GUJARAT’S OWN ENGLISH DAILY FOUNDED IN 1967 PRICE : 1/- RNI Reg. No. GUJ/11172/67. Postal Reg. No G-GNR-321 valid upto 31-12-2020 Posting at RMS Ahmedabad Founder Editor : Ramubhai Patel PHONE : 079-2640 2880 (Advertisement : 2640 2881 mail : [email protected])* Fax : 2640 2882 For epaper log on to \www.westerntimes.co.in VOL. 53 * NO. 19* AHMEDABAD MONDAY* 5/8/2019 Pages-8 Printed & Published by Nikunj R. Patel on behalf of Western Times Publications Pvt. Ltd. Printed at Western Times Survey No. 1315P, Opp. Ramapir Temple, Shilaj-Thol Road, Shilaj, Ahmedabad and Published at Western Times Publication Pvt. Ltd. 301, 3rd Floor, Gala Argos, B/h. Hari Krupa Tower, Nr. Ladies Hostel, Ellisbridge, Ahmedabad-380 006. (Gujarat). Editor : Nikunj R. Patel News Amit Shah meets NSA Ajit Doval amid terror threat in Kashmir New Delhi, ies. Team (BAT) and terrorists to of an impending major de- Brief Home minister Amit Peoples Democratic attack an Army post along cision on the special status Shah held a meeting with Party chief Mehbooba Mufti the Line of Control (LoC). of the state. The governor’s Hyundai Motor National Security Advisor said an all-party meeting The army said four people, comment came after politi- Ajit Doval and Home Secre- will be held at her residence including Pakistani com- cal parties in the state ac- India to hike tary Rajiv Gauba on Sunday, on Sunday evening amid mandos, were killed. cused the administration of prices by up to days after security was rein- the tension in the state. The Army said that “in creating disquiet and de- forced across the Kashmir Also read: Indian army the last 36 hours Pakistan manded that the Centre Rs 9,200 from valley after a terror threat, offers to return bodies of has desperately tried to re- clear the air. There has been Aug PTI reported. Officials said Pakistanis killed in J&K’s vive terrorism and push ter- a buzz in the state’s political the meeting lasted for Keran rorists” into Kashmir. circles that the revocation of Mumbai: Hyundai around an hour. Meanwhile, the Indian Jammu and Kashmir Article 35A that gives spe- Motor India Ltd said it The Jammu and Kash- Army had thwarted an at- governor Satya Pal Malik on cial privileges to permanent will hike its vehicle mir administration had cut tempt by a group of Tuesday asked people not residents of the state is im- prices by up to Rs 9,200 Pakistan’s Border Action to pay any heed to rumours minent. from August 1 to offset short the Amarnath Yatra on increased input costs. Friday and asked pilgrims The new prices will and vacationers to leave the be effective from Au- state after the terror All-party meeting at Mehbooba gust 1, across all mod- threat.Thousands of tourists els, HMIL said in a state- and Amarnath pilgrims left ment. Kashmir in the last two days. Mufti’s house over tension in Kashmir The input (raw ma- Tourism department offi- Srinagar, cal parties had decided to mir are suspicious that the terial) costs have gone cials said around 95% of the Peoples Democratic hold a meeting at a hotel central government could up due to new en- estimated 20,000 tourists, Party chief Mehbooba Mufti but the police have banned be preparing the ground to hanced safety regula- both Indian and foreign, and will host an all-party meet- hotels from hosting any po- scrap Articles 35A and 370 tions in cars by the gov- pilgrims have left Kashmir ing at her residence Sunday litical functions. which give special status to ernment, it said. by Friday. evening amid tension in “We tried to hold the Jammu and Kashmir. Around 25,000-30,000 Jammu and Kashmir over meeting in a hotel but there The former chief minis- The South Korean School Chlidrens wade through a water logged road after heavy rain in Mumbai car maker's India prod- troops have already been the government’s decision is a police advisory to all ter said that they had cau- uct portfolio comprises deployed in the state over to curtail the Amarnath hotels not to allow political tioned people of the coun- on Saturday UNI. 10 car models across the last four-five days. The yatra over a terror threat and meetings. So we are meet- try about the consequences segments, including state has witnessed panic deploy a large number of ing at 6 pm today at my resi- of tinkering with articles 35 Santro, Grand i10, buying of utilities such as troops in the valley. dence,” she said. A and 370 of the Constitu- Xcent, Verna, Creta and medicines, fuel and grocer- Mufti said that the politi- Political parties in Kash- tion. Tucson, among others. Five Star Business Post Acharya’s Circular from NHB not SAT asks SEBI to probe exit, RBI rejigs portfolios to have impact on HDFC Cairn India violations gets $50 mn funding Mumbai: Housing Finance Development Corporation New Delhi: The Securities over Rs340 crore by Cairn In- Chennai: Non-banking eight States and UTs union and above. Now, the firm has Mumbai: With finance company Five Star territories and it would add a valuation of about $950 mil- Deputy Governor of the Ltd. clarified that the latest circular of the National Hous- Appellate Tribunal has di- dia and had appealed to SEBI ing Bank which advised housing finance companies to de- rected markets regulator SEBI to direct Vedanta’s subsidiary Business Finance has raised 25 branches by March 2020. lion. Five Star is one of the few Reserve Bank of India $50 million in its second Currently, the company has NBFCs that have secured eq- Viral Acharya demitting sist from providing loans to finance subvention schemes to look into the alleged viola- to pay the dividend along with offered by builders to sell homes is unlikely to impact tion of market norms by Cairn an interest of 18% per annum. round of funding led by pri- a portfolio of about Rs2,500 uity funding in challenging office, the central bank vate equity major TPG Capi- crore, with asset quality of times, when the general in- has allocated his port- growth of the individual loan business. India, a subsidiary of Vedanta, In the appeal, Cairn UK Hold- HDFC said it disburses loans to individuals based on with regard to withholding of ings had asked to initiate pro- tal. The funds will be used for sub-1% gross non-perform- vestment climate for NBFCs folios to other Deputy growing the existing portfo- ing asset. It aims to take it up has been tougher. It is be- Governors. Deputy the stages of construction and that it has adequate mecha- dividends payable to Cairn UK ceedings under Companies nism for monitoring the progress of housing projects. Cus- Holdings. The order came af- Act against every director of lio and entering new geog- to Rs4,000 crore by March cause of the strong confi- Governor B.P. Kanungo raphies like central India, said 2020. According to him, this dence TPG has in us, he said. gets the all-important tomer consent is obtained prior to the release of each stage ter Cairn UK Holdings Ltd. filed Cairn India who were know- of payment to the developer, the mortgage lender added. an appeal with the tribunal ingly a party to the non-pay- Rangarajan Krishnan, CEO, is the second round of in- Chennai-based Five Star Busi- monetary policy de- Five Star Business Finance. vestment made by TPG Capi- ness Finance is backed by partment, which means HDFC’s exposure to housing loan products involving inter- against an order passed by ment of the said dividend. est subvention schemes offered by developers is negligible, SEBI. In 2017, the U.K.-based However, SEBI disposed of the Currently, we have a strong tal into Five Star Business Fi- marquee investors that in- he will be a member of presence in the south. Now, nance and it comes within a clude Matrix Partners, Mor- K the six-member mon- it said. The corporation is of the view that there is unlikely firm had approached the complaint on the grounds Y regulator over non-payment that the unpaid dividend of we will enter more States. We year from the initial $100 mil- gan Stanley, Sequoia Capital, M etary policy committee to be any significant impact on the growth of its individual

C will become a pan-India lion round done in July 2018. Norwest and TPG. It provides which sets interest rates business due to the circular, HDFC said. of dividend amounting to over Rs660.63 crore was handed over by the firm to the player in the next two-three With this round, Five Star is small business loans to its by voting. The central years, he added. As on date, close to attaining the cov- customers, who are generally bank will announce the income tax authorities and it would not be appropriate for the company has about 200 eted unicorn status firms missed out by mainstream review of its monetary branches spread across with a valuation of $1 billion lenders. policy on August 7. An- Indian Army asks Pak to take home bodies SEBI to take any further action. other important de- partment, the financial markets department of militants killed, Islamabad responds that Mr. Acharya was New Delhi, denied the Indian claim as pects the attackers were Govt. must reduce borrowing by handling, will now be The Indian army on Sun- “mere propaganda” and said part of Pakistan’s Border Ac- headed by Deputy Gov- day asked Pakistan to take that India was “trying to di- tion Team, or BAT, which has ernor N.S. Viswanathan. back bodies of a Pakistani vert attention of the world in the past carried out hit commando and terrorist form the situation of Kash- jobs near the border before divesting stake in PSEs: Acharya Identifies CEO killed in a firefight in Jammu mir.” Similarly, the Foreign returning to Pakistan, some- and Kashmir’s Keran sector Office also issued a state- times under the cover of fir- Mumbai: Reserve Bank week on the subject, why sing on providing educa- ciency gains if there are for Mindtree last week. Indian army ment to reject the claims by ing from Pakistani posts. of India (RBI) Deputy Gover- less can be more: on the tion, health and infrastruc- more private investors Mumbai: L&T has sources said the Pakistani India. Saturday’s disclosure by nor Viral Acharya said that crowding-out effects of ture. Mr. Acharya had de- playing an effective role in identified a new CEO army has been asked to ap- “We reject Indian allega- the army about the attack disinvestment in public sec- government financing. The cided to quit the RBI six the governance of public for its latest acquisition, proach with a white flag and tions of cross-LOC action by on the border post came on tor enterprises (PSEs) same speech was delivered months before his tenure sector enterprises, which Mindtree. The name take over the bodies for last Pakistan and possession of the heels of the government would alleviate crowding- at a Federal Bank event in ends. His last working dayis will also reduce the need for may be announced af- rites. bodies,” FO said. The four aborting the Amarnath pil- out effects of the Kochi in November. July 23. Another way is for market borrowings by the ter the board meeting The Pakistan Army has militants were killed when a grimage in Kashmir over se- government’s borrowing in He said serious the government to reduce government and reduce on August 2. Asked for denied the Indian claim group of Pakistani soldiers curity threats. On Friday, the the country. rationalisation could be un- its borrowings in the mar- crowding-out. The much- comments, L&T’s MD & about action by Pakistani and terrorists attacked an government asked pilgrims One possible solution is dertaken including cutting ket by divesting more of its needed land, labour and ag- CEO S. N. army regulars and militants army border post along the and tourists to leave the val- for the government to im- back on subsidies and public sector enterprise ricultural reforms could be Subrahmanyan said, we across the Line of Control Line of Control (LoC) in ley at the earliest. prove the share of capital programmes that are not shares, Mr. Acharya said. undertaken, all of which can have identified the CEO and that their bodies were Keran sector. The com- The central government expenditures, which cur- delivering long-term The Deputy Governor help crowd-in private sector and will announce the lying on the Indian side. mando is said to be a mem- has deployed additional rently stand at a meagre growth, and instead, focus- argued there could be effi- growth, he added. name shortly. Pakistan Army spokes- ber of Pakistan’s Special Ser- forces over the past couple 14%, he had said at an man Maj Gen Asif Ghafoor vice Group. The army sus- of weeks in Kashmir. event in IIT-Bombay last Shanthi Gears net up 11% on higher income NCLAT dismisses contempt petition against TVS Motor Co. initiates Chennai: Shanthi Gears Ltd. has reported a Admin@Rabikanta=8794112760&7005625385 11% rise in its stand-alone Anil Ambani over RCom payment default major cost reduction plan net profit for the first New Delhi: The National contempt, said NCLAT. Ear- the appellate tribunal over cent stake in Reliance quarter ended June 2019 Company Law Appellate Tri- lier on July 3, NCLAT had re- alleged default of payment Infratel filed the contempt Chennai: Two- and ties, lack of money availabil- next couple of months. to Rs9.45 crore from the bunal dismissed a con- served its order saying that of Rs 230 crore by Reliance plea. The counsel appearing three-wheeler manufac- ity, new norms coming in much ahead of the market Rs8.50 crore posted in the tempt petition filed against it will decide whether the Infratel. for resolution professional turer TVS Motor Co. Ltd. has and costs being pushed up, and infrastructure. He also corresponding quarter Reliance Group Chairman the contempt petition filed As per the consent said that as RCom was go- initiated a major cost reduc- monsoon being erratic, said all the vehicles rolled last year on a rise in total Anil Ambani and other offi- by HSBC Daisy Investments terms of the agreement ing through insolvency pro- tion programme, to meet volatile inter-trade and ten- out by the company from income. The company cials by minority sharehold- (Mauritius) and others among Reliance Infratel, ceedings and was under the uncertainties in the auto- sion in the Middle East, we December would be BS-VI posted a 13.56% increase ers alleging non-payment of should be admitted as Reli- HSBC Daisy and others, re- moratorium period under mobile sector, according its do expect a volatile and an ready. Regarding the firm’s in its total income to Rs73 dues by Reliance Infratel. ance Communications corded by the NCLAT in its the IBC, it cannot pay CMD. unpredictable year, he cau- tie-up with BMW for making crore. Total expenses rose A two-member bench (RCom) is going through in- order dated June 26, 2018, money. In May this year, the Our cost reduction was tioned shareholders, who high-end bikes, he said it from Rs53 crore to Rs60 headed by NCLAT Chairman solvency proceedings. the Anil Ambani-owned Mumbai bench of the Na- the highest achieved in In- sought a bonus issue. had rolled out 50,000 bikes crore, the company said Justice S J Mukhopadhaya, Reliance Infratel, is a firm was to pay the amount tional Company Law Tribu- dia,” said Venu Srinivasan, Mr. Srinivasan said that so far. The company’s in a regulatory filing. dismissed any contempt subsidiary of RCom, and is in the following six months. nal (NCLT) started the cor- CMD, TVS Motor Co. Ltd. in such a year, the main task standalone net profit for the plea against Ambani and his presently under corporate After the six-month pe- porate insolvency resolu- And this year, we are try- undertaken by the com- first quarter ended June officials. insolvency resolution pro- riod ended, HSBC Daisy and tion process of RCom, which ing to push it further, he pany is cost control. We have 2019 dipped 3% to Rs142.30 Sundaram- We have found that no cess. nine other minority share- has a total bank debt of over added, while addressing to keep our cost at the low- crore from Rs146.60 crore in Clayton Q1 net case has been made out for HSBC Daisy had moved holders holding 4.26 per Rs 50,000 crore. shareholders at the est level. the corresponding year-ear- company’s annual general According to him, the lier period. Revenues stood dips 30.6% meeting. company’s electric two- at Rs4,469.80 crore, record- Chennai: With all the uncertain- wheelers will be out in the ing a 7.22% growth. Sundaram-Clayton Ltd.’s standalone net Etihad in the race to acquire Jet Airways profit for the first quar- ter ended June 2019 Mumbai: Etihad Air- the time of going to press. ers as their value has been All interested parties dipped 30.63% to ways PJSC, the national Similarly, an email to the completely eroded. have been asked to sub- Rs4.87 crore from the carrier of Abu Dhabi, is Hinduja Group seeking a It does not make any mit expression of interest Rs7.02 crore registered learnt to have initiated a confirmation yielded no re- sense for strategic investors by August 3, 2019 and during the correspond- fresh round of talks to sponse. to provide any premium be- the bidders will be ing quarter last year on bid for Jet Airways Negotiations are under- cause the company’s net shortlisted by August 14, lower revenue from op- through the IBC process. way between the two par- worth is negative. Strategic 2019. erations. During the first Etihad had always ties, the people said, but investors will come at par Besides the Etihad- quarter, income from been interested but they did not elaborate. The and the dilution will be so Hinduja combine, a con- operations slipped to wanted a favourable Hinduja Group, which had huge that retail investors sortium of Jet Airways Rs374 crore from Rs469 deal, according people thrown its hat in the ring, is will be turned into micro Employees’ union and crore. Other income rose familiar with the devel- likely to come in as a finan- minority. There will be noth- the U.K.-based Adi Part- to Rs7.13 crore from opment. cial investor. ing left for them, Mr. Baliga ners will be key contend- Rs4.97 crore, the com- The foreign carrier, Commenting on the de- said. ers. Reportedly the Tata pany said in a regulatory which has 24% stake in velopment, Ambareesh It is also believed that Group, Qatar Airways, filing. Total expenditure the grounded airline, is Baliga, independent equity the National Investment Apollo Global Manage- for the auto component reportedly gearing up to analyst said. Yes, people are and Infrastructure Fund, a ment and TPG Capital are maker decreased to submit a bid along with interested because Jet Air- joint venture between the forming a consortium to Italian Prime Minister Giuseppe Conte (R) speaks at a news conference with Eu- Rs375.89 crore from the Hinduja Group. ways still has brand equity. government of India and bid. Jet Airways shares ropean Commission president-elect Ursula von der Leyen in Rome, Italy, Aug. 2, 2019. Rs465.17 crore reported A detailed email sent They may benefit but the the Abu Dhabi Investment closed with a loss of The European Union Commission could propose a new "effective, efficient, but also for the corresponding to Etihad Airways re- company will offer nothing Authority will be roped in by 1.87% at Rs44.55 on the human" pact on migration and asylum, European Commission president-elect Ursula year-ago period. mained unanswered till for retail or other sharehold- Etihad to bid for the airline. BSE. von der Leyen said here on Friday before meeting with Italian Prime Minister Giuseppe Conte UNI 2 AHMEDABAD MONDAY 5/8/2019

From Suzlon defaults on Editor’s $172 mn bonds Desk...... Mumbai: In a sign of majority stake in the com- stress widening across pany and discussions are on India’s credit market, Suzlon for a one-time settlement Energy has defaulted on re- plan with creditors to re- demption of its foreign cur- structure outstanding bank rency convertible bonds loans. worth $172 million, or The firm has an out- Beyond Talaq Rs1,200 crore. standing debt of Rs7,761 Suzlon has asked bond- crore, including FCCBs and Both Houses of Parliament have passed a Bill mak- holders to hold on till the working capital debt of ing instant triple talaq a criminal offence, amidst persis- company completes its Rs3,380 crore. tent doubts whether it ought to be treated as a crime or one-time settlement with The firm’s bank facility just a civil case. It is true that the Muslim Women (Pro- banks, said a source in the ratings were cut to default tection of Rights on Marriage) Bill, 2019, is a diluted ver- know of the development. by Care Ratings in April af- sion of the Bill as it was originally conceived. Earlier, it However, its settlement ter the loss-making com- did not specify who could set the law in motion. Now with the banks depends pany defaulted on repay- the offence is cognisable only of the affected wife, or The Union Home Minister, Shri Amit Shah chairing the meeting to review undergoing preparations to mark 550th Birth Anniversary of Shri Guru Nank Dev Ji, in New Delhi on August 02, 2019. The Union Minister upon its plans to sell stake ments worth Rs412 crore on one related to her by blood or marriage, files a police to Canadian investor term loans and working complaint. A man arrested under this law may get bail, for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, the Union Minister for Railways and Commerce & Industry, Shri Piyush Goyal, the Union Minister for Food Processing Industries, Smt. Harsimrat Kaur Badal, the Brookfield, a move that may capital facilities in March. after the Magistrate grants a hearing to the wife. Thirdly, see promoters, with 19.8% Suzlon had become India’s the offence is compoundable, that is, the parties may Union Minister for Human Resource Development, Dr. Ramesh Pokhriyal ‘Nishank’ and the Minister of State for Culture and Tourism (Independent Charge), Shri Prahalad Singh Patel are also seen. stake, ceding management largest FCCB defaulter when arrive at a compromise. The Government says its main control. it missed its payments in objective is to give effect to the Supreme Court’s 2017 The company has not 2012. verdict declaring instant triple talaq illegal. It claims that made the payment of the In January 2015, Suzlon despite the court ruling, several instances have been re- principal amount of the out- was forced to sell its prime ported. Making it an offence, the Government says, will RBI reserves: Panel for transfer in tranches standing bonds, being $ asset, Senvion SE formerly deter further resort to triple talaq, and provide redress 172,000,000, which was due REpower to U.S.-based pri- for women in the form of a subsistence allowance and New Delhi: The Bimal sue of how much of the cen- after it made provisions mining whether the RBI’s on July 16, 2019 in accor- vate equity firm custody of children, besides getting the erring husband Jalan Committee on treat- tral bank’s reserves can be which are usually provided current reserves were sur- dance with the terms and Centerbridge Partners for •1 arrested. However, the core question regarding the ne- ment of Reserve Bank of transferred to the Centre. by the bankers. plus of this or lower. If they conditions of the bonds, billion then, over Rs7,200 cessity to criminalise the practice of talaq-e-biddat has India’s reserves is likely to The government view Against this back- are surplus, then the com- said the company in a state- crore. not been convincingly answered. recommend a transfer of a has been that the RBI’s re- ground, the committee was mittee also had to come up ment, adding that it was Sun Pharmaceuticals In the light of the Supreme Court ruling on its valid- specified quantum of RBI serves constitute 27% of its tasked with reviewing the with a suitable profits distri- working on a holistic solu- promoter Dilip Shanghvi is ity, there is really no need to declare instant triple talaz a reserves to the government total assets, a much higher status, need, and justifica- bution policy. tion for its debt and that it the largest shareholder in criminal offence. The practice has no approval in Islamic over two or three tranches proportion than the global tion of the various provi- Fiscal deficit target: The continued to be in discus- Suzlon, who acted as a tenets, and is indeed considered abhorrent. Secondly, over the next few years, an norm of 14%. sions, reserves and buffers treatment of the RBI’s re- sions with various stake- white knight to help the once it has been declared illegal, pronouncing talaq ob- official in the Finance Min- As a means to reach a currently provided for by serves is a matter of great holders in relation to out- company in 2015, buying a viously does not have the effect of “instantaneous and istry said. The committee resolution on the issue, the the RBI, and also review the importance at a time when standing debt including the 23% stake for Rs1,800 crore irrevocable divorce” as this Bill claims in its definition of will submit its report in 10- central bank, in December, global best practices fol- the central government has bonds. when it was in deep finan- ‘talaq. The provisions that allow a woman to claim a sub- 15 days, the official said, fol- constituted a committee lowed by central banks in committed to a fiscal deficit Brookfield is eyeing a cial trouble. sistence allowance from the man and seek custody of lowing the final meeting of under former RBI Governor making provisions for the target of 3.3% in financial her children can be implemented in the event of the the committee. Bimal Jalan. risks that central bank bal- year 2019-20, and a further husband abandoning her, even without the man’s ar- However, there is not Statutory mandate: The ance sheets are subject to. tightening to 3% the next rest. If triple talaq, in any form, is void, how the ques- likely to be consensus in the committee was to keep in The committee was also year.With tax revenues fall- tions of children’s custody and subsistence allowance committee over this deci- mind the statutory mandate tasked with suggesting an ing short of expectations, arise while the marriage subsists, is not clear. And then, sion, he added.The govern- under the RBI Act that the “adequate level” of risk pro- any off-Budget receipts Demerger: Kesoram to there is the practical question of how a man can pro- ment and the RBI have been profits of the RBI be trans- visioning that the RBI from the RBI will be wel- vide a subsistence allowance while he is imprisoned. It at loggerheads over the is- ferred to the government should maintain, and deter- comed by the Centre. seek shareholders’ nod has been argued by the Bill’s proponents that dowry ha- Kolkata: Kesoram In- its rationale for the deci- rassment and cruelty towards wives are treated as crimi- dustries Ltd. will seek the sion. The loss-making firm nal offences even while the marriage subsists. It is a pa- nod of its shareholders, Rs254.3 crore in 2018-19, tently wrong comparison, as those acts involve violence Demographic change, bank secured and unsecured posted its first quarterly and cruelty and are rightly treated as criminal offences. Nielsen cuts FMCG creditors, separately, for net profit at Rs20.8 crore The same cannot be said of a man invoking a prohib- the proposed scheme of in the fourth quarter of ited form of divorce. The BJP projects the passage of infra will help savings grow demerging its tyre busi- last fiscal, making this the the Bill as a historic milestone in the quest for gender growth forecast to 9-10% New Delhi: The demo- to be accompanied by ness, as directed by the first net profit in 10 justice. Such a claim will be valid only if there is a non- New Delhi: Market re- graphic change India is go- greater digital literacy. National Company Law quarters.The improved sectarian law that addresses abandonment and deser- search firm Nielsen has low- said. ing through, coupled with I don’t know why people Tribunal. performance came tion of spouses as a common problem instead of focus- ered its growth forecast for The FMCG growth for the banking infrastructure are apologetic about profits, Its main lines of busi- through cost savings and ing on a practice, which is no more legally valid, among the fast-moving consumer H1 2019 (January-June) being put in place, stands to Mr. Subramanian said. If you ness are cement and tyres. efficient logistics, accord- Muslims. goods sector to about 9- stands at 12% as against a greatly increase savings in are working within the law The company is now plan- ing to the firm.KIL’s debt 10% in 2019, from the ear- prediction of 13-14%, the the country, Chief Economic and are helping the ning to spin off the tyre now stands at Rs2,950 lier expectation of 11-12%, report said, adding that, Adviser Krishnamurthy economy grow, then profits business, which functions crore. The separation of Crisil revises rating watch on the back of softening Based on an analysis of key Subramanian said. are good! under the name of Birla the tyre business would demand across all food and factors, a revised forecast for Mr. Subramanian also The only place data is Tyres. These are two dis- bring significant benefits non-food categories. the year-end of 2019 put all said India needs to move really secure in India is the tinct lines of business, with to both the businesses, it on Indiabulls Housing Nielsen also noted that India FMCG growth to be in different nature of risks said. These would be the 9%-10% range. Within out of the mindset of being banks because of the bank- Mumbai: Rating agency has been revised as it is pos- the impact of slowdown apologetic for profit, as long ing secrecy legislation, Mr. and competition necessi- through dedicated man- was seen more in rural areas this, the research firm ex- tating different manage- agement focus and accel- Crisil has revised its rating sible that the credit profile pects food categories to as they are legally obtained. Puri said. watch on the long-term of the merged entity as a than urban. The demographic As and when the pri- ment approaches and fo- erated growth for the tyre Rural India accounts for grow at a higher rate at 10- cus. Moreover, the com- business and access to bank facilities and debt in- bank could be relatively 11%, whereas personal care change India is going vacy law comes, then others struments of Indiabulls weaker than other Crisil nearly 37% of overall FMCG through is very important will be the same, but for petitive dynamics of these varied sources of funds spends, and has been grow- and home care are ex- businesses are also differ- for the rapid growth of Housing Finance Limited to AAA rated private banks, at pected to grow in the 7-8% for savings growth, Mr. now only the data in banks Rating Watch with Negative least in the short term, the ing around 3-5 percentage Subramanian said, while is secure in that way. ent, the company said in both businesses. points faster than urban on respectively. Implications from Rating rating agency said. 2018 growth as ex- speaking at a book release. Watch with Developing Im- CCI nod for merger: account of increasing As life expectancy increases, affordability, availability and pected: In 2018, the sector plications. IBHFL has received approval saw a growth of 13.6%, in people realise that they The rating on the short- from the Competition Com- demand.However, rural must begin saving by at growth is slowing down at line with an expectation of term bank facilities and the mission of India for the pro- 13-14% growth. According least 40 years because they short-term debt posed merger, while it double the rate of urban in will live for much longer recent quarters, the report to the report, in Q2 2019 programme has been reaf- awaits other approvals. (April-June ), FMCG value now.And, as people have firmed at Crisil A1+. IBHFL Crisil said there could be growth dropped to 10% fewer children, they will was under Watch with de- transitional challenges once Federal Bank net inching towards a realise they need to save veloping implications when the merger goes through, as slowdown.At the beginning because their children the company announced its the entity would need to es- surges 46.25% on of the year, we saw soften- might not be able to take merger with Lakshmi Vilas tablish its liabilities fran- ing driven by essential and care of them, Mr. Bank.With progress on the chise to compete effectively fee income impulse food categories, Subramanian added. This merger, the rating watch with banks. Mumbai: Private sector however, this quarter has shift will be enabled by the lender Federal Bank re- witnessed a slowdown Jan Dhan Yojana, which is ported a 46.25% jump in its across all food as well as creating the necessary June quarter net at non-food categories with banking infrastructure, es- Cummins India MD Rs384.21 crore on a healthy salty snacks, biscuits, spices, pecially in rural India. growth in noncore income toilet soaps, and packaged The CEA also spoke Sandeep Sinha resigns and stable asset quality. tea leading the slowdown, it about the importance of The lender reported a said.The report noted that digitization in the banking New Delhi: Cummins In- Sinha joined Cummins 17.77% growth in core net space and how it stands to dia Ltd. announced that in 2004 as a Corporate Indi- Haryana, Madhya Pradesh, interest income to Rs1,154 Uttar Pradesh, Maharashtra greatly increase the reach of Sandeep Sinha, MD, rect Purchasing Manager. crore on a 19% growth in savings and credit instru- The Governor of Bihar, Shri Phagu Chauhan calling on the Prime Minister, Cummins India and Vice- Over his career at Cummins, and Assam were leading the advances and a stable net slowdown. ments. However, he added Shri Narendra Modi, in New Delhi President, Cummins India he held several leadership interest margin which that this digitization needs ABO, has resigned to pursue roles in Corporate Strategy stood at 3.1%. business interests outside in the US, New and Recon Shyam Srinivasan, MD of the company. Parts and the Industrial En- and CEO, attributed this to We wish Sandeep well in gine Business in India. broader growth across the Ebix acquires Yatra Online in a Rs. 2,300-crore transaction his new career, said Norbert He played a key role in core fee lines and also trea- New Delhi: U.S.-head- exchange in the country. than 11,000 employees and March 8, 2019, the last trad- common stock. Ebix expects Nusterer, Vice-President and starting multiple plants at sury operations. The bank quartered Ebix, a provider of We are excited by the a travel expanse spanning ing day prior to the public this transaction to be 40 to President of Power Systems, the Cummins Megasite in saw fresh slippages of on-demand software and e- cross-selling opportunities GCC, ASEAN and Asia Pacific announcement of Ebix’s of- 75 cents accretive to its non- Cummins Inc.He added that Phaltan, India. Before taking Rs415 crore during the commerce services, an- that this combination pro- countries. The transaction fer to acquire Yatra. GAAP earnings per share we will miss his leadership his mostAdmin@Rabikanta=8794112760&7005625385 recent leadership quarter, including those for nounced the acquisition of vides us, while further also provides the necessary Assuming a value of within a period of six to 12 vision, strong business acu- role, Sinha served as the Rs32 crore in loans to two homegrown travel portal strengthening our future scale to extend its travel $4.90 per Yatra ordinary months from closing. men, and commitment to COO of Cummins India. special purpose vehicles of Yatra Online for $337.8 mil- EbixCash IPO offering, said business to North America, Share, the transaction im- Dhruv Shringi, co- excellence that enabled the Cummins India Ltd.’s the crippled infrastructure lion more than Rs2,300 Robin Raina, chairman, Latin America and Europe. plies an enterprise value of founder and CEO, Yatra ABO to continue delivering Board of Directors is com- lender IL&FS, while the crore. president and CEO, Ebix. He said that based on $337.8 million at the Ebix Online, said that over the outstanding business per- mitted to confirming Sinha’s overall recoveries rose to Following the comple- Yatra will continue to the 15-day volume collar price of $59 per share last several years, we have formance. Throughout his successor and will run an Rs300 crore. tion of the transaction, Yatra serve customers under its weighted average price of and post adjustment for in- built Yatra into one of India’s career, Sandeep lived the efficient and expedient pro- The gross non-perform- will become part of Ebix’s brand, alongside EbixCash’s Ebix Common Stock of debtedness, working capi- most well-recognized e- Cummins value of excel- cess, the company added in ing assets ratio stood at EbixCash travel portfolio, two other travel brands via $49.05 per share, each Yatra tal, warrants to be con- commerce brands, growing lence through his focus on the press statement. 2.99% as against 3% in the creating one of India’s larg- and Mercury. ordinary share convertible verted and minimum cash into the a leading corporate areas such as safety, quality The company continues in the same period of the est and most profitable Under Ebix’s travel plat- into Ebix common stock requirement, a net equity travel services provider and and operational efficiency. to operate under a strong previous year, while net travel services companies. form, the combined firm would be valued, on an as- value of $239 million, it said. one of the largest consumer He will also be remembered leadership team and is fo- NPA ratio improved to Both the firms are listed on will leverage Yatra’s existing converted basis, at $4.90 Ebix will be issuing travel companies. for his deep commitment to cussed on continuing to 1.49% from 1.72% in the the NASDAQ. customer base, service of- per share. 243,747 convertible pre- Becoming a part of building relationships with deliver strong results for all March quarter. The acquisition of Yatra fering and multi-channel This is approximately ferred stock which, in turn, Ebix’s EbixCash travel port- customers and employees. stakeholders, he added. About the exposure to would lend itself to signifi- platform to take advantage 32% premium on Yatra’s will be convertible into folio will enable us to con- the troubled mortgage cant synergies and the of the growing multi-bil- closing share price on 4,874,931 shares of Ebix tinue on that path. lender DHFL, Mr. Srinivasan emergence of EbixCash as lion-dollar opportunity in Cabinet okays amendments declined to name the ac- India’s largest and most India. count but said the bank’s profitable travel services The combined com- exposure to certain ac- company, besides being the pany will have an interna- Yes Bank Q1 profit plunges 91% on MTM losses to bankruptcy code counts was standard. largest enterprise financial tional footprint with more New Delhi: The Union tors covered under Section Mumbai: Private lender the quarter. quarter, with gross non-per- Cabinet approved amend- 21(6A) shall be cast in accor- YES Bank reported a sharp The other income non- forming assets ratio - bad ments to the Insolvency and dance with the decision ap- decline of 91 per cent on a interest income fell by 24.88 loans as a percentage of Bankruptcy Code, placing a proved by the highest vot- yearly basis in its net profit per cent to Rs 1,272.66 crore gross advances spiking to greater emphasis on more ing share [more than 50%] at Rs 113.80 crore for the against Rs 1,694.14 crore in 5.01 per cent versus 1.31 per time-bound resolution and of financial creditors on first quarter ended June 30, the same period last year. cent in the year-ago quarter. laying down voting rules of present and voting basis, 2019, dented by one-off im- The provisions and con- Net NPA expanded to 2.91 the financial creditors. the release added. pact from mark to market tingencies of the bank rose per cent during June quar- The Union Cabinet ap- Minimum liquidation: provisions of Rs 1,109 crore. nearly three times to Rs ter as compared to 0.59 per proved the proposal to Another amendment al- The private lender 1,784.1 crore as compared cent in the corresponding carry out seven amend- lows for creditors who posted a net profit of Rs to Rs 625.70 crore made in quarter last year. ments to the Insolvency and voted against the majority 1,260 crore in the same the year-ago quarter. The The bank's absolute Bankruptcy Code 2016 to receive a minimum liqui- quarter last year, YES Bank bank's provisions in the gross NPA stood at Rs through the Insolvency and dation value. This decision said in a filing to the March quarter stood at Rs 12,092.10 crore in Q1FY20 Bankruptcy Code (Amend- would have retrospective Bombay Stock Exchange. 3,661.70 crore. against Rs 2,824.46 crore in ment) Bill, 2019, the govern- effect in cases where the The bank's net interest The provision includes Q1FY19. ment said. resolution plan has not yet income, which is the differ- one-off impact of Rs 1,109 This was a quarter of Among the amend- been finalized or has been ence between interest crore of investment MTM consolidation in which the ments approved is the one appealed against. The earned and interest ex- provision led by rating bank has demonstrated that mandates a deadline Amendment Bill also states pended, grew by 2.8 per downgrades of investments strong resilience in rev- for the completion of the that the resolution plan will The Minister for Law & Judicial, Parliamentary Affairs, Transport, Environ- cent to Rs 2,281 crore in in companies of two finan- enues and asset quality. We resolution process within be binding on all the stake- ment, Forest & Climate Change, Mizoram, Shri T.J. Lalnuntluanga calling on the April-June quarter of FY20, cial services groups, the believe that earnings trajec- 330 days, including all litiga- holders, including govern- Minister of State for Development of North Eastern Region (I/C), Prime Minister’s affected by impact of Rs 223 bank said in the regulatory tory should strengthen sig- tion and judicial processes. ments, to whom a debt is Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. crore of interest reversals on filing.YES Bank's asset qual- nificantly from here on, the Votes of all financial credi- owed. Jitendra Singh, in New Delhi account of slippages during ity declined during June bank management said. AHMEDABAD MONDAY 5/8/2019 3 Wipro profit rises 12.6% to Rs. 2,388 crore Bengaluru: Tech major range of $2,039 million to The company’s digital Wipro posted a 12.6% year- $2,080 million, which trans- business continued to see on-year growth in net profit lates to a sequential growth strong growth with revenue to Rs2,388 crore, during the of 0-2% for the quarter end- growing 5.6% QoQ and quarter-ended June against ing September. Wipro CEO 34.6% YoY. Digital revenue Rs2,121 crore in the corre- and executive director now contributes 37.4% of sponding quarter a year Abidali Z Neemuchwala the total business. ago. said, that we had a slow start Mr. Neemuchwala said, During the June quarter, for the year than what was our wins in digital demon- the company posted a gross expected with revenues be- strated this quarter that our revenue of Rs14,716 crore ing down sequentially by leadership position as both The Vice President, Shri M. Venkaiah Naidu with the practitioners of insolvency after inaugurating the Insolvency Research Founda- against Rs13,978 crore last 0.7%, though within our digital and cloud transfor- tion (IRF), organised by the Indian Institute of Corporate Affairs (IICA) and Society for Insolvency Practitioners of India (SIPI), in New Delhi year, marking a 5.3% growth guidance range of -1% to mation partner, provides on August 02, 2019. The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur and other dignitaries are also seen. year-on-year. In dollar terms 1%. Our YoY growth in con- our clients end-to-end ca- its IT services revenue de- stant currency terms was at pacity they require for their clined 1.3%. 5.9%. Q1 is typically a weak growth and future success. The company said fac- quarter for us and we en- Jatin Dalal, chief finan- tors like macro uncertain- tered the quarter with cial officer, Wipro said that NPA troubles continue for Yes Bank; June net down 92% ties, softness in manufactur- macro uncertainties. we had a slower start to the Mumbai: Private lender and 2.91 per cent three fied assets of over Rs 10,000 come grew by a tepid 2.8 which points towards the ing and healthcare, slow- The demand environ- year. We, however remain Yes Bank’s June quarter net months ago. crore which led it to provide per cent to Rs 2,281 crore need to utilise the enabling ness in BFSI, project defer- ment was stable in the glo- focused on our operations plummeted 92.44 per cent The overall provisions extra Rs 2,100 crore and re- after absorbing losses of Rs provision to raise equity rals and delay in decision- bal markets, but in pockets and continue to invest in to Rs 95.56 crore on a con- galloped 184 per cent to Rs port a maiden quarterly 223 crore on NPAs during sooner. making by clients have like BFSI the decision-mak- talent and capabilities for solidated basis due to a Rs 1,784 crore. It used Rs 1,399 loss. the quarter. The bank scrip, which been the reason for the ing has been slower due to the future. Our focus is to 6,232 crore addition to non- crore of the Rs 2,100 crore Later, reports had also The loan assets grew by has been on a slide ever growth decline. However, it overall macro environment, get back on the revenue tra- performing assets, which in additional provisions come about watchers ex- a slower than the system 10 since Kapoor’s termination, saw robust demand from he said. jectory. resulted the provisions to made during the March pressing concern over its per cent, while the net inter- slipped 5.25 per cent to Rs key financial clients. However, we are hope- On client mining, the zoom. quarter. exposure to companies like est margin slipped to 2.8 per 98.45 on the BSE, as against Wipro also set a sub- ful that some of this delay company said, in Q1, it ef- This is the second con- Downgrade of two fi- DHFL, the Anil Ambani cent primarily on a surge in gains of 0.22 per cent on the dued revenue guidance for and deferral is temporary forts on client mining have secutive quarter the bank nance companies led to a Rs Group companies and also NPAs. benchmark. The results second quarter of FY20. The and will improve as we resulted in an addition of has shown a massive hit on 1,109 crore hit in provisions the realty sector. Retail loans grew 43.3 were announced after close company expects revenues progress through the year, three customers in more the bottomline since the during the reporting quar- It sold one account with per cent and now account of markets. from IT services to be in the said Mr. Neemuchwala. than $100 million bracket. new management under ter. an exposure of Rs 412 crore for 18.3 per cent of the over- Ravneet Gill took over in The provision coverage to an asset reconstruction all loans as against 14 per March after the forced exit ratio dropped to 43 per cent, company during the report- cent in the year-ago period. Bond yields reverse trend after of promoter-chief executive one of the lowest among ing quarter. The corporate banking 15th Finance panel term Rana Kapoor over gover- private sector lenders. This was a quarter of assets slipped 4.6 per cent five days, but may remain soft nance concerns by the RBI. Despite the setbacks, consolidation in which the during the last three extended till Nov. 30 Mumbai: After softening Fund, explaining the reason The bank’s fresh slip- the bank, however, main- bank has demonstrated months, and grew 4.2 per New Delhi: The Union vember 2017 and was con- for five days, bond yields behind the fall in govern- pages at Rs 6,232 crore tained its credit cost guid- strong resilience in rev- cent as compared to the rose marginally that the ment bond yields. nearly doubled if compared ance at 1.25 per cent for the enues and asset quality. We year ago period, and now Cabinet has approved ex- stituted to give recommen- panding the terms of refer- dations for the five-year pe- Bimal Jalan Committee is In addition, he said, the to the Rs 3,408 crore in the entire year, stating that the believe that earnings trajec- form 63.9 per cent of the likely to recommend trans- market was also hoping for previous quarter, leading same stood at 0.32 per cent tory should strengthen sig- overall advances. ence of the Fifteenth Fi- riod starting April 1, 2020. nance Commission to ad- The Union Cabinet has fer of RBI reserves in further rate cut by the Re- the gross non performing for the first quarter. nificantly from hereon, he The bank’s overall capi- tranches to the govern- serve Bank of India. assets ratio to rise to 5.01 At the time of announc- said in a management com- tal adequacy slipped to 15.7 dress the funding require- approved the extension of ments for defence and in- the Commission’s term up ment. From a long-term gov- per cent against 1.31 per ing results last time, the mentary on the numbers. per cent, while the core tier- The yield of 10-year gov- ernment securities perspec- cent in the year-ago period bank had said it has identi- Its core net interest in- I stood at 10.7 per cent, ternal security as also ex- to November 30, 2019, it tending its term to Novem- added. It will enable the ernment bond ended at tive, the aggregate rate cut ber 30, 2019. Commission to examine 6.35% as compared to the is what matters more. The The Union Cabinet has various comparable esti- previous close of 6.33%. market is expecting, in ag- approved the proposed mates for financial projec- Yields went up by about 5 gregate, more rate cuts to Jaypee insolvency: NCLAT asks IDBI amendment to enable the tions in view of reforms and bps after news on the Jalan happen, Mr. Sivakumar said. Fifteenth Finance Commis- the new realities to finalize panel broke, but came The RBI reduced the key sion to address serious con- its recommendations for down during the closing policy rates by 25 bps each cerns regarding the alloca- the period 2020-2025. hours.Bond yields fell for in the last three monetary Bank to furnish conditions for fresh bidding tion of adequate, secure and These new realities, the the last five days and are policy review meetings. New Delhi: The National appellate tribunal has listed CoC, voted against the bid orally suggested to the non-lapsable funds for de- government said, include down by around 40 bps The current growth-in- Company Law Appellate Tri- the matter for next hearing. by the state-run firm to ac- counsel representing the fence and internal security the closure of the Planning since the Budget announce- flation mix has been bunal directed IDBI Bank, Counsel appearing for quire Jaypee Infratech. Adani Group to improve its of India, the government Commission and its replace- ment, after the government favourable for counter-cy- the lead lender of debt-rid- lenders is allowed to file Home buyers have nearly bid. Adani has made an un- said. ment by NITl Aayog, the re- showed its resolve to main- clical monetary stance. With den Jaypee Infratech, to file new terms and conditions 60 per cent voting rights in solicited offer to acquire the Under the terms of ref- moval of the distinction be- tain fiscal discipline. inflation at sub-4% in fore- an affidavit listing out new in case fresh bidding takes the CoC. debt-laden realty firm. erence of the Commission, tween non-plan and plan Bond yields are at the seeable future, the Mon- terms and conditions if a place, the bench said. In its hearing, the appel- Jaypee Infratech went it is proposed to ensure an expenditure, advancing the levels seen immediately af- etary Policy Committee will fresh round of bidding is In the second round of late tribunal has suggested into insolvency in August assured allocation of re- Budget calendar by one ter demonetisation. likely focus on tackling conducted. bidding, the committee of some guidelines for new 2017 after the National sources towards defence month and passing the full There is an expectation weaker growth dynamics as A two-member bench creditors (CoC) had first re- terms and conditions. Company Law Tribunal ad- and internal security im- Budget before the com- that growth and inflation output gap appears to have headed by Chairman Justice jected the resolution plan of All allottees would be mitted an application filed peratives. The amendment mencement of the new fi- are likely to remain low. Data widened. We see more eas- S J Mukhopadhaya has Suraksha Realty and then given flats according to by an IDBI Bank-led provides that the Fifteenth nancial year, the introduc- on IIP and inflation are com- ing in the offing, with cut asked IDBI Bank to file an voted against state-owned their builder buyer agree- consortium.In the first Finance Commission will tion of the Goods and Ser- ing weak. Global growth beyond 25 bps in August affidavit by Friday in this re- NBCC’s offer. ment. If allottee not present round of insolvency pro- also examine whether a vices Tax and the new Fiscal also remains on the weaker being data-dependent, said gard. The appellate tribunal In the voting that took then CoC has to decide how ceedings conducted last separate mechanism for Responsibility and Budget side, said R. Sivakumar, head, Madhavi Arora, Economist, has listed the matter for place on NBCC’s bid, 34.75 it has to be adjusted, the year, the Rs 7,350-crore bid funding of defence and in- Management architecture. fixed income, Axis Mutual Edelweiss Securities. next hearing.A two-mem- per cent of home buyers bench said. Land attached of Lakshdeep, part of ternal security be set up and ber bench headed by Chair- voted in favour, 1.44 per to the building and with Suraksha Group, was re- if so, how such a mechanism man Justice S J cent voted against, whereas common area amenities jected by lenders. Later in could be operationalised. Mukhopadhaya has asked 23.8 per cent did not vote. would remain with the October 2018, the IRP The Fifteenth Finance Com- IDBI Bank to file an affidavit All the 13 banks, which allottees, it added. started the second round of mission was constituted by by Friday in this regard. The constitute 40.75 per cent of Meanwhile, NCLAT also bidding process. the President of India in No- Transmission sector needs Rs. 5 lakh crore investment for future needs Yes Bank promoters New Delhi: One of the per goes on to enumerate key requirements for a $5- eight action points that the trillion economy is an in- government must work on may have to cut stake vestment of about Rs5 lakh to enhance the transmis- crore in the power transmis- sion sector in line with the Mumbai: RBI likely to ask cided to patch up in April the directions regarding di- sion sector over the next growth of the economy that the lender to provide a road this year. lution of promoters’ few years, in order to cater is envisaged. map or timeline to reduce After promoters buried shareholding in the com- to the 1.8 lakh crore units of Traditional coal-fired promoter shareholding to the hatchet, Shagun Kapur pany. Yes Bank has been un- electricity that India is likely power plants took 5-6 years 15% Gogia was appointed to the der RBI’s watch in recent to consume by 2025, ac- to build compared to three The reconciliation be- board of Yes Bank on behalf years. MD & CEO Rana cording to a White Paper re- to four years for construc- tween the groups of the two of her mother Madhu Kapur, Kapoor was denied an ex- leased by the Confederation tion of transmission lines promoters of Yes Bank, Rana who inherited promoter tension till 2021, despite the The Vice President, Shri M. Venkaiah Naidu addressing the gathering after of Indian Industry. required for power evacua- Kapoor and Madhu Kapur, holding from her late hus- endorsement of the board. inaugurating the Insolvency Research Foundation (IRF), organised by the Indian Prime Minister Narendra tion, the White Paper said. In the Reserve Bank is now band Ashok Kapur, the Instead, he got an exten- Institute of Corporate Affairs (IICA) and Society for Insolvency Practitioners of Modi’s vision of a $5-trillion comparison, wind or solar likely to ask the private sec- other co-founder of Yes sion till January 2019 after India (SIPI), in New Delhi economy will require an es- plants take 12-18 months to tor lender to bring down Bank. his term ended in August timated investment of Rs5 build, implying the need for promoter shareholding to The RBI is likely to ask 2018. lakh crore in the transmis- advance planning of trans- 15%. Yes Bank to provide a After Mr. Kapoor’s term India may have to revise downwards sion sector over the next mission projects. At present, Rana Kapoor, roadmap or a timeline for was over, Ravneet Gill was few years, CII said. As per es- CII also recommended the co-founder and former reducing promoters’ stake appointed as the MD & CEO. timates, India will be con- the separation of the Cen- MD & CEO of Yes Bank, has to 15%. RBI has been strict Yes Bank is planning to raise ‘potential’ growth rate from 7-8%: ex-CEA suming 1.8 trillion units by tral Transmission Utility about 10.68% stake, while in recent times with regard $1.2 billion capital over the New Delhi: India may growth rate of about 3%, he ing oil prices, loss of macro- 2025 as India’s growth tra- from Admin@Rabikanta=8794112760&7005625385the Power Grid Corpo- the Madhu Kapur group has to promoter shareholding next 12-18 months, in two have to revise downwards said. In the pre-1980s era, economic stability under jectory accelerates, and this ration of India since the set 9.18%, as reported for the and expects banks to ad- equal tranches, to fund its what is considered its “po- the GDP growth rate was UPA-II, drought in 2014-15, requires large investments up is currently creating a quarter ended March 2019. here to norms. growth plans, which may tential” rate of growth from about 3-3.5% and the popu- and finally, demonetization. in the transmission sector, conflict of interest between According to central Bandhan, Kotak banks: also see promoter 7-8% to bring expectations lation growth rate was 2%, One reason that cogni- particularly at the State the two. banking sources, the regu- RBI had barred Bandhan shareholding diluted to more in line with reality, yielding a per capita growth tive benchmarks have not level. The paper also called for lator internally discussed Bank from opening some extent. former Chief Economic Ad- rate of 1-1.5%. So, 4.5% rep- changed is that these The transmission sector, improved reliability of the the need to reduce pro- branches after not adhering An email query sent to viser Arvind Subramanian resents more than a dou- shocks have produced not CII added, had seen a reduc- transmission network moter shareholding in line to promoter shareholding Yes Bank on preparing a has argued in a paper. bling of the old per capita dramatic crises but persis- tion in investments to be- through the development with other private sector norms, while another pri- roadmap for reducing pro- This paper comes as a growth rate. tent bleeds, which have low Rs1.8 lakh crore in the of contingencies in the sys- banks, after both the vate lender Kotak Mahindra moter stake remained un- follow-up to the one Mr. Further, he said, the 4.5% gradually sapped the last five years. The White Pa- tem. groups, engaged in a legal Bank was fined Rs2 crore by answered till the time of Subramanian published last growth rate was all the economy’s strength, Mr. battle for a few years, de- RBI for not complying with going to press. month, in which he had ar- more impressive because Subramanian said. gued that India’s GDP the size of the economy Another reason why growth in the 2011-17 pe- now is five times of what it people underestimate the Indiabulls’ insurance foray may be delayed Govt to prepare national riod had been overesti- was in the 1980s. Most im- impact of the TBS and Mumbai: Indiabulls We have to make sure for Reserve Bank of India’s mated by 2.5 percentage pressively, a 4.5% growth deglobalisation problems is Group’s foray into the insur- that the group can generate approval for the merger data on unorganized sector points and that the actual rate is a notable achieve- that India has never experi- ance sector is likely to get sufficient capital for its in- proposal of Indiabulls Hous- New Delhi: Shrinking of Yojana initiative, there has growth rate was about ment in the current, post- enced anything similar in its delayed as the insurance surance venture, said a ing Finance Ltd. and LVB unorganised sector is a been a significant improve- 4.5%. Global Financial Crisis world, recent economic history, he regulator is scrutinising the source. before granting the final li- positive indicator of devel- ment in registration of ben- The original paper drew he added. added. Apart from conven- merger proposal of its hous- The merger would solve cence, to see what the con- opment and the Govern- eficiaries and as many as 1.2 a lot of criticism over its In fact, if we take all the tional macro-economic cri- ing finance arm and LVB’s capital needs as its ditions attached along with ment will prepare a sepa- crore employees benefitted methodology and asser- large major economies of ses, the country has only Lakshmi Vilas Bank to un- capital adequacy ratio the approval are, the source rate data on unorganised in the last three years, he tions. The follow-up paper, the world, say those with experienced small financial derstand its implications on would rise significantly, post added. workers in India, Labour and said.The Unorganised Work- the key highlights of which GDP greater than $1 trillion crises, each of which it has the capital position of the the merger, due to the mort- IBHFL had received the Employment Minister ers Social Security Act stipu- Mr. Subramanian had pre- [there are 13 of them], India, managed to overcome group. gage lender’s strong capital approval from the Compe- Santosh Kumar Gangwar lates formulation of suitable sented in a lecture earlier at 4.5% real GDP growth, quickly. Indiabulls Life Insurance position. tition Commission of India told the Rajya Sabha. welfare schemes for this month, is an attempt to would be the second-fast- A related point he raised as well as Indiabulls General Both the life and general for the proposed merger, The Government has unorganised workers. Life address those criticisms. est growing economy in the was that maybe India will Insurance have received the insurance companies are while it awaits other regula- taken several measures to- and disability cover is pro- While the paper goes into 2012-2016 period, just as it have to revise downwards R1 approval which is the subsidiaries of Indiabulls In- tory approvals. wards expansion of the or- vided through Pradhan some detail in addressing was in the 10 years preced- its potential growth rate in first stage, in-principle ap- tegrated Services Ltd. and Industry sources said ganized sector, he said. Mantri Jeevan Jyoti Bima the statistical issues raised ing. line with new realities. proval from the IRDAI. How- the latter is not related to since Indiabulls Housing Fi- Responding to the Yojana and Pradhan Mantri about the original, it also The second issue he The third benchmark is ever, since the LVB merger Indiabulls Housing Finance. nance is planning to be- supplementaries during the Suraksha Bima Yojana to the highlights certain cognitive sought to address was that a notion of India’s potential, with Indiabulls Housing Fi- Indiabulls Life Insurance come a bank, it augers well Question Hour, the Minister unorganised workers de- arguments made against it the cognitive benchmark which some believe is 7-8% nance was announced after had already applied for R2 for the group’s insurance said, Our Ministry will pre- pending upon their and tries to show why those during India’s boom years or more, Dr. Subramanian the R1 licence, insurance licence, while the general in- venture since there is a bank pare a national data on eligibility.The health and are unfounded. The first was 8% growth and that this said. But this benchmark regulatory sources said the surance company is plan- assurance tie up with the unorganised sector. maternity benefits are ad- question raised, Mr. benchmark has not may also need to be revised. entire proposal needs to be ning to apply for the same lender. There is no separate dressed through Ayushman Subramanian said, was how changed over the years. All the other G-20 countries revisited in its wake. shortly. In April, LVB and published data for Bharat Scheme. Recently, India can, right now, grow at He argued that this had to reduce their esti- Capital needs: Insurance IISL had infused Rs200 Indiabulls Housing Finance unorganised sector as a the Government launched the same rate as it did in the benchmark of 8% failed to mates of potential after the business needs capital. Now, crore after the life insurance boards had approved the whole. However, the shrink- Pradhan Mantri Shram Yogi pre-1980 rate of growth pe- take into account a number Global Financial Crisis, to re- the group’s housing finance arm received R1 approval, merger of the two entities. ing of unorganised sector is Maandhan to provide riod, when the economic of factors that took effect in flect the completely arm will be entering bank- taking the total infusion to While LVB will get capital a positive indicator of devel- monthly pension of Rs 3,000 condition was clearly much the years following the changed economic envi- ing; that will also need capi- Rs310 crore, which is much due to the merger, opment, he said. to the unorganised workers worse. boom years, such as the ronment internationally tal, given that LVB’s capital higher than the minimum Indiabulls Housing will get Under the Pradhan after attaining the age of 60 To begin with, 4.5% twin balance sheet prob- and domestically. India may position is weak. requirement.IRDAI will wait access to low cost funds. Mantri Rojgar Protsahan years, the minister added. translates into a per capita lem, the export collapse, ris- have to do so, as well. 4 AHMEDABAD MONDAY 5/8/2019 Monday Montage Why music is a big star in the success of ‘Kabir Singh’ ’13 Reasons New Delhi, of ‘Bekhayali’,” Parampara told IANS, It was back in May when adding: “(It will be) Something differ- Why’ to end “Bekhayali” from “Kabir Singh” film in ent. Acoustic versions are doing well young singer-composer Sachet nowadays, and people needed this. So Tandon’s voice hit the music plat- it’s good to give another version. A with fourth forms. Since then it has been viewed new version is our gift to people be- over 86 million times on YouTube. Su- cause they gave so much love to the season per singer Arijit Singh has also done song.” a version of the somng, but it is bud- The duo had recently unveiled an ding Sachet’s version, composed by acoustic version of “Mere sohneya”. the duo of Sachet and Parampara, that Doesn’t it get boring to come up started breaking records. with different versions of the same Soon, the other songs of “Kabir song? Singh” apart from “Bekhayali” were “We are not just experimenting also becoming blockbusters, one by with voice, but also the arrangement one. “Tujhe kitna chahne lage”, sung by of a song,” explained Parampara. Arijit and composed by Mithoon, Sachet promises that it won’t be singer-composer Vishal Mishra’s boring. “It would have been boring “Kaise hua”, “Tera ban jaaunga” ren- had we served the same thing. Each dered by Akshil Sachdeva and Tulsi version is different, the arrangement Kumar, Arman Malik’s “Pehla pyar”, the and presentation are different, and so Shreya Ghoshal-rendered “Yeh aina”, the overall feel is different,” he said, and Sachet-Parampara’s “Mere adding that he doesn’t want the sohneya” were all hits much before “nasha” of “Bekhayali” to ever fade the film hit the screens on June 21. away. “Kabir Singh”, a modernday up- For the first time in years, a Los Angeles, Bollywood album with fully original date of the much-tested “Devdas” for- songs, and no recreated sounds, had mula” stars Shahid Kapoor, has The popular young-adult hit a chord with listeners. crossed Rs 275-crore mark at the In- drama “13 Reasons Why” will wrap Traditionally, hit music in a dian box office. Even though the film up its story with fourth season. Bollywood romantic drama always received flak from various sections of The show has been renewed spells super success for the film in the society for glorifying toxic mascu- for season four at Netflix, which will question. “Kabir Singh” wholly benefit- linity, Parampara feels the movie’s also be the show’s final season, re- ted from its mellifluos songs, written script and the strong element of ro- ports “variety.com”. simply yet exceptionally by Irshad mance helped them to create sooth- The announcement came on Kamil, Manoj Muntashir, Mithoon and ing numbers as “Bekhayali” and “Mere the same day the streaming service Kumaar. sohneya”. unveiled the trailer for the show’s “Not only actors but the singers “People have been in those situa- third season, which will premiere and composers also played a huge tions. They have loved somebody with on August 23 and will consist of 13 role in making ‘Kabir Singh’ a success,” whom they could not be together. episodes. Bhushan Kumar, chairman and man- the audience appreciating and ac- need to do is to create new music for People relate to the emotions shown The fourth season is currently aging director of T-Series, told IANS. cepting new talent in the industry,” the audience, and they will support it in the film,” said Parampara. in production and will feature the Bhushan should know. The music of added Bhushan. as well. More films should have music For Sachet, a song is“equivalent to cast’s graduation from Liberty the film was rleased under the label Overall, the industry is also quite like what ‘Kabir Singh’ had,” lyricist a feeling”. “If Kabir Singh the person High. of T-Series, a banner that has been at impressed with the music of “Kabir Prashant Ingole told IANS. Ingole is was enduring pain on screen, we had “13 Reasons Why”, based on Jay the forefront of redefining Bollywood Singh”. Most feel film’s songs come as known for creating some unforget- to project that pain through a song Asher’s 2007 novel, tells the story music for over three decades now. a breath of fresh air amid the deluge table songs in films such as “Bajirao such as ‘Bekhayali’. He has anger man- of a high school student who finds A big reason for the winning score, of recreated stuff, and that is a big rea- Mastani” and “Mary Kom. agement issues, and faces many many out why his friend killed herself Bhushan Kumar points out, is utilising son for the film’s success. Meanwhile, the fever of the “Kabir ups and downs. We had to inculcate through a box of cassette tapes she new talent along with established “For a change, here was a Singh” soundtrack rages on, so much those things in our music,” said Sa- recorded before her death. It has names such as Arijit and Shreya in the soundtrack that didn’t have a single so that Sachet-Parampara are plan- chet. ceptance of the film itself, once evolved by putting spotlight on album. recreation. Personally, I don’t like rec- ning a third version of “Bekhayali”, af- it released. Nothing works at narrat- bigger issues like bullying, rape, “Look at Sachet and Parampara — reations. There is so much of talent in ter the ones sung by Sachet and Arijit. ing a sad situation on screen, after all, sexual assault and school shooting. India, and all we (the music industry) “We are planning another version as a sad song. —IANS The third season picks up eight such a brilliant duo. It feels great to see months after the previous season concluded and revolves around the mysterious death of a teen character named Bryce Walker. The show stars Dylan Minnette Ali Fazal alleges non-payment of dues as Clay Jensen, Brandon Flynn as Justin Foley, Justin Prentice as Mumbai, nel and also tweeted it. of court rules which evidently had Bryce Walker, Alisha Boe as Jessica Actor Ali Fazal has called out pro- Ali tweeted: “There’s a court case kept the film on hold. “Additionally, Davis, Christian Navarro as Tony ducers of“Tadka” , directed by Prakash on the producers of this film as far as he saw the incident as a breach of Padilla, Miles Heizer as Alex Raj, over non-payment of dues. I remember. Cheques had bounced. ethical conduct on part of the pro- Standall, Devin Druid as Tyler Ali was up for rude shock on so- Actors and crew still haven’t gotten ducers who are yet to clear pay- Down, Ross Butler as Zach cial media on Thursday when he paid. Surprised to see a promotional ments for the cast and crew but are Dempsey, Timothy Granaderos as found a song of his film “Tadka” do- song coming out from the film.” willing to flaunt their film on social Montgomery de la Cruz, Anne Win- ing the rounds online. The movie has been produced by media. “Not the one to stay mum on ters as Chloe, Steven Weber as Prin- Months after the Taapsee Pannu Prakash Raj along with Sameer Dixit issues close to his heart, he put his ciple Bowen, Brenda Strong as Mrs. and Ali-starrer“Tadka” reportedly ran and Jatish Verma, who are partners in version out there to make his stand Walker and Amy Hargreaves as Mrs. into legal trouble over the Intellec- a production house called Movie on the matter clear and show his Jensen. tual Property Rights of the venture, Makers. According to a source, Ali was solidarity with the aggrieved cast —IANS Zee Music uploaded a song from the displeased with the rampant flouting and crew.” film on their official YouTube chan- If people want nudity, they can watch porn: Pankaj Tripathi Sanya sets holiday goals mances in “Newton”, “Bareilly Ki Barfi”, By Ahana Bhattachraya “Stree”, and “Luka Chuppi”, among Mumbai , other films. with Qatar vacation Actor Pankaj Tripathi is of the In the digital space, he is known New Delhi, opinion that if someone wants to for his role of Kaleen Bhaiyya in “Badhaai Ho” actress Sanya Malhotra is happy to escape the monsoon of watch nudity, then the person can opt “Mirzapur” on Amazon Prime, and will Mumbai and enjoy the Qatar for pornography, and should not hunt now be essay the character of Khanna sun. for such things in a web series. Guruji on “Sacred Games”. He admits “I’m really excited to take “I feel, there should be a purpose that he hardly watches web series, some time off work and escape behind everything. If scissoring a because he has no time. the monsoon blues, to experi- scene leaves the story incomplete, “I don’t watch any web series. I ence the sunshine and palms,” then it becomes a concern. Filmmak- don’t get time. It has been almost a Sanya said. ers like Vikramaditya (Motwane) and year that I didn’t watch anything be- The actress is doing all the Anurag (Kashyap) are responsible cause I have been so occupied with touristy things — from visiting people. They will obviously not in- shooting,” he admits. Pankaj Tripathi famous places, capturing mo- clude a scene just to create a sensa- informed that he is getting offers from ments from her holiday, trying tion. Pornography is available on the regional cinema, too, but is unable to local delicacies to checking out internet. So, why would people watch take it up at the moment due to lack the markets. a web series if watching nudity is their of time. “Regional cinema is doing so “I started my holiday right in purpose?” Pankaj told IANS. well, especially Malayalam, Kannada the lap of luxury at Qatar Air- The actor shared his opinion and Marathi. I like simple stories like ways. Dine on demand served when asked about the raging debate request all viewers to sacrifice their ‘Thithi’ (Kannada film) and ‘Court’ with an essence of Qatari hospi- “It was a difficult role because it wasn’t (Marathi film). These stories attract me. over possible censorship of digital easy to get that feeling. I have never sleep on the night of August 15 to tality, left me wondering about content in India. He will soon be seen watch the second season of ‘Sacred I am getting offers from regional cin- the cultural, historical and mys- been a spiritual guru or spent time ema but I don’t have the time right in the second season of Anurag with one. Also, I don’t know any guru Games’ at a go.” tical country, Qatar. The Souq Kashyap and Vikramaditya Motwane’s Pankaj Tripthai became popular now,” he explained. Waqif known for its heady fra- so closely. So, it was a new world that “Sacred Games” season two pre- popular web series, “Sacred Games”, I had to explore. Every actor explores with one scene in Anurag Kashyap’s grances, appetising aroma, and which ruffled a few feathers in its first 2012 film, “Gangs Of Wasseypur”, be- miere on Netflix on August 15. The exotic spices, the magnificence a new world with every new charac- web series stars Saif Ali Khan and season with scenes of graphic nudity, ter he or she plays. While most char- fore becoming an indispensable part of the national museum of Qatar besides violence and language. of contemporary Bollywood as a char- Nawazuddin Siddiqui in key roles. and museum of Islamic Art and acters are familiar to us, this one was —IANS Pankaj emphasises there is theAdmin@Rabikanta=8794112760&7005625385challenging,” the 42-year-old actor acter artist with brilliant perfor- the exciting desert safari, has nurtured a sense of belonging to this city,” she need for certification, not censorship. said, talking about preparations for his “A responsible filmmaker knows what role in the series. Fans eagerly await and how much of anything is neces- season two of“Sacred Games”, and the sary for his story. I believe that instead actor’s dialogue “Balidaan dena hoga” Katrina’s sister to of censorship, there should be a sys- in the show’s promo has already led I don’t take myself too tem of certification that helps be to a meme fest on the internet. make Bollywood categorised into different age Quizzed on the same, the actor smiled groups,” he said. and replied: “Is it? I don’t get time to On “Sacred Games” season two, he do social media, so I didn’t watch debut with will be seen essaying a spiritual guru. seriously: Rajkummar Rao these memes. I would, however, like to ‘Kwatha’ By Natalia Ningthoujam New Delhi, Gangrape of child a ‘national Mumbai, Rajkummar Rao has been im- Actress Katrina Kaif’s sister pressing all with his natural acting Isabelle will be making her skills ever since he made his embarrassment’: Richa Chadha Bollywood debut opposite Salman Bollywood debut in 2010. From play- Mumbai , a colossal national embarrassment! Khans brother-in-law Aayush ing a small role in “Rann” to leading Richa Chadha has expressed an- Shame on our society!” the actress Sharma with “Kwatha”. the cast of critically acclaimed films ger on the news of a three-year-old tweeted. Directed by Karan Lalit Butani, like “Shahid” and “Newton”, he has being raped and brutally beheaded in “Kwatha” is based on true events done it all. His talent has also fetched Jamshedpur. The actress took to Twit- On July 24, a three-year-old child, involving the Indian Army. him numerous awards, including the ter to condemn the incident and who was sleeping next to her mother “Isabelle Kaif and Aayush to star prestigious National Award, but he questioning why the prime accused on a platform of Tatanagar railway sta- in a film inspired by true events in- still does all the normal things. He says Rinku Sahu is out on bail, and noting tion, was kidnapped by Rinku Sahu volving the Indian Army in ‘Kwatha’,” the day he stops acting normal, he will and two other men. As per po- Salman tweeted. take a break and step back. lice report, the toddler was Aayush will be essaying role of “I do all the normal things. I am a taken to a place near the station an Army officer, for which he under- really normal guy. I don’t take myself where she was gangraped, went intensive training to get the too seriously. The day I start feeling strangled to death and then physique and look right. Details of that I am changing, I think that will be beheaded. Isabelle’s role are kept under wraps the day I will tell myself, ‘Okay, take a actor. He isn’t sure what he wants to idea of remaking “DDLJ”. Meanwhile, the police have at the moment. break and step back’. The reason to be be known as. “It’s a tag that people A remake of Raj and Simran’s epic identified the prime accused “We are excited to announce an actor was never to change myself give you. You can’t really try and say ‘I love story may not be on the cards for Rinku Sahu as a repeat offender. Aayush Sharma and Isabelle Kaif as or for money or fame. I genuinely fell am going to be a star now’. That’s Rajkummar, but a look at his It has also come to light that the leads of ‘Kwatha’. ‘Kwatha’ is a in love with the craft. That’s how I see something people give you. They can filmography clearly indicates he has Sahu, whose mother is a police village on the border of India and it,” Rajkummar told IANS here. make you a star or superstar. You can’t been busy with a good number of officer, had been arrested earlier Myanmar. While it is based on true The audience has also showered decide what you want to be,” said the films. “If I accept whatever comes my for kidnapping a minor but was events, the plot is unconventional,” him with love by making his films like “LSD: Love, Sex Aur Dhokha” actor. way, I would end up doing so many let out on bail. Butani said. To this, producer Aditya “Stree”, “Bareilly Ki Barfi”, “Queen” and In fact, he and his girlfriend, ac- more films in a year, which I don’t want Actress Anushka Sharma Joshi of Cult Entertainment added: “Kai po che!” box-office hits. But he is tress Patralekhaa, recently recreated to and I can’t. I am being picky and that Sahu’s mother is a police officer. had also tweeted yesterday con- “When we first heard ‘Kwatha’, we yet to feel like a star. one of their favourite scenes from choosy. I choose my scripts carefully. “Rinku Sahu, the lowlife who took demning the barbaric incident, and realised it’s a different film which “I don’t understand stardom. I Shah Rukh-starrer “Dilwale Dulhania Whichever films I am doing – like turns to rape and behead a 3 YEAR urged that the rapists be given severe showcases the heart of the Indian know superstardom. I love all these Le Jayenge” (“DDLJ”). “That was just ‘Made In China’ or ‘Turram Khan’ – OLD CHILD, with help from monstrous punishment, so that anyone else Army.” The actors are currently un- people... Shah Rukh Khan sir, Salman fun in London. I don’t think we should are the films I really felt excited about,” friends in Jamshedpur, was also OUT shudders before even thinking of dergoing intensive workshops for Khan Sir, Aamir Khan Sir, Hrithik touch that film. Some classics should shared the actor, whose film ON BAIL, cuz his mother, a police of- committing such a heinous crime. the film. —IANS Roshan Sir. I love them. If you talk not be touched,” he said, about the “Judgementall Hai Kya” released last ficer, got him out. Now this case! What —IANS about me, I just want to work,” said the month. AHMEDABAD MONDAY 5/8/2019 5

Admin@Rabikanta=8794112760&7005625385 6 AHMEDABAD MONDAY 5/8/2019 Coca-Cola appoints Sarvita Sethi as L&T’s Naik is non-executive VP M&A for India & South West Asia Global beverages major lie ahead of us to grow our chairman of Mindtree Coca-Cola on July 16 an- portfolio and meaningfully Bengaluru: Larsen & also led the company for nounced top-level changes penetrate the market. It is Toubro-acquired Mindtree over 20 years. in its India and South West our constant endeavour to has appointed A.M. Naik as Meanwhile, Mindtree re- Asia unit with appointment strengthen the leadership the non-executive chair- ported a 10.3% year-on- of Sarvita Sethi as Vice- team for a strong sustain- man of the company with year (y-o-y) revenue growth President-M&A and New able future growth, said effect from July 18, 2019. during the quarter ended Ventures, and Harsh Bhutani Coca-Cola India & South Naik mirrors the defin- June 30. as Vice President - Finance West Asia President T ing characteristics of the The company posted a (CFO). Krishnakumar. company, viz., professional- revenue of $264.2 million, a Sethi, who was earlier VP Sethi, a qualified char- ism, customer-centricity, fi- growth of 0.8% q-o-q and Finance India and South tered accountant, has delity to core values, and a 9.4% y-o-y.In constant cur- West Asia, in her new role worked across North West- passionate commitment to rency terms, it posted a will provide leadership to ern Europe and Central and serving the interests of growth of 1.1% q-o-q/10.3% business incubation, Coca- Southern Europe zones be- country, cause and commu- y-o-y. It posted a 52.7% q-o- Cola said in a statement. fore her appointment in In- nity, Mindtree said in a filing q and 42.7% y-o-y dip in net She will also continue to dia & South West Asia unit. with the stock exchange. profit at $13.4 million.The lead the M&A priorities for Bhutani, who is with Mr. Naik, the group company’s total revenues Coca-Cola's business in In- Coca-Cola for over two de- chairman of L&T, is the stood at Rs1834.2 crore, a dia and South West Asia, it cades, is currently heading fourth L&T official to come decline of 0.3% q-o-q and a added. Finance and Business Ser- The Vice President, Shri M. Venkaiah Naidu addressing the gathering after inaugurating the Insolvency on the board of Mindtree growth of 11.9% y-o-y. Net Both appointments will vices verticals for its bottling Research Foundation (IRF), organised by the Indian Institute of Corporate Affairs (IICA) and Society for Insol- now. Last month, L&T se- profit at Rs92.7 crore, a de- be effective from August 1, arm Hindustan Coca-Cola vency Practitioners of India (SIPI), in New Delhi on August 02, 2019. The Minister of State for Finance and Cor- cured three board positions cline of 53.3% q-o-q and 2019. Beverages as its Executive porate Affairs, Shri Anurag Singh Thakur and other dignitaries are also seen. at Mindtree, bringing in S.N. 41.4% y-o-y.We have deliv- We believe there are sig- Director and Chief Financial Subrahmanyan, L&T CEO ered stable results in the nificant opportunities that Officer for over three years. and MD, Jayant Damodar face of many uncertainties Patil and Ramamurthi reflecting the unique Shankar Raman.Mr. Naik has strength of Mindtree, said its EU fines chipmaker Qualcomm SEBI opposes Centre’s proposal been working with L&T in outgoing CEO Rostow $271 mn for ‘predatory pricing the last over 54 years. He Ravanan. Brussels: The EU hit US tomers with the intention of to transfer surplus money to CFI Formulation of national retail chipmaking giant eliminating a competitor, Mumbai: The annual expenditure of the SEBI Act. Autonomy of a also subjected to CAG audit Qualcomm with an antitrust she added.The EU said that government’s proposal to preceding two financial regulatory institution like and so far, not a single in- fine of EUR 242 million Qualcomm sold the trade policy underway: Govt transfer surplus money with years. SEBI is critical. The proposal stance of financial impru- New Delhi: The Com- Sabha.tries concerned and ($271 billion), in another chipsets to Chinese giants the Securities and Exchange More importantly, the would result in compromis- dence has been observed blow against a tech titan Huawei and ZTE, strategic merce and Industry Ministry states have been held by Board of India to the Con- surplus of the general fund, ing SEBI’s autonomy and its by CAG. Accordingly, the in- is formulating a national re- Department for Promotion that is fighting competition Qualcomm customers, with solidated Fund of India has after factoring in all the SEBI ability to function effec- volvement of the govern- battles in Asia and the US. the intention of eliminating tail trade policy and aims to of Industry and Internal met with a strong opposi- expenses and the transfer tively towards its stated ob- ment in capital expenditure take a decision in this regard Trade to consider issues fac- The fine is the second Icera, its main rival at the tion from the regulatory to the reserve fund, needs to jectives, and thus, hamper approval, in addition to the mega penalty levelled time.Icera was acquired in at an early date. Necessary ing retail sector and pos- body. be transferred to the CFI as the progress of Indian secu- process of board approval, steps for formulation of a sible solutions for resolving against Qualcomm by Brus- May 2011 by the US tech- The capital markets per amendments proposed rities markets, stated the let- will not add any benefit to sels, which already fined the nology company Nvidia, national retail trade policy them.While India’s steel ex- regulator feels that the pro- in the Finance Bill, 2019. ter. institutional efficiency, but are underway.The Govern- port in the affected lines to chipmaker EUR 997 million which decided in 2015 to posal would result in com- Staff missive to Centre: Incidentally, all the pen- rather slow down decision- in January 2018. liquidate the business con- ment aims to take a decision US declined 35 per cent dur- promising its autonomy In a communication to the alties levied by the SEBI al- making and would be con- in this regard at an early ing 2018-19 compared to Our investigation found cerned by the Commission's and its ability to function government, the employ- ready go to the CFI. Similarly, trary to the principle of that Qualcomm abused its investigation.The blow date, Minister of State for 2017-18, aluminium exports effectively towards the ees’ association of the SEBI settlement amounts are minimum government and Commerce and Industry in the affected lines have market dominance be- against Qualcomm comes progress and development had said that the proposal also credited to the CFI. maximum governance, tween mid-2009 and mid- after a US court ruled in May Hardeep Singh Puri said in increased 14 per cent dur- of the Indian securities mar- was regressive especially The general fund of the stated the letter. a written reply to Lok ing the same period, he said. 2011 by engaging in preda- that the firm strangled com- ket. since the SEBI did not have SEBI, which currently has a tory pricing, an EU said. petition and must renegoti- The government has any mandate to raise rev- balance of over Rs3,000 The chips in question in ate price deals in a case with proposed an amendment enue for the government. crore, is used to meet the the EU case are key compo- major implications for the to the SEBI Act, which states SEBI Chairman Ajay expenses of the regulatory Centre issues notices to TikTok, Helo nents so that mobile de- smartphone market.The EU that the SEBI would consti- Tyagi had also taken up the body, including salaries and vices can connect to the competition enforcer has tute a reserve fund and 25% matter with the Ministry, allowances. The fund gets New Delhi: Swadeshi ate Swadeshi Jagran Manch by these platforms while Internet, EU antitrust com- the power to fine compa- of the annual surplus of the while highlighting the em- money via charges that the Jagran Manch has alleged to the Prime Minister alleg- persons below the age of 18 missioner Margrethe nies up to 10 percent of general fund would be put ployees’ concerns. These SEBI levies on market par- that the platforms are being ing that the platforms are years are considered mi- Vestager said.Qualcomm their global sales which in the reserve fund. Further, proposed amendments are ticipants in the form of reg- used for anti-national activi- being used for anti-national nors in India. sold these products at a stood at $22.73 billion for the size of such reserve fund regressive in nature as they istration or processing fees. ties. activities. It asked that if the com- price below cost to key cus- Qualcomm in 2018. cannot exceed the total of are against the spirit of the Since inception, SEBI is Social media platform In a three-page query, panies have taken any mea- TikTok has come under the the government has asked sures to create awareness lens of the government and if the companies can con- among children and par- may face ban if it does not firm that the data of Indian ents to ensure safe use of comply with regulations. users will not be transferred the platform and to avoid The Ministry of Electron- to any other foreign govern- any addictiveness of the Mukesh Ambani keeps salary capped ics and Information Tech- ment or third partyin future; application among children nology (MeitY) has sent if data are shared with any and the young. questions to TikTok and third party and if yes then The MeitY also enquired Helo app, both owned by for what purposes; if TikTok if TikTok has offices in India. ByteDance, on whether they and Helo are considering When contacted TikTok and at Rs 15 cr for 11th yr in a row are collecting excessive ‘storing/ processing this Helo, both said in a state- New Delhi: Richest In- example for moderation in R Meswani and Hital R cal, his remuneration had was appointed to the board data and if they are stored data in India’; and if TikTok ment, in line with our com- dian Mukesh Ambani has managerial compensation Meswani saw their compen- fallen to Rs 2.54 crore, from of RIL only with effect from in China. uses the services of mitment to India, we are in- kept his annual salary from levels, RIL said in its latest sation rise to Rs 20.57 crore Rs 2.94 crore in 2015-16. He October 17, 2018. MeitY has asked them to Influencers. vesting $1 billion in India his flagship firm Reliance annual report. each. They earned Rs 19.99 had earned Rs 2.41 crore in Ambani's wife Nita respond by July 22. The gov- MeitY has sought expla- over the next three years, Industries capped at Rs 15 His remuneration for crore each in 2017-18 and 2014-15. The two however Ambani, a non-executive di- ernment also threatened nation from Helo on allega- with a strategic focus on crore for the eleventh year 2018-19 included Rs 4.45 Rs 16.58 crore in 2016-17. In did not get any commission rector on the company's that if the responses are not tions that it paid a huge developing technology in- on the trot. crore as salary and allow- 2015-16, Nikhil had got Rs in 2018-19. board, earned Rs 7 lakh as appropriate then the com- sum to other media plat- frastructure, establishing lo- Ambani has kept salary, ances, which is marginally 14.42 crore while Hital took Performance criteria for sitting fee, up from Rs 6 lakh panies would be banned in forms for putting 11,000 cal partnerships and sup- perquisites, allowances and lower than Rs 4.49 crore he home Rs 14.41 crore. In two Executive Directors, en- in the previous year. India. morphed political ads on porting initiatives such as commission together at Rs got in the previous 2017-18 2014-15, they had got Rs titled for Performance Apart from Ambani, the The questions to both social media sites. the Skill India Programme 15 crore since 2008-09, for- fiscal. 12.03 crore each. Linked Incentive, are deter- RIL board has Meswani the companies follow a It also raised the viola- which we are proud to be going over Rs 24 crore per Commission has been Also, one of his key ex- mined by the Human Re- brothers, Prasad and Kapil complaint by the Rashtriya tion of child privacy and en- assisting with already, he annum. unchanged at Rs 9.53 crore ecutives, Executive Director sources, Nomination and as wholetime directors. Swayamsevak Sangh-affili- try age of 13 years being set said. This is at a time when while perquisites have risen P M S Prasad saw his remu- Remuneration Committee, remunerations of all whole- to Rs 31 lakh from Rs 27 lakh. neration go up to Rs 10.01 RIL said in the annual report. time directors of the com- Retirement benefits were Rs crore from Rs 8.99 crore in RIL's non-executive di- pany, including cousins 71 lakh. the previous year. He too rectors, including Nita Nikhil and Hital Meswani, Ambani voluntarily has seen his remuneration Ambani, also got Rs 1.65 IL&FS bribed Real Madrid tickets for high ratings saw a handsome increase in capped his compensation rise steadily -- from Rs 6.03 crore each as commission, New Delhi: From tickets the erstwhile management, and ITNL. It replaced Crisil ets for a football match of the fiscal year ended March at Rs 15 crore in October crore in 2014-15, to Rs 7.23 besides sitting fees. The for a Real Madrid football Grant Thornton has flagged for ITNL. Real Madrid in Madrid, 31, 2019. 2009 amid a debate over crore in the next fiscal and commission was Rs 1.5 match and hefty discounts a number of cases amount- Grant Thornton found Spain, in the IL&FS corpo- Compensation of Shri right-sizing of CEO salaries. Rs 7.87 crore in 2016-17. crore in 2017-18 and Rs 1.3 on a luxurious villa to a Fitbit ing to potential favours and multiple emails in the pe- rate box along with his son. Mukesh D Ambani, Chair- The salary cap continued Refinery chief Pawan crore in the previous year. watch and shirts, a probe gifts given to senior officials riod between September This email suggested man and Managing Direc- even as all other executive Kumar Kapil saw his com- Former State Bank of In- into the high-profile IL&FS of the agencies and even 2012 and August 2016, potential favours which are tor, has been set at Rs 15 directors saw their remu- pensation rise to Rs 4.17 dia chairman Arundhati scam has found numerous their family members. where it appeared that arranged for key officials of crore, reflecting his desire to nerations go up. crore from Rs 3.47 crore in Bhattacharya got only Rs 75 cases of favours and gifts The audit evaluated the Ramesh Bawa, former CEO a credit rating agency by continue to set a personal Ambani's cousins Nikhil 2017-18. In the previous fis- lakh as commission as she extended by the erstwhile role of the credit rating of IFIN, facilitated purchase one of the former IL&FS top management to senior agencies in rating various of a villa for the wife of management personnel. officials of rating agencies debt instruments and facili- Ambreesh Srivastava Head In case of ICRA, the au- and their family members. tating excessive borrowings of Financial Institutions dit found an email from Feb- StanChart base in GIFT City While the continuing from money markets across South and Southeast Asia, ruary 2008, which was sent Emami to use own probe has already led to group companies that Fitch Ratings and also by Meenakshi Kanagat Calcutta: Standard Char- There is also an exemp- CEOs of two rating agencies eventually led to defaults. helped them obtain a dis- Manager in IL&FS Limited to tered Bank expects to open tion from withholding tax having been sent on leave The mandate was to audit count. Ravi Parthasarthy former an international banking on interest paid on debt se- funds to retire debt by their respective boards, the role of the credit rating Further, Bawa requested chairman of IL&FS indicat- unit in Gujarat International curities issued at GIFT. Calcutta: Emami, the to reduce debt taken by fresh details have emerged agencies and ascertain Ajay Chandra MD of Unitech ing donation of Rs 25 lakh Finance Tec (GIFT) City this Daruwala feels the deci- wellness focused fast mov- pledging shares of Emami about suspected attempts whether there were any Limited to personally get to be given to Sameeksha year. sion of the Centre to tap the ing consumer goods com- Ltd. The Goenka and by the former top manage- possible wrong-doings in involved and resolve the is- Trust. GIFT City is being devel- overseas market to raise a pany, will strive to become Agarwal families promoters ment personnel of IL&FS rating IL&FS group compa- sue that Srivastava’s wife Grant Thornton found oped by Gujarat govern- part ofAdmin@Rabikanta=8794112760&7005625385 its gross borrowing debt free as the manage- of the company have sold Group to influence the rat- nies during 2008-2018. was facing with regards to that D N Ghosh was a Man- ment as a hub to attract in- offers a new source of fund- ment plans to utilize inter- 20 per cent of their com- ing agencies and their top Several e-mails between interest charged on delayed aging Trustee of Sameeksha ternational entities offering ing for the government and nal accruals to retire re- bined holding in the last six officers for high credit rat- the erstwhile management payments for the villa. Trust and also a former services such as offshore lays a benchmark for corpo- sidual loans. months to retire debt at the ings. and the representatives of The audit has flagged chairman of ICRA Limited. banking, asset manage- rate houses. Borrowings of the com- promoter level. The new board of IL&FS, credit rating agencies dur- that potentials favours were The emails were also ment, insurance, capital The sovereign bond is pany have come down Goenka had earlier said which was appointed by the ing the specified period obtained by Srivastava from traced about Saha asking markets IT and allied ser- something that a lot of gov- sharply by Rs 216 crore in the promoters were keen to government after massive have been analyzed in the Bawa, thus raising question Sujoy Das Chief Risk Officer vices, backed by fiscal con- ernments do. India has not 2018-19, the consolidated pay back the entire Rs 2,200 defaults by the group to the audit. over his independence in of IL&FS group for arranging cessions. The minimum al- done it but China does it. It’s balance sheet of Emami crore in debt to release all tune of over Rs 90,000 crore CARE, ICRA, India Rat- the rating obtained from a favourite Fitbit watch for ternate tax for the Interna- a new avenue of raising shows, reducing interest pledged shares and it would and suspected wrong-do- ings and Brickwork were the Fitch as well as India Rajesh Mokashi Managing tional Financial Services money. It also sets the cost by 37 per cent year-on- like to monetize the group’s ings by the former top man- main rating agencies for Ratings.Another email trail Director of CARE. Centre has been lowered to benchmark for borrowing, year. assets in cement, paper, agement, had mandated group companies IL&FS from April 2015 showed D The interim report also 9 per cent from 18.5 per she said. We want to use cash healthcare, real estate and Grant Thornton to carry out Transportation Networks, Ravishankar Founder and indicated that IL&FS person- cent. The move will also have generated from the busi- retail. Around 42 per cent of a forensic audit. IL&FS Financial Services IFIN Director, Brickwork Ratings nel were aware of the spe- “There is a plan to open a beneficial impact on the ness to reduce borrowing promoters’ 52.7 per cent In an interim forensic and IL&FS during the pe- thanking Arun Saha who cific interests of the key of- an offshore banking unit in demand situation for the and become debt free, holding in Emami is audit report on role of credit riod. From 2016, Brickwork was Joint Director of IFIN at ficials of credit rating agen- GIFT City. It will hopefully government securities in Mohan Goenka, director of pledged as of now. rating agencies engaged by was also introduced for IFIN that time for arranging tick- cies. come by the end of the the domestic market. Emami, said. year,” said Zarin Daruwala, Daruwala said there is a Emami’s borrowing CEO of Standard Chartered need to strengthen the ad- stood at Rs 109.86 crore as NSPCL orgnises Bank, on the sidelines of an ministrative setup under on March 31, 2019 com- event organized by the La- the Insolvency and Bank- pared with Rs 325.91 crore Vakrangee to set-up electric vehicle operation & dies Study Group, affiliated ruptcy Code.Daruwala said a year ago. Finance cost has maintenance meet to the Indian Chamber of there is a need to come down to Rs 21.40 Commerce. strengthen the administra- crore in 2018-19 from Rs New Delhi: The 7th charging infrastructure across India NSPCL Operation & Mainte- An offshore banking tive setup under the Insol- 34.30 crore a year ago. unit could allow Indian vency and Bankruptcy The aggressive push to Mumbai: The Company its network of Retail outlets Executive Chairman said cording to the Union Hous- nance Meet was held on companies having a global Code. clip loan exposure comes at has decided to set-up the c alled as Va k r angee that we believe that the ing and Urban Affairs Min- 13th July 2019 at Bhilai presence to avail them- Clearly there is a gap a time Emami, maker of Electric Vehicle (EV) Charg- kendras. They continue to electric vehicle space is a istry. About Vakrangee Lim- Niwas. The theme for this selves of credit in other cur- between the number of Navaratna oil, Boroplus and ing Infrastructure facility focus on expanding the huge growth opportunity ited BSE Code: 511431 NSE year was O&M Challenges rencies, while foreign port- cases and the number of Zandu, faces stagnating through Nextgen bouquet of services avail- for the coming years and we Code: VAKRANGEE Incorpo- for Reliable Operation of folio investors could use the judges, she said. The NCLT sales and profit as it stares Vakrangee Kendra Outlets. able at their exclusive want to be future ready by rated in 1990, Vakrangee is Old Thermal Power Plants. services to invest in domes- benches need further at a dip in consumption, es- Vakrangee has 3,504 Nextg ne Vakrangee developing a Pan India foot- the unique technology Professional from across the tic securities. strengthening, she added. pecially in rural areas, the Nextg ne Vakrangee Kendras.For all operators print of EV charging infra- driven company focused on power sector like NTPC, The Union government She added that the de- mainstay of the company’s Kendra's spread across 19 who want to setup Electric structure. We would be an building India's largest net- DVC, CESC Ltd., ACB India has announced a series of cision of the Reserve Bank consumer base. states, 366 districts and Vehicle services in India, it enabler by providing the work of last-mile retail out- Group, BALCO etc. and all fiscal incentives in its latest of India to change the While revenue went up 2,186 postal codes. More will make sense for them to distribution platform for the lets to deliver real-time units of NSPCL attended the budget on July 5 to attract guidelines on resolution of 12.3 per cent over the last than 68% outlets are from leverage Vakrangee's charg- EV charging facility through banking & Financial Ser- meet. investors to GIFT City. stresses assets and allow a four years, profit after tax Tier 5 and tier 6 cities. Their ing infrastructure rather our partnership with the EV vices, ATM, insurance, e-gov- The meet witnessed These include a 100 per 30 day review period from slid 16.5 per cent in the cor- planned target is to reach at than building one of their service providers. The gov- ernance, e-commerce and presentation of technical cent tax holiday for 10 out the date of default instead responding period. Any re- least 75,000 by FY2021-22 own. Vakrangee is also ernment expects 25 per logistics services to the un- papers touching various is- of 15 years, no dividend dis- of the February circular duction in finance cost is and 3,00,000 outlets by building a large charging cent of the total vehicles on served rural, semi-urban sues and challenges con- tribution tax out of current which said that lenders going to add to the FY2024-25. footprint on a Pan India ba- roads will be electric ve- and urban markets. cerning the Operation and and accumulated profits must start action against a bottomline. Vakrangee plans to le- sis through their network of hicles by 2030, necessitating TCompany on Bombay Maintenance of Old Power and long-term capital gains corporate account immedi- The effort of the man- verage this deep presence Nextgen Vakrangee Kendra erecting robust electric ve- Stock Exchange and Na- Plants. Anirban Dasgupta, exemptions to Alternative ately after default is more agement also comes at a by being an enabler for the Outlets.Commenting on hicle charging infrastruc- tional Stock Exchange with CEO, Bhilai Steel Plant was Investment Funds (AIFs). practical. time the owners are battling EV charging facility through this, Mr. Dinesh Nandwana, ture across the country, ac- a Market Cap. of Rs. the Chief Guest. AHMEDABAD MONDAY 5/8/2019 7 Reliance Jio may unveil GigaFiber at shareholder meet on August 12 Air traffic volume rises 6.2% in June BIZ NEWS IN NUTSHELL Mumbai: After disrupt- to remain underserved. Jio Mumbai: Domestic air ferrying 5.77 million pas- which is a measure of how from the operations of air- ing the Indian mobile tele- is working towards serving passenger traffic rose 6.19 sengers in the month, fol- much of an airline's capac- lines from the New Delhi, Jet Airways creditors put in phony market, Reliance Jio the need for better connec- percent in June over the lowed by rival Spicejet with ity is used or average per- Mumbai, Bengaluru and is all set to storm the wired tivity with its GigaFiber ser- year-ago period, with local 1.86 million, and Air India centage of seats filled, Goair Hyderabad airports. broadband market with its vices. Jio, with its FTTH ser- carriers flying 12.02 million carrying 1.55 million pas- unseated Spicejet, which AirAsia India had the claims worth Rs. 25,000 crore commercial launch slated vices, has set a target of passengers in the month, sengers, show the DGCA had a long streak of highest second highest on-time Mumbai: The NCLT-appointed Interim Resolu- to be announced during connecting 50 million show the monthly data data. load-factor, with 94 percent performance at 85.1 per- tion Professional of Jet Airways has received 16,643 Reliance Industries’ annual homes across the country, from regulator DGCA. Goair, AirAsia India and load factor in June, while cent while Indigo, which claims worth Rs24,887.93 crore from financial and general meeting on August Mukesh Ambani, chairman, The uptick in June fol- Vistara transported 1.33 mil- Spicejet's stood at 93.7 per- used to be best performer operational creditors of the Naresh Goyal-led airline. 12. RIL, had said in a letter to lows a marginal under 3 lion, 7.72 lakh and 6.48 lakh cent and AirAsia India's at for long, was a distant third While 37 financial creditors have claimed The company plans to shareholders. percent growth in May fer- passengers, respectively in 90.7 percent. at 83.5 percent. Also, of the Rs10,231 crore, 33 claims worth Rs8,463 crore have launch its GigaFiber ser- To help meet this goal, rying 112 million passen- the reporting month. The DGCA attributed 750 complaints received by been admitted by the IRP. The operational creditors vices, which would include RIL has made strategic in- gers. But this was after a 4.5 However, Indigo's mar- the marginal improvement the regulator for various de- other than workmen and employees have claimed home broadband, enter- vestments in Hathway percent de-growth in April, ket share declined 0.9 per- in traffic volume to the on- ficiencies in services, Air In- Rs12,372 crore from Jet Airways, but IRP Ashish tainment and smart home Cable and Datacom Lim- the first time in six years, due cent to 48.1 percent, while going tourist season. As per dia had the maximum num- Chhawchharia of Grant Thornton India, is yet to ap- Internet of things solutions. ited and DEN Networks to the grounding of Jet Air- Spicejet cornered 15.6 per- the DGCA data, Goair con- ber of complaints at 278, fol- prove these. Claims of Rs1,381 crore, including some The commercial launch Limited. ways and the resultant spike cent of the traffic volume tinued to top the on- time lowed by Indigo with 275 from entities owned by Naresh Goyal have been of fibre-to-the-home ser- Jio GigaFiber currently in ticket prices during the and Air India's had 12.9 per- performance chart for the complaints against its ser- rejected. Jet Airways LLC, which has put up a claim vices is likely to be an- offers ultra high-speed peak summer holidays. cent of the pie. Significantly past many months with vices. of Rs426 crore, is under verification. The IRP has put nounced during company’s Internet of up to 100 Mbps The largest carrier In- for Indigo, this was the third 86.8 percent of its flights de- All the airlines together up the claims’ details on the firm’s website in a more AGM next month, a source for 90 days along with a digo, whose promoters consecutive loss of market parting and arriving on time shelled out Rs 4.21 crore to than 500-page document. in the know of the develop- monthly data quota of 100 Rahul Bhatia and Rakesh share as it had notched up from the four key airports, in 2.32 lakh passengers in ment told. GB and a complimentary Gangwal are in a dog fight 49.9 percent in April, which June as well. penalties for delayed/can- OYO enters co-working spaces Wireline network con- access to many of Jio’s pre- over a slew of issues, contin- declined to 49 percent in The on-time perfor- celled flights as well as de- ued its market leadership May.In terms of seat factor, mance is measured only nied boarding, DGCA said. New Delhi: Hospitality chain OYO announced its nectivity in India continues mium apps. foray into co-working spaces with a new brand OYO Workspaces with an aim to have 50 centres across the country by end of 2019. The company confirmed that it had acquired co-working firm Innov8, which Govt. in talks with foreign has about 16 centres in the country, providing seats HDFC Bank net up to about 6,000 employees of brands like Swiggy, Paytm, Pepsi, Nykaa, OLX and Lenskart. While finan- cial details were not disclosed, the acquisition is be- lenders for loans to SMEs ing pegged at about Rs200 crore.OYO Workspaces, led New Delhi: The govern- from foreign institutions about Rs700 billion by issu- by Rohit Kapoor, CEO of New Real Estate Businesses, 21% on higher income ment is in talks with foreign because Indian banks were ing overseas sovereign aims to be a fully controlled workspaces solutions pro- Mumbai: Private sector ended June 30, 2018, the The bank held floating lenders to provide $14.5 bil- not in a position to provide bonds. vider, designed to meet the needs of over 80% of the lender HDFC Bank reported bank said. provisions of Rs1,451 crore lion in credit to millions of enough capital for the small India’s 63 million firms in working population in the country, the company said. a 21% increase in its net The gross non-perform- as on June 30, 2019, the small firms, two officials business sector, which is the micro, small and me- The firm has also introduced two other co-working profit to Rs5,568.2 crore for ing asset ratio inched up to bank said. Total deposits of said. seen as critical to job cre- dium firm sector are respon- brands Powerstation and Workflo. Powerstation will the quarter ended June 30 1.4% of gross advances as the bank increased 18.5% The government is in ation. We are exploring, we sible for more than a quar- offer beautiful and functional workspaces for small and driven by both core and on end June as compared to year-on-year, while current discussions with multiple are having discussions with ter of the country’s manu- medium scale business at the right prices and Workflo non-core income. 1.33% a year ago and 1.36% and savings account depos- foreign lenders, including various funding agencies if facturing and services out- is budget-friendly, functional co-working solution ca- Net interest income, as of end March. its grew by 12.8%. Germany’s state-owned de- something can be done for put, and must be reener- tering to the aspirations of a rising India, it added.Mr. which is the difference be- Excluding non-perform- CASA deposits fell be- velopment bank KfW Group, small and medium firms, the gized for the government to Kapoor said, the workplace as a service space presents tween interest earned and ing assets from the agricul- low 40% for the first time in the World Bank and some official said. kick-start the economy. an exciting opportunity for OYO to utilize its existing interest expended, grew tural segment, the gross 12 quarters, and were 39.7% Canadian institutions to ex- The officials did not pro- Gross domestic product technology and operational expertise, we are bullish 22.9% to Rs13,294.3 crore, NPA would have been of total deposits as of June tend lines of credit to small vide full details of the dis- growth fell to a five-year low on growth in the co-working space. while other income in- 1.17%, the bank said. 30, 2019. enterprises, one of the offi- cussions they are having of 5.8% in the January- creased 30.2% to Rs4,970.3 Provisions went up to While advances grew cials, who did not want to be with banks, or identify all March quarter, well below crore. Rs2,613.7 crore in Q1 from 17% year-on-year, the ve- identified, told. those they are talking to, but the 8%-plus rates that the Net interest margin for Rs1,629.4 crore, of which hicle loan segment, where KfW’s India office con- said talks are at a very early government is targeting. Quick nod for green the quarter remained stable specific loan loss and con- sales volumes have seen firmed the discussions, stage. But credit availability for at 4.3%. tingent provisions were some moderation, saw ad- though the main focus was India’s micro, small and SMEs, which also account There was a gain of Rs2,413.5 crore as against vances grow 8.3% over the on credit lines to support medium enterprise (MSME) for about 45% of the energy transmission Rs212 crore during the pe- Rs1,432.2 crore for the cor- previous year, the bank said. small businesses’ solar Ministry is discussing the country’s exports, has wors- New Delhi: Power and Renewable Energy Min- riod under review from sale responding quarter of the Retail loans grew 16.5% power generation. The talks proposal to pull in foreign ened due to a liquidity cri- ister R.K. Singh approved the proposal for early regu- of investments as compared previous year. on year, as compared to were at an early stage, KfW banks with the Finance Min- sis in the non-banking fi- latory approvals of transmission schemes identified to a loss of Rs283.2 crore The bank has made gen- 19% during the Jan.-March said. istry, which will make a final nancial companies sector. for 66.5 GW of renewable energy projects by desig- during the same period of eral provisions of Rs200.2 period, while domestic The World Bank’s India call, the second official said. State-owned banks nating them projects of national importance. the previous year. crore, which include addi- wholesale loans grew by spokesperson did not reply The push for foreign loans have not been able to drive As the gestation period of renewable energy The core cost-to-income tional provisions of Rs85.9 19.6%. to an email seeking com- comes on the heels of the increased lending because projects is much shorter in comparison to the imple- ratio for the quarter was at crore for standard advances The domestic loan mix ment. The official said the government’s announce- they are burdened with mentation period of the transmission facilities, and 39.4% as against 40.1% for to the NBFC and housing fi- between retail and whole- government plans to source ment earlier this month that more than $145 billion in significant quantum of RE capacity targeted to be the corresponding quarter nance sector. sale was 54:46. up to Rs1 lakh crore of loans it was planning to borrow bad loans. tendered out in the current financial year, it is neces- sary that the present system of transmission plan- ning and implementation for RE projects need to be It’s curtains for carried out in mission mode, the government said in Axis Bank gets nod to Volkswagen to increase localization a release. Transmission activities need to be started Aditya Birla ahead of the generation so that both of them are raise Rs. 18,000 crore payments bank level, double market share in India completed in matching time-frames, it said. Mumbai: Within 18 New Delhi: Private sec- The bank said that the months of starting opera- Chennai: Automaker forts were on to double its a sustainable brand with a tor lender Axis Bank said fund will be raised through tions, the payments bank of Volkswagen plans to in- market share in India from market share of 3% in the Jet RP invites proposals for July 20 its board has ap- issue of equity shares/de- the Aditya Birla Group has crease its indigenisation the present 1.4% to 3% in next five years. Our aim is to proved raising up to Rs pository receipts and/or decided to wind up opera- level by 10 percentage the next five years, as part of be an aspirational premium the sale of assets 18,000 crore through an is- any other instruments or se- points and is aiming to the company’s India 2.0 car brand in India and a tions citing unanticipated New Delhi: The resolution professional of Jet sue of equity shares, deposi- curities representing either developments in the busi- double its market share in plan, through six strategic brand which has the closest tory receipts or convertible equity shares and/or con- India in the next five years, brand pillars people, brand connection with customers Airways on Saturday called for expressions of inter- ness landscape.Aditya Birla est to sell the grounded airline’s meagre assets by securities. vertible securities linked to Nuvo Ltd. was one of the 11 said a top official. positioning, loyalty and the highest loyalty The Board of Directors equity shares including Currently, we have a lo- programmes, network ex- within the industry. August 3.In an advertisement posted on the airline’s entities that had received a website and in newspapers, the RP, Ashish of the bank approved the through Qualified Institu- payments bank licence from calization level of 82% and pansion, corporate fleets Asked about new proposal in this regard in tions Placement / American we are planning to increase and digitalization. launches, he said the firm Chhawchharia, appointed by Jet Airways’ lenders, the RBI in August 2015. The has set a deadline of August 3 for receipt of EoIs, the meeting held on July 20, Depository Receipts bank began operations as it to 92% to 93% in a year’s It is an ambitious target. was developing a new plat- the bank said in a regulatory (ADRs)/ Global Depository time, said Steffen Knapp, We have laid the foundation form for India named MQB. August 6 as the date of issue of provisional list of Aditya Birla Idea Payments prospective resolution applicants and August 11 as filing.The Board has ap- Receipts program, preferen- Bank from February, 2018. managing director, and the fundamentals are in Volkswagen will be launch- proved raising of funds ag- tial allotment or such other Volkswagen Passenger Cars place to achieve this. Cur- ing its A0 Support Utility the last date of submission of objections. The board of directors of The advertisement stated that on August 14, the gregating up to Rs 18,000 permissible mode or com- our associate company India. rently, we are selling 3,000 Vehicle as the first product crore, Axis Bank said in a binations as may be consid- As part of the cars per month and we under India 2.0 initiative by final list of prospective resolution applicants will be Aditya Birla Idea Payments issued. The final date for submission of resolution plans regulatory filing.The bank is ered appropriate. Bank Limited has, subject to localisation efforts, the com- need to clock around 1.2 end 2020-21. one of the worst-affected The fund will be raised pany plans to start making lakh units per annum, he The firm would be set- of these applicants will be September 5, it added. The receipt of requisite regula- estimated date for submission of the resolution plan private lenders after the Re- subject to shareholder's ap- tory consents and approv- engines in India and expand said. ting up 30 new sales format serve Bank's asset quality proval to the fund-raising the supplier base to pro- The vision, brand posi- pop-up stores and city by the RP to the National Company Law Tribunal for als, approved the voluntary approval is September 20. The airline’s assets include review, which led to a huge proposal through the winding up of ABIPBL, duce various parts locally. tioning and mission, he said stores across high-potential increase in bad loans over postal ballot process. Mr. Knapp said that ef- that our vision is to become markets in India. 14 aircraft, 49% stake in Jet Privilege and a few build- the past three years. Vodafone-Idea said. ings. Its liabilities are more than Rs36,000 crore. Centre rejects SEBI plea to amend How villas, donations eased IL&FS’ way to ratings IndiGo to seek nod to provision for transferring reserves Mumbai: The forensic cies had concerns/issues the independence of the has charged the former induct woman director New Delhi: In what merating his objections. It is audit report on credit rating with the operations of the rating agency. management of IL&FS with New Delhi: The board of directors of strife-torn could spark the souring of learnt that this letter is agencies of IL&FS has al- IL&FS group including po- The report said IL&FS engaging in fraud and pro- IndiGo on Saturday said that it would seek the ap- ties between the Centre and along the lines of the one leged serious lapses on the tential stress and liquidity officials pressurized CRAs ducing ‘falsified, spruced up’ proval of its shareholders to induct an independent the Securities and Exchange written by SEBI employees part of such agencies that indicators during June 2012 for good ratings and even financial statements, which woman director one of the issues flagged by co- Board of India, the Finance earlier this month to the had concerns related to the to June 2018, the ratings as- intentionally provided in- all CRAs rely on to produce founder Rakesh Gangwal in his complaint to the SEBI Ministry has refused pleas Prime Minister. operations of the entity way signed were consistently correct or incomplete infor- accurate ratings, said. on violations of corporate governance norms at the from the capital markets The decision, SEBI felt, back in 2012 but chose to high and the same were re- mation to avoid a down- It is humbly submitted firm.The Board has decided to seek the approval of regulator to amend the pro- would impinge upon the fi- downgrade ratings only in versed/downgraded only grade. We noted instances that out of 105 page interim the shareholders at the upcoming annual general vision that mandates that nancial autonomy of the 2018. post June/July 2018, it where, if the then key em- report, Brickwork Ratings meeting for expanding the board to enable the in- about 75% of its surplus be regulator,Admin@Rabikanta=8794112760&7005625385 a complaint The report, prepared by added. The report also ployees of IL&FS did not re- finds mentioned in about 7 duction of an independent woman director, accord- transferred to the Centre’s against the Centre that RBI Grant Thornton, also raises stated that the credit rating ceive the desired rating, pages. The said pages ing to IndiGo. coffers. has also raised in the past questions on the protocols rationale, which is supposed they used to potentially clearly indicates that Brick- In his letter, Mr. Gangwal sought SEBI’s interven- The Finance Bill 2019, regarding its own funds. The followed by CRAs while stat- to be drafted by the rating pressurise CRAs to either work Ratings did not assign tion in alleged violation of its regulations and corpo- passed by the Lok Sabha, recent tension between the ing that credit rationale re- agencies, was materially withdraw the rating or ap- the highest rating to IL&FS rate governance, unusual rights enjoyed by co- has a provision stating that RBI and the Finance Minis- ports, made by the agencies, modified by or significant proach other CRAs for the because it follows robust, founder Rahul Bhatia’s InterGlobe Enterprises includ- the SEBI must set up a re- try was also about the trans- were modified by key em- suggestions from the desired ratings, said. Queries transparent and consistent ing the right to appoint three out of six directors, serve fund into which 25% fer of reserve funds to the ployees of IL&FS. former key employees of sent to Crisil and Care Rat- rating methodology. Also, nominate the chairman of the board, nominate and of its surplus is to be trans- Centre, and what this im- The report has also IL&FS were incorporated to ings remained unanswered rating actions on the sub- appoint the MD, CEO and the president, besides the ferred. The remaining plied for the central bank’s stated that IL&FS Group and provide and support good till the time of going to sidiaries of IL&FS Ltd. fol- absence of an independent woman director.He also amount is to be transferred autonomy.Any move to its senior staff provided ratings given by the CRAs. In press. We are reviewing the lowed the due process and objected to increasing related party transactions to the Centre. transfer the surplus funds of favours to rating agency the case of Care Ratings, the report; however, we cannot was not influenced by any between IndiGo and IGE and highlighted the need The SEBI Board shall the SEBI to the CFI will officials.As per the report, report has also alleged a comment on the accuracy commercial pressures or for proper checks and balances in conducting them. constitute a reserve fund amount to the fee levied by Ramesh Bawa, former CEO, possible conflict of interest of the information at rating withdrawal requests and 25% of the annual sur- the SEBI becoming a kind of IFIN, facilitated the purchase as IL&FS Limited and IFIN present,” said an ICRA as indicated in the email plus of the general fund in additional tax on the market of a villa for Ambreesh owned about 5.9% stake in spokesperson. conversation, said Brick- any year shall be credited to participants, and will result Srivastava of India Ratings. the CRA which, as per the The report ignores the work Ratings in response to On-line Tender Notice such reserve fund and such in a perverse incentive for Similarly, Arun Saha, former report, could have affected fact that the government the email query. No. 15/ 2019-20 CEO, IL&FS Ltd., arranged fund shall not exceed the increasing such generation Gujarat Pavitra Yatradham Vikas Board, is inviting on-line tenders total of annual expenditure of revenue for the Real Madrid football match for the work of Supply, Installation and Commissioning of LED Screens of preceding two financial Further, the proposal tickets for Brickwork Rat- and Public address system for Live Darshan & Arati at various Yatradhams ings’ D. Ravishankar. The IndiGo clocks highest-ever quarterly net of Gujarat state including 5 Years of operation and maintenance years, the Finance Bill says. will also impinge on the fi- New Delhi: IndiGo on network as well as a 35% induct its first CFM Interna- amounting Rs.504.00 Lakh from eligible bidders. Other Details of the After incurring all the nancial autonomy of the IL&FS Group also donated Tender can be viewed and uploaded on www.nprocure.com till 23.08.2019 Rs25 lakh to Sameeksha Friday reported its highest- increase in revenue from tional Leap 1-A engine pro- (18.00). expenses and transfer to re- SEBI as it will have to seek ever quarterly profit of cargo with the airline add- pelled A320 family of air- {krníke/83Ãk/19-h0 serve fund the surplus of government approval for Trust whose managing trustee D.N. Ghosh was also Rs1,203 crore for the quar- ing a range of products for craft from next year.The the general fund shall be capital expenditure, which ter ended June, a 43 times its cargo belly. board meeting preceding transferred to the consoli- can range from setting up IT the ICRA chairman. The report cited in- jump over the same period This quarter also saw a the announcement of the CREATIVE CASTINGS LIMITED dated fund of India, it added. infrastructure, expanding last year.The airline’s rev- high percentage of book- results was much awaited (CIN: L27100GJ1985PLC008286) This decision has been op- the organizational capacity, stances where the CRAs ini- Reg. Office: 102, GIDC Phase-II, Rajkot Road, Dolatpara, Junagadh-03. tially decided to downgrade enue from operations stood ings in the 0-15 day win- because of the ongoing Ph.: +91 285 2660040, Fax: +91 285 2661348 posed by the SEBI, with or any other physical and at Rs9,420.1 crore for the dow with closing fares also spat between co-promoters Email: [email protected], Web.: www.creative-cast.com Chairman Ajay Tyagi meet- soft infrastructure that SEBI IL&FS but did not actually do it after meeting senior quarter, an increase of holding up and helping our Rakesh Gangwal and Rahul NOTICE ing Finance Minister may require in the light of 44.7% over the year-earlier revenue performance, he Bhatia. The former had Nirmala Sitharaman earlier continuously evolving glo- officials of IL&FS. “We iden- NOTICE is hereby given that, pursuant to the provisions of tified multiple emails which period.Its expenses rose said in a conference call sought SEBI’s intervention Regulation 29 read with Regulation 47 of the SEBI (Listing this week, and also writing bal securities markets to in- 22% to Rs8,277 crore. Pas- with analystsGiving an out- into alleged governance a letter to the Ministry enu- creasing its employee indicate that credit rating Obligations and Disclosure Requirements) Regulations, 2015, agencies had raised mul- senger ticket revenue rose line of its plans for interna- lapses as well as related a meeting of Board of Directors of the Company will be held on strength.The Finance Bill is th tiple issues with regard to 46.4% to Rs8,445 crore and tional expansion, the CEO party transactions between Monday, the 12 August, 2019 at the Registered Office of the a money bill. This means ancillary revenue stood at said that it will connect Viet- Mr. Bhatia’s InterGlobe En- Company to consider and approve the Unaudited Financial Disclaimer that, once passed by the Lok the operation of the IL&FS group, mainly ITNL (IL&FS Rs902 crore, an increase of nam and Myanmar next terprises and IndiGo. There Results of the Company for the First quarter ended on 30th Adverstisement Sabha, it can become law 32.2% over the year-earlier quarter, which will add to was a fulsome discussion on June, 2019 along with other businesses. appeared in this News unchanged even if the Rajya Transportation Networks Limited), IL&FS Financial period. the traffic flow to destina- all the issues, said Mr. The Board Meeting Notice is also available on the website of Paper have not been Sabha proposes to amend IndiGo’s CEO Ronojoy tions in the Buddhist circuit. Dutta.He said the board also the Company i.e. www.creative-cast.com and its intimation is verified factually and it. In effect, passing the Fi- Services Limited and IL&FS Limited. The emails identi- Dutta attributed the strong The airline has already discussed the appointment available on BSE Ltd. website i.e. www.bseindia.com. “WESTERNTIMES” nance Bill in the Lok Sabha revenue performance par- announced plans to con- of a woman independent does not stand fied are over the period For, Creative Castings Ltd. means that the government tially to the cessation of op- nect Kolkata to Gaya, director to comply with the Sd/- responsible for the has chosen to ignore SEBI’s from 2008 to 2018. DATED : 04/08/2019 It was noted that al- erations by Jet Airways, Varanasi and Patna from law, another issue high- Dhirubhai H. Dand, Chairman sales proposition. concerns. PLACE : Dolatpara, Junagadh though credit rating agen- optimisation of the airline next month.It also plans to lighted by Mr. Gangwal. DIN: 00416724 CMYK 8 AHMEDABAD MONDAY 5/8/2019 Sundaram Finance to News in a Nutshell focus on core markets Jio net up 45.6% to Rs891 cr Chennai: Sundaram Fi- Mumbai: Reliance Jio, the telecom unit of Reliance nance Ltd. will focus on its rates.T.T. Srinivasaraghavan, Industries, posted a net profit of Rs 891 crore in the core markets and segments managing director, SFL, said quarter ended June 30, 2019. The telecom disruptor while simultaneously ex- that in recent years, the firm saw its net profit rise 45.6 per cent on an annual ba- ploring opportunities in had ventured into new sis during the quarter under review, the company newer geographies, said a States and geographies. claimed. Reliance Jio had posted a net profit of Rs top official while addressing Now, it would expand its 612 crore during the corresponding quarter of the the shareholders at the 66th presence in these markets. last financial year. annual general meeting. Over the years, SFL has Reliance Jio reported revenue from operation to During 2018-19, SFL grown on the basis of pru- the tune of Rs 11,695 crore during the June quarter posted a 9.3% growth in dis- dence. Our growth this year of FY20. The figure saw a rise of 44.02 per cent from bursement to Rs17,170 will be cautious, without Rs 8,110 crore reported during the same period dur- crore due to sharper focus comprising on quality, he ing last fiscal.Reliance Jio saw its EBITDA rise 49 per on the rapidly growing con- said. cent year-on-year (YoY) during the June quarter of struction equipment and On the outlook, Mr. Viji FY20 to Rs 4,686 crore. The EBITDA margin of the com- intermediate and light com- said that the uncertainties pany was at 40.1 per cent during the first quarter of mercial vehicle segments surrounding market liquid- the ongoing fiscal. and the deepening of its ity, interest rates, global oil presence in new geogra- prices and the imminent in- The Vice President, Shri M. Venkaiah Naidu releasing the book “The Dynamics of Indian Education”, troduction of the BS-VI authored by the former Director, NCERT, Prof. J.S. Rajput, in New Delhi phies and market segments, Merger with Gruh will help Bandhan said S. Viji, chairman, SFL. emission norms rendered He also said that SFL was forecasts difficult.The expand government’s continuing Kolkata: The proposed merger with Gruh Finance able to counter pricing pres- sure in the fiercely competi- thrust on infrastructure will enable Bandhan Bank to achieve better geo- should hopefully provide graphical balance, said the bank’s MD and CEO tive vehicle finance seg- RIL reports slowest growth ment on account of the some impetus to the con- Chandra Shekhar Ghosh. strong customer relation- struction equipment and The bank was trying to increase its presence in related segments. As always, States where it was weak. This would include the ships that it had built and nurtured over the decades much will depend on the southern and some western States. The Gruh portfo- progress of the south west lio will enable it to mark a strong presence in and its ability to raise re- in 10 quarters at Rs10,104 cr sources at competitive monsoon, added Mr. Viji. Maharashtra and Gujarat. Mr. Ghosh said that Bandhan Bank had closed the Mumbai: Reliance In- supplies. The performance sults, investment adviser S.P. RIL shares on the BSE first quarter with a 45.4% rise in post-tax profit to dustries Limited reported a reflects the benefits of deep Tulsian told, overall, good declined 1.01% to close at Rs701 crore on the back of a 36.1% rise in net inter- 6.8% growth in its first quar- refining and petrochemi- results with a bit of disap- Rs1,249 in a weak Mumbai Strong rupee, lower GDP to est income to Rs1,411 crore. ter net profit to Rs10,104 cals integration, chain eco- pointment on the GRM side. market on Friday, valuing Total advances grew by 39.4% to Rs45,420 crore, crore, the slowest growth in nomics and feedstock flex- The petchem EBIT margins the company at tame inflation to 4.1%: ADB while total deposits increased by 42.3% to Rs43,701 10 quarters, as lower gross ibility. have improved by 120 basis Rs7,91,750.71 crore. The re- New Delhi: Asian Devel- 4.1 per cent in FY2019 fiscal crore. refining margins and a slug- RIL, which became points. Retail and Jio have sults were announced after opment Bank (ADB) has ending in March 2020 and Bandhan Bank’s net NPAs were at 0.56% against gish petrochemical busi- India’s most-valued firm by done considerably well. the closure of market hours. lowered the inflation fore- 4.4 per cent in FY2020 end- 0.58% a year ago. The year has started on a promis- ness continued to weigh on market value, saw its refin- cast for India during the cur- ing March 2021, ADB said. ing note,” he said, adding that he expected it to get earnings, a trend partly off- ing and petrochemicals rent financial year to 4.1 per As per the ADO supple- better through the subsequent quarters. set by the growth in con- businesses contributing cent, on the back of gain in ment, inflation projections Mr. Ghosh said the merger was now awaiting the sumer businesses. Rs8,810 crore and Rs5,152 Kumar Birla to head rupee and cut in the for developing Asia were approval of the National Company Law Tribunal af- The energy-to-telecom crore to the EBITDA respec- country’s GDP projection. revised up a notch from 2.5 ter getting approval from the Reserve Bank of India, conglomerate saw its GRMs tively. Organized retail and India will be the main per cent to 2.6 per cent in the Competition Commission of India and the Secu- the amount a refiner earns digital services contributed Century Textiles driver to lower the inflation both 2019 and 2020, reflect- rities Exchange Board of India. for every barrel of crude Rs2,049 crore and Rs4,908 for the South Asian region, ing higher oil prices and processed falling to $8.1 per crore to the company’s Calcutta: Kumar man of Kesoram Industries ADB said in a supplement to several domestic factors. SC orders status quo in Essar barrel, the lowest in the last EBITDA respectively. Mangalam Birla has be- Ltd. Corporate watchers say Asian Development Out- Price fluctuations for 18 quarters, compared to The company continues come the chairman of Cen- the board level changes look (ADO) 2019. brent crude oil continue insolvency case GRMs of $10.5 per barrel in to make major strides in its tury Textiles and Industries give South Asia’s inflation amid various concerns af- the year ago period. retail and digital services Ltd., filling up the vacuum a clear picture to the forecast for 2019, was re- fecting both supply and de- New Delhi: The Supreme Court ordered status The profits came on the businesses, led by focus on created by the death of his succession plan that BK Birla vised down from 4.7 per mand, it added. quo as in the Essar insolvency case. back of a 22.1% growth in growth markets with offer- grandfather Basant Kumar had initiated in his late cent to 4.5 per cent, mainly Meanwhile, the Reserve A bench headed by Justice R F Nariman said the revenues to Rs1,72,956 ings in the right product Birla earlier this month. years. reflecting lowered forecasts Bank in its last monetary monitoring committee will continue its work till the crore, with the consumer segments and compelling Kumar was the vice- Kumar Mangalam Birla for India, the ADO supple- policy review in June had case is heard on August 7. business accounting for value proposition. We are chairman of the company said that it is an honour for ment said.The ADO supple- raised the retail inflation The bench was hearing a plea of the Committee 32% of total revenues. RIL’s pleased with the robust from 2015 and was widely me to chair a company that ment has lowered India’s forecast marginally to 3-3.1 of Creditors challenging NCLAT's order of July 4 in exports during the quarter growth both in revenues expected to take up the was so ably led by my leg- GDP growth forecast by 0.2 per cent for the first half of which it had approved steel tycoon Lakshmi Mittal- fell 4.5% to Rs50,158 crore. and operating income for reign of Mumbai-based endary grandfather. His ex- percentage points from the current fiscal citing rea- led ArcelorMittal's Rs 42,000 crore bid for the acqui- RIL chairman Mukesh Reliance Retail. Our digital Century. emplary standards of ethics April outlook to 7 per cent sons of uptick in food prices sition of Essar Steel after it rejected a plea by the lead Ambani said that our first services business continues Rajashree Birla, mother and his values will serve as in 2019-20. mainly vegetables, despite shareholder of the debt-laden firm challenging the quarter earnings were to transform the mobility of Kumar Birla, was elevated an inspiration to us as we In light of a smaller- expectations of a normal eligibility of the bidder. strong despite a weak glo- market in India, while scal- as the chairperson of syn- carry forward his legacy. than-expected uptick in monsoon this The National Company Law Appellate Tribunal bal macroeconomic envi- ing newer milestones, Mr. thetic yarn maker Century From a single plant tex- food inflation, a strengthen- season.However, the retail (NCLAT), however, gave operational creditors equal ronment and challenging Ambani added. Enka. She was the vice- tile mill in 1951, the com- ing Indian rupee since Oc- inflation projection for the status as lenders in the distribution of the hydrocarbon market condi- RIL had an outstanding chairperson of the com- pany has evolved to be- tober 2018, and a lower GDP second half of 2019-20 has ArcelorMittal's bid amount among the creditors of tions. Our downstream busi- debt of Rs2,88243 crore as pany, where B.K. Birla was come a diversified con- growth forecast, this been cut to 3.4-3.7 per cent Essar Steel.Essar Steel was auctioned under the new nesses delivered resilient on June 30, 2019 against the chairman. glomerate under the leader- Supplement revises down as against RBI’s previous Insolvency and Bankruptcy Code (IBC) to recover Rs performance in an environ- cash and cash equivalent of The elevations come a ship of B.K. Birla. Century inflation forecasts for India projection of 3.5-3.8 per 54,547 crore of unpaid dues of financial lenders and ment of slower demand Rs1,31,710 crore. day after Manjushree Textiles is now into cement, by 0.2 percentage points to cent. operational creditors. growth and incremental Commenting on the re- Khaitan became the chair- paper and real estate. Indian organisations lost Rs12.8 crore to data breaches New Delhi: Data tween July 2018 and April journey with minimal busi- creased by 130% over the within the first year after a breaches cost organisations 2019. ness disruptions. past 14 years of the study, breach, 22% accrued in the in India about Rs12.8 crore The analysis takes into Cognitive security is de- up from USD 3.54 million in second year and another on average between July account cost factors from signed to augment human the 2006 study. 11% accumulated more 2018 and April 2019, accord- legal an regulatory activities intelligence and aid security Malicious data breaches than two years after a ing to a report sponsored by to loss of brand equity, cus- professionals. The technol- cost companies in the study breach. tech giant IBM. tomer turnover and the ogy learns with each inter- USD 4.45 million on aver- The longtail costs were The global average total drain on employee produc- action to pro-actively de- age. This is over USD 1 mil- higher in the second and cost of data breach was USD tivity. tect, analyse and provide lion more than those origi- third years for organisations 3.92 million about Rs27.03 India is witnessing a sig- actionable insights into nating from accidental in highly-regulated environ- crore with the average size nificant change in the na- threats, he said. causes such as system glitch ments, such as health care, of the breach being 25,575 ture of cyber crimes, it is The report said major and human error, the report financial services, energy records. now extremely organised causes of data breaches in said. and pharmaceuticals, it In India, the per capita and collaborative. The cost India comprised malicious Inadvertent breaches added.Cybercrime repre- cost per lost or stolen record of data breach continues to or criminal attacks (51%), from human error and sys- sents big money for cyber was at Rs5,019, compared grow, IBM India/South Asia system glitch (27%) and hu- tem glitches still accounted criminals, and unfortunately USD 150 per record globally. Security Software Leader man error (22%). for nearly half of the data that equates to significant On an average, 35,636 Vaidyanathan Iyer said. The mean time to iden- breaches in the report, cost- losses for businesses, Wendi The Union Minister for Parliamentary Affairs, Coal and Mines, Shri Pralhad records were compromised He added that tify the data breach has also ing companies USD 3.5 mil- Whitmore, Global Lead for Joshi witnessing the signing ceremony of Joint Venture agreement for Khanij in a data breach in India that organisations need to sig- increased to 221 days from lion and USD 3.24 million, IBM X-Force Incident Re- Bidesh India Ltd. (KABIL) between NALCO, HCL and MECL, in New Delhi on Au- ranked 15th in terms of to- nificantly invest in three 188 days, while the mean respectively. sponse and Intelligence Ser- gust 01, 2019. The Secretary, Ministry of Mines, Shri Anil Gopishankar Mukim tal cost of breach. core areas when it comes to time to contain such Also, for the ninth year in vices, said.With and other dignitaries are also seen The findings are part of cyber security – risk assess- breaches has decreased to a row, health-care organisations facing the the 2019 Cost of a Data ment based on business 77 days from 78 days. organisations had the high- loss or theft of over 11.7 bil- Breach Report, conducted objectives, cognitive threat According to the report, est cost of a breach nearly lion records in the past India will achieve 8% plus growth from FY 2020- by the Ponemon Institute, management and ensuring data breaches in the U.S. are USD 6.5 million on average three years alone, compa- and sponsored by IBM Se- digital trust. vastly more expensive – over 60%more than other nies need to be aware of the 2021 onwards: NITI Aayog Vice-Chairman curity. Mr. Iyer explained that in costing USD 8.19 million industries in the study. full financial impact that a New York: India will We have the potential to Underscoring the po- For the report, the the digital era, cognitive se- about Rs56.46 crore, or The report found that data breach can have on achieve a GDP growth of 8% grow at double digit growth tential in the agriculture Ponemon Institute inter- curity can provide both more than double the aver- the effects of a data breach their bottom line and focus plus from fiscal year 2020- rates, he said. On the issue sector, which has 43% of the viewed over 500 speed and scale for age for worldwide compa- are felt for years. While an on how they can reduce 2021 onwards as the struc- of jobAdmin@Rabikanta=8794112760&7005625385 creation, Mr. Kumar workforce, Mr. Kumar said organisations that have ex- organisations to go about nies in the study. Costs for average of 67% of data these costs, Mr. Whitmore tural reform measures like emphasised that a very investment in the agro-pro- perienced a breach be- their digital transformation data breaches in the U.S. in- breach costs were realised said. the GST are set to yield the large number of jobs have cessing sectors and im- intended benefits, NITI been generated in the provement in agricultural Aayog Vice-Chairman Rajiv country in the last five years. yields will help exponen- Kumar has said. If it was always a jobless tially in job creation. HUL net profit rises 14.4 pc to L&T profit rises The eminent economist growth, then that would Our agriculture, when it was in the city for the High have shown up in social is transformed and it begins Level Political Forum Minis- strife and social tensions to have much higher vol- Rs 1,795 crore in June quarter 20.5%, margins drop terial Meeting on Sustain- and surely would have ume of agro-processing, New Delhi: FMCG major driven by expansion of our upliftment and give impe- New Delhi: Larsen and national order book con- able Development Goals at meant that this government growth rates can easily rise Hindustan Unilever Ltd re- consumer franchise, im- tus on overall consumption. Toubro reported 20.5% stituting 21% of the total the United Nations Head- would not have been re- from the current 2% to 4%,” ported an increase of 14.40 provement in portfolio mix HUL's total expenses for growth in its first quarter order book. quarters. During the visit, he elected, he said, adding that he said adding that similarly per cent in its consolidated and sustained growth in the quarter was Rs 7,896 net profit to Rs1,361 crore L&T’s EBITDA margin delivered the keynote ad- the re-election of Prime there is a lot of potential in net profit to Rs 1,795 crore margins. crore as compared with Rs even as margins from ma- from the infrastructure dress at the ‘India Invest- Minister Narendra Modi-led other sectors such as manu- for the first quarter ended Its focus on strengthen- 7,604 crore, a rise of 3.84 per jor business segments segment, which consti- ment Seminar’ held at the government shows that facturing and June 30, helped by volume ing the core, leading market cent. such as infrastructure, tutes about 75% of the or- Consulate General of India, there is a level of satisfaction services.There is a lot of po- growth and improvement development and Its revenue from the power, heavy engineering, der book, fell to 6.4% from New York. with the government’s per- tential, there were con- in margins. premiumisation, driving home care segment during information technology 6.8% in the year-ago pe- Mr. Kumar stressed that formance. strains which are now being The company had channel transformation and the quarter stood at Rs and information technol- riod due to job mix and in the next five years, the He, however, acknowl- removed, he said, citing the posted a net profit of Rs building brands with pur- 3,464 crore, a growth of ogy-enabled services, fi- seasonality of execution. Modi government is fo- edged that the nature and example of Labour Codes 1,569 crore in the corre- pose, continues to serve it 10.10 per cent as compared nancial services and others Commenting on the cussed on accelerating quality of jobs is not meet- introduced in Parliament sponding quarter of the well, he added. with Rs 3,146 crore in the fell. margins, L&T MD and CEO growth from the current ing the aspirations of the that will simplify the whole previous financial year, HUL HUL Chief Financial Of- corresponding period a The rise in profit came S. N. Subrahmanyan said about 7% to more than 8% country’s young people and labour compliance situa- said in a regulatory filing. ficer Srinivas Phatak said year ago. on a 10% growth in rev- that infrastructure mar- that will propel the country they want better quality tion. Net sales during the there has been some mod- Home care sustained its enue to Rs29,636 crore, gins can not be judged on to easily achieving the tar- jobs that will engage them He said at the NITI June 2019 quarter stood at eration in the market condi- journey of double-digit with international revenue a quarterly basis as the get of becoming a 5 trillion fully. Aayog, the most important Rs 10,197 crore, a rise of 6.04 tion as rural growth rate growth. Fabric wash perfor- contributing 31% of the value of the projects dif- dollar economy. That has to be ensured focus is on improving pri- per cent as against Rs 9,616 which was ahead of urban mance was driven by our total revenue or Rs9,268 fers in every quarter. It’s I personally think that in by us improving the invest- vate investment by improv- crore in the year-ago period. growth for several quarters relentless focus on core and crore. better to judge on long- the fiscal year 2020-2021 ment climate for domestic ing the investment climate, Domestic consumer has slowed and has almost market development initia- L&T secured Rs38,700 term view.While orders onwards, we will achieve investors as well as foreign accelerating growth, gener- growth was 7 per cent with become equal to urban tives, said HUL adding that crore worth of new orders, from the central and State higher than 8% growth, direct investors. ating jobs, creating policies underlying volume growth growth. 'household care' also deliv- registering a 11% growth governments were af- continuing then for the next Mr. Kumar highlighted for that and at the same at 5 per cent during the In the quarter, the rural ered strong performance. with international orders fected during the general many years. It is just a fact that the Union Budget, pre- time ensuring through so- quarter, said HUL. growth has been at par with While contribution from contributing Rs9,005 crore elections, strong PSU and of [growth] taking off,” Mr. sented earlier this month, cial programmes that ben- The company further urban. Earlier, rural use to the 'beauty and personal or 23% of the total order private sector orders en- Kumar told. has taken big steps forward efits reach the bottom of added that margin expan- grow faster than urban, now care' segment was up 4.18 flow.Order wins in infra- abled the growth during The foundation has for facilitating and further the pyramid and to the last sion was driven by im- rural is still growing but its per cent to Rs 4,626 crore structure and power seg- the quarter, the company been laid and the transfor- improving ease of doing person standing in the proved mix, leverage in op- par with urban, he said in an during the June 2019 quar- ments were the major con- said. L&T Group CFO R. mation has begun with the business by liberalising the queue.The reforms have erating and advertising earnings call. ter, compared with Rs 4,440 tributors to the order in- Shankar Raman said, passing of structural re- inflows of the FDI.This bud- been done, the network for spends and our savings However, Phatak also crore a year ago.Within flow during the quarter, We estimate most of forms like the Goods and get is a paradigm shift in taking the benefits of agenda.HUL Chairman and expects that the 'beauty and personal care', said the company in a the growth will come to- Services Tax, Insolvency and saying that we will achieve growth to the bottom of the Managing Director Sanjiv government's emphasis on personal products' perfor- statement, adding that the wards end of the year. We Bankruptcy Code. These accelerated growth and job pyramid, to the last of the Mehta said that against the gaon, garib and kisan in the mance was steady while consolidated order book are optimistic on meeting have taken their time to generation but with the pri- queue has also been laid. backdrop of moderate mar- Union Budget 2019-20 by personal wash witnessed a of the group stood at our order flow guidance of settle down and now they’ll macy of private investment. The delivery mechanism ket growth, HUL has deliv- spending more on the rural muted delivery particularly Rs2,94,014 crore as on 10-12% and revenue guid- produce the benefits, Mr. That is what our focus is that has been hugely improved, ered a resilient performance areas would lead to rural in the popular segment. June 30, 2019, with inter- ance of 12-15%. Kumar said. will then generate the jobs. he said.

CMYK