SATURDAY, 7 MARCH 2020  MUMBAI (CITY) ~10.00 Chg# THE MARKETS ON FRIDAY VOLUME VII NUMBER 32  22 pages in 2 sections Sensex 37,576.6 894.0 Nifty 10,989.5 279.5 WEEKEND SEPARATE SECTION BACK PAGE P14 Nifty futures* 10,939.9 49.6 Dollar ~73.8 ~73.3** Euro ~83.5 ~81.9** AS COVID-19 PANIC LOOMS , GOLD ON COURSE FOR BIGGEST Brent crude ($/bbl)## 46.6## 50.0** Gold (10 gm)### ~44,237.0 ~1,038.0 PERSPECTIVE IN LOW SUPPLY WEEKLY GAIN SINCE JAN 2009 *(March) Discount on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE www.business-standard.com VODA IDEA PUTS AGR DUES AT ~21,000 CR AS READ CALLS ON FM SBI says YES to rescue plan To pick up 49% stake in bank for ~2,450 cr; administrator says working to revive bank ED searches SOMESH JHA/SAMIE MODAK New Delhi/Mumbai, 6 March Rana Kapoor’s tate Bank of India (SBI) will pick up a 49 per cent stake in troubled private lender YES Mumbai house Bank as part of a revival scheme framed by Just a few hours before Vodafone Group CEO S the Reserve Bank of India (RBI) on Friday. SHRIMI CHOUDHARY Nick Read’s meeting with Union Finance The draft scheme, titled “Yes Bank Ltd. New Delhi, 6 March Minister Nirmala Sitharaman and then Telecom Reconstruction Scheme, 2020”, issued by the RBI, Minister Ravi Shankar Prasad on Friday, the mentioned SBI as the “investor bank” and said it The Enforcement Directorate (ED) on Friday con- company announced that it had completed would pay at least ~10 per share for buying equity ducted a search of YES Bank co-founder and former assessing its dues linked to adjusted gross in YES Bank. chief executive officer Rana Kapoor’s South Mumbai revenue (AGR). At ~21,533 crore, Vodafone Idea’s The move will lead to a capital infusion of residence, Samudra Mahal, in connection with the calculation of the AGR liability turned out to be roughly ~2,650 crore by SBI, with equity worth bank's financial dealings with debt-laden Dewan less than half the government estimate. 3 > ~2,450 crore and preferential shares of around Housing Finance (DHFL). This came hours after ~200 crore, an RBI executive said, requesting Finance Minister Nirmala Sitharaman listed “mal- BSNL LOSS WIDENS OVER 2.5 TIMES anonymity. practices” by the bank’s top leadership among the TO ~39,000 CR IN APR-DEC P3 According to the scheme, YES Bank’s autho- reasons for the government’s intervention to restruc- rised capital will stand at ~5,000 crore and ture the management of the private lender. the paid-up capital will be ~4,800 crore. The Confirming the development, an ED official said COMPANIES P3 country’s largest lender will acquire shares at a searches would continue over the weekend and Promoters of IndusInd price not less than ~10 each (face value of ~2 and Kapoor might have to face questioning by sleuths. premium of ~8), according to the scheme made Turn to Page 10 > Bank to raise stake public by the RBI. IndusInd Bank’s promoters will hike their The RBI has invited comments on the draft stake in the private sector lender by buying scheme from members, depositors, or creditors of Account holders gather outside a YES Bank branch RANA KAPOOR extra shares from the market. The promoters YES Bank Ltd and will accept them till March 9. to withdraw money, in Thane on Friday PHOTO:PTI DRAFT SCHEME OF YES BANK CO-FOUNDER of the bank are planning to acquire SBI’s stake, locked in for three years, will “not SPOKE TO THE PRINT additional shares from the open market in reduce its holding below 26% before completion of ty acquiring more than 25 per cent in a listed RECONSTRUCTION BEFORE THE RAID TOOK PLACE India. This will be within the overall three years from the date of infusion of company has to make an open offer to | SBI to infuse ~2,650 crore into YES Bank regulatory cap prescribed for promoter the capital”. ANGRY & acquire another 26 per cent stake from “WHAT CAN I SAY? holding in private banks, the bank said. SBI has asked for a special dispensa- CONFUSED, minority shareholders. (equity worth ~2,450 crore and preferential tion from the Securities and Exchange PEOPLE QUEUE Also, capital infusion has to be done shares of around ~200 crore) I WAS THE FOUNDER OF Board of India (Sebi) for its proposed UP OUTSIDE on the basis of the pricing formula pre- | It shall not reduce its holding below 26% THE BANK. BUT equity infusion in YES Bank. BRANCHES scribed by Sebi. Under this, the acquisi- before completion of three years from the I HAVE HAD ON Sources said SBI Chairman Rajnish tion price has to be either the previous date of capital infusion NOTHING TO Kumar met Sebi chief Ajay Tyagi to PAGE 6 two-week average price or the six-month SATURDAY discuss the issue. At the meeting, the average price, whichever is higher. | RBI to appoint new board of directors; DO WITH IT FOR SPECIALS public sector lender sought exemption SBI had expressed its willingness to make SBI will have two members THE LAST 14 from Sebi’s open offer obligations as well the investment in YES Bank after getting an “in prin- | Employees’ terms and conditions to MONTHS” WEEKEND RUMINATIONS pricing norms. ciple” approval from its board on Thursday. remain same for one year > Fast trains at slow speed 9 Under the Takeover Code regulations, an enti- Turn to Page 10 > The new trains should be fast, but the roll-out of the privatisation plan should be slow and well-considered, writes TN NINAN AT-1 bondholders NATIONAL INTEREST YES crisis, virus fears batter markets Strong leader =/ Strong economy 9 > plan legal action The data and the feel after six years under STOCKS TAKE A HIT Benchmark indices enter correction territory; Nifty HAMSINI KARTHIK PM Modi prove a strong leader doesn’t crashes 2.5%; rupee near 74 against dollar Mumbai, 6 March necessarily give us decisive economic 38,470.6 YES Bank State Bank of in ~ in ~ leadership unmindful of immediate March 5 India SUNDAR SETHURAMAN placed the lender under a moratorium Holders of YES Bank’s additional tier-1 (AT-1) political risks. SHEKHAR GUPTA writes 36.9 Change 288.3 Change Mumbai, 6 March and superseded its board. Market players bonds, amounting to ~10,800 crore, are contemplat- Mar 5 Mar 5 -~20.7 -~17.9 feared the crisis at the bank would spill over ing legal action, with the Reserve Bank of India’s The domestic market slumped on Friday into the economy. (RBI’s) draft reconstruction scheme for the troubled COMPANIES P3 SENSEX -56.0% -6.2% after the crisis at YES Bank triggered a sharp “The RBI’s move to curtail withdrawals lender suggesting a permanent write-down of these Goldman’s Talwar in race INTRA-DAY sell-off in financial stocks. Investor senti- was unexpected. Everyone was aware that bonds outstanding as of March 5. According to the ment was further dampened by the contin- there is some problem, but no one expected draft scheme, the write-down is “in conformity with for HDFC Bank CEO role ued rout in world markets as coronavirus cas- curbs in fund withdrawals, which led to the extant regulations issued by the RBI based on Harit Talwar, the head of the Goldman Sachs es neared 100,000, stoking fresh fears of a unnecessary speculation how the situation the Basel framework”. According to the Basel Group’s consumer-banking business, is in Change global recession. The Sensex dropped 894 would evolve,” said Jyotivardhan Jaipuria, norms, if minimum tier-1 capital falls below 6 per the running for one of India’s top banking 16.2 270.4 points, or 2.32 per cent, to founder of Valentis Advisors. cent, it allows for a write-off of these bonds. Mar 6 Mar 6 jobs. HDFC Bank has held talks with Talwar end at 37,577 — the lowest Most Asian markets fell more than 2 per Classified as a quasi-equity instrument, AT-1 bonds for the top role, according to people with -2.3% 37,576.6 close since October 7. cent on Friday. European markets, too, are intended to provide additional cushion to a knowledge of the matter. The bank has been March 6 The Nifty50 index opened sharply lower as coronavirus weighed bank’s overall capital adequacy. Turn to Page 10 > looking for a new leader to replace Aditya -894 pts plunged 280 points, or 2.5 on various sectors of the economy. US stocks Puri, whose term ends in October. per cent, to close at 10,989, breaching key were volatile on Friday, as jittery investors support levels. Both the indices are now down took cover in perceived safe havens such as 11 per cent from their all-time highs, recorded bonds and gold. The Dow Jones Industrial NIRMALA SITHARAMAN World oil prices fall TOP LOSERS in mid-January. Average was down about 500 points to 25,622 FINANCE MINISTER Mar 06 chg (%)* The rupee fell nearly 0.63 per cent to end as of 12:15 am (IST). “THE RBI HAS BEEN more than 7.5% at 73.78 against the US dollar — the lowest Globally, the number of cases neared Oil prices fell over 7 per cent on Friday on Tata Steel 351.2 -6.5 level for the domestic currency since October 100,000 and the death toll surpassed 3,200. ASKED TO ASSESS reports that talks between the Organization of SBI 270.5 -6.2 2018. The rupee almost touched the 74 level in The economic toll has prompted many central REASONS FOR THE the Petroleum Exporting Countries and Russia IIB 1,014.3 -5.6 intra-day trade. banks to cut interest rates. CRISIS AT YES BANK over a cut in output in response to a HDFC 2,109.6 -3.9 Shares of YES Bank crashed 56 per cent a However, experts raised doubts over the coronavirus-fulled slump in demand ended *1-day change (%); IIB: IndusInd Bank day after the Reserve Bank of India (RBI) effectiveness of the move. Turn to Page 10 > AND FIX INDIVIDUAL Source:Bloomberg, Exchange ICICI Bank 486.3 -3.7 without a deal. Brent North Sea crude RESPONSIBILITY” 10 > tumbled to $46.12 per barrel and WTI to $42.30, down around 7.5 per cent over Thursday’s YES BANK RAVNEET GILL: BETTING E-PAYMENTS DISRUPTED, STABILITY, RAISING CAPITAL DEBT INVESTORS STARE EQUITY NOT SPARED EITHER, SBI CARDS IPO PROCEEDS closing levels. AFP/PTI CRISIS BIG ON THE WRONG BANK PHONEPE HIT HARDEST PRIORITY: ADMINISTRATOR P6 AT ~3,000-CR HOLE SEES ~3,300-CRORE EROSION COULD FUND RESCUE PLAN P7 IPL in the time of corona: Stakeholders want closed-door matches

SURAJEET DAS GUPTA & AGENCIES New Delhi, 6 March HIGH-STAKES GAME COMPANIES P2

Some key stakeholders in the Indian Premier ~3,000 cr 750-800 million Big Bollywood TaMo cuts JLR’s League (IPL), which starts on March 29, are Advertisers Viewers will be watching movies may face full year Ebit urging closed-door matches with no ticket expected to spend matches on TV and digital sales to minimise the coronavirus risk. during IPL platforms coronavirus heat margin guidance With the tournament just weeks away, the Some of the biggest films in Coronavirus is set to weigh on health ministry has already flagged its ~3,270 cr Bollywood face an uncertain Tata Motors-owned Jaguar concerns to the sports ministry. A meeting is Disney/Hotstar spends on broadcasting and future thanks to the virus. The Land Rover’s full year expected between the brass of the Board of digital rights per annum film business is in for a rough performance, the Tata group Control for Cricket in India (BCCI) and the ride in the crucial March-May flagship said on Friday. “The health ministry next week. period. Nearly ~500-crore reduction in China sales ... is ~4,000 cr ~220-250 cr worth of business is riding on estimated to reduce Jaguar The move comes even as BCCI president BCCI will earn from Each of the eight teams will Sourav Ganguly on Friday reiterated that films such as Baaghi 3, Land Rover ’s (JLR’s) full year Sooryavanshi, 83, and Coolie No EBIT (earnings before, “everything is on schedule” for the country’s broadcasting and make from share of BCCI’s 3, which are releasing during interest and tax) margin by most popular and rich sports tournament, other rights, and key central revenues plus their sponsor contracts own sponsors and ticket sales this period. VIVEAT SUSAN PINTO about 1 per cent. which will have 56 matches across nine cities & SOHINI DAS report SHALLY SETH MOHILE reports with the finals on 17th May. like with Vivo of the match in their home city Given the colossal amounts of money at stake, concern is mounting over the impact of BACK PAGE P14 coronavirus. A top executive of one of the A Business Standard e-mail to the BCCI on a stadium. The rest prefer to watch it on the country’s most popular sports tournament. companies closely involved with the IPL said: whether it would agree to such a proposal, television or on OTT platforms. This time it will have over 56 matches across Global GDP may lose $77-347 bn, “There will obviously be concern about the along with questions on what safety For Disney (earlier Star TV) the stakes are nine cities with the finals on May 17. Asia to be hit significantly : ADB health impact when 30,000 to 40,000 fans are arrangements it will discuss with the health very high as it has to spend over ~3,270 crore per Ganguly, however, pointed out that cricket The COVID-19 outbreak has the potential to significantly harm the in one stadium for so many hours for the next ministry, remained unanswered. annum for the broadcasting and digital rights tournaments were on all over the world. Asian economies, and the global economy may suffer losses of seven weeks across the country. One way out is Ticket sales in the stadia constitute for the IPL. Lack of an audience would England are already in Sri Lanka; South Africa $77-347 billion, the Asian Development Bank (ADB) said on Friday. to follow what many other countries are doing ~8-10 crore of the income of a team. This is very obviously adversely impact the brand building is already here in India (three ODI matches The virus outbreak may impact developing Asian economies in Europe and what people are planning to do small compared to the total revenue and, if exercise for a team, especially as the latest from March 12); and county teams are travelling through numerous channels, including sharp declines in domestic in the US, that is, to have closed door matches needed, can be compensated by the BCCI. valuation of the eight teams is estimated at all over the world to play, including to the UAE demand, lower tourism and business travel, the ADB said. with no ticket sales.” Only 1 per cent of cricket fans watch the IPL in $5.7 billion, based on data by Brand Finance, for and Abu Dhabi. Turn to Page 10 > 2 COMPANIES MUMBAI | 7 MARCH 2020 1 >

IN BRIEF Maruti Suzuki cuts production On track to sell 120,000 cars by ’24: Volkswagen by 5.38% in February PAVAN LALL possible among the Indian customers read the market with the outbreak of Mumbai, 6 March as it builds up momentum for its the coronavirus. I have an issue in Carmaker Maruti Suzuki India cut Vision 2.0, which will be an all-in reading the first quarter. As of now, production by 5.38 per cent in The launch of seven-seater SUV aggressive play from the VW Group we are at -5 per cent in sales, which is February at 140,933 units, according to Tiguan Allspace, the biggest new car — in terms of pricing, localisation, not what I anticipated,” Knapp says. a regulatory filing by the company. for Volkswagen this year, is part of depth, and width of products,” says Even if that is the case, Knapp The firm had produced a total of the German company’s strategy in Suraj Ghosh, principal analyst (pow- says the company is on track to sell 148,959 units in the same month last which SUVs form the core of its pro- ertrain forecast) at IHS Markit. “For 120,000 cars over the next five years year. Total passenger vehicle duct line-up, according to Steffen now, they’re basically showcasing as announced last year. “That is the production stood at 140,370 units last Knapp, director for Volkswagen their diverse portfolio, be it at body- number we are targeting and at month as against 147,550 units in February 2019, a decline of Passenger Cars. type level or technology level.” which point we will be sustainable 4.87 per cent, it added. The company increased production of Tiguan Allspace was launched in Across the car market, sales have in India and all our plans for that its mini cars comprising Alto, and S-Presso by 5.16 per cent at Mumbai on Friday, barely two weeks been hurting. Market leader Maruti are on track.” 29,676 units as against 28,221 units in the year-ago month. before the introduction of the Suzuki reported an almost 4 per The company’s smallest SUV, the However, it reduced production of compact cars, including company’s second SUV for the year. cent drop in sales for February, VW Taigun, which is to be its vol- WagonR, Celerio, Ignis, Swift, Baleno, OEM Model (Glanza Five-seater T-Roc will hit the markets against the same time last year. ume generator, will be launched supplied to Toyota) and Dzire by 5.55 per cent at 75,142 units as on March 18. Mahindra & Mahindra saw sales skid next year. It is going to have 95 per compared to 79,556 units in February last year. PTI Knapp says the coronavirus dis- by over 40 per cent for the same cent localisation versus 80 per cent ruption to economies, which origi- Volkswagen launched India-specific 7-seater Tiguan Allspace premium SUV time and for Tata Motors, it was a presently and should drive the mar- nated in China, won’t upset their in the domestic market, at ~33.12 lakh (ex-showroom) PHOTO: KAMLESH PEDNEKAR decline of 34 per cent. ket forward.” ~750 cr paid by JAL PVR Cinemas eyes middle-term stated goal of crossing So, is the market showing According to Ghosh of IHS was obligation for 1,000 screens by 100,000 unit sales in the next four ual transmissions. The automatics economic fluctuations, and is thus any silver lining? Knapp says the orig- Markit, all carmakers, who have any Jaypee Infra: NCLT March next year years. There have, however, been are delayed by around two months, showing some slowing, Knapp says. inal assessment was they would see direct or indirect sourcing from minor hiccups for the roll-out of Volkswagen officials have said. “The supply chain has been man- an uptick from sales for the Hubei province, currently face a The ~750 crore deposited some models. Exports have also been under pres- aged well with regards to being industry, which has been under high risk of production disruption by Jaiprakash Associates For example, the BS-VI versions sure. Mexico, which is a big market for impacted by the coronavirus out pressure for over a year now, by because of extended shutdowns, with the Supreme Court of Polo and Vento TSI (petrol) engines Volkswagen India, is a little shaky break. Clearly, Volkswagen is aiming July this year. uncertainty, and high costs around registry was a payment are currently available only in man- because of exchange rates and other to capture as much ‘mind-space’ as “The problem now is you can’t shipping and logistics. towards obligation of the debt-ridden firm and PVR Cinemas aims to reach should be treated as the the 1,000 screens milestone asset of the corporate in the country by next debtor, the NCLT has March-end, an official of the Two Microsoft observed while approving multiplex player said. The the bid of NBCC for JIL. PTI company already has 841 TaMo slashes Jaguar full year screens across 176 properties employees in 71 cities. “We will do the 100-screen count this year Honda resumes (2019- 20),” PVR’s chief contract virus pre-launch growth and strategy officer Ebit margin guidance by 1% booking of WR-V Pramod Arora said. PTI SHALLY SETH MOHILE Mumbai, 6 March NCLT approves VIRUS TAKES Cochin Shipyard's he coronavirus outbreak is A TOLL ON JLR set to weigh on Jaguar n plan for Tebma Land Rover’s (JLR’s) full The cut in full year’s The Chennai Bench of year performance, margins will lower T Q4 Ebit by 4% the National Company Tata Motor’s said on Friday. Honda Cars India said it had Law Tribunal (NCLT) has The outbreak, which has n It had given a commenced the pre-launch approved the resolution claimed more than 3,000 lives guidance of bookings of the updated plan of Cochin Shipyard globally, continues to spread at a 3% for FY20 version of its compact SUV (CSL) for Chennai-based rapid pace in several countries. n WR-V. The new WR-V will shipbuilding firm Tebma This has prompted the Tata Motors cites be powered by BS-VI Shipyards (TSL) under Mumbai-based firm to lower full slow ramp up in BLOOMBERG compliant petrol and diesel the Corporate Insolvency year earnings before interest and tax China, shortage of 6 March powertrains. Buyers can Resolution Process. (Ebit) margins by 100 basis points. parts as reasons pre-book the model with BS REPORTER “Recognising that the present sit- for the cut Microsoft Corp disclosed the first an amount of ~21,000 at all uation is highly uncertain and could n Spread of virus to known cases of coronavirus infection authorised dealerships change, the reduction in China sales S Korea, Japan, among its employees Thursday, joining across the country. PTI Govt okays TCS, is estimated to reduce JLR’s full year and Italy will also fellow tech giants Amazon.com. and DLF proposals Ebit margin by about 1 per cent. impact sales in Facebook. in revealing the disease in However, the free cash flow in the those market their ranks. Antony Waste to set up SEZs fourth quarter is still expected to be Microsoft said two employees, one extends closing The government has modestly positive,” the company working out of its main Redmond, approved the proposals of said. P B Balaji, chief financial Washington campus and a second, a day of ~200-cr IPO software firm TCS and realty officer, Tata Motors Group, had Prepared to deal with impact, says Mercedes-Benz remote LinkedIn worker, have con- Antony Waste Handling Cell major DLF to set up special given a guidance of 3 per cent Ebit The global automobile industry is well prepared to He said there had always been “some kind of tracted Covid-19. Both have been quar- has extended the closing economic zones (SEZs) for IT for the full year after the December deal with the impact of the coronavirus outbreak due disruptions” that the auto industry faced in the past. antined, a company representative said. day for its ~200-crore initial sector in Haryana and Uttar quarter. He cautioned that it could to its strong supply chain management mechanism, Schwenk referred to tsunami that hit Japan in 2011, as “We are working closely with local public offering to March 16. Pradesh. The approval was be hit by the virus outbreak. according to a senior Mercedes-Benz official. an example, saying its ripple effects were felt at the public health authorities to provide the The IPO was to close on given by the Board of The cut in full year outlook is “...I firmly believe the auto industry is probably time in the entire global auto industry. necessary support for our colleagues Friday, however, managed Approval, the highest set to dent the performance in the one of the best prepared industries for this type of “...every manufacturer has set up processes, and their co-workers,” a Microsoft to garner only 50 per cent decision-making body for March quarter. According to ana- problem because it has lot of experience in supply procedures and teams to deal with that (supply chain spokesman said in a statement. subscription due to the fall SEZs, in its meeting on lysts’ estimates, a 100 basis points chain management,” Mercedes-Benz India disruptions). I would believe the industry should be One of the pair worked on Microsoft’s in the secondary market. PTI February 26. PTI cut in Ebit for the full year will Managing Director and CEO Martin Schwenk able to mitigate to some extent the impacts (of the main campus and came into close con- lower the Ebit margin for the said. coronavirus),” he said. PTI tact with a small number of fellow January-March quarter by 4 per staffers, who have been notified about Tata Steel’s branded business cent as three quarters have already the situation. Microsoft has determined passed. Mitul Shah, vice-president down in China sales. are still operating with reduced staff age of a critical component could that the second worker didn’t have any to grow at 10% in FY20 at Reliance Securities, expects Q4 In the December quarter, Tata and facilities, Tata Motors said in impact production at some point. contact with people either at Microsoft Tata Steel expects its branded steel to be highly subdued because of Motors reported a consolidated the statement. JLR expects this to Speaking about the impact on or its unit LinkedIn. sales to retail and MSME sector to grow the impact of COVID-19. “We may profit before tax of ~1,350 crore; the improve during March itself. domestic business, Tata Motors Microsoft had asked workers who by 10 per cent in the current fiscal, have to cut earnings for the stock same period a year ago had seen a However, retail sales are expected said, in the days ahead, there will be can to do their jobs from home through amid slowdown in the economy, for FY20 and FY21 but we remain loss before tax of ~29,228 to recover more gradually. uncertainties with regard to supply March 25, and that guidance remains officials said on Friday. The company's optimistic of the long-term poten- crore. Net profit at the con- Spread of the virus to other of parts for the BS-VI ramp up. This unchanged based on the new cases. branded products, about 4.4 million tial,” Shah added. solidated level at the end markets such as South could lead to limited volume losses Separately, Google told its Bay Area tonne, are sold through distributors COVID-19’s impact on Tata of these three months was Korea, Japan, and Italy will in Q4. This is, however, expected to employees that they can work from and dealers network. Consumption is Motors has been spooking investors. ~1,756 crore, against a net also impact sales in those recover as market demand is likely home because of the virus, according to almost equally distributed among Year-to-date, the company’s shares loss of ~26,961 crore in the markets, it added. to improve gradually upon transi- a person familiar with the matter. The both retail and MSMEs. "Our branded steel business is have dropped 38 per cent. It closed corresponding period last JLR imports a relatively tion into BS-VI. “The timeline for a voluntary policy covers headquarters in growing at 10 per cent even though the sector is expanding at ~114.25 on Friday, down 9.07 per year. Coronavirus has sig- small percentage of parts complete re-balancing of supply Mountain View, California, as well as by only 5 per cent," Tata Steel chief marketing and sales cent. The viral outbreak comes amid nificantly impacted China CORONAVIRUS from China with the major- and demand is dependent on campuses in Sunnyvale and San (branded products) Sanjay S Sahni said. "We will finish the Tata Motors efforts to turn around sales with February retails OUTBREAK ity being sourced from further developments in the coming Francisco. Just this week, Google called year with a 10 per cent growth in FY'20 and we expect similar the UK subsidiary that has been bat- down around 85 per cent Europe and the UK. four to six weeks. The domestic busi- off its flagship conference, a May event growth in the next year also," he said. He was speaking on tling disruption. This (disruption) year-on-year. “In the first half of the Though over 95 per cent of its tier-1 ness is poised to overcome the cur- called I/O, that brings together thou- the sidelines of Manufacturing & MSME Conclave, organised had aggravated because of Brexit, month, about 20 per cent of dealers and tier-2 suppliers in China are now rent challenge with a limited impact sands of people from around the world by The Bengal Chamber of Commerce. PTI sudden change in buyer preference were open which has improved to open, they are operating at reduced on the overall FY21 performance,” who partner with or build apps and from diesel to gasoline and slow- over 80 per cent now, although most capacity. The company said a short- the company said. websites for Google’s digital services. Deadline for Air India’s initial bids could be Big Bollywood movies face coronavirus heat Film events such as and the US, markets where extended, says Puri coronavirus cases have been high. IIFA 2020 have been BUSINESS In India, Ayushmann PRESS TRUST OF INDIA OF FILMS Khurrana’s Shubh Mangal Zyada New Delhi, 6 March postponed for now Saavdhan has seen business slip MONEY RIDING FROM in the second week, following its Civil Aviation Minister VIVEAT SUSAN PINTO & SOHINI DAS MARCH TO MAY: ~500 crore release on February 28. From Hardeep Singh Puri (pictured) Mumbai, 6 March ~44.84-crore collection in the first indicated that the deadline FOOTFALLS FOR BAAGHI 3: week, the film lost steam in the for submission of preliminary Some of the biggest films in Down 20-30% second week, collecting only ~14.1 bids for Air India could be Bollywood face an uncertain future crore, said trade experts. Analysts extended even as he empha- thanks to a crown-shaped virus. As ADVANCE BOOKINGS like Taran Adarsh have termed the sised that the disinvestment suspected cases of coronavirus FOR BAAGHI 3: Down 35% business as average. process is going on steadily increase in India, the film One more film, Thappad, “extremely well”. business is in for a rough ride in the MOVIES POSTPONED: No Time starring Taapsee Pannu, has seen Making a second attempt crucial March-May period. to Die Mission Impossible 7 its collections steadily decline to privatise Air India in as Nearly ~500-crore worth of BIG MOVIES RELEASING IN from Monday trailing to ~1.65 many years, the government business is riding on films such as crore, in terms of collection on on January 27 came out with Baaghi 3, Sooryavanshi, 83, and MARCH, APRIL: Sooryavanshi Thursday. a Preliminary Information Coolie No 3 that are releasing & 83 Adarsh said that Thappad had Memorandum (PIM). during this period. found patronage in the Delhi-NRC “There is a lot of interest... Govt considering The first of them, Baaghi 3, said. Executives of Nadiadwala Bollywood in two years, because of producers to push back releases. region in the last two weeks. But A lot of entities have come starring Tiger Shroff and Grandson Entertainment and Fox coronavirus,” he said. However, Hollywood releases given the outbreak in Delhi over and asked us queries. Today relief for airlines Shraddha Kapoor, which released Star Studios, who have produced If the trend is anything to go by, have been pushed back, including the last two days, footfalls in is the last date for (the) The government will on Friday, has already felt the heat the film, were not immediately other films could face a similar Daniel Craig-starrer No Time to Die theatres are likely to dwindle, queries,” he said. The consider providing relief with footfalls at theatres in available for comment. fate, too, said industry sources. and Tom-Cruise headlined trade sources said. Minister of State for Civil to the airlines industry, Mumbai, Delhi and other metros But Karan Taurani, Sources at Reliance Mission Impossible 7, which will In a report on Friday, Abneesh Aviation also said extra time amid the impact of the down at least 20-30 per cent, trade vice-president, research, Elara Entertainment — which is now be released at the end of the Roy, executive vice-president, would be given to people but coronavirus outbreak, sources told Business Standard. Capital, says advance ticket producing Akshay Kumar-starrer current calendar year. research (institutional equities), did not elaborate. Civil Aviation Minister This comes as people avoid bookings of Baaghi 3 have been Sooryavanshi and sport drama 83, Film events such as the IIFA Edelweiss, said the brokerage The government Hardeep Singh Puri said, crowded and enclosed spaces for impacted 35 per cent and total featuring Ranveer Singh and 2020, to be held end of the month, expected coronavirus to sting extended the deadline till adding airlines are quite fear of catching the virus, which collections in the next few weeks Deepika Padukone — say they are have been postponed for now. multiplex operations in the near March 6 for bidders to sub- clear on what they want has no known cure yet. could fall 20 per cent to ~160 crore monitoring the situation closely. Globally, films such as The term. “We expect waning footfalls mit additional queries and that there are many Friday’s box office business of from ~200 crore estimated earlier. Leading multiplex operators Invisible Man, which released last as virus-wary consumers shun regarding the proposed dis- things "we can do to Baaghi 3 will be known by “Q4FY20 (fourth quarter of that Business Standard spoke to week, and Pixar’s Onward that high-density areas as well as investment. The earlier provide relief". PTI Saturday morning, since shows financial year 2019-20) is turning said that they had not received released on Friday, are seeing a modest content performance in deadline was February 11. run late into the night, the sources out to be the worst quarter for intimations yet from film business impact in China, Italy Q4FY20,” he said. MUMBAI | 7 MARCH 2020 COMPANIES 3 . < Promoters of HDFC Bank in talks Voda Idea puts AGR dues at IndusInd Bank ~21K cr as Read calls on FM to hike stake with Goldman Sachs’ ABHIJIT LELE Talwar for CEO role Telco, seeking to make a new start, was advised to pay principal amount soon Mumbai, 6 March BLOOMBERG MEGHA MANCHANDA IndusInd Bank's promoters will hike their New York/Mumbai, 6 March New Delhi, 6 March stake in the private sector lender by buy- ing extra shares from the market. Harit Talwar, the head of Goldman ust a few hours before The promoters of the bank — Sachs Group’s consumer-banking Vodafone Group CEO Nick IndusInd International Holdings (IIHL) business, is in the running for one of JRead’s meeting with and IndusInd — plan to acquire addi- India’s top banking jobs. Union Finance Minister tional shares from HDFC Bank, India’s largest Nirmala Sitharaman and then open market in private-sector lender, has held talks Telecom Minister Ravi Shankar India. This will be with Talwar for the top role, according to Prasad on Friday, the company within the overall people with knowledge of the matter. announced that it had com- regulatory cap pre- The bank has been looking for a new pleted assessing its dues linked scribed for promot- leader to replace Aditya Puri, one of the to adjusted gross revenue (AGR). er holding in pri- longest-serving banking chiefs in India, At ~21,533 crore, Vodafone Idea’s vate banks, the whose term ends in October. calculation of the AGR liability bank informed the The Mumbai-based lender has a turned out to be less than half of BSE on Friday. The stake hike market capitalisation of about $86 Harit Talwar is now the head of Goldman the government estimate. Promoters held will be within billion, giving it a bigger standing than Sachs Group’s consumer-banking While Read offered “no- 14.38 per cent stake the overall major US banks like Goldman and business comments” after his meetings in the bank at the regulatory Morgan Stanley. A spokesman for HDFC with the ministers, sources in end of December cap prescribed Bank declined to comment and replacement should be better than him the Department of Telecom- 2019. IIHL had for promoter Goldman representatives didn’t and shouldn’t require 18 months munications (DoT) indicated 10.59 per cent stake holding in immediately respond to an emailed of handholding for the job. The bank has that the company was “positive” while IndusInd private banks request for comment. largely skirted the crisis in India’s shadow about India and that it wanted FM Nirmala Sitharaman and Vodafone CEO Nick Read (centre) during a meeting in New Delhi on held 3.79 per cent. Talwar joined Goldman in 2015 and lending sector that fueled bad loans and to make a ‘’new and good begin- Friday. Read is visiting India at a time when the telecom industry is facing a crisis PHOTO: PTI On Friday, was the face of its push into consumer weighed on the fortunes of some of its ning’’ in the country. IndusInd stock closed 5.62 per cent low- banking. The Wall Street giant had peers. However, it’s vulnerable to Read, who’s maintained that will at least have to pay the this, the company has paid Last month, the apex court er at ~1,014.3 per share on the BSE. eschewed business with Main Street for weakening consumer demand as the it would be tough to continue principal amount to avoid ~3,500 crore. rejected a plea by companies The bank will see a leadership change most of its more than 150 years in nation’s economic growth slows. as a going concern without relief contempt from the apex court,” A few days ago, Vodafone such as Bharti Airtel and with Sumant Kathpalia taking charge as existence. That has changed as it seeks Puri, 69, has led HDFC Bank since from the government, was the official added. had made a strong plea for Vodafone Idea for extension in managing director (MD) and chief exec- new business lines to help boost growth. 1994 when it was incorporated in advised to pay up at least the Earlier in the day, Vodafone setting off ~8,000 crore of GST the payment schedule and utive officer (CEO) from March 24, for a Before joining Goldman, Talwar led Mumbai. It is India's largest private- principal amount of the AGR Idea, the UK telco’s joint ven- (goods and services tax) credits, asked them to deposit the full three-year term. the US cards division for Discover sector bank both by assets and market dues before March 17, the next ture with Kumar Mangalam a three-year moratorium along AGR dues, estimated at ~1.47 tril- Kathpalia will succeed current MD & Financial Services. He also spent 15 years value, and has more than 5,000 branches date of the Supreme Court hear- Birla-led Idea, in a statement to with 15-year staggered payment lion for the industry. It threat- CEO Romesh Sobti, who has been at the at Citigroup, with roles tied to cards, across almost 2,800 cities. The lender’s ing. “We want Vodafone Idea the stock exchanges said, "The of AGR dues at a simple interest ened to start contempt proceed- helm of affairs for over a decade now. loans, and retail banking. profit rose 33 per cent to ~7420 crore to stay invested in India…. With company has today filed its self- rate of 6 per cent, drastic cut in ings against top executives of Sobti’s term as MD & CEO will end on HDFC Bank has had a panel in place to ($1 billion) in the three months ended the digital push by the govern- assessment of the AGR liabili- licence fee and fixing of a floor these firms for non-payment. March 23. find a successor to Puri, who has said his December 31. ment of the day, there’s enor- ties with the DoT. The self- price for calls and data. Last October, the Supreme mous business opportunity in assessment discloses the In December, Birla had said Court had upheld the govern- India. But there was need for company’s AGR liabilities to Vodafone Idea may have to shut ment’s definition of AGR, by the company to upgrade its aggregate ~21,533 crore, includ- if there was no relief on the which it calculates levies on technology,” a top official said. ing a principal amount of ~6,854 statutory dues. “If we are not telecom operators. The order Future Group probing financial abilities rumours It is learnt that the Vodafone crore for the period from FY getting anything, then I think it dealt a blow to the telecom brass “acknowledged” not mak- 2006-07 to FY 2018-19 and inter- is the end of the story for industry, which had for years PRESS TRUST OF INDIA company stocks in the last few specifically, one WhatsApp this and if required shall also be ing provision for AGR dues in est up to February 2020.” Vodafone Idea,” Birla had said. argued that AGR should only New Delhi, 6 March days” and it may approach the message portraying names of approaching the regulatory the books of accounts earlier. However, according to offi- “It does not make sense to put include revenue from core “regulatory authorities for suit- lenders and debt numbers for authorities for suitable action “The company was in con- cial calculations by the DoT, good money after bad... We will telecom operations. Telecom Kishore Biyani-led Future able action thereof”, according Future Group, Biyani said it is thereof,” Biyani said. tempt of the Supreme Court, as Vodafone Idea owes the gov- shut shop." Read in a post-earn- operators now have to pay dues Group on Friday said it is inves- to a regulatory filing by the impacting its listed entities. Future Group has presence it has not paid the entire ernment more than ~53,000 ings call a few months ago had of the past 14 years along tigating the “rumours” regard- group firm Future Retail. “Apart from the weak market in the Indian retail and fashion amount assessed by the DoT. It crore as part of the AGR dues. Of made a similar point. with interest and fines. ing its financial abilities, a list “Any such rumours, mes- conditions emanating from the sectors, with popular super- of lenders and debt numbers sages on the fundamentals or coronavirus fear, these baseless market chains like Big Bazaar circulating on social media that our operational and financial rumours or messages have and Food Bazaar, and lifestyle have led to hammering of stock abilities as a Group are totally apparently impacted some of stores such as Brand Factory BSNL loss widens over prices of its listed entities. baseless and false,” said Future our listed company stocks in the and Central. FinMin to Infosys: Make Such “baseless rumours or Group founder Kishore Biyani. past few days,” he said in a mes- Shares of Future Retail on messages” have apparently Referring to rumours that sage to its stakeholders. Friday fell by 1.66 per cent to 2.5 times to ~39K cr “impacted some of our listed have been doing rounds and, “We are investigating into ~290 apiece.

PRESS TRUST OF INDIA GSTN portal efficient New Delhi, 6 March DILASHA SETH & DEBASIS MOHAPATRA State-owned BSNL’s loss swelled by over 2.5 times New Delhi/Bengaluru, 6 March Lincoln Pharma all to ~39,089 crore during the April-December 2019 period, Minister of State for Telecommunications The finance ministry has asked Infosys Sanjay Dhotre has told the Rajya Sabha. to deliver on making the goods and The public sector telecom firm had recorded services tax network (GSTN) portal effi- set to foray into a loss of ~14,904 crore in the previous financial cient for tax payers, sources said. year 2018-19. “BSNL has informed that its total The ministry told Infosys it was the accumulated loss during the current financial company’s responsibility to deliver regulated markets year i.e. 2019-20 (upto December 31, 2019) is satisfactory performance of the por- ~39,089 crore,” Dhotre said in a written reply to a tal and it should meet expectations of VINAY UMARJI query in the Rajya Sabha. the tax payers, the sources said. Ahmedabad, 6 March The government on October 23 last year The grievances of taxpayers are approved a ~68,751-crore revival package for utmost priority and onus of its resolving Ahmedabad-based drugmaker loss-making BSNL and MTNL, including 4G lies on the Infosys, the IT major was Lincoln Pharmaceuticals plans spectrum allocation and voluntary retirement told at a meeting on Friday, they said. to foray into regulated markets scheme (VRS). Finance Minister Nirmala such as Europe, Australia, and The Union Cabinet also approved merger of Sitharaman deliberated on the status of Brazil, in line with its plan to the state-owned telecom firms and till the com- the portal to address grievances. Sitharaman said Infosys could grow overseas footprint. pletion of the process, MTNL will operate as a She also spoke to an Infosys repre- directly approach her if it was The company has upgraded subsidiary of BSNL, Telecom Minister Ravi sentative for a short period. She told facing any problem its manufacturing facility at Shankar Prasad said here while sharing details of the representative that “Infosys has Khatraj near Ahmedabad with the revival package. done so much for the country and we and streamline the portal. ~30-crore investment to meet go up further post Lincoln The package includes raising of ~15,000 crore expect it to do much more for the GSTN recently launched a new toll- regulatory standards of these Pharma's foray into regulated sovereign bonds to meet the immediate capital smooth operations of GSTN”. free number for help desk, which will be countries. It is also planning a markets. requirement of both the companies, 4G spec- According to sources, she also said operational 365 days for answering green field facility, which would With presence in more than trum allocation worth ~20,140 crore; Rs 29,937 the company could directly approach queries related to indirect tax. be built as per regulated market 60 countries, the company has crore for VRS covering 50 per cent of their her if it was facing any problem. The meeting discussed various standards to cater exclusively reported export sales of ~174.7 employees; and ~3,674 crore for goods and serv- Text messages sent to Revenue measures for streamlining the GST to these regions. crore for the nine months end- ices tax that will be levied on allocation of Secretary A B Pandey and GSTN Chief return filing process, enhancing rev- “Documents and dossiers ed December 2019 and expect radiowaves. Over 78,300 BSNL employees and Executive Officer Prakash Kumar enue and compliance management are ready for products meant the same to cross ~225 crore in 14,378 at MTNL have opted for VRS which is remained unanswered. with a purpose to create synergy for regulated markets. FY20. However, with the com- expected to significantly reduce financial bur- Kumar made a presentation on ini- among central and state tax adminis- Inspection by regulatory pany expanding portfolio in den from both the companies. tiatives taken by GSTN to strengthen trations. authorities from these markets lifestyle and chronic, it is tar- is also in the process. We should geting sales of ~500 crore in the be able to enter the countries next 2-3 years, said Patel. with 5-6 products in the next “Going forward, we are six months,” said Mahendra building a strong portfolio in Burmans of Dabur hold 9.26% in Eveready Patel, managing director, lifestyle and chronic segment, Lincoln Pharmaceuticals. especially in women health AVISHEK RAKSHIT & ISHITA AYAN DUTT The company has devel- care and dermatology, to com- Kolkata, 6 March oped 300-plus formulations in plement our strong presence in 15 therapeutic areas, with prod- acute segment,” said Patel, The Burmans of Dabur have increased their uct/brand portfolio in anti- adding that the company was holding by another 3.34 per cent in infective, respiratory system, also planning to apply for a Eveready Industries in the past two days. gynaecology, cardio & CNS, global patent for this novel After the transaction, the Burman family’s anti-bacterial, anti-diabetic, solution. holding in India’s largest battery maker anti-malaria among others. Of Meanwhile, the company stands at 9.26 per cent. the 20 patent applications it has recently approved amalgama- The investment in Eveready has been filed, the company has been tion of Lincoln Parenteral (sub- furthered via Guardian Advisors. This port- awarded five patents. sidiary) with Lincoln Pharma- folio management firm, owned by Arjun More than 65 per cent of the ceuticals. The restructuring Lamba and others, manages investment company’s revenues comes aims to bring synergies for both for the Burmans and other families. Sources from exports, a share that could companies. said this investment in Eveready was on behalf of the Burman family. In a regulatory filing with the BSE, Guardian Advisors, while disclosing the NCLT asked to decide on Lakshmi deal, said the acquisition of the stake was via The Burmans may consider further investments into Eveready depending on how the open market and 2,429,068 shares account- company performs, sources said ing for 3.34 per cent of the total were Cotsyn liquidation within 10 days acquired. Earlier, asked about the Burman Bharat Engineering, and others. market share in the battery market in India, PRESS TRUST OF INDIA observed that plea for family’s interest in Eveready, Mohit Sources said the Burmans might con- has been focusing on its core business, New Delhi, 6 March liquidation of Lakshmi Cotsyn Burman, vice-chairman at Dabur India, had sider further investments into Eveready besides focus on other verticals like flash- is pending before the stated the family believes Eveready is a depending on how the company performs. lights, luminaries, and appliances. The National Company Law National Company Law strong brand and a market leader in its The source pointed out that the Burmans During the third quarter of the current Appellate Tribunal (NCLAT) has Tribunal (NCLT) on the pretext domain which is the primary factor behind are yet to decide if the investment would financial year, Eveready registered a 16 per asked the Allahabad bench of one or the other increasing its stake. be strategic in nature or will be long-term cent decline in its operating revenue at ~317 of the NCLT to decide within miscellaneous application “The group (Williamson Magor) is going investment. The stock saw erosion from crore, and its Ebitda margin for the core 10 days on the liquidation being filed in the matter. through a tough time and this has even around ~405 apiece during March 2018 to battery business stood at 23 per cent. The of Kanpur-based textile “Such conduct on the part reflected on its stock price. But the compa- the current level of ~61, mainly because Ebitda margin for flashlights also stood at 14 manufacturer Lakshmi of different characters cannot ny, brand and its core business remain of inter-corporate deposits to group com- per cent. Cotsyn. be permitted to thwart the intact,” Burman had stated earlier. panies and the uncertainty of repayments. The company also sold land in Chennai A two-member bench course of insolvency Eveready is part of the Williamson After the sale of its loss-making tea busi- and Hyderabad to raise money worth ~200 comprising Justice Bansi Lal resolution proceedings Magor Group (WMG), which also owns ness to Madhu Jayanti International last crore primarily to pay off debts of around Bhat and Shreesha Merla under I&B Code," it said. firms such as McLeod Russel, McNally year, Eveready, which has over 50 per cent ~400 crore. MUMBAI | 7 MARCH 2020 WORLD 5 . < Boeing’s current CEO blames Exxon CEO Woods calls rivals’ climate goals a predecessor for MAX mess ‘beauty competition’

AFP/PTI Calhoun told the newspaper that BLOOMBERG crowded market for renew- industrial levels. Renewables New York, 6 March he and the rest of the board did not 6 March ables where they have little such as wind and solar won’t question Muilenburg after the first expertise. be enough to meet demand oeing Chief Executive David MAX crash in October 2018 of a Lion Exxon Mobil dismissed long- Much-derided plastic even growth on their own, according Calhoun largely blamed his Air plane in Indonesia and that the term pledges by some of its Big came in for some praise, with to Exxon. Bpredecessor for the crisis over board trusted Muilenburg’s instincts Oil rivals to reduce carbon Exxon Senior Vice President In any case, it remains to be the 737 MAX, which remains ground- as an engineer and longtime Boeing dioxide emissions as nothing Jack Williams arguing that it’s seen whether oil giants can gen- ed after two deadly crashes, in an executive. more than a “beauty competi- “a net benefit to society and to erate big profits by producing interview published on Thursday. “If we were complacent in any tion” that would do little to halt the environment.” carbon-free energy. Solar, wind Calhoun, a longstanding board way, maybe, maybe not, I don’t climate change. By contrast Royal Dutch and battery storage projects member who took over as chief exec- know,” Calhoun said. “We supported Energy companies need to Shell Plc, Repsol SA and Eni haven’t shown they can fund the utive on January 13, told the New a CEO who was willing and whose his- focus on global, systemic SpA have pledged to make huge dividends that underpins York Times that the problems at tory would suggest that he might be efforts to reduce greenhouse large reductions in carbon the industry’s investment case. Boeing were even bigger than he really good at taking a few more gases, rather than just replac- emissions over To underscore his anticipated. risks.” The newspaper also reported ing their own emissions-heavy the long term, point, Woods said “It’s more than I imagined it would that Calhoun implied that pilots were assets with cleaner ones to while last month Energy firms that global emis- be, honestly,” Calhoun said. “And it partly to blame for the crashes, saying make themselves look good, BP Plc went a need to focus on sions have risen 4 speaks to the weaknesses of our lead- in Indonesia and Ethiopia, “pilots Chief Executive Officer Darren step further with global, systemic per cent since the ership.” He said predecessor Dennis don’t have anywhere near the experi- Woods said in New York on a target to efforts to reduce Paris Agreement Muilenburg had ramped up Boeing’s ence that they have here in the US.” Thursday. become carbon greenhouse was signed four plane production too quickly. Pilots groups criticized Muilenburg “Individual companies set- neutral by 2050. gases, rather years ago and “I’ll never be able to judge what for blaming pilots for the accidents. ting targets and then selling Companies than just energy demand is motivated Dennis, whether it was a Investigations of the crashes have assets to another company so changing their replacing their up 6 per cent. stock price that was going to contin- On Thursday, Boeing commercial plane chief Stan Deal told a Washington pointed at a flight handling system that their portfolio has a dif- production mix own emission- For the energy ue to go up and up, or whether it was aviation conference that the company was still targeting mid-2020 to win that malfunctioned and made the ferent carbon intensity has not “doesn’t change heavy assets with industry to truly just beating the other guy to the next regulatory approval for the MAX plane impossible to control. solved the problem for the the demand” for cleaner ones to address climate rate increase,” he said. Boeing has been developing new world,” Woods said at Exxon’s oil and gas, make themselves change, Woods “If anybody ran over the rainbow Calhoun was named chairman in stakeholders.” Calhoun remains on software and training in an effort to analyst day. Exxon is focused Woods said. “If look good, CEO believes major for the pot of gold on stock, it would October when Boeing stripped the board, but Lawrence Kellner was win regulatory approval to resume on “taking steps to solve the you don’t have a Darren Woods technological have been him.” The MAX has been Muilenburg of that role. named as non-executive chairman as flights on the MAX. problem for society as a whole viable alternative said in New York breakthroughs grounded since March 2019 follow- On December 23, Boeing named part of the December shakeup. On Thursday, Boeing commercial and not try and get into a beau- set, all you’re on Thursday are needed in the ing two crashes that killed 346 people. Calhoun as CEO, finally ousting Calhoun, who had publicly plane chief Stan Deal told a ty competition.” doing is moving fields of carbon March 10 marks the one-year Muilenburg entirely, and saying the praised Muilenburg prior to the Washington aviation conference that Woods’ remarks, which out from one capture, alterna- anniversary of the second crash on company needed to “restore confi- ouster, appeared in the interview to the company was still targeting mid- echo those made by Chevron company or one country to tive fuels in transport and re- an Ethiopian Airlines plane. dence” and “repair relationships with downplay board responsibility for 2020 to win regulatory approval for Corp. CEO Mike Wirth earlier someplace else. It doesn’t solve thinking industrial processes. A board member since 2009, regulators, customers and all other the crisis. the MAX. this week, underscore the the problem.” The company is investing in divide between U.S. and Exxon sees world demand all of these fields but admits European oil explorers in their for oil and gas growing sub- that progress will take time. approach to addressing cli- stantially out to 2040, even Exxon is also taking steps mate change. Both American under the goals of the Paris to reduce emissions from its ON A MISSION companies see oil and gas Agreement, which seeks to own operations including Gunmen kill 32 demand growing for decades limit temperature rise to 2 reducing methane emissions in Afghanistan and refuse to compete in a degrees Celsius above pre- and gas flaring. AP/PTI reported 32 people were killed but said Suicide attackers Kabul, 6 March 58 were wounded. Opposition leader Abdullah Abdullah, who is the coun- strike outside US Gunmen opened fire on Friday at a cer- try’s chief executive and was a top con- emony in Afghanistan’s capital attend- tender in last year’s presidential elec- embassy in ed by prominent political leaders, tion, was among several prominent Tunisian capital killing at least 32 people and wounding political officials who attended the cer- dozens before the two attackers were emony but left before the attack and A double suicide attack shook slain by police, officials said. were unhurt. the Tunisian capital Tunis on The Islamic State group claimed Several TV journalists were cover- Friday as assailants wound- responsibility for the attack on its web- ing the ceremony inside a walled com- ed six people including police site. Afghanistan’s upstart IS affiliate pound when the gunmen began guarding the US embassy, has declared war on the country’s shooting, and a reporter and a cam- authorities said. An explosion minority Shiites. Many of those at the eraman for a local broadcaster were rocked the Berges du Lac dis- ceremony were Shiites because it was among the wounded. Karim Khalili, trict where the embassy is commemorating the 1995 slaying of the chief of Afghanistan’s high peace located around midday, caus- Abdul Ali Mazari, the leader of council, was delivering a speech when ing panic among pedestrians Afghanistan’s ethnic Hazaras, who are the gunfire interrupted him. He was and motorists in the area. mostly Shiite. not hurt and later went on TV to Two assailants died in the The Taliban said they were not denounce the violence. attack, the first to hit the capi- involved in the attack, which came Several witnesses said that, amid tal since June 2019, according less than a week after the US and the the panic, members of the security to officials. Police said one group signed an ambitious peace deal forces guarding the event had fired on attacker tried to enter the diplo- that lays out a path for the withdrawal civilians in the crowd. matic mission but was pre- of American forces from the country. “Individuals with military uni- vented by police guarding it. Interior Ministry spokesman forms who were there targeted peo- A policeman who wit- Britain’s PM Boris Johnson visits the Mologic Laboratory in London, on Nasrat Rahimi said 32 people were ple, there were casualties, dead and nessed the attack said a sui- Friday. Mologic has won a funding to come up with a coronavirus testing killed and 81 wounded in the attack in wounded,” said witness Ghulam cide bomber who was trav- kit that can be used by health workers in developing countries where there the Dasht-e-Barchi neighborhood of Mohammad, according to Associated elling on a motorcycle was is sparse access to specialised laboratory facilities. PHOTO: AP/PTI Kabul. The Health Ministry also Press video. also killed. AFP/PTI CEOs beware, shareholders want you to go green fast BLOOMBERG 6 March

Most listed companies are duty bound to hold a general meeting for all shareholders at least once a year. They’re typically dull gatherings at which the annual report gets signed off and the board gets reinstated. In recent years, disputes about executive pay have triggered some fireworks. This year’s round of UK conferences could be spicier than usual, as asset managers press the companies they invest in to reveal more about the risks posed to their businesses by the climate crisis. UK fund managers have been flexing their muscles more frequently in recent years. The Investment Association, which represents 250 UK asset managers overseeing 7.7 trillion pounds ($10 The association is asking British incorporate environmental, social and trillion), keeps a scorecard of how many companies to detail how they assess governance issues in portfolio company resolutions meet objections climate-related risks, what steps they’re construction. “Skeptics that continue from at least 20 per cent of taking to mitigate those impacts and to question the growing role of shareholdings, or which the board what metrics they use to measure sustainability within the global withdraws before a vote, adding them to progress. Given that its members own investment community should realize what it calls its public register. about a third of the UK stock market, its that they are quickly becoming the In the three years it’s been compiling views carry a lot of clout. minority,” the trio said. the data, the number of companies At least one major UK company Adding to the drumbeat, Norway’s facing what’s deemed “significant already faces a hard-hitting resolution sovereign wealth fund, the world’s shareholder dissent” has increased by aimed at making it more green. Amundi biggest with about $1.1 trillion in assets, almost 10 per cent, while the number of SA, Europe’s biggest fund manager with said earlier this week it wants the individual resolutions facing opposition more than 1.6 trillion euros, and Jupiter companies it invests in “to go from words has grown by about 20 per cent. Last year, Fund Management Plc are among to numbers in their sustainability about a quarter of the 620 or so investors in Barclays Plc planning to back reporting.” For companies it deems to be companies on the FTSE All-Share index a resolution in May asking the UK bank to falling short, it will consider backing made it onto the Investment halt loans to energy companies that what it called “a well-founded Association’s register. aren’t aligned with the Paris Agreement shareholder proposal calling for Traditionally, the main battleground on climate goals. The move is being reasonable disclosure.” has been executive pay, with more than a coordinated by the non-profit group This shift in attitudes isn’t because third of last year’s list comprised of ShareAction. investors have signed up to the companies falling foul of investors on The increased focus on the desire Extinction Rebellion movement and remuneration. But this year, the for money to do well socially as well as started worshiping teen climate icon Investment Association will start financially is a global phenomenon. Greta Thunberg. It’s because the fund pressing UK companies to align with the Earlier this week, three of the world’s management community has come Task Force for Climate-Related Financial biggest pension funds — California round to the view that what’s Disclosures, an initiative set up by the State Teachers’ Retirement System, happening to the environment poses a Financial Stability Board and chaired by Japan’s Government Pension Fund and clear and present danger to the long- Michael Bloomberg, the founder and the UK’s university steward USS term viability of many of the companies majority owner of Bloomberg LP, the Investment Management — issued a it invests in. It’s a capitalist response to a parent company ofBloomberg News. joint statement applauding efforts to financial threat. 6 YES BANK CRISIS MUMBAI | 7 MARCH 2020 1 > First bank seizure in 14 yrs triggers chaos The last time such an action took place was in 2006 when the RBI seized control of United Western Bank E-payments disrupted, PhonePe hit hardest

NEHA ALAWADHI & PEERZADA ABRAR New Delhi/Bengaluru, 6 March

With the Reserve Bank of India (RBI) placing YES Bank under moratorium, digital pay- ments associated with the bank have been affected. And PhonePe, the Walmart-owned payments platform, seems to have been hit hardest. On Friday, Sahil Kini, co- founder of application pro- gram interface (API) infra- structure company Setu, DIGITAL TRANSACTIONS to the YES Bank moratorium. tweeted that digital payments “The RBI’s objective seems such as National Electronic THROUGH YES BANK to be to ensure too many with- Funds Transfer (NEFT), Real- In quarter ended Sept 2019 drawals don’t happen. Time Gross Settlement UPI Payments are a tiny part of that. (RTGS), Immediate Payment RBI should have allowed it,” Service (IMPS) and Unified 1 billion UPI transactions said Setu’s Kumar. Payments Interface (UPI) that 40% Market share Fintech impact depend on YES Bank at the 264.8% Annual increase backend were not going Other fintech operators Account holders gather outside a branch to withdraw money, in Thane, on Friday PHOTO: PTI through. IMPS which rely on YES Bank to The ease of UPI, which settle their transactions have was developed by National 60 million Transactions processed also been experiencing Payments Council of India 80% Annual growth issues. “The impact on Moody’s cuts (NPCI), comes from the fact Flipkart and Myntra is limit- Angry & confused, people that it lets account holders AADHAAR-ENABLED ed to PhonePe (which are of banks send or receive PAYMENT SYSTEM also owned by Walmart). bank’s ratings money from their smart- 103 million Transactions These firms have multiple phones without going payment partners and have 189% Annual increase queue up outside branches Moody’s Investors through net banking. Third- already set up contingency Service on Friday party apps partner with plans,” said an e-commerce SUBHAYAN CHAKRABORTY & SHREYA JAI joined by several expats, there to close about my legal right to withdraw downgraded YES banks to enable the money industry executive, who did New Delhi, 6 March their account and withdraw all funds. ~50,000, that they backed down,” Bank’s rating following transfers. team has been working all not wish to be quoted. Across branches, the busiest peo- Kumar said, visibly angry. However, the RBI imposing a 30- “YES Bank’s infrastructure night to get the services back RazorPay, another big player rijesh Upadhayay and his ple were the relationship managers. they now want to see the receipt from day moratorium that was the most battle-tested. But up as soon as possible. We hope in the UPI payments space, team in Gurugram have been Many were seen advising clients the the hospital before allowing any prevents the lender now all access to it has been to be live in a few hours.” said its payment gateway B up since 6 am, frantically tex- situation was only temporary and transaction, he added as he rushed from making payment shut down. So people are The Bengaluru-based pay- was unaffected. “While our ting their superiors to find out the that their money was safe. “In the back to the hospital, negotiating to its creditors. unable to transact money, their ments platform and Google auxiliary services are facing fate of their salary accounts. case of ownership changing hands, Daryaganj’s dangerous traffic. “The ratings remain under review, with money is stuck, or they can’t Pay account for about 70 per some minor disruptions, we Upadhayay’s employer, a large con- the new owners will put the cus- Asked about the situation, the the direction uncertain,” Moody’s said down- settle money with the bank due cent of the UPI app market, are working with other banks sultancy firm, has salary accounts tomers first,” one employee said. Branch Service Leader (Manager) said grading YES Bank’s long-term foreign cur- to payment facilitation prob- according to industry and authorities to resolve the with the ill-fated YES Bank for all journalists were not allowed on the rency issuer rating to Caa3 from B2. It has lems,” said Nikhil Kumar, sources. However, Google issues at the earliest,” said employees across the country. Cash crunch premises and no comments would be also downgraded the bank’s long-term for- another co-founder at Setu. Pay, which has at least four Harshil Mathur, CEO and co- “We’ve been assured that compa- Several security guards restricted the shared in the immediate future. eign and local currency bank deposit ratings. banks as its partners, has founder of RazorPay. ny will prepare alternative measures people from talking to the media Staff at the bank’s Karol Bagh The downgrade “is a result of an event PhonePe’s problem been largely unaffected by “We will temporarily soon. For now, my money is stuck. under order from the branch manag- branch said rumours of a disaster had of default triggered by the RBI’s 30-day Since YES Bank is PhonePe’s the YES Bank moratorium. withhold payouts to mer- What is more troublesome is that the er. “My fixed deposit is stuck. How been circulating on office WhatsApp moratorium,” the rating agency said in a exclusive UPI partner, the lat- With 200 million regis- chants with YES Bank net banking service is down and sev- will I take out so many lakhs in tranch- groups for some time now. But “we statement. ter’s users have been affected tered users and 20 million accounts. This is to ensure eral branches might be shut during es of ~50,000?” asked a 60-year-old have no clue what the future holds, “Despite the event of default, the Caa3 the most. “PhonePe is actively daily active users, PhonePe that no merchant’s funds get the long weekend of Holi,” he said. resident of Diplomatic Enclave, one of since higher-ups have refused to rating takes into account Moody’s expecta- looking for new partners and sees as many as 500 million blocked. We have provided the poshest localities of Delhi. share any details”, said an employee. tion that although recovery rates for the the service is expected to be up monthly transactions. our merchants the option to Alternatives sought A worker, refusing to share his pro- banks’ senior creditors may be high given and running in the next cou- “The NPCI had anticipat- change their registered bank Some tech employees said their fession and name, said: “Both mine Public vs private banks the close involvement of the Indian authori- ple of hours,” a source said on ed such a situation. No third- from YES Bank to another employers told them to and my wife’s account is The RBI action may have sharpened ties and stated intention to resolve the bank Friday. party app provider should account,” said Sampad Swain, give the details of an here since we both work the inherent divide between public quickly, the ultimate timing and form of “The moratorium caught have more than 33 per cent of CEO and Co-founder of pay- alternative account nearby. When our son and private sector banks at a time eventual resolution remains uncertain.” the company by surprise. the market share — some- ments gateway Instamojo. where their salary Staff at a branch joined college, I opened when the public’s trust in the bank- “Actions by the authorities to date have PhonePe had partnered with thing it was considering, but Food delivery firm Swiggy, would be transferred. In said there have his account here as well. ing system has taken several hard not reduced the probability of default as evi- YES Bank, because it had a there was an implementation which also partners with YES the meantime, compe- been rumours on All of us are worried,” knocks. The Centre’s hope of prod- denced by the moratorium announcement, more progressive infrastruc- delay,” said Narendra Yadav, Bank, did not see any impact on tition banks have start- WhatsApp for Across east Delhi, ding more private banks into non- and highlights the continued uncertainty ture. PhonePe is closely work- senior vice-president, Paytm its services as most of its trans- ed making hay. some time. But shop and restaurant corporate banking may also suffer. around private sector bank resolutions in ing with NPCI and RBI to solve Payments Bank. actions take place through mul- “Outreach tents of ICICI “we have no clue owners were enquiring if Auto driver Rajen, a long-time India and the recovery prospects for senior the issue. It affects the overall The proposal to limit a third tiple payment partners such as Bank, Kotak Bank and what the future the bank would survive customer of a government bank, creditors,” it said. UPI ecosystem. The number of party app’s market share to 33 Google Pay, Amazon Pay and other private lenders holds since the at all. Many complained claims he was enticed multiple Moody’s said it expects a higher proba- overall UPI transactions are per cent was being considered Paytm. It also uses payment were stationed at large higher-ups have about not being able to times to take out a loan from YES bility of low loss rate for depositors. “Moody’s down by at least 50 per cent,” by NPCI last year, but was put instruments such as credit and corporate buildings, refused to share access internet banking. Bank but firmly held out. “People expects high recovery prospects for the prin- the source added. on the back-burner. According debit cards and food cards. targeting employees any details”. “You are adding to the get attracted to the shiny offices and cipal and interest on the bank’s deposits, as Sameer Nigam, PhonePe’s to sources, the NPCI has not yet especially of firms with chaos. Limit the transfer glass walls. But only government indicated by the final rating on those instru- chief executive officer and found a way to resolve the elec- Samreen Ahmad contributed salary accounts in YES online. Why would you thinks of poor people,” he said. ments.” PTI founder, tweeted, “The entire tronic payments issues related to this story Bank,” said a Noida-based techie. want hundreds of people lining up While some branches saw usual At the Non Resident Indian at the branch,” said a 35-year old at to low footfall on Friday, long (NRI) branch in Chanakyapuri, the Mayur Vihar branch. queues were seen at the Janpath bank executives were seen com- Cash disbursement has been con- branch, located in a busy office dis- forting their ‘high net worth’ cus- trolled across branches. But cus- trict in the heart of the city. While Raising capital priority: Prashant Kumar tomers by promising ~50,000 by tomers are more irked by online pay- chaos reigned inside, two consta- Monday, without fail. “Kisi ko bhi ments getting stuck and ATMs bles from the local police station ABHIJIT LELE will be treated as part of the group executives said. bhej do sir, main aapka paise aapke running dry. “Most people don’t even were seen making the rounds, keep- Mumbai, 6 March investment book. After the moratorium, rating ghar bhijwa dunga (Send anyone to what happened, and are being told ing incredulous depositors at bay. YES Bank would be run inde- agencies said a prompt resolution the branch and I will send money to it’s a server crash,” said Sunaina Jeet and Barkha, a young couple Soon after taking over as admin- pendently and focus will be on at YES Bank, which minimises your house),” said an executive at Sharma, a marketing professional. who have six accounts between the istrator of ailing private sector turnaround to make it a robust losses to depositors and creditors, the Diplomatic Enclave branch. two of them, said they had initially lender YES Bank, Prashant bank and a good investment (for could result in stabilisation or The bank had been a favourite of Urgent need planned to withdraw money from Kumar got cracking to get the SBI), Kumar said. He held review upgrade of ratings. such individuals — NRIs, corporate People with urgent needs have been each. But bank staff rebuffed the bank out of moratorium as soon meetings with senior YES Bank However, if the moratorium is executives and Indian nationals earn- hit the hardest. Ravi Kumar, 38, who request. “Most of my working capi- as possible. executives. He even interacted extended, it could lead to lower ing in foreign currency — pulled in by has a salary account at the Daryaganj tal is stuck and there is no provision Kumar, who was inducted into with some customers. recovery rates for creditors and a the low interest rates. “A 6 per cent branch, is desperate. With his wife for high-value customers as well. the new role from his job as chief As CFO of SBI, Kumar worked further downgrade in ratings. annual interest rate and Amazon gift currently admitted to the G B Pant This is not the ease of doing business financial officer (CFO) at State hard to improve the credit and finan- YES Bank can continue to pay card on opening NRE/NRO savings hospital, he hasn’t been keeping up we are bombarded with everyday,” Bank of India (SBI), told Business cial profile of the country’s largest off its liabilities arising from repur- account,” claimed a board outside. with the latest news. On Friday morn- said business owner Jeet, pointing to Standard that bringing stability lender in the last few quarters. YES Bank administrator Prashant chase transactions (repo). But on Friday, none of that mat- ing, he rushed to the branch, hoping a large government hoarding on the in operations, giving customers SBI stepped in to salvage the Kumar held review meetings with However, the RBI’s moratori- tered for Smita, whose salary has to secure cash on an urgent basis, but main road announcing easier finan- confidence about service and rais- ailing YES Bank at the behest of senior bank executives um prevents YES Bank from been stuck. An employee at the was told no cash could be withdrawn. cial transactions. ing fresh capital are his immedi- the Centre and the Reserve Bank of making full and timely payment embassy of a European nation, Smita “They initially led me to believe ate priorities. India (RBI) to ensure stability in and was being managed by a small of some other operational liabil- and other embassy executives lined that no transactions could be carried Some names have been SBI’s infusion of ~2,450 crore the banking system. This plan has team of senior bankers headed by ities, such as uncollateralised up outside the branch. They were out. It’s only after I confronted them changed on request for 49 per cent stake in YES Bank been in works for many weeks now SBI chairman Rajnish Kumar and derivative obligations.

NEWSMAKER: RAVNEET GILL, FORMER MD & CEO, YES BANK

divisions in the initial years. In 2003, officials quit the bank. he took over as head of corporate The die was cast in January after Betting big on the wrong bank banking and held the position till independent director Uttam Prakash December 2008, when he was Agarwal exited the board, alleging that DEV CHATTERJEE circumstances. he remained just another good appointed head of coverage for global the bank hid information that it lost ~1 Mumbai, 6 March To be fair to him, Gill’s work was executive but failed to make the markets. He became India CEO of trillion in fixed deposits and failed on extremely challenging, considering the transition to take up a challenge that Deutsche Bank in 2012. Gill was also the corporate governance front. YES Fifty-six-year-old Ravneet Gill has two huge bad debt of ~45,000 crore left by required him to be entrepreneurial. appointed on the advisory boards of Bank officials called Agarwal’s passions – good sleep and workout. his predecessor and the bank’s co- Gill tried several times to raise Daimler India and the IPL franchise, allegations baseless and said he was Both would have been in short supply founder Rana Kapoor, in the corporate significant capital by approaching Rajasthan Royals. More importantly, not even ‘fit and proper’, as per the RBI in the past 12 months since he took over loan portfolio. No wonder, JP Morgan Microsoft and PayTM initially, but it he was well connected. In an criteria, to hold the position. But the as managing director and CEO of YES has estimated its equity share value at seems that no one wanted to throw good interview, Gill said he frequently fact remains that Agarwal was head of Bank. During that period, two key just Re 1 a share. On Friday, after the RBI money after bad. Last October, the bank played tennis with former RBI the bank’s audit committee and parameters of the bank — deposit action, the shares of the bank fell to a announced that it had received a $1.2 governor Raghuram Rajan in New alleged that it failed in corporate mobilisation and gross non- low of ~5.65 before recovering. billion binding offer from an investor Delhi and was close to him. governance, which makes it a serious performing assets— significantly Besides bad debt, which was a and informed the stock exchanges Despite the pedigree and charge. The fact that Gill did not take worsened. That is, deposit mobilisation legacy issue, his main hurdle was fund- without naming the investor. When the connections, Gill faced stiff the charges seriously will not sit well fell by 7.26 per cent (Q2 FY20) on a raising. And that is where he faltered by investor’s name did come out — queueing up to invest in the bank, kept opposition from the bank’s board and with many corporate governance quarter-on-quarter basis, and gross over-promising. While he was able to Canadian investor Erwin Singh Braich coming in. Interestingly, many top management. A whistle-blower experts. Things only went downhill non-performing assets rose to 7.4 per raise ~2,000 crore last August, that was and one Citax — it shocked the market institutional investors and former wrote to the board and the RBI about from there. cent (Q2 FY20). On Thursday, the too little, too late. “The bank needed a as Braich had a chequered history and promoter Kapoor were able to exit the Gill’s high expenses on buying art and Speaking to Business Standard a Reserve Bank of India (RBI) superseded large dose of capital, and it was not had filed for bankruptcy in the past and stock during this phase. re-designing the CEO’s office in few years back, Gill had said he was a the board. Surely, the former CEO of coming from any investor,” said a Citax’s financials were not that In 33 years as a banker, Gill worked Mumbai’s plush Indiabulls Towers very positive person… “Well, my blood Deutsche Bank would not have former YES Bank official. The crux of impressive. But the continuous in Deutsche Bank’s private wealth and sacking top officials. Gill denied group is B+, and I suppose being expected to leave in such the problem, his detractors say, is that announcements of marquee investors, management and corporate bank the allegations, even as several top positive is in my blood.” MUMBAI | 7 MARCH 2020 YES BANK CRISIS 7 . <

THE COMPASS Debt investors stare at ~3K-cr hole... Not an opportunity, Nippon India’s schemes saw maximum Fund managers tell impact following perpetual bond write-offs investors to switch say wary analysts JASH KRIPLANI Baroda MF has also decided to bank mandates Mumbai, 6 March mark down debt exposure to zero and side-pocket the exposure. As on Fund houses have urged investors to he mutual fund (MF) indus- January 31, the MF had ~53 crore of look at other bank accounts for their try is bracing for a full write- debt exposure to YES Bank. In the investment mandates if their mutual off of YES Bank’s perpetual Baroda Treasury Advantage Fund, fund (MF) investments are linked to YES T bonds. This is after the the exposure was 26.87 per cent of Bank. Reserve Bank of India’s (RBI’s) draft scheme assets as of January 31, 2020. “We have asked investors to de- reconstruction scheme proposed the “The valuation adjustment reflects link from YES Bank accounts as their writing-off of additional tier-I (AT-I) the realisable price of the security on funds could get blocked after capital bonds issued by the lender. the date of valuation. In the draft redemption requests,” said the chief While some fund houses have reconstruction plan ... the instruments executive officer of a fund house. already written down the exposure to qualifying as AT-1 Capital issued ... On Thursday, the Reserve Bank of SHREEPAD S AUTE reconstruction scheme is in YES Bank’s AT-1 bonds to zero, others shall stand written down permanent- India (RBI) imposed a moratorium, place, it would take a year or are monitoring the situation. ly in full, from the Appointed date capping withdrawal for account- The Reserve Bank of India’s two to streamline the bank “Such a move will lead to a sharp (date to be specified by the Central holders at ~50,000. Among (RBI’s) draft reconstruction and clean its balance sheet. dip in net asset values (NAVs) of Govt),” the MF said in its note. distribution platforms, Zerodha also scheme for YES Bank, YES Bank’s latest available exposed schemes,” said a fund man- UTI MF decided to create side- urged investors to make the switch. announced on Friday, may reports show it has ~31,400 ager. As many as 29 MF schemes have pocket for YES Bank exposure, but "We have cancelled all withdrawal have provided relief to deposit crore of loans with BB & below debt exposure to the private lender, refrained from taking full markdown requests made by clients to their YES holders. Imposition of with- rating, which typically indi- with majority concentrated in AT-1 at present juncture. Similarly, PGIM Bank accounts so that the money drawal limits, announced on cates high default risk. or perpetual bonds. The total debt India Credit Risk Fund also created doesn’t get blocked. Please change, if Thursday, had led to panic. This potentially risky loan exposure to the bank stood at ~2,783 side-pocket for its exposure. FEELING THE PINCH your primary bank account is YES, to However, it is unlikely to pool is 1.7x its net worth, crore as on January 31, 2020, shows “Valuation agencies have already As many as 29 MF schemes had debt exposure to YES Bank any other and withdraw the funds," change anything for equity adjusted for net non-perform- data from Value Research. taken a markdown of 35 per cent. Nithin Kamath, founder and chief investors, despite the sharp ing assets, as of September Nippon India MF — which has These bonds carry equity-like char- Scheme Name Value Assets NAV executive officer of Zerodha said in a fall in share price. On Friday, 2019. However, the major issue among the largest exposures to YES acteristics, and are unlikely to be (~cr) (%) chng (%) social media post to alert the investors. the YES Bank stock plunged for the bank would be to get Bank’s AT-1 bonds — has marked it treated on a par with other types of "We are calling up our clients and 56 per cent to ~16.2, after hit- adequate liability (deposits) to Nippon India Equity Hybrid 587.58 7.47 -9.48 down to zero. At the end of January debt securities,” said a fund manager. telling them to immediately change ting its lowest level of ~5.55. fund its business. 31, the fund house had an aggregate On Friday, Franklin Templeton Nippon India Credit Risk 468.45 9.50 -11.90 the bank account mandates," said Despite the slump, experts After the recent saga, ana- exposure of ~1,770 crore to the bonds, MF took a 47.5-per-cent markdown Nippon India Strategic Debt 410.80 20.01 -25.42 Bharat Bagla, an individual MF have advised investors to sell lysts believe the bank may not according to Value Research. on its exposure to AT-1 bonds of YES distributor. on rallies. According to Kajal see a good deposit base as it After fully writing off the expo- Bank. Other exposed schemes (with Franklin India ST Income 281.09 2.71 -1.08 Paytm Money stopped accepting Gandhi, analyst at ICICI has lost trust. Further, the sure, four schemes of Nippon India large-sized exposure) that saw a sharp Franklin India Credit Risk 135.24 2.42 -0.97 fresh flows to YES Bank’s mutual fund Direct: reconstruc- MF saw sharp dips in their NAVs. The hit in NAV are UTI Credit Risk Fund schemes. People in the know said “Though there tion scheme NAV of Nippon India Strategic Debt (~45-crore exposure as of January 31) Nippon India Hybrid Bond 78.77 6.18 -8.90 there is uncertainty over the fate of YES is still no clari- has been Fund was down by 25.4 per cent (20 at 2.79 per cent; Franklin India Credit UTI Unit Linked Insurance Plan 72.07 1.62 -0.72 MF after SBI takes over the bank. SBI ty on the fresh introduced per cent of scheme assets exposed), Risk Fund (exposure of ~135 crore) at has its own separate fund house, along fund infusion largely to Nippon India Credit Risk 71.65 1.45 -11.91 while that of Nippon India Credit Risk 1.08 per cent; and Frankin India Short with a stake in UTI MF. Holding YES MF required in secure exist- Fund’s dropped 11.9 per cent. Term Income Fund (exposure of ~281 UTI Credit Risk 71.25 6.38 -2.79 could breach Sebi’s cross-holding YES Bank, get- ing deposi- The fund house has also decided core), at 1.08 per cent. UTI Children's Career Fund-Savings Plan 71.25 1.97 -0.85 norms. ting new busi- tors’ interests. to segregate or side-pocket the YES ICRA downgraded all bonds of Currently, YES MF has three schemes ness is going to There will be Bank exposure in five of its schemes, YES Bank to ‘D’ citing restriction on Kotak Credit Risk 62.99 1.23 -0.31 running — YES Ultra Short Term Fund, be very tough high equity after the bank was downgraded to ‘D’ bank’s payments to creditors after Source: Value Research, Nippon India MF schemes saw sharp dips after exposure marked-down to zero Yes Liquid Scheme and YES Overnight for the lender dilution in or default grade on Friday. being put under moratorium. Note: NAV change as on March 5, 2020, exposures may have changed as data is for January 31, 2020 Scheme. JASH KRIPLANI even after (the YES Bank’s proposed) existing share fund raising. capital. We don’t see According to any balance the scheme, ...Equity not spared either, sees ~3,300-cr erosion sheet growth the bank’s for YES Bank.” authorised Minority shareholders may On Friday, the company's share price TAKING A HIT Even the stock of State capital shall stand increased closed at ~16.20 per share on the BSE, follow- Equity investors have seen sharp Bank of India (SBI) (which is to ~5,000 crore comprising see further dilution of 30% ing a 56 per cent drop. wealth erosion in YES Bank acquiring 49 per cent stake in 24 billion equity shares of ~2 At the end of December quarter, the num- YES Bank), could see de-rat- each, as compared to 2.55 bil- following the RBI’s draft ber of retail shareholders in YES Bank stood at Investors / category % MTM ing in the near term consider- lion shares outstanding, as of reconstruction scheme 1.6 million, an increase of 270,000 over the stake impact* ing the latter’s exposure to December 2019. previous quarter. In the September quarter, Retail investors 43.66 -3,424.5 stressed sectors and its Mona Khetan, analyst at JASH KRIPLANI retail investors’ stake in the bank stood at 27 bailout, say analysts at ICICI Reliance Securities, believes Mumbai, 6 March per cent. According to market participants, FIIs 15.17 -1189 Direct. the ultimate equity dilution with YES Bank being a low-priced stock (with The brokerage sees minor- for existing shareholders Retail investors are seeing a hit of more than the last six-month average price of ~49.3), LIC 8.06 -632 ity shareholders on the losing could be 90 per cent, even as ~3,346 crore on their investments in YES retail investors were lured into it and grabbed MFs 5.09 -399 side, and is advising them to additional tier-1 bonds have Bank. In the December quarter, they were large quantities, betting on the possibility of exit. Another analyst from a been permanently written cumulatively the largest shareholder in the a revival in the bank. HNIs 4.3 -337 domestic broking house down. “With a sharp correc- private lender with a 43 per cent stake. LIC, the domestic insurance giant, so far, echoes similar views. tion in prices across BFSI Source: exchanges, * since Dec 31, 2019 According to the draft reconstruction has seen mark-to-market erosion of ~632 crore “Even after reconstruc- stocks of late, investors have scheme laid down by the Reserve Bank of in its equity exposure to the bank. tion, the revival of YES Bank the opportunity to invest in India (RBI), minority shareholders can see Among other investor categories, the vate lender stood at ~46.95 per share. Since In the past, too, according to brokerages, looks very difficult. We don’t better quality names with over 30 per cent dilution. The new investor in mark-to-market impact on FII investments then, the stock is down 65 per cent. For MFs, there have been cases where retail investors see the bank performing, at sound fundamentals, rather the bank, under this scheme, can acquire a 49 in YES Bank was ~1,189 crore. At the end of the the mark-to-market hit on their equity expo- increased their stake in debt-troubled com- least in the medium term,” he than staying with YES Bank,” per cent stake at a minimum of ~10 per share. December quarter, the share price of the pri- sure has been ~399 crore. panies as they turned into penny stocks. says. Even after the final she added. SBI Cards IPO proceeds WHAT THEY SAID... “IF SBI INVITES US TO PARTICIPATE “DOES THE FM KNOW THE NUMBERS IN YES BANK’S CAPITALISATION, could fund rescue plan THAT I HAVE TWEETED? IF SHE DOES, WILL WE WILL CONSIDER. IT IS SBI’S SHE PLEASE EXPLAIN HOW THE LOAN BOOK CALL ON WHETHER THEY Lender mopped up ~2,800 crore from share sale JUMPED IN FIVE YEARS FROM ~55,633 NEED ANY TO CRORE TO ~2,41,499 CRORE? CO-INVEST OR NOT” KRISHNA KANT ~50,000 crore. The bank had SBI SHOULD TAKE OVER DEEPAK PAREKH Mumbai, 6 March core capital or shareholder’s HDFC Chairman equity of around ~25,000 THE LOAN BOOK OF (as told to CNBC-TV18) The windfall that State crore at the end of the YES BANK FOR ~1, Bank of India earned H1FY20 (first half of RECOVER THE from the initial public financial year 2019-20) “INTEREST OF YES BANK’S offering (IPO) of SBI and needed a similar LOANS, AND SBI SIMULTANEOUSLY DEPOSITORS WILL BE Cards & Payment amount of fresh equity “IT WILL BE DONE VERY PROTECTED. THERE IS NO Systems would prove STAKE to cover the rest of loss- ASSURE THE NEED TO PANIC. IT’S A handy in its proposed es on account of bad DEPOSITORS THAT SWIFTLY; IT WILL BE DONE investment in YES Bank. 49% debt,” a banking analyst VERY FAST. 30 DAYS IS THE BANK-SPECIFIC According to the gov- said. THEIR MONEY WILL OUTER LIMIT. YOU WILL SEE ISSUE, NOT A ernment draft restructuring He added, however, that BE SAFE AND WILL SECTORAL plan for YES Bank, the coun- the quantum of bad loans VERY SWIFT ACTION BY RBI TO try’s largest lender will pick could rise further or even BE RETURNED” PUT IN PLACE A SCHEME TO ONE” up a 49 per cent stake in the reduce, as the bank is yet to P CHIDAMBARAM REVIVE YES BANK” RAJNISH reconstituted YES Bank and declare its finances for the Senior Congress KUMAR RESCUE MATHS: leader SHAKTIKANTA DAS SBI Chairman infuse ~2,450 crore in lieu of third quarter of FY20. YES RBI Governor its stake. GETTING THE NOS. Bank had earlier announced The reconstituted YES ~2,450 crore plans to declare its Q3FY20 Bank will have authorised Capital infusion by SBI results by March 14, 2020. capital of ~5,000 crore divid- Some analysts also said ed in 25 billion shares with ~2,800 crore SBI Cards would allow SBI to Broking industry fears drying up of liquidity face value of ~2 each. In com- Proceeds from SBI Cards fund its future capital infu- parison, currently, YES Bank sion in YES Bank. has paid-up equity capital of ~50,000 crore “SBI Cards is expected to ASHLEY COUTINHO fresh purchase in cash and derivatives ~510 crore divided into 2.4 YES Bank bad loans# list with a market capitalisa- Mumbai, 6 March ACTION TAKEN BY EXCHANGES till further notice. In a note to clients, billion shares with face value tion of around ~70,000 crore, the broker said it was working with of ~2 each. ~27,700 crore which is likely to rise further, Brokers that have been issued bank 9 March 6 March regulators to shift the YSL settlement State Bank of India netted YES Bank own equity* given its earnings record. guarantees against fixed deposits Reduction in 50% of collateral 100% haircut in account from YES Bank to another around ~2,800 crore by sell- Given this, SBI can further (FDs) of YES Bank are likely to get into a values for bank guarantees YES Bank shares private-sector bank. ing a part of its stake in SBI ~25,000 crore dilute its stake in the compa- liquidity maze, with bourses halving as collateral Clients will be allowed to square Cards in the IPO that closed ny to make additional capital the collateral value of such guarantees. 11 March off their existing open derivatives on March 5, 2020. Additional infusion in YES Bank when Bank guarantees are typically used positions, along with their existing capital required Reduction in remaining 50% 29 May Net gains to SBI from the needed,” according to an for leveraging and getting credit lines of collateral Halt in YES Bank F&O contracts leveraged cash positions, under IPO are, however, likely to be industry source. from exchanges for trading. Source: Exchanges MTF/CnC/NRML (MTF is margin lower as it will have to pay ~232,000 crore After the initial public A ~50-crore FD, for instance, could trading facility that offers leverage. long-term capital gains tax SBI equity* offering, SBI’s stake in its get a broker a ~100-crore bank CnC is used for delivery-based trading gains (LTCG) on the profits @September 2019 cards venture will decline to guarantee on paying a small fee, and The counter has seen the formation of “We have cancelled all fund in equity without leverage. NRML is that it will book in the share 70 per cent, valued at around subsequently a ~100-crore credit line a significant number of shorts in the withdrawal requests made by clients to used for overnight trading of futures sale. LTCG is currently levied ~224,505 crore ~49,000 crore based on the from the exchange. recent past. Brokers holding a clearing their YES Bank accounts so that the and options without excess leverage.) at the rate of 10 per cent on YES Bank advances* offer price. The NSE and BSE issued notice on and settlement account with YES Bank money doesn’t get blocked. Clients The note reassured customers that the gains made over ~1 lakh. *At the end of September 2019, Otherwise, YES Bank’s Friday, saying no fres h bank will be affected and will have to link a have been told to change their primary the restrictions in YSL trading #Analysts’ estimates at the end of “The SBI Cards IPO closed September 2019 assets base is around 10 per guarantees and FD receipts issued by new account with the exchange. bank account, if it is YES Bank, to any accounts were temporary and at an opportune time as the cent that of SBI. YES Bank, or renewals of such The funds lying in this account are other and withdraw the funds,” said normalcy in operations and risk policy proceeds can be easily invest- YES Bank had total assets instruments, will be accepted by their mostly those of clients and will be Nithin Kamath, founder, Zerodha. would be reinstated at the earliest. ed in YES Bank without forc- ~25,000 crore to come out of of around ~3.5 trillion as on respective clearing corporations. blocked. Also, broker money routed He added investors needed to “Over the next few days, the YSL ing SBI to alter any of its own its financial difficulty, based September 30, 2019, against For existing benefits provided to through the payment gateway of YES update their demat accounts if YES team will work closely with you to growth and investment on its balance sheet and SBI’s ~37.5 trillion. members, the collateral value will Bank — popular because it gives third- Bank was the beneficiary account. collect cancelled cheque leaves of plans,” said a source, speak- reported bad loans at the end Of this, SBI’s core capital reduce to 50 per cent from Monday. party authentication — is also stuck. Dividends from stocks get credited to other banks that you would be banking ing on the condition of of September 2019. or net worth was close to Further, a haircut in respect of shares Brokers have blocked payouts to this account and clients may not be with. This would ensure all future pay anonymity. “According to its latest ~2.32 trillion at the end of the of YES Bank provided as collateral will YES Bank accounts and disabled YES able to withdraw this money. in/pay-out of cash obligations to and According to industry available balance sheet, YES first half of the financial year, be revised to 100 per cent from March Bank in the payments gateway. Clients YES Securities Ltd (YSL), a wholly from the exchanges would not be sources, YES Bank requires Bank’s total bad loans were compared to YES Bank’s 6. No F&O contracts in YES Bank will have been told to change their primary owned subsidiary of YES Bank, affected by the gazette notification,” fresh capital of around estimated to be around ~27,970 crore. be available for trading from May 29. bank account or pay by cheque. meanwhile, said it would not allow the note observed. 8 ISSUES AND INSIGHTS MUMBAI | 7 MARCH 2020 > The Keynesano The end of Sri Lanka as we know it? The coming election could mark the end of the country’s poly-ethnic project. How it in maturing foreign loans and debt servic- ing between now and 2023. In 2018, Sri virus will survive as a nation remains to be seen Lanka’s tourism earnings amounted to around $4.4 bn. In 2019 this was around $4 t is increasingly looking seats in the 225 legislature while the United It then became politically incumbent bn, as the industry staggered to recover as if the world economy People’s Freedom Alliance (UPFA) won 95 upon the Wickremesinghe administration from travel advisories from most European I is in for a major deflation seats. Ranil Wickremesinghe became Prime to set right some of the historical wrongs capitals, warning citizens not to visit Sri because of coming debt de- Minister, while the Mahinda Gotabaya clan done to the Tamil people, especially during Lanka. Worse was to follow as President faults. The massive lo ad of fi- was relegated to opposition benches. The the war years. The problem seemed to be Maithripala Sirisena and the prime minister nancial risk appears to be be- Illankai Tamil Arasu Kachchi (ITAK), an that Wickremesinghe’s heart was not in the who had come together in a marriage made coming unsustainable. Why? alliance of Tamil parties, won 16 seats, the integration project. The result was: the in hell, finally fell out and the president To answer this question People’s Liberation Front (Janatha Tamils (and Muslims to some extent) saw sacked the prime minister, creating a gov- we first need to ask if anyone Vimukthi Peramuna or JVP) won six seats talk of mechanisms for transitional justice ernance crisis of acute proportions. In Sri would hand over a machine while the Eelam People’s Democratic Party and human rights as chicanery. And even Lanka, in the last quarter of 2019, literally gun to a monkey. Yet, glob- and the Sri Lanka Muslim Congress won the limited minority outreach sent up red nobody was managing the store. MARGINAL UTILITY ally, this is what has hap- PLAIN POLITICS one seat each. flags among the majority Sinhala Buddhist, Then came the presidential elections pened after John Maynard Behind the figures were complicated sto- especially in Sri Lanka’s deep south. earlier this year and unsurprisingly, TCA SRINIVASA-RAGHAVAN Keynes wrote the most influ- ADITI PHADNIS ries of new political alignments: Parties A controversial ideologue of the French Gotabaya Rajapaksa was elected to the top ential economics book of the which had been adversaries previously, Revolution, Louis Antoine de Saint-Just, job against Sajith Premadasa of the UNP, 20th century. It said governments must spend money to came together to unite with the sole pur- said, as he was being led to the guillotine: who has now split away and formed his own increase aggregate demand when it fell below a certain level. n a move that was not a surprise, earlier pose of defeating Mahinda Rajapaksa, head When you make a revolution halfway, you party. Earlier this week, Sri Lanka’s with- He meant well, but he forgot that governments are run this week President Gotabaya Rajapaksa of the Rajapaksa clan and leader of a Sinhala dig your grave. Islamic militancy replaced drawal from cosponsorship of the UN by politicians. The result after about 80 years is there for all I announced snap general elections in Sri Buddhist revival. It was during Rajapaksa’s Tamil militancy as the riposte to threats of Human Rights Council resolution No 30/1 to see. Lanka. The island will go to the polls to elect presidency that the dreaded guerilla outfit, Sinhala Buddhist domination. All of this of 2015, which set out in detail a process for The world is heading towards another massive letting a new Parliament on April 25. Till then the the Liberation Tigers of Tamil Eelam (LTTE) erupted in the Easter Sunday bombings by reconciliation and justice in the country to out of air because politicians think they can spend their current prime minister and the president’s had been wiped out via a military operation Islamic radicals in 2019. The attacks took demonstrate its good faith to the interna- way out of every crisis that might cost them votes, regardless elder brother, Mahinda Rajapaksa, will con- overseen by his brother Gotabhaya. place in both Colombo and Batticaloa in the tional community, is the first sign of the of the real reasons for the crisis. tinue in saddle with 16 Cabinet ministers Naturally, neither brother — nor any other east. Disappointed by Wickremesinghe, divisive polemic that will dominate the Thus, even if the latest Chinese virus acts as the trigger, although they will not be able to take sub- member of the clan — was likely to be wel- fearful of the rise of Sinhala Buddhists upcoming elections. All the indications are it is only the proximate cause for the coming deflation. If stantive policy decisions. The election is comed in the northern and eastern pro- triumphalism and anxious about their that the Tamils will vote for the Tamils; the not this, it would have been something else. likely to sharpen ethnic and religious ten- vinces of the country, dominated by the future, the Muslims now became the Sinhalese will vote for the Rajapaksas and The fundamental cause has been the political response sions, despite the superficial impression of Tamils and Muslims. The north and east new militants. those they back; and the Muslims will vote to an economic problem. For example, as politicians have political stability. voted in large numbers for the Tamil coali- Sri Lanka’s economy, already flailing for the Muslims. The coming election will done, trying to compensate for low or negative productivity The last general elections were held on tion in 2015 and that interpreted this man- tiredly, just sank. The country faces a daunt- mark the end of Sri Lanka’s poly-ethnic by handouts financed by taxpayers. August 17, 2015. The verdict was pretty clear: date to mean it was anti-Rajapaksa. So it ing foreign debt repayment schedule for its project. How it will survive as a nation The biggest culprit is the USA because it prints as many the United National Party (UNP) won 106 sided with Wickremesinghe and the UNP. excessive foreign borrowings — $17 billion remains to be seen. dollars as it wants to. But the costs of doing this for it are not as great as they are for the rest. Since 1971, when it unilaterally went off the gold standard, it has pumped trillions of dollars into the world economy and has destroyed several economies. TEA WITH BS > GAUTAM MENON | PROFESSOR OF PHYSICS AND BIOLOGY, ASHOKA UNIVERSITY That said, the problem is not that the dollar is the world’s reserve currency. Realistically speaking, it is the only one importance. A Canadian public official has that can be. likened it to washing one’s hands as if one The problem is that those who are in charge think they had chopped chillies and was about to put can print dollars ad infinitum. It’s the irresponsibility, Getting ready for Covid-19 on contact lenses. not the fact of the dollar being the reserve currency, that’s How prepared is India? The first health the problem. system to be tested was Kerala’s, which, Bernie Sanders is a perfect example of this well-inten- Menon explains to Rahul Jacob why viruses are “a given of humankind” and why Menon points out, enjoys immense public tioned irresponsibility. Obama was another. wearing masks as protection is ineffective for most people trust. This is required when administering stay-at-home rules or quarantines such as Keynes and the politicians recent Sunday afternoon at the Ban - begins, he seems an academic who, like the those seen in China, where 60 million peo- Before the Great Depression of 1929-36 the world grap- galore International Centre (BIC) fea- dastangoi artistes, dispenses wisdom ple were in lockdown for a month after the pled with the problem of igniting a revival differently. It A tured dastangoi (storytelling), an through storytelling. His first slide is a outbreak was made public on January 23. simply waited. avant garde dance performance and an screen grab of a CNN.com story from June People accept these extraordinary condi- But Keynes said no, if we wait, Communism will spread uplifting talk on improving public educa- 2015 about two patients in South Korea tions for the most part, he observes, when uncontrollably. So he provided his solution — print cur- tion. The Thursday of Gautam Menon’s talk dying from MERS. Menon then details how such rules are perceived to be “for the rency to finance budget deficits, which would be incurred on Covid-19 in late February is also a busy the first victim from Korea travelled across greater good and everyone is seen to suffer to cure unemployment, which if left untreated, would lead one that coincides with the opening day of the Middle East before returning home and equally. One analogy could be demonetisa- to Red trouble. an exhibition of artisanal work inspired by infecting his wife, people who had visited tion”. While Kerala dealt with the Nipah This was a good economic solution to a political problem. Mahatma Gandhi. As soon as Menon, a pro- him in the hospital and other visitors to the virus effectively and India handled the quar- But as with all good technical solutions to political problems, fessor of biology and physics at Ashoka hospital. A rapid history of viruses, before antines of returnees from Wuhan well, “the it’s gotten out of hand because these things can be overdone University and a leading authority on the pausing to reflect on the Spanish flu in 1918- number of cases was small”. A Wuhan-sized as they provide the easy way out. The monetary and fiscal spread of viruses, has tested the audio-visual 19, which infected 500 million worldwide outbreak involving tens of thousands would excesses of politicians, which have led to what is called system, I ask him if the government’s public and killed 17 million in India, follows. likely overwhelm India. China has many financialisation, have caught up with the world. campaigns on how to avoid becoming infect- “Infectious disease is a given of humankind. more doctors and hospital beds relative to Financialisation, by the way, is a vague term to mean ed have been too muted. “You have to bal- There will always be another around the its population than India and is a single-par- that an increasing proportion of world output is because ance the fact that you don’t want to scare corner.” A poster of the Hollywood film ty government administered by technocrats. money, instead of producing goods, is producing more mon- the public,” he says, before going on to say Contagion pops up on a slide. “It’s not a bad “Even the Chinese system was creaking at ey. The rude name for it is betting. that the public health messaging on adopt- film,” he says — in case we wish to down- the seams,” he says. To give just example, a usually reliable estimate says ing different types of behaviour such as, say, load it that evening. The Covid-19 belongs India’s high levels of pollution leave large there are $600 trillion worth of derivatives floating around. not shaking hands had been inadequate. In to the family of coronaviruses that is “the numbers battling coughs. Coughs in the audi- Netting may take care of maybe half of that but what about the past few days as the numbers of infected second leading cause of the common cold”, ence punctuate Menon’s talk, and he himself the rest? Well folks, stick your head between your legs and in India have escalated, there has been a he says. He then briskly explains why SARS was suffering from one. This is an additional start praying. greater sense of urgency. “The PM cancelling and Covid-19 originated in wet markets in challenge for overloaded hospitals in India. Such flaky bets had led to the crisis of 2008. They are his attendance at Holi functions sends out China: The killing of animals and sloshing “Respiratory distress as one possible symp- leading to another now because politicians responded to the right message,” Menon said in an email of water on the floors to clean up the blood tom of the coronavirus infection in a country the 2008 crisis with a Keynes++ solution. The world has this week. allowed a mixing of fluids and made it eas- that contains 18 of the 20 world’s most pol- pumped in around $10 trillion between 2009 and now. One of the problems for health officials ier for the virus to “spillover” from species luted cities, isn’t particularly useful,” he wryly worldwide in slowing the infections is that such as civet cats, bats and pangolins to points out. Back to pre-Keynes the symptoms do not show for several days. human beings. After questions about how long a vac- So what should be done? Quite simply, we have to now This makes isolating the infected quickly Menon enthuses about the “groovy cine might take and whether Covid-19 came discard the Keynesian solution. It has become like an addic- and tracing people they have been in contact nature” of studying viruses because this from a biological warfare lab, which Menon tive drug that causes hallucinations of well-being. The with extremely difficult when compared spans virology, geopolitics and mathe- dismisses, the talk is wrapped up. Menon Congress since 1985 provides a perfect example of this. with the severe acute respiratory syndrome matics. Ronald Ross, who discovered the is surrounded by people who want the pro- But if not increased government spending, what will (SARS) outbreak that infected 8,000 people cause of malaria, argued that “epidemiol- fessor to play doctor. Is it safe to fly? (Yes) boost deficient aggregate demand? This is what economics and killed 800 in 2003. Temperature tests ogy is in fact a mathematical subject” when Are vegetarians immune? Would cow urine has to grapple with. It must provide the intellectual justifi- at airports have proved inadequate, leading calculating the rates of infection. Menon help?… cation for taking the G out of the Keynesian identity. to long quarantines that may need to be even uses numbers to highlight that the disease Menon is taken for a brisk tour of the cen- Whoever writes the mirror image book of Keynes’ longer. “The medical science is still to be is progressing rapidly into a pandemic but tre. In an illustration of the energetic private General Theory must bear in mind, like Keynes had done, established; 14 to 21 day (quarantines) is also to reassure the audience that the sector/appalling public infrastructure di- that pre-emptive action is needed. The alternative is a probably optimal,” he says. Globally, Covid- chances of dying from it is “minimal”. The chotomy that characterises Bengaluru espe- Japan-like 30-year slump. 19 has been less lethal than SARS or the fatality rate of 2 per cent to 3 per cent is well cially, I am pursued by mosquitoes from the Keynes persuaded the rich to pay more taxes to revive Middle East respiratory syndrome (MERS) below that of MERS, which was as high as stinky nallah nearby and dust from a giant the economy. Now someone has to persuade the benefici- but it has been incredibly virulent. In addi- 37 per cent, and of SARS at 10 per cent. The construction site as my Uber taxi drives away. aries of that tax-and-spend prescription to accept that gov- tion to droplets from coughs and sneezes, a Covid-19 death rate also obscures that the The philanthropy of Nandan and Ro hini ernments can no longer come to their rescue. The benefici- less typical mode of transmission could be elderly suffer much higher fatality rates (15 ILLUSTRATION: BINAY SINHA Nilekani and corporate managerial smarts aries must pay too. faecal-oral because the virus has been found per cent). “Children tend to be hardly affect- has made the BIC a unique place. Bengaluru, Keynes thought gold was a “barbaric relic”. But is it pos- in stool samples, which “would be a problem ed,” he tells me. not trained to use them will leave medical however, is characterised by dust pollution sible that he was wrong? Should not currencies have an in a country with poor sanitation like ours”. Demystifying the epidemic, he debunks personnel on the frontline short of them. On that rivals Delhi’s as the city’s pavements anchor other than some IMF inspired fiscal deficit level of 3 Tea for attendees is laid on by the BIC, the effectiveness of masks when worn by the stage, Menon regrets not having a bowl to and roads are dug up in a manner that sug- per cent which is just an arbitrary number? and is a choice of tea and “instant” True average person. “The mask has to be worn demonstrate how thoroughly one has to gests an earthquake has struck. This has cre- Keynes clothed his basic prescription in a lot of flimflam South filter coffee decoction and salty bis- and taken off in a specific way and one scrub one’s hands — on both sides, finger- ated a slow-motion crisis of recurrent about various things which are no longer of anything but cuits. Menon, who worked at Chennai’s should take care not to touch it. (It provides) nails included and all the way up to the coughs, asthma and lung ailments. With the academic interest. Now his basic prescription is also only Institute of Mathematical Sciences before more psychological than real protection.” elbow. In a country where public toilets are Covid-19 epidemic upon us, years of apathy of academic interest. joining Ashoka, is quickly surrounded by American doctors on Twitter have argued often devoid of soap and people eat with about pollution may have handicapped friends from academia. As Menon’s lecture that the stampede to buy masks by people their hands, this seems of mission-critical India’s ability to fight it. The birth of an unlikely hero When I was in quarantine turned out that many in his extended said when I called him later in the hands frequently, carried sanitiser in may be considering packing him off to family resided in Shiv Vihar before vio- week. Moreover, he also inspired his my bag, and even used a disinfectant the lounge to share the couch with me. lence on February 24 and 25 and were nephew to join in the effort. “The fol- spray for the toilet seat in our shared By coincidence, and unrelatedly, my compelled to seek shelter in the neigh- lowing day, I went to Shiv Vihar,” he washroom. I only balked when asked daughter had been in Goa. My wife, po - bouring Chaman Park. And just like said. “Here, I filled out forms for Hindu to eat from disposable plates and have inting out the risk air travellers are ex - that, Mansuri became our self-appoint- survivors too, for in my mind, suffering my evening tipple in a Styrofoam glass, posed to, suggested she stay not with ed guide. has no religion.” He heard about a fam- though I’d reported no signs of fever, us on her return, but with her brother That day, Mansuri introduced us to ily which had survived an acid attack cold, cough or other ailment apart from and his family, since their house is clos- his exten ded family, listened to sur- during the violence. Traumatised, they the chronic fatigue of being constantly er to our daughter’s office — thereby vivors’ harrowing tales and throughout, simply vanished after making their es - under my wi fe’s watch. “You might be putting them at risk. Because she has shot videos to share with his friends cape. “I’m trying to get their phone an asymptomatic carrier,” she declared never before been solicitous about such PEOPLE LIKE THEM and family. “The stories of the survivors number to offer help and support to PEOPLE LIKE US grandly, when I protested about the matters, my daughter declined, but it shook me,” he told us. “But I’m really them,” he said. pariah treatment. doesn’t matter anyway since the office GEETANJALI KRISHNA inspired by all the ordinary middle Volunteering in the relief effort, KISHORE SINGH I thought that rich, especially since decided to self-quarantine staff by ask- class people whose hearts are so big Mansuri was struck by the fact that so it was my son who was displaying evi- ing them to work from home instead. riot isn’t normally the time that they’ve opened up their homes, many survivors simply needed to talk few weeks ago, I returned from dence of a dry cough, and my wife who She’s created a working perch for her- when one’s faith in humanity is kitchens and even coffers to aid their about what they had gone through. “By California, which now has the la - woke up with sneezing fits which she self on her bed, positioning her laptop A reaffir med. At least that’s what neighbours from Shiv Vihar,” he said. simply giving them an opportunity to A rgest number of cases testing blamed on spring allergies. They’d and shutting the be droom door — “to I beli ev ed until I went as part of a fact- Anyway, the day ended and we bid him talk and adding some simple words of positive for coronavirus in the US. When cough and sneeze in tandem, burying work”, she says, but she’s likely binge- finding team to north-east Delhi last farewell thinking this was the last we’d sympathy, I think I helped them a lit- my wife was testy with me, at first I their noses in their elbows — exactly ing on Netflix. Saturday. It was a wet and thundery see of him. But the next morning, he tle,” he said. After talking to him, I didn’t make much of it, since it is her what WHO has forbidden — but they’re The cleaning lady hasn’t been well, day, made even more sombre by the called an activist from our team and reflected that such acts of humanity by default setting for the family. But when not much for following rules, both the gardener reported a cold, the cook harrowing testimo nies we heard from told her that he was taking the day off people like Mansuri are the biggest she began to take up cudgels over small mother and son. It caused my daugh- is hounded by mysterious aches and survivors, especially those from Shiv and forgoing his daily earnings from antidotes to the toxic atmosphere that issues such as my inability to tell the dif- ter-in-law to despair, though she was pains. “We should give them some Vihar, one of the worst affected locali- Uber to offer his services in Chaman has corroded our social fabric. In fact, ference be tween kale, watercress and as likely a carrier as him, both having weeks off,” I suggested to my wife, “just ties during the violence. However, the Park. What did he want to do, she asked this is what he said too while talking lettuce leaves, I suspected she was snow- recently retur ned from a vacation in in case — you know…” “Pshaw!” said day was brightened by our Uber driver, him. He replied, “I simply want to about his dreams for his son and balling them in to fights for a purpose. Goa where they were more likely to my wife. “There’s nothing wrong with 41-year-old Gulfam Mansu ri. First, after help...” That morning Mansuri printed daughter, 16 and 18 respectively. “I want It all became clear when I was asked to have mingled amidst travellers and any of them, they’re all faking it.” If he realised why we were going to north- out a 100 application forms that have them grow up in a liberal society where lodge myself on the couch in the lounge viruses from around the world. When they don’t show signs of getting to the east Delhi, he put the taxi’s meter off. to be filled by anyone wanted compen- they’re free to be what they want to be — I was in quarantine. she tried to coax her husband to go visit task at hand, they’re in danger of being “Since the riots began, I’ve been won- sation for damages incurred during the — in a world where compassion would “You can never be careful enough,” a doctor, he declined. “I’m more likely relegated to the lounge as well. That’s dering how to help,” he said. “If you riots. “I went to Chaman Park and spent have defeated the forces of hate around I agreed with my wife, but perhaps she to pick up an infection there,” he good news, as then I might be allowed don’t mind, may I join you?” Then it the next 10 hours filling the forms,” he us today.” was being a little extreme. I washed my bandied with his wife. I suspect she back into our bedroom. OPINION 9 > Volume VII Number 32 MUMBAI | 7 MARCH 2020 he thing most difficult to find to substantiate what Tis, at best, an opinionated analysis, and, at worst, WEEKEND RUMINATIONS a subjective one, is data. We are fortunate, however, to find this gem, thanks to Quartz.com geopolitical T N NINAN Strong leader ≠ reporter Annalisa Merelli, who’s reported in detail on a study conducted by Stephanie Rizio and Ahmed Skali for the Royal Melbourne Institute of Technology Fast trains at slow speed and Victoria University. The study has been published in the journal Leadership Quarterly and you can read he issues to do with privatising railway services are not matters of principle, Strong economy Merelli’s report on https://qz.com/1688397/data-proves- but practical questions to make the exercise a success. Many countries have it-authoritarian-leaders-are-bad-for-the-economy/. privatised parts or all of their railway operations: The UK, Japan, Canada, These researchers studied the political and eco- Sweden, Australia, New Zealand, and so on. Egypt has started the process, while The data and the feel after six years under PM Modi prove a nomic history of 133 countries from 1858 to 2010 (152 T years) and concluded that strong leaders were “either Argentina has moved much further down the road (or rail track). Many of these countries strong leader doesn’t necessarily give us decisive economic had begun a century or more ago with private railways, nationalised them when railway damaging or inconsequential for their economies”. companies ran into trouble, and are now rolling back state ownership and/or operations. leadership unmindful of immediate political risks What, then, about “benevolent dictators” like Singapore’s Lee Kuan Yew or Rwanda’s Paul Kagame, India too began with private railway companies in the middle of the 19th century, t’s time we analysts of Indian politics made two e are not asking you to start regretting who you might ask? nationalised them in 1951, and is now taking the first tentative steps in the opposite direc- confessions. First, that we’ve been debating the Wyou voted for. Many considerations and moti- The study concludes that it is by sheer chance that tion. Habibganj, the first private railway station (outside Bhopal), will soon be joined by Iwrong question for some time. And second, that vations, not all economic, determine who you vote the pantheon of strongmen may produce the odd good 50 others; the initial plan was for 400. The two “private” Tejas trains (private in name we’ve been peddling the wrong answer as well. for. As also for your preference of an all-powerful, one. That they will have a negative impact on their only, because they are run by a state-owned company) will grow to 150 — hardly a big The question on top of the mind ever since the strong leader. There can be culture, nationalism, respective economies is the rule by and large. deal when there are 7,000 passenger trains being operated daily. Besides, the private 1991 reforms has been: Does good economics make religion, oratory, charisma, and all of the above. “Strongmen mostly leave a country’s economy worse dominance of most other forms of transport is already a fact of life: Ports and shipping, for good politics? Translated: Can you reform the The argument is about whether strong leaders make than they found it, or simply ‘ride the wave’ of an eco- economy, shrink the government and bureau- for good economics, even if the methods and ends nomic growth that would’ve happened” nevertheless, airports and airlines, toll roads, and passenger bus and trucking services. Only the railways cracies to cede some power to the markets, generate they pursue may be profitable for them, in terms of Merelli reports from the study. remains a government monopoly. growth, and get re-elected? And if not, what is it getting re-elected. Not all of these leaders are dictators. Many rise in So the issue is not an ideological one, of state or private ownership, but the fact that that you need? Mr Modi’s re-election with an even larger majority democracies and must face frequent elections. Why the privatisation of rail operations is far more complicated than with other forms of The answer has been, get a strong leader who in the summer of 2019 proved two things. One, that don’t the voters then punish them faster, why are they transport. Indeed, private railways has a chequered history. The construction and oper- isn’t afraid to take political risks. That is the only way he played good politics. And two, that while his eco- more forgiving towards them than to the leaders they ations of the Indian railways in the mid-19th century were done by private companies to get good economics. Such a strong leader will have nomics was all getting twisted up, with stalling see as weaker? with capital that was given a guaranteed return of 5 per cent. The scandalous history of the political capital to ride out the unpopular side- growth, rising deficits and record unemployment, In the Indian context, think about how, in less than effects of economic reform such as a rise in inequality voters didn’t bother. three years of throwing Indira Gandhi out because of how this turned out (the Indian taxpayer ended up paying Britain up to 4 per cent of and creative destruction of capitalism. Eventually, That is why we said we had got our first question the Emergency, the voters brought her back? What is GDP every year, much of it on account of the railways) was forgotten when the first he will be a winner. As would be the rest of us. wrong all these years: Does good economics make this irresistible pull of a strong leadership? We lean on private power generation companies were also offered guaranteed returns late in the The lived reality of recent political history dem- for good politics? It should have instead been: Does the Melbourne researchers again, even though what 20th century. onstrates how we’ve been wrong on both counts. We good, successful politics need to even bother about they say isn’t particularly flattering for the voters any- When the first coast-to-coast railway line was laid in the United States in the latter are into the sixth year of our strongest leadership economics? The answer is obvious: If you know where — though personally I adore monkeys. “In time half of the 19th century, among the incentives offered was free land that was bigger in since Indira Gandhi. Some, particularly Narendra your politics, hit the right emotional buttons, of hardship,” Skali told Merelli, “primates tend to acreage than entire states. The more contemporary privatisation of British rail, Thatcher Modi’s supporters, might in fact deliver some tangible, populist accept, and follow, the authority of an alpha male”. argue he’s been way stronger than benefits at the doorstep of enough This proves how, just as we were wrong in raising style, has also been endlessly controversial, but Japan operates more than half a dozen her. He has, after all, taken risks and people, they will overlook unem- that first question — is good economics good politics private railway systems with overlapping operations on common rail networks. India had made decisions she didn’t at her ployment, stalling growth, stagnat- — we were equally wrong in our answer, that strong little success when it launched private container freight operations a few years ago. And, peak even if she would have wanted ing farm incomes, and so on. leaders equal good economics. Look back on Mr Modi’s a proposal in the 1990s to privatise railway workshops was short-lived. to, like abrogating Jammu and In any case, his many voters years now. The boldest — and in my view the most The risks and problems are obvious. With the railways operating in competition with Kashmir’s special status. don’t even look at economic data. welcome and reformist — step he had initiated, the new private trains, the obvious conflict of interest could lead to disputes — but there is no Or, as External Affairs Minister Particularly, when other instru- new land acquisition bill, has been the only major deci- regulator proposed for settling them. There is serious lack of carrying capacity on the S Jaishankar, a rare genuine scholar ments might be more effective in sion he has retreated on. in this Cabinet, said earlier this giving them a “feel-good” feeling. At the peak of his power and popularity, he baulked trunk routes, on which many of the proposed private trains are supposed to run. And week at the annual conference orga- This “feel-good” is precisely the at this risk. The only time he has done so in nearly six viability is an obvious question when the railways routinely cross-subsidises passenger nised by New Delhi-based Centre NATIONAL INTEREST emotion which the Vajpayee gov- years. The worst and the most reckless, demonetisa- traffic with the revenue from freight operations, and when air fares can often be surpris- for Policy Research (where ThePrint ernment was hoping to ride in that tion, he persisted with. It also benefited him politically, ingly cheap. was the digital partner), through SHEKHAR GUPTA ill-fated 2004 election on the slogan at least in the Uttar Pradesh elections, which followed On top of all this, the mutual dependence between the existing railways and new pri- these decades, successive govern- of “India Shining”. immediately thereafter because it reaffirmed his strong vate train operators will work smoothly only if the charges for services provided are man- ments had been “kicking the can down the road” on Having admitted that our basic proposition was and decisive image. ifestly fair. In the case of airports, some airlines have complained of excessive airport many contentious issues. The Modi government has flawed, we move to the next. That a strong leader One thing I never imagined as a backer of free- charges, once asserting that these are among the highest in the world. One hesitates once shown the strength to decide on these. Bell the cat, necessarily gives us what we desire: Decisive eco- market reform, fair competition, low tariffs, freer bite the bullet, take the bull by the horns, you can nomic leadership unmindful of immediate political trade, moderate taxes and minimum government, is again to suggest the need for a sector regulator, given the unsatisfactory experience with choose your metaphor. risks and beneficial for all. Neither the data, nor the that I might end up borrowing from Thomas Piketty such regulators in other sectors (telecom, aviation, etc). But there is no alternative. So far so good, and the feeling might indeed be feel of the economy today brings us that comfort. to round off an argument, however complex it might Given these unresolved issues and complexities, it is just as well that the government heady if you were a loyalist, which is a sufficiently All economic indicators have turned negative and be. His first book, I thought, was a nut-job. In the sec- is hastening slowly, one step at a time. The experience with 50 stations and 150 trains large number of Indian voters to give Mr Modi’s been so for some time: Growth, deficit, trade (exports ond now, Capital & Ideology, however, he is making should be a learning experience, helping those in charge to frame sensible rules that BJP its second full majority. But some questions and imports), investment, savings, employment, and sense. “Inequality is neither economic nor techno- are not unfair to the new operators but without attracting charges of crony capitalism, follow. First up, if India’s strongest and most auda- so on. The only area where you see some good news logical,” he writes, “it is ideological and political.” criticism by the government’s auditor, and thereby potential scandal and court battles. cious leader yet is practising good politics, has it is hard infrastructure. Never since 1991 has the Indian And it is bound to persist as long as strongmen leaders led to good economics? Or just moderately better economy had such a sustained growth slowdown or thrive in spite of it, riding their domineering politics The new trains should be fast, but the roll-out of the privatisation plan should be slow economics than under his weaker predecessors? stagnation in its economic data. Could it then be that and ideology. and well-considered. Or at least, to steal a popular Americanism, less the rise of a strong leadership is not a guarantee of worse than before? good, bold economics? By special arrangement with ThePrint Lessons for handling virus shocks Closing the gender gap and Rwanda also feature in the top 10. around the world, such as can- and are not particularly respon- The conventional wisdom at ing countries. A particularly EYE CULTURE The United States is at 53rd position, celed work trips, a growing sive to the traditional economic the time, which proved to be important one for restoring eco- Russia ranks 81st, China 106th, and Japan number of school closings and measures. (In this case, the estab- incorrect, was that the negative nomic activity is not to waste the ATANU BISWAS 121st. Clearly, it’s a sort of reflection of the panic buying that has emptied lishment of a solid economic bot- growth shock was quickly revers- limited policy flexibility on mindset of the society concerned — not store shelves. These actions inad- tom requires medical advances ible and that, unlike their devel- actions that don’t address the n 2009, Pulitzer Prize-winning their standard of living. vertently spread fear and some- pertaining to virus containment, oping counterparts, advanced underlying drivers of economic journalists Nicholas Kristof and The 2006-20 data shows that, at the times misinformation, amplify- treatment and immunity.) countries had to be more con- dislocations and insecurity. I Sheryl WuDunn, the husband- current rate, the gender gap in India — ing the negative economic and Even in the developing world, cerned about cyclical forces than Instead, policy interventions wife duo, penned the book Half the currently ranked 112th with a GGI value social effects. such simultaneous shocks are structural ones. Consider also the should be focused on protecting Sky: Turning Oppression into of 66.8 per cent — will be completely For the economy, the resulting rare except for fragile and failed previously prevailing notion that the most vulnerable segments of Opportunity for Women Worldwide. closed in another 50 years (i.e. around MOHAMED A. EL-ERIAN simultaneous blows to supply and countries where armed conflict the Japanese experience — with the population and favouring They narrated stories of a Cambodian the year 2070). demand undermine all but one of and civil unrest disrupt produc- its ultra-low yields, increasingly those economic segments that teenager sold into sex slavery, an Interestingly, at the present rate, the the chief drivers of economic tion and, because of a severe ineffective monetary policy and are critical to the recovery. And Ethiopian woman who suffered dev- US needs another 242 years to establish or at least the third time in activity: Consumption, invest- sense of insecurity or outright stubbornly low economic growth when it comes to the important astating injuries during childbirth, a gender equality. And China would the last 10 years, advanced ment and trade but not govern- impoverishment, devastate con- — “could not happen here.” task of relieving stress in the Zimbabwean mother of five, among need 1,612 (not a misprint!) years, Feconomies are getting sud- ment spending. sumption as well. The second was in Europe functioning of the financial sys- others. Certainly, one Angela Merkel, although Mao Zedong, after the suc- den and accelerated exposure to Also, by undercutting corpo- When it comes to economic during the region’s debt crisis tem, use laser-targeted measures one Indra Nooyi or one Dona cessful revolution, famously pro- something that is much more rate earnings, the shocks impact and policy lessons from develop- when, particularly in the summer rather than soaking the system Strickland cannot eliminate the dark- claimed that “women hold up half the familiar in the developing world. financial markets, fueling volatil- ing countries for the advanced of 2012, contagion from Greece with general liquidity. ness that millions of Malala sky”. Nicaragua is doing very well — The hope is that, in the process ity and opening up the possibility world, there are two other exam- and other more financially dis- Effective action is critical to Yousafzais or Nadia Murads the gender gap would be completely of coming up with the right pol- of further economic damage ples in the last decade. tressed countries spilled over and maintaining trust and confidence suffer worldwide. wiped out there within the next 17 years icies to deal with the effects of the because of sharp asset price drops The first was in the immediate threatened to turn other coun- in economic authorities, and the There have been various attempts if the present rate sustains. spread of the coronavirus, they amplified by pockets of distressed aftermath of the global financial tries’ liquidity challenges into sol- advanced countries under siege to quantify the gender gap prevailing However, such uniform progress also internalise the emerging selling and liquidity stress. crisis when, once financial market vency problems. from the virus cannot afford to in the world, though it’s not an easy over a long period is not quite realistic. countries’ lessons more quickly It is rare for advanced countries failures were overcome, the policy Let’s hope that in the current repeat the mistakes known all too task because of data, model, and inter- It only reflects the present situation. and fully this time. to suffer simultaneous supply and approach took an excessively predicament, policy makers in well by the developing world. pretation-related problems. The United Technological advances and social The coronavirus has touched demand shocks that hit both man- cyclical orientation and failed to advanced economies do a better Nations Development Programme changes in the moderate to distant off an accelerating series of eco- ufacturing and services, have both appreciate the structural chal- job of internalising the lessons The writer is a Bloomberg Opinion (UNDP) introduced the gender future are very difficult to predict, even nomic and social disruptions internal and external spillovers lenges to growth. from the experiences of develop- columnist ©Bloomberg inequality index (GII) in their 2010 for the fiction writers. And we should Human Development Report, which is always keep in mind that policy- a composite measure reflecting makers, exceptional social reformers, inequality in achievement between and other stakeholders can always fast- women and men in three dimensions: forward this process to ensure gender More action than noise on Women’s Day? Reproductive health, empowerment, equality sooner than the predicted and labour market. The GII ranges time limit. applause, and appreciation. chance to learn basic block cod- men in leadership roles globally them real equality. Giving them between 0 and 1, with 0 being 0 per Note that Lourdes Beneria and Iñaki The PM’s clarion call acted as ing concepts in a fun session for the first time — a year ahead respect; giving them regard. cent inequality, and 1 being 100 per Permanyer, in a 2010 article in the jour- a starter gun for various govern- built around Barbie and her of its goal to achieve gender bal- The biggest challenge facing cent inequality. According to the 2019 nal Development and Change, criticised mental agencies, galvanising friends, who will be represented ance across management. women in India today, strangely report, Switzerland (GII=0.037) and the GGI for only capturing inequality them to action. The Ministry of as robotic engineers or astro- Unilever went on record to say enough is patriarchy. Yemen (GII=0.834) are at the two in certain aspects of women’s lives, and, Human Resource Development, nauts. As part of the session, that improvements had been Regardless of a woman’s experi- extremes on the list with India therefore, making it an incomplete for example, said it would in col- female leaders from different driven by its dedicated diversity ence, education or abilities, the (GII=0.501) ranked at 122nd position. measure of gender inequality. Also, the laboration with the University industries will be sharing their and inclusion team to imple- patriarchal nature of our society The GII has been criticised for its GGI considers equal weights of four Grants Commission (UGC), be knowledge and journeys to suc- ment a number of initiatives, fosters the perception that complexity and difficulty in interpre- types of pillars, which is again ques- conducting round tables on cess via a live stream. The including a network of nearly women are less qualified and tation or understanding. Although it is tionable. Kristof and WuDunn, for YES, BUT... seven themes … education, emphasis at Microsoft this year 100 diversity and inclusion less competent than men. What meant to represent a loss of human example, emphasised the political health and nutrition, empower- is on “do” and “dare” rather than champions, who have been driv- patriarchy has done is convince development, the standard against empowerment of women. SANDEEP GOYAL ment of women, skills and entre- “discuss” and “debate”. ing inclusive culture across its people that a strong and intelli- which the losses are measured is not Often, a small push can do wonders. preneurship and participation in Arch-rival Apple is similarly markets. Alan Jope, Unilever's gent woman represents a prob- stated anywhere. The story of Beatrice Biira, an impov- ast Tuesday Prime sports, rural women and agricul- hosting a number of interactive chief executive officer in fact lem; a disruption to the social In contrast, the global gender gap erished Ugandan girl, is now almost Minister Narendra Modi ture and urban women … in sessions in London and in other emphasized, “Women’s equality order rather than an integral index (GGI), provided by the World folklore. In 1991, then six-year-old L tweeted: “This Women’s about 40 central universities geographies, dubbed “She is the single greatest unlock for part of it. Actions like PM Modi Economic Forum every year since Beatrice’s life was transformed by a Day, I will give away my social around the country. But the Creates”, giving girls the chance social and economic develop- opening up his social media 2006 to measure gender-based gaps, is goat, gifted by a non-profit world media accounts to women most interesting initiative to learn a range of new skills ment globally and having a handles to catalyse change, and far simpler to understand. The GGI ini- hunger organisation. Her family could whose life and work inspire us. announced is a special week- from inspiring female creators. gender-balanced workforce to usher in a better tomorrow tially covered 115 countries — the cov- send her to school by selling the goat’s This will help them ignite moti- long programme commissioned Sessions include an art lab focus- should be a given, not some- can help alter some of these erage has been extended to 153 coun- milk, and now she has a graduate vation in millions”. He urged by Doordarshan featuring chef ing on pictures of positivity, thing that we aspire to”. biases of the past. For a country tries in 2020. degree from a US university. Kristof women all over the country to Sanjeev Kapoor to highlight spe- hosted by illustrator Nikki Miles, Thankfully, the narrative that worships Goddesses The GGI is calculated across four and WuDunn also helped us see that share their stories by taking cial recipes for healthy and and a design lab featuring Sophie around Women’s Day is chang- Lakshmi and Saraswati for key pillars — economic opportunity, the key to economic progress lies in control of his social media nutritious food for women dur- Walker, chief executive of Young ing. Finally, more action than wealth and learning, and ven- educational attainment, health and unleashing women’s potential — the accounts for a day. The prime ing pregnancy. Women’s Trust and author of noise. Yes, there will be new erates Ma Durga as the manifes- survival, and political empowerment. Cambodian girl, escaping from her minister further added, “Are Elsewhere in the world, Five Rules for Rebellion. Walker’s brand campaigns this weekend tation of shakti, coming to A higher value of the GGI, in the range brothel, could build a thriving retail you such a woman or do you things are being done a bit dif- session will focus on activism. by multiple brands on woman terms with women-power of 0 to 1, indicates less gender disparity. business that supports her family; the know such inspiring women? ferently. Microsoft, for example, There is also a coding lesson emancipation, and empower- should actually not be an issue. According to the 2020 report, the world Ethiopian woman could become a sur- Share such stories using is hosting a series of events to focusing on augmented reality ment. But much of those are Yes, the narrative is being re- has closed 68.6 per cent of its gender geon; and the Zimbabwean mother of #SheInspiresUs”. With more help girls learn the latest tech- and enhancing product skills empty lip-service. Films created configured; the dialogues are gap and, at the current rate of change, five, counselled to return to school, can than 130 million followers nology skills and coding basics using Apple’s latest iPad, iPhone either for peer appreciation, or being re-written but the overall it will take another 99.5 years to close earn her doctorate and become an across platforms, PM Modi is to mark the International and Mac products. just to look good as a brand. The plot itself needs urgent meta- the overall gender gap, 257 years to expert on AIDS. Such possibilities are without doubt the most influen- Women's Day. Microsoft's store The Women’s Day agenda at actual path to the future is what morphosis … in the Microsoft close the economic gap, and 94.5 years grossly hidden. Will it really take tial Indian political leader on London's Regent Street will some other corporates has been Unilever is doing: Giving women and Apple mould. to close the political gap. another century to unleash them? online. Throwing open his vast host hour-long coding classes a little different. Unilever, this their deserved place on the deci- Iceland, Norway, Finland, and Sweden “social real estate” to women entitled “Barbie: you can be any- past week, announced that it has sion-making table. Giving them Sandeep Goyal is an advertising and occupy the top four spots on the GGI list. The writer is a professor of Statistics at the has been welcomed with much thing”. Attendees will have the the same number of women as equal opportunities; according media veteran Interestingly, countries like Nicaragua Indian Statistical Institute, Kolkata 10 ECONOMY & PUBLIC AFFAIRS MUMBAI | 7 MARCH 2020 1 > CBDT asks govt to CCI to check 17 laws for compliance RUCHIKA CHITRAVANSHI match the economic realities of the automatic system. “This channel will New Delhi 6 March time, Gupta said, “In digital markets, promote a speedy and transparent pro- enforcement priorities and remedies “THERE ARE A NUMBER OF cess for approval of combinations as The Competition Commission of India should generate optimal deterrence of RULES THAT NEED TO BECOME also to create a culture of self-compli- tell PSUs to opt for (CCI) is examining 17 pieces of legisla- anticompetitive conduct while preserv- COMPLIANT WITH ance.” Speaking on the occasion, Bibek tion across different sectors to check if ing the incentives for innovation.” Debroy, chairman of Prime Minister's they are compliant with competition He also said the CCI is finalising its COMPETITION REGULATIONS. Economic Advisory Council, said the laws, Ashok Kumar Gupta, chairman of report on the telecom sector and com- MAYBE SOME OF THEM issues of competition extended beyond the CCI, said on Friday. petition practices within it. The com- ALREADY ARE... WE WILL the ambit of competition law and that Vivad se Vishwas “There are a number of rules that mission had conducted a similar study the extent of competition is predicated need to become compliant with com- on the e-commerce sector. Soon after EXAMINE IT IN DETAIL” on the institutional structure and sys- So far, no PSU has shown interest in the scheme petition regulations. Maybe some of the study was made public, the CCI had ASHOK KUMAR GUPTA tem of laws that undergird markets. them already are... We will examine it ordered an investigation into Flipkart “There are elements in several statutes CCI chairman SHRIMI CHOUDHARY in detail,” Gupta said. The anti-trust and Amazon for offering deep discount in India that inhibit competition.” New Delhi, 6 March watchdog will identify inadvertent pol- and their preferred seller model. He said the government or the CCI icy-induced restrictions on competi- While the e-commerce companies need to step in when the requisite action eeing reluctance on tion, if any. managed to get an interim stay on the is not taken by industry. He also said the part of big tax- Gupta was speaking on the sidelines probe, the CCI is likely to submit an affi- green channel system for deemed that while entry has been eased in man- payers, especially pub- of a national conference on the eco- davit in the Delhi High Court to explain approval of combination schemes with ufacturing pursuant to economic liber- S lic-sector undertak- nomics of competition law. Stressing its stance soon, Gupta said. nearly 30 per cent of the cases notified alisation, barriers still exist in services ings (PSUs) and the need for antitrust regulations to The chairman also highlighted the to the CCI this year processed under the and agriculture. government-run firms, to opt for the Vivad se Vishwas scheme, the Central Board of Direct Taxes (CBDT) on Friday IN BRIEF took up the matter with ‘Right talking’ critics hate those Cabinet Secretary Rajiv Gauba, Govt seeks Parliament nod for seeking his intervention in the GIVING A NUDGE matter, according to the two n n doing right things, says PM ~54K-cr additional spending government sources. Latest data suggest They are also focussing CBDT Chairman P C Mody, ~4.5 trn of direct taxes on international taxes PRESS TRUST OF INDIA The government on Friday sought the Parliament’s nod for an in a meeting with Gauba, is locked up in litigations case involving foreign New Delhi, 6 March India faces additional ~54,000-crore spending mainly to meet its obligation learnt to have talked of the n Of which, PSUs and other banks towards GST compensation to states and defence-related “implications” of the scheme state-run firms involved n Field officers have Prime Minister Narendra Modi ‘danger’ from expenditure. Minister of State for Finance Anurag Thakur for PSUs and other state-run the tax amount of ~1 trn been directed to bring on Friday hit out at ‘right talk- presented the second and final batch of supplementary dem - firms and as to why they ing’ critics of his government’s ands for grants in the Lok Sabha. It sought authorisation for gross n 100% disputed slowdown: should come under it. Tax department focussing decisions such as the new cit- additional expenditure of ~4.8 trillion. “Of this, the proposals on large taxpayers, eligible cases under The Lok Sabha has passed the scheme izenship law and scrapping of involving net cash outgo aggregate to ~53,963.58 crore and gross the Bill on the scheme. including LIC and PSBs special status for Jammu and Manmohan additional expenditure, matched by saving of the The apex body apprised the Kashmir, saying they have India faces “imminent ministries/departments or by enhanced receipts/recoveries cabinet secretary of the “impli- Tax Department had identified case comes under the scheme. hatred for people who walk the “WHEN CHANGES danger” from the trinity of aggregates to ~4.26 trillion,” the supplementary demands for cations” for PSUs’ balance at least 50 central and state Meanwhile, Revenue path of ‘doing the right things’. ARE BROUGHT IN social disharmony, grants document said. PTI sheets and also did a cost- PSUs, of which it approached at Secretary Ajay Bhushan Speaking at the ET Global STATUS QUO, THEY economic slowdown and a benefit analysis if they opted least 30. These state-run firms Pandey is holding a meeting Business Summit, he said the SEE THIS AS global health epidemic, for the scheme, said officials are in legacy tax rows involving with income-tax officials on ‘right talking’ gang which former prime minister Lok Sabha passes IBC provides lifeline privy to the development. about ~1 trillion, according to March 9 to discuss the top 100 advocates for rights of DISRUPTIONS” Manmohan Singh warned on IBC (Second for stressed firms: No PSU has opted for the sources in the know. eligible cases, along with the migrants world over is opposed NARENDRA MODI Friday, asserting that this Amendment) Bill IBBI chairman scheme so far, sources said. Experts, however, say feedback from large taxpayers to India giving citizenship to PRIME MINISTER “potent combination of “State-run firms are not egging on PSUs to avail of the who had been approached by persecuted minorities of risks” may not only rupture Lok Sabha on Friday passed The insolvency law provides a finding the scheme lucrative scheme would not be success- tax sleuths so far. neighbouring nations. the soul of India but also the Insolvency and new lifeline for stressed enough because they believe ful because their owner is the “We have to prepare infor- This gang talks of the con- are not subjects of conven- diminish its global standing. Bankruptcy Code (Second companies to save them from their cases have merit and government, to which they will mation for the review meeting stitution but opposes the tem- ience but of conviction. In an opinion piece in The Amendment) Bill amid noisy premature death, IBBI require a legal recourse. They go if they avail of the scheme. called by the revenue secretary. porary provision of Article 370 “Conviction to do the right Hindu, Singh also warned protests. The bill seeks to Chairman M S Sahoo said on say if they settle the matter, Besides, the CBDT, which is These include a list of Central and full implementation of the things, the conviction to break that “India that we know and amend the Insolvency and Friday. The Insolvency and there will be an impression of monitoring each bit of the and state PSUs, an updated Indian constitution in Jammu the status quo,” he said. cherish is slipping away fast” Bankruptcy Code (IBC) so Bankruptcy Code (IBC) poor governance and flaws on scheme, is learnt to be facing list of the oversight committee and Kashmir, he said. The Prime Minister further and the situation is very that successful bidders of provides for a time-bound their part,” said an official refusal in 20 per cent of the cas- (an internal panel supervising “There is nothing wrong said direct benefit transfer of “grim and insolvent companies are and market-linked resolu - informally briefed by one of es. The entities concerned are the scheme) report, the status with talking the right things. government subsidies and morose”. ring-fenced from any risk of tion of stressed assets. Sahoo the firms he approached. saying the scheme is “not of top 50 advance tax cases But these people have a par- doles into the accounts of Singh also criminal proceedings for said the average life of S&P Some big cases the tax beneficial for them” and in with chief commissioners, ticular hatred for people who beneficiaries has led to the offered his offences committed by 500 firms has reportedly department wants to settle some cases they have no and the expected amount of are doing the right things,” he saving of thousands of crores advice to previous promoters of the come down from 90 to 18 include those of Life Insurance money to pay, said another tax collection in the fourth said. “So when changes are of rupees. address the companies concerned. PTI years over the last century.PTI Corporation and Air India, and source in the tax department. quarter ending on March 31,” brought in status quo, they Similarly, RERA law has challenges, various companies state gov- However, the department said a tax official. see this as disruptions.” Modi helped save the real estate calling it a ernments run. has deployed all its resources said for his government devel- sector from black money, "three point Maharashtra Budget allocates Sources said the Income- to ensure that each eligible More on business-standard.com opment and good governance he said. plan". PTI ~7K cr for farm loan waiver Cuts stamp duty on Mumbai property Centre told to fill vacancies in IAS, CBI & govt depts The first Budget of Maharashtra’s Maha Vikas Aghadi (MVA) government has made a provision of ~7,000 crore for the Mahatma Jyotirao Phule farm loan waiver scheme, the total outlay for which ARCHIS MOHAN vants with suitable domain knowl- vacancies in the CBI. Taking note of human resource and infrastructure is ~22,000 crore. The outlay for the scheme for the current fiscal was New Delhi, 6 March edge to specific clusters. the allocation of ~802 crore for the CBI deficit. It recommended a pre-litiga- ~15,000 crore. The budget for 2020-21 has provided ~7,000 crore for “Once assigned to a particular against the projection of ~1,386 crore, tion conciliation mechanism to the scheme. Meanwhile, petrol and diesel will be costlier by ~1 per A parliamentary panel has asked the sector, the civil servant will spend the committee said fund constraints resolve the grievances of government litre in the state, the state legislature was informed. Ajit Pawar in Centre to fill up vacancies in the the rest of his career within the sector should not impede the CBI from dis- servants. his Budget speech announced that VAT on petrol and diesel would Indian Administrative Services (IAS), concerned,” it said. The committee charging its mandate effectively. It rec- For judiciary, the committee noted be increased by ~1 per litre. The Budget also seeks to provide a fillip judiciary, Central Bureau of said this would “enable civil servants ommended higher allocation. that judicial delays cost 0.5 per cent to infrastr ucture development in the state by proposing an outlay Investigation (CBI), Central Vigilance to acquire skills, expertise and pro- It said ~9.32 trillion is locked in tax of GDP of the country. It said the of over ~30,000 crore. Pawar also announced tax concession Commission (CVC), Central fessional excellence in a particular disputes on account of 89,398 appeals increase in pendency cases was a proposals. This included 1 per cent stamp duty concession for the Information Commission (CIC) and domain.” The committee expressed pending in the Income Tax Appellate cause for worry. Pendency increased next two years and other related charges applicable on registration the Income Tax Appellate Tribunal. concern at the shortage of 1,494 IAS Tribunal. It called for filling up of 41 8 per cent, 29 per cent, and 21 per cent of documents in the areas falling under the Mumbai Metropolitan The department-related standing officers. It has backed promotion of and juniors, should not harm honest vacancies in the tribunal out of total in the Supreme Court, high courts and Region Development Authority and municipal corporations of committee on personnel, public griev- ‘lateral entrants’, who are contrac- and deserving civil servants who strength of 126. subordinate courts, respectively, since Pune, Pimpri-Chinchwad, and Nagpur. PTI ances, law and justice presented two tual, to retain the best talent in the enforce discipline and performance. The committee also recommended 2018. The committee asked for filling reports on demands for grants for civil services. The committee, headed by linking Aadhar card number with up 397 vacancies of high court Judges, Himachal debt rises to ~55,700 cr 2020-21 to the Rajya Sabha on Friday. The committee observed that the Bharatiya Janata Party’s Bhupender voter identity card to eliminate mul- which is 37 per cent of the sanctioned Himachal Pradesh is currently facing a debt burden of over The committee recommended ‘360-degree performance appraisal of Yadav, called for reorienting the train- tiplicity of voter card. 1,079 posts. There are 5,146 vacant ~55,700 crore, Chief Minister Jai Ram Thakur on Friday said grouping of ministries into clusters civil servants’, based on the assess- ing curriculum to make civil servants It noted that 48,000 cases are still posts of judicial officers in the subor- adding that over 10 per cent of total Budget amount will be spent like ‘rural cluster, ‘social cluster’ and ment by an expert committee and ‘emotionally intelligent’. pending disposal in Central dinate courts, accounting for 21 per on loan interest payment in FY 2020-21. He said that the debt ‘financial cluster’, and assign civil ser- feedback from various stakeholders It asked the Centre to fill the 1,281 Administrative Tribunal because of cent of the total 24,018. burden on the state rose to ~55,737 crore. PTI

> Sitharaman asks RBI FROM PAGE 1 their position on AT-1 bonds and to be registered for predicate offence to probe the matter under YES crisis, virus fears... CAPITAL POSITIONhad sought a face-to-face meet- the Prevention of Money Laundering Act (PMLA). The 10-year US Treasury dropped to a new low of 0.7 per cent, in ~ crore ing with top executives of YES to fix accountability signalling extreme risk aversion. “Investors are concerned that Tier-1 Bonds 11,107 Bank. “Debenture holders are there is a demand problem globally. There is a tendency during extremely apprehensive that the SBI says YES to rescue plan INDIVJAL DHASMANA such situations to sit on cash. If you are not earning revenue, Basel III AT1 10,800 issuer bank (YES) will not be in New Delhi, 6 March any amount of interest rate cut will not help," said Andrew Basel II Tier-1 307 a position to honour its obliga- The RBI, which superseded the board of YES Bank and Holland, CEO of Avendus Capital Alternate Strategies. Tier 2 Bonds 14,474 tion to the holders of AT-1 bonds imposed a 30-day moratorium on it, will appoint a new board Finance Minister Nirmala Overseas investors sold shares worth ~3,594 crore. In the last and may act prejudicial to their of directors. SBI will be allowed to bring in two directors on Sitharaman (pictured) has asked the 15 trading sessions, they have dumped shares worth nearly Basel III Tier-2 10,900 interest,” the letter mentions. the board. For at least one year, none of the employees will be Reserve Bank of India (RBI) to fix ~20,000 crore. Domestic institutional investors bought shares Basel II UT-2 1,344 Business Standard has reviewed terminated and will continue to get the same remuneration accountability in the YES Bank worth ~2,543 crore. The BSE Bankex fell 3.5 per cent. Shares of Basel II LT-2. 2,230 the letter. Axis Trustee repre- with the “same terms and conditions of service, including imbroglio. She told reporters on SBI dropped 6.2 per cent. IndusInd Bank and ICICI Bank fell sents ~8,450 crore in value of terms of determination of service and retirement”. However, Friday that the RBI had been asked by 5.6 per cent and 3.7 per cent, respectively. Axis Bank fell by Infrastructure Bonds 7,030 debentures. It is believed that the board will be free to discontinue the services of key man- to assess the causes of problems at 2.9 per cent and HDFC Bank by 1.5 per cent. Apart from bank- Total Bonds 32,611 YES Bank’s inability to exercise agerial persons at any point of time. YES Bank and the role played by ing stocks, metal and energy stocks declined the most, with AT: Additional Tier-1; UT-2: Upper Tier-2; its AT-1 bonds due for maturity “The RBI has assured it will make the scheme effective individuals. The government, she their sectoral indices dropping 4.4 per cent and 3.2 per cent, LT-2: Lower Tier-2 Source: ICRA on March 5 worth ~82 crore trig- within the moratorium period (of 30 days) so that depositors said, wanted the RBI to ensure that respectively. Tata Steel, HDFC, and ONGC were the worst- gered the RBI action. “YES are not troubled for too long … The deposits and liabilities due process of law was followed with performing Sensex stocks. On an overall basis, 1,919 stocks Bank’s management was in talks will continue to remain unaffected as before. I know there is a a sense of urgency and see if there declined, and 527 advanced on the BSE. with various AT-1 bonds holders, asking them to exercise the temporary cap but every deposit and liability will be hon- was any regulatory gaps. She sought option of converting their exposure into equity as they may oured,” Sitharaman said. “I remember I had repeatedly said to differentiate between the way in not be able to exercise the call option,” said a source. While in that I will not allow any institutions to fall off the cliff.” which the Modi government was ernment was ensuring that con- AT-1 bondholders... September quarter, the bank maintained common tier-1 cap- Earlier on Friday, RBI Governor Shaktikanta Das had said handling the YES Bank issue and the sumers’ interests were protected. ital of 8.7 per cent, with nearly ~60,000 crore of loans likely to YES Bank’s resolution efforts were aimed at maintaining “sta- one adopted by the United Progr- "Our approach has been to ensure However, in terms of risks, they are riskier than tier-1 bonds. be written off, experts say capital adequacy might have dipped bility and resilience” in the Indian financial sector and the essive Alliance (UPA) government in that institutions don't collapse and The RBI’s draft reconstruction plan for YES Bank states that to less than 6 per cent. It also had a coupon obligation of over difficulties would be overcome “very swiftly.” such cases. "Against how many above all to ensure that the interests AT-1 bondholders shall not be entitled to get any compensa- ~8 crore on these bond to be met on March 5. Former State Bank of India chief financial officer Prashant people did they (UPA government) of consumers, businesses, clients tion from the reconstructed bank on account of changes Kumar was appointed administrator of YES Bank on take action," Sitharaman asked. and depositors are safe. That is why occurred during the reconstruction process. Thursday, and each depositor will be able to withdraw up to Taking a dig at senior Congress the prime minister insisted that we Bondholders have invested ~10,800 crore in YES Bank’s ED searches... ~50,000 till the moratorium is in place, the RBI said in two leader and former finance minister increase the deposit insurance from AT-1 bonds, which constituted over 40 per cent of the bank’s official statements. P Chidambaram, she said United ~1 lakh to ~5 lakh," she said. net worth (~27,000 crore) as of September 30, 2019. While this According to the official, Friday's search was based on evidence Western Bank collapsed in 2006 Sitharaman said the RBI and the isn’t the first time that AT-1 bonds are being written down in reflecting a ~600-crore loan sanctioned by DHFL to Doit Urban IPL in the time of corona... under the "self-appointed compe- government had been closely mon- India, YES Bank’s instance drew flak from investors, as it is a Ventures, controlled by the family of Rana Kapoor. “The trans- tent doctors". itoring YES Bank since 2017. widely held instrument across financial institutions, including action had taken place when the housing finance company But the fact is that the coronavirus has taken its toll on various Chidambaram had in a series of Sitharaman said the government MFs and insurance firms. “YES Bank is the first instance of a failed to pay its dues to YES Bank," said the official. The lender's sports events globally, even threatening the Olympics to be tweets asked why should state- came into play in January 2020 after private bank facing this situation,” said a bond dealer. The debt exposure was to the tune of ~3,700 crore in the DHFL held in Japan. In Italy, the government has decreed that no owned State Bank of India (SBI) YES failed multiple times to raise RBI has sought suggestions and comments from members of debenture between April 2018 and June 2018, and also in July sporting events with the presence of public will be held until invest in YES Bank. capital from investors after making public, including the bank's shareholders, depositors and cred- 2018. The ED is also probing the scheme of things behind YES April 3. In the US, discussions about barring fans for the NBA She said the UPA merged it with “genuine attempts”. “Once in itors on the draft scheme by March 9, after which it will take a Bank sanctioning a loan of ~750 crore to Dheeraj Wadhwan’s Basketball games, as they have for all European basketball IDBI because of which the latter also November 2019 there was no longer final view. Bondholders would be sending their representation RKW Developers for a project near Mumbai’s Bandra matches, have started. In the UK, Premier League clubs are lost. Also, the UPA government scope for getting any money and seeking conversion of AT-1 bonds into equity, and put them Reclamation. The agency came across this transaction during expecting to have to play some games behind closed doors. merged the failed Global Trust Bank coincidentally, the chairman of their on a par with all shareholders, and are also planning to file a its probe into the DHFL promoters’ role in financing funds to Ganguly tempered his confidence by adding that special with Oriental Bank of Commerce audit committee resigned in January suit against this move, said the fund official. gangster Iqbal Memon (alias Iqbal Mirchi). Sources said the arrangements would have to be made. “We will take all pre- and washed its hands, she alleged. 2020 … that’s when we started engag- In a letter dated March 4, written to YES Bank by Axis agency might also register a separate case against Rana cautions. I don’t know what the exact measures will be yet On the other hand, the Modi gov- ing,” Sitharaman said. Trustees, the trustees expressed their concern with regard to Kapoor. However, for a separate case, a police complaint has because the medical team is still discussing them,” he said. 14 MUMBAI | 7 MARCH 2020 1 > CORONAVIRUS OUTBREAK INDIA CASES NOW AT 31, OVER Gold shoots up 100,000 INFECTED GLOBALLY INDIA ceremony to be ~1,236 in a day | India’s total number of conducted without confirmed cases rose public presence: BSF RAJESH BHAYANI to 31, after a person | Delhi fashion week, Mumbai, 6 March from Delhi with a Shooting World Cup history of travel to postponed The yellow metal witnessed a rally at Mumbai’s physical Thailand and Malaysia market on Friday with stan- tested positive WORLD | China may soon lift dard gold (995) closing over 2.4 | 11 family members of per cent at ~44,237 per 10 quarantine on the man have been gram, which is ~1,236 higher home-quarantined virus-hit Hubei than Thursday’s rate. The yel- | Tourism ministry | Bhutan bars tourists low metal has seen a ~2,000 tracking after first case; jump this week and over whereabouts Cameroon, the ~3,000 surge in the last two of 450 Iranian occupied West weeks. After the 3 per cent goods Federal Reserve sharply cut- tourists who Bank, Serbia, Togo and services tax (GST), price ting interest rates, “impact of entered the and the Vatican announce first cases of the yellow metal crossed the political turmoil and geopo- country in Feb ~45,000-mark on Friday. Silver litical tensions also proved The number of coronavirus cases in India have increased sharply from six to 31 this week PHOTO:PTI | Army to expand | Iran reports 17 new went up over 2 per cent to positive for the metal. Among quarantine facilities at coronavirus deaths, close at ~47,125 per kg. various problems, some that multiple locations 124 in total Gold has also been stand out include uncertain- | Coronavirus kits to be | Netherlands records unshaken internationally by ties ahead of the US presiden- sold only on doctors' first death the coronavirus outbreak, tial election, uncertainties prescription: FDA with prices heading towards a surrounding the Brexit nego- Global GDP may lose | Italy reports 49 more multi-year highs. Experts are tiations and ongoing tension | Attari-Wagah border deaths; total at 197 looking at a price of $1,700 in across the Middle East.” the near term, although last The World Gold Council week the yellow metal fell data released on Thursday Hotels not allowing tourists to sharply before moving to the night also shows that global $77-347 bn, says ADB check in despite prior bookings $1,680 level. gold exchange-traded funds Gold in India is trading at a (gold ETFs) and similar prod- ANEESH PHADNIS huge discount compared to ucts added 84.5 tonnes, or net Virus could wipe more than $200 bn off THE INDIA ANGLE Mumbai, 6 March import rates. In early hours, inflows of $4.9 billion, across Asia Pacific economies this year: S&P The coronavirus outbreak in China will not have much gold was trading at around 1 all regions in February. impact on the Indian economy, except in the worst-case Foreign tourists, particularly from Italy, South Korea, and per cent discount. During the This boosted holdings to Japan are being denied rooms in hotels as panic builds up day, the discount was at 1.5 per new all-time highs of 3,033 PRESS TRUST OF INDIA picture of potential losses. scenario, according to the estimates made bythe staffofthe over the rise of coronavirus cases in the country. cent or $16-22 per ounce. tonnes. New Delhi, 6 March We hope this analysis can Asian Development Bank. However, the worst-case scenario The issue was flagged by the Indian Association of Tour Jewellers said only forced With the higher gold price, support governments as they is only hypothetical in nature INDIVJAL DHASMANA Operators (IATO) in a meeting with the ministry of tourism demand for the precious met- ETFs gave 4.4 per cent returns he coronavirus out- prepare clear and decisive (As % of GDP) Best Moderate Worse Hypothetical on Thursday. al has been seen. Otherwise, in a month, breaching the pre- “We have received complaints from tour operators from break has the potential responses to mitigate the case case case worst case demand has almost evaporat- vious record high in T to significantly harm human and economic Punjab, Rajasthan, and Uttar Pradesh. In Agra, hotels are ed. Their expectation is that September 2012. the Asian economies, and the impacts of this outbreak.” Agriculture, mining 0 0 -0.01 -0.25 refusing rooms to Italian tourists. In Rajasthan, Italian once all central banks The council also stated that global economy may suffer The Manila-headquartered and quarrying tourists are being asked by hotels to undergo medical announce their stimulus pack- in 2012, gold price was 10 per losses of $77-347 billion, Asian multi-lateral funding agency Business, trade, personnel 0 -0.01 -0.01 -0.58 examinations before check-in despite showing no ages, the market may see some cent higher than the current Development Bank said on had in February announced symptoms of coronavirus,” said IATO president Pronab profit booking.So, prices could levels and US investors have Friday. In a separate report, $4 million assistance for Asian and public savings Sarkar. Till now 31 cases have been detected in India. “The fall a bit after customers enter not yet increased their gold S&P Global Ratings said the countries to fight the deadly Hotel,restaurants and 0 -0.01 -0.01 -0.07 tourism ministry has assured that communication is the market again. allocations as much as they outbreak could wipe more virus, that has claimed over other personal services being sent to states to see that tourists are not harassed. The international market did that year. than $200 billion off Asia 3,000 lives globally. Light/heavy manufacturing, 0 0 -0.01 -0.12 Also, the health ministry is being asked to issue a travel has seen another jump of over Metal Focus said that, Pacific economies this year. The ADB analysis takes advisory for those not affected by the virus,” Sarkar said. $1,690 per ounce on Friday, a political and economic condi- ADB said the outbreak into account various scenarios utilities and construction “Hotels could get thermal scanners to screen their $100 rise in three days, after tions suggest that, “institu- may impact developing Asian considered, estimated impact Transport services 0 0 0 -0.07 guests,” said Subhash Goyal, chairman of STIC Travel Fed’s rate hike. tional investors’ appetite for economies through numer- on individual developing Note: Best case scenario is when travel ban and fall in domestic demand lasts for Group. The price started moving gold will go up further. ous channels, including sharp Asian economies, the sectors two months, in moderate case it lasts for three months, in worse case it is for IATO has also requested the tourism ministry to set up up after California declared a Investor positions are high in declines in domestic demand, within these economies Source : Asian Development Bank staff estimates a 24x7 control room and an online mechanism to assist for- state of emergency amid the both tonnage and value terms lower tourism and business including a hypothetical eign visitors in case of an emergency. outbreak that killed 11 at present. travel, trade and production “worst case” scenario for a giv- “Due to the sharp drop in business, it will become diffi- Americans so far and infected They are far lower than linkages, supply disruptions, en economy in the event of a Foreign exchange reserves cult for travel agents to survive. Many jobs will be at stake. 100 others. during previous peaks. This and health effects. “The significant outbreak. The government should provide tax rebates for travel agents Metal Focus, a London- will leave considerable room magnitude of the economic ADB said the analysis is a cushion for India against and reduction and waiver in interest rates,” said Jyoti Mayal based consultancy, said in its for further rotation by losses will depend on how the meant to provide guidance for of Travel Agents Association of India. latest report on gold that apart mainstream investors in gold outbreak evolves. The range governments as they consider from the virus spread and from stock and bond markets.” of scenarios explored in the appropriate responses. virus impact: RBI governor analysis suggests a global On February 7, it had SUBRATA PANDA line was critical from the impact in the range of $77-347 announced $2 million support Mumbai, 6 March point of view of preserving billion, or 0.1-0.4 per cent to enhance detection, preven- global financial stability. The Markets extend slump; oil down 10% intra-day of global gross domestic tion, and response in China Reserve Bank of India global economy has been hit product (GDP).” and the Greater Mekong Governor Shaktikanta Das hard by COVID-19. According World stock markets tumbled global economic growth fore- slide (most of them fell over 3 outbreak of coronavirus and “In a moderate scenario, Subregion followed by anoth- (pictured) has asked the to IMF projections, the out- on Friday as fears of economic casts for 2020. per cent) after the Japanese Opec responded by removing where precautionary behav- er $2 million on February 26 to International Monetary Fund break’s impact on the global damage intensified with the At 11.30 pm IST, the Dow market dropped to a six-month all limits on its own production. iours and restrictions such as support response in all its (IMF) to consider launching economy will be 0.1 per cent global tally of coronavirus cases Jones was down 513 points or low, with 97 per cent of shares Oil prices plunged 10 per travel bans start easing three developing members. non-stigmatised currency and 0.4 per cent on the crossing 100,000. Brent crude, 1.96 per cent, and the S&P500 on the Tokyo exchange’s main cent as the development revived months after the outbreak Besides, a CNY130 million swap lines to Chinese economy. too, fell as much as 10 per cent was down 75 points or 2.50 per board in the red. Airline and fears of a 2014 price crash, when intensified and restrictions ($18.6 million) private sector ease possible liq- As far as India is intra-day, before recording a cent. The Nasdaq Composite travel stocks have been among Saudi Arabia and Russia fought were imposed in late January, loan was signed on February uidity and concerned, Das minor recovery. was down 240 points or 2.72 per the worst affected as people can- for market share with US shale global losses could reach $156 25, to Wuhan-based pharma- financing con- said, “India will be In the US, the Dow Jones cent. The 10-year US treasury celled non-essential travel. oil producers, which have never billion, or 0.2 per cent of glob- ceutical distributor Jointown straints for able to respond to shed more than 500 points and yield, too, fell to a new all-time Meanwhile, a three-year participated in output limiting al GDP,” ADB said. China Pharmaceutical Group to sup- countries that whatever chal- the S&P500 fell for the tenth low under 0.7 per cent, as flight pact between Opec and Russia pacts. would account for $103 billion port the continued supply of have been lenges emerge out time in the past 12 sessions as to bonds continued. ended in acrimony after Brent crude was trading at of those losses, or 0.8 per cent essential medicines and per- adversely affect- of the coronavirus the virus crippled supply chains The FTSE, DAX and euro- Moscow refused to support $46.36/barrel (down 7.84 per of its GDP. The rest of devel- sonal protective equipment. ed by coron- problem. We don’t and prompted a sharp cut to pean stocks continued their deeper oil cuts to cope with the cent) at 11.46 pm IST. AGENCIES oping Asia would lose $22 bil- ADB also said it stands avirus (COVID- have a problem lion, or 0.2 per cent of its GDP. ready to provide further sup- 19). It will also because our foreign S&P Global Ratings said, in port to its developing mem- preserve their exchange reserves a worst-case scenario, China bers in their efforts to respond access to international capital are quite robust”. could see growth of less than 3 to the adverse impact of markets. Although India is much per cent, while Japan, COVID-19. “ADB will use “The point is a coordi- more integrated with the Australia, and Hong Kong appropriate means to address nated swap line will act as a global economy than it was could “flirt with recession”. the identified needs includ- second line of defence to 10-20 years ago, it is not as ADB Chief Economist ing through existing and new bolster national reserves integrated in the global value Yasuyuki Sawada said: financial assistance, emer- across countries and chain as some other coun- “There are many uncertain- gency assistance lending, pol- strengthen their individual tries. So, to that extent, India ties about COVID-19, includ- icy-based lending, private sec- abilities to safeguard against remains insulated, he said. ing its economic impact. This tor investment, and risks that coronavirus may However, certain sectors requires the use of multiple knowledge and technical entail,” Das said. will face challenges because scenarios to provide a clearer assistance.” He stressed that a swap they export to China. Potential drug target against infection identified: Researchers

PRESS TRUST OF INDIA Berlin, 6 March

Researchers have identified a protein present in the human body which they claim is important for the entry of the novel coronavirus into lung cells, an advance that may lead to a novel drug target for preventing the deadly disease. The researchers, including those from Deutsches Primatenzentrum in Germany, said the new coronavirus, SARS-CoV-2, has spread worldwide, causing respiratory disease called COVID-19 in people — leading to over 3,000 deaths, and infecting more than 90,000 individuals. According to the study, published in The scientists have identified a cellular protein that is important for the entry of the the journal Cell, the virus has been novel coronavirus into lung cells spreading since December 2019, and is closely related to the SARS coronavirus "Our results show that SARS-CoV-2 They investigated whether this drug that caused the Severe Acute Respiratory requires the protease TMPRSS2, which is can also prevent COVID-19. Syndrome pandemic in 2002-2003. present in the human body, to enter cells," “We have tested SARS-CoV-2 isolated It noted that currently no vaccines or said Stefan Pohlmann, study co-author from a patient and found that camostat drugs are available to combat these from the German Primate Center. “This mesilate blocks entry of the virus into viruses. The scientists sought to find out protease is a potential target for lung cells,” said Markus Hoffmann, how the new coronavirus entered host therapeutic intervention,” Pohlmann another co-author of the study. “Our cells, and how this process can be blocked. said. The researchers said a drug camostat results suggest that camostat mesilate They identified a cellular protein that mesilate — approved in Japan for use in might also protect against COVID-19. is important for the entry of the novel pancreatic inflammation — is known to This should be investigated in clinical coronavirus into lung cells. inhibit the protease TMPRSS2. trials,” Hoffmann said. ii iv v vii PEOPLE THE GOOD LIFE TRAVEL WIDE ANGLE How Yehuda Maor is helping Sunder Nursery, Delhi’s Experiencing the Young lawyers to the rescue popularise ballet in Mumbai trendy new cultural hub Iberian spring in Lisbon of detainees and riot victims

7 MARCH 2020

ISTOCK

VIRAL TROUBLE Panic looms large, perspective is in short supply. Devangshu Datta makes sense of Covid-19

he coronavirus, SARS-CoV-2, and there may be a long period when carri- machines, reagents and test kits are being which causes the disease Covid- ers have no symptoms. Infected persons can imported. The test takes around four hours 19, is much less lethal than ear- go for 14 days without symptoms. There are and the technician has to be well-trained. Thepanic,it’scatching lier scourges like Nipah or no medicines that work effectively, though So, a potential victim must be quaran- T Ebola. But it is lethal nonethe- candidate drugs like remdesivir are being tined, “just in case”, until a sample can be less, and has dealt a hard knock to the glob- tested. As the disease runs its course, some- tested. Testing could be one bottleneck T E NARASIMHAN, ANEESH PHADNIS, SOHINI DAS, Small and medium logistics companies have al economy. It has also infected global mind- body who’s in poor health, or elderly, is at because there’s likely to be a global shortage RAGHAVENDRA KAMATH, ADITI DIVEKAR & NIKITAPURI their own stories of risk and run. But big com- space in appropriately viral fashion: websites greater risk of dying. of supplies, and technicians must be panies such as DHL and Fedex say that the dealing in the hardcore now feature videos India is just waking up to the possibility trained. Quarantine facilities across the nside the offices of a global investment international protocol for containment of Covid- of people making out in quarantine, wearing of a Covid-19 epidemic. Dealing with an epi- country could be another bottleneck, for bank in Mumbai, panic stalks the floors. 19 lays down clear rules on health and safety of I pilots, team members and customers. It is slow- hazard suits and masks! demic, or ideally preventing one, requires obvious reasons. Teams are being split up and separated into China, where the first cases emerged, is coordinated actions by multiple authorities. Tracking points of contact for a confirmed colour-coded zones, travel plans are on hold ing down business, but is important to curb the the world’s industrial hub and home to one- It can only be done where there’s a good case and screening people at risk will be a and conferences are being cancelled. “We serve spread of the virus, they reason. sixth of its population. Excellent transport public health system, including sufficient monstrous task. Even China, with its utter our global offices on a number of functions and Small and mid-sized real estate firms in linkages led to a quick spread and once quarantine capacity, enough labs, skilled disregard for fundamental rights and huge cannot afford to let work stall. As a precaution, Mumbai have also defined strict protocols. At China took emergency measures to self- testers and robust detection mechanisms. surveillance network, has struggled to do this. key teams have been segregated so that if one Vatika Business Centre in a Mumbai suburb, the quarantine, global supply chains started On paper, India has such systems. In Developing a vaccine for a virus can take person is infected, we don’t have to quarantine office is dotted with precautionary signs and breaking down. China’s lockdown has hit practice, systems vary hugely in terms of several years. While a lot of resources are the entire lot,” says a senior executive at the sanitisers. At another, M3M Group, there have electronics, automobiles and, ironically, efficiency between states. Kerala has an being thrown into vac- organisation. Of a team of five, been awareness programmes for construction pharmaceuticals, since Hubei is a major excellent public health system, which cine development, and for instance, three are now workers. Almost every office is putting visitors global hub for Active Pharmaceutical draws comparison with First World coun- tools for genomic stud- COVID-19 IN NUMBERS working in one building and two through a preliminary screening about their Ingredients, or APIs. tries; but kids die in large numbers ies have improved, there in another. recent travels and asking employees to declare Three months down the line, there have routinely in Uttar Pradesh. are no guarantees that 3,000 The bank’s Hong Kong office their health status. been deaths in Iran, Italy (which normally there will be a vaccine Estimated is locked down, throwing Across cities, parties are being rescheduled has open borders with the rest of the EU) and o what are India’s institutional systems this year, or the next, for deaths, globally planned projects and timelines and holidays postponed. The CEO of a mid-sized in other First World countries like Japan, S for handling epidemics? The legal justi- that matter. India missed 25,000 out of whack. And where there pharmaceutical firm says his nephew and niece South Korea and USA. The count of the fications for imposing emergency meas- the bus in terms of Samples India can were at least 50 trips a month to have had to back out of a ski trip to Switzerland infected (probably understat- ures like shutting down genomic research capac- test every day and from offices around the and there is no word on getting a refund on the ed) is around 95,000 and the THE DISEASE schools, retracting visas for ities because it did not world, travel has dwindled to bookings yet. He is planning to cancel an number of deaths crossed travellers, screening and participate in the human barely five flights. upcoming employee meet in Mumbai. In anoth- 3.4% Mortality rate, 3,000 in early March. COULD GODOWN quarantining populations en genome project. So we Inside the India offices of er drug firm, one of the sectors worst affected by according to WHO The World Health SEVERAL PATHS. masse, importing medicines, will depend on global another multinational company, the crisis, the CEO has been quarantined Organisation guesses that the ONE POSSIBILITY, protective gear, scanners, R&D is this regard. PREVENTION PROTOCOL employees are tagged by num- because he has just returned from a holiday in mortality rate is around 3.4 THE LEAST reagents, et cetera, are based The disease could go bers: L0, L1 and L2. L0 is a con- Egypt, considered to be a safe destination but per cent. This number is sub- on the Epidemic Diseases down several paths. One > Wash your hands often, firmed infection; L1 are those the company’s taking no chances. ject to change. Mortality may LIKELY, IS THAT Act of 1897. possibility, the least and thoroughly, with soap. who have been in contact with At airports, the gateways to the virus, spike as the disease hits coun- IT WILL JUST The nodal agency for likely, is that it will just > Avoid public spaces if you L0; and L2 are those who were in inbound passengers are being delayed by two to tries with poor public health DISAPPEAR. THE studying epidemic diseases disappear. The most are unwell and work from contact with L1. People who have four hours between landing and leaving the systems but we may also dis- MOST LIKELY IS is the National Centre for likely is that, like other home if you display any travelled anywhere in Asia in the premises. The delays are likely to get longer cover that far more people are Disease Control (NCDC), coronaviruses, it will symptoms. past few months have been asked with the airport authorities instructing that all infected, and the mortality THAT IT WILL which issues advice. The have seasonal impact. > Only patients and to work from home and submit passengers on incoming international flights rate is actually lower. HAVE SEASONAL National Institute of Virology Many coronaviruses caregivers need protective their travel itineraries, if any, for be screened. And the ground staff, including Epidemiological studies IMPACT (NIV) in Pune is a key player can’t handle high tem- gear such as masks. the months ahead. catering, cleaning and security, will enter suggest the infection rate (R0 when it comes to research. peratures well, though > Parents, try not to panic. While businesses have taken a an aircraft only after all arriving passengers or “R nought” in the jargon) Various labs around the some can — flu is more A WHO report says people hit, the crisis has also uncovered have been screened and cleared by the airport may be about 2.8, meaning 10 infected per- country have the requisite certification of likely to occur in winter. under 19 experience a a human side to the cold and health organisation. sons will infect 28 more. (Flu has an R0 of BSL-2, or better, where samples of a disease In that case, infections ‘relatively low attack rate’ abstract face of globalisation. At Mumbai airport, screening counters have 1.3). The R0 is also subject to change as we such as this can be tested. According to a will ease off once sum- T Thirukumaran, a mid-sized been set up in the pre-immigration space. get better stats. The best guess is an R0 of briefing by the health minister, India can mer arrives and spiral garment exporter, runs a firm Doctors and paramedics, 65 of them for now, somewhere between 2 and 3. Worryingly, it test up to 25,000 samples a day and it is up again next winter. called Estee Exports Factory in Tirupur that are on duty in three shifts round the clock. Any seems that somebody who survives one bout importing gear to protect about 350,000 Misinformation and panic are danger- buys buttons and zips from small suppliers in suspected case is taken out of the airport to the of Covid-19 doesn’t develop immunity — healthcare professionals. ous things. Unfortunately, the Ministry of Guangzhou in southern China. He is having to ambulance through a separate corridor and fer- people can be re-infected. Right now, 11 labs have the requisite Ayush seems to have endorsed some home- charter his supplies out by special flights, spend- ried straight to hospital for testing. The virus is zoonotic. It started in an ani- capacity and BSL-2 certification to test for opathic pills, which are useless. As social ing three to four times more on freight. “How mal and mutated to attack humans. It’s like- SARS-CoV-2. Another eight will be ramped media jokes go, eating onion and garlic to can I ask my Chinese supplier to bear this cost? he demand for face masks has, meanwhile, ly to have originated in bats, since it shares up to test samples. Unfortunately, there is no keep people away will actually work better! He is already suffering so much,” he says. So he T skyrocketed across India. In a busy a large proportion of DNA with the SARS easy one-shot blood test. Sputum testing One thing you can do is wash your hands a will take the hit, because he is too small to nego- neighbourhood in Bengaluru, a chemist sells a virus, which originated in bats and caused requires PCR machines (also called thermal lot, and thoroughly, with soap. The virus is tiate a better deal with his buyers too. long-time customer four N95 masks for ~180 many deaths between 2002 and 2004. But cyclers) to check for chemical reactions protected by a layer of protein which is Like him, a number of exporters, big and each, while declaring: “They cost ~150, I am get- we don’t know which animal transmitted it called PCR (Polymerase Chain Reactions) removed by soap. This is about the best pro- small, are absorbing the huge costs of using ting them for ~160. You’re lucky because I'm to humans, and how. and RTPCR (Reverse Transcription tective measure at the moment. charter flights. In the last 10 days, a leading selling this to others for ~400; they are really in We don’t know how the infection propa- Polymerase Chain Reactions), when Let’s hope that summer helps burn the courier company is believed to have moved 142 short supply.” gates (is it aerial, or waterborne, for example) reagents are introduced to samples. PCR virus out. tonnes of cargo from China to Mumbai. > CONTINUED ON PAGE 2 ii | PEOPLE 7 MARCH 2020

PHOTOS: KAMLESH PEDNEKAR his class of first-time learners, the names of doesn’t hold back from being partial. “It some of history’s best-known ballet creates some competition.” composers, Tchaikovsky and Mozart, were Ballet dancers are at their peak relatively received with blank looks. Their parents briefly: from the teens to mid-30s. Around would sometimes mistake “ballet” for the age of 30, Maor transitioned from “belly”dancing. Now, the children have dancing to teaching dance because his body developed recognition for even less obvious could not compete with younger references and terms. Maor leavesthem contemporaries. Because Indian dancers with names of dancers and compositions to tend to discover ballet rather late, he has look up on Google. introduced a method here which he calls the Ballet is fundamental to Western “Maor Placement Technique”. It usesbelts dancing, Maor observes. Training in this to exert muscles and “maximise one’s form is built into curriculums elsewhere in training time”. Now that his stock of custom the world, and it prepares one for picking up made belts has run out, some resourceful other styles. He believes his classes at The students have been using the inner tube of Danceworx now match any international bicycles instead. school. Students pay ~3,000 a month for The Danceworx’s Lobois upbeat about eight sessions or, if they have the talent but the potential for creating a stronger dance lack the money, are funded by the academy. culture with ballet at the core. In his view, Chauhan has returned after a year in dancers who have emerged from poverty Portland’s Oregon Ballet Theatre on and excelled at street dancing must fortify scholarship, and Shah is on a full-ride their talent with classical knowledge. “If you scholarship to the Royal Ballet School. Two don’t know the rules, how will you break more students, Dipesh Verma and Bobby them?” Where ballet dancers tend to move Roy from West Bengal, are attending the upwards and off the floor in controlled ways, Paris Marais Dance School in France. Of his contemporary styles are danced more into students, Maor says, “They get into the the floor. With Maor leading classical schools on merit, not because they are training, Lobo’s ultimate vision is to put poor.” The ballet master’s connections Indian dancers in international schools, to global theatre circles do allow him to theatres, and dance companies. For this, the make appeals for any balance funding for school which has bankrolled students on its flights or housing. own hopesfor corporate funding. Maor’s chosen dance form is all about While Maor enjoyed Taraporevala’s film, “excellence”. In his experience, ballet he notes he is not as grumpy nor as dancers have to beathletes, gymnasts, emotional as the teacher played by Julian contortionists, and actors, and have a sense Sands. Remembering how the protagonist of music. It needs nuance: in performing gifts his students vintage ballet dolls one type of plie, dancers must act as if towards the end, he rolls his eyesand says, “I sinking under the weight of a brick, and in would never do that.” But the struggles of another type, they must appear like flying students here did remind him of his own birds. He describeshis role as that of a childhood. In other ways, things were more “sculptor”who shapesthe difficult than in the movie. bodies of students into His first rehearsal studio in “instruments”. His eye — THEY GET INTO THE Bandra was dingy with no developed over fifty years SCHOOLS ON MERIT, mats or ventilation. Still, of teaching — is able to him and his star students spot a potential “ballet NOT BECAUSE THEY would train for hours there body”from the arch of ARE POOR and leave totally the foot, the contours of exhausted. “On the way the leg,and the silhouette back,” the teacher says, of the muscles. A good sounding nostalgic and teacher, he reckons, must IF YOU DON’T KNOW ever-so-slightly paternal, know whom to nurture THE RULES, HOW WILL “we would stop at a and whom to push. Those Starbucks and I would who have the potential YOU BREAKTHEM? feed them.” are rigorously coached. Cultural differences were a challenge for him at first. In his earlier career, Maor was used to seeing dancers privileging professional needs over personal ones. But in India, family comes first. Boys tend to outnumber girls here. Sons are more often given permission over daughters in India to dance for long hours in tight costumes, he shrugs. Still, demand has only risen, with the academy considering making batches Turning point of 60 students instead of 40. At The Danceworx’s Andheri rehearsal studio, limber boys and girls in their teens and tweens arrive for classes through the day. A hip replacement two years ago has slowed AnIsraeli-Americanballetteacherishelpingpopularisetheclassicaldance him a bit so that Maor presides from atop a amongtheyoungandrestlessofMumbai,writesRanjita Ganesan red stool and walks around the class now and then to manage the playlist and correct the dancers’ postures. ehuda Maor’s jaw drops. He is teens, he was taking full-time lessons by by choreographer Ashley Loboto join The After an hour of warming up on the barre, reliving a moment from his day, and dancing for a Tel Aviv production Danceworx, his academy for international a whole 40 minutesmore generous than in childhood in the 1950s when, of FiddlerontheRoof by night. He dance. Although Delhi didn’t agree with international schools, the ballerinas and aged six or seven, he had just pirouetted his way into the famous Bat-Dor him, Maor took Lobo’s offer to move to his ballerinos push them away to make room for Y seen the film version of a Dance Company, owned by the Baroness school in Mumbai, a city he loves except for centre work. They take to the floor in Bolshoi Ballet recital of Swan Lake. “It was Batsheva de Rothschild, coming into its reckless autorickshaws. There, he took on batches of four, performing short just ‘Wow’. I can’t explain,” says the Israeli- contact with stalwarts such as Jeannette the task of preparing economically weak but choreography that includes well-oiled spin American, still wide-eyed some 70 years Ordman and Alvin Ailey. He remembers exceptionally gifted dancers for cycles and feather-light soubresaut jumps. later. He grew up in the culturally rich, vividly two other performances he had seen programmes in major international schools. “There is a photographer here,” Maor mostly unreligious atmosphere of a growing up: the Indian classical dancers The story of how he discovered and informs the room, and adds half jokingly: kibbutz (commune) near Haifa in Israel, Ram Gopal and Shanta Rao. Perhaps that trained Amiruddin Shah and Manish “Careful not to kick him.” Throughout the where Brahms would play at home, the had been an early sign. The subcontinent Chauhan, both young dancers from hour-and-a-half duration, he sings opera and theatre were weekly fixtures, beckoned decades later. For six years now, impoverished neighbourhoods of Mumbai, instructions that remind them to move and children took piano and singing Maor has been introducing ballet to young inspired the plot of a recent film, YehBallet, upwards or outwards, and execute lessons. But nothing caught his dancers in the suburbs of Mumbai. written and directed by Sooni Taraporevala promenades and arabesques. Sweat slowly imagination quite like the light, graceful His initial experience of India was not who had earlier made a short documentary begins to soak their t-shirts, and the dancers movements of ballet. His parents did not idyllic. He landed in New Delhi well past on the subject. Somehow in its expansion use their brief breaks to stretch in corners or entirely understand his fascination but midnight, and was put up in a place where from Europe to the Americas and South East snack on nuts, seeds, and sensible they were supportive of his ensuing resolve he had to step over sleeping bodies to reach Asia, ballet “skipped India”, says the sandwiches. Maurice, a slender 14-year-old to learn the classical European dance. his room, and there was no water or food. “I instructor. Back in San Francisco, where he of modest means who has trained for a few The kibbutzniks would give him a few woke up and everybody was speaking had taught for twenty years before this, the years now, has the potential to go lira for the bus ride to the city, where he Hebrew,” he recalls. “It was an Israeli fact he had trained with Natalia Makarova professional, Maor points out. He separates studied ballet twice a week. By his late backpackers’ hostel.” Maor had been invited impressed one and all. In Mumbai, facing him from the class for a quick solo. Maor

PTI ings and instructed employees to avoid home in the meantime. > CONTINUED FROM PAGE 1 in-person meetings with outside part- Flight and hotel booking platform ners, and instead leverage video-con- ixigo has, meanwhile, announced full ferencing technologies. Besides an refunds on flight bookings to 10 affect- emergency desk to help with medical ed countries, including China, France, The panic, it’s catching queries, the company has stocked up Germany, Iran and Italy. “We will con- on soap and food items across its tinue monitoring the situation and Since the news of a confirmed coron- one of the private hospitals that the offices. Similarly, all extend the waiver if the avirus case in India, 80 per cent of their Karnataka government roped in when incoming vendors and vis- While companies such need arises,” says Aloke business orders from around the coun- news of India’s first positive case of itors are being screened at as Wipro have set up Bajpai, co-founder and try has been for N95 masks and toilet coronavirus came in from Kerala (the Intel’s Bengaluru office. in-house monitoring CEO, ixigo. seat sanitisers, says Vikas Bagaria, patient has since recovered). Some While companies such teams to assess the The best way to con- founder of Gurugram-based PeeSafe. places, like the Gandhi Hospital in as Wipro have set up in- crisis, Amazon India, tain this highly infec- “Many offices are ordering masks for Hyderabad, have earmarked lifts for house monitoring teams to Flipkart, TCS, Godrej tious disease, says Ballal, their employees and these orders go patients and coronavirus caregivers. assess the crisis, Amazon Enterprises and Titan is to ensure self-assess- up to 2,000,” he says. The company had Karnataka had its first brush with India, Flipkart, TCS, Godrej have put restrictions ment by patients. This stocked up on its masks inventory after the global scare when a techie from Enterprises and Titan have on international includes avoiding public reports of Delhi’s failing air quality. Telangana visited Bengaluru on put restrictions on inter- travel forwork spaces if one is unwell “Unfortunately, no one saw coron- February 20. He fell sick and tested national travel for work. and sticking to proper avirus coming and we’re bound to run positive only after leaving the city. It’s Work-from-home advisories have also cough etiquette: using handkerchiefs, out of stock,” Bagaria says. believed that he picked up the virus monitoring those exhibiting flu-like Multinational companies are, how- been issued to offices at city-based or elbows to cough into in the absence “Protective gear is precious now and while meeting colleagues from Hong symptoms. Children from the area ever, putting their own measures in Manyata Tech Park after an employee of one. “Only the very sick should be we shouldn’t allow it to be misused. It Kong while on a trip to Dubai. have reportedly been asked to stop place. “We have panels of doctors on of a US-based software company admitted to hospital,” he says. should only be used by caregivers of Though the techie’s flatmate, an attending schools, even if they aren’t standby across all locations. They are returned to Bengaluru from an affect- Meanwhile, ignorance and disinfor- patients. It doesn’t make much sense Intel employee, has not tested posi- showing any symptoms. educating the employees,” says ed country and had flu-like symptoms. mation isn’t helping matters. Accord- for the general public to wear masks,” tive, there’s widespread fear after news The Karnataka chief minister has, Harshvendra Soin, chief people offi- Though doctors declared the employ- ing to a survey conducted by fitness adds Sudarshan Ballal, nephrologist of the techie staying there broke out. meanwhile, confirmed that no one in cer, Tech Mahindra. Like other multi- ee asymptomatic for coronavirus, the gear company GoQii, 32 per cent of and chairman of Bengaluru-head- Health officials have been busy coun- the state has tested positive for nationals, Tech Mahindra has also put campus is being disinfected and people in India believe coronavirus is quartered Manipal Hospitals. This was selling residents of the society and coronavirus. off all internal meetings and gather- employers being told to work from bioengineered in a lab in China. iii 7 MARCH 2020 BOOKS & IDEAS |

ISTOCK

YESTERDAY’S GLORY: The Cromwell’s Darbar Mahal in Bahawalpur hubris

PARUL SEHGAL

ow suitably some writers come named. Muriel Spark, of the scorch- H ing short fiction. Judy Blume, of sto- ries of young girls coming of age. Ann Patchett, in whose work families desperately try to repair their tattered ties. Then there is Hilary Mantel, the author of several books, including an acclaimed suite of novels set in Tudor England, in whose own name can be discerned her themes — of cloak- ing and secrecy, the weight of responsibility — and, as it happens, the particular pleasure of submitting to her lavish and gory imagination. When a hawk makes a kill, it drapes its wings over its prey, concealing it from other preda- tors. This gesture is called “mantling,” and it’s a fine description of reading Mantel’s work. The world is blotted out as you are enveloped in the sweep of a story rich with conquest, conspiracy and mazy human psychology. The Mirror and the Light is the triumphant capstone to Mantel’s trilogy on Thomas Cromwell, the son of a blacksmith who rose to become the consigliere of Henry VIII and archi- tect of the English Reformation. It’s a story that could be the stuff of venerable and fusty histor- ical fiction, but Mantel clears away the cobwebs. The curtain here rises on Cromwell in 1536. He is 50 years old, rich beyond all his imagining and very much alone. A sickness carried off his wife and two daughters years ago. He is the king’s chief confidant and fixer, although his primary duty is now “to get the king new wives and dispose of the old”. He admits: “I am running out of ladies.” Henry is desperate for a male heir. He divorced his first wife, Katherine of Aragon — forcing a split between Rome and the Church of England. His second wife, Anne Boleyn, moth- er of Elizabeth and the charismatic antagonist of the first two novels, has been beheaded for adul- tery. Cromwell was instrumental in bringing Vanishing pasts Anne to trial, which we saw in the second vol- ume, Bring Up the Bodies. He rounded up her alleged lovers (including her brother) and squeezed out confessions. Whether they were true or trumped up is never known. Anaccountofakingdomthataccededto Pakistanoffersausefulwayto understandtensions When The Mirror and the Light begins, Cromwell has never been more beloved to the withinPakistanisociety inshapingitshistory, writesChintan Girish Modi king, who is now free to marry the docile Jane Seymour. It is the beginning of read books about Pakistan with great agricultural wealth and a large amount of from August 14, 1947 when he spoke of religious Cromwell’s undoing. interest. Asan Indian, they help me cut funds. However, if this book is anything to go by, freedom, rule of law, equality for all and an A man who has through the jingoism of the present Bahawalpur did not receive much in return. inclusive and impartial government. worked in the shad- moment and connectwith a shared ThoughLoyd digsoutstoriesofBahawalpur’s Loyd writes, “Pakistan has turned its face ows is now too visible, I historical, cultural and geographical princesfromoldrecords,lettersandtheaccounts increasingly towards a medieval religious ideal. envied and feared. landscape going back thousands of years. While ofBritishtravellersandcivilservants,her It attempts to destroy or envelop the diverse Tax rebellions spring the act of reading cannot heal old wounds narrative lensislargelyshapedby hersympathy culture, individualism, liberality, education up in the north. between countries, it can certainly soothe forAbbasi.Shefeelssorry“thatBahawalpurhad and colour of this part of the subcontinent in There’s a movement people like myself who thrive on the hope that vanishedfromthemapsofarasatleastas the burka of religious conformity according to to advance Henry’s things will get better one day. foreignerswere concerned,behindthebordersof the most puritanical interpretations of sharia.” first child, Mary, as his Bahawalpur:TheKingdomthatVanished, anunexploredandpotentiallyperilous The burka metaphor is troubling because it heir. Seymour dies, written by a British woman named Anabel Pakistan”. However, herconcernisdifficultto harks back to the trope of the white Christian THE MIRROR AND after producing a son, Loyd, promisesto nourish the curiosity of relateto becauseitfocusesonlyonthefaded woman trying to save the brown Muslim THE LIGHT and another wife readers interested in a part of Pakistan that is gloryoftheBahawalpurielite“asthestatewas woman without fully understanding how the Author: Hillary must be sought. rarely celebrated in the way Lahore, Karachi, absorbedintothePunjab”, andnotonthe latter negotiatesher everyday existence. Mantel Cromwell chooses one Islamabad, Rawalpindi, Peshawar, Quetta and hardshipsfacedby thesubjectsinthekingdom.I I do not think the author is being Publisher: Fourth for the king, and Chitral are. However, this book is not a people’s wishshehadmovedbeyondtalkingabout Islamophobic, however. There is tremendous Estate/HarperCollins chooses badly. Anne BAHAWALPUR history. It is based on the author’s “glamorousnawabs,fleetsof political backing within Pakistan Price: ~799 of Cleves, selected to THE KINGDOM conversations with Salahuddin Abbasi, Rolls-Roycesandremarkable WHEN for scripting an Islamic history Pages: 912 broker an alliance grandson of Sadiq Muhammad Khan V — the palaceslostto view”. that wipes out the Hindu and with Germany, cannot THAT VANISHED last ruler of Bahawalpur — a princely state that Abbasi, we are told, is the BAHAWALPUR Buddhist past of the country. hide her distaste for choseto merge with Pakistan rather than India 62nd in a lineage that can be ACCEDED TO Indians do not have much to Henry. Worry and guilt begin to gnaw at Author: after the Partition of 1947. tracked back through the PAKISTAN, THE gloat over in this respect because Cromwell. “Dead queens blink at him, from Anabel Loyd Abbasi was born on 29 July 1946, just a year Abbasid caliphs of Cairo and LATTER GAINED the project of scripting a Hindu behind their broken mirrors.” Wolves gather out- Publisher: before, in the western Himalayas at Al-Hilal, the Baghdad to Al Abbas Ibn Abdul history for India that deprives side his door. Penguin/Vintage summer house among the tea gardens of al Muttalib, uncle of Prophet A WELL- Muslims, Christians, Dalits and This is the longest book in the series, the Pages: 285 Palampur built by his grandfather in the 1930s. Muhammad. Why doesthis RESOURCED adivasis a rightful place is well most mournful — and the slackest. It lacks the Loyd interviewed him over several weeks in matter? Claiming Arab underway. “In 2017, Narendra formal play (and humour) of Wolf Hall and the Price: ~599 STATE BUT DID 2016 to learn about the historyof his state and ancestrybecame a way to NOT RECEIVE Modi’s Hindu nationalist ruthless compression of Bring Up the Bodies, his family against the backdrop of political legitimise one’s stature among government amended the which tracked the events of just one year, cul- upheaval in Pakistan. “He hoped, by telling his fellow Muslims, and indicate MUCH IN RETURN Enemy Property Act to include minating in Boleyn’s beheading. story to a foreigner who started with an open closeness to the roots of Islam. Pakistani citizens and their legal The startling, bony style of the first two books mind and scant knowledge of Pakistan, let Abbasi’s grandfather renamed heirs even if they are Indian has been abandoned. The prose is plush, the sen- alone of the Abbasi family, to avoid the whole his capital Baghdad-ul-Jadid, and also adopted citizens,” writes Loyd. tences longer and more adorned, tricked out with spectrum of shades of truth and points of view a “courtly headgear to express his family loyalty This review would beincomplete without little tassels and extended metaphors. Even as that colour and reinterpret any Pakistani tale,” to the Ottoman caliphate”. The grandson taking a moment to call out the author’s certain pages proved a slog, certain scenes repet- she writes. continues to wear it to this day. orientalist gaze, however unconscious it may itive, even as I entertained heretical thoughts Abbasi holds the mullahs and the military Instead of dismissing this as trivia, the be. Speaking of her plans to visit the region she about pruning certain sections, or striking them equally responsible for the corruption and reader can use this information to understand wanted to write about, Loyd says, “Now I entirely, these choices follow a certain logic. decay that has seeped into Pakistani society, how the theory of the divine right of kings was imagined a desertquest. An expedition, For more than a decade, Mantel has and also led to the destruction of his family incorporated within an Islamic framework. It possibly involving camels, in search of Derawar immersed her readers in the life of Cromwell, heritage. Loyd is surprised to find that the also points to the ongoing tension within and the further crumbling links of fortifications writing very close to the historical record and sprawling family in Bahawalpur that used to Pakistani society. On the one hand are people once intended to protect India’s wealth.” correcting the record where she has deemed nec- exist 100 years ago has now been reduced to “a who believe that “the foundations of Pakistan Instead of thinking about the place in terms of essary. It is too facile to regard the man as a handful of aunts, uncles, warring cousins of go back to the earlier historyof Arab Muslim the people who live there, she reduces it to a Machiavellian monster of self-interest, she has closer or more distant kinship, all claiming arrival in India, first through trade into Sindh tourist destination. Sample this: “The vast argued. In his road-building projects that some part of the broken Bahawalpur estate.” and then through the conquest in 712 CE, by panoply of cultures, religions and unvisited employed the poor lie the foundations of the When Bahawalpur acceded to Pakistan, the Muhammad bin Qasim”. On the other side are treasuresto berediscovered... Baluchistan and welfare state. The son of a blacksmith broke with latter gained not only an operational welfare the more secular-minded whoseorigin story is Kalat, names of wild imaginings in Edwardian the orthodoxy of the time to insist that poverty state but also a well-resourced army, pinned on Muhammad Ali Jinnah’s speech diaries.” Ugh! was the product of circumstance, not character. But the magnetism of these books derives not from its mountain of facts but from its elisions — all those gaps in our knowledge and under- standing. How do we square Cromwell’s cruelty OUT NOW with his intense, almost disabling desire to pro- tect the vulnerable, all the lost, “roaring boys” he gave quarter and instruction? Has any character THE AMAZON JUST TRANSFERRED: THE DALAI LAMA: AN COCONUT: HOW THE seen women, liked women, enjoyed their con- MANAGEMENT SYSTEM THE UNTOLD STORY EXTRAORDINARYLIFE SHY FRUIT SHAPED versation and stratagems quite so much as he? The guru of strategy OF ASHOK KHEMKA A well-known OUR WORLD Has anyone used them with such cold efficiency? execution and a Two journalists trace the Tibetan scholar, who A writer and When we praise characters, we often say they management consultant tumultuous and collaborated with the photographer relates the “feel real”. But the enduring characters are explain what it takes to controversial career of a Dalai Lama on several long and often always elusive. No more so than with Cromwell, make the world’s largest man who came to be books, offers the first unexpected role of this one of literature’s great ambiguous characters. online delivery company known as the forever- authoritative biography common fruit in Till the end, he is full of surprises. When the a trillion-dollar in-transit bureaucrat. of this popular if influencing world history. wolves finally catch up to him and haul him off behemoth. Bhavdeep Kang controversial Robin Laurance to the Tower of London on charges of treason, Ram Charan & Julia Yang & Namita Kala spiritual leader. Niyogi the plot and arrest are handled so smoothly, he Wiley HarperCollins AlexanderNorman ~450, 240 pages can’t help but marvel: “You would think he had ~999, 162 pages ~599, 276 pages HarperCollins done it himself.” ~799, 411 pages © 2020 The New York Times iv | CULTURE 7 MARCH 2020

< (Clockwise from left) The Song of the Earth and Sky, a pleated pavilion commissioned by the Gujral Foundation; ‘Know the Bee’ | | | | | || | | | workshop by Golden Hive S M A R T ART Foundation; sparrow nest building workshop; silent book reading; school heritage walk; Kutiyattam performance organised by Unesco

KISHORE SINGH Creative problem

midst concerns that this week’s Armory Show in New York would not proceed as A planned, the popular art fair on the Hudson river’s piers 90 and 94 opened to what is being described as a relieved success. Well- known collectors arrived without the fanfare of City escape masks despite Manhattan reporting its tryst with coronavirus. Other fairs globally are being more cautious and have cancelled or post- poned indefinitely their annual outings, among Delhi has a trendy new cultural space in the Mughal-era them Art Basel Hong Kong and Art Dubai, both earlier scheduled for this month. The 15th edi- Sunder Nursery, writes Veenu Sandhu tion of Art Tokyo, also this month, too, stands

annulled. Amidst global jitters, more fairs, PHOTOS: COURTESY AGA KHAN TRUST FOR CULTURE biennales and art events perched amidst the he verandahs have disappeared. As have the busy in this city garden, which has two amphitheatres: chasm of hope and despair are trying to read ledges. And so the house sparrow, which one with a capacity of 500 and the other, a more intimate the tea leaves of what the immediate future was once commonly seen hopping on them, one, that can seat about 50 people. holds for them. The possibility of millions — is fleeing our cities for the countryside where Besides heritage walks, farming demonstrations for billions? — of dollars of tradeable wealth has T it can still find nesting places of its choice in city-born and -bred children and workshops on birds evaporated in a wisp of smoke. the nooks and crannies of traditional homes. Now if we and bees (literally), the sprawling 90-acre complex has Nor are fairs the only casualties of the art don’t want this little bird to turn its back on our homes for hosted fashion shows, qawwali evenings, textile fairs world, though clarity on what is shutting, or good, we need to give it, well, a home. and dance performances such as kutiyattam for how long, remains unclear. Among the con- Sparrows like to nest in holes stuffed with The organic and most recently an interpretation of the sequences is arguably the most famous — or vegetation and made snug and comfortable market has been feminine form in sculptures through Odissi. popular — museum in the world, the Louvre in with feathers, paper and other such warm, organised by the In October last year, Kathakar, an inter- Paris, where its staff forced a shutdown. Italy soft material. You can buy such a nest online Earth Collective national storytellers’ festival, chose this open saw the temporary closure of some of its popu- — what’s the fun in that, though? — or if you every Sunday, and space as the venue for its 12th edition. Some lar museums that have reopened with advi- are in Delhi, you can head to Sunder Nursery starting today of its earlier editions were held at the Indira sories limiting numbers and increasing space adjacent to Humayun’s Tomb this Sunday every Saturday Gandhi National Centre for the Arts, the between visitors to a metre between them. They morning and build one at a special work- too (8 am to 1 pm) India Habitat Centre and the Nehru needn’t worry — the queues have diminished to shop that teaches you how to. Memorial Museum and Library in New a trickle anyway. And while you are there, you can also check out the Delhi. “The amphitheatre was packed with 1,400 peo- organic market for fresh farm produce, microgreens, ple,” says Ratish Nanda, the CEO of the Aga Khan Trust groceries, jams, beverages, natural fertilisers, essential for Culture that is behind the restoration and revitali- oils and a lot more. The market has been organised by sation of the garden, along with the Archaeological the Earth Collective every Sunday, and starting today Survey of India and the Central Public Works every Saturday too (8 am to 1 pm). Department. The rambling space, earlier called Azim A 16th century heritage park complex sprinkled Bagh, made it possible to accommodate the crowds that with protected Mughal-era monuments, Sunder turned up for Kathakar. Nursery is an idyllic getaway from the city within the The space is let out to artists and schools for annu- city. It’s a place where yesterday walks hand in hand al functions as well. Also hosted here are silent reading with today, and where the wilderness and immacu- sessions, wherein you can sit by, say, one of the many lately landscaped gardens lie side by side. In the last waterbodies in the garden alongside strangers with year or so, it has also emerged as Delhi’s hippest new your book. It’s a kind of an invitation to soak in a sense cultural space. of community and companionship even while you are The winter months gone by have been particularly lost in your own private world.

Art Basel Hong Kong, 2019

The impact on The wait-and- auctions will bear watch tenterhooks of out laterthis month, the art world is send- but theyare ing shivers down its expected to fare collective spine. somewhat better Whatever shape the since bidders have pandemic takes, forsome time shifted organisers are loath to outside the auction wish away months room to bid over and years of planning telephones or online and potential sales when the virus might slow or cease with the approach of summer. But there is little doubt the industry is nervous. Private shows, gallery exhibits and artist pro- grammes are easier to “postpone”, but large events that require collaborative planning are seeing management heads locked in boardrooms from here, this edition (the 15th) of inward, has no one language, no Sarai have witnessed artists from as Plan A is exchanged for Plans B and C — a rare Letthere be love the festival comes with a fitting one definition. It transcends sects, different parts of the world at this occurrence in the rarefied world of artists, art message for a riot-torn Delhi: “Let disciplines, forms and celebration, recreation and exhibitors, collectors, promoters and investors. The 15th edition of the Jahan-e-Khusrau Sufi Love Reign”. “Each year, it is the expressions. “An Ode to Khusrau”, interpretation of Khusrau’s world: The most impacted are events where thou- same concern for the human in which Kaushalya Reddy’s Iran, Sudan, Turkey, Tunisia, sands of visitors are expected to concentrate at festival reiterates the core message of the predicament seen in the changing disciple, Prakriti Prashant, will Egypt, Japan, Israel, USA and, of any given time. This does not include galleries syncretic faith, says Veenu Sandhu light of circumstances,” says translate the expressions of course, Pakistan. In the last two where footfalls remain low. The impact on auc- filmmaker Muzaffar Ali, the man Sufism to Kuchipudi, celebrates years, however, the event tions will bear out later this month, but they are behind the festival. “With new this all-encompassing essence. described as a “world Sufi music expected to fare somewhat better since bidders he ruins of Arab ki Sarai in the talent and new verse, we express The festival opened yesterday festival” has had artists from India have for some time shifted outside the auction THumayun’s Tomb complex, the oneness of humanity.” with an “Ode to Rumi”, the 13th alone. Ali describes this as “the room to bid over telephones or online. Different across the road from Sunder Many of the voices at the century poet and Sufi mystic, growing up process” of Jahan-e- markets may post different results, and that for Nursery, are once again festival this year are from Punjab: presented by Kathak dancer Khusrau. “It was discovering its the Indian market will be up for grabs with the reverberating with the sound of Gurdas Maan, the Nooran Sisters, Manjari Chaturvedi and musician global resonance and finding our New York sales later this month. How they fare Sufi music. The sarai (hostelry, or Kanwar Grewal, Jasleen Kaur, Murad Ali. own. Today, it has come of age, and — and the Christie’s sale will be an important inn) built in the 1560s by Mamta Joshi. “Punjab is the Each edition, says Muzaffar enormous talent is emerging on pointer — will reveal how Indian collectors are Humayun’s widow Hamida Banu strongest pocket of Sufi culture Ali, is born out of the earlier the horizon.” reacting to the medical emergency. Begum for the 300 Arabs she had and talent,” says Ali. “Poets like edition. “There is a continuity of What of India itself? The current period brought with her from Mecca, has Baba Farid, Bulleh Shah, Waris verses and voices. Each time Jahan-e-KhusrauisontillMarch 8at before the onset of the summer hiatus is impor- often been the chosen venue for Shah have illumined the world different, yet with a resonance of theArabKi SaraiintheHumayun’s tant for the trade. As of now, no museums have Jahan-e-Khusrau since 2001, with their message of love.” the earlier one.” TombcomplexinNewDelhi.Fordetails, been shut, though some openings have been when the three-day annual Sufi Sufism, which is about looking The jagged walls of Arab ki jahan-e-khusrau.com pushed ahead. Internationally, private sales music festival first began. are a lucrative segment of the business, but in Held to commemorate the India this constituency is underreported. It’s death anniversaryof one of anyone’s guess how things will play out, but medieval India’s most celebrated speculation is that private sales are likely to poet-musician-scholars, Amir see a push. As for the market itself, the recent Khusrau, whose resting place in successful auction of fugitive Nirav Modi’s the Nizamuddin dargah is not far seized art and personal effects should be a pointer to the availability of money and the propensity to spend. Isn’t it what the doctor < (Left to right)Prakriti prescribes when times look bad? Prashant will translate the expressions of Sufism to Kishore Singh is a Delhi-based writer and art critic. Kuchipudi; Muzaffar Ali, the These views are personal and do not reflect those of the man behind Jahan-e- organisation with which he is associated Khusrau; Gurdas Maan will be the showstopper this year v 7 MARCH 2020 TRAVEL |

The world’s best fondues

KATE KRADER & RICHARD VINES

t a time when small plates rule the table, fondue stands proudly as the ulti- A mate large-format sharing dish, the European alternative to a steaming hot pot in Asia. Fondue’s long, cheesy strands reach back to Homer’s The Iliad, when the fromage of choice was made from goat milk. The dish, at its most basic just cheese and wine, gained international prominence in Switzerland in the 1930s when the Swiss Cheese Union pro- moted it from obscurity to push a glut of Gruyère and Emmenthal. The country contin- ues to take fondue seriously, with more than one word to describe its various components. The delectable, crispy crust at the bottom of the SPRING pot is la religieuse (or “the nun”) for reasons that aren’t entirely clear. Following is a tour of the finest fondues Witharchitectural around the globe. La Bonne Soupe, New York: Tucked away in gems,colourfulnightlife midtown Manhattan, with the feel of a Parisian andlaidbackvibe, bistro, the restaurant has been specialising in IN IBERIA melted cheese since the 1970s. Fondue au fro- LisboninFebruary mage, which comes with the option of gar- nishes such as spicy merguez sausage or a shot isathingofbeauty, of kirsch, a requirement if you’re from Switzerland. says Dhruv Munjal Stable DC, Washington: Stable pays homage to the cuisine of Switzerland with such dishes as crispy potato rösti and landjäger air-cured, iguel isn’t your typical bicy- smoked sausage. The restaurant’s fondues are cle tour guide. He’s almost based on an unconventional blend that 65, potbellied and balding includes old and young Schlossberger, a but- from the sides. Once the tery, raw cow’s milk cheese, accompanied by M owner of an advertising firm, house-baked bread. he now conducts bike tours of the city he grew Geja’s Cafe, Chicago: Two words are associ- up in for free. Last month, he cycled all the way ated with Geja’s: “romantic” and “fondue”. The from Vienna to Budapest, a journey that had candle-lit dining room features a bubbling him on the road for 10 straight days. “Money wine-spiked Gruyère version in classic enam- doesn’t interest me too much. You don’t know elled pots, with platters of bread cubes, how long you’ll live,” he later says. grapes, apples. It’s my second day in Lisbon, and, des- perate to experience the city in the most authentic way possible, I swiftly book Miguel’s tour on Airbnb. The next morning, as I scramble to get to Rossio Square — a tribute to King Pedro IV — to meet the 10’o clock starting time, Miguel greets me with a wide smile. He sets us up on our bikes — the rest of the group is mostly American — fires up a Camel Light and off we go. Lisbon in February is a magnificent sight — a pleasant chill in the air, the rays of the sun descending on bright colourful rooftops, and the muddy green waters of the Tagus river glistening in the distance. In just under four hours and over 15 km, Miguel promises to take us through many of the Portuguese cap- ital’s incredible architectural treasures and Palace Kitchen, Seattle: Palace’s goat cheese RIDING A BIKE IN LISBON IS FUN: THE lavender fondue has been a bestseller since CYCLING LANES ARE ALMOST AS WIDE AS THE chef Tom Douglas opened his seminal Pac ROADS, THE TRAFFIC IS SELDOM HEAVY AND Northwest restaurant in 1996. He took advan- tage of one of the era’s hot ingredients, tangy YOU CAN TAKE YOUR BIKE PRETTY MUCH goat cheese, and lightly scents it with the floral ANYWHERE YOU WANT herb. Alongside are sweet and juicy D’Anjou pears and, for a slightly smoky bite, wood- introduce us to a cultural past like no other in But the most popular landmark along the grilled bread. perhaps all of Europe. Even as metropolises river is the Belém Tower, a cer- Le Chalet Savoyard, Paris: This restaurant around it have succumbed to rapid moderni- emonial gateway of sorts to specialises in the cuisine of Savoy on the bor- sation in recent decades, Lisbon, with its Lisbon that serves as a sterling if you’re, well, a tourist. The creaky tram, der with Switzerland. It offers a variety of fon- famous yellow trams, cobbled streets and example of Portuguese ren- complete with wooden interiors from a dues, including farmer-style, made with four infectious laid-back vibe, continues to retain aissance architecture. One of bygone era, is a wonderful homage to cheeses and smoked bacon. The house spe- a gorgeous old-world charm. the sides of the tower is the city, passing through the bustling ciality is fondue’s show-stopping cousin, a Riding a bike in Lisbon is fun: the cycling adorned by a sculpture of the tourist hubs of Graça, Alfama, Chiado slow-melting raclette scraped from a wheel of lanes are almost as wide as the roads, the traf- Indian rhinoceros — the story and Bairro Alto. Alfama, a quiet neigh- Morbier, a semi-soft cow’s milk cheese with a fic is seldom heavy and you can take your bike goes that when a rhino arrived bourhood located atop a hill, offers a distinctive dark line running through it. pretty much anywhere you want. Our first on the shores of Lisbon as a stunning panoramic view of Lisbon. Its St Moritz, London: This Soho establishment stop is the Praça do Comércio, the city’s main diplomatic gift in 1515, thou- up-and-down streets, multi-storey is London’s oldest Swiss restaurant, dating to square. It once housed the Royal Palace, before sands lined up to catch a homes — their exteriors often painted 1974, which is pretty ancient in terms of the the great earthquake of 1755 wiped out almost glimpse of a specimen that yellow and blue — and relaxed feel is city’s fast-moving dining scene. Even Swiss all of the city, including the imperial residence. had not been seen in Europe everything Lisbon in a nutshell. customers are impressed by its authenticity Now, of course, the square is a defining sym- since Roman times. The Later that night, I trudge off to Bairro and the choice of Swiss wines. The owner and bol of Lisbon, home to shops, cafes and gov- Belém Tower is also where the Alto, the scene of Lisbon’s dynamic chef, Armin Loelscher, says his bestseller is ] ernment offices. Youngsters perform kickflips Tagus merges with the Atlantic Ocean. (From top) The Praça do nightlife. The narrow alleys play host to a Fondue Motie-Motie, featuring imported on their skateboards in one corner as photo Its monuments and museums aside, Belém Comércio, the city’s main number of bars, all booming to loud interna- Gruyère and Vacherin cheese and served with square; the Palácio da Pena in hunters queue up to get clicked alongside the is perhaps most famous for something entire- tional music even as some musicians on the new potatoes and bread. Sintra, located just outside statue of King José I. ly unrelated: pastel de nata, a traditional Lisbon; traditional Portuguese street entertain the crowd with fado, a form of Swiss Chuchi, Zurich: Naturally, Switzerland When I tell Miguel where I’m from, he’s Portuguese tart made with egg and custard, egg custard tarts; Pasteis de Portuguese music characterised by melan- is full of restaurants serving fine fondues, with quick to point out that the pastel blue govern- and then dusted with cinnamon. Originally Belém sells almost 10,000 cholic tunes. After searching for the best Swiss Chuchi, at the Hotel Adler, as one of the ment structure down the street overlooking invented by Catholic monks, the tarts have of them every day; one places online, I step into Majong, a cosy, dim- most popular. With seating indoors and out- the Tagus was once used to build ships for been made famous around the world by Pasteis of Lisbon’s iconic yellow ly lit restaurant with cabbage-shaped lights on doors, you can choose from a wide range of Portuguese explorers — the São Gabriel, which de Belém, the shop serving them for the last 183 trams; the Belém Tower the ceiling. I’m a beer person but Hugo, the local dishes, some of them rather unusual. The was commanded by Vasco da Gama on his years. Miguel suggests that some 10,000 tarts bartender, coaxes me into trying a gin Lady Fondue features prosecco, pears, cherry maiden voyage to India in 1497, was put togeth- are sold by the café every day. I take back a cocktail with ginger, which, to my surprise, I liquor, and garlic. er in one of the bays of this very building. pack of six for home, hoping they won’t spoil enjoy immensely. Le Dézaley, Zurich: This traditional restau- Vasco da Gama is, in fact, immortalised in before I reach Delhi. We finish our somewhat Two days later, as I head to the airport, I rant in the Old Town specialises in the cuisine a monument — Padrão dos Descobrimentos exhausting but extremely rewarding tour with run into Miguel again — he’s leading a new of the Vaud region. It’s cosy, with simple wood- (Monument of the Discoveries) — along the a dash through LX Factory, once the setting for group of cyclists out to see the marvel that is en furniture and friendly service. The signature banks of the Tagus. The boat-shaped memo- a sugar mill but now a fashionable nightlife Lisbon. I wave out to him from the backseat of fondue is manufactured from ripe cheeses of rial also features Ferdinand Magellan, as well haunt that teems with revellers post dusk. my Uber; he looks up and blows a kiss in my the region and has been a draw for diners for as Afonso de Albuquerque, the general who In the evening, I hop on to the famous direction, wishing me a safe flight. That’s a century. went on to become the second viceroy of Number 28 yellow tram, a quintessentially when I realise that Miguel and Lisbon will Warashibe Gyoza, Tokyo: Under the category Portuguese India. touristy experience that is too hard to resist both be missed. of unconventional fondues is Warashibe, an iza- kaya where diners use dumplings as the dip- ping agent. Tabletop teppanyaki griddles are loaded down with shredded mozzarella and cheddar, then heated until it’s all an oozy pud- dle. The cheese is surrounded by an army of gyoza for dunking; varieties include unconven- tional, cheese-filled ones as well as classic pork. Wine Universe, Singapore: Red cloths deco- rate the tables at this sleek spot, which fea- tures an international wine list and a menu that leans on the cuisine of Switzerland. Cheeses are carefully sourced from master fro- mager Marc-Henri Horner. Among the five kinds of fondue is La Singaporienne, spiked with chopped fresh chilli to add a blast of heat to the pot. PHOTOS:

@ 2020 The New York Times ISTOCK vi | HEALTH 7 MARCH 2020

CHESS #1391

By DEVANGSHU DATTA

Sweet talk he Aeroflot Open in Moscow ended with a surprise winner. There was a T four-way tie at 6.5 points from 9 Veer Arjun Singh on why shorter, rounds. A 14-year-old IM, Aydin Suleymanli of Azerbaijan, had the best sharper nutrition labels — the kind tiebreak score, edging out Rinat that skip a few ingredients such as Jumabayev, Rauf Mamedov, and Aravindh Chithambaram. Suleymanli won the title, sugar by many other names — are and first prize worth ^13,875 (approx ~11 Lakh) as well as a GM norm. starting to make business sense Among the Indians, Aravindh had the best result of course. The 14-year-old M Pranesh (5.5) scored his final IM norm, while 12-year-old Bharath Subramaniyam (5.5) scored his first GM norm, with a round to spare. In the B section, two 14-year-olds, Rucha Pujari and Pranav Anand made WGM and IM norms respectively. " The Candidates will launch on March 15. Teimour Radjabov has dropped out for personal reasons and will be replaced by Maxime Vachier Lagrave. Alexander Grischuk (36) is the oldest player, in a field with an average age of 28. Fabiano Caruana and Ding Liren are favourites, but coronavirus may have derailed Ding’s prep (and Wang Hao’s prep as well), at least to some extent. Ding's reached Yekaterinburg this week to undergo quarantine prior to the event. "

here’s apple juice concentrate in ar often consume it unintentionally or turn to muesli, malt extracts in whole chemically produced sugar-free alternatives. wheat cereal, and maltitol and And there’s a conflicting body of evidence maltodextrin in digestive ragi about the risks of drinking “zero sugar” bev- The Third Grand Prix tournament for T biscuits. The problem is not that erages, which are loaded with acesulfame women is in play at Lausanne, sneaky sugar has found its way into daily potassium and aspartame disguised as “sweet- Switzerland. The top seeds are World consumables through obfuscation again. It’s eners 951 and 950”, respectively. Champion Ju Wenjun and the last the fact that these products scream “zero As Kapoor says, in the hierarchy of prefer- challenger, Aleksandra Goryachkina. The added sugar” from supermarket shelves to ence, buying decisions have always been led by overall winner and runner-up will qualify be then picked up by health-conscious ide- taste, followed by value and then health. for the Women’s Candidates Tournament, alists who have bought into the illusion of a Perhaps it is the reason why people rarely in early 2021. Koneru Humpy leads the sugar-free diet. question “100 per cent” fruit juice that costs a series with a win in the first GP in Skolkovo, Identifying the sugar and artificial sweet- modest ~20 and tastes consistently sweet. The and joint first with Alexandra Kosteniuk in eners hiding behind chemical names is a long- juice is made from concentrate, is pasteurised the second GP in Monaco. standing battle around the world. But what and often topped up with sweeteners and Humpy’s not playing Lausanne and we are dealing with here is of a more primitive flavour enhancers, such as malic acid. Goryachkina or Kosteniuk could overtake nature. The Food Safety and Standards American nutritionist, fitness coach and her if either of them wins Lausanne. Zhao Authority of India (FSSAI) has finally author J J Virgin has made a business of iden- Xue had to be replaced by Zhansaya expressed concern about why Indian nam- tifying these sneaky sugars. Her verbose, offi- Abdumalik due to quarantine. After Round keen and mithai don’t have cious but useful book, The Sugar 3, five players share the lead. This group nutrition labels. The food safe- Impact Diet, lists these sugars includes Dronavalli Harika (2) who upset ty body is holding discussions and sweeteners in lengthy Ju Wenjun (1) in the third round. with sweet-makers about a new tables. She argues that the secret The Diagram, White to Play (White: logo for products that have less behind shedding weight and Parham Maghsoodloo Vs Black: Aydin sugar, salt and saturated fat inches — and keeping them off Suleymanli, Aeroflot 2020) leads into and are made with natural — is nothing but a game of an interesting illustration of Aydin’s ingredients. What has been avoiding the empty calories talent. Normal is 13. a3 but White reluctantly agreed upon so far called refined sugar. played the new and inferior 13. f3?! is that these packaged Indian Nxc3 14. bxc3 g5! 15. Bg3 a5!! treats will display a manufac- mid the confusion caused Very deep positional sense. White is turing date and a best before Aby the rise of lifestyle dis- ingredients,” says Nair. Raw Pressery juices Big brands are responding to the trend, too. returning material to free his position via date on their products from eases, some solutions are being are sold in supermarkets, airports and flights But there’s little headway. The headlines that 15.—Nxa2 16. Ra1 Nxc3 17. Ba6! With Ne2/ June 1. It’s a far cry from final- offered in the form of more and also Subway outlets and Cult gyms. followed Coca-Cola CEO James Quincey’s India Kf2 to come. But black’s 15th move causes a ly knowing how much sugar ‘HEALTH IS NOT widely understood labels. Raw Health drinks are such big business that visit was around how India will soon be the traffic jam by stopping Ba6. He doesn’t goes into that gulab jamun that ABOUT ONE Pressery from Rakyan Beverages even the century-old Baidyanath Group, mak- global beverage giant’s third-largest market. want to recover material. you send so blithely down the INGREDIENT. is leading the cold-pressed juice ers of chyawanprash and ayurvedic medi- But, T Krishnakumar, president, Coca-Cola Play continued 16. a4 Na2 17. Ra1 Nxc3 chute. But it’s a healthy start. SOMETHING FREE revolution in India. The labels cines, have dived into it. Their new venture, India, also said that the company is looking to 18. Ne2 Bb4 19. Kf2 Bc2 20. Nxc3 Bxc3 21. The lack of transparency in on their juices claim that they Shunya, makes a range of “no sugar, artificial reduce the sugar in their drinks to “below six Ra2 Bb1! 22. Re2 Rc4 23. Rc2!? Be1+! labelling is not unique to desi OF SUGAR MAY BE have no added sugar, salt or sweeteners or preservatives” drinks, with grams in the next 3-4 years”. A 330ml coke can Black avoids a cute trap. [If 23.—Bxc2 24. Indian sweet-makers or HIGH IN FAT OR preservatives and are not made herbal infusions such as ashwagandha, brah- currently has about 36 grams of sugar. Bxc4 dxc4 25. Rc1 Bxa4 26. Rxc3 Bb3 27. American multinationals. Chef SODIUM’ from concentrate. The trans- mi, khus and kokum. Nestlé, too, is committed to reduce sugar, Bd6 and it’s a draw after Ba3]. Now it’s an Sanjeev Kapoor tells me about parent packaging helps too. The Bread spreads are also helping lead the sodium and saturated fat in its products. But easy win after 24. Kxe1 Rxc2 25. h4 Rac8 a popular bakery in Australia SANJEEV KAPOOR ingredient of Valencia Orange push for cleaner labels. Since “good fats” are its valiant effort in the form of Milkybar 26. Bd6 R8c3 27. hxg5 Rb2 (0-1). whose “freshly baked bread” Chef and author juice, for instance, is “100 per now a widely accepted fact, peanut and Wowsomes, which cuts the sugar in the choco- sold like hot cakes, until it was cent Valencia orange”. It’s not almond butter are in vogue. New brands, such late by a third, was axed in less than two years Devangshu Datta is an internationally rated discovered that the frozen dough was being the same as juice squeezed freshly at home, but as Pintola, have eliminated sugar, salt and of its launch in the UK owing to poor demand. chess and correspondence chess player imported from Germany. Legally, the compa- compared with the sugar-laced fruit juices in preservatives from the butters. We have a few sugar-free alternatives, but ny wasn’t obliged to mention it. But the new tetra packs, it’s refreshingly honest. “Was it always possible to make juices and maybe it’s not the time for chocolates to rid improved customer awareness rightly turned “High pressure bottling reduces the micro- spreads without sugar, salt and food additives? themselves of sugar. “Health is not about one it into a scandal. bial load and does not require us to use preser- Of course it was. Brands are now responding to ingredient. Something free of sugar may be “Well, 97 per cent fat free means three per vatives,” says Sreejit Nair, a former PepsiCo a market trend that followed awareness,” says high in fat or sodium,” points out chef Kapoor. cent fat. Many products that say ‘zero cho- employee who is now the chief growth officer nutritionist and diabetes educator Sheryl Salis, Sometimes it’s just about reading the label lesterol’ on their packets were not supposed at Raw Pressery. He says that while “no sugar” who is also a part of FSSAI’s Eat Right right. Read the ingredients and not just the to have cholesterol in the first place,” says is one of the key selling points, the company Campaign, which is about educating people to nutrition table. The word “added” should set Kapoor. Now that the world has latched on to relies on honest labelling and packaging to make healthier food choices. off alarm bells. Remember that 20gm of sug- a few bad words, the hard-won awareness attract customers who are willing to pay a pre- “Even without added sugar, juices are gen- ar is five tablespoons of it. Ingredients are about salt, sugar, cholesterol and saturated mium for a good product. Their range of erally high in natural sugar. The problem is listed in order of their decreasing quantity, fat in packaged food is often being used almond milk, for instance, uses maple syrup, that when they are marketed as healthy, peo- and sugar and sweeteners have many against customers. which is often used as a sneaky sugar in liq- ple consume them in excess. And that’s bad,” monikers. When you know your sugars, you’ll It’s an unsavoury cocktail of misleading uids, but mentions it on the front of the pack- says Salis. The 250ml Valencia Orange juice know what to do when you spot high-fructose claims and lack of understanding of nutrition. age. “It’s not like adding apple juice to the very from Raw Pressery, priced at ~100, has 27 gm of corn syrup in ingredients despite what the The people who abstain from added table sug- bitter cranberry juice. We are upfront about our naturally occurring sugar. packet says. vii 7 MARCH 2020 WIDE ANGLE |

PHOTOS: DALIP KUMAR Theothervirus

It’sstillstalkingriot-affectedNortheast Delhi,writesAnjali Puri,afterrecentvisits to destroyedneighbourhoodsandfearful camps. Let’snotforgetit

uch was made of the “two which were now unusable. Delhis” on view last month The camp, locatedin the Eidgah M — the Delhi of ceremonial grounds at Mustafabad, is run by the welcomes and grand state banquets Waqf Board in association with the during the Trump visit, and the Delhi Aam Aadmi Party-led Delhi of mob violence taking place in poor government which, after failing to be neighbourhoods lessthan an hour’s on the ground during the riots, came drive away. The visitors have gone inexcusably late to the rescue and but the contrast holds. The well- relief story. This camp is where many orderedand affluent partsof the city of the newly homelesscan befound, remain largely sealed off from what is after huddling for days in the homes still unfolding in areas that are, of kind strangers. ironically, closer than ever before, In a large crowded tent, a friend because of the nearly 60-km-long and I show a group of women, all Pink Line of the Delhi Metro. It’s the petrified at the prospectof returning mental journey, requiring sustained to the places they fled, picturesof empathy, that is hard. Which is why, guttedhomes we took on our mobile after a brief period of engagement phones. They watch transfixed. “No, with the virus of hate that convulsed none of these, but it’s veryclose,” Northeast Delhi, the conversation — exclaims one finally. “I heard it was in the media and in living rooms — is burnt, I haven’t seen it,” she adds now shifting to the prospectof helplessly. (Later, I read a reportthat another virus, Covid-19, stalking the a man died of a stroke at the camp land. shortly after making the short The horrors unleashed by the riots journey to his burnt down house are still with us, however, even if the in Shiv Vihar.) helmet-wearing mobs have retreated After visiting the camp two days into the shadows. Nothing prepares in a row, I feel I am looking at a you for Phase 7 Shiv Vihar. Even the shatteredversion of Shaheen Bagh, Legal angels media’s dismal description of this the women no longer up there on a neighbourhoodas a “ghosttown” stage, leading the sit-in, but confined seems pallid when you come face to to a tent with their children while face with the new architecture their next moves are being decided Agroupofyounglawyersiseducatingprotesters abouttheirrights,assistingdetainees,and created by vicious hands in one by other people. The atmosphere, constricted lane after another. There too, is far removed from the heady, nowhelpingDelhi’sriotvictimsrebuildtheirlives, allservicesprobono,writesRitwik Sharma are rows upon rows of narrow homes, carnival-like celebration of national

DALIP KUMAR elp desks manned by lawyers from in Shiv Vihar, left with his wife and 10- Commonwealth Human Rights the Delhi Waqf Board as well as those day-old son when paramilitary police Initiative, students and civil society from the Supreme Court Bar Associa- were called in. They first took refuge members have also collaborated with tion are visible at a government relief along with many others at a stranger’s Lawyers for Detainees under the banner H camp in the Eidgah and along the house in Chaman Park and later shifted of Citizens’ Collective for Peace. main road in Mustafabad. However, it’s an informal to the relief camp at the Eidgah. “We hid Nilesh Jain, a lawyer who works with group of lawyers, which calls itself Lawyers for Det- in the dark for three days. We survived activist-politician Yogendra Yadav’s Swa- ainees, that has been leading the rebuilding efforts. because we were locked in. The sounds raj Abhiyan, was in the thick of things The riots that ravaged Northeast Delhi early last of iron rods, blasts and abusive slogans when detentions over anti-Citizenship week left over 50 people dead, a majority of them of the rioters still ring in my ears,” says (Amendment) Act (CAA) protests Muslims. Lawyers for Detainees has so far set up the 39-year-old in a quivering voice. became routine in Delhi. A proposed three legal aid camps in Mustafabad. Many Muslims Many like him are too afraid to return march, under the umbrella of "We the who fled from Shiv Vihar, one of the worst hit places, to Shiv Vihar and have been queuing “THE RESPONSE People of India", from Red Fort to sought refuge in the nearby Chaman Park locality. up at the legal camp. OF THE STATE Bhagat Singh Park in ITO was denied Inside a galli, a medical and legal camp attend to While the maze of lanes in the permission by the police on December people all day. neighbourhoods appear like emptied ADMINISTRATION 18, 2019. A day later, before the march Mishika Singh, a lawyer who set up a WhatsApp war zones, the main road also bears HAS SHOWN A could begin, protesters were detained. group to bring together lawyers nearly three months the odd scars of damaged property LACK OF WILL” “People called us from various ago, says some of them were in Northeast Delhi when that include businesses and schools. places including police stations in the riots took place. They were tackling emergency Workers at a plundered and singed MISHIKA SINGH Mandir Marg, Chanakyapuri and The horrors unleashed by the riots are still with us, however, even if the helmet-wearing mobs have retreated into the shadows calls, helping register police complaints and FIRs, fol- sweet shop say the riots have left a Lawyers for Detainees Parliament Street. We responded by lowing up on medico-legal cases, making sure post- sourness between Hindus and organising lawyers and forming a mortems were done in accordance with the law, bod- Muslims that will take time to heal. They are unable group,” he says on the genesis of Lawyers for Detain- of which some are so AFTER symbols that the anti- ies are released in a timely manner, and arranging to understand why the violence occurred, they say. ees. Initially, more than 250 lawyers were mobilised untouched by violence CAA-NRC protests ambulances. For the past week, they have started “Everything was fine here on February 24. People in the national capital. A majority were aged below that the decorations VISITING THE have been. Yet, as with legal work for more than 500 people, guiding them were protesting (against the amended citizenship 30. Calls soon came from Uttar Pradesh, where peo- from last Diwali still CAMP TWO Shaheen Bagh, what in processing compensation forms, filing complaints, law) in Brijpuri Puliya. There was stone pelting at ple were detained in places like Gorakhpur, Raebareli hang gracefully over DAYS IN A ROW, you mostly see around recording injury to property and individuals, track- 7pm. An hour later, we all went home. Our shop was and Meerut. Jain also worked on a petition filed by their doorways, while I FEEL I AM you at this camp is ing missing person reports, etc. looted in front of our eyes. Police didn’t come till the People’s Union of Civil Liberties in the Allahabad an occasional saffron Muslims supporting Delhi’s Aam Aadmi Party government had ann- February 26. We now fear going to Muslim homes,” High Court, alleging police brutality on protesters. flag perched on a LOOKING AT A each other in a ounced immediate relief of ~25,000 each for those says Johny Pal, a worker. More cases followed in Delhi. “It became an rooftop flutters in the SHATTERED common struggle — whose houses were burnt in the riots. Singh says the The lawyers’ group, which offers services pro everyday situation. Some were serial detainees,” Jain March breeze. VERSION OF aided by a sprinkling of response of the state administration has shown a bono, has yet to collate its data, but all the complai- says, adding that at police stations in Northeast Delhi Every now and then, liberals and other lack of will. Initially, she adds, there was no clarity nants from Shiv Vihar are Muslims, says Singh. such as Seelampur, Nand Nagri and Shastri Park, among them, is a SHAHEEN minorities. Asat over the compensation forms. “We had compensa- “People also fear there are bodies inside burnt hous- the cases were more serious. Many were detained for blackened travesty of a BAGH Shaheen Bagh, their tion forms with us. But earlier this week, the gov- es. A couple of days back we were told bodies were 24 hours or longer. Police would also forcibly check house, its gaping spiritedpresence ernment began accepting forms. So we are asking the thrown in a drain,” she adds. the phones of detainees, call up their families, harass doorway inviting you in to survey highlights the appalling indifference claimants to go to the sub-divisional magistrate.” Lawyers associated with NGOs such as activist and in many instances release them only after they mangled fans, fridgesthat look like of the state. Mohammad Tanveer, a tailor who rented a room Harsh Mander’s Karwan-e-Mohabbat and wrote a note promising they would not take part in batteredtrunks, smashed tiny While the BJP’s Kapil Mishra has protests against the CAA and the update of the kitchens, a TVthat, having meltedin been crowdfunding for the National Register of Citizens, he claims. “At Shastri extreme heat, reminds you of “underprivilegedHindu families” Park police station, people were detained because Salvador Dali’s melting clocks. The afflicted by the riots, “echo they went to Jama Masjid to protest during (Bhim floors are a carpet of glass shards, the chambers” of the non-bigotedon Army chief) Chandrashekhar Azad’s rally in pagesof a child’s notebook or a Facebook and WhatsApp are full of December. Photos of them standing peacefully with rubber slipper among them. And — postsasking for clothes, grains, placards were cited as evidence against them.” there is no other way to say this — medical supplies, rubber chappals Lawyers for Detainees points out that detenues in theseare mostly Muslim homes, the even, for all victims of the riots. The Central Delhi, in areas such as Mandir Marg police horror of the arson attacks on them Sikhs, who enriched the life of station where they were allowed to “play badminton accentuatedby the sight of the Shaheen Bagh with their langars and sing”, were treated very well — although they unharmed houseson either side, or (community kitchens), are at the comprised a large section of young protesters, just as by the little embellishments that the Eidgah grounds too, an in Northeast Delhi. The implication is that the work- owner of the ill-fatedhome had immaculately dressed posseof them ing class is worse off than the privileged, even when splurgedon, like a granite doorway arriving with dinner on the very the state clamps down on all protesters. with engraved Urdu inscriptions. evening the camp is being set up. The The lawyers' group drew members and point per- Obviously, the riots were a next afternoon, crowds line up to sons beyond Delhi as the anti-citizenship movement complex affair, the details still receive the contents of Shiromani gathered steam across India. being pieced together, and it is Akali Dal’s truck that has arrived with Ishita Yadu, along with other lawyers based in painfully clear they took their toll relief materials. I notice two medical Lucknow, has been educating protesters about their on Hindus too. But the blighted clinics, one manned by medical rights. Only this week, there was trouble at gallis of Shiv Vihar, and indeed personnel from St Stephen’s Ghantaghar where women have been leading an agi- many other gallis in Northeast Hospital, the other from Holy Family tation. She alleges that the police attacked the pro- Delhi, show what sometimes seems Hospital. In a nearby lane, doctors testers instead of taking action against the trouble- to be lost in generic, overly careful from Alshifa Hospital are handing makers who were produced before them. “The state “both sides lost” arguments: the out medicines. machinery is able to exploit people because they are frequency of menacingly well- Bycontrast,adoctorfriendwho not aware of their rights.” informed, indeed forensic, acts of approachedabigcorporatehospital When asked about being in the line of fire, she savagery against Muslim homes suggestingitsenddoctorsto theriot- argues, “Every writ that we file is supposed to be and livelihoods. affectedareaswastolditwasnot against the state. So fighting against the state is some- The firsttime you see a home undertakinganyCSR(corporate thing that lawyers should not be afraid to do. Also, where the landlord is Hindu and socialresponsibility)workatpresent. lawyers should not be afraid of the state response to tenants Muslims, and only the Noritappearsareothersfromthe something that is illegal. If something is illegal, it is possessions of the tenants have been corporateworldinNortheastDelhi. illegal irrespective of who is perpetuating it.” destroyed, you don’t suspect a Theprimeministerandhome At a time when the police is being seen as preju- pattern. But claims of such a trend ministerannounceonTwitterthat diced and state compliant in responding to anti- came up more than once during the theywillnotattendHolimilans—out CAA protests, these young lawyers are offering hope half day I spent with a group of ofdeferenceto therampant to veterans too. But, as senior advocate Rebecca John volunteershelping people fill in coronavirus.ButinParliament,the says, “It shouldn’t surprise us. Access to justice for all compensation forms at a relief camp. governmentwantsto discusstheriots sections is a part of the duty of lawyers, both under In one case, a couple renting from a onlyafterHoliandtheSpeakerinsists the Advocates Act and the Constitution.” Muslim landlord said their home had onparliamentaryetiquettebeing The women’s movement in India, she adds, has a been devastated, but their shop, followedto theletter.Shouldonebe long history of legal association with survivors of rentedfrom a Hindu, had been surprised?Thisis,afterall,the“other sexual abuse. “But this kind of configuration where spared— except for its contents, Delhi”,anditsshowmustgoon. (From top) People outside the camps at Chaman Park; the Supreme Court Bar Association has also set many young lawyers are functioning pretty seam- up help desks at the Eidgah grounds in Mustafabad; and inside the legal camp at Chaman Park lessly is a moment to celebrate.” viii | 7 MARCH 2020

AND ANOTHER THING

The thing about disease and the human body is that we still don’t real- ly understand a lot of it. Till only Virus in the works about 250 years or so ago, even the most advanced European medicine was based on Aristotelian principles of the four humours: black bile, one young because their bodies are phlegm, blood and yellow bile. This healthier generally. was mostly nonsense and cures were Viruses don’t reproduce them- based on balancing these through selves but require a host and then blood-letting, vomiting, sweating or hijack it, forcing it to make copies of diet. Greek medicine came into the the virus. It also evolves through Islamic world after the conquest of mutation and that is what explains Egypt and the most revered name in the new varieties. A bacteria on the that space is that of Ibn Sina. Today other hand reproduces by cell divi- when we have Rooh Afza, made by sion. Bacteria respond to antibiotics the company Hamdard, we are hav- but viruses do not, which makes them ing Ibn Sina’s formulation of a thou- AAKAR PATEL difficult to treat. We let the cold, which sand years ago. is also caused by a virus, to run itself In that sense, medicine, even mod- uddenly, from nowhere, the out. This is not possible with other, ern medicine, is not a science like world is worried about and even more deadly viruses like AIDS. mathematics or chemistry is a science S obsessed with a new disease. Much is being made of the fact that but more like economics and the There are about 100,000 total glob- people abroad are doing namaste weather. There are no fixed condi- al cases of people infected with the instead of shaking hands as a means tions and there is a great deal of tur- coronavirus (Covid-19) and 3,000 of avoiding the coronavirus. But skin bulence in the field. This is getting people have died of it. This fatality to skin is not the only way in which it better as we better understand things rate of 3 per cent is about one third is transmitted and just washing one’s like the genetic code but real and full that of SARS, which was also a coron- hands is a good means of keeping safe. knowledge is still not near, so far as I avirus. It was also zoonotic, meaning For some reason China seems to have understood it. it could be transmitted from animal to be the point of origin of a lot of dis- That is probably why our instinct human. The SARS outbreak of 2003 eases that affect us globally. The even in this modern age is still to pan- infected 8,098 people of whom 774 Black Death was the name of a plague ic and act irrationally in the face of died. Meaning it was less infectious, or that wiped out millions of people information or words like virus and at least better contained, though more around 1350. It was borne by rodents, plague. Surat emptied out that year 0ur instinct even in this modern age is still to panic and act irrationally in the face of words like virus and plague REUTERS fatal when one actually got it. which were hosts to fleas that were but only 50 died in all. Many times The symptoms were high fever, the actual carriers of the disease. Of more died in the same period also of headache and a dry cough (SARS course, people did not know how the From the two said parts of the body these spots on whomsoever they the city was deserted in the day and avoidable causes. stands for severe acute respiratory disease was spread and till it was dis- this deadly gavocciolo (a tender showed themselves.” a lot of the migrant workers who The prime minister has cancelled syndrome). The disease spread when covered that it was the rodents, the swelling, a bubo) soon began to prop- I was in Surat in 1994 when the make up the city’s population fled, his visit to Brussels as a result of the an infected person coughed and the epidemic flared freely in the absence agate and spread itself in all direc- city was affected by the plague. There going back to their villages in the confusion and the fear of the spread of droplets carried to the mouth, nose of countermeasures. tions indifferently; after which the was little or no information on what north of India. Surat’s plague was the disease and estimates from the and eyes of another person. One contemporary account from form of the malady began to change, this was and how it was to be coun- pneumonic and not bubonic, mean- OECD say that India will lose more Coronaviruses do not kill people Italy described the effect of the plague black spots or livid making their tered. It was assumed that one rea- ing it affected the lungs. than 1 per cent of its GDP growth to of themselves. It is usually the aggra- on people: appearance in many cases on the arm son was that it was because Surat was That disease had 1,000 recorded the coronavirus epidemic this year vation of a pre-existing condition, or “In men and women alike, it first or the thigh or elsewhere, now few a dirty city. It was, there is no deny- cases and 50 deaths. It was followed by and also be affected the next. a weak body, that tends to respond betrayed itself by the emergence of and large, now minute and numer- ing that, but it wasn’t any more or a clean-up of Surat under a dynamic One hopes that this is not the case, more poorly to an infestation of the certain tumours in the groin or ous. As the gavocciolo had been and less dirty than other Indian cities at municipal commissioner named S R and also that like SARS, this disease virus. The disease kills usually peo- armpits, some of which grew as large still was an infallible token of the time. And also other Indian cities Rao who became a civic hero for trans- having come now goes away as soon ple aged over 40 and rarely gets some- as a common apple, others as an egg… approaching death, such also were now, for that matter. I remember that forming the city’s cleanliness culture. as possible.

GEAR

Adidas SL20 ~10,999 Reebok Zig Kinetica ~11,999 Getfast Comfortiseverything ThemostcomfortablepairofsneakersVeer Arjun Singhhas everworncanhandleabitofperformancetoo

eebok played it cool this time. Its biggest drop this season, the Zig Kinetica, does not R fit any one category. It’s neither a trainer nor a running shoe. There’s Conor McGregor, the blue-eyed boy of mixed martial arts, promoting the pair and celebrities walking the ramp in it. It must be one of those sneakers that look dope with athleisure wear and can handle a little bit of exercise. With that assumption, I took it to the gym and wore it on the roads. And here’s what I found.

Design 5/5 The silhouette of the shoe takes after the ZigTech brand of performance shoes that Reebok introduced about a decade ago. Back then, they flew off the shelves more for their edgy, zigzag midsoles than for performance metrics. The new Zig Kinetica tones down the midsole disfiguration a bit and fuses it with the sneaker culture of the time. The result is a chunky “daddy sneaker” but one that is extremely well-cushioned and airy. The Zig Kinetica is easily one of the best-looking sneakers to have launched in Scorecard India this year. It’s a chic basic, like the TheSL20isasimpletradeoffbetweencushionandspeed.Butnot Nike Air Max 270, that will be sculpted by Design designers in myriad iterations and has the The feature that truly elevates it is a everyonecango thedistance,writesVeer Arjun Singh potential of gaining cult status if Reebok mix of three underlying technologies in builds on it. The Zig Kinetica Performance its midsole and some delightfully prefer speed over distance. That’s form and fit that works with less Apart from the weight, I feel the Concept_Type 1 in its four colourways is cushiony tidbits. Used as trainers when because I trained in school to be a cushioning. But it also takes some best thing about the shoe is its flexible already making waves worldwide. Comfort weightlifting, you can rely on the pair’s I competitive middle-distance training to get used to the extra mesh upper. It allows for a quick toe The reinforced upper is a mix of mesh stability. It inspires a lot of confidence runner. Barefoot training was impact. off followed by easy bends with each and synthetic with layered detailing. The to go heavy. The thick neoprene tongue commonplace in those days. It helped The Adidas SL20 fits true to size stride. It’s especially helpful when one that I am talking about is the Radiant and a fluffy heel collar almost insulate me improve my running form and with no extra room. The pair has a you’re running short bursts on Red colourway. Although the poster pair of the the feet from abrasion even when you wear it with also taught me how to better handle narrow base but accommodates my elevated roads to improve strength launch is the Sunbaked Orange with a full black shoe liners. The midfoot locks in well and despite the impact on landing. Racing flats, if broad feet without a problem. and stamina or trying to increase your upper, I prefer the full red with its orange hued its standard heel drop, the shoe is good for low-to- not spikes, were the norm and clunky It completely doesaway with the cadence (strides per minute). The midsole. The pair is bold, chic and versatile. medium intensity conditioning drills and light cushioned shoes were frowned upon. Boost midsole for a new, firmer torsion spring also helps is shifting treadmill runs. The Adidas SL20 reminds me of compound called “lightstike”. the weight from the rearfoot Performance 3/5 With serious running, the shoe does better those undernourished training days. The upper is a single layer of Scorecard to the forefoot comfortably. One of the most sort-after sneakers of recent times than expected. Its Floatride Fuel midsole My training shoes back then were engineered mesh dotted with However, the thin is not just a pretty pair of shoes. That’s not to say wrapped between two cushioning technologies — competitive for the time, but clunky visible ventilation outlets. The Design Continental outsole, which is that you should buy it for a specific athletic the ZIG Energy shells and the ZIG Energy bands — compared to what we get today. The tongue and the heel collar do not good for tracks, roads and vocation, but despite its weight — almost obese at absorbs a lot of impact and protects the heel as SL20 weighs under 230 grams a piece. get any cushioning either. Performance pavements, gets a little 350 grams a piece — it does an impressive job of well as the shin. While it’s great for casual It’s easily 100 grams lighter than my Despite being barebones in slippery on grass. moving feet, and fast. running, the shoe feels too heavy and too warm shoes then and still better cushioned. design, there’s an extra layer of beyond a few kilometres. The elite marathoners’ favorite Nike reinforcement around the Comfort Verdict 4/5 Vaporfly Next% astonishingly weighs midfoot and heel area. The laces The Adidas SL20 is quite Verdict 4/5 a mere 200 grams. are competitively thicker and responsive despite being Shoes rarely look this good in the gym and the It’s true that a lighter shoe tends to give the narrow shoe a great fit. almost a flat racer. It helps in “daddy sneakers” can handle a bit of running, help you run faster. But it’s not that The shoes feel quite airy for warm improving speed and agility as a too. Even so, the Zig Kinetica is not a simple over distances. Reduced weather and barely heat up over long marathon trainer and is a great shoe performance shoe. It’s simply the most cushioning can also have you spend distances. The “lightstike” midsole for short and middle distances. Spend comfortable and well-cushioned sneaker I more energy on absorbing the impact, gives it a firm underfoot feel. The pair ~10,999 on this feather-light pair have ever worn. And I wear a new which defeats the purpose. It can also almost feels like a racing flat, which when you can handle some impact pair every week. A sum of ~11,999 increase the chances of injury. A good lets you feel the surface, but has a little and your next goal is to get to the is for comfort and style. Consider shoe is carefully designed to have a bit of cushioning. finish line faster. performance a bonus.