage startups, has invested ~70 crore Curefit’s Mukesh Bansal and Lenskart’s Amit in 22 companies, among them startups operating Chaudhary, and actor Vicky Kaushal. out of smaller cities. Another hub to watch out for is Jaipur, which “Over the years we have seen quite a lot of saw 38 new startups and an investment of ~31.72 good deals coming our way from smaller cities,” crore in such ventures last year (Traxn data). And, says Digvijay Singh, chief operating officer at there’s also Solapur in Maharashtra. Mayura Davda- Indian Angel Network. “Of the 10,000-plus deals Shah says she has lost count of the number of times that we receive annually, 20 per cent are from she’s been asked how she runs her sustainable pre- smaller markets.” mium lifestyle brand, M A Y U, out of Solapur. Tripathi and Jindal’s Vizzbee, for example, spe- Crafted out of European fish leather (a cialises in drones that deliver medicines and emer- waste product from fish farms in Ireland) gency material in case of natural disaster. Their and vegetable dye, Davda-Shah’s premium drones are programmed to navigate obstacles and range of leather goods was launched in late carry loads up to 2.5 kg, making them ideal for 3 4 2018. The brand has since added a vegan disaster and emergency responses. “These drones line featuring pineapple fibre. With several can also be used for traffic monitoring besides there’s hope that things will change in the future. to choose on an average the best 10 in every other plant-based fibre tested for proto- carrying medicines and food,” says Tripathi. Jindal and Tripathi work out of B-Nest, an state from a shortlist of at least 100 startups. The types, Davda-Shah jests her website would The 23-year-olds had met on an online plat- incubation centre that is a part of the Bhopal initiative has so far covered four states: Gujarat, soon be akin to a “food menu”. form popular with those following developments in Smart City initiative. They share the space with 25- Maharashtra, Rajasthan and Kerala. “Two “Solapur is home. Yes, I have to con- the world of aerial robotics. While Jindal studied at odd startups. Emerge X winners have already got funding and stantly travel for meetings but it’s worth it,” the Indian Institute of Technology-Delhi, Tripathi Incubation centres, both private and state-led, a bunch of others is in talks with investors,” says says Davda-Shah who used to earlier build graduated from the Rajiv Gandhi Proudyogiki such as B-Nest that have come up across India Pai. One of them is Jaipur-based WholesaleBox, private jets as a manufacturing engineer Vishwavidyalaya, Bhopal. Both were still in their have catalysed the small-city startup boom. But an e-commerce portal that helps shopkeepers with a degree in management and entre- final year at college when they started making finding mentors who can take the young bypass dealers and wholesalers to buy directly preneurial leadership from Babson College, investment pitches in the hope of starting a entrepreneurs through the basics of starting from manufactures. The other is Kochi-based Massachusetts. The model can work, she says, drone company. Last year, Vizzbee raised $1.20 a business has been a challenge. Access to Rapidor, which assists in sales order management, A student-teacher partnership, The Kabadiwala pointing out that her brand now also has pres- lakh from Hong Kong-based zeroth.ai, an accel- resources and exposure to the right kind of inventory control and payment processes. was founded in 2013 by IT professionals Anurag ence in select stores in New York and London. erator for early-stage startups in Asia that pri- audience for their innovations, too, has Besides introducing startups to Microsoft’s Asati (the student) and Kavindra Raghuwanshi Like her, for Thiruvananthapuram-based Gen- marily invests in AI technology. Food deliv- been limited. technological prowess, the Highway event is cre- (the teacher). “Our regular customers see us every Robotics the motto has more or less been “build ery platform Zomato had acquired a This is, however, changing, with ating visibility for these startups through work- three months, and those with food or manufac- it and they’ll come”. GenRobotics has created a similar drone startup, Lucknow-based some giants stepping in to help. Last shops, boot camps and webinars, says Pai. turing businesses or shops call us twice every sewer-cleaning robotic scavenger, “Bandicoot”. TechEagle, in 2018. But while India’s air- September, for instance, Microsoft Like Microsoft, there are others doing their month,” says Raghuwanshi. Last April, the venture After supplying to municipalities in Kerala, Tamil space guidelines currently do not allow use announced the “Highway to a bit. Last July, Venture Catalysts launched a cen- secured ~3 crore from early-stage investors, high Nadu, Karnataka and Telangana, GenRobotics of drones for food or medicine delivery, Hundred Unicorns” initiative. tre in Faridabad to help connect emerging start- net worth individuals and industry leaders. The will be sending the Bandicoot to Punjab soon. “India has 27 unicorns today, and ups from the area with high net worth individu- Kabadiwala has now expanded to Indore, Raipur Started in 2015, the startup has now partnered none of them is from a Tier 2 city,” als and investors from Faridabad. Similarly, and Aurangabad after building a base of 75,000 with Tata Brabo (a robot production company) for says Lathika Pai, country head, Deloitte became the knowledge partner for customers in Bhopal. “We’ll be launching in bulk manufacturing. Microsoft for Startups-MENA Bhopal Smart City in 2018. The city saw 14 new Lucknow and next,” says Raghuwanshi. “We’ve had a lot of help from the Kerala gov- (Middle-East and North Africa) startups emerging last year, according to data Besides state governments that are helping the ernment. And though we’ve faced issues getting and SAARC. tracker Traxn. “Smart cities across India are play- startup ecosystem are platforms such as skilled people since everyone moves away to big- Pai talks of building an ing an important role by providing a platform to Ahmedabad-based eChai, an offline networking ger cities, there’s no way we’ll leave ambitious system to ensure budding ventures,” says Anurag Patni, who is a community that organises events and meetups Thiruvananthapuram,” says Arun George, one that entrepreneurs are not part of Deloitte’s consultancy team. to bolster entrepreneurial dreams. The network of the four co-founders. The team has taken up a forced to migrate to bigger Like Vizzbee, another success story from has over 30,000 participants and presence in cities second space in the city to expand its research cities for want of funding Bhopal is that of The Kabadiwala. A familiar sight such as New York and Toronto. and development operations. On the cards are or a better ecosystem — in some of Bhopal’s neighbourhoods is a green “Look at the number of co-working spaces that also robots to clean skyscrapers so that a human the way Razorpay did, and white tempo that goes about trumpeting the have come up in smaller cities. This in itself signals being doesn’t have to dangle in the air precari- shifting from Jaipur to benefits of discarding waste properly. The startup a growing ecosystem and aspirations of the start- ously tied to ropes to do that job. Bengaluru. allows people to schedule a pickup for scrap, paper, up community,” says Jatin Chaudhary, co-founder Davda-Shah of M A Y U talks of how she now Taking along in- e-waste and plastic (a minimum of 10 kg) and pays of eChai. Next57, a managed office space co-found- has “zero friends” in her hometown of Solapur. vestors and entrepre- them for it. It then segregates the trash and sells it ed by Prashant Sharma and Mohak Goyal in “People just don’t want to come back.” For those neurs who can mentor to recycling outfits — like your regular kabadi- Chandigarh in 2017, is an example of this. In less like her who’ve chosen to build their businesses in young startups, Micro- wala. It also lets the customers know of the than three years, Next57 has expanded to places they’ve grown up in, the hope is that the soft has been holding com- resources they’ve helped save (trees, oil, water) by Ahmedabad, Kochi and Mohali. attention these cities are getting might encour- 5 petitions called Emerge X, since last September, ensuring that the waste material is recycled. Chandigarh is also the home of the ride-hailing age some of those who’ve left to return. ii | PEOPLE 11 JANUARY 2020

THE COUPLE WHO...

| | | | | | | | | | | about his friendship with convicted child V I E W F I N D E R quit being ‘senior’ royals sex offender Jeffrey Epstein.

Will Harry and Meghan keep their titles? CAITYWEAVER AND ELIZABETH PATON Sussex are at an early stage. We understand They have expressed no intentions to relin- their desire to take a different approach, but quish their titles. Their new website consis- he Duke and Duchess of Sussex made these are complicated issues that will take tently refers to them as “Their Royal High- a big and hasty announcement this time to work through.” nesses The Duke and Duchess of Sussex.” T week that caught the world by sur- prise. Here’s what we know so far. Is “senior royal” a job? How are they going to earn an income? No. It’s a designation applied to those adult Unclear. One possible clue about their inten- What are Prince Harry and Meghan doing? members of the royal family closest to the tions: In June, Harry and Meghan’s founda- VEENU SANDHU It’s not fully clear and it depends whom you throne in the line of succession, and their tion submitted a trademark application for ask. The Duke and Duchess of Sussex spouses, who tend to carry out the majority the name “Sussex Royal.” The application announced their intentions to “carve out a of public engagements alongside and/or on covers goods and services including (but not progressive new role within” the “institu- behalf of the queen. It currently refers to limited to) books, periodicals, stationery, tion” of the British monarchy; to “step back Queen Elizabeth II and her husband, Prince charitable campaigns, charitable consultan- Meghan and Harry Puppet as ‘senior’ members of the Royal Family”; to Philip; Prince Charles and his wife, Camilla; cy services, sports coaching services, coun- “work to become financially independent and Prince William and his wife, Kate. One nal divorced American duchess for whom selling services, T-shirts, caps and pyjamas. while continuing to fully support Her could argue that, since Prince Harry has neit- he relinquished the throne in 1936. But he police Majesty The Queen”; to “balance” their time her removed himself from the line of suc- was, you know, the actual head of state, so Sohow do they have money right now ? “between the and North cession nor given up his title, he and Meghan the decision prompted a full-blown consti- Harry’s inheritances from his mother and America”; to “honour our duty to The Queen, remain senior royals. Announcing a plan to tutional crisis. Prince Philip retired from grandmother, coupled with Meghan’s act- ne year ended with a question mark the Commonwealth, and our patronages”; to “step back” from being a senior royal is sort public life in 2017, at the perfectly reason- ing earnings, mean that the couple are hanging over the police. And the next launch a “new charitable entity”; and “to of like declaring an intention to recuse one- able-to-retire age of 96. After her divorce almost certainly millionaires several times O too began with a question mark hang- collaborate with Her Majesty The Queen, self from being famous. from Prince Charles, Princess Diana gave over. While they don’t receive a “salary” as ing over the police. The first one in Uttar Pradesh, The Prince of Wales, The Duke of Cambridge, back her HRH title and quit her role with 93 members of the royal family, they are grant- where the police are alleged to have targeted and and all relevant parties.” According to a frosty Has anyone in the royal family done this? charities. And in November, Prince Andrew ed allowances from various royal sources. vandalised homes based on the faith of the occu- statement from Buckingham Palace: The last couple to reject senior royal life was announced he was stepping back from pub- pants. The second in Delhi, where the police “Discussions with the Duke and Duchess of Edward VIII and Wallis Simpson, the origi- lic duties after an interview with the BBC © The New York Times 2020 allegedly looked away as masked men and women ran amok attacking students of a uni- versity with iron rods. In the national capital, the chief minister said: “I don’t blame Delhi Police… They get orders from above.” Arvind Kejriwal — like chief ministers before him — has been demanding that the Delhi gov- PHOTO: HIMON MUKHERJEE ernment be given executive control over the Delhi Police. Unlike in other states, where the police report to the respective state governments, Article 239AA(3)(a) of the Constitution bars the Delhi government from passing laws on police and public order, both of which fall under the Union home ministry. This is primarily because Delhi is also the power centre of the country from where Parliament functions. It houses var- ious embassies and high commissions, and has foreign dignitaries visiting practically through the year. So its security requirements are unique. In an ideal scenario, the city-state would be demarcated into two territories — one, where police control of nationally and internationally sensitive areas of Delhi is placed under the home ministry and the other, under the state govern- ment. But for such a judicial demarcation to hap- pen, nothing less than a constitutional amend- ment would be required. The problem, however, runs far deeper. It stems from the very idea of the government — and there- by political masters — controlling the police. The Indian police is governed by the archa- ic, colonial-era Police Act of 1861, which has no place in a democracy. This Act came into force as a direct fallout of what we call the First War of Independence and which the British called the Sepoy Mutiny of The Indian police 1857. It was created to is governed by make the police sub- the archaic, servient to its masters colonial-era and, consequently, Police Act of antagonistic to the mass- 1861, which es. More than 150 years has no place later, the police continue in a democracy to be a tool in the hands of political masters. Time and again, voices from within the police force have called out for reforms. Ved Marwah, Killing them softly who served as the Delhi police commissioner and was joint secretary, National Police Commi- ssion on police reforms, wrote in Seminar in 2009: “The new democratically elected rulers Prateek Kuhad simply focuses on his ‘job’ — making music that moves people to tears, says VeerArjunSingh are not very different from the colonial masters. In fact, the situation is much worse. They not rateek Kuhad, 29, has been in love ago, he looks keen to finish our interview and By the time Kuhad finished college, he had Gaye Hum Kahan”, his duet with Jasleen only use and misuse the police for party pur- a lot. At five, the object of his affec- photo shoot and pack for his vacation in played at gigs around town, composed a cou- Royal from the film, Baar Baar Dekho, for poses, they manipulate it for all sorts of usavoury tions was a pair of blue denims Vietnam that was to start the next day. We ple of songs and decided on a new course of instance, lived in his computer for two years. ends.” In the context of insurgency-affected that he refused to take off. Every begin by talking about similar experiences life. After a few months of working for a cor- “Jasleen was pitching it but I had almost for- states, he went to the extent of calling the police P night, while he was asleep, his surfing in Thailand and he tells me about a porate outfit, he chose full-time music instead. gotten about it,” says Kuhad. “It sounds okay, the “armed wing of the ruling party”. mother would quietly enter his room, remove near-drowning incident in Phuket. Suddenly, His first EP, “Raat ”, was released in though.” The music video he’s referring to Earlier this week, I spoke with Prakash Singh, the pants, have them washed and dried, and the mood changes and it feels like we have August 2013. The five acoustic songs spoke of received 11 million views on YouTube. who served as director general of police of the slide them back on. The wilful little child more time together. young love and presented the complexities Kuhad has recently finished collecting all Border Security Force, Assam and Uttar Pradesh. would awaken to find that nothing had A kid of the ’90s, Kuhad grew up on MTV of modern relationships in simple, gender- his work in one place. “Some songs were in my It was on his petition (Prakash Singh versus Union changed in his perfect little world. and Channel V. His love for the guitar was neutral verses. The EP flowed like a single phone, some on different computers. I also of India) that on September 22, 2006, the Supreme At 14, it was a white, chunky Apple Mac- amplified by his fondness for Indian acoustic 20-minute melody and people were charmed have a lot of half-written verses and have Court of India delivered a historic judgment that Book that Steve Jobs launched in 2006. A soft- bands like Strings and Jal and the multi-instru- by his boy-next-door songwriting. trashed many full songs,” he says. Part auto- could have had far-reaching consequences on ware that could stitch together the sound of ment Silk Route. His first exposure to British “I don’t carry a notebook around to pen biographical, part fictional, the self-deprecat- police reform — had the state and central gov- virtual instruments called GarageBand was and American music came down my thoughts,” says ing musician says he doesn’t want to get ernments complied with it honestly. The country’s already on it. And Kuhad was beginning a flir- from VH1. Parents contributed ‘THIS “EUREKA Kuhad. Still, personal experi- attached to his craft, but get better at it. top court directed the state and central govern- tation with the guitar. by introducing him to Cliff MOMENT” ences have had a heavy bearing From his vacation itinerary to his music, ments to comply with a set of directives at the Kuhad grew up in Jaipur, the youngest of Richard and Harry Belafonte on his songwriting. His first Kuhad is a meticulous planner. He isn’t much heart of which lay two key objectives: functional three siblings. He was adored by his two sisters And with the coming of the DOESN’T REALLY and only full-length album to of a talker and is still nervous on stage. “He likes autonomy for and accountability of the police. who were adults before he stepped into his internet in the early 2000s, he HAPPEN. THE date, Tokens and Charms, to rehearse the set before going on stage, sing One of the directives was to set up a “State teens. His unconventional, deeply invested discovered an affinity with DISCIPLINE OF released in 2015, is inspired by his songs one after the other and not talk to the Security Commission” in every state. This would but non-interfering parents — a lawyer father singer-songwriters like Bob WRITING AND his first serious relationship. audience between them. Basically just do his be a sort of check-post between the police and the and an artist mother — would usually indulge Dylan and John Mayer. But Kuhad goes on to obse- thing and get out,” says Nikhil Vasudevan, a government, a watchdog that would insulate the his whims. “There is not a single musi- POLISHING A rve, “People make a big deal of drummer who has been playing with Kuhad police from unwarranted external influences and I meet Kuhad in his house in Delhi last cal bone in my family. I would SONG IS WAY experiences. But it’s really just for the last six years. “We often hang after the pressures, and ensure that the force acted accord- week. The two-storeyed bungalow with mod- play the guitar at home and HARDER’ one per cent of the whole story shows for a bit but then he likes to head home.” ing to the law of the land. The commission would ern interiors that he shares with his father sing but nobody was particu- behind writing a song.” People Home is where his craft is. Not on the road, broadly include, besides government representa- could easily house a few more people. Both sis- larly impressed by it,” smiles the independent are conditioned to perceive artists as those not when he is moved by an experience, but in tives like the chief minister, home minister, the ters moved out after they got married and his singer-songwriter whose latest hit, “Cold/- who have profound life experiences that they the backbreaking hours dedicated to writing Lok Ayukta, a retired High Court judge (nominat- mother chooses to live in Jaipur, where she Mess”, featured among former US President are moved to express, he says. “We all live songs. “The ideas come to you when you have ed by the Chief Justice), members of state human runs an art gallery and a school for under- Barack Obama’s favourite songs of 2019. very intense lives. S*** goes down all the time. discipline,” says Kuhad. “I have written mul- rights commission, chief secretary, leader of oppo- privileged children. The house is frequented But his mathematical ability did impress. This ‘eureka moment’ doesn’t really happen. tiple songs in one sitting.” sition, the DGP and some independent members. by Kuhad’s friends and fellow musicians, who “Not a 95 percenter, but I was a good kid,” he The discipline of writing and polishing a song On stage, it’s important that nothing is out Dismissing all objections, the apex court direct- make music in his home studio, and his girl- says. Kuhad was preparing to get into engi- is way harder.” of place. “We take care of every little detail. We ed the governments, which expectedly dilly-dal- friend, who is often his first audience. neering school when he was accepted at New Kuhad has made countless young people are like, let’s carry even the keyboard stand lied, to file affidavits of compliance. Despite the I am browsing through the books in his York University, where he received a double cry to his music. But the balladic songs that that he is comfortable using to every show,” court’s order, the states either did not constitute living room, when he hurriedly arrives, major in economics and mathematics. have touched the nerve of an entire generation says Anirudh Voleti, Kuhad’s manager, who these commissions or constituted farcical com- dressed in a loose black t-shirt, green cuffed New York was where he was introduced to may have been allowed to disappear into has been booking his shows since 2015. missions, Singh told me. Some state governments cotton track pants and white Crocs slippers. the broody, boozy music of folk singer Elliott cyberspace from his computer — the musi- A rare laugh let out on the mic during a dishonestly packed the commission with people Back from his first big India tour a few days Smith, who proved to be a big influence later. cian is a strong critic of his own music. “Kho performance catches his fans by surprise, and who were favourably disposed towards them. And only adds to his boyish charm. But even rarer so an urgently needed reform became a farce. is when he directly engages with them. In Singh’s lament was that despite its powerful direc- Mumbai recently, he stopped mid-song, walk- tives, the top court has not issued a single con- ed closer to his audience and asked them to tempt notice to any state government and thus, its raise their phone screens in the darkness. Not role in pursuing the implementation of its own an original idea, not an unusual sight at a mus- directions has been weak. And that is such a pity. ic concert. But for the math graduate turned Recent events have shown us that a correction musician, the reserved person and nervous is in order, urgently. performer, a musician who is arguably the best independent singer-songwriter in the coun- [email protected] try today, it was a transformational moment. One in which he finally realised the extent of his popularity and the power of his music. iii 11 JANUARY 2020 BOOKS & IDEAS |

RICH PICKINGS: (Clockwise from far left) Maharaja Yadavindra Singh in Cartier’s ‘Patiala Necklace’; | | | | | | || | | | | | | the 500-year-old La Peregrina M Y T H I C MANTRA that famously last belonged to actor Elizabeth Taylor; the Cartier tiara that Kate Middleton, the Duchess of Cambridge, wore at her wedding; a modern version of the Santos-Dumont watch, among the first-ever wristwatches for men

ARUNDHUTI DASGUPTA Young and angry

tudents have borne the brunt of the brute force of power over the ongoing country- S wide protests against the Citizenship Amendment Act (CAA). Be it the attack at Jamia PHOTOS: REUTERS Millia, Aligarh Muslim University or Jawaharlal Nehru University, it is their opposition to the Act that has riled the leaders of the ruling party most. Labelled anti-national, beaten up and their understanding of issues mocked at in elaborate videos, students have been asked to stop wasting their time taking to the streets and focus on their textbooks instead. Do not seek answers to ques- tions you don’t understand: that’s the message being rolled out. Thus was Nachiketa tutored too; son of a sage called Vajasravas, his story (ironically) is held up as an inspirational tale for children about how they must be dogged in their pursuit of answers. Nachiketa saw his father give away old and hence worthless cattle to Brahmins, who had gathered for a grand sacrifice where the Designed sage had promised to donate all his wealth. Why, early triumphs, it was truly expanded by his three grand- Nachiketa asked his father, are you not giving sons, Louis, Pierre and Jacques. The book features a bril- away the healthy cows? liant passage on how Louis, a visionary designer keen on At first the sage ignored the questions, but extending the company’s pursuits beyond jewellery, grew infuriated when Nachiketa persisted. Finally came up with one of the first-ever wristwatches for men. in a fit of anger, Vajasravas cursed his son and sac- The story goes that his friend, the legendary Brazilian rificed Nachiketa to the god of death, Yama. The aviator Alberto Santos-Dumont, demanded a timepiece story told in the Katha Upanishad leads the read- that would allow him to look at the time without having er into a philosophical understanding of life, death to last to take his hands off the controls. and karma as revealed in a dialogue between Wristwatches were a decorative item worn only by Yama and Nachiketa. Yama, too, is taken aback by women at the time, and Louis had to come up with a Nachiketa’s questioning but he does not ridicule unique design that was both functional and good to him or crush his desire for knowledge that was A fascinating account of the fabled look at. First made in 1904, the watch, named in hon- hitherto forbidden for men. The unsaid, unstated our of Santos-Dumont, is still among Cartier’s best- note here is that the tenacious impertinence of the Parisian jewellers recounted by the sellers, retailing at $11,800. young is not to be trifled with, respect not ridicule founder’s descendant offers an The Cartiers makes for a compelling read because shows the way forward. of Brickell’s ability to artfully juxtapose the family’s In the ongoing country-wide protests against in-depth study of how to run a durable fortunes with the economic and political conditions CAA, the hostility against young protesters has prevalent at the time. The Franco-Prussian War of 1870, been intense and relentless. Nothing seems to family business, says Dhruv Munjal for example, dented the company’s early progress. move the establishment—neither cracked skulls Another significant blow was the Russian Revolution — nor pleas for mercy. In many ways this is how the abolition of the monarchy meant that Cartier lost barbarous bloodthirsty regimes are profiled in ig businesses often have fascinating begin- one of its most loyal clients, the Grand Duchess myth and legend. nings. John Pemberton, for instance, came Vladimir, daughter-in-law of Tsar Alexander II. Prince The kingdom of Ravana, for instance, is pros- up with an early version of Coca-Cola as a Felix Yusupov, best known for his involvement in the perous but tyrannical. Bengali poet Chandravati cure for his morphine addiction. Joe assassination of Grigori Rasputin, was another famous sings in her version of the Ramayana that B Foster settled on the name Reebok after he customer who fled Saint Petersburg during the tur- Ravana grew so came across the word “rhebok” — Afrikaans for a type moil, but eventually ended up clandestinely selling The most tyrannical arrogant and of antelope — in a South African dictionary he had many of his jewels through Cartier. This very discretion among rulers is desirous of immor- won in a race as a boy. The founders of HP flipped a coin has been a Cartier hallmark down the years, one that considered to be tality that he to decide whether their company would be called has enabled the company to ensure exclusivity despite Roman emperor stopped listening Hewlett-Packard, or the other way round. belonged to Elizabeth Taylor, and fetched a stupefying garnering widespread popularity. Caligula. A historical to his close aides. By comparison, Cartier’s origins are uninteresting. $11.8 million at an auction nine years ago. Later, Cartier became popular among wealthy figure, he fits the He went on a ram- Adamant that his son mustn’t follow him For Brickell, the inspiration for a book on the fam- Americans, only for the relationship to hit rough weath- mythical archetype page, killing in the metalworking industry, Pierre ily’s business empire came some years ago when she er with the arrival of the Great Depression. Similarly of arrogant and Brahmins and col- Cartier helped Louis-François secure an stumbled on a dusty leather trunk full of old letters in tough were the years post World War II, when diamond cruel rulers whose lecting their blood apprenticeship at a jewellery workshop her grandfather’s wine cellar in the south of France. designs underwent a massive shift. end is foretold by in jars to stir up a owned by one Benjamin Picard, a popular The letters offered a rich and detailed account of her Cartier, as Brickell explains, has not only survived theiractions poisonous brew craftsman in Paris. The ambitious and ancestors’ many royal associations and subsequent such tumultuous times but also stayed at the top of its that could destroy hard-working Louis-François later took world domination. industry through constant reinvention. Not to mention the gods. His wife Mandodari urged him to stop. over the workshop, and Cartier was born. Royal patronage, after all, has been a huge part of how it has always been able to forge favourable alliances. His brother Vibhisana warned him that a ruler What is far more exciting is the journey Cartier’s success. In 1856, Louis-François opened his Writing about Louis, Brickell says that he was forced into who lost control over his passions was presaging that followed. In 1847, Louis-François doors to Princess Mathilde Bonaparte, a cousin of marriage with Andrée-Caroline Worth — the “mental- doom for his subjects and himself. Neither his would have seldom imagined that his Napoleon III, and a member of the Parisian elite whose ly unsound” granddaughter of the founder of the icon- wife’s reservations nor his brother’s censure modest Parisian jewellery store would go mansion regularly played host to discussions that fea- ic House of Worth — because his father insisted that the were a deterrent, until Rama came marching in on to become a sterling symbol of luxury, tured Alexandre Dumas, Guy de Maupassant and union would be beneficial for their business. with his army. with stores on every high-end shopping Gustave Flaubert. Mathilde would go on to become a Such details lend the book terrific depth, but also Similarly Kamsa. The son of Ugrasena and street in the world and a list of clients that regular customer and also award Cartier its first brevet make it tedious in parts. Brickell’s painstaking research Krishna’s maternal uncle was an insecure king, would include the Romanovs, Edward VII, (royal warrant) — recognition that would help the into her family’s past is praiseworthy, but The Cartiers always worried about being ousted by a chal- THE CARTIERS Elizabeth II, Coco Chanel, Marilyn Monroe Cartiers gain entry into palaces all over the world, a rar- is way too long for its subject, carrying the kind of lenger. When he was told that the eighth son to be THE UNTOLD STORY OF and Grace Kelly — a company story so fabu- efied position they continue to enjoy even today. excruciating detail that will not interest all readers. born to his sister Devaki would bring his end, he THE FAMILY BEHIND THE lously extravagant that it is perhaps unri- If Louis-François was the architect of the business’s Instead of conjuring up lengthy portraits of all the fam- killed all her children and when the chosen one JEWELRY EMPIRE valled in all of modern business history. ily patriarchs, the book would have been better served, (Krishna) escaped he hunted down and poisoned Author: Francesca Cartier Brickell Francesca Cartier Brickell, the great-great- perhaps, to have included more anecdotes, such as the all infants in the city. Much like the Pharaoh Publisher: great granddaughter of Louis-François, expe- famous one about the disappearance of La Peregrina whose fear of being removed from power led him Ballantine Books rienced much of this opulence first-hand. from Elizabeth Taylor’s hotel suite, only for her to lat- to kill all Hebrew boys, when Moses was born. Price: ~799 Her grandfather, Jean-Jacques, was the last er retrieve it from her dog’s mouth. Both Moses and Krishna brought down the Pages: 625 of the family to manage a branch of the busi- That aside, The Cartiers is quite a study in how to tyrants who wanted them dead. ness, before the entire enterprise was sold in run a family enterprise. Successful ones that last over The most tyrannical among rulers is the 1970s. The Cartiers: The Untold Story of a century are extremely rare, with large families often considered to be Roman emperor Caligula who the Family behind the Jewelry Empire by Brickell is a doc- having to deal with ego tussles and power struggles at is believed to have said (according to Mary umentation of one of the richest families on the planet, every turn. That’s why Brickell’s effort is a dazzling Beard’s documentary on Caligula’s rule for the as well as a glimpse into some of the most precious jew- testament to the members of her family, who, through BBC) “Let them hate me, as long as they fear ellery ever made, from Wallis Simpson’s panther bracelet unmatched artistry and smart salesmanship, seem to me”. He ruled for just four years but so mon- — which sold for $7 million at Sotheby’s in 2010 — to the have left behind a legacy every bit as resilient as so strous was his reign that his name, even today, 500-year-old La Peregrina pearl that famously last Company founder Louis-François Cartier many of their breathtaking diamonds. signals the end of a political career for anyone even remotely compared to him. He was known to push his enemies over the cliff and those that survived the steep fall into the ocean were OUT NOW finished off by his men stationed in the water, who had been instructed to bash down the bodies with their oars. INDIA’S FOUNDING THE MAKING OF PLASSEY: THE BATTLE OUR ENVIRONMENT: Caligula, a historical figure, fits the mythical MOMENT: THE HERO: FOUR BROTH- THAT CHANGED THE THREATS, CHALLENGES archetype of arrogant and cruel rulers whose end CONSTITUTION OF A ERS, TWO WHEELS COURSE OF HISTORY AND SUSTAINABLE is foretold by their actions. But a story that is per- MOST SURPRISING AND AREVOLUTION What was this seminal SOLUTIONS haps the most chilling is that of Greek king Lycaon. DEMOCRACY THAT SHAPED INDIA battle all about, beyond The teenage Greta Lycaon challenged Zeus and having invited him A political scientist The Hero Group a young Nawab Thunberg has put global over for a meal, sought to test his divinity by serv- explores how the makers founder’s youngest son hampering the East climate change front and ing the god a slaughtered child. The child in some of the constitution tells the story of the India Company centre of the discourse. accounts is his own son/grandson. Zeus was furi- crafted a system that building of this home- servants’ business The Energy and Resources ous and he rose from the table in a fit of anger and could respond to the grown brand from its plans? A writer Institute decodes its destroyed the 50 sons of Lycaon with lightning unpromising situation in roots in Pakistan to its examines this turning complexities for young bolts. And the king was transformed into a wolf. He which the Indian nation rebirth in India. point in colonial people in this illustrated lurks among us still, at times in sheep’s clothing was born. Sunil Kant Munjal history. volume. and sometimes in full feral glory. Madhav Khosla HarperCollins Sudeep Chakravarti Teri HarperCollins ~699, 252 pages Aleph Scholastic [email protected] ~599, 219 pages ~799, 391 pages ~395, 104 pages iv | THE GOOD LIFE 11 JANUARY 2020 | | | | | || | | | S M A R T ART An eye for Mumbai

Over the course of four-and-a-half decades in art, Sudhir Patwardhan has tirelessly documented Mumbai’s working class people and neighbourhoods, writes Ranjita Ganesan

PHOTOS: KAMLESH PEDNEKAR

KISHORE SINGH Farewell, gentle giant

t is a pity that the first column of 2020 should begin with an obituary marking the passing I of one of the last remaining giants of the world. Ninety-one-year-old Akbar Padamsee went gently into the Coimbatore night, away from his home in Mumbai, but he did not go unmourned. His was a familiar, gentle, even wise presence recognised by art lovers as not very different from the quietly melancholic faces of so many of his portraits of anonymous people rendered in a warm, orange haze. His outings over the last years had become restricted; he spoke little and was wheelchair-bound; he carried his celebrity lightly around him. For Padamsee, unlike several of his peers from the Progressive Artists Group, lived to see his success as well as his contribution to the field of art. Early in his career, he won a case for a series of paintings titled Lovers that had famously offended a visitor who filed a PIL against the denigration of Indian culture — yes! — but a pro- gressive judge ruled that an artist must be allowed his expression of freedom, setting a legal precedent that kept artists outside the purview of prickly, thin-skinned prejudice. (Clockwise from above) Self At the time, Padamsee’s work might have portrait with brush and been mistaken for F N Souza’s given the simi- camera; Nostalgia; Another larity in bold outlines and jewel-like tones that day in the old city; Mumbai he subscribed to in his portraits of bearded, Proverbs; the artist robed figures, and his landscapes — with one exception: Padamsee did not have Souza’s scathing sense of anger, and so his lines were n Sudhir Patwardhan’s Paying the The traumatic yet deadpan navigation of hangs in one of their corporate offices. Here, strong but never savage, lacking violence. His Bill (2005), a woman stands stoically buses, trains and auto-rickshaws, so often cap- like a partisan historian, Patwardhan records departure from the style followed soon after, at the counter of the Maharashtra tured in his paintings, owes as much to obser- the city’s development from its colonial archi- paving the way for a practice that was distinc- State Electricity Board office, umbrel- vation as it does to his own daily experience in tecture to the rise of industry. He juxtaposes tively his own. I la tucked under one arm and her the early years. “It is not like I was doing that in cubicles and cramped housing, luxurious high- mouth gripping a purse so that her hands are order to imbibe the city, I was living that life like ways and overcrowded streets. free to rummage in a plastic bag. She is like- so many others going to work.” The trains were States of flux have been a source of inspira- ly searching for the bill. Just hours before not as crowded then, he says, and it was possi- tion for him. In his Lower Parel (2002), for seeing this work at the ongoing retrospective ble to sketch a lot. He would draw versions of instance, the old railway footbridge, the tiny of the artist at the National Gallery of people he saw, sometimes even after they had enterprises beneath, a closed-down mill in the Modern Art in Mumbai, I had hiked to one got up and left. At home, he drew them from background and the first of the skyscrapers co- such ramshackle office myself, to pay dues memory. In later years, he took photographs of exist, at once peaceably and turbulently. He also that wouldn’t go through on the internet. sites too. Every so often, he found one of the captured the natural beauty of far-off It is impossible for Mumbaikars not to sketches could become a painting if he added Ulhasnagar (2001), being rapidly corrupted by glimpse themselves or someone they know in references and developed its forms. effluents from its many industries. In the 1980s, Patwardhan’s oeuvre. It is as if he was there, In his middle-class upbringing, there had the artist had moved to Thane, where he later ran observing as you went about the ungainly not been a great deal of exposure to art. But his his own radiology practice until 2005. This dis- performance of everyday tasks, and chroni- father, who was talented in the crafts, dabbled tant, verdant suburb, while on the periphery of cling on canvas the many ways in which peo- in carpentry and neatly stencilled his name on the city, was still considered a small town then. ple sweat the small stuff. He had arrived in trunks each time his trans- A deluge in 1991 submerged his the city back in the mid-1970s, leaving behind ferrable job took him elsewhere. ground-floor home and the para- a close-knit community in Pune. “It was a cul- From his mother, Patwardhan IT IS phernalia of his art in several feet of ture shock, being suddenly exposed to this learned to enjoy reading. The IMPOSSIBLE water. Patwardhan based a set of I SAW MYSELF AS A megacity where you are completely anony- painter in him only awakened FOR works on this moment — Floods has PAINTER AND NOT AN mous. The scale of the city and number of while studying at Pune’s Armed a morose man bailing out water ACTIVIST. REPRESENTING people in it also made a great impact,” he Forces Medical College (AFMC). MUMBAIKARS from his house, while another is Padamsee, unlike Before he arrived at THE LIVES OF THE recalls. The city did not let him remain an There he was moved by books NOT TO seen wading with a television on his several of his his familiar style, it onlooker. Taking up work, as a radiologist in about Impressionist art, and GLIMPSE head in Man with TV. He captured peers from the seemed that Padamsee PEOPLE, THAT WAS KEM Hospital, meant he was soon a partici- began relating them to his own the atmosphere of unease created Progressive Artists wanted to purge him- MY WORK pant in the city’s choreographed chaos. surroundings — a sunny hostel THEMSELVES IN by the Bombay riots, when the artist Group, lived to see self of all that he had in the city. He also began read- PATWARDHAN’S felt a flicker of doubt about taking his success as well been doing thus far. In ing to understand what it means OEUVRE his usual route through Thane’s as his contribution 1960, he began work on to be an artist. Handling paint, Muslim neighbourhood of Rabodi, to the field of art his much-touted Grey cleaning brushes, painting, all in the lowered gaze of the subjects in Series, an almost ethe- seemed to come naturally to him. Shaque (1998). One of his preoccupations has real body of works shorn of any pretence at It was in college that he was also exposed to been to get those who are not normally associ- colour, that was exhibited to critical acclaim. His Leftist thinking. For a young man living through ated with art involved with art. So he painted a friend and fellow artist , then a time of social unrest, with strikes in industry series titled Pokharan, an area in Thane, and working with Grindlays Bank, bought the aston- and the farm sector, it presented a way to under- exhibited it to residents there. ishing landscape that was printed on the invita- stand these churns. Though not one for active tion card, and it accompanied him on his travels politics, Patwardhan remained engaged with s the artist, now 71, ages and uses public and hung over his dining table for 55 years before the ideology. “I saw myself as a painter and not A transport less frequently, there is more of being sold at an auction in 2016 for a record ~19 an activist. Representing the lives of the people, the indoors in his recent work. Some of it sig- crore to an Indian collector based in New York. that was my work.” He made a series of works in nals stillness, some a sense of melancholic joy. Even before, and since, his value has increased 1977 documenting sensitively the labouring His own family, particularly his wife Shanta, steadily. Khanna and Padamsee remained body and its exertion of muscle — the appears in several of the paintings. Take friends over the decades and Padamsee agreed to unadorned, sari-clad Running Woman, the wea- Transmigrations, in which he reflects on home appear in a film on Khanna made for the Piramal ried labourer peeling off his vest in Construction in various contexts on a single canvas. His Art Foundation a few years ago. A nude from the Site, the worker hanging on an eponymous ancestral home in Sangli merges with the Pune same series is part of the collection of the Kiran Truck, the waiter resting at a table in Irani house where his brother stayed which melds Nadar Museum of Art. Restaurant. These works are as much about the into Chicago where his son Tanmay lives. It was ironical then that Padamsee’s metas- city as about the “tragic human species”. Patwardhan says the artist’s response to vio- capes, or abstract landscapes, teem so richly with The pièce de résistance of the retrospective lent times should be to identify the capacity for colour. Divided over planes, they allude to fan- curated by Nancy Adajania is Mumbai harm within himself. A pile of corpses is on a tastical landscapes with flaming oranges, deep, Proverbs, a wall-sized seven-panel mural made table in Inner Room (2017), where a man, tranquil blues and a heaved earth, but have a for the Mahindra family and which usually woman and child are in a warped house. The quality of tranquillity all the more amazing destruction raging outside their windows is because of the turmoil. This contradiction evident in their own home too. He notes that in marked much of Padamsee’s career who also any group of people, even during times of strife, turned to nude photography, using the magic of there is a kind of rhythm that connects them. light, form and his favourite tones of black, white When he painted Killing in 2007, he depicted a and grey to reach out to an entirely new — and violent stabbing where the victim and killer young — audience seeking out these editions of end up in an intimate dance-like embrace. his work. He quotes in this context Carl Sagan’s Padamsee will go down as pensive, thought- description in Pale Blue Dot of an image of the ful, reserved — that is how many of us who saw Earth taken from very far away. “Every saint and him infrequently and knew him from his work — sinner in the history of our species lived there,” regarded him. From his close circle of friends the astronomer wrote. “In art, we must hold and admirers who vouch for his mirth, we know things together so that one understands some- also of his enjoyment of conversations; fortu- thing beyond violence is possible,” Patwardhan nately, he has left behind a vast body of work to concludes, “That we are actually one.” do the talking on his behalf. Walking through Soul City — Sudhir Patwardhan: A Kishore Singh is a Delhi-based writer and art critic. Retrospective is on at NGMA, Mumbai, until These views are personal and do not reflect those of the February 12 organisation with which he is associated v 11 JANUARY 2020 THE GOOD LIFE | | | | | | | | | | || | | | | | City of joys C I N E P H I L E FILES

olkata is a surprising city, not physically prepossessing but somehow possessed with grace. Its mild winter is the K best season in which to expe- rience the city, its festive conviviality and the pleasures of its public spaces. Of course, Christmas is celebrated in Kolkata with a RANJITA GANESAN fervour unknown in most other Indian cities. The lights on Park Street, the city’s main commercial thoroughfare, are famous. The city authorities have taken the sensible decision of curbing traffic movement in the Bong area because of the thousands of pedestri- ans who throng the streets to gawp at the lights and take in the festival at Allen Park Joon Ho’s on Camac Street. There are lights on too at Elgin Road, where you might find the lady of liberty basements shorn of her New York grandeur and decked out instead with the razzle dazzle of a sign for a Vegas casino. This is, frankly, ong Joon Ho is a master of unsubtle sym- not a sophisticated show; it is, though, bolism. He calls Parasite (2019), the indisputably cheery. And, compared to a B standout global release of 2019, his “stair- city like Delhi, there is something pro- Kolkataisbestenjoyed case movie”. He takes us to some of the lowest foundly heartening about the inclusivity depths of Seoul, into the semi-basement house of the celebrations, the crowds enjoying inthewinter,confirms of the Kims where Wi-Fi goes to die, and the the city together. Crowds also gather at city’s most impressive heights, the modernist Victoria Memorial, the city’s colonial heart, Shougat Dasgupta, hilltop mansion where the Park family lives. at which there is usually a fair of some kind, whorecentlypartook of Without ruining the film, which will likely with stalls and the ubiquitous carriage release in cinemas ahead of Oscars season, it rides. Bow Barracks too, in central Kolkata, someofitspleasures can be said that the South Korean director lets where the city’s small Anglo-Indian popu- inequalities of space show the gaping distance lation has lived for generations, is a tourist between the working and monied classes. magnet at Christmas. Here you His indictments, variously of capitalism can drink plum wine, or eat a and of establishments, are clear as daylight. slice of plum cake at Jewish He designs films to be both festival favourites bakery Nahoum and Sons. and blockbusters, resolutely unconventional But the queues in Bow yet very commercial. The approach allows him Barracks offer clinching evi- to inject anti-class sentiments into the main- dence that word of Kolkata’s stream. In two hilarious segments in the new star-spangled Christmas has film, in an unmistakeable bit of irreverence, the spread far and wide. For those characters coo softly: “It is so metaphorical.” who find the crowds and lights The struggling Kim family in Parasite use overwhelming, there are quieter dubious methods to get enrolled as members of delights, such as the nolen gurer the staff in the Parks’ household. Although the sandesh, a winter speciality best Parks come to rely on them, the hierarchy, enjoyed on a balcony with a cup amplified by all the stair-climbing, hardly of tea. The ambrosial liquid is shifts even when they are under one roof. In the made from indigenous date confined spaces they operate in, Bong Joon palms. Singaras and kochuris, the Ho, and his production designers and cine- former with cauliflower perhaps matographers, make references that are easy to as an alternative filling, and the circle back to. Two private conversations latter with peas, are a winter sta- between the two families, which take place at ple, also best enjoyed on this separate times in the Parks’ living room, shift Platonic ideal of a balcony, with the viewer’s perception of greed. The director the tea and sandesh and gossip is concerned with the question of where the that is vital and inspired. Everyone subaltern in any equation live, where they are will have a shop to buy sweets and told they fit in, and what they come to value in savouries that they swear by, > (Clockwise from top) A Christmas crowd at Elgin Road; a those conditions. including perennial favourites such popular restaurant at Park Circus; a game of football at the as Sen Mahasay, Mullick & Mullick, Maidan is an usual sight; and a plate of nolen gurer sandesh Ganguram’s, 6 Ballygunge Place, and many others. Food and conversation are, though, over the city kicking a ball about, whether in intellectual and cultural activity is some- a sense of the city’s street food, its cultural always on offer in Kolkata, with just the organised matches or amongst themselves. times overplayed, it is also true that Kol- eclecticism, and its still extant (if only just) menu changing according to the seasons. It is a vanishingly rare sight in most other kata offers small galleries, footpath book- cosmopolitanism. Kolkata still rewards the But the mild temperatures — despite all the Indian cities. The Maidan, the green sellers, street theatre and independent film flaneur. The writer Amit Chaudhuri has long Bengali gentlemen swathed in their jack- expanse at the heart of the city, is home to options that are superior to India’s other, extolled the beauty of the city’s old, too often ets, mufflers and monkey caps — are, when serious local competition, but games can more salubrious, metropolises. The Nan- ruined houses, the beauty of their stone it’s not raining, best enjoyed outdoors. be found in almost any local park, or even a dan complex, the principal host to the floors, their slatted, wooden shutters, their Couples flock to Dhakuria Lake (now known neighbourhood street. city’s annual film festival in November, Art Deco balconies — relics of the city’s past as Rabindra Sarobar), the artificial water A short walk from the lake, across remains a splendid space for cinema and fast being replaced by “posh” tower blocks. body in the city’s prosperous south. But so Southern Avenue, is the Birla Academy of other cultural activity even if it is some- Perhaps symbolic of this new Kolkata are do families and joggers and rowers and boys Art & Culture, which usually has something times too conservative in its choices. If the replicas of some of the world’s wonders playing football. One of the great joys of worth seeing in its galleries and sculpture you’re looking for places to browse, Seagull — the Great Wall, pyramids, Easter Island His indictments, The allegory in his Kolkata, for football fans, is to see kids all garden. While the city’s reputation for Books is arguably the country’s most inter- heads, the Taj Mahal — which are part of variously of 2006 film The Host esting bookshop, even if its shelves, obvi- the 480-acre Eco Park in New Town. They capitalism and of (available on Netflix) is ously, are stocked only with those books, are tacky, as with the city’s glitzy Christmas establishments, self-evident but spec- mostly translations, particularly Euro- lights, but equally they are exuberant, live- are clear as tacular at the same time. VISITORS CAN GOON ANY OF SEVERAL CITY WALKS pean, on the eponymous publisher’s list. ly and likeable. The large crowds here have daylight. He The perils of US inter- THAT, FOR A FEE, GIVE YOU A SENSE OF THE CITY’S STREET Enticing as an afternoon at Seagull is, a a particularly Kolkata friendliness about designs films to ventionism and South FOOD, ITS CULTURAL ECLECTICISM,AND ITS STILL EXTANT crisp Kolkata winter’s day should not be them, an openness of spirit and generosity be both festival Korean compliance take whiled away indoors. Visitors can go on any that is a balm in an otherwise mean period favourites and the literal shape of a (IF ONLY JUST) COSMOPOLITANISM of several city walks that, for a fee, give you in our contemporary history. blockbusters, monster here — a resolutely mutant creature the size unconventional yet and colour of a dusty very commercial tank. Bong Joon Ho based this fiction on a real story where an American worker in a US someone of not just their face but military morgue neglectfully instructed a Korean Face off their identity. The survivor’s worker to empty large batches of poisonous unbearable pain is often worsened formaldehyde into the sink which carried it to the by an insensitive society, broken River Han. Deepika Padukone’s act of solidarity with criminal procedure and incom- Han (which is also the name for the Korean students is a gamble with an important film, plete justice. concept of grief and sorrow), and the lizard- Padukone plays Malti, a char- like beast shown rising from the river later, writes Veer Arjun Singh acter inspired by the life of Laxmi stand for the pressure on smaller countries by Agarwal, a Class XII student who hegemonic superpowers — a circumstance still ctor Deepika Padukone was attacked in 2005 in Delhi. wholly relevant to ongoing developments in knows how to put up a Gulzar uses the length of a feature world news. The creature roams the waters, Abrave face. She is a moving film to repeatedly hammer her waiting to nab people and dump them in a sew- inspiration as Malti Agarwal, an audience with the horrors of the er to snack on later. The victims who survive are acid attack survivor in Meghna incident. She chronicles the life of typically young and must work out ways to Gulzar’s film, Chhapaak, and an her protagonist, who recovers, climb out of the dark recess. Meanwhile influential source of support to rebuilds and fights to claim her life America, which has carelessly spawned the the browbeaten students of back. She does so with intersect- problem in the first place, ends up marketing a Jawaharlal Nehru University. Her ing glimpses into the lives of other remedy with damaging side effects. A some- latter, real-life act lands her film in women: a survivor who was what Chomsky-esque takedown. the middle of a polarising dogfight refused treatment due to her caste; adulthood. Laxmi, who stayed with an older Amol, as opposed The confined society of a train, where the that has forced people to pick a a survivor who needs money for a under the gaze of news channels to her school romance with last survivors of the Ice Age are trapped, lends side: #IsupportDeepika versus facial reconstruction; and many for a long time after the incident an adoring Rajesh, played by itself to Snowpiercer (2013) or the “corridor #BoycottChhapaak on the inter- others who did not survive. and who went on to become an Ankit Bisht. film”. In the dystopian power struggle within, net and Padukone is an act of on-screen activist and a TV host, is also well- But a socially important film the front section has emerged at top. It controls versus the rest on the streets. bravery and brilliance. She lends a known. Deepika looks her, but aiming for box office success often supplies and subjugates those living in the In fact, a contest between two credible face to the fight against not entirely. needs a star actor. And Padukone train’s tail, who then plot revolutions inven- films has never been so deeply You can catch Chhapaak at this monstrosity. Her screams echo Padukone is also in stark con- has proven herself to be a brave tively using whatever little is available to them. divided and political. You can catch free screenings organised by in the mind for a long time and trast to Vikrant Massey’s con- one. Like Malti, who risks person- For anyone who doesn’t follow, in the final act, Chhapaak at free screenings organ- Congress workers or avail of free make Malti’s unrelenting insis- vincing act as Amol, who runs an al loss to be at loggerheads with the screenplay (based on a graphic novel by ised by Congress workers or avail of tickets to -starrer, tence on fulfilment humble you. NGO that fights for acid attack the authorities in Chhapaak, Jacques Lob) lays out in no uncertain terms free tickets to Ajay Devgn-starrer, Tanhaji, from BJP workers Malti is 18. Despite Padukone’s victims at a grassroot level. He Padukone, as an actor and pro- that the train is a microcosm of the world. Only Tanhaji, from BJP workers. The cal- experience in front of the camera is earnest and soft-spoken, but ducer, has chosen to gamble with Bong Joon Ho knows how to work with a heavy ibre of the films will have no bear- screaming to draw attention to the and her stellar performance agitated and unsociable. The the success of her film by taking hand and still get respectable results. ing on the occupancy and the film cowardly act of acid attacks. steered by Gulzar’s direction, she impending tasks of rescue and up a simultaneous cause. Her critics will have no sway. “Chhapaak se pehchan le gaya” is not an ideal cast. She is a misfit rehabilitation keep him perpetu- intent in both acts is clear. To be [email protected] Chhapaak is an important from the title track bares the ugli- in Malti’s long school dresses and ally dejected, and Massey does it quiet is to be complicit in times film: a social commentary ness of how such an act robs awkward in navigating early well. Padukone as Malti pairs well when everyone must pick a side. vi | SPORTS 11 JANUARY 2020

CHESS #1383

By DEVANGSHU DATTA

u Wenjun drew first blood in game 4 of the World Title match, winning a J scrappy endgame against Aleksandra Goryachkina. The first three games were drawn with the Russian Challenger unable to convert pressure when she had the white pieces. In Game 4, Ju kept some pressure in a queen endgame that was objectively drawn. She converted to a favourable king and pawn endgame after Goryachkina cracked under the strain of defending. The title match will now compete for attention with the Chess Festival In Wijk Aan Zee. That starts this weekend. It has the usual stellar fields. The Masters group (14 players) is led by Magnus Carlsen backed up by Fabiano Caruana and Anish Giri among Top 10 players. Plus, there’s Wesley So, Viswanathan Anand and Nikita Vitiugov who are all Top 20. The average rating is 2741. The Challengers has an average rating of 2602. The top seed is David Antón Guijarro. The Indian contingent consists of Surya Shekhar Ganguly and Nihal Sarin. Other exciting youngsters include Nodirbek Abdusattorov, Vincent Keymer, Dinara Saduakassova, Anton Smirnov and Lucas van Foreest. The winner gets a slot in ANDREW YATES / REUTERS

the 2021 event (apart from prize money ). Limits of the laws These two events run concurrently with the Open, which has 2000-odd entries. This Is about as much as the Delhi Open, which has similar participation across Exasperatingvideoreviews showedhowfootball’srulebookisincompatiblewiththe graded sections. The January rating list shows Carlsen’s scrutinyofVAR,writesRory Smith triple crown wasn’t enough to take him to the top in all categories. While Carlsen is #1

ANDREW BOYERS / REUTERS by wide margins in Classical and Rapid, erhaps, for you, it was way back on convenient scapegoat for their own failings. Hikaru Nakamura holds the top position in the first day of the Premier League It is fans who booed them off the field blitz. The American GM did tie Carlsen at season that the doubts set in, when every time they made an incorrect decision — the World Blitz, although he lost the tie Raheem Sterling’s armpit was always, always just a tiny percentage of the break. Alireza Firouzja might soon be P deemed offside in Manchester decisions they had to make — and who, in France’s #2 and he’s now #27 and tops the City’s game against West Ham. extreme cases, hunted out their home Under-20 list at age 16. There are four Or maybe you had a little more patience addresses, chased them from the game. And Indians in the Top 100 and as many as 11 in than that. Maybe you accepted that any inno- the news media pored over their calls, with the Top 100 Juniors, including four in the vation, any disruption, drags a learning curve slow motion video and freeze frame and the Top 20. Most of these young hopefuls and a in its wake. Your own tipping point might have benefit of hindsight, and told them they were few more are participating in an intensive come with Son Heung-min’s shoulder blade, or not fit for purpose. coaching session in Chennai with Vladimir John Lundstram’s toe, or Sadio Mané’s hip. The solution, now, is not to turn back to Kramnik. That’s sponsored by Microsense. Or it might have come at Anfield, where those days, to tell the referees that they just The Diagram, Black to Play (White: Liverpool squeezed out of 2019 with a 1-0 win have to fail on their own again. VAR can work, Yu Yangyi Vs Black: SS Ganguly, World against Wolves to maintain its 13-point lead at as it proved — admittedly achingly slowly — in Teams 2019) features one of the more the top of the Premier League, thanks in equal allowing Liverpool’s winning goal. Nor is the interesting combinations of last year. parts to a goal from Mané, its visitors’ waste- solution to stubbornly proceed as we are, sur- Black played 23. — Rxe3!! 24. Rc6 Bh2+ fulness and Jonny Castro Otto’s unforgivable rendering the game to unseen technocrats, [This Bishop will repeatedly feature. Black inability to keep the arch of his left foot onside making it perfect in a technical sense but was coping with time trouble. Obviously at all times. The job of the VAR system is to establish whether a goal should or should not stand in accordance unsatisfactory in a spiritual, sporting one. 24. fe3 Bh2 25. Kh1 Qf1# is one key There is one final possibility, of course, with the laws of the game; it no more denies or approves goals than the referee Instead, it is to accept that variation] which is that no matter how long that list of MANAGERS the method of enforcement Play continued 25. Kf1 Bg3! 26. Kg1 insignificant body parts grows, your faith in for both the news media and fans themselves That may seem a trivial argu- requires an update of the law. Bh2+ 27. Kf1 Bg3 28. Kg1 Qxd4 29. Nc2 the benefits that the video assistant referee to see goals ruled out by remote control as ment, but although the rules of CREATED A Perhaps that means, as has Bh2+ 30. Kh1 Bf4+ 31. Kg1 Bh2+ 32. Kh1 (VAR) has brought to English football remains being “denied by VAR”, or goals or penalties football have a name full of CLIMATE IN been suggested, that only a Bf4+ 33. Kg1 Qxd3 34. Nxe3 Bh2+ 35. Kh1 unwavering. awarded as being nothing more than the grandiose self-importance — the WHICH player’s feet can be offside, Be5+ 36. Kg1 Bh2+ 37. Kh1 Qxb5 38. Rac1 That would be an increasingly niche view- unpredictable whim of some all-seeing, unac- Laws, always capitalised — they though that would not have Bg3+ 39. Kg1 Bh2+ 40. Kh1 Ne7!41. g3 point. That Premier League weekend alone countable entity. are not, actually, laws. They are OFFICIALS FELT saved Otto or Wolves. Perhaps it Nxc6 and (0-1, 66 moves). brought fans in Norwich, Liverpool and That is misleading. The job of the VAR sys- the rules of a game. They draw THAT ONLY is a time limit on how long a Manchester — among others — to the edge; tem is simply to establish whether a goal their authority not from some TECHNOLOGY decision can be analysed or games are more and more frequently being should or should not stand in accordance with celestial being or from centuries COULD SAVE how many replays officials are Devangshu Datta is an internationally rated played out to a background hum of dissatis- the laws of the game; it no more denies or of jurisprudence, but from the allowed to see. chess and correspondence chess player faction at the decisions being made by VAR — approves goals than the referee on the field. willingness of participants and THEM FROM Or perhaps it is changing the always the institution, never an individual — The video is simply an instrument for enforc- observers of that game to abide WAVES OF law so that it is fit for purpose and the prominence it has assumed. “It’s not ing the laws. by them. They are a convention, CRITICISM now: a player’s whole body football anymore” is the song that can be print- And in the case of offside, it has become not a covenant. Football is policed should have to be offside or that ed; there are a couple regularly heard in stadi- increasingly clear that the problem lies with- by consent, not by coercion. any decision requiring the draw- BS SUDOKU #2944 ums that cannot. in the laws. All that VAR has done, with its As soon as they seem invalid to those who ing of lines for certainty should be ruled onside. The complication is that in all of those cas- pinpoint cameras and its geometric lines and are playing and watching, then they are no There will always be marginal calls, of course; es, whichever referee is sitting in the Premier its limitless time in which to examine each longer fit for purpose. Otto, Sterling and the there will always be controversy. What matters is League’s broadcast headquarters at Stockley incident, is to highlight it. rest might have been offside by the letter of the to minimize it, to regain that consent once more. Park has reached the correct decision; or, Otto was technically offside when he plant- law, but they were not by the spirit of it. In the The current impasse works for nobody: rather, the referee has reached the correct deci- ed his foot a few yards outside the Liverpool case of football — unlike, say, criminal justice not for referees, not for players, not for fans. sion, allowing for the margin of error inherent penalty area, albeit only barely — by no more — the spirit of the law is what matters. The song has it right: It is not football any- to the system. Otto’s foot, or at least a sliver of than the depth of the sponsor’s logo on his VAR has exposed that fault line, and to more. That is not an argument against change, it, was offside in the buildup to Pedro Neto’s boot. But he was not offside in the sense that some extent we have nobody to blame but our- though. Football has always changed. The goal; so, too, Mané’s armpit and Lundstram’s any fan, any coach, any player would under- selves. It is managers who created a climate in problem, at the moment, is that it has not toe and all the rest. stand it. “They say it gets the right decision,” which officials felt that only technology could changed quite enough. That is not to say the anger is illegitimate; the Wolves captain Conor Coady said after the save them from waves of criticism every time it is just that it is misplaced. There is a tendency game, “but I’m not sure it’s worth it.” they got a call wrong, using the referees as a @2020 The New York Times

THE BS CROSSWORD #3299 Hard: ACROSS: 25 The Spanish johnnie’s getting 5Look for water to plunge some ancient Britons (7) Solution on Monday 1Somewhat pinkish affinity! (7) scotched in the manner of Charles into (5) 22 It gives height in flight (5) 5Takes off the pipes (7) Lamb (5) 6Shorten the time required to find 24 It’s doubly difficult to 9Members of family man such a 26 Diagrammatic form of catechism port facilities (7) understand ! (5) HOW TO PLAY ship? (4-5) (9) 7Drink shaken by a neurotic... (9) Fill in the grid so that every row, every column 10 Captain to arm for uprising (5) 27 First of all, you undercooked my 8Work on a newspaper and take and every 3x3 box contains the digits 1 to 9 11 Jack, Jill or Jane ? (7) meat; I enjoy roast more flavorful the bus back with a season return SOLUTION #3298 12 Demanded and obtained, to be (7) (7) SOLUTION TO # 2943 precise, a quarter the figure (7) 28 They may be held to throw light on 14 I’m a dull Pa, needing variety: 13 Why pose as an Indian soldier - the situation (7) here it is! (9) you’re better off enlisting (5) 16 Last horde rampaging in town in 15 Big surprise trips meant going DOWN: southern England (9) round fairground feature (9) 1Unusually big task carried out by 17 Wary about turned egg, the same 17 Pretty tight, though in good servicemen (3-4) being a source of this mischievous running order (4-5) 2Why I find my son somewhat drollery (7) 19 Old mystic did take in the runners- clamorous (5) 18 Islam no problem in this empire (7) up (5) 3His conservative record of events 19 Tattoo artist’s daughter is 21 Book for using language (7) (7) increasingly strange (7) 23 Gather that the bell has gone? (5,2) 4Shared barrier (5,4) 20 Describes a northeastern state and vii 11 JANUARY 2020 WIDE ANGLE | Saffron pages

The rise of right-wing ideologies is being helped along by an increase in right-wing book publishing, reports Ritwik Sharma

rban Naxal” has become a popular Garuda has commissioned about 20 books so far. pejorative label to describe critics of These include books on the accession of Jammu and the government today. When Garuda Kashmir, Atal Bihari Vajpayee and an “ex-commu- Prakashan commissioned film-maker nist’s manifesto” that extols Narendra Modi. U Agnihotri in 2018 for his book Some small-time publishers are more extreme, titled Urban Naxals, the publishing house did not more decidedly majoritarian in their vision. One such anticipate that it would contribute to the lexicon of group, Agniveer, has published 10 books by IIT-Kanpur political cusswords. But the young startup isn’t com- faculty member Vashi Mant Sharma, who was in the plaining. news after he objected to a protest on campus where In its three years, Garuda’s catalogue has included Faiz Ahmad Faiz’s poetry was read. The college set up books by the likes of Agnihotri and retired army offi- a committee to attend to his complaint that claimed cer G D Bakshi, both of whom are vociferous defend- the poem, “Hum Dekhenge”, hurts Hindu sentiments. ers of issues that are closely associated with the ruling Bharatiya Janata Party (BJP) government on TV and ationalist Hindu-centric writing has catered social media. N to a section of readers for much longer than the Garuda is a tiny player in book publishing, an period that has witnessed the rise of Hindutva pol- industry dominated by large houses that churn out itics. The late Purushottam Nagesh Oak is one writer titles of every ideological stripe. And although its whose revisionist ideas and historical denialism founder and managing director Sankrant Sanu find reiteration among leaders who are part of the describes Garuda as more cultural than political in its current dispensation. The Delhi-based vision, it reflects a grow- Sahitya Sadan published his books — titles such as ing assertion of right-wing The Taj Mahal Is a Temple Palace indicate their ori- voices in Indian writing. entation — back in the ‘60s. The focus for Garuda, Padmesh Dutt, the owner of the publication house, the publisher claims, is asserts: “We are not linked to Hindu religion, but Indic languages and civili- nationalism. Ninety per cent sation. Before starting his of the freedom movement self-funded publishing was composed of Hindus. business, Sanu, who wor- Kyunki hum nationalism pe ked with Microsoft in the kitaab chhaapte hai, baat US, wrote a book along with Hinduism pe aa jaati hai. two others including Indian- (Since we publish books on American writer and Indic nationalism, it naturally ends proponent Rajiv Malhotra. up concerning Hinduism.)” DALIP KUMAR In the book titled The En- Dutt’s grandfat- glish Medium Myth (2014), her, Guru Dutt, began he suggests that studying in the publishing house one’s mother tongue has bet- in 1953 after moving ter outcomes. Sanu says he from Lahore to Delhi found that the poorest nati- during Partition and ons used colonial languages. later authored some “My book takes the econom- of its best-selling ic view rather than a cultur- books. The third- al view of language. That was generation publisher also a seed for Garuda.” satisfies himself with Indic refers to Indo- limited sales, which Aryan, but so far Garuda has have increased only mostly published books in marginally in the last English and Hindi. Sanu five years. adds that they plan to put “We will not write out translations of some of their books into against nationalism and Hindu- Indian languages outside of the Indic brack- ism,” he says, and complains about et, such as Tamil. the trend of Hindu mythology- “We need to have a platform to tell our based writing in English. According own stories. We have been a storytelling civil- to him, writers like Amish (previ- isation. I felt we needed to have an alternative ously known as Amish Tripathi) space because there was a need for somebody have portrayed Shiva objection- who can unapologetically bring for- ably, as an intoxicated god. ward a civilisational narrative,” he ‘WE ARE NOT LINKED TO Booksellers acknowledge a says. “It’s not based on one religion. If growing focus on right-wing lead- you look at Indian Islam and HINDU RELIGION, BUT ers and historical figures or on Christianity there are a lot of syncret- NATIONALISM. NINETY issues that are central to the ruling ic plural views.” PER CENT OF THE alliance. Anuj Bahri, owner of Bah- Garuda is a “decolonisation” proj- FREEDOM MOVEMENT risons Bookstores in Delhi, says it ect, one that involves language and is understandable to be in favour excavating “our own experience”. WAS COMPOSED of the ruling party, and that there Sanu adds that it is decolonisation OF HINDUS’ has been a spurt in political biog- (Top) Garuda Prakashan’s founder Sankrant Sanu with Manoshi Sinha Rawal, the author of SaffronSwords, at the New Delhi from a framework of thought that is raphies. But few smaller publish- World Book Fair this week; and Ankur Pathak, co-founder of Garuda, at their office in Gurugram alien to us. “We need to define what PADMESH DUTT ers are successful, as their books our framework is, and then have a Owner, Hindu Sahitya Sadan get noticed only if and when a publishing house persists even though it was in fact ingrained with the idea that it’s not right to allow that. dialogue with Western thought,” he larger publisher reprints them. part of a larger game plan when it was set up in the Even if you are commissioning with a sponsored proj- says, emphasising that it doesn’t imply that Western Hindu mythological and fantasy books have 1920s. “It proposed or espoused the template of a great ect in mind, you are taking on books that you believe thought is bad but such a gaze on India fits every- become the fastest growing genre since 2008, but not Hindu India,” says Mukul. need to exist and be published.” thing into “stereotypes like caste atrocities or poverty”. due to a right-wing party at the helm, says Bahri. “It is In the current scenario, among big publishers, too, She concedes that there have been clearly defined That also becomes a rationale for choosing to pub- due to curiosity among the younger generation, which there is an awareness that readers are interested in segments like the Left press or feminist press, but the lish a book like Urban Naxals, whose premise was to is hungry for information that is not coming to them looking at multiple perspectives on the Right. “You Right has somehow not been granted a similar space. “expose the nexus between an India-wide Maoist ter- through their family or education system.” wouldn’t do it because you have a mission to prosely- At the same time, even though an entity like the Gita ror movement and their supporters in urban centres Much of right-wing literature, especially under the tise. For that you need to be independently funded and Press was agenda-driven it was not frowned upon. such as academia and media”. Sanu says: “The book is rubric of spirituality, is not considered overtly politi- agenda-driven,” says Karthika V K, publisher, For now, publishing is booming but book sales re- less political than how the term has come to be used. cal. For instance, the Gorakhpur-based Gita Press is Westland-Amazon. main low. “Diversity obviously takes a hit when sales It’s a personal story. We’d like to create more informed known across the country as a publisher of Hindu Publishers use buyback clauses — which require slow down. But given the amount of space public life civilisational dialogues, else it becomes a slogan-shout- religious and spiritual books, such as the Bhagavad writers to purchase their own books — to recover has granted to right-wing ideology it also reflects in how ing match.” Agnihotri, whose recent films have been Gita and the Hanuman Chalisa. Akshaya Mukul, expenses. That, however, need not lead to publishing publishers find space for them. More and more writers accused of being politically motivated, has remained author of the award-winning Gita Press and the unfiltered propaganda material, a possibility more are willing to engage with it. So be it as critique and pub- more in the news for his tirade on social media against Making of Hindu India (2015), points out that the per- likely on self-publishing platforms, according to licity, submissions and proposals are prolific as writers dissenters than for his book. ception of Gita Press as a non-controversial, religious Karthika. “In major publishing houses we are on both sides of the divide are going at it,” she says.

REUTERS attribute to climate change. Araging argument Still, the Murdoch outlets continue to resist. “On a dry continent prone to dead- ly bushfires for centuries, fuel reduction Damien Cave on how Rupert Murdoch’s publications through controlled burning is vital,” said are influencing ’s bushfire debate an editorial in The Australian. It went on to add: “Changes to climate change policy, eep in the burning forests south of fuelled claim making the rounds. His stan- however, would have no immediate Sydney this week, volunteer fire- dard-bearing national newspaper, The impact on bushfires” — a stance that fits Dfighters were clearing a track Australian, has also repeatedly argued hand in glove with government officials’ through the woods, hoping to hold back a that this year’s fires are no worse than frequent dismissals of the “bogey man of nearby blaze, when one of them shouted those of the past — not true, scientists climate change”. over the crunching of bulldozers. say, noting that 12 million acres have There are signs that the Murdoch mes- Deep in the burning forests south of burned so far, with 2019 alone scorching sage is making headway — at least in terms Sydney this week, volunteer firefighters more of New South Wales than the previ- of what people make a priority. Many fire- were clearing a track through the woods, ous 15 years combined. A kangaroo with burnt feet pads after being rescued last month; and bushfires in New South Wales earlier last week fighters working the smoky hills south of hoping to hold back a nearby blaze, when And on Wednesday, Murdoch’s News Sydney hesitated to state their views on cli- one of them shouted over the crunching of Corp, the largest media company in attention from climate change. the spread of fire are, however, legitimate that there is room for improvement mate change this week (some said senior bulldozers. “Don’t take photos of any trees Australia, was found to be part of another “It’s really reckless and extremely stories to report in the public interest.” when it comes to burning the branches leaders had told them to avoid the issue). coming down,” he said. “The greenies will wave of misinformation. An independent harmful,” said Joëlle Gergis, an award-win- Yet, for many critics, the Murdoch and dead trees on the ground that can But they were quick to argue for more get a hold of it, and it’ll all be over.” study found online bots and trolls exag- ning climate scientist at the Australian approach suddenly looks dangerous. They fuel fires. But they also say that no backburning. The idea that “greenies” or environ- gerating the role of arson in the fires, at the National University. “It’s insidious because are increasingly connecting News Corp to amount of preventive burning will off- Similarly, in Bairnsdale, Tina Moon, mentalists would oppose measures to pre- same time that an article in The it grows. Once you plant those seeds of the spread of misinformation and the gov- set the impact of rising temperatures whose farm was devastated by the fires, vent fires from ravaging homes and lives Australian making similar assertions doubt, it stops an important conversation ernment’s lacklustre response to the fires. that accelerate evaporation, dry out said she was mostly furious about the gov- is simply false. But the comment reflects became the most popular offering on the from taking place.” They argue that the company and the land and make already-arid Australia a ernment’s failure to clear the land around a narrative that’s been promoted for newspaper’s website. News Corp denied playing such a role. coalition led by Prime Minister Scott Mor- tinderbox. Even fire officials report that her property. “I don’t think it’s climate months by conservative Australian media It’s all part of what critics see as a relent- “Our coverage has recognised Australia is rison are responsible — together, as a team most of the off-season burns they want change,” she said. outlets, especially the influential news- less effort led by the powerful media out- having a conversation about climate cha- — for the failure to protect a country that to do are hindered not by land-use laws papers and television stations owned by let to do what it has also done in the United nge and how to respond to it,” the compa- scientists say is more vulnerable to climate but by weather — including the length- Livia Albeck-Ripka contributed reporting Rupert Murdoch. States and Britain — shift blame to the left, ny said in an email. “The role of arsonists change than any other developed nation. ier fire season and more extreme pre- from Bairnsdale, Australia And it’s far from the only Murdoch- protect conservative leaders and divert and policies that may have contributed to Climate scientists do acknowledge cipitation in winter that scientists © 2020 The New York Times viii | 11 JANUARY 2020

AND ANOTHER THING Howto win the war FRANCIS MASCARENHAS / REUTERS

that have come from mass movements, have ple: a power-mapping analysis. This is a graph been few. For the most part this has been that maps all the actors who can influence the because of a lack of public participation at change that is being sought, and how power- any meaningful level. This is the critical ful they are, and whether they are positively ingredient for change, especially in demo- or negatively inclined towards the change cratic polities which are presumably more being sought. susceptible to public pressure. We can attrib- Some of the meaningful actors here are: ute the Indian government’s reluctance to the government, political parties, the courts, address rights issues, say in Kashmir and the foreign countries, Bollywood, corporate India Northeast, or on the issues of health and and so on. The government itself is not mono- AAKAR PATEL education, to the absence of meaningful lithic and contains individuals and groups public pressure. who might differ. And it must function The thing is that such public pressure through an apparatus containing the higher n 1971, The Anarchist Cookbook (also actually exists in India today on the issue of bureaucracy that also can be influenced by known as Jolly Roger’s Cookbook) was the various citizenship laws that this gov- the protesters. published. It was written by an ernment is executing. There are hundreds We have already observed that India’s exter- American protesting his govern- of thousands of people on the street across nal affairs minister ducked a meeting with US I ment’s war in Vietnam. It had details India regularly standing up against the laws. Congressmen and women because he was afraid for his fellow protesters on how to make There is no sense that the protests are about of being grilled by one Congresswoman of bombs and drugs. It was a pretty ordinary to go away. Indeed, as the government begins Indian origin. We can speculate about what he effort (the author was a teenager at the time executing the laws, and starts knocking on was afraid of, personal embarrassment or just he wrote it, and in fact later regretted writing doors seeking information for that the actions of his government The protesters need it) but it sold two million copies. The most the population register, the are indefensible and he could not Student protests against CAA-NRC have helped create public pressure to see howthey interesting thing about the work is the protests will intensify. can agree on a path bring himself to defend them before fact that it offers those who seek to partici- What is missing from the to success so that the sceptics. The fact is that he felt Kanhaiya Kumar. Bollywood has always sided may not think of doing, but the power-map- pate in revolution a guide on how to go about protests is a route map to victo- theirefforts are more pressure and this can be used pro- with power over justice because it is beholden ping analysis reveals that this group has very doing this. ry. These are protests that have specific, more potent ductively. The more Congressmen to authority and gets serious amounts of mon- strong influence on the prime minister. Many civil society bodies, known as NGOs, been spontaneous and not and ultimately and women are told by their con- ey because it stays on the right side of the gov- These are the kind of things that need to have a route map on how to effect change on organised by political parties, more effective stituents to ensure that India does ernment. Unlike in the United States, where be thought up and followed through as the the issue they are working on. Of course, their which makes them even more not misbehave with its minorities, the film and music industry is extremely lib- protesters seek to bring about the change methods are peaceful and lawful. But they authentic. The protestors need to see how the more pressure there will be on the Indian eral and willing to jump into all sorts of caus- they seek. There will be many people with seek also to influence and alter the actions of they can agree on a path to success so that government from a power centre it values es, in India this has not happened. Deepika’s the knowledge who will be willing to do this government. Many of these groups have been their efforts are more specific, more potent and fears. stance opens up the space for the protesters to work with them. I am personally very excit- in the field for decades and so have devel- and ultimately more effective. Similarly, we have observed that the prime see if they can widen the coalition of famous ed about what is to come and do not think oped sophisticated systems that can conjure Where can they start? Obviously the first minister ducked a visit to Guwahati because people willing to stand up for them. that we have seen such a moment in our life- up a strategy for how to tackle an issue. Some thing is to agree on what the goal is and what he’s afraid of facing street anger. Apparently it Industry is pragmatic and will look at self times. It is not possible that we will allow of the great victories in the field of rights in victory looks like. Here the answer is clear: bruises his vanity. This is also useful and can interest, and this is true. However, upholding the industrial-scale brutalisation of India’s the West, for example gay marriage, can be Rolling back the Citizenship Amendment be amplified where he goes. We may have wit- rights for all and ensuring a modern rule-of- minorities as is being contemplated. And I attributed to the development and applica- Act, scrapping the National Register of nessed a seminal moment when Deepika law state is also in the long term interests of have a feeling that we will win this battle tion of a route map to change. Citizens and the changes in the National Padukone stood by the battered students of business. Seeking out and briefing the cor- that is being led by the Muslims and the stu- In India rights victories, especially those Population Register. The next step is also sim- Jawaharlal Nehru University and their hero porate sector is something that the protesters dents of India.

MOTORING ALLSOUPEDUP The revamped Jaguar XE poses a convincing challenge to German dominance, writes Pavan Lall

perfect machine for the JAGUAR XE P250 SE doesn’t mean it isn’t light- executive looking for a set of Engine: 2-LITRE INGENIUM, PETROL weighting. wheels that are understated but Power: 184 kW (250 PS) at 5500 The BS VI-compliant XE loaded with power. Torque: 365 Nm at 1500-4000 comes built with a lightweight aluminium chassis and double Transmission: 2,808 mm8-speed n the road, the XE is well wishbone front suspension that electronic automatic O planted and nimble, and at supports commendable handling Top speed: 250 km/h least on city streets driving and manoeuverability while No of cylinders: 4 never feels unwieldy, over- or aiding fuel efficiency. A few days Displacement CC: 1997 (cm3) under-powered, which is a after my moving around in the Acceleration: 0-100 km/h in 6.5 delicate but necessary balance XE, I noticed that the fuel needle seconds to achieve. Despite many had scarcely moved despite my Price: ~46.33 lakh (ex-showroom) automobiles leaning towards having activated the dynamic aluminium for building cars, mode, which pushes such cars to there is no substitute for that solid, heavy feeling perform at sportier levels. So, its range per you get when going for luxury cars because it does kilometre is competitively high. weigh in on how the suspension of the car reacts, I was also pleasantly surprised to note that how pothole-riddled roads impact the ride quality unlike the earlier XEs that I have driven this one and on the sound insulation. On all these factors, feels heavy, well-planted and armed with and more, the new XE scores highly but that substantial torque in its driving arsenal — something that is noticeable when hurling along a freeway. First launched in 2015 as a rival to the Mercedes-Benz C-Class, Audi A4 and the BMW 3 Series, the XE disappointed buyers who were expecting a minimalised version of the luxury limousine to be a real alternative to these cars. The new XE is a giant step closer to meeting that initial expectation. There is, however, one major area for improvement and that has to do with the seating. The rear seat is a tight squeeze and almost difficult to use when the front chair-back is pushed back far. The message could potentially be that this is a car built for drivers, but in a market like India the rear seat is not an area any manufacturer can afford to ignore. PHOTOS: KAMLESH PEDNEKAR That said, the new XE offers significant tech. n the luxury sedan market, which is sharply designed small four-seater sedan that is Think auto-dimming power fold, heated door dominated by the German trio of BMW, perfect for city driving. It’s easy to zip in and out of mirrors with memory, approach lights and even a Mercedes-Benz and Audi, it has always small lanes in this car which scores brownie points wireless device charging station in the front cabin. been a challenge to find an alternative that on roads that are used to seeing entry-level sedans Other nifty touches include a pop-out washer in I offers a similar experience — until now. made by Audi, Mercedes-Benz and the Bimmer. the front of the headlights that have the Jaguar With its new, second generation entry-level The car, which has plush but muted interiors motif engraved on them. There’s also a small sedan, the XE P250 SE (top-end variant), Jaguar- kitted out in luxurious leather, is fitted with projector under the door handles that beams a Land Rover brings a car that offers a driving gizmos that include an entertainment console and light, a kind of a halo that reads “Jaguar”, on the experience geared for those who enjoy being premium sound systems. I drove an all-black ground when the car is opened in the dark. Very behind the wheel. version that looked like a fast-moving machine Batman-like, very cool. The vehicle has a sleek silhouette that tapers even when stationary. This car is manufactured, or rather aerodynamically as it slings toward a well-defined Punch the start button and the assembled, in Pimpri in Pune but its nose marked by the car’s logo in red, one that you XE’s smooth two-litre pricing is still fairly steep when also see emblazoned on the rims of the wheels. Ingenium petrol compared to top-of-the-line Former Jaguar chief of design, Ian Callum, engine, which is built in competitors in its segment that who stepped down last year after being with aluminium, comes to life include the likes of the BMW 3 Series. the company for two decades, once said: “A true with trademark Jaguar The bottom-line is that this range of Jaguar is something that exists to enjoy and smoothness. The power XEs is a more evolved, confident indulge in, both aesthetically and dynamically.” effortlessly thrusts the rendition of its earlier avatar, and if The XE SE comes fairly close to adhering to heavy sedan into motion the company can crack its pricing and this descriptor. with the kind of torque you’d sort out issues like rear seating, it has a When it comes to looks and styling, the XE is a expect in any fast car. This then makes the XE a potential winner on its hands.