FRIDAY, 11 JUNE 2021

22 pages in 2 sections www.business-standard.com

NEW DELHI
~10.00
VOLUME XXVII NUMBER 194

THE MARKETS ON THURSDAY chg#

Sensex 52,300.5 p 358.8

Nifty 15,737.8 p 102.4
Nifty Futures* 15,751.3 p 13.5 COMPANIES P2 COMPANIES P2
Dollar
Euro
Brent crude ($/bbl)
~73.1
~88.9
72.0##
~73.0 **
~89.0 **
71.5 **
GOVT NEEDS TO TAKE CLEAR STAND VEHICLE REGISTRATIONS
Gold (10 gm)### ~48,555.0 q
*(June) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~230.0
ON CAPACITY CAP: INDIGO CHIEF SLIDE 55% IN MAY
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

Applied Materials explores

VIRUS HIGHEST DEATH
TOLL AS BIHAR MEETING SCHEDULED ON SATURDAY
TRACKER

GST Council to
REVISES FIGURES

INDIA setting up plant in India

discuss tax on
Total 29,183,121 é94,052
Active cases Recovered Deaths If plan materialises, it will help create a semiconductor industry here
1,167,952 27,655,493 359,676 SURAJEET DAS GUPTA country. It would also inte-
ê63,463 é151,367 é6,148
New Delhi, 10 June grate India into the com- THE BIG PUSH

Covid essentials
pany’s global supply chain.
| The $17.2-bn company thousands of parts
242,726,693 US major Applied Materials Two earlier efforts to
manufactures highly
Vaccination é3,379,261
Inc is planning to set up a create an eco-system for | The firm is looking to
plant in India which would |the semiconductor industry complex capital build these
WORLDTotal Note: Total cases make some of the parts and in India failed, once when equipment for the components in India
include 1 migration;

174,484,813 arrow shows 1-day

change; figures as GoM recommends retaining 5% on vaccines components for highly com-
plex equipment which are
Intel was going to set up a
fabrication plant in 2007
semiconductor industry
| Investment may be part
of 9 pm IST
| Each equipment is of the production-
Sources: Ministry of SHRIMI CHOUDHARY used for manufacturing and once when two approved
Deaths Health and Family
New Delhi, 10 June RATE CONUNDRUM semiconductor chips by fab- projects by the government
priced between $3 mn linked incentive
3,759,509
Welfare; Johns
Hopkins Coronavirus
Resource Center Current GST rates (%) makers across the globe. failed ultimately to take off and $7 mn and has scheme or independent

T
he Goods and Services Tax According to sources in in 2013.
Covid-19 vaccines , N95 | US giant also bringing its venture capital fund,
(GST) Council, chaired by the know, the $17.2 billion It is not clear whether
Union Finance Minister 5% masks, surgical masks American giant — a global Applied Materials will be Applied Ventures, which will invest in Indian
startups in the deep technology space
MASKS NOT NEEDED Nirmala Sitharaman, will leader in providing equip- coming through the produc-

FOR KIDS BELOW

likely consider on Saturday a GST
rate cut for Covid-19 relief essentials 12% Ventilators, Medical grade
oxygen, Oxygen concentrator,
ment, services and software
to the semiconductor indus-
tion-linked incentive scheme
or independently of it.
and drugs for treating the black fungus Pulse oximeter, Covid-19 testing kits try —is in talks with the gov- To attract investment in
5 YRS: HEALTH MIN disease and might leave the vaccines
untouched.
18% RCT-PCR machine
ernment.
If the plan materialises, it
semiconductors and in tech-
nology-intensive areas,
Amid fears over possible vulnerability of The meeting is being held following could provide a big push to the government has consti-
children if there is a third Covid wave, the a report submitted by a Group the government’s desire to tuted a committee under
government said that children aged five or of Ministers (GoM) to the GST Council | GoM also sought exemption on have a semiconductor indus- the Minister of Commerce
less were not required to wear a mask and on Monday. The GoM, set up by the black fungus drugs try and eco-system in the and Industry. Turn to Page 12 >
those aged between 6 and 11 should use a Council on May 28, was mandated to
mask under the supervision of their look at tax exemption and concessions
parents. The guidelines also advise against on various Covid items including vac- matoriums, it suggested 12 per cent
the use of remdesivir in children below
18 years of age due to lack of sufficient
safety and efficacy data. 18 >
cines, drugs, and equipment.
According to the GoM report, it has
not recommended any change in the
rates on Covid vaccines. Currently,
each from 18 per cent now.
On unchanged vaccine rates, the
GoM said: “The GST rate on vaccines
has been the one of the most conten-
Tata Digital to acquire 1MG
POOR 2ND DOSE COVERAGE FLAGGED P4 5 per cent is levied on domestically tious issues. It examined the issue with SAMREEN AHMAD
EDIT: AVOID COMPLACENCY P11 manufactured vaccines, while it is utmost care, minutely exploring all Bengaluru, 10 June STITCHING E-GROCERY
Acquires majority stake in BigBasket
12 per cent for Covid drugs and oxygen options. Apart from the proposals for THE SUPER
concentrators. zero rating or lower rate like 0.1 per Tata Digital, a 100 per cent subsidiary
ECONOMY & PUBLIC AFFAIRS P6 Besides, the GoM has proposed to cent, the GoM also discussed in detail of Tata Sons, on Thursday said it would
APP PLAY E-FITNESS E-PHARMACY
Modi to attend outreach retain the current rates on items
including PPE kits (5 per cent), N95,
the proposal for fully exempting GST
on vaccines or providing a differential
acquire a majority stake in digital
health start-up 1MG, continuing its
To invest up to $75 mn Acquires
in cult.fit (Cure.fit majority
sessions of G7 summit and surgical masks (5 per cent), and rate structure for vaccine procure- series of investments in the online rebranded as Cult.fit) stake in 1MG
Prime Minister Narendra Modi will ambulances (28 per cent). ments by the Centre, states, and pri- commerce ecosystem.
participate virtually in the outreach sessions However, it suggested temporarily vate parties,” it said in the report, The investment in 1MG is in
of the G7 summit on June 12 and 13, the reducing the rate to nil and 5 per cent which Business Standard has line with the Tata group’s vision of products and servic- secondary fund infusion, with some of
Ministry of External Affairs said on Thursday. on a majority of items including reviewed. creating a digital ecosystem that es in the e-pharmacy and e-diagnos- the early investors exiting.
Earlier, India was invited by France in its imports and domestic supplies of “After exhaustive deliberations on addresses the consumer needs across tics space through a technology-led Media reports said the company had
capacity as G7 presidency to the Biarritz Covid-19 medicines and material, the issue, the GoM strongly felt categories in a unified manner, the platform,” said Pratik Pal, chief execu- received $220 million in primary
summit in 2019 as a ‘Goodwill Partner’. including medical oxygen, oxygen that having a multiple tax rate struc- company said in a statement. tive officer of Tata Digital. and secondary investments and had
concentrators, ventilators, pulse oxi- ture for vaccines for different levels of “The investment strengthens Tata’s While the financial details of the deal seen participation from some of its
G7 PLANS 1 BILLION EXTRA COVID SHOTS meters and testing kits. On thermo- procurement is not feasible,” the ability to provide superior customer were not disclosed, sources in the know existing investors.
TO END PANDEMIC NEXT YEAR P10 meters and electricity for cre- report said. Turn to Page 12 > experience and high-quality healthcare said 1MG had seen both primary and Turn to Page 12 >

Uploading many a dream SpiceJet, IndiGo ready for new war zone
to world’s largest OTT ARINDAM MAJUMDER
New Delhi, 10 June
valuation of $1 billion. He’s also trying to woo
Amazon to operate freighter jets on its behalf in one
of the e-commerce major’s largest markets in return
There’s been a change in the SpiceJet pecking for an equity investment. SpiceJet refused to com-
Google’s YouTube has created THE RISE OF YOUTUBE order since last year. Former head of Coca-Cola ment on the matter.
Revenue estimates (~ cr) for calendar year India Sanjiv Gupta, who leads SpiceJet’s logistics “They are seeking a premium based on the
an ecosystem that business, is now considered a key man by pro- assumption that if with 5 per cent market share the
moter Ajay Singh. company can earn ~1,000 crore a quarter, they can
transcends entertainment, There’s reason. SpiceExpress —the logistics arm double it in next one year,” said a banker close to SILVER LINING
information or education 2,400 4,000 4,000
of the airline —has virtually kept the company afloat
during the pandemic as the passenger business suf-
the negotiations.
Singh’s confidence comes from the $3-billion val-
Cargo business has come to the rescue of SpiceJet
2019 2020 Passenger business Cargo business
VANITA KOHLI-KHANDEKAR 2018 fered record losses. uation of logistic start-up Delhivery — a sign of strong
New Delhi, 10 June In May alone, the airline earned ~200 crore from investor interest in the future of logistics business. FY21 Profit/loss in ~cr
cargo operations and has now 5 per cent market SpiceJet has frantically built up the freighter busi- April- -641.6
Source: Media Partners Asia
Rachna Ranade refused to budge. She had just share of the outbound cargo from India. ness, expanding into last mile door-to-door business, June 48.2
uploaded a 90-minute video to YouTube — the first of MAJOR PLAYERS It is the logistics business again through which increasing the cargo fleet size from five to 20 includ-
July- -133.5
the series Basics of Stock Market for Beginners. When February 2021 Ajay Singh is seeking a lifeline. Last year, the com- ing five wide bodies. With aircraft grounded across
September 21.5
friends advised her to edit it for length, instinctively, Unique Time pany passed a resolution to hive off the logistics the globe due to lack of passengers, SpiceJet has
she resisted. Instead, the Pune-based chartered visitors spent (bn business. Over the last few months, Singh has met been able to wet lease them on very favourable power October- -78.5
accountant, who was teaching at over half a dozen OTT (mn) minutes) around a dozen private equity investors to sell a by hour lease terms, meaning the airline pays only December 20.9
colleges, among other places, in February 2019, told minority stake in the logistics business at a steep when the aircraft are used. Turn to Page 12 > Source: Company
her students to watch the video to prepare for a viva. YouTube (Google India) 440 308.0
She expected 8,000-10,000 students to watch it. MX Player (Times Group) 162 21.0
Within the first three months 25,000 people did. By
Disney+Hotstar (Disney Star) 119 25.0
September 2019, she hit 100,000 subscribers. “People
are alright with long form. It depends on what you Amazon Prime Video* 60 4.5
have to say,” says Ranade. Netflix (Netflix India) 33 4.0
By December, she became a full-time creator and
now has over 2.5 million subscribers on YouTube to
SonyLiv (Sony India) 25 1.5
watch some of the free videos. To access a complete Zee5 (Zee Group) 20 1.3
course or hear her on a host of financial subjects, you Voot (Viacom18) 13 0.6
have to register on Rachnaranade.com and pay Note: Brackets show parent company, *Amazon India
anywhere between ~4,000 and ~10,000. Roughly half Source: Comscore Media Metrix Multi-platform, India
of the 100,000 registrants on her site pay.
Ranade is among thousands of YouTube creators
who found success by serving a real need for Satya Raghavan,
knowledge. She is also an example that Satya director, YouTube
Raghavan, director, YouTube content partnerships, content partnerships,
India, points to frequently and deliberately. The India, says YouTube
emphasis is on YouTube’s role in creating an has moved from
ecosystem that transcends entertainment, being the most
information, education or plain time-pass. “Video entertaining place
is the entry point to the internet in India, so to being
YouTube becomes the first point of contact the most
with any Google brand,” says Raghavan. useful
Turn to Page 12 >
2 COMPANIES NEW DELHI | FRIDAY, 11 JUNE 2021

STOCKS > Alkem Laboratories

Launches perampanel
> Ambika Cotton Mills
Q4FY21 net profit
> JSW Steel
Reports steel production at
> TCI Express
Sorting centre at Pune
> LT Foods
Incorporates
IN THE NEWS tablets in India for jumps 177 per cent 1.4 million tonnes in May, becomes operational LT Foundation for
treatment of epilepsy YoY to ~29 crore up 10 per cent YoY after regulatory nod CSR activities
~3,129.7 CLOSE ~1,274.7 CLOSE ~705.9 CLOSE ~1,567.9 CLOSE ~77.3 CLOSE
p1.0% UP* p1.1% UP* p1.1% UP* p0.9% UP* p2.5% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Koo expands wings, Nigerian TCS stock has given 3,000% Registration
govt joins platform
of vehicles in
The Nigerian government has joined India-
based microblogging platform Koo, about
a week after it banned Twitter. The
Nigerian government had banned
return since IPO: Chairman May slips 55%
Twitter on June 5 after the firm deleted a
tweet by its President Muhammadu
Covid provided opportunity for us to grow, says Chandrasekaran
Buhari. “A very warm welcome to the SHIVANI SHINDE June starts better, but emerging
official handle of the Government of Nigeria on Mumbai, 10 June
@kooindia! Spreading wings beyond India now,” tweeted Koo IF INVESTED ~850 PER cancellation trend may hit car sales

T
co-founder Aprameya Radhakrishna on Thursday, along with a ata Consultancy Services (TCS) has
picture of the official Nigerian government account. BS REPORTER weathered the pandemic very well, SHARE IN THE IPO OF MAY VEHICLE
and has earned tremendous good- 2004, THE VALUE OF REGISTRATION GOES
ITC Hotels launches JLR drives in F-PACE
will from customers, which enhanced the
firm’s standing in the market, N
THAT INVESTMENT FURTHER DOWNHILL
Welcomhotel in India tagged at Chandrasekaran, chairman, said in his vir- TODAY WOULD BE
Tavleen Chail ~69.99 lakh
tual address of the 26th Annual General ~28,000 CRORE. A
Meeting on Thursday.
ITC Hotels group on Thursday Jaguar Land Rover India on He said TCS shareholders received
RETURN OF OVER
announced the launch of Thursday said it has launched over 3,000 per cent return on their invest- 3,000 PER CENT,”
Welcomhotel Tavleen Chail, the updated version of its ments since the company was listed in N CHANDRASEKARAN
under its brand Welcomhotel, F-PACE SUV in the country pri- 2004. “If invested ~850 per share in the
Chairman, Tata Sons
the second property under the ced at ~69.99 lakh (ex-show- IPO of 2004, the value of that investment
brand in Himachal Pradesh. room). The new F-PACE comes today would be ~28,000 crore. A
Welcomhotel Tavleen Chail with both petrol and diesel return of over 3,000 per cent,”
has 65 well-appointed guest powertrains.The two-litre Chandrasekaran said.
rooms, including 18 cottages petrol engine delivers a power On the performance of the company, TAKING STOCK
and a luxury suite, ITC Hotels of 184 kW, while the two-litre he said barring the first quarter of the fiscal
% Chg wrt
said in a statement. PTI diesel mill generates a maxi- year, the company delivered a sharp recov-
Category MAY ‘19 MAY ‘21 MAY ‘19 APR '21 MoM %
mum power of 150 kW. PTI ery. For FY21, TCS has returned ~33,873 towards Covid-19 relief work, including at an annual rate of 8.6 per cent growing
HUL appoints Kedar crore in dividends and buyback to share- building capacity for 200 doctors across from ~1.18 trillion in FY17 to ~1.64 trillion 2-wheeler 1,420,442 410,757 -71.0 865,134 -52.52
Lele as ED, customer Skoda launches new holders, resulting in a payout of 95 per cent 22 hospitals, distribution of 2.5 million in FY21. Through these years, we have 3-wheeler 51,428 5,215 -90.0 21,636 -75.9
development version of Octavia, of free cash flow.
Chandrasekaran said while Covid-19
meals to doctors and medical profes-
sionals. TCS also trained health workers
maintained our profitability going from
an operating margin of 25.7 per cent in PVs 236,157 85,733 -64.0 208,883 -59.0
Hindustan Unilever (HUL) on starts at ~25.99 lakh disrupted life, it also brought positive and spread awareness among rural pop- FY17 to 25.9 per cent in FY21, in terms of Tractor 39,417 16,616 -58.0 38,285 -56.6
Thursday announced the Skoda Auto India on Thursday changes and new opportunities for TCS. ulation, impacting the lives of over total cash generated." CVs 75,122 17,534 -76.6 51,436 -66.0
appointment of Kedar Lele, launched the new version of “Almost a decade of advantage has come 450,000 people. In terms of capital allocation,
currently chairman and its premium sedan Octavia in because the world is shifting to digital,” Expressing his gratitude towards the Gopinathan said they continued to focus TOTAL 1,822,566 535,855 -70.0 1,185,374 -54.79
managing director of Unilever with price starting at ~25.99 he said, adding, “Covid is going to impose founder and CEO of TCS for 27 years, F C on providing a shareholder-friendly cap- Source: FADA
Bangladesh, as executive lakh. The fourth-generation sustainability in a big way. All companies Kohli, he said, “Shri Kohli is a true legend ital allocation policy, wherein 82.6% of
director, customer Octavia is powered by a two- will be moving towards adopting this.” who laid the very foundation for India’s capital was used for shareholder payouts SHALLY SETH MOHILE opening up in a graded way,
development. The litre petrol engine delivering He said global supply chains were get- spectacular IT revolution and set the stage either through a buyback or dividend, Mumbai, 10 June auto retailers are seeing a grad-
appointment is effective July 1. power of 190 PS and returning ting redesigned as not just-in-time, but for the dynamic modern economy. I while about 7.5 per cent was used on ual recovery. “The first nine
Lele will be part of HUL’s fuel efficiency of 15.81 km/litre, also just-in-case, “this means focus on express a deep gratitude to his indefatiga- capex, and 9.7 per cent kept as surplus Automobile registration across days of June saw a better start
management committee. Skoda Auto India said in a resilience and all these are providing sig- ble, influential spirit for shaping TCS and invested funds. categories collapsed in May as than expected due to pent-up
BS REPORTER statement. PTI nificant opportunity for TCS”, said the fabric of TCS culture.” Gopinathan also said the nature of localised lockdowns by var- demand. At this pace, June
Chandrasekaran. Rajesh Gopinathan, CEO and MD, said, technology investments is the start of a ious states brought the retail may result in almost equiv-
He said TCS contributed ~273 crore “Over the last five years, we have grown multi-year technology upgrade cycle. of vehicles to a halt. alent sales when compared to
Sales fell sequentially as the year-ago month,” FADA

Voting begins to well as year-on-year (YoY)

compared to May 2019, shows
said in the statement. It
expects overall demand recov-

pick bidder for Tata Steel global CEO, group ED the monthly registration
(retail) data released by the
Federation of Automobile
ery to be slow as rural markets
continue to struggle with post-
Covid effects. Therefore, an

get remuneration raise for FY21

Dealers Association (FADA). expectation of a V-shaped

RCap NBFC arm

The month is not comparable recovery is likely to remain
to last year’s May due to the elusive, it said.
nationwide lockdown that The apex body represent-
Average percentage decline in employees’ salary 2.6% due to pandemic came into force on March 22 ing the dealers have appealed
DEV CHATTERJEE TOTAL DEBT# ( ~cr) and lasted till May 18. for relief from all vehicle
Mumbai, 10 June
FY20 FY21
ADITI DIVEKAR
Mumbai, 10 June
CONSOLIDATED FY21 Covid-19 taking centrestage,
said the report. The directors
The localised lockdown
contained the damage for
makers, who are yet to
announce a financial package
Even as the voting on Reliance PERFORMANCE had then decided to moderate dealerships to some extent. like last year. Only a handful
26,748.0

26,725.0

Home Finance’s (RHFL) debt Tata Steel, the country’s oldest YoY chg (%) the executive remuneration for But the second wave has of OEMs (Tata Motors – CV,
13,235.2

12,976.4

resolution is currently under- steel producer, handed a raise Ebitda/ tonne (~) 10,838 73 the 2019-20 financial year to scarred lives. There is a worri- Renault, Bharat Benz, and
way, the Indian lenders have in terms of managerial remu- express solidarity and conserve some trend of cancellation HMSI) have announced finan-
started voting to select the neration to its senior staffers PAT (~cr) 8,190 599 resources. During the period, emerging at car dealerships, cial help to their channel part-
highest bidder for Reliance for the previous fiscal year. TV Cash generated from the company showed a strong said Vinkesh Gulati, president, ners, others are yet to do so.
45,031 102
Commercial Finance, the non- Narendran, global CEO and ops (before tax) (~cr) performance. The consolidated FADA. “We sell happiness and “FADA humbly requests all
banking finance arm of managing director of Tata Ebitda (~cr) 30,892 71 profit after tax for Tata Steel car buying is a celebratory those OEMs that have still not
Reliance Capital. Steel, received a 38 per cent Group stood at ~8,190 crore in occasion,” he said. People are announced any financial
The voting will end on Reliance Reliance hike in terms of commision Turnover (~cr) 156,294 5 FY21, significantly above ~1,172 still mourning the demise of assistance to kindly do it
June 25 and resolve another Home finance Capital and bonus, while Koushik Deliveries (mt) 28.5 1 crore reported a year ago. The their loved ones. Many house- urgently.”
~9,000 crore of debt of the Anil #ST + LT borrowings Source: Bloomberg Chatterjee, group executive increase was mainly due to holds won’t celebrate any fes- According to Mitul Shah,
Crude steel
Ambani group company, said director (finance & corporate), 28.54 -7 improvement in the underly- tival for a year, he said. the head of research at
a banking source. The four
Jaypee CoC to vote got a 23 per cent raise.
production (mt)
ing business performance, The total vehicle retails for Reliance Securities, the lower
Source: FY21 Tata Steel annual report
bidders for RCFL are Authum on Suraksha, NBCC However, Chairman N resulting in a robust level of May fell 54.79 per cent month- retail or registration numbers
Infrastructure and Invest- Chandrasekaran abstained cent, the report said. As on 2021 for the 2020-21 financial earnings for the year, the on-month and 70.69 per cent indicate inventory built up as
ment, UV ARC in consortium offers from June 14 from receiving the commission March 31, 2021, the number of year. Both TV Narendran and annual report stated. when compared to May 2019. wholesale volume was higher
with Hawk Capital, Invent The committee of creditors of as part of a policy, according to permanent employees on the Koushik Chatterjee head the Disciplined capital alloca- On an MoM basis, sales across in the month. “The second
ARC, and Alchemist ARC. Jaypee Infratech will vote on the annual report for FY21. rolls of Tata Steel was 31,189. top-10 employees’ list in terms tion and tight working capital all categories, including two- wave-led disruptions and local
Both subsidiaries of the offers by Suraksha Group On the other hand, given The annual report of remuneration drawn in the management led to Tata Steel’s and three-wheelers passenger lockdowns impacted retail
Reliance Capital had defaulted and NBCC from June 14 to 23. the adverse impact of Covid-19 explained that the raise in FY21 fiscal, with the former highest-ever free cash flow vehicles, tractors, and com- sales during the first half of the
on loans and banks started the On Thursday, the resolution on the economy, employees of managerial remuneration in drawing an annual remuner- after capex at ~23,748 crore for mercial vehicles fell by up to month. There are clear signs
debt resolution exercise for professional asked NBCC to Tata Steel were handed over an FY21 was largely due to the ation of ~11.08 crore and the FY21, said the report. “We aim 66 per cent, said FADA. “If one of a momentary slowdown in
both as per the Reserve Bank’s first get nod from Yamuna average of 2.58 per cent pay cut commission/bonus approved latter ~10.1 crore. to strike a balance between leaves aside April and May of the rural economy at present.
June 7, 2019, circular on Express Industrial Develo- during the FY21. The average by the Board of Directors for The increase in managerial capex and debt repayment and 2020, the registration is the Moreover, PV segment vol-
Prudential Framework for pment Authority for its offer percentage decrease in the sal- the chief executive officer remuneration for FY21 is not are also expediting the simpli- worst ever,” said Gulati. umes are impacted by supply
Resolution of Stressed Assets) to transfer part of land bank to ary of key managerial person- (CEO), managing director and comparable with FY20 as there fication process of the Tata With the number of Covid- constraints of key compo-
Directions 2019. the lenders. BS REPORER nel of Tata Steel was 6.01 per executive director on May 5, was no increase last year with Steel Group,” it said. 19 cases declining and states nents,” said Shah.

‘Govt needs to take a clear stand on airline capacity cap’ ILLUSTRATION: AJAY MOHANTY
Post its latest earnings call, IndiGo Chief Executive RONO DUTTA spoke to Anjuli Bhargava on how we don’t want to be caught flat-footed. dated by the Ministry of Civil Aviation. as would others.
his airline was weathering this storm and how it hopes things will shape up. Edited excerpts: The QIP is an insurance policy against This capacity cap is supposed to go away Indian aviation is in a very hostile
such disasters. I think the shareholders by July 31. We have written to the gov- environment and there are two reasons.
Why have you added a net of 23 aircraft best manage and there are different ele- look favourably on it: raise some cash ernment asking them to announce the The yields are among the lowest in the
amid the pandemic? The aircraft count ments to it. Try and reduce costs, try through equity. We have removal, as in August and September world and that’s not changing as we are
went up from 262 to 285 by March 2021. and raise revenue, do a QIP, sale lease- increased our debt levels by we are building up for higher loads. If by a low-income country. We are also the
This defies all logic as I see it... back is one of the levers. But it’s putting taking credit lines from various July 31, they don’t remove the cap, we most highly taxed as the government
Yes, we ended up adding aircraft. the cart before the horse. We are trying banks. But the would be hurt. Also, it needs to be clear continues to treat flying as a luxury
Twenty-three A320ceos went back and to make the fleet more efficient; in the QIP is not for in advance as we work on advance book- good. An airline seat is not whiskey.
were replaced by A320neos. We process, we are doing sale and lease-
OUR FOCUS IS ON paying for debt, ings. In July, I’m selling 50 per cent but This needs to change. Why should I pay
planned to send back more of the back, not the other way round. Our GETTING RID OF it’s only disaster how much can I go up in August. So, the excise on a new engine and then if the
Classics — we wanted to return around focus is on getting rid of Classics and CLASSICS AND insurance. government needs to take a clear call on engine goes out to be fixed post, say, a
40 a year — but the aircraft replacing them with Neos. this soon. I also think that if any of our bird hit, pay excise again when it comes
have to be sent back with REPLACING THEM In your view, airlines had to go bust, it would have in? Some of our rules don’t make sense
certain checks and so on. How much is the cost-saving WITH NEOs” should the happened already. This should not be and these need to be changed.
The closure of our mainte- for you every time you government an overriding worry.
nance, repair, and opera- replace one? leave capacity and fares alone? If one looks at IndiGo’s history,
tions (MROs) in the The fuel consumption is 15 Let the market decide what’s How well in your opinion has the ultra- wouldn’t this be the toughest time it’s
Philippines, Indonesia, and RONO DUTTA per cent lower. If you look at best. low-cost carrier (ULCC) model worked seen and lived through? Forget relative
Turkey on account of Covid Chief executive, just fuel consumption per When we were in the first in the US and what scope does this have to others, isn’t IndiGo also at its most
till almost August 2020 IndiGo flying hour, in the last few wave, the industry and the here in India? precarious.
impacted the speed at which months, this has gone down government worked well Both Spirit and Frontier have found No doubt. This has also been a major
we could send them back. Going for- by 10 per cent for us, which is a big together to work out the SOPs niches and those have been fulfilled. It’s threat to us. But we didn’t use these two
ward, our fleet count from now will be number. Newer planes and more fuel- So now with the present crisis, we and rules post the shutdown of flights, not as if there’s a huge segment to be years to just sit and bemoan how bad
flat for the next two years (till March efficient ones have helped. looked at various scenarios. Optimistic, be it web bookings only, face masks and exploited in the US either. Growth for things were but we used the opportu-
2023). We will replace all our ceos with realistic, and pessimistic and even safety. In terms of capacity, nobody both is constrained currently too. nity to get fit and in good form. Our
neos, making our fleet newer and more If you have ~7,000 crore of free cash, under the worst-case scenario, we need knew then what the right answer was. In India, the scope for being lower fleet is newer, our network has pen-
fuel-efficient. The efficiency goes up what is the need for a QIP? to maintain our threshold level. The We had no data and no past precedent. cost than what we are is very limited. etrated more and more into two-tier
every time we make that switch. We have set for ourselves a minimum money we are raising for the QIP is not a It would have been a little dysfunc- We are already as low cost as it gets. which are showing robust growth (more
threshold of cash, come hell or high working capital need but the board felt tional if we decided and said one airline There’s no magic bullet or scope for than the metros). We have grown from
It’s not linked to the airline’s tighter water. For many airlines globally, that given the environment, it is prudent to will do 60 per cent or 80 per cent so it being much lower. We have the highest strength to strength internally and
cash position due to the crisis and the minimum is four months of revenue in raise money through the QIP like an was a good cooperative effort. As the seat density and the lowest cost per structurally and these changes will
need to bring in sale and leaseback cash. That’s the global standard. For insurance policy. What if there’s a third traffic went up, we’d send a letter asking askm as it is. There has been a proposal remain with us. There’s only one factor
proceeds to bolster cash? IndiGo, it is much higher, although we wave and no domestic flying for, say, them to raise the capacity levels and it for introducing a no-bag fare with the that remains a worry: load factors and
Sale leaseback does generate cash for don’t reveal how much. But let me four months or if scheduled interna- would happen. government and if it goes through, the this is cyclical and will change. So I am
us. Unquestionably. So, we are looking reiterate that this threshold is sacro- tional flights don't open up for two Now, however, in July we are plan- rule applies to us all. IndiGo and hopeful we will weather this storm and
at our cash flows and assessing how to sanct for us. years. These are extreme scenarios but ning at 50 per cent capacity, as man- SpiceJet would introduce a no-bag fare emerge stronger post it.
.
NEW DELHI | FRIDAY, 11 JUNE 2021 COMPANIES 3 <

RIL says Jamnagar unit shut

Adani’s $43-bn gain fraught with risks since June 6, may hit exports
BLOOMBERG
10 June
GAINING STRENGTH analysts wrote. “Such concen-
trated positions, along with negli-
Albula Investment Fund, Lts
Investment and Asia Investment REUTERS refinery’s fluidised catalytic cracking
gible onshore ownership, create have put more than 95 per cent of New Delhi, 10 June unit (FCCU). “The FCCU unit is being
A rally in the stocks of companies asymmetric risk-reward as large their assets in Adani group firms, repaired on top priority and is expected
controlled by Indian billionaire investors conspicuously avoid according to data compiled by Reliance Industry said on Wednesday to be restarted expeditiously,” the com-
Gautam Adani (pictured) has Adani.” The analysis underscores Bloomberg Intelligence. a secondary unit at its export-focussed pany said in a stock exchange filing.
added almost $43 billion to his the vulnerability of the rapid The conglomerate also got a refinery in the western state “Consequently, some pro-
wealth this year, catapulting him wealth surge Adani has seen in boost after MSCI included three of Gujarat has been shut since duct shipments may get
to the spot of the second-richest 2021, beating the gains for Warren more Adani firms to its India June 6, which may delay the delayed and we are working to
person in Asia. Some analysts say Buffett and his compatriot benchmark index last month, tak- shipment of some product minimise the impact on our
the gains are fraught with risk. Mukesh Ambani. A representative ing the group’s total footprint to cargoes. customers,” it said.
Adani’s net worth of $76.7 bil- for Adani Group declined to com- five. This leads to mandated The refinery, which has A source familiar with the
lion got a boost from a 330 per cent ment immediately. buying by investors that track this the capacity to process matter said that the unit will
jump in Adani Total Gas, a 235 per The overseas funds hold a large index. “Adani stocks trade 150 per 704,000 barrels of crude per be fixed in a week’s time.
cent rise in his conglomerate’s Source: Bloomberg
chunk of shares, effectively reduc- cent-200 per cent above 200-day day (bpd), is part of the world’s The refining complex in
flagship Adani Enterprises and a ing the public float and leaving the moving averages, and statistically biggest refining complex in Jamnagar has two refineries.
263 per cent increase in Adani Intelligence analysts Gaurav “Among the biggest foreign inves- stocks prone to volatility, the ana- look extended,” Bloomberg the city of Jamnagar in Gujarat state. The 704,000 bpd export-focussed
Transmission this year. Adani Patankar and Nitin Chanduka tors are a few Mauritius-based lysts wrote. Elara India Intelligence analysts wrote. “Tesla Reliance, which operates the refin- plant is adjacent to the 330,000 bpd
group stocks, especially these wrote in a June 10 note after anal- funds holding over 95 per cent of Opportunities Fund, Apms was 126 per cent above the 200- ing complex, did not give a reason for refinery that mostly sell products in
three, “look extended,” Bloomberg ysing technical indicators. assets in these companies,” the Investment Fund, Cresta Fund, day when it peaked this year.” the “emergency shutdown” of the the local market.
 4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 11 JUNE 2021 1

IN BRIEF
YES Bank board approves fundraising Hospitals grapple with RBI hikes ATM
up to ~10K crore via debt securities
interchange fee
The board of directors of private sector
lender YES Bank have approved seeking
shareholders’ approval for raising up to
~10,000 crore in Indian or foreign
currency by issuing debt securities,
post-Covid admissions from ~15 to ~17
including but not limited to non- Plan to add dedicated ICUs for recovered patients as second Covid wave ebbs Using other banks’ ATMs to get costlier
convertible debentures, bonds and
medium-term notes. At the end of SOHINI DAS & RUCHIKA CHITRAVANSHI SUBRATA PANDA the demand for cash is grow-
March quarter, the lender had a capital Mumbai/New Delhi Mumbai, 10 June ing. Also, all government sub-
adequacy ratio of 17.5 per cent sidies and reliefs are going to

E
compared to 19.6 per cent as of ighteen-year-old Abdullah from The Reserve Bank of India the rural market through the
December 31, with common equity tier-1 New Delhi’s Chandni Chowk was (RBI) on Thursday allowed an DBT route. So, we need to have
ratio of 11.2 per cent at the end of the last fiscal (FY21), as compared suffering from breathlessness. He increase in the interchange fee points of presence in the rural
with 13.1 per cent Q3FY21. BS REPORTER was rushed to Sir Gangaram Hospital after structure for ATM transac- areas,” said K Srinivas, MD &
he became unconscious. While the tions, considering the increas- CEO, BTI Payments.
reverse transcription-polymerase chain ing cost of the machine “With this change, we
Govt must make Adityanath meets reaction (RT-PCR) test for Covid came deployment, expenses believe it will actually help
request to enable Amit Shah; likely negative, he was found to have unusually towards ATM maintenance people to significantly up the
high antibodies. Doctors suspected post- incurred by banks and white rollout of ATMs in semi-urban
card payment: SBI to call on Modi Covid cardiac complication — myocardi- label ATM operators. and rural areas,” he added.
The State Bank of India (SBI) has Uttar Pradesh Chief Minister tis — and found his heart had started to Accordingly, the RBI has Rustom Irani, MD & CEO,
said the Centre needs to make a Yogi Adityanath on Thursday pack up. hiked the inter- Hitachi
request to enable foreign card met senior BJP leader and Long Covid has been described as a change fee per Payment
transactions for making a Union minister Amit Shah range of symptoms such as fatigue, transaction Services, said,
payment on the RTI online here, and is also likely to call headache, loss of smell, dizziness, chest from Rs 15 to Rs “This will help
portal. The RTI online portal on Prime Minister Narendra pain, fever, depression that Covid-19 pat- 17 for financial us not only
allows filing of applications,
first appeals and the payment
Modi during his two-day visit,
sources said. BS REPORTER
ients may experience up to 12 weeks after
recovery. Doctors also say symptoms such
REPORTS SUGGEST household. “People were not following
the doctor’s advice and were self-med-
transactions
and from Rs 5 to
serve cus-
tomers better,
of fees under the RTI Act. PTI as palpitations and exercise intolerance COWIN WEBSITE HACKED, icating. That worsened the post-Covid Rs 6 for non- but also
UPSC to commence can persist after an acute case of Covid in HEALTH MIN DENIES complications.” financial trans- deploy addi-
Coal facing headwinds interviews for civil 35-87 per cent of patients. Many may com- In mild cases, weakness, fatigue, actions in all tional ATMs. It
from financial services from Aug 2
plain of a quicker heartbeat or low blood
pressure, but heart failure is rare.
The CoWin website was hacked,
putting data of 150 million users at
headache, loss of taste, depression, and
anxiety are common. Those who were on
centres, effec-
tive August 1,
will also give a
much-needed
markets, says Centre The Union Public Service “It is rare that a Covid infection can risk, various websites reported late on external support for long have residual 2021. relief to the
The government on Thursday Commission (UPSC) has also directly affect the heart, causing Thursday evening. DarkTracker, in lung infection, often leading to breath- The card- ATM indus-
said the coal sector is facing a decided to commence inflammation of the cardiac tissues. It is their tweet, stated that information of lessness. Many with mild disease com- issuing bank The RBI has also said try.”
bit of headwind from the interviews for civil services a life-threatening complication that needs about 150 million vaccinated people plain of persistent low-grade fever, recur- pays an inter- customers will be The RBI
financial markets and that examination 2020, which urgent attention,” says Ashwani Mehta, in India is at stake. The Health Ministry rent chest infection, and urinary tract change fee to eligible for five free had in June
could be one of the reasons for were deferred due to a surge senior consultant, cardiology, Sir and security researchers, however, infection. the operator of transactions every 2019, consti-
global players not participating in Covid-19 cases, from August Gangaram Hospital. denied the breach, as news of the Doctors are also seeing cardiac events, the ATM when month from their tuted a com-
in commercial coal mine 2, according to an official While Abdullah, after receiving a few hack spread on the internet, sparking pulmonary embolism, besides a surge in a customer own bank ATMs. mittee to rev-
auctions. This comes after Coal statement. PTI days of treatment, is now recovering at panic. On June 10, Data Leak Market other serious fungal infections like makes a trans- And, they will be iew the entire
Minister Pralhad Joshi earlier home, doctors say post-Covid patients — was selling a database of Covid-19 mucormycosis and uncontrolled dia- action at an eligible for three gamut of ATM
exuded confidence that in the Maharashtra waives especially younger people —have been vaccination in India for $800. betes. ATM that does free transactions charges and
next round of auctions, there interest on crop more acutely ill during the second wave, Vaccination data of 150 million Vaddepally says he has seen some cas- not belong to from other banks’ fees with a
would be participation from compared to the first. people, including name, Aadhaar es of tuberculosis in patients who have the same bank. ATMs in metro cities particular
global players. PTI loan up to ~3 lakh Hospitals across the country say a bulk number, and location, were included. recovered from Covid. Currently, the focus on inter-
The Maharashtra government of the admissions now are patients suf- “We are not the original leaker of “It can affect any organ. This wave has card-issuing change struc-
Rath Yatra will be on Thursday said farmers who fering from post-Covid complications. data. We are the reseller,” the website been devastating. Almost 70 per cent of bank pays an interchange fee ture for ATM transactions.
held in Puri without repay crop loan up to ~3 lakh
regularly will be charged zero
There are two categories of patients –
some who are already hospitalised with
read. BS REPORTER outpatients are those with post-Covid
symptoms,” says Dr Manoj Goel, director,
of ~15 for each cash transac- The committee had recom-
tion and ~5 for each non-cash mended ~18 and ~6 as inter-
devotees for 2nd yr per cent interest. A decision to severe Covid and then go on to test nega- pulmonology, Fortis Memorial Research transaction. change fee for financial and
A month ahead of the annual this effect was taken at a tive on RT-PCR but develop other com- Covid patients now. Institute. The ATM operators had non-financial transactions,
Rath Yatra, on July 12, the cabinet meeting chaired by plications, and there are many who have Rahul Pandit, director, critical care, Many patients who did not receive been pushing for a hike in respectively.
Odisha government on chief minister Uddhav been managed at home or in smaller nurs- Fortis Hospitals, Mulund in Mumbai, says hospital care are also among those facing interchange for some time The RBI has also said cus-
Thursday announced that this Thackeray in Mumbai. ing homes and are now seeking admis- he is considering starting a separate ICU, lung or tissue damage. now, but banks were not on tomers will be eligible for five
year, too, devotees will be Earlier, there was 1 per cent sions in tertiary-care hospitals with post- with at least 10-12 beds for such patients “The Delta variant also seems more the same page on the issue as, free transactions every month
barred from participating in the concession in interest rate if Covid complications. where monitoring can be standardised. virulent, showing a much more severe ultimately, the extra cost from their own bank ATMs.
festival, which will only be held crop loan between ~1 lakh “I am getting referrals daily from Are post-Covid complications more in immune response,” adds Goel. would have to be borne by the And, they will be eligible for
in Puri amid strict adherence to and ~3 lakh was repaid on smaller hospitals,” says the administrator the second wave? While post-Covid patients are con- customers. Experts in the sec- three free transactions from
Covid-19 protocols. PTI time. PTI of a leading hospital in Mumbai. Doctors concur. A higher number of tributing to the footfall, there is also a tor pointed out that if the other banks’ ATMs in metro
He says smaller medical establish- Covid cases would naturally lead to a pick-up in non-Covid treatment. Though interchange fee is increased, cities. In non-metro centres,
ments are not able to manage post-Covid higher number of post-Covid complica- it is yet to reach pre-Covid levels, hospi- there will be more deploy- customers will be able to do
complications. Thus, the demand for tions. Chetan Rao Vaddepally, consultant tals such as Max Healthcare are seeing ment of ATMs, especially in five transactions from other

CACP vacancy: Govt admission in tertiary-care is on the rise.

Covid occupancies are steadily on the
decline. Hinduja Hospital in Mumbai says
pulmonologist, Yashoda Hospitals,
Hyderabad, explains: “Due to shortage of
beds, many patients were treated at
foreign patients from Africa and West
Asian countries coming to India to treat
cancer, and cardiac, neuro, and spine ail-
non-Metro areas. This, in turn, banks’ ATMs.
will promote financial inclu-
sion in such areas.
Beyond the prescribed
number of free transactions

he
to soon fill 2 farmer its Covid-dedicated beds have 30 per cent
occupancy, while non-Covid beds have 72
per cent occupancy.
home. At home, the infection manage-
ment protocols are not stringent.”
Moreover, many patients were put on
ments, as well as organ transplants.
Non-Covid demand is picking up
more in places where the Covid cases
“While there is reasonable that a customer is eligible to
infrastructure for ATMs in big do from other bank ATMs,
cities, there is a yawning gap currently they are charged ~20
he
to representative posts Harish Chafle, consultant intensivist
and chest physician, Global Hospitals,
Mumbai, says, “We have more post-Covid
immunomodulating medication this
time around – like steroids, monoclonal
antibodies etc - which eventually led to
are down.
“Patients have delayed their surgeries,
but the situation is better than it was dur-
in semi-urban and rural areas. per transaction. But the RBI
So, the supply of ATMs is weak has now hiked this inter-
because the economics was change fee from ~20 to ~21 per
an SANJEEB MUKHERJEE are representatives of the cases now than positive ones. Around 50 secondary infections in some. ing the first wave. We have increased not making sense for their transaction, effective January
s if New Delhi, 10 June farming community in the per cent admissions are patients with A Max Healthcare spokesperson says medical ICU beds to take care of the needs rollout. On the consumer side, 1, 2022.
ch. country. post-Covid complications.” while every patient needs to be evaluated of a large number of post-Covid and non-
aid After a gap of several years, The commission does an Hospitals are planning to have dedi- independently, many were following one- Covid patients,” says Anil Vinayak, group
ata the Centre is looking to fill the elaborate exercise every year cated intensive care units (ICUs) for post- size-fits-all prescription for the entire chief operating officer, Fortis Healthcare.
vacancies of two non-official
members who are representa-
of meeting farmer groups and
other stakeholders before
RBI to buy medium-term
tives of the farming commu-
nity in the Commission for
Agriculture Costs and Prices
(CACP). The commission is
announcing the kharif and
rabi MSPs.
Despite that, the posts of
non-official members were
Govt flags poor 2nd dose coverage bonds under G-SAP
The Reserve Bank of India (RBI) will
buy bonds maturing between 2026
the main minimum support lying vacant. This had created RUCHIKA CHITRAVANSHI hospitals such as Uttar and 2035 in its third tranche of the
price (MSP)-fixing panel of the
government.
discontent among some
farmer groups as they felt that
New Delhi, 10 June Pradesh, Bihar, Jharkhand,
Odisha, West Bengal, Assam.
India marks record daily Covid G-sec Acquisition Programme (G-
SAP).
Sources said, of the two
representatives, one is expect-
their voice wasn’t being ade-
quately represented in the
The health ministry on
Thursday flagged the poor
The national coverage for
the first dose among health
deaths after Bihar adjusts data The total size of the G-SAP pro-
gramme would be ~ 40,000 crore,
ed to be from Western Zone highest official price-fixing coverage of second dose care workers is over 82 per India’s Covid-19 death tally surged by a record 6,148 fatalities including ~10,000 crore of state
while the other may represent body of the government. among the priority groups in cent, with 18 states including on Thursday as the eastern Bihar state reported numbers roughly development loans. The RBI will
the interests of Northern Zone Reports said the last time states, with only 56 per cent of Punjab, Maharashtra, 72 per cent higher than its previous recorded toll, confirming buy bonds of 20 states in the G-SAP,
farmers. Set up in 1965, CACP the commission had two the health care workers and 47 Haryana, Tamil Nadu, Delhi speculation that the devastation in the Asian nation has which will be held on June 17. Out of its ~1 trillion reserved
is mandated to fix the MSP of farmers representatives in its per cent of the frontline work- and Assam lagging. been far worse than official data show. for this quarter, the RBI has already bought ~60,000 crore
more than 23 crops spread panel was in 2016. ers having received full vacci- While 85 per cent of front- Bihar’s Health Department on Wednesday said Covid-19 had of bonds through two auctions.
across both the kharif and rabi Several experts and former nation so far. line workers have received the killed 9,429 people in the Indian state, nearly double its previous In G-SAP, the RBI commits to buy bonds and doesn’t
sowing seasons. It consists of members said that non-offi- At a meeting to review the first dose nationally, 19 states count. Authorities didn’t specify when the deaths occurred. cancel the auction as such, but it has no security wise limit,
three official members that cial members in the CACP progress of vaccination, the are reporting lower numbers Patna district, which houses the capital city, reported the highest and therefore it can buy the lowest offered bids for bonds.
includes the chairman and have limited role in technical government also raised the including Bihar, Haryana, number of deaths at 862, according to a statement posted on the The RBI will be buying six securities, but unlike last auc-
member-secretary. aspects like price determina- issue of less-than-adequate Maharashtra, Tamil Nadu, government’s Twitter account. The Patna High Court last month tion, it will not buy the benchmark 10 year bond. The liq-
That apart, the commis- tion. However, their presence private sector participation in Andhra Pradesh, Puducherry, expressed concern about inconsistency in the death toll prese- uidity for this particular paper is low now in the market as
sion also has vacancies for two does give a ground-level per- some states that have limited Telangana, Karnataka, and nted by government officials in separate affidavits, the Hindu most of it has been bought by the RBI already under its var-
non-official members, who spective to the panel. and unequal spread of private Punjab. newspaper reported. BLOOMBERG ious bond buying programmes. ANUP ROY

E-trading platforms for farm produce gaining traction

The new farm laws will give further fillip to alternative trading options outside of mandis
SANJEEB MUKHERJEE for this is that liquidity, which was process is transparent, and thanks Origo has launched operations buyers. Aggarwal says that his portal
New Delhi, 10 June earlier available within traditional to the digital payments, farmers in six states — Madhya Pradesh, will offer prices that are 6-7 per cent
mandis, can now be accessed out- can receive their money faster and Rajasthan, Punjab, Haryana, better that what a farmer can get in
While there is no clarity yet on the side because of digitisation. directly into their accounts. Chhattisgarh and Delhi — and a traditional mandi.
fate of the three new farm laws, a For example, says Upadhye, ear- Origo’s platform offers the capa- plans to expand the platform to “In a traditional mandi, there
clutch of e-auction and e-trading lier most traders at Khandsa mandi bility of forward auction (to sell) more states in the coming months. are a lot of intermediaries and a
platforms have started consolidat- in Gurugram, used to buy their and reverse auction (to purchase) Stressing that buyers will have product changes hands multiple
ing their operations to provide fruits and vegetables from Delhi’s commodities. The buyer has to to comply with all the state laws, times, which increases the trans-
farmers with trading options out- Azadpur market, but increasingly, specify the place where the farmer Kaul says, “Once the acts come into action cost. We are trying to elimi-
side the ambit of regular mandis. they are sourcing the produce from needs to bring his produce, just like play, the farmer connect will go up nate that,” Aggarwal says, adding
Though most operators admit nearby farms and villages, using it happens in government procure- manifold, which will further that he plans to take the concept to
that their growth plans have been digital platforms. This could be due ment operations and other physical enhance the liquidity in the e-auc- 75 more locations by December
spurred by the Covid-19 pandemic to the exigencies of the pandemic auctions. tion platforms.” 2021. The government’s own
and the need for alternative trading and also because of increased liq- “Government entities can use In the next few years, Origo Common Service Centre-SPV has
channels, they agree that if the laws uidity and ease of operations out- the platform for the sale of addi- plans to route almost Rs 100 crore also started an e-market portal for
come into force, they will have a side traditional mandis. tional stock in the open market and of its annual purchases through its agri services called CSC agri.in,
positive impact on their business. Prior to this, NCDEX e-Market also use the platform for MSP pro- digital platform. where farmers can not only buy
“The pace of routing farm prod- Ltd and m-junction used to provide curement from farmers, with quick Amith Aggarwal, co-founder seeds, fertilisers and cattle feed, but
ucts from bigger to smaller mandis such online trading platforms out- digital payments for their deposits,” and CEO, Agribazaar, is also bullish can also sell their produce directly
has gone down in recent months. side the mandis. Origo says Sunoor Kaul, co-founder, about alternative trading options. through the Kisan e-Mart.
More and more players in the Commodities, a leading player in FARM PICTURE Origo Commodities. His company has set up ‘Village Aggarwal of Agribazaar, who
smaller mandis and market places the commodities space, is one of To check defaults and ensure Fulfillment Centres’ in 25 locations recently signed an MoU with the
are now sourcing directly from the those that have launched an e-auc- 145 mn 4.1 mn 24,000-27,000 that only genuine buyers use the across Madhya Pradesh and Government of India to develop a
farmers instead of buying the pro- tion platform to facilitate out-of- Farmers in India Local aggregators who procure Small and medium platform, a buyer has to make a Maharashtra. Equipped with a qual- digital agriculture platform for
duce from bigger mandis,” Nukul mandi transactions. from farmers and sell in mandis mandis, which are under minimum security deposit to par- ity lab, an electronic weighing area, farmers, feels that transparency of
Upadhye, CEO and founder of Participants register digitally on 0.8 mn some sort of regulation ticipate in the auction. If he fails to internet connectivity, and display of operations, prompt payments and
Bijak, an agritech B2B marketplace, the platform through their mobile take delivery within a specified the Agribazaar portal, the centres ease of doing business will attract
told Business Standard. phones and receive notifications on
Commission 7,000-8000 All numbers are estimated; time, then the deposit is forfeited allow farmers to upload their prod- farmers and traders alike to these
agents Regulated mandis Source: Traders and market participants
Upadhye says the main reason upcoming auctions. The auction just like in any other auction. uct details and immediately find out-of-mandi platforms.
.
NEW DELHI | FRIDAY, 11 JUNE 2021
5 <

FORM NO INC-26
NMDC Limited
[Pursuant to Rule 30 the Companies (Incorporation) Rules, 2014] (A GOVERNMENT OF INDIA ENTERPRISE)
Advertisement to be published in the newspaper for change of Registered Office of the ‘Khanij Bhavan’, 10-3-311/A, Castle Hills, Masab Tank,
Company from one state to another Hyderabad - 500 028. Telephone : 040-23536740,
Before the Central Government, Western Region
23538713 to 23538721 Ext : 545, e-mail : gnanakumar@nmdc.co.in;
In the matter of sub-section (4) of section 13 of Companies Act, 2013 and Clause (a) of
sub-rule (5) of Rule 30 of the Companies (Incorporation ) Rules, 2014
bmkumar@nmdc.co.in; jpsingh@nmdc.co.in. CIN : L13100TG1958GOI001674
AND Tender No. HQMM/2022-20/57X376/384 Dt. 10-06-2021
In the matter of M/s. VIVOMED LABORATORIES PRIVATE LIMITED having its Registered Office at OPEN TENDER NOTICE (E-Procurement Mode Only)
TH
Medley House, D-2 MIDC Area, 16 Road, Andheri (East) Mumbai - 400093, Maharashtra, India.
………. PETITIONER E-tenders are invited for following items from reputed manufacturers
Notice is hereby given to the General Public that the Company proposes to make application directly or through their dealers /accredited agents through MSTC portal
to the Central Government under Section 13 of Companies Act, 2013 seeking confirmation of website https://www.mstcecommerce.com/eprochome/nmdc/
alteration of the Memorandum of Association of the Company in terms of the Special Resolution buyer_login.jsp.
passed at the Extra Ordinary General Meeting held on Wednesday, 17th March, 2021 to enable
the Company to change its Registered Office from the “State of Maharashtra” to the “State of Description of Equipment Qty. Display of Last date &
Telangana”. (NO) Tender Time for
Any person whose interest is likely to be affected by the proposed change of Documents submission
the Registered Office of the Company may deliver either on the MCA-21 Portal
(www.mca.gov.in) by filing investors compliant form or cause to be delivered or send by Period of Final offer
Registered Post of his/her objections supported by an Affidavit stating the nature of his/her Supply, Erection & Commissioning Draft Tender :
interest and grounds of opposition to the Regional Director at the address # Everest 5TH Floor
100 Marine Drive Mumbai – 400002, Maharashtra, India within Fourteen Days of the date of including Comprehensive AMC of 10.06.2021
publication of this Notice with a copy to the Applicant company at its Registered Office at the 5 years after expiry of Guarantee to 24-06-2021
address mentioned below: period of One year for IP based FINAL Tender 20-07-2021
VIVOMED LABORATORIES PRIVATE LIMITED CCTV surveillance system for 01 (Tentative) by 2.30 PM
Registered Office: Standard House, Medley House, D-2 MIDC Area, 16TH Road, Andheri (East)
BIOM Bacheli Complex, 05/07/2021 to (IST)
Mumbai - 400093, Maharashtra, India.
For VIVOMED LABORATORIES PRIVATE LIMITED Chattisgarh State. 20/07/2021
Sd/- (Prebid Meeting on 24/6/2021 at upto 2.30 p.m
SAHIR SAMI KHATIB
Date: 10/06/2021 DIRECTOR 11.00 AM through Microsoft
Place: Mumbai DIN: 00043681 Teams. mail)
PS:INC-26 has been advertised on 1/4/2021 in “News Hub” and not received any objection. The
same is being advertised again as directed by RD with the approval of Directors and shareholders.
Prospective bidders may visit our websites: www.nmdc.co.in; CPP
No creditors in the company for which affidavit has been submitted with RD, ROC Mumbai. Portal https://eprocure.gov.in; https://mstcecommerce.com and may
download the tender documents. Any corrigendum to the above tender
notice will be uploaded on our website and MSTC e-portal only.
CGM (Materials)
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 11 JUNE 2021 1

Agriculture exports jump DSF Round 3 kicks off PM to attend

G7 outreach

17% to $41 billion in FY21 with 32 areas on offer sessions on

June 12, 13
Production at DSF-1 Elao field expected to start in a week
SHREYA NANDI
> The government is > Banganapalli,
TWESH MISHRA MOST HYDROCARBON RESERVES SHREYA NANDI
New Delhi, 10 June FOCUS ON NEW PRODUCTS, taking steps to expand Survarnarekha mangoes
New Delhi, 10 June
ON OFFER THIS TIME New Delhi, 10 June
MARKETS export basket of

G
rowth in agricultural to South Korea The third round of auctions Hydrocarbon Prime Minister (PM)
exports, despite pan- agricultural products under the Discovered Small reserves (mt) Narendra Modi will virtually
> Shahi Litchi to UK
demic disruptions, has and promote export of Fields (DSF) regime for oil and 190 232 participate in the outreach
been driven by the govern- products unique to India > Fresh jackfruit to gas blocks was launched on 45 sessions of the Group of
ment’s policy-level interven- London Thursday. Under this bid Seven (G7) summit on June
tions as well as the expansion
> Village rice to round, 32 contract areas com- First Second Third 12-13, said an official state-
Ghana,Yemen > Saffron and dry fruits
of products into new markets,
Saudi Arabian FMCG
prising 75 discoveries are on 46 25 32 ment on Thursday.
Commerce Secretary Anup > Red rice, flavoured offer. These exploratory fields
No. of contract areas The United Kingdom
Wadhawan said on Thursday. jaggery powder to the US > Jamun fruit to London are spread over nine sedimen- (UK) is hosting the summit at
After remaining stagnant
> Millets to Denmark > Groundnuts to Nepal
tary basins covering an TIMELINE Cornwall, where seven of the
for the last three years, the acreage of about 13,685 square Launch of Online pre-bid world’s most powerful
export of agriculture and allied kilometres and have a poten- bid round: conference: economies - the UK, the US,
products during 2020-21 grew 2018. It was implemented in tial of approximately 232 mil- June 10 June 30 Canada, France, Germany,
17.34 per cent to $41.25 billion.
In 2017-18 and 2018-19, they
districts and clusters. Many
clusters and districts that were
'India, South Africa IP waiver proposal lion tonnes (mt).
These oil and gas discover-
Bid closing date: Aug 31
Italy, and Japan - will come
together to thrash out a glob-
hovered around $38 billion, not exporting earlier have got tremendous mileage at WTO' ies were made by public sector al response to the pandemic,
thereafter declining to $35.16 started doing it now,” Wadh- undertaking oil companies, According to Petroleum onshore gas field in the trade, climate, among other
billion in 2019-20. In the first awan said. India and South Africa’s proposal for a temporary waiver on some ONGC and Oil India. But they Minister Dharmendra Cambay basin was bagged by challenges.
two months of the current fis- India is seeing growth in sections of the Trade-Related Aspects of Intellectual Property were eventually relinquished, Pradhan, production from a Kolkata-based PFH Resources. Apart from India, UK PM
cal year, there was a 43 per cent the export of cereals, non-bas- Rights (TRIPS) agreement has achieved ‘tremendous mileage and citing unviability. This was block awarded in the first The company also won two Boris Johnson has invited
jump, Wadhawan told media mati rice, wheat, millets, progression’ at the World Trade Organization (WTO), with member either due to their small size round is going to start within blocks in the Krishna Godavari leaders from Australia, South
persons in a virtual briefing. maize, and other coarse grains. countries agreeing on starting text-based negotiations, com- or because of the restrictive fis- a week. He said this while (KG) basin in Andhra Pradesh Africa, and South Korea to
“Growth was due to the The largest markets for India’s merce secretary Anup Wadhawan said on Thursday. “That is a cal regimes under which they speaking at an event to mark during that round. Pradhan join the summit this year.
opportunities that Covid-19 agricultural products are the positive development...Now the parties at the WTO have agreed to were awarded to these firms. the launch of the third round. said: “The petroleum ministry The meeting will be held
offered. It was also due to var- US, China, Bangladesh, the do text based negotiations.That's a way forward, which means There are 19 onshore, 54 According to officials in the and Directorate General of in hybrid mode.
ious programmes emanating UAE, Vietnam, Saudi Arabia, that countries broadly in principle have accepted the objective shallow water and 2 deepwater know, Pradhan was talking Hydrocarbons should devise This is the second time
from agriculture policy that Indonesia, Nepal, Iran, and behind the waiver proposal. To give effect to the objective, they discoveries on offer in this about a CB/ONDSF/E innovative ways for early Modi will be participating in
came into effect in December Malaysia. will have text-based negotiations,” Wadhawan told reporters. third round, the largest so far. LAO/2016 field in Gujarat. This resource monetisation." a G7 meeting. The PM was
invited by the G7 French
Presidency in 2019 to the
Biarritz Summit as a goodwill
Sluggish state nYoY chg nQoQ chg partner.
INDIA RANKS Rank in avg price (%) This is the first meeting of
AT BOTTOM OF 1 Turkey 32.0
6.8
the member countries since
the outbreak of the pandem-
HOUSE PRICE 2 New Zealand 22.1 ic. It will take place at a time
when several countries con-
INDEX 3
5.3
Luxembourg 16.6 tinue to battle the deadly
4.6 virus. The theme of this
year’s summit is ‘Build Back
4 Slovakia 15.5
4.2 Better’.
The UK has outlined four
5 US 13.2
4.0 themes as priority areas for
its presidency of the G7.
6 Sweden 13.0
3.6 “These are leading the
global recovery from coron-
7 Austria 12.3
avirus while strengthening
3.9
resilience against future pan-
8 Netherlands 11.3
demics; promoting future
5.3
prosperity by championing
India slips 12 9 Russia 11.1
free and fair trade; tackling
positions in a year 1.7
climate change and preserv-
The Covid-19 pandemic has
55 India -1.6
ing the planet’s biodiversity;
Jan-Mar, ‘20 1.4
impacted India’s housing sector and championing shared val-
56 Spain -1.8
more severely than in other major
economies. While the local
43 0.2 ues and open societies. The
leaders are expected to
housing market was already Apr-Jun, ‘20 exchange views on the way
struggling to attract buyers, the Only NCR, Hyderabad India home forward on global recovery
current crisis has resulted in a fall in 54 see growth prices lowest in
years
from the pandemic, with a
average home rates by 1.6%, YoY chg in home prices (%) focus on health and climate
dragging India’s ranking by 12 Jul-Sep, ‘20 Avg prices (~/sq ft) change,” said an official state-
positions in last one year. The Kolkata -4 ment.
Knight Frank Global House Price 54 Pune -3 The G7 summit was
Index, that measures rate Mumbai -3 expected to see the leaders of
fluctuations in 56 countries, found Oct-Dec, ‘20 the four Quad countries meet
India at the bottom of the list — at Ahmedabad -2
the 55th position — followed only 56 Chennai -2
in person, but with Modi not
travelling to Cornwall, the
by Spain. The average price in India Bengaluru -1 summit is expected to hap-
was lowest in the January-March Jan-Mar, ‘21 pen later this year. The four
NCR 1
quarter at least since mid-2015.
COMPILED BY ARNAB DUTTA 55 Hyderabad 1
leaders have already met in
the virtual format in March.

Fintech firms At least 11 dead in Mumbai building collapse

expect biz as
usual by July:
FACE survey
ANUP ROY regulator-provided frame-
Mumbai, 10 June work for Covid relief, the "ran-
domness or subjectivity of any
The second wave of the Covid- such decision could have been
19 pandemic may not be as avoided”.
devastating for financial tech- The RBI on May 5 had said
nology (fintech) firms as the individuals and small busi-
first wave, revealed survey of nesses (with exposure up to
top 20 firms by the Fintech ~25 crore) that did not avail of
Association for Consumer the moratorium in 2020 can
Empowerment (FACE). do so now for two years,
"It is interesting to note should they need it. Besides
that the Covid-19 impact is dif- those who did not receive
ferent this time, compared to restructuring for two years
the same situation last year. may now extend their pay-
While most players expected ments up to two years of the
business to normalise by July, original plan.
some aspects of the business This year, according to the
are expected to be impacted survey, the fintech players
for a longer period,” stated the have been conservative on
online survey, taken by 100 providing moratorium to cus-
senior executives of the top 20 tomers. Around 56 per cent of
fintech firms. FACE members in the survey
These 20 firms combined expect to provide loan restruc-
serve 6.5-million-plus cus- turing to 10 per cent cus-
tomers, of which 46 per cent tomers, it said.
are ‘new to credit’ customers. Interestingly, disburse-
However, the lockdown, ments continued as usual in
alongside the moratorium this wave. Last year during
announcement by the lockdown, many firms had
Reserve Bank of India (RBI), refrained from paying out
has "led to a lot of uncertain- money. Around 45 per cent
ties in the lending business”, of the respondents, particu-
it observed. larly those with a large cus-
“Digital lenders also bor- tomer base, observed lesser
row from debt markets, pri- impact on disbursement
marily from banks. It will because repeat business con-
defeat the purpose if those tinued to provide support.
‘lender of lenders’ look nega- “This time, employers were
tively at Covid-based relief (if prepared. Paycuts have not
any) provided by digital been majorly observed so far.
lenders, even if the collections However, members involved
don’t suffer or non-perform- in lending to self-employed
ing assets are provided for," customers have seen some Rescue operation underway on Thursday after a single-storey house collapsed on another
said Srinath Sridharan, mem- impact on lending linked to structure in Mumbai's Malwani area on Wednesday night . At least eight children and three
ber of governance council, business closures for a signifi- adults were killed and seven other people injured PHOTO: PTI
FACE. He said if there was a cant period,” it sated.
.
NEW DELHI | FRIDAY, 11 JUNE 2021 TAKE TWO 7 <

‘Businesswise, we are hopping

tial retaliatory tariffs from
Washington.
The multilateral frame-
work approved by G7 is, there-
fore, not an appealing one for
New Delhi to accept because
the effective tax India will levy
may well be less than the scope
across boundaries of the box’
Among the last to be allowed to resume business (that too partially) after
of the digital tax it currently
months of restrictions, Indian cinemas had to close their doors again as the
deploys. Also, Indian revenue
second wave of Covid struck. AJAY BIJLI, chairman and managing director, PVR
authorities are keen to be able
Ltd, and GAUTAM DUTTA, CEO of PVR Ltd, tell Veenu Sandhu that though difficult,
to potentially access more
this has been a period of introspection and innovation. Edited excerpts:
than the “20 per cent of profit
exceeding the 10 per cent mar- After the first lockdown lifted, (2021). The movies that were
gin” of foreign companies that you were repeatedly asking for released did very well.
do business in India. The G7 cinemas to be allowed to open.
declaration has used the word This time the messaging from So the threat of OTT gaining at
“at least,” signifying that it is a you is different. the cost of theatre isn’t really
floor, but chances are it could Ajay Bijli: This virus is some- there?
become a ceiling. thing that likes Bijli: OTT versus

Global tax, local

Otherwise, India could face human interaction; going to the movies
a situation where as more that’s how it is something like Ajay Bijli Gautam Dutta
domestic companies graduate spreads. So we are “utilitarian versus
to the 100 multinational club, one of the most affe- experiential”; like resentations to the govern- kitchens. We are also looking at
those tapping into the Indian cted industries. It’s eating out of a ment, yet no relief has come. alternative content stories with-

complexities
market will be able to duck the not a good sign to be microwave versus Be that as it may, we have still in cinemas. In short, we are
tax. This is possible since the shut for so many AJAY BIJLI going to a restau- tried to keep our chin up. hopping across the boundaries
foreign multinationals will be months. So yes, it Chairman & MD, PVR Ltd rant. The film fra- There is one way the govern- of the box to see how PVR can
taxable on their India expo- has been devastat- GAUTAM DUTTA ternity continues to ment can help, if not directly: leverage its position of strength
sure. Profitability of these ing from that point CEO, PVR Ltd believe in the the- vaccinate at a faster pace. Do from here on.
companies will be certainly of view. But I still atrical business — it for the sake of humanity.
The recent G7 proposal of a global minimum tax has thin, in any case lower than believe in the long run of the not just for emotional reasons We ourselves are doing our What about things like
mixed implications for Indian corporations, foreign the threshold of 10 per cent.
The flip side is a brighter
business. And as Gautam has but also for economic ones; 60
very nicely articulated in a mes- to 70 per cent revenue of any
best within what all is available,
legitimately, to get our people
rental costs?
Bijli: I am happy to say that we
majors operating here and the tax authorities one for the tax department. sage that we are sending out: content that is created comes (some 6,700 employees) and got rental relief from more than
Whenever Indian companies “For the show called life to con- from theatre. their families vaccinated. 95 per cent of the developers.
SUBHOMOY BHATTACHARJEE ing tone note the words, do a merger or acquisition tinue, this intermission is a That said, if my shop is shut, We are a listed company, so we
New Delhi, 10 June HAVEN-SENT largest and most profitable. abroad, they set up a special must.” After the first lockdown, then how can I stop them from Even so, how do you keep the also had to keep talking to our
The US had carried a posi- purpose vehicle to carry out our outreach was aggressive. selling their movie to OTT. So show going? investors. We were able to do a
OPPORTUNITIES
T
he global minimum tion to the London summit the transaction. These vehicles This time, it didn’t seem right if they sold it, they sold it. But I Gautam Dutta: We looked with- rights issue of ~300 crore — a
CTHI* (in per cent)
corporation tax of 15 that only about 100 of the earlier carried a Mauritius to start talking about entertain- know for a fact that a lot of in for business ideas to keep the testimony to the belief in our
per cent suggested by British Virgin 6.4 most profitable multi-national address, but lately also a ment when people and hospi- movies are lined up, both wheels rolling. We innovated company. We were also able to
the G7 nations at the summit Islands enterprises globally should be Cayman Island registration. tals were overwhelmed. Indian and international (for around food and launched PVR do a QIP of ~800 crore later on.
of their finance ministers last Cayman 6 subject to this tax. Most such Both these destinations offer There are few factors that when the cinemas open). microwave popcorn that is sell- A huge chunk of investors came
Islands
weekend, could make life companies globally are the a zero corporation tax rate. keep us optimistic. One of them ing like a hot cake today. We in. And we were able to raise
more taxing for some large Bermuda 5.7 digital giants. In other words, India has a double taxation is that the Indian market con- The industry is bleeding. How have also set up a core team to debt. All this in a shut business
Indian IT companies. The tax if these companies have a sig- avoidance treaty with siders movie-going as the could things have been helped? look at businesses like mer- is not easy to achieve when
Netherlands 5.5
could, for instance, cost TCS, nificant market presence in Mauritius and none with Number 1 form of entertain- Bijli: The only thing that chandise that can go online. everybody is only talking OTT.
India’s largest IT services Switzerland any economy, they have to pay Cayman but the effect was the ment. We got a small glimpse would have helped was if we Another food venture we
5.1
company, more under the a substantive tax there. The same. India earns no tax from of this when we opened from had got some government launched is Café V, to deliver Full interview on
new tax treatment, but Luxembourg 4.1 Organisation for Economic these transactions. Under the October 15 (2020) to March 15 support. We made many rep- food to homes through cloud www.business-standard.com
Infosys may just about get Cooperation and Develop- proposed pillar two, India
away because it still does not Hong Kong 4.1 ment (OECD), the club of rich could soon impose the 15 per
rank among the top 100 digi- countries representing the cent tax and demand compli-
tal multinationals by size.
Indian conglomerates such
as Airtel and Tata group with
Jersey

Singapore
3.9
3.9
European Union
interests more The framework
strongly, wanted approved by G7 is
ance. Essentially
countries like India
can now demand
What are content delivery networks
substantial investments
abroad may not be able to
retain the benefits of their tax
United Arab
Emirates
3.8
A ranking of jurisdictions most complicit
no limit on the not an appealing
number of enter- one for New Delhi
prises covered. to accept because
that whenever an
underlying Indian
asset is taxed at a
and why big websites crash together
shelters abroad because, under in helping multinational corporations The two itali- the effective tax lower rate abroad, NATE LANXON provider has a server in France that will companies are putting the fate of their web-
underpay corporate income tax. CTHI
the structure of this tax, Indian calculates each jurisdiction's tax and cised words India will levy the companies will 10 June direct users there. sites in the hands of an outside party.
revenue authorities could mop financial systems to create a list of the
world’s greatest enablers of global
imply that the may well be less pay a tax to India
up the differential tax. corporate tax abuse. US position has than the scope of also. The aggregate You don’t hear much about content-delivery Who uses them? What happened with Fastly?
It is a creation of Tax Justice Network,
All these tax scenarios are, an independent organisation supported carried the day. the digital tax it tax must add up to networks, or CDNs, until they stop deliver- Such networks are popular with large, high- CDNs don’t fail very often but when they do,
of course, going to be intensely by UN, IMF and others For India, this currently deploys the magic number ing. A global outage of major websites on traffic websites and those offering big files it can be spectacular. There are many simi-
*Corporate Tax Haven Index
argued before they enter the Source: Tax Justice Network means that TCS of 15 per cent. June 8 that lasted about an hour was caused to download. The list of those affected by larities between this outage and an issue with
statute books. The agreement might be subject to this tax It helps that the effective by problems at the San the June 8 outage included Amaz- rival Cloudflare last year. Cloudflare’s prob-
in London, will now be debat- abroad, wherever it has a pres- minimum corporation tax Francisco-based Fastly Inc. It on, Spotify, Twitch, Shopify and lems arose because — in simple terms — the
ed by the G20 group of finance effectively ending the attrac- ence. Interestingly, going by rate in India is at present took down websites including Etsy, according to Downdetector, company’s engineers tried to re-route inter-
ministers later this year. Only tion of tax havens for multi- the same metric, Amazon with about 17 per cent. This means the New York Times, a website that tracks service out- net traffic and everything exploded. Since
after the heads of state of the national companies. For a lower than 10 per cent oper- India does not have to bother Bloomberg News and even the ages across the internet. Other website traffic is routed through a CDN’s
G20 accept the framework Indian tax authorities, it is pil- ating profit margin, will not fit about tweaking its rate. These UK government. major CDN providers include servers, when the servers break so does
would this agreement be lar one of this agreement into this club. goodies will begin to roll in Cloudfare, Akamai and MaxCDN. everything else. These issues are also hard
adopted by the legislatures of which carries the more seri- The Indian government is once the G7 agreement is rat- What is a content-delivery to prevent, and often happen when compa-
the respective countries. So it
is a long road ahead.
ous macro-implications.
Under this pillar is the
unlikely to agree to this posi- ified by the wider G20 group.
tion since all digital services The Indian tax authorities will
network?
It’s a kind of bridge between a
DECODED Why use them? nies need to update their systems. Fastly
Along with speed and the greater attributed the incident to “a service config-
International attention is, question of tax treatment of IT companies, including Ama- be able to pass an omnibus website or app and a user, ease of serving more customers uration that triggered disruptions across our
nevertheless, focused on how, or digital companies. US zon, pay a 2 per cent tax on correction to all the double helping to push data quickly around the simultaneously, CDNs are better placed to POPs (points of presence) globally”.
after years of debate, the G7 Treasury Secretary Janet their transactions here. The US taxation avoidance agree- internet on behalf of some of the most pop- deliver content such as high-resolution
nations have accepted a two- Yellen has said she wants government last week set India ments. The correction will be ular online companies. CDN providers do video without disruption. They can also Was this a hack?
pillar solution to taxing multi- countries to get the “taxing and five other countries, deemed to have been inserted that by hosting multiple servers and direct- divert traffic to different servers if demand There is no evidence to suggest Fastly’s
national companies more rights on at least 20 per cent including the UK and in each treaty. It will be a ing people who call up a web page to the is high or there’s a sudden spike, allowing issues were the result of a malicious cyber-
intensely. Pillar two has of profit exceeding a 10 per Germany, a time frame of 180 landmark amendment that nearest one geographically, rather than websites to keep going when they’re under attack. By contrast, all website system
drawn more attention — it cent margin for the largest and days to halt the tax and accept could raise India’s ability to sending them back to the origin. Say a com- strain. On the other hand, they are costly, administrators know that network outages
mandates a minimum rate of most profitable multinational multilateral talks for a new tax- tax offshore transactions by a pany’s website is based in the US and gets do not have servers everywhere and, as evi- and downtime can happen, no matter the
15 per cent corporation tax, enterprises”. Behind the ring- ation framework or face poten- quantum jump. traffic from France, it’s possible a CDN denced by this latest episode, mean that size of their hosting platform. BLOOMBERG
8
>
NEW DELHI | FRIDAY, 11 JUNE 2021

Corporate Identity Number: L24239MH1939PLC002893

Registered Office: Bombay House, 24 Homi Mody Street, Fort, Mumbai - 400 001
Tel. No.: +91 22 6665 8282
Email: investors@tatachemicals.com Website: www.tatachemicals.com
NOTICE OF THE 82ND ANNUAL GENERAL MEETING, E-VOTING
AND BOOK CLOSURE
Annual General Meeting:
NOTICE is hereby given that the Eighty Second (82nd) Annual General
Meeting (‘AGM’ or ‘Meeting’) of the Members of Tata Chemicals Limited
(‘the Company’) will be held on Friday, July 2, 2021 at 3.00 p.m. (IST) through
Video Conference / Other Audio Visual Means ONLY, to transact the business
as set out in the Notice of the AGM. In accordance with the General Circulars
issued by the Ministry of Corporate Affairs dated April 8, 2020, April 13, 2020,
May 5, 2020 and January 13, 2021 (collectively referred to as ‘MCA Circulars’)
and the Securities and Exchange Board of India (‘SEBI’) Circulars dated May
12, 2020 and January 15, 2021, the Company has sent the Notice of the 82nd
AGM along with a weblink to access the Integrated Annual Report 2020-21
on June 9, 2021, through electronic mode only, to those Members whose
e-mail addresses are registered with the Company/Registrar & Transfer Agent/
Depositories. The requirement of sending physical copies of the Notice of the
AGM has been dispensed with vide MCA Circulars and the SEBI Circulars.
The Integrated Annual Report 2020-21 of the Company, inter alia, containing
the Notice and the Explanatory Statement of the 82nd AGM is available on
the website of the Company at www.tatachemicals.com and on the websites
of the Stock Exchanges viz. www.bseindia.com and www.nseindia.com.
A copy of the same is also available on the website of National Securities
Depository Limited (‘NSDL’) at www.evoting.nsdl.com.
Remote e-Voting:
In compliance with Section 108 of the Companies Act, 2013 (‘the Act’)
read with Rule 20 of the Companies (Management and Administration)
Rules, 2014, Regulation 44 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and
the Secretarial Standard on General Meetings (SS–2) issued by the Institute
of Company Secretaries of India, each as amended from time to time, the
Company is providing to its Members the facility of remote e-Voting before/
during the AGM in respect of the business to be transacted at the AGM and
for this purpose, the Company has appointed NSDL for facilitating voting
through electronic means.
The detailed instructions for remote e-Voting are given at point 17(B)(i) of
the Notice of the 82nd AGM. Members are requested to note the following:
a. The remote e-Voting facility would be available during the following
period:
Commencement of remote Monday, June 28, 2021 (9.00 a.m. IST)
e-Voting
Conclusion of remote e-Voting Thursday, July 1, 2021 (5.00 p.m. IST)
The remote e-Voting module shall be disabled by NSDL for voting
thereafter and Members will not be allowed to vote electronically
beyond the said date and time;
b. The voting rights of the Members shall be in proportion to their share
of the paid-up equity share capital of the Company as on Friday,
June 25, 2021 (‘cut-off date’). The facility of remote e-Voting system shall
also be made available during the Meeting and the Members attending
the Meeting, who have not already cast their vote by remote e-Voting
shall be able to exercise their right during the Meeting. A person whose
name is recorded in the Register of Members/Register of Beneficial
Owners as on the cut-off date only shall be entitled to avail the facility
of remote e-Voting before/during the AGM. Members who have cast
their vote by remote e-Voting prior to the Meeting may also attend the
Meeting electronically, but shall not be entitled to vote again on such
resolution(s).
c. A non-individual shareholder or shareholder holding securities in
physical mode, who acquires shares of the Company and becomes a
Member of the Company after the despatch of the Notice and holds
shares as on the cut-off date, may obtain the User ID and Password for
e-Voting by sending a request at evoting@nsdl.co.in. However, if the
Member is already registered with NSDL for remote e-Voting then he/
she can use his/her existing User ID and password for casting the vote.
d. Individual shareholders holding securities in electronic mode and who
acquire shares of the Company and becomes a Member of the Company
after despatch of the Notice and hold shares as of the cut-off date may
follow the login process mentioned at point 17(B)(i) of the Notice of the
AGM.
Members can also login by using the existing login credentials of the
demat account held through Depository Participant registered with NSDL
or Central Depository Services (India) Limited (‘CDSL’) for e-voting facility.
e. A person who is not a Member as on the cut-off date should treat the
Notice of the AGM for information purposes only;
Mr. P. N. Parikh and failing him, Ms. Jigyasa Ved and failing her, Mr. Mitesh
Dhabliwala of M/s. P. N. Parikh & Associates, Practicing Company Secretaries
has been appointed as the Scrutiniser to scrutinise the remote e-Voting
process before/during the AGM in a fair and transparent manner.
In case of any queries/grievances pertaining to remote e-Voting (before/
during the AGM), you may refer to the Frequently Asked Questions for
shareholders and e-Voting user manual for shareholders available in
the ‘Downloads’ section of www.evoting.nsdl.com or call NSDL on the
toll-free number: 1800 1020 990/1800 224 430 or send a request at
evoting@nsdl.co.in or contact Mr. Amit Vishal or Ms. Pallavi Mhatre from
NSDL at the designated e-mail IDs: evoting@nsdl.co.in or amitv@nsdl.co.in or
pallavid@nsdl.co.in.
Helpdesk for Individual Shareholders holding securities in demat mode for
any technical issues related to login through Depository i.e. NSDL and CDSL:
Login type Helpdesk details
Securities Members facing any technical issue in login can contact
with NSDL NSDL helpdesk by sending a request at evoting@nsdl.co.in or
call at toll free no.: 1800 1020 990 or 1800 224 430
Securities Members facing any technical issue in login can contact CDSL
with CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia.com
or contact at 022-23058738 or 022-23058542 / 43
Book Closure and Dividend:
The Register of Members and the Share Transfer Books of the Company will
remain closed from Wednesday, June 16, 2021 to Monday, June 21, 2021
(both days inclusive) for the purpose of 82nd AGM and payment of dividend
for financial year 2020-21. The dividend, if declared by the Members, will be
paid on and from Tuesday, July 6, 2021.
For Tata Chemicals Limited
Sd/-
Place: Mumbai Rajiv Chandan
Date: June 10, 2021 General Counsel & Company Secretary
.
NEW DELHI | FRIDAY, 11 JUNE 2021 9
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NEW DELHI | FRIDAY, 11 JUNE 2021

SEC seeks review of G-7 plans 1 billion extra Covid China arrests
stock trading rules
BEN BAIN shots to end pandemic next year 1,100 in crypto
crackdown
10 June

Wall Street’s top regulator is Jabs will be given to 92 lower-income nations & the African Union, say officials
calling for a broad review of
rules that underpin US equity
trading, the latest evidence
AGENCIES
10 June
son’s vaccination status. Busts 170 groups for money laundering
that the meme-stock mayhem Nations still struggling BLOOMBERG

T
is likely to trigger an overhaul. he Group of Seven (G-7) Biden has come under rising 10 June
US Securities and leaders is set to vow to pressure internationally to
Exchange Commission Chair deliver at least 1 billion share his government’s vac- China arrested over 1,100
Gary Gensler said Wednesday extra doses of vaccines over the cine stockpile with nations still people in a sweeping crack-
that he’s asked the agency’s and other companies. While next year to help cover 80 per hard-hit by the pandemic as down on the use of crypto-
staff to examine best execu- Gensler didn’t mention them cent of the world’s adult pop- the pace of the US domestic currencies for money laun-
tion requirements — legal by name, he directed some of ulation, according to a draft vaccination campaign has dering, adding to signs it’s
mandates that ostensibly his most pointed comments communique seen by slowed by about two-thirds further reining in crypto-
force brokers to process cus- to market makers like Citadel Bloomberg News. since April.Biden said before linked activities.
tomers’ orders at advanta- Securities LLC and Virtu Ahead of the G-7 summit departing for Europe on Police busted more than
geous prices. Gensler added Financial. Those firms pay in the UK, officials are putting Wednesday that he would 170 criminal groups that used
that the process for settling retail brokers a fee to execute together a document that out- announce a global vaccination cryptocurrencies to launder
transactions could be short- clients’ trade orders. lines a plan to end the pan- strategy during his travels. He money in telecom scams to
ened to the same day. He also “Brokers profit when demic by December 2022. The didn’t elaborate. avoid being tracked down, the
reiterated concerns that com- investors trade,” Gensler said document has yet to be final- Ministry of Public Security
panies behind popular smart- in a speech at the Piper ised but will form the basis of EU foregoes 100 mn J&J jabs said in a statement. The cam-
phone apps have profit incen- Sandler Global Exchange & final-stage talks at the summit The European Union (EU) paign spanned 23 provinces Regulators plot
tives to hook consumers on
trading.
FinTech Conference. “For
those brokers who have these
of leaders in Cornwall, south-
western England, starting
decided not to take up an
option to buy 100 million
and cities, it added. Arrest fig-
ures were as of Wednesday.
toughest capital
Trading rules have come arrangements — and not all Friday. WTO takes 1st Moderna files doses of the Johnson & The criminal groups rule for bitcoin
under scrutiny amid wild
swings for GameStop Corp.,
do — higher trading volume
generates more payment for
As Biden and other G-7
leaders gathered for the start of
step in patent for clearance Johnson's vaccine and is con-
sidering donating another 100
needed to hire people to help
with the laundering process
Banks must set aside enough
capital to cover losses on any
AMC Entertainment Holdings order flow.” BLOOMBERG their summit in the UK, their
staffs were putting together a
waiver talks of jab for teens million optional shots, if
ordered, European officials
because the bank accounts
they used for such scams had
bitcoin holdings in full,
global regulators proposed
document that outlines a plan On Wednesday, the World Moderna filed for US said. The discussions show a been seized. Those hired on Thursday, in a
to end the Covid-19 pandemic Trade Organization (WTO) emergency-use drop in confidence in the one- would register their own bank "conservative" step that
by December 2022. At the sum- took the first step towards authorization of its Covid-19 dose shot, which was initially accounts on virtual currency could prevent widescale use
IN BRIEF mit in Cornwall, the presidents
and prime ministers will
a deal aimed at boosting
production of vaccines
vaccine in adolescents, a
move that would further
touted as crucial for a success-
ful vaccination drive in
platforms, and use the money
received from the criminal
of the cryptocurrency by big
lenders. REUTERS
pledge to deliver at least 1 bil- through patent waivers or expand access to the Europe, but has been largely groups to trade virtual cur-
Myanmar military plane crash lion extra doses of vaccines
over the next year to help cover
compulsory license
methods. Countries finally
pandemic preventive.
Authorization by the US Food
relegated to a back-up choice
after safety and supply prob-
rencies before transferring
those assets to the groups’ des- May see bear
kills 12, including senior monk 80 per cent of the world’s adult
population, according to a draft
backed drafting the
agreement for the
and Drug Administration
would make it the second
lems. ignated digital wallets. They
were offered 1.5 per cent to 5
market in bitcoin
communique seen by purposes of dicussion. vaccine approved for this US to use $2 bn of Covax per cent commissions, which soon: JPMorgan
Bloomberg News. AGENCIES age group. BLOOMBERG pledge to pay for donated had lured many people into A JPMorgan team said
The US government will doses being accomplices in scams backwardation in a part of
buy about 200 million doses President Joe Biden’s admin- that caused “serious social the futures market — where
this year to distribute through way. The G-7 countries also involving the garment and istration will use half of the harm,”said the ministry. the spot price is above
COVAX, the World Health plan to make a commitment to solar industries. money the US pledged to China escalated its crypto futures prices — is reason for
Organization-backed initiative hasten the shift from fossil- China is not mentioned by Covax — $2 billion — to help crackdown this year after a caution. “We believe that
aimed at securing an equitable fuel-powered vehicles and to name in that part of the com- pay for the 500 million coro- frenzied surge in Bitcoin and the return to backwardation
global distribution of the vac- promote “green transitions” in munique, but the Beijing gov- navirus vaccine doses it has other tokens at the beginning has been a negative signal
cine, and about 300 million developing countries, accord- ernment has come under promised to lower-income of 2021 heightened longstand- pointing to a bear market,”
doses in the first half of next ing to the draft communique. intense international criticism countries, officials familiar ing government concerns the team said. BLOOMBERG
year, said a person familiar Other topics covered in the over its treatment of the with the plan said. about the potential for fraud,
with the matter. document include demanding Uyghurs, a mostly Muslim eth- The funds make up more money laundering and trading
The vaccines will go to 92 that Russia hold accountable nic group in the Xinjiang than half of the roughly $3.5 losses by individual investors. Searches for crypto
lower-income countries and the cyber criminals who carry region. The draft communique billion the US will pay for the Regulators have so far stopped exchanges on China’s Internet
the African Union, the person out ransomware attacks from delves further into coronavirus doses, which are being bought short of labeling individual are currently being censored.
said. Biden will announce that within its borders; and a pledge policy and backs a common at-cost and are expected to trading illegal but the public Keyword searches for popular
A well-known senior Buddhist monk was among at least plan on Thursday in remarks to confront forced labor in standard for travel that would begin shipping in August, security department will be crypto exchanges like Binance,
12 people who died when a plane belonging to Myanmar's before the summit gets under- supply chains, particularly include recognition of a per- according to the officials. involved in the crackdown, a OKEx and Huobi on Internet
military crashed on Thursday in the country’s central person familiar with the services such as Baidu, Sogou,
Mandalay region, state media reported. Meanwhile, matter had told Bloomberg last Zhihu and Weibo yielded no
Myanmar’s military junta formally charged Aung San month. results as of Thursday.
Suu Kyi and other officials with corruption. PHOTO: AP/PTI

In a first, Verizon brings Amazon gets

US weighs possibility of
UK antitrust
commercial pvt 5G in US scrutiny over Meat giant JBS pays
airstrikes in Afghanistan
The Pentagon is considering seeking authorisation to SUPANTHA MUKHERJEE Top Gun movie was filmed. data usage $11 million in ransom
carry out airstrikes to support Afghan security forces if The company is using
to resolve cyberattack
Stockholm, 10 June
Kabul or another major city is in danger of falling to the Corning radios and Ericsson's Amazon.com is getting UK
Taliban, potentially introducing flexibility into President Verizon Business on core equipment for the initial antitrust scrutiny into how it
Biden’s plan to end the United States military presence in Thursday launched its first deployment, and would be uses data from smaller ASSOCIATED PRESS/PTI
the conflict, senior officials said. Mr. Biden and his top
national security aides had previously suggested that
commercially available pri-
vate 5G network in the US to
open to using gear from Nokia
and Samsung at a later stage,
sellers on its site, the
Financial Times reported,
10 June Al Jazeera faces
once US troops left Afghanistan, air support would end as offer businesses and govern- Sampath said. citing three people with The world's largest meat pro- cyberattacks
well, with the exception of strikes aimed at terrorist ment departments high- The current networks are knowledge of the matter. cessing company says it paid Pan-Arab satellite network
groups that could harm American interests. NYT speed indoor or outdoor con- built on existing 4G networks The Competition and the equivalent of $11 million Al Jazeera said it was
nectivity. to account for backward and Markets Authority has been to hackers who broke into its subjected to continual
Private 5G networks forward compatibility for analyzing Amazon’s busi- computer system late last hacking attempts over
China passes legislation to remove the need for busi-
nesses to jostle for speed with
devices.
Verizon is seeing a lot of
ness for months, according
to the newspaper. While the
month.
Brazil-based JBS SA said
recent days but the
cyberattack on Qatar's
counter foreign sanctions others on a public network
and help enable data-inten-
private 5G with several cus-
tomers and has partnered
demand from financial insti-
tutions to increase speed of
regulator hasn’t yet
announced an investigation,
on May 31 that it was the vic-
tim of a ransomware attack,
flagship broadcaster had
been fended off. REUTERS
China passed a law on Thursday to counter foreign sive applications that use with the likes of Microsoft and trading flows using 5G, and it may focus on whether but Wednesday was the first
sanctions, as it strives to resist US and EU pressure over computer vision, augmented Amazon. warehouses, which are plan- Amazon favors merchants time the company's U.S. divi-
trade, technology, Hong Kong and Xinjiang. Individuals reality and machine learning The private 5G network, ning to use robots and auton- that use its logistics and sion confirmed that it had were operational at the time
or entities involved in making or implementing to increase productivity. managed by Verizon, would omous vehicles, Sampath delivery services, the report paid the ransom. it made the payment, but it
discriminatory measures against Chinese citizens or "You can go up to four or keep all cellular traffic on the said. said. “This was a very difficult decided to pay in order to
entities could be put on an anti-sanctions list by a five gigabit (per second) speed premises of the customer to Ahead of the employees decision to make for our com- avoid any unforeseen issues
"relevant department" in the Chinese government. easily today, but what is inter- increase security, while returning to work, several Firm may see $425-mn pany and for me personally,” and ensure no data was exfil-
Those on the list may be denied entry into China or be esting is that you have four or authorised remote users can companies are also turning to EU privacy fine said Andre Nogueira, the trated.
expelled from China. REUTERS five gigabits consistently," still access applications. 5G to upgrade their office net- Amazon.com Inc could be CEO of JBS USA. The FBI has attributed the
Sowmyanarayan Sampath, Verizon has been working works to increase speeds and fined more than $425 million “However, we felt this attack to REvil, a Russian-
chief revenue officer of with Corning, WeWork, rearrange conference rooms under the European Union's decision had to be made to speaking gang that has made
GameStop taps Amazon Aus Verizon Business, said in an
interview.
Tyndall Air Force Base and
Marine Corps Air Station
to account for more video
calls while maintaining social
privacy law, the Wall Street
Journal reported.
prevent any potential risk for
our customers.” JBS said the
some of the largest ransom-
ware demands on record in
chief as CEO; may sell shares Verizon has been trialing Miramar, where the iconic distancing. REUTERS AGENCIES vast majority of its facilities recent months.

GameStop named the head of Amazon's Australian

business as its CEO and said the struggling videogame
retailer may sell new shares, sending its volatile stock
down 7 per cent in extended trade and disappointing
some of its ardent fan base of individual investors.
In a quarterly report that was stronger than analysts
Brooks Brothers goes casual in post-bankruptcy revamp
forecast, GameStop said it may sell up to 5 million new The company plans to launch an athleisure line, a product mix with other casual items and a mascot, Henry the Sheep
shares, which would be worth $1.4 billion based on its
latest share price. REUTERS LAUREN COLEMAN-LOCHNER also has brought in Michael the US.
10 June Bastian, formerly of Bergdorf Authentic Brands Group
Goodman, as creative director. bought Brooks Brothers out of
Keystone pipeline cancelled A year of remote work has forced
many to rethink what post-
The strategy makes sense, said
Michael Stone, chairman of
bankruptcy along with SPARC
Group, a joint venture with mall
after key permit revoked pandemic office life will be like —
including the retailer that has
branding and licensing company
Beanstalk, with even conservative
owner Simon Property Group,
adding it to a portfolio of other
A $9-billion oil pipeline that became a symbol of the been dressing businesspeople for dressers seeking more casual formerly bankrupt retailers
rising political clout of climate change advocates and a 200 years. looks. “It’s a big market,” he said. including Forever 21. Authentic is
flash point in US-Canada relations was officially That’s the idea behind a series The big challenge is revamping preparing for an initial public
canceled on Wednesday. Keystone XL, which was of initiatives from Brooks Brooks Brothers’s image after so offering, Bloomberg reported last
proposed in 2008 to bring oil from Canada's Western Brothers as it plots a relaunch many years. “In general, it’s very month.
tar sands to US refiners, was halted by owner TC Energy after exiting bankruptcy last year. difficult for a retailer to course Though Brooks Brothers is
Corp after US President Joe Biden this year revoked a There’s a new athleisure line, a correct and change their brand known for dressing the Wall Street
key permit needed for a US stretch of the 1,200-mile product mix with other casual identity,” Stone said. “It’s going to aspirant, Ohashi says his aim is
project. REUTERS items and a mascot: Henry the take great design, great product “turning it from the perception of
Sheep. New York-based Brooks Brothers will try adding more relaxed shirts, and a lot of marketing to get the a suit and tie brand.”
The move is overdue, said Ken suits and bottoms, along with items like knits and sweaters PHOTO: REUTERS word out.” More than 60 per cent of sales
Toshiba sought ministry help Ohashi, who took over as chief
executive officer in January with a market share on the casual side of will still use its Golden Fleece
Brooks Brothers filed for
bankruptcy last year, one of a
were in those categories when
Authentic and Simon bought it
to swing key vote, probe finds plan to capture more of Brooks
Brothers’s regular customers’
the business to competitors over
the last few years.”
logo, but added its modernized
mascot this month to represent
wave of retailers that sought court
protection as the pandemic kept
last year, and the formal side will
still be the largest part of the
Japan's trade ministry colluded with Toshiba's spending. Even before the Still, changing a centuries-old the new vibe. Americans away from office life. business, Ohashi said. But it’s
management to unduly influence a key shareholder vote pandemic, shoppers’ tastes were image isn’t easy. New York-based Named after the company’s Even before that, Brooks Brothers, working toward a goal of more
last year, an independent probe found, undermining shifting away from dressier Brooks Brothers will try by adding founder, “Henry” appears on a T- which calls itself the country’s like 45 per cent to 50 per cent of
Tokyo's efforts to improve corporate governance and win clothing and toward more casual more relaxed shirts, suits and shirt for sale with his image in an oldest clothing retailer, struggled sales.
over foreign investors. The investigators' report marks an offerings. bottoms, with items like knits and untucked shirt and rolled up to keep up with evolving “We’re not walking away from
explosive turn in a long-running battle between the “It has an incredibly loyal sweaters. That’s alongside the sleeves (though he still wears a tie consumer tastes and grappled our core customer at all,” he said.
Japanese company's management and foreign customer,” Ohashi said in an new men’s and women’s and wingtips, naturally). The with some expensive leases. It “This is our core customers asking
shareholders, which include activist investors and interview. “But the reality is that athleisure lines including hoodies company, founded more than 200 now operates more than 630 for a more rounded-out
Harvard University's endowment fund. REUTERS Brooks Brothers has lost a ton of and sweatpants. The company years ago in lower Manhattan, stores globally, including 170 in assortment.” BLOOMBERG
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OPINION 11
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Volume XXVII Number 194

ILLUSTRATION: BINAY SINHA
NEW DELHI | FRIDAY, 11 JUNE 2021
Add to these the strong recovery in the advanced

Avoid complacency markets and the RBI’s estimate of GDP growth of

9.5 per cent in the current year may be conservative.
As happened last year, we may expect a strong
Threat of devastating third wave is real rebound as restrictions are eased in the weeks ahead.
It is not just that the short-term prospects for the

T
he number of confirmed Covid-19 infections in India has been steadily economy are bright. Pessimism about the long-term
declining since a peak in early May. Many cities, including Delhi, are outlook is also misplaced.
gradually reopening, driven in part by a fear of lost income and liveli- As is well known, the most important reason for
hoods. While there are sections of the country where the test positivity the deceleration in growth in recent years has been
rate is still quite high, the average for India overall has been below 5 for most of the “twin balance sheet” problem, high leverage at
June. It might thus be tempting to assume the second wave of the pandemic, dev- firms and high non-performing assets (NPAs) at
banks. There are clear indications that we are mov-
astating though it was, is over.
ing towards a resolution of the problem.
Yet India cannot afford to repeat the mistakes it made last year after reopening. Firms, especially large companies, have
In spite of a draconian national lockdown and gradual “unlocking”, by the end of
2020 most precautions had been thrown to the wind. Social distancing was barely
being enforced, and mobility was almost back to pre-pandemic levels. It would be
foolish to repeat that error, since that would be asking for a third wave to hit India,
Economy poised to improved their debt serviceability through a com-
bination of asset sales and deleveraging, cost reduc-
tion and lower borrowing costs. The RBI Annual
Report for 2021-21 notes that in the third quarter of

shrug off second wave

which might be even more overwhelming than the last. The second wave was in a FY 20-21, “both small firms and large firms have
large measure a product of complacency, which should not be repeated. It is also improved their debt serviceability ratios...to levels
worth noting that the presence of the new and more transmissible Delta variant of which are higher than pre-pandemic period.”
Cost cutting has been an important factor in this
the virus, which was first detected in Maharashtra, means that even measures
improvement. The RBI notes that in the first three
that seemed reasonable last year to deal with the original variant must be tightened.
Government, at both Union and state level, must also work to augment medical
Hard-hearted as it may sound, there is no correlation between quarters of 2020-21, revenues declined by 11.6 per
cent, while expenditure 15.2 per cent. As a result,
capacity and ensure that recent capacity increases are not mothballed. Mumbai the loss of lives and national output operational profit at corporations increased by 7 per
did better than many other jurisdictions in the recent wave precisely because it cent year-on-year at a time when the pandemic had

A
did not shut down all its Covid facilities even when cases declined last year. Delhi’s s the second wave of the pandemic subsides threat to supply. In order to contain the spread of caused the economy to shrink.
chief minister has said that additional intensive-care and oxygen facilities will be and economic activity revives, those in charge infection, we have to prevent people from congre- Indian banks today boast of capital adequacy of
built, in preparation for a possible third wave. Other state and local governments are confident that the economy will shrug off gating. The challenge is to maintain supply in these 15.9 per cent on the average, although the average
must do the same. its impact. The chief economic advisor has said so. conditions. In this respect, there has been enormous at public sector banks is lower at 13.5 per cent. (The
The Reserve Bank of India (RBI) governor has indi- learning from the first wave. minimum requirement is 10.875 per cent and is
The government must also work on awareness — both of the disease, of basic
cated as much. They are likely to be proved right. The In the first wave, India imposed a nationwide poised to rise to 11.5 per cent in October). The aver-
counter-measures to prevent the spread of infection, and of the right therapies if an merchants of gloom, who saw the health crisis as lockdown. Inter-state transport and travel were age provision coverage ratio of 75.5 per cent means
infection becomes severe. In the second wave, reporting from some rural areas sug- spelling disaster for the Indian econ- barred. Apart from agriculture, in that bad loans of the past are well provided for. NPAs
gested people were not even aware that the fever hitting their communities was omy, will be proved wrong. situ construction, and strictly local at banks were 6.8 per cent of advances in December
Covid-19. The science of Covid-19 has also been updated over the past months, with At its peak, the number of cases manufacturing and services, most 2020, way below the peak of 11.2 per cent in 2017-18.
a new understanding that surface sanitisation is less important in controlling the in the second wave was four times economic activity had to cease. True, the pandemic shock will cause NPAs to rise
spread than ensuring distancing and ventilation — since the virus is more airborne that in the first wave. The first wave Industrial activity suffered even in again. The data on moratorium on loan payments
than was earlier believed. High-quality masks, not simple cloth face coverings, are saw the Indian economy shrink by areas where the incidence of cases and restructuring suggests that the problems are
7.3 per cent. As casualties were was low. This led to a steep contrac- mainly in retail assets and small enterprises, not in
needed for indoors. Another problem during this past wave was the demand for
much greater in the second wave, tion in output in the first quarter large corporate accounts. Bankers believe the rise
medical therapies and drugs that are largely unproven and might be harmful. The some were quick to conclude that of FY 2020-21. Vaccines were not in NPAs will be manageable.
Union health ministry has now released an evidence-based set of guidelines for it would inflict an even greater toll available, so the exit from the lock- The problem that banks face now is not so much
treating the disease. Doctors and hospitals must be encouraged to follow this strictly, on the economy. The second wave, down was painfully slow. an increase in NPAs as tepid loan growth. This is
even if patients and their families expect otherwise. however, promises to be far less The present lockdown is far more partly because private investment is yet to revive
The threat of a third wave will be removed only when vaccinations pick up. severe in its economic impact. FINGER ON THE nuanced. Instead of a nationwide strongly. It is also because large firms are meeting a
India is closing in on 250 million doses being administered, but that is a far cry
from the two billion-plus that will eventually be needed. The rate of vaccination,
Hard-hearted as it may sound,
there is no correlation between the
PULSE lockdown, we have localised lock-
downs. Interstate travel and trans-
higher proportion of their requirements of finance
from internal resources, as the Annual Report notes.
of 3-4 million shots delivered a day, will need to be at least doubled. The priority loss of lives and national output. T T RAM MOHAN port are on. Firms have adapted to Banks have to increase their exposure to small
This truth was best exemplified in lockdowns, not just through work and medium enterprises (SMEs) in order to drive
must be to bring more vaccine supply online. Finally, despite demands for a “sti-
World War II. The Soviet Union lost from home arrangements but also credit growth. As SME lending is riskier than lending
mulus”, the government must recognise that the pandemic is far from over for an estimated 21 million lives in combatants alone, with respect to logistics and inventories. to corporations, this cannot happen without a boost
India, and even more calls on the treasury — whether for relief or for health — not to speak of the loss of civilian lives. Yet, industrial We do not have mindless prohibitions on the to banks’ capital buffers. The space for additional
can be expected. It must thus preserve fiscal firepower rather than spending it on output, driven by wartime needs, boomed. Ditto in movement of individuals. So lockdown fatigue is government spending is severely limited. It must
a premature stimulus. the United States and Britain. In Germany, we saw less intense. There are signs of migrant labour, be used for supporting growth by increasing capital
something even more striking. The strategic bomb- which fled at the first hint of a lockdown, returning at public sector banks and not for greater income
ing of Germany, aimed at destroying the nation’s to the cities. The availability of vaccines allows a transfers, as is widely urged.

Another Congress crisis industrial infrastructure, failed miserably to disrupt

the German war machine.
quicker movement towards normalcy. It also affords
a measure of protection against a third wave. The
The Indian economy is well placed to shrug off
the second wave in the short term. A quick exit from
Modern economies are decentralised, so aggre- boost to health infrastructure means we are better the banking crisis is the key to growth in the medium
The grand old party must stop the accelerating rot gate output is hugely resilient in the face of a variety prepared for a third wave. term. The government can help out by providing
of physical shocks to supply. Manpower, both skilled Two broad inferences are possible. First, the hit public sector banks the capital they need to reorient

S
enior Congress leader Veerappa Moily’s assertion on Thursday that the and unskilled, is plentiful enough to cope with any to economic activity will be mostly confined to the loan growth.
Congress needs to undergo a major surgery, and people with competence loss of lives in war or peacetime. first quarter. Secondly, a third wave, if it materialises,
and mass base should be given charge of states is an obvious prescription The current pandemic poses a different sort of is unlikely to be hugely disruptive for the economy. ttrammohan@gmail.com
for India’s oldest political party which has been in the intensive care unit
for quite some time now. Rahul Gandhi acolyte Jitin Prasada’s exit from the party
and entry into the Bharatiya Janata Party (BJP) a little over a year after another
Gandhi associate Jyotiraditya Scindia in Madhya Pradesh crossed the floor with 22
party legislators underlines the accelerating rot in the party. Mr Prasada’s leap
across the ideological divide may be dismissed as cynical opportunism. Indeed,
When future’s in the past
many, including Mr Moily, have argued that his standing within the Congress had

T
he inaugural date of the long overdue and servitude” while his ~20,000-crore Central Vista jostle in the Ganga. Akhilesh Yadav, who laughs at
diminished after the poor showing in handling the West Bengal Assembly elections. possibly grudging decision on free vaccines eliminated all trace of British rule. Revisionist his- them only because there was no Gorakhnath Math
All this may well be true, but the practical fact remains that the timing of his exit a may be even more significant than the deci- tory is patriotic history which replaces alien gods in Australia, can still learn from the Lakshadweep
year ahead of elections in Uttar Pradesh couldn’t have been worse for the Congress, sion itself. By announcing that the new dispensation with heroic desi subalterns. administration painting coconut trunks saffron.
and is certainly the BJP’s gain in more ways than one. First, Mr Prasada bolsters the will kick off on International Yoga Day, Flowing When George W Bush, who was startled to dis- Nature, too, must follow the leader.
White Beard has not only thrown a sop to the cover that “more and more imports come from over- One of FWB’s loyal ministers told the 102nd
BJP’s standing with Uttar Pradesh’s Brahmins — currently a weak spot for Chief
enraged Bushy Black Beard, but also assured out- seas”, was elected president, an American newspaper Indian Science Congress in Mumbai that while
Minister Yogi Adityanath, a Thakur, who is perceived to have harmed this caste’s of-joint Ayush noses that they can expect a slice of jeered that a man unknown throughout America had Indians neglected their heritage, Germany pur-
interests in the state. Second, Mr Prasada’s exit has sent out a powerful signal. By the rich medical pie. become unknown throughout the world. Here, the loined it to develop cutting-edge technology. We
unctuously describing the BJP as the “only national party”, he has clearly indicated That’s what it is all about. As media hailed as brilliant innovation must be more proactive, he urged. His own man-
that the Congress has run its race. Somerset Maugham put it, an extra the repackaging of Jawaharlal agement of seven or eight portfolios makes the
Beyond issuing weak statements about Mr Prasada’s perfidy, the Congress high thousand a year (a princely sum Nehru’s “import substitution” as American journalist who styled himself “Editor,
command would do better to use this crisis to act and create the space for the next then) soothes all anger. “Where lofty “atmanirbhar”. It’s the win-win Heaven and Earth” because he held charge of the
non-family generation to lead the party skilfully in the face of the BJP’s polarising there’s muck, there’s brass game of “Follow the Leader” (also newspaper’s Church and weather news look
religious nationalism. Nearly two years after Mr Gandhi’s resignation as party pres- (money)” as the Yorkshire saying called “His Master’s Voice”) that under-employed.
has it and the pandemic reeks of pontificating TV anchors, populist Instead of fretting and fuming and rushing to a
ident in 2019, claiming responsibility for the party’s poor performance in the Lok
both. Not just the brisk free market politicians, pimps and pundits play judiciary that slavishly sanctifies colonial concepts
Sabha elections, the party remains a narrow Nehru-Gandhi family enterprise, just in everything from oxygen cylin- to clamber up the greasy pole. The like Habeas Corpus and the rule of law, India’s med-
as Narendra Modi has frequently stigmatised it. Instead of pushing the reset button, ders and ICU beds to ambulance “internationally acclaimed vision- ical fraternity should consider the deprivation their
the leadership reverted to Mr Gandhi’s ailing mother and a coterie of aged worthies rides and wood for cremation. But ary” who is also a “versatile genius, Ayush brethren suffer. There is cold comfort in a
who have manifestly failed the party in the 21st century. As the party leadership also Big Bucks like Forbes’ finding who thinks globally and acts locally” university prescribing two new yoga texts without
wallows in stasis, Mr Gandhi and his sister, who is not even an elected functionary, that 40 of the world’s 493 new bil- MEN AND MATTERS best protects human rights. banning all existing allopathic texts and strictly for-
inexplicably continue to play an opaque role in the affairs of the party, and crises lionaires waxed rich in pharmaceu- As the new norm dawned, BBB bidding enterprising Congress or Trinamool
such as the one roiling the party in Punjab are allowed to fester. ticals, while eight vaccine tycoons SUNANDA K DATTA RAY revealed that far from being a Congress’ fifth columnists to reprint any.
In August last year, 23 senior Congress leaders courageously reminded Sonia added $32.3 billion to their wealth. science, surgery is a skill that Ayush The cat slipped out of the bag as rumour spread
Yet, although four of India’s richest are in health- practitioners have mastered. Never mind if they that hoards of secreted gold make cow’s milk yel-
Gandhi of what needed to be done, setting out in a letter the need for “certainty”
care, and the topmost among them leads the world have never heard of Gray’s Anatomy, leave alone lowish. Never had any animal been prized more.
in the leadership, decentralisation of power, empowerment of state units, and in making vaccines, no Yoga, Naturopathy, Unani, peeped at the 1,500-plus pages between its covers; Governments rushed to ban slaughter; gau raksha
the constitution of a central parliamentary board. The damaging lack of this last Siddha or Homeopathy practitioner is among the they can deftly plant elephants’ heads on human became a sacred national duty; the merest suspicion
institution was amply clear in the confused response to the government’s reading elite. This is downright colonial discrimination. shoulders and create babies outside the womb like of beef invited instant lynching. Blest with gold from
down of Jammu & Kashmir’s special status in 2019. No less important is the China’s vaccine tycoon Jiang Rensheng has more Karna. Even two jabs could not save more than our smuggled cows, Bangladesh’s GDP soared.
need for internal elections, which have been postponed frequently for one reason than trebled his wealth during the pandemic; a 10,000 allopathic doctors who had not drunk cow’s The Ramrajya to come when saffron-draped pun-
or another. Prominent “Young Turks” such as Sachin Pilot and Milind Deora are Pune-based manufacturer rents a mansion in urine, smeared their bodies with cow dung or dits rule Bharat from the Ram Mandir whose inau-
making noises of discontent that should raise more red flags. In the context of London’s fashionable Mayfair for a weekly $69,000; clanged metal plates at sunset. guration sanctified FWB’s coronation will not permit
but ayurvedic makers are stuck in remote Haridwar. Cosmetic surgery, plastic surgery, reproductive India’s wealth to be drained away. It will also abolish
Mr Prasada’s exit, Mr Deora, who occasionally tweeted his appreciation of
The unkindest cut is that this was going to be the genetics, space capability, you name it, ancient the “stupid science” of allopathy and elevate alter-
Mr Modi, has talked of the Congress reclaiming its position as a “big tent party”. century of the past. The past would be the future as Hindus invented it. Having discovered zero, they native medicine as the mainstream. Our rulers can
That advice may have come too late. FWB marched triumphantly backwards to cleanse mastered time and dispensed with vaccination so always seek treatment abroad when needed. BBB
"barah sau saal ki gulami, twelve hundred years of that elections could spin out forever and millions and FWB are two sides of the same coin.

Start-up ‘monomyths’ Packard, Jobs-Wozniak, Gates-Allen,

Brin-Page) but the research suggests
two out of three start-up failures occur
There are some other fascinating
approaches to ideation. One is the
effectual reasoning technique
Take notes obsessively.
Test your ideas and hypotheses
systematically and scientifically, using
School) crowd-funders tend to be at
least as good VCs in their judgement
calls. Interestingly, crowd-funded
due to conflicts between founders. articulated by Dr Saras Sarasvathy. methods copied from science labs. projects fail far less often than
emulate the common elements. The world over, what works best is Start with three questions: “Who are Quantify hypotheses to see if they are VC-funded businesses, according to
They probably shouldn’t. The long either a lone wolf, or a team composed of you, what do you know and who do true or false. Look for gaps, flaws and the research.
shadow cast by successful unicorns family and extended family. That’s an you know?” Work on ideas that can be areas of uncertainty. Use cheat sheets Pitching for funding is another area
masks the fact that many start-ups insight to warm the hearts of desi implemented now, based on like the Harvard Business Model where behavioural science can
have wildly different models. Wannabe business clans. Founder agreements the answers. Questionnaire where Thomas contribute to effectiveness. There are
founders and investors often lose out also tend to flounder when they look at Another approach is “framing”, Eisenmann suggests questions the some nice structures described in this
BOOK REVIEW by trying to force-fit everything into past contributions rather than being which involves entrepreneur chapter, starting from blitz elevator
the same moulds. The debunking of geared to cope with an uncertain future imaginatively THE UNICORN’S must answer. pitches and moving into multi-slide-
DEVANGSHU DATTA monomyths leads organically into filled with change. thinking about SHADOW: Combating There’s also deck territory. The last section focusses
examining the counterfactuals, which Where do good ideas come from? A business the Dangerous Myths good stuff about on growth, how to manage it and how
That Hold Back

W
harton professor Ethan is how the book delivers insightful good night’s sleep, plenty of downtime opportunities. For cultivating VCs to hire for it. But it starts with a
Mollick covers a lot of ground advice on several aspects of the start- and working smart rather than example, how would Start-Ups, Founders and the known disclaimer that it’s perfectly okay not to
in this slim monograph. He up ecosystem. slogging mindlessly, according to the an astronaut shave? And Investors biases (gender, want to grow. There are also caveats
cites 150-odd studies of the start-up One myth is ageism. It is canonical book. There are other concrete How much would a Author: Ethan colour) in the about the wrong kind of growth.
space to debunk myths, or “mono- for venture capitalists (VCs) to seek suggestions. For example, start group rich individual pay Mollick social game of This is a consistently interesting
myths” as he describes them, that have young founders. But a monumental brainstorming sessions alone because for continuous Publisher: Wharton fund-raising. A book that shines a laser deep into the
built up around unicorns. study led by Wharton colleague Daniel people thinking solo generate more secure back up of School Press start-up game guts of the start-up ecosystem. It also
Monomyths (a term coined by the Kim, discovered the average American ideas. Spend the first third of a group personal data? Price:~1,278 designed by the starts by exhorting readers to treat
late Joseph Campbell) are myths that founder of a new business is 42, and the session sitting silently and listing your Conversely, how author, indicated everything referenced and all opinions
perpetrate across cultures. It is usually most successful founders (Netflix, thoughts. Silently pass on ideas to much would an average smartphone that 1 per cent more in the way of expressed with scepticism. As such, it
applied to the study of similar themes Huffpost, General Motors are some other members who modify and pass user pay for this service? female VCs would result in 272 per cent could be fantastically useful to
in creation stories, fairytales and the examples) have tended to be aged them on as silently — this is In addition, interview potential more funding for women anybody who’s looking to invent a
like but it is apposite in this context. somewhere between 45 and 59! Messrs “brainwriting”. Coffee is good as a customers, ideally people who are not entrepreneurs. better mousetrap or an app that finds
The book’s thesis is that founders look Gates, Jobs and Zuckerberg are outliers. lubricant; so is tea; booze in part of your circuit. Also read widely, There’s some thoughts on crowd- better mousetraps. The studies cited
at famously successful start-ups — Data also indicates that, contrary to moderation can result in creativity but and follow “thought leaders” on social funding too. Crowd-funding has are linked in the end-notes and the
Facebook, Uber, Google, Twitter, even popular belief, you don’t need a co- it also contributes to toxic corporate media. Check out university surpassed government endowments of author has also created a website,
Microsoft and Apple from a bygone founder. VCs prefer to fund businesses cultures and has a high correlation with technology transfer programmes and the arts and, according to Professor https://www.unicorns-shadow.com/
era —and attempt to abstract and with co-founders (think Hewlett- corporate fraud. patents available for licensing. Ramana Nanda (Harvard Business with further resources.
12 POLITICS & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 11 JUNE 2021 1

T M Krishna moves More women

taking higher
education:
HC against IT rules Govt survey
VINAY UMARJI
Govt told to file counter affidavit on musician's challenge Ahmedabad, 10 June

NEHA ALAWADHI Society (INS) also wrote to the On the back of a marginal
New Delhi, 10 June Prime Minister and the infor- 3-per cent rise in total enrol-
mation and broadcasting (I&B) ment, India's gross enrol-

T
he Madras High Court minister last week, asking ment ratio (GER) improved
(HC) on Thursday them to exclude traditional to 27.1 per cent in 2019-20
asked the Centre to newspapers from the IT Rules. (FY20), against 26.3 per cent
respond within three weeks to The rules for digital pub- in 2018-19 (FY19) for the 18-
a writ petition filed by lishers, said INS, were “regu- 23 age group.
Carnatic vocalist T M Krishna, latory overreach, and it is According to the latest
who moved the HC against the unnecessary to ask news All India Higher Education
recently notified Information organisations to follow anoth- Survey (AISHE) for FY20
Technology (Guidelines For er set of guidelines, which are released by the Ministry of
Intermediaries And Digital meant primarily and exclu- Education, while the total
Media Ethics Code) Rules, sively for categories of organi- enrolment and GER
2021. The Ramon Magsaysay sations and intermediaries improved year-on-year, the
The Ramon Magsaysay awardee said the IT Rules, who are not covered by the pupil-teacher ratio in uni-
awardee said the IT Rules, 2021, as the new regulations Press and Registration of versities and colleges fell
2021, as the new regulations are commonly called, impose Books Act". from 29 in FY19 to 28 in
are commonly called, impose “arbitrary, vague, The government in FY20. INVESTMENT CORPORATION LIMITED
“arbitrary, vague, dispropor- disproportionate, and February announced a three- Commenting on the 10th CIN: L67200MH1937PLC002622
tionate, and unreasonable” unreasonable” restrictions stage regulatory regime for AISHE report, Union Regd. Office: Elphinstone Building, 10 Veer Nariman Road, Mumbai- 400 001
Tel: 022-66658282 Fax: 022-66657917 E-mail: ticl@tata.com
restrictions on digital and on digital and social media controlling content, which Minister of Education web: www.tatainvestment.com
social media intermediaries, intermediaries includes a two-stage self-reg- Ramesh Pokhriyal noted
reported LiveLaw. ulatory mechanism - one at that in the last five years, the NOTICE OF THE 84TH ANNUAL GENERAL MEETING, E-VOTING AND BOOK CLOSURE
In the writ petition filed on and cultural commentator, by the company level, the other number of institutions of Annual General Meeting:
behalf of the artist by the both imposing a chilling effect at an industry level - followed national importance grew NOTICE is hereby given that the Eighty-Fourth (84th) Annual General Meeting (‘AGM’ or ‘Meeting’) of the Members of Tata
Internet Freedom Foundation on free speech, and by imping- by a government-controlled 80 per cent, from 75 in 2015 Investment Corporation Limited (‘the Company’) will be held on Monday, 5th July, 2021 at 11.00 a.m. (IST) through Video
(IFF) and advocate Vrinda ing on my right to privacy.” oversight system under the to 135 in 2020. In the same Conferencing (‘VC’) facility / Other Audio Visual Means (‘OAVM’) ONLY, to transact the businesses set out in the Notice of the
Bhandari, he says: “Without Krishna's main contention I&B ministry. period, student enrolment AGM. In accordance with the General Circulars issued by the Ministry of Corporate Affairs dated 8th April, 2020, 13th April, 2020,
privacy, it’s impossible to cre- is that the IT Rules violate his This will also include an rose 11.4 per cent, along with 5th May, 2020 and 13th January, 2021 (collectively referred to as ‘MCA Circulars’) and the Securities and Exchange Board of India (‘SEBI’)
ate and perform. And the pri- fundamental rights, and go inter-departmental commit- 18.2 per cent growth in Circulars dated 12th May, 2020 and 15th January, 2021, the Company has sent the Notice of the 84th AGM along with the Annual
vacy that ought to be afforded against the provisions of the tee (comprising various min- female enrolment. Report 2020-21 on Tuesday, 8th June, 2021, through electronic mode only, to those Members whose e-mail addresses are registered
to us all is intrinsically linked parent act, the IT Act, the IFF istries), which will be the high- The total enrolment in with the Company or Registrar & Transfer Agent (‘Registrar’) and Depositories. The requirement of sending physical copies of the
with our right to freedom of said in a post. est call for redress of all higher education in FY20 Notice of the AGM has been dispensed with vide MCA Circulars and the SEBI Circular.
expression. Our Constitution In his affidavit, Krishna grievances if a complainant is stood at 38.5 million, with The Annual Report 2020-21 of the Company, inter alia, containing the Notice and the Explanatory Statement of the 84th AGM is
contains a commitment to the said the code of ethics to be dissatisfied with the decisions 19.6 million male and 18.9 available on the website of the Company at www.tatainvestment.com and on the websites of the Stock Exchanges viz. www.bseindia.
liberty of imagination. followed by publishers of news taken by the self-regulatory million female students, com and www.nseindia.com. A copy of the same is also available on the website of National Securities Depository Limited (‘NSDL’) at
Censorship sans reason and current affairs content bodies. with the latter constituting www.evoting.nsdl.com.
offends this commitment. It is and online curated content The Ministry of Electronics 49 per cent of the total Remote e-Voting:
in furtherance of my rights to establish "vague responsibili- and Information Technology enrolment, against 37.4 mil- In compliance with Section 108 of the Companies Act, 2013 (‘the Act’) read with Rule 20 of the Companies (Management and
the freedom of expression and ties on producers of online and the I&B ministry have lion total enrolment — of Administration) Rules, 2014, as amended from time to time, Secretarial Standards - 2 issued by the Institute of Company Secretaries
privacy that I am filing the curated content that will only been provided three weeks to which 19.2 million were of India on General Meetings and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
present writ petition. I submit inevitably lead to a chilling of file their counter affidavit. The male and 18.2 million Company is providing to its Members the facility of remote e-Voting before the AGM and during the AGM in respect of the businesses
that the impugned rules the creative process". matter will be heard after four female at 48.6 per cent in to be transacted at the AGM and for this purpose, the Company has appointed NSDL for facilitating voting through electronic means.
offend my right as an artist The Indian Newspaper weeks, said the IFF. FY19. The detailed instructions for remote e-Voting are given in the Notice of the AGM. Members are requested to note the following:
a. The remote e-Voting facility would be available during the following period:
ups in the deep technology bulk of these, 440 million, used other revenue streams -- sub- Commencement of remote e-Voting From 9.00 a.m. (IST) on Friday, 2nd July, 2021
> FROM PAGE 1 space. “In the last two years, YouTube. That is more than scription for its music and End of remote e-Voting Upto 5.00 p.m. (IST) on Sunday, 4th July, 2021
there have been a lot of tech- two times as much as the next some videos, member fees that The remote e-Voting module shall be disabled by NSDL for voting thereafter and Members will not be allowed to vote electronically
beyond the said date and time.
SpiceJet... based start-ups. Our approach
will be to act as an accelerator,
OTT – Times Group’s MX
Player. Media Partners Asia
creators like Ranade charge for
special episodes which are split b. The voting rights of the Members shall be in proportion to their share of the paid-up equity share capital of the Company as on
The airline has forged tie-ups first partner with them and estimates YouTube’s revenues with YouTube. Many of these Monday, 28th June, 2021 (‘Cut-Off Date’). The facility of remote e-Voting system shall also be made available during the Meeting
with warehouses and foreign wherever we see value, invest at ~4,000 crore in calendar other streams are rising, says and the Members attending the Meeting, who have not already cast their vote by remote e-Voting shall be able to exercise their
cargo operators to increase the in them, provided they are 2020. So on value, it is bigger Couto. This is possible because right during the Meeting. A person whose name is recorded in the Register of Members / Register of Beneficial Owners as on the
network. For instance, in related to the semiconductor than Kalanithi Maran’s Sun of the focus on a broader more Cut-Off Date only shall be entitled to avail the facility of remote e-Voting before / during the AGM. Members who have cast their
February, it inked an agree- business,” said Suraj Network and over half of Zee. all-encompassing ecosystem. vote by remote e-Voting prior to the Meeting may also attend the Meeting electronically, but shall not be entitled to vote again.
ment with African airline Rengarajan, Applied Materials If you add parent Google to the That brings it to the second c. A non-individual shareholder or shareholder holding securities in physical mode, who acquires shares of the Company and
Astral Aviation through which CTO in India. maths, then YouTube is part of point about the YouTube becomes a Member of the Company after the despatch of the Notice and holds shares as on the cut-off date, may obtain the User
it will get access to send its India’s second-largest media machine. “The streaming mar- ID and Password for e-Voting by sending a request at evoting@nsdl.co.in. However, if the shareholder is already registered with
logistics products to African More on business-standard.com firm. “We see YouTube as TV ket has two ecosystems. The NSDL for remote e-Voting then he/she can use his/her existing User ID and password for casting the vote.
cities like Johannesburg, Dar of sorts. The YouTube mast- one with YouTube, TikTok et al d. Individual shareholders holding securities in electronic mode and who acquire shares of the Company and become a Member
Es Salam and Nairobi.
Although Bhatia was GST Council... head is as dominating as a full
page ad,” says Shrikant Shenoy,
and the other with premium
video players such as Disney,
of the Company after despatch of the Notice and hold shares as of the cut-off date may follow the login process mentioned at
point 30(B)(i) of the Notice of the AGM. Members can also login by using the existing login credentials of the demat account held
unconvinced about the poten- Also taking into account that general manager, Lodestar UM, Netflix and Amazon Prime through Depository Participant registered with NSDL or Central Depository Services Limited (‘CDSL’) for e-voting facility.
tial of this business earlier, he’s the vaccine is procured mostly a media buying agency. Video,” explains Couto. e. A person who is not a Member as on the cut-off date should treat the Notice of the AGM for information purposes only.
now looking to step up order- (around 90 per cent) by the YouTube, however, consis- Media Partners estimates Mr. P. N. Parikh (Membership No. FCS 327) or failing him Mr. Mitesh Dhabliwala (Membership No. FCS 8331) or failing him, Ms. Sarvari
ing dedicated freight aircraft. Central and state governments, tently plays down the enter- that 58 million Indians sub- Shah (Membership No. FCS 9697), of Parikh & Associates, Practicing Company Secretaries, has been appointed as the Scrutiniser to
IndiGo has hired former which supply it to the people tainment angle in its growth, scribed to OTT in 2020, up scrutinise the remote e-Voting process before / during the AGM in a fair and transparent manner.
SpiceJet chief financial officer by and large free, any reduction choosing to point out instead from 12 million in 2018. That
Registration of e-mail addresses:
Kiran Koteshwar as an advisor will not have a direct benefit for to the ecosystem it has created. then knocks off the premium
for the cargo project and is now the people (who are getting it “We have moved from being audience completely from Members who have not yet registered their e-mail addresses are requested to follow the process mentioned below, on or before 5:00
building a team led by chief gratis anyway), or the govern- the most entertaining place to YouTube or services like it, p.m. IST on Monday, 28th June, 2021, for registering their e-mail addresses to receive the Notice of the AGM and the Annual Report
commercial officer Willy ment (as GST paid by the gov- being the most useful,” says pushing it further into the free 2020-21 electronically and to receive login-id and password for remote e-Voting:
Boulter. The airline has been ernment comes back to it as tax Raghavan. ecosystem where competition a) Visit the link: https://tcpl.linkintime.co.in/EmailReg/Email_Register.html
poaching executives from revenue and the states getting Over a decade back, when could be Taka Tak, Moj or b) Select the Name of the Company from the dropdown list: Tata Investment Corporation Limited.
major cargo operators like 70 per cent share) or the man- major broadcast or entertain- Dangal TV. And in this market, c) Enter the Folio No. / DP ID, Client ID, Shareholder Name, PAN details, Mobile no. and E-mail address. Members holding shares in
FedEx and Blue Dart too. “We ufacturer. ment firms entered online, “you don’t know what kind of physical form are additionally required to enter one of their share certificate numbers and upload a self-attested copy of the PAN
have a dedicated team under YouTube was their first desti- consumer you are getting. card and address proof viz. Aadhaar Card, Passport or front and backside of their share certificate.
vice-president Vipin Mohla More on business-standard.com nation. Now most have their Anyone with a smart phone is d) The system will send OTP on the Mobile No. and E-mail address Enter your e-mail address and mobile number.
since 2013. Kiran has joined as own OTT brands. Yet, “we are on digital. At this (mass mar- e) Enter OTP received on Mobile No. and E-mail address.
f ) The system will then confirm the E-mail address for the limited purpose of service of Notice of AGM alongwith Annual Report
a consultant to help with our
freighter project,” Boulter con- Uploading... not a competitor. Broadcasters
still upload and look at us from
ket) end, TV does the job (bet-
ter)”, says Shenoy. 2020-21 and e-voting credentials
firmed. That puts YouTube, India’s the windowing (the lag Raghavan doesn’t agree. The above system also provides a facility to the Members holding shares in physical form to upload a self-attested copy of their PAN
While the airline has (and the world’s) largest over- between the first/second/third “The needs of a consumer are Card, if the same is not updated in accordance with the requirements prescribed by SEBI. For permanent registration of their e-mail
already ordered four Airbus the-top (OTT) platform, in a release of fresh content) or pro- no longer homogenous. The address, Members holding shares in demat form are requested to update the same with their Depository Participant (‘DP’) and to the
A321 freighter aircraft, it is now piquant position. motional lens. We look at them premium consumer may be Registrar for those Members holding shares in physical form.
exploring the viability of “In 2020, YouTube outper- through a partner lens”, says watching 50 other things on Updation of bank account details:
Airbus’ A330 to get into long formed the Google business,” Raghavan. Think of YouTube YouTube. A large number of Members who have not updated their bank account details for receiving the dividends directly in their bank accounts through
haul cargo business. says Kia Ling Teoh, senior ana- as the world’s largest auditori- YouTube consumers watch Electronic Clearing Service or any other means may follow the below instructions:
lyst, TV and video advertising um where anyone can come catch-up TV, movies, music, Physical Send the following details/documents to the Registrar of the Company TSR Darashaw Consultants Private Limited latest
More on business-standard.com for UK-based Omdia. Of and showcase a talent, infor- web series. As a consumer, we
Holding by 15th June, 2021.:
Google’s $147 billion advertis- mation or anything else, and if have ceased to be the person
a) a signed request letter mentioning your name, folio number, complete address and following details relating to bank
Applied Materials.. ing revenues in 2020, YouTube
brought in $20 billion, pitching
it works, like it did for Bhuvan
Bam, Village Food Factory or
who is entertained only by a
soap,” he points out. For
account in which the dividend is to be received:
The government recently float- it directly against the $25 bil- Ranade, make money from it. instance, a single person want- i) Name and Branch of Bank;
ed an EOI inviting prospective lion Netflix. On sheer numbers, ing to cook with the two ingre- ii) Bank Account Number & Type allotted by your bank after implementation of Core Banking Solutions;
global as well as Indian consor- YouTube is the world’s largest The gateway to the internet dients or another one wanting iii) 11 digit IFSC Code;
tiums to set up a manufactur- OTT player with over 2 billion And that brings this to the first to install a telescope among iv) 9 digits MICR
ing plant and also suggest what users. On revenues, Netflix, point about YouTube —its millions of others go to b) original cancelled cheque bearing the name of the Member or first holder, in case shares are held jointly;
incentives would persuade with 210 million paying sub- focus on the ‘creator economy’ YouTube. It offers content c) self-attested scanned copy of the PAN Card; and
them to go ahead. The govern- scribers, is the biggest. to drive advertising revenues across a spectrum of needs -- d) self-attested scanned copy of any document (such as AADHAR Card, Driving License, Election Identity Card, Passport)
ment has earmarked over $1 In February this year, when across geographies, genres, entertainment and news are in support of the address of the Member as registered with the Company.
billion as incentives for the sec- Google declared its numbers, devices, audiences or any other just a few of them. Demat Members holding shares in demat form are requested to update their bank account details with their respective DPs.
tor. 468 million Indians used the variable you can think of. “The YouTube business
Holding
Applied Materials is also internet to watch video, listen “Globally there are two things model has redefined the busi-
In case of any queries/grievances pertaining to remote e-Voting (before the AGM and during the AGM), you may refer to the
bringing its venture capital to music, read news or driving Google’s performance, ness model in the entertain-
Frequently Asked Questions (FAQs) for shareholders and e-voting user manual for shareholders available in the download section
fund, Applied Ventures, into socialise, among other things, search and YouTube advertis- ment space. It is not just about
of www.evoting.nsdl.com or call on the toll-free number : 1800 1020 990 and 1800 224 430 or send a request at evoting@nsdl.co.in.
the country to invest in start- says Comscore India data. The ing,” points out Vivek Couto, videos but also the creator,” says
executive director, Media Raghavan, pointing to Ranade Helpdesk for Individual Shareholders holding securities in electronic mode for any technical issues related to login through
Partners Asia. and her ilk. All media compa- Depository i.e. NSDL and CDSL:
BS SUDOKU #3381 He adds, “Unlike rivals, it
has a tighter synergy with (par-
nies find audiences and mone-
tise them. YouTube has simply
Login type Helpdesk details
Securities Members facing any technical issue in login can contact NSDL helpdesk by sending a request at evoting@nsdl.co.in or
ent) Google, it is a monetisation scaled it to another level. with NSDL call at toll free no.: 1800 1020 990 or 1800 224 430
Easy metric. Over the last 6-10 years Securities Members facing any technical issue in login can contact CDSL helpdesk by sending a request at helpdesk.evoting@
«« YouTube has invested a lot in
product innovation. This helps Tata Digital... with CDSL cdslindia.com or contact at 022-23058738 or 022-23058542 / 43
Solution tomorrow Book Closure and Dividend:
in ad formats, content delivery. 1MG has raised a total of $150
YouTube has led with the low- million from marquee Notice is further given that pursuant to Section 91 of the Act and the Rules framed thereunder, the Register of Members and the
est CPMs (cost per thousand or investors such as IFC, Sequoia Share Transfer Books of the Company will remain closed from Friday, 18th June, 2021 to Monday, 28th June, 2021 (both days
mille).” India, Omidyar Network, and inclusive) for the purpose of the 84th AGM and payment of Dividend of Rs. 24/- (240%) per Ordinary Shares of Rs.10 each of
Lodestar UM estimates that South Korea's Redwood Global. the Company. The dividend, if declared by the Members, will be paid on and from Wednesday, 7th July, 2021. In view of the ongoing
the cost of advertising on After this acquisition, Tata of Covid-19, in case the Company is unable to pay the dividend to any Member in their bank accounts through electronic or any other
YouTube is 75 per cent more Digital will have a presence means, due to non-registration of bank account details by the Members, the Company shall despatch the dividend warrant/cheque to
SOLUTION TO # 3380
than other digital brands, but across three key online com- such Members at the earliest, on normalisation of postal services and other activities.
is 35 per cent less than broad- merce segments — grocery, Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of the Members and the Company is required to deduct tax
HOW TO PLAY cast TV. “CPMs are very market lifestyle fitness, and pharmacy. at source (‘TDS’) from dividend paid to the Members at rates prescribed in the Income Tax Act, 1961 (the ‘IT Act’). In general, to enable
driven,” is all Raghavan says. Last month, the company compliance with TDS requirements, Members are requested to complete and / or update their Residential Status, PAN, Category as
Fill in the grid so that every
Globally, Google rarely received approval from the per the IT Act with their DPs or in case shares are held in physical form with the Company / Registrar by submitting the written request
row, every column and shares any numbers on Competition Commission of duly signed by the 1st named shareholder along with self attested copies of above documents on or before Tuesday, 15th June, 2021.
every 3x3 box contains the YouTube. And there is no India (CCI) to acquire a majori- The detailed process/ Forms of the same is available on the website of the Company at www.tatainvestment.com.
digits 1 to 9 break-up of its revenues. The ty stake in online grocery play- For Tata Investment Corporation Limited
bulk of it still comes from er BigBasket. Sd/-
advertising. To change that the Place: Mumbai Manoj Kumar C V
firm has introduced all sorts of More on business-standard.com Dated: 10th June, 2021 Chief Financial Officer & Company Secretary
.
NEW DELHI | FRIDAY, 11 JUNE 2021 13
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14
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NEW DELHI | FRIDAY, 11 JUNE 2021 1

H P.P W D HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT

01905-272269 Fax:- 272862 Email: ee-dhar-hp@nic.in
TENDER N OTICE INVITATION FOR BIDS (IFB)
Sealed item rate tenders are hereby invited on behalf of the Governor of HP for the following works from the eligible contractor enlisted No: PW-DPD-CB-Tender/5187-89 Dated:10/06/2021
in the appropriate class in HPPWD. So as to reach in the office of the Executive Engineer, Shimla Division No-I, HPPWD Shimla-3 on The Executive Engineer, Dharampur Division, HPPWD Dharampur ,Distt: Mandi (H.P) on behalf of Governor of H.P invites the item
or before 06-07-2021 up to 1030 A.M. The tenders will be opened on the same day at 11.00AM. in the presence of the intending rate bids, in electronic tendering system from the eligible class of contractors registered with HPPWD for the work as detailed in the
contractors or their authorized agents who may wish to be present. The applications for issue of tender forms shall be received 03-07- table.
2021 from 10.00 A.M. to 4.00 P.M alongwith FDR for the required amount. The tender form shall be issued on 05-07-2021 from 10.00 S. Name of Work Estimated Time Starting Date for Deadline for Earnest
A.M. to 4.00 P.M. No Cost (In Rs.) Period downloading Bid submissions of Bid. Money
The intending contractors shall bring their registration letter renewal of their enlistment and proof of CST/GST/ otherwise the tender 1 2 3 4 5 6 7
documents shall not be issued to them. 1. Construction of 30.00 Mtr span bridge (Single Lane) on 86,57,617/- Nine 17.06.2021 23.06.2021 1,20,000/-
The earnest money as shown below shall accompany the tender in the shape of NCS/Time deposit receipt or post office Saving Bank RossoKhad on Mortan Rosso Road (SH: C/O Month
Account in H.P. duly pledged in the name of Executive Engineer. The contractors who do not deposit the earnest money in the prescribed Substructure,superstructure amd both side approaches)
manner, their tender shall summarily be rejected without assigning any reason. The tenders offer shall be kept open for 120 days. 2. Construction of link road from Gharswara , Answai, 61,90,626/- Three 17.06.2021 23.06.202 1 95,000/-
Kapai Kalyun Samour road km 0/0 to 90/0 Month
Sr. Name of Work Estimated Earnest Time Form (SH:- F/C 5/7 Mtrs km 3/015 to 3/555)
No. cost Money Allowed Cost. The bidders are advised to note other details of tender from the department website www.hptenders.gov.in.
1 C/O Library, Computer Room, Art & Craft Library for GSS at Piran (Under 499759/- 10000/- One 350/- Executive Engineer,
RMSA) (SH: C/O Breast Wall at GSS Piran (site Development) Ist and 2nd Month Dharampur Division,
HPPWD Dharampur, Distt: Mandi (H.P)
B/Wall over Toe Wall at RHS of Building Towards hill side) 1463/2021-2022
on behalf of Governor of H.P
2 A/R & M/O to HP PWD Rest House at Junga (SH: Repair of Ceiling in set No.7) 415484/- 8400/- Two Month 350/-
3 Restoration of Shiv Mandir to Shakti Vihar Road km.0/000 to 1/500 (SH: 484632/- 9700/- Two 350/-
Construction of Retaining Wall between RD.0/195 to 0/205.50 on upper Shakti Month OFFICE OF THE
Vihar road under parimahal Section) CIVIL SURGEON-CUM-CHIEF MEDICAL OFFICER, LATEHAR
LATEHAR
4 C/O Rehari Jubber Phaaneuti road km.0/00 to 0/900 (SH;- Providing and Laying 227896/- 4600/- One 350/- Very Short EOI Notice.
of G-I in km. 0/128 to 0/900). Month
EXPRESSION OF INTREST FOR: - Selection of Agency for Supply, Delivery and Procurement of
5 A/R & M/O on Nauti to Thallia road km. 0/00 to 7/300 (SH;- Repair of pot holes 370132/- 7500/- One 350/- necessary items for establishing 200 LPM PSAOxygen Plant in Latehar.
between RD. 3/00 to 4/615). Month
NO INFORMATION/SUBJECT DETAIL
Terms & Conditions:-
1 2 3
1 The contractor/firm shall have his GST No. and attested copy of the same be attached with the application for issue of tender form. Selection of Agency for Supply, Delivery and
2 The contractor/firm should attach attested copy of registration/renewal. 01 NAME OF WORK Procurement of necessary items for establishing
3 Copy of PAN card be attached with the application form. 200 LPM PSA Oxygen Plant in Latehar.
4. Copy of EPF be attached with the application form. 02 DATE OF PUBLICATION OF BID 10.06.2021
RS 5,00,000.00 (FIVE LAC)
HIM SUCHANA AVAM JAN SAMPARK 1421/2021-2022 03 EARNEST MONEY TO BE DEPOSITED MSME Registered Organization (Not before
Sep 2019) to be exempted
04 LAST DATE & TIME FOR BID SUBMISSION 17.06.2021 (Up to 05:00 PM)
05 BID SUBMMISSON PLACE DEVELOPMENT SECTION, LATEHAR
06 DATE AND TIME FOR BID OPENING 18.06.2021 (Time 12:30 PM)
07 BID OPENING PLACE CHAMBER OF CIVIL SURGEON, LATEHAR.
08 NAME AND OFFICE FOR INVINTING EOI CIVIL SURGEON, LATEHAR
9835115810/7488236312
09 HELPLINE NO. AND EMAIL ADDRESS
(cslatehar@gmail.com)
NOTE: - FOR FURTHER DETAIL PLEASE VISIT WWW.LATEHAR.NIC.IN CIVIL SURGEON,
PR.NO.247757 Health Med Edu and Family Welfare(21-22):D LATEHAR

Business Standard
DELHI EDITION
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Rawat on behalf of Business Standard
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No Air Surcharge
.
NEW DELHI | FRIDAY, 11 JUNE 2021 15 <

— TENDER CARE — — Advertorial

NORTH CENTRAL RAILWAYS GEARS UP PSPCL IS COMMITTED TO PROVIDE

TO GIVE A FILLIP TO COAL MOVEMENT DAILY 8 HOURS UNINTERRUPTED
TO NORTHERN INDIA POWER TO AGRICULTURE TUBEWELL
CR created yet another record by running 24 freight trains CONSUMERS FOR PADDY

N in 102 km Chunar-Chopan section on Saturday. While on

an average, 09 trains were running in this section in 2019-
SEASON : A. VENU PRASAD
n the directions of Capt.
20 and 2020-21, since the beginning of 2021, NCR has been con-
stantly working upon ways and means to increase throughput in
this section.
O Amarinder Singh chief
minister Punjab, Punjab
State Power Corporation Limited
The importance of this section lies in the fact that the coal from North- is committed to provide daily 8
ern Coalfields Limited, a subsidiary of Coal India Limited and one hours uninterrupted power sup-
of the fastest growing Coal fields caters to the demand of power ply to its 14 lacs agriculture tube-
houses of Punjab, Haryana, Delhi and U.P. well consumers in Punjab for the
In view of increase in power demand in the country, coal loading coming paddy season from 10th
from NCL is likely to go up to meet the increased demand of power June, 2021. This was disclosed by PSPCL CMD Shri A.Venu
houses. Coal rakes loaded from NCL traverses through Chopan- Prasad here today in a press note. Sh.A.Venu Prasad also as-
Chunar section before joining Howrah-Delhi main line at Chunar sured that all esteemed consumers of state would be provid-
junction. Hitherto, this section was characterized by a sectional ed 24 hours continued, uninterrupted and quality power supply
speed of only 30 kmph which posed a serious bottleneck in running in Punjab.
more trains. In addition to the speed restriction, many standards re- CMD said that PSPCL has already made level best arrangements
lated to electrification and signalling were needed to be upgraded to cater electricity supply to its consumers. In order to ensure sup-
for more train operations. In February 2021, Railway Board wrote ply to agriculture consumers during paddy season, PSPCLhas al-
a letter to GM/NCR urging him to take immediate measures to im- so strengthened the electrical infrastructure of the villages.
prove train running in this section so that pace with the growth of In- He said that PSPCLis anticipating to meet successfully more than
dian Economy could be maintained. Shri V.K. Tripathi, who newly 13000 MW demand during the paddy season. He said that in ad-
took over the charge of GM/NCR hold a series of meetings and in- dition to existing sources at disposal of PSPCL,power arrange-
structed for early commissioning of long pending works which were ments under short term and banking with other states to the tune
essential to increase trains in this crucial section. As a result of in- of 2700 MW have been made for this paddy season.
frastructure works undertaken on war footage, sectional speed of He added that daily power supply to allAP consumers in the state
goods trains in this section was increased to 60 kmph(barring a few has been divided into 3 groups at each sub-station. He also added
kilometers). Proposal for increasing the speed to 100 kmph is also that AP consumers of the PSPCL will be provided 8 hours power
in pipeline. With a view to augment the hauling capacity, a 132 KV supply in day timings along with the international border of
Traction substation (TSS) was commissioned on 2ndApril 2021 at Punjab.
Sonbhadra, which was one of the foremost prerequisites for in- He said that instructions have been issued to the officers/officials
creasing the number of trains in this section. Although electrifica- not to leave their headquarters during the paddy season. He said
tion of the section took place in December 2019, but full advantage that in order to update the status of power supply position and to
of electrification could not be taken for want of this TSS. redress complaints of the consumers special control rooms are
“Railway Board stipulated to increase the number of trains to an av- being setup at the zonal levels and at Head office Patiala. The
erage of 24 in order to sustain the coal needs of powerhouses. Al- phone numbers are 0183-2212425 , 96461-82959 for Border zone,
though today, we have achieved the figure, the main challenge be- (Amritsar,Tarn-Taran,Gurdaspur,Pathankot) 96461-
fore us is to maintain it”, says Biplav Kumar, Principal Chief Opera- 16679,9646114414 , 0181-2220924 for North Zone, (Jalandhar
tions Manager, NCR. “Nevertheless, the current achievement is a ,Nawanshahr ,Kapurthala,Hoshiarpur) 96461- 48883,96461-
significant one for Prayagraj Division”, he added. 46400 for South zone, (Patiala, Sangrur,Barnala,Ropar,Mohali)
Currently, this is a single line section and Final Location Survey for 96466-96300 , 96461-85267 for West zone, (Bathin-
doubling is going on and Detailed Project Report is being submit- da,Faridkot,Muktsar,Ferozepur,Moga,Mansa,Fazilka)
ted to the Railway Board, informed Sharad Mehta, Chief Adminis- 96461-22070 , 96461-81129 for Central zone, (Ludhi-
trative Officer(construction)/ NCR. ana,Khanna,Fatehgarh Sahib) and 96461-06835 , 96461-06836
General Manager Shri Tripathi expressed his satisfaction over the for centralized complaint centre at PSPCLHeadquarters Patiala.
pace of works going on in the section and congratulated Prayagraj He said that now pspcl consumers can also register their com-
Division for achieving the milestone. However, he insisted that re- plaints by giving a missed call on the PSPCLtoll free number 1800-
maining works like upgradation of Vishwanathpuri station, im- 180-1512. He said that in addition to these phone numbers con-
provement in signalling standards and doubling of the entire sec- sumers can also register their electricity related complaints via
tion should be taken up on high priority. phone number 1912 by sms or phone call.

VINEET PANDEY, CVO, SAIL TAKES OVER of Probity & Integrity, Project Engineering,
ADDITIONAL CHARGE OF CVO, NMDC System Integration, Production &
Maintenance of Electrical Rolling Stock,
ineet Pandey, CVO, SAIL has as Indian Railways, Energy Management and Green-energy

V taken over additional charge of

Chief Vigilance Officer (CVO),
NMDC Ltd. He is an officer belonging to
SAIL, RITES and
Central Electricity
Authority, he brings
Initiatives etc. He is a Graduate in
Electrical Engineering from Malviya
National Institute of Technology, Jaipur. In
1994 batch of Indian Railways Service of in vast experience in addition to his present assignment as CVO,
Electrical Engineers (IRSEE). Having Corporate Coordi- SAIL, he will have additional charge of
worked in prestigious organisations such nation, Maintenance CVO, NMDC Ltd.
16
>
NEW DELHI | FRIDAY, 11 JUNE 2021 1

POSSESSION NOTICE (for immovable property)Rule 8-(1)

Whereas, the undersigned being the Authorized Officer of IIFL Home Finance Limited (Formerly known as India Infoline
Housing Finance Ltd.)(IIHFL) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act 2002 and in exercise of powers conferred under section 13(12) read with Rule 3 of the Security Interest
(Enforcement) Rules 2002, a Demand Notice was issued by the Authorised Officer of the company to the borrowers /
co-borrowers mentioned herein below to repay the amount mentioned in the notice within 60 days from the date of
receipt of the said notice. The borrower having failed to repay the amount, notice is hereby given to the borrower and the
public in general that the undersigned has taken possession of the property described herein below in exercise of powers
conferred on him under Section 13(4) of the said Act read with Rule 8 of the said rules. The borrower In particular and
the public in general are hereby cautioned not to deal with the property and any dealings with the property will be subject
to the charge of IIHFL for an amount as mentioned herein under with interest thereon.“The borrower's attention is invited
to provisions of sub-section (8) of section 13 of the Act, If the borrower clears the dues of the “IIHFL” together with all
costs, charges and expenses incurred, at any time before the date fixed for sale or transfer, the secured assets shall not
be sold or transferred by “IIHFL” and no further step shall be taken by “IIHFL” for transfer or sale of the secured assets.
Name of the Borrower(s) Description of Secured Asset (Immovable Property) Total Outstanding Date of Date of
Delhi Branch Dues (Rs.) Demand Possession
All that piece and parcel of Pvt Flat No.6 And 7, First
Mr. Satish Kumar Bansal, Floor, Out Of Kh No. 89 And 88/3 Village Kureni Abadi Prospect No. 910597 Notice
Mrs. Santosh (Prospect No. Known As Extended Lal Dora Keshav Bhawan, Village Rs.38,67,262/- 08-March 08-June-
910597, 911610, 933687) Kureni Narela, 110040, Delhi, India Prospect No. 911610 -2021 2021
Rs.3,86,495/-
Prospect No. 933687
Rs.6,08,970/-
Mr. Sunil Kumar and Mrs. All that piece and parcel of Entire Second Floor With Rs.18,82,311/- 17-March 08-June-
Neelam (Prospect No.852805) Roof Rights, Part Of Property No. 335, admeasuring -2021 2021
50 sq. yds., Khasra No. 107, Village Haiderpur, Banjara
Basti, Delhi, 110088, India
Mr. Sushil Kumar Bhati, Mr. All that piece and parcel of Property/ Plot of land area Rs.8,86,437/- 19-Feb 08-June-
Deen Dayal, Mrs. Pushpa admeasuring 333 Sq. Yds., Khewat/Khata No-384/602 -2021 2021
Devi, Mr. Ravinder Kumar Kh No 254 (Min 0-11), Khewat Khata No 388/608 Kh
and Mrs. Rekha (Prospect No 256 (0-11), Mauja Korali Ballabgarh, Faridabad,
No. 818862) 121101, Haryana, India
Mrs. Asha Devi, Asha All that piece and parcel of Khasra /Khewat No., Prospect No. 929576 10-Feb 08-June-
Electronic , Mr. Jagdish 45/52 Mu. No.-57, Kila No.-16, 23, 24, 25, Mu. No.-58, Rs.4,20,967/- -2021 2021
Sharma and Mr.Sonu Kila No.-19, 20, 21, 22, Wasika No.-6117, Waka Mauja Prospect No. 941183
Sharma (Prospect No. Uncha Gaon, Tehsil Ballabhgarh, Faridabad Haryana, Rs.1,12,135/-
929576, 941183, 941184) India. Prospect No. 941184
Rs.4,83,531/-
Vishant Sarpal, Amit Kumar, All that piece and parcel of of the property bearing Rs.20,48,304/- 25-June 08-June-
Pooja Manocha (Prospect Flat No. F-139A, Ground floor, area admeasuring 1025 -2019 2021
No.780643) sq.ft, "Wave Royal Castle", NH-24, Ghaziabad, Uttar
Pradesh
For, further details please contact to Authorised Officer at Branch Office :- Plot No. 30/30E, Upper Ground Floor,
Main Shivaji Marg, Najafgarh Road, Beside Jaguar Showroom,Moti Nagar, New Delhi/Or Corporate Office : Plot
No. 98, Phase-IV, Udyog Vihar, Gurgaon, Haryana.
Place: Delhi+NCR Date: 11-06-2021 Sd/- Authorised Officer For IIFL Home Finance Limited (IIFL HFL)
 .
NEW DELHI | FRIDAY, 11 JUNE 2021 17 <

ZOSARB 13th Floor, Bank of Baroda ZOSARB ZOSARB

Building, 16 Sansad Marg, 13th Floor, Bank of Baroda Building, 16 13th Floor, Bank of Baroda Building, 16
Sansad Marg, New Delhi-110001, Sansad Marg, New Delhi-110001,
New Delhi-110001,
1. M/s.Experto Vision, Add: U 321, 3rd Floor, Chirag Delhi, near ShahidBhagat Singh 1.Upma Singh – Borrower Add: Plot No.219, 2nd Floor, Pocket -5, Sector-22, Rohini, New Dlehi-110085 1. M/s.Jain Logistics, 2. Mr. Sunil Jain, 3. Mr. Prateek Kothari Addresses: Kothary
College, New Delhi-110017 Nursery Near Maruti Truck parking Carteripuri Road, Gurgaon -122001 House
Dear Sir,
No.244, Ground Floor, Sector 14, Near DAV School, Gurgaon-122001
2. Antima Singh Add: U 321, 3rd Floor, ChiragDelhi,nearShahidBhagat Singh College, Re: Declaration of M/s.Sudarshan Tubesand its Partners& Guarantors as Wilful Defaulters
We refer to our show cause notice no. ZOSARB/WLF/ST/2020-21 dated 21-11-2019 for declaring Dear Sir,
New Delhi-110017 Re: Declaration of M/s.Jain Logisticsand its Partner/Guarantors as Wilful Defaulters
Dear Sir, M/s.Sudarshan Tubes and its Partners & Guarantors Om Prakash Gupta, Suresh Kumar Gupta as
wilful defaulter on the following grounds and paper publication made on 08.10.2020. We refer to our show cause notice no. BR:SME:ADV:955/956 and 957 dated 30-12-2019 for
Re: Declaration of M/s.Experto Visionand its Proprietoras Wilful Defaulters declaring M/s.Jain Logistics and its partners and guarantors Mr. Sunil Jain and Mr. Prateek
We refer to our show cause notice no. ZOSARB/WLF/EXPERTO/004/2019-20 dated 1.The firm has done inter-firm transaction other than genuine sale /purchase in violation of sanctioned
Kothari as wilful defaulters on the following grounds:
03-06-2020 for declaring M/s.Experto Vision and its proprietor Antima Singh as wilful T&C stipulating that firm should not make inter-firm transfer other than sale/purchase: • The business of the firm is running and they are paying the EMIs of other lenders regularly
defaulter on the following grounds and paper publication made on 12.11.2020. Dear Sir, e.g. HDFC, ICICI, Yes Bank, Axis Bank except BOB and TMFL. Also as per CRILC report
1. During May 2016, the firm has transferred Rs.10.10 lakhs to non-business-related accounts. Re: Declaration of Upma Singh(Borrower)as Wilful Defaulter dated 03.12.2019, the loan accounts with other lenders are standard.
2. During October 2016 firm has withdrawn cash more than Rs.3.73 lakhs. We refer to our show cause notice no. NIL dated 04-11-2020 for declaring Upma Singh(Borrower) As you are aware that our branch had sent the show cause notice referred above by
3. As per the stock statement dated 30.04.2016 there was stock of Rs.38.54 lakhs and debtors as wilful defaulter on the following grounds and paper publication made on 04.11.2020. registered post /speed post/courier on 30-12-2019 which you have received on NIL.In
of Rs.4.89 lakhs but total credits in the account was just Rs.21.20 lakhs from 18.05.2016 to • Multiple finance case, various banks (Unioin Bank of India and HBN Housing Finance Ltd) response to your representation dated 29.06.2020, opportunity for personal hearing before
07.10.2016 claim their share in property mortgaged with the bank.
• The title deed submitted to the Bank for mortgage are fake. the committee has been given on 07.08.2020. None of the partners appeared before the
In response to the show cause notice/paper publication we have not received any committee on 07.08.2020.
representation or response from you. • ITRs financial statements, Bank account statement submitted to the bank are fake.
In response to the show cause notice/paper publication we have not received any representation In the light of the aforesaid facts and circumstancesand perusing the documents on record the
In the light of the aforesaid facts and circumstances and perusing the documents on record Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare M/s.Jain
the Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare or response from you.
In the light of the aforesaid facts and circumstances and perusing the documents on record the Logistics and its partners and guarantors Mr.Sunil Jain and Mr.Prateek Kotharias ‘Wilful
M/s.Experto Vision and its proprietor Antima Singh as ‘Wilful Defaulters’ on the grounds Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare Upma Defaulters’ on the grounds mentioned in the show cause notice, after concluding that the firm
mentioned in the show cause notice, after concluding that Firm has defaulted in meeting its Singh(Borrower) as ‘Wilful Defaulters’ on the grounds mentioned in the show cause notice, after has defaulted in meeting its payment/ repayment obligations to the lender even when it has
payment/ repayment obligations to the lender and has siphoned off the funds so that the funds concluding that borrower has defaulted in meeting its payment/ repayment obligations to the the capacity to hon our the said obligations.
have not been utilized for the specific purpose for which finance was availed of, nor are the lender and has also siphoned off or removed the movable fixed assets or immovable property given The decision of the COE was conveyed vide our letter No.BOB/ZOSARB/66/2020-21 dated
funds available with the firm in the form of other assets. for the purpose of securing a term loan without the knowledge of the Bank. 03.09.2020 with an opportunity for submission of further representation, if any, for
The decision of the COE was conveyed vide our letter No. NILdated 15.12.2020 with an opportunity The decision of the COE was conveyed vide our letter No.NIL dated 15.12.2020 with an opportunity consideration by the Review Committee on Wilful Defaulters, In terms of RBI guidelines and to
for submission of further representation, if any, for consideration by the Review Committee on Wilful for submission of further representation, if any, for consideration by the Review Committee on Wilful comply principles of natural justice.
Defaulters,IntermsofRBIguidelinesandtocomplyprinciplesofnaturaljustice. Defaulters, In terms of RBI guidelines and to comply principles of natural justice. In response to the COE decision, we have not received any further representation or
In response to the COE decision, we have not received any further representation or In response to the COE decision, we have not received any further representation or response response from you.
response from you. from you.
In the aforesaid circumstances, after perusal of documents on record received, Bank’s Review In the aforesaid circumstances, after perusal of documents on record received, Bank’s
In the aforesaid circumstances, after perusal of documents on record received, Bank’s Review Committee on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the
Review Committee on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the Committee on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the decision of the
Committee of Executives on Wilful Defaulters (COE). decision of the Committee of Executives on Wilful Defaulters (COE).
decision of the Committee of Executives on Wilful Defaulters (COE).
Thus after following the due procedure, it has been decided to declare Upma Singh(Borrower) as Thus after following the due procedure, it has been decided to declare M/s.Jain Logistics and its
Thus after following the due procedure, it has been decided to declare M/s.Experto Vision and partners and guarantors Mr. Sunil Jain and Mr. Prateek Kothari as Wilful Defaulters. Bank
its proprietor Antima Singh as Wilful Defaulters. Bank reserves the Right to publish the name Wilful Defaulters. Bank reserves the Right to publish the name and photograph of Wilful Defaulter
in News Paper and will initiate the necessary recovery action as per extant guidelines issued by reserves the Right to publish the name and photograph of Wilful Defaulter in News Paper and will
and photograph of Wilful Defaulter in News Paper and will initiate the necessary recovery
action as per extant guidelines issued by Reserve Bank of India. initiate the necessary recovery action as per extant guidelines issued by Reserve Bank of India.
Reserve Bank of India.
ThiscommunicationisissuedasperthedirectionsoftheReviewCommitteeonWilfulDefaulters. This communication is issued as per the directions of the Review Committee on Wilful
This communication is issued as per the directions of the Review Committee on Wilful Defaulters. Defaulters.
This is for your information. Yours faithfully, This is for your information. Yours faithfully, Yours faithfully,
This is for your information. CHIEF MANAGER &
CHIEF MANAGER & CHIEF MANAGER &
Date: 10.06.2021 AUTHORISED OFFICER Date: 10.06.2021 AUTHORISED OFFICER Date: 10.06.2021 AUTHORISED OFFICER

ZOSARB
13th Floor, Bank of Baroda Building, 16
ZOSARB Sansad Marg, New Delhi-110001,
13th Floor, Bank of Baroda Building, 16
Sansad Marg, New Delhi-110001, 1. M/s.Shri Sidhdata Ispat Pvt Limited 2. Mr. Pradeep Kumar Gupta 3. Mr. Suresh
Kumar Gupta, 4. Mr. Rajesh Kumar Gupta
1.Mr.Rajesh Gupta, 2. Mrs.Rajni Gupta Address: 107-A, LIG flats, Madipur, New Delhi-110063
Addresses: Shri Sidhdata Ispat Pvt Limited
Dear Sir,
Re: Declaration of Mr.Rajesh Gupta and Mrs.Rajni Gupta (Borrowers) as Wilful Corporate Office: 60, Shiv Puri, Shahadra, Delhi-110051Shri Sidhdata Ispat Pvt
Defaulters Limited Khasra No. 386, Village Parson, Jindal Nagar, Delhi Hapur Road, NH-24,
We refer to our show cause notice no. NIL dated 21-11-2019 for declaring Mr.Rajesh Gupta Ghaziabad, UP.
and Mrs.Rajni Gupta (Borrowers) as wilful defaulters on the following grounds: Mr. Rajesh Kumar Gupta, 61, Shiv Puri, Shahadra, Delhi-110051Mr. Suresh Kumar
• Borrower submitted fake title deed, ITR’s, financial statements, Bank statements, KYC Gupta & 60, Shiv Puri, Shahadra, Delhi-110051
ZOSARB documents to the Bank and defrauded the Bank.
13th Floor, Bank of Baroda Building, 16 Mr. Pradeep Kumar Gupta, 62, Shiv Puri, Shahadra, Delhi-110051
• Subsequent disbursement of loan, a fraudulent saving bank account no. 040910026355 was
Sansad Marg, New Delhi-110001, opened on 06.10.12 in the name of seller Ms Raj Rani Sharma with Alipore Poad Branch Dear Sir,
(eDena) by impersonation and with fake KYC documents and photograph of some different Re: Declaration of M/s.Shri Sidhdata Ispat Pvt Limitedand its Directorsas Wilful Defaulters
1.M/s.Sudarshan Tubes 2.Om Prakash Gupta 3.Suresh Kumar Gupta We refer to our show cause notice no. SIPL/WD/2707/2020-21 dated 27-07-2020 for declaring
Addresses: 61, Shiv Puri, Shahadra, Delhi-110051129, Prakash Industrial Estate, Sahibabad, Distt. person. The DD issued towards loan disbursal on 28.09.12 in favour of seller Ms Raj Rani
Sharma was deposited in the said account. Thereafter, the amount were withdrawn in cash M/s.Shri Sidhdata Ispat Pvt Limited its director Mr. Pradeep Kumar Gupta, Mr. Rajesh Kumar
Ghaziabad, UP Khasra No. 92, Village Galand, Jindal Nagar, Delhi Hapur Road, Ghaziabad, UP60,Shiv Puri, Gupta, Mr. Suresh Kumar Gupta as wilful defaulter on the following grounds and paper publication
Shahadra, Delhi-110051, 62, Shiv Puri, Shahadra, Delhi-110051 from Alipore Road Branch (eDena). made on 14.09.2020.
Dear Sir, As you are aware that our branch had sent the show cause notice referred above by registered 1. As per the terms of the sanction, the company should not make inter firm transfer except for
Re: Declaration of M/s.Sudarshan Tubesand its Partners& Guarantors as Wilful Defaulters post/speed post/courier on 21-11-2019, which you have received . Even after receipt of the genuine sale/purchase transactions. However, it is observed that the borrower company had
We refer to our show cause notice no. ZOSARB/WLF/ST/2020-21 dated 21-11-2019 for declaring above referred show cause notices, we have not received any representation or response made substantial amount of payments to its related concerns with whom no business transactions
M/s.Sudarshan Tubes and its Partners & Guarantors Om Prakash Gupta, Suresh Kumar Gupta as fromyou. has been carried out which has been examined by forensic auditor.
wilful defaulter on the following grounds and paper publication made on 08.10.2020. In the light of the aforesaid facts and circumstances and perusing the documents on record the S No Related Company/Firms Amount Rs.In Cr
1.The firm has done inter-firm transaction other than genuine sale /purchase in violation of sanctioned Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare Mr.Rajesh 1 Synergy India Private Limited (A/c No. 006511023989) (Where Additional 1.31
T&C stipulating that firm should not make inter-firm transfer other than sale/purchase: Gupta and Mrs.Rajni Gupta (Borrowers) as ‘Wilful Defaulters’on the grounds mentioned in the show director of Shri Sidhdata Ispat Private Limited- Rajat Gupta is also past
cause notice, after concluding that borrowers has defaulted in meeting its payment/ repayment directors in the company)
Related co./firms Amount(In Cr) Related co./firms Amount(In Cr) obligations to the lender and has siphoned off the funds so that the funds have not been utilized for Shri Sidhdata Steel Tubes (A/c No. 006513023766 Where Director/Guarantor
Shri Sidhdata Ispat P Ltd 22.75 Kamdhenu Metal Industries 0.10 2 of Shri Sidhdata Ispat Private Limited -Ms.Manju Gupta and Mr.Rajesh 18.82
the specific purpose for which finance was availed of, nor are the funds available with the
Shri Sidhdata Steel tubes 14.14 Govardhan Industries Pvt Ltd 0.31 firm/companyintheformofotherassets. Kumar Gupta are partners in the firm)
2. False/ higher amount of debtors shown by the party. The decision of the COE was conveyed vide our letter No.NILdated 19.12.2020 with an opportunity Shri Sudarshan Tubes (A/c No. 006513023767) (Where Director of Shri
3. Bogus or inflated stock of inventory shown in the stock statement for the purpose of higher drawing power. for submission of further representation, if any, for consideration by the Review Committee on Wilful 3 Sidhdata Ispat Private Limited-Suresh Kumar Gupta is partner in the firm) 0.82
In response to the show cause notice/paper publication we have not received any representation or
response from you
Defaulters,IntermsofRBIguidelinesandtocomplyprinciplesofnaturaljustice.
In response to the COE decision, we have not received any further representation or response 2. The company has not routed the entire sale proceeds through the accounts with us. The company
In the light of the aforesaid facts and circumstancesand perusing the documents on record the Committee has routed turnover of Rs. 20.83 cr during the period 01.04.13 to 30.11.13 against the total
of Executives on Wilful Defaulters (COE) of bank has decided to declare M/s.Sudarshan Tubes and its from you. sales/debtors realisation of Rs. 174.93 cr during the same period.
Partners & Guarantors Om Prakash Gupta, Suresh Kumar Gupta as ‘Wilful Defaulters’ on the grounds In the aforesaid circumstances, after perusal of documents on record received, Bank’s 3. As per the stock statement submitted by the company as on 30.11.2013, the stocks and book debts
mentioned in the show cause notice, after concluding that Firm has defaulted in meeting its payment/ Review Committee on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the available with the company were Rs. 20.39 cr and Rs.47.49 cr. The turnover routed through the
repayment obligations to the lender and has siphoned off the funds so that the funds have not been utilized decision of the Committee of Executives on Wilful Defaulters (COE). account from November 2013 to March 2014 was Rs.2.20 Cr only. Business activity closed.
for the specific purpose for which finance was availed of, nor are the funds available with the firm in the
form of other assets.
Thus after following the due procedure, it has been decided to declare Mr. Rajesh Gupta and 4. The company opened current account with State Bank of Patiala and total turnover routed during
Mrs.Rajni Gupta (Borrowers)as Wilful Defaulters. Bank reserves the Right to publish the FY13-14 was Rs.13.68 cr.
The decision of the COE was conveyed vide our letter No. NILdated 15.12.2020 with an opportunity for
name and photograph of Wilful Defaulter in News Paper and will initiate the necessary 5. The sales and purchases to the same parties during the period from 01.04.13 to 30.11.13 was
submission of further representation, if any, for consideration by the Review Committee on Wilful
Defaulters, In terms of RBI guidelines and to comply principles of natural justice. recovery action as per extant guidelines issued by Reserve Bank of India. Rs.56.11 cr and 57.18 cr respectively.
6. The company had made advances to suppliers/other parties and outstanding as on 30.11.13 was
In response to the COE decision, we have not received any further representation or response from you. This communication is issued as per the directions of the Review Committee on Wilful Rs.9.38 cr. No purchases have been made during the year 2013-14.
In the aforesaid circumstances, after perusal of documents on recordreceived, Bank’s Review Committee Defaulters. Yours faithfully,
Name of Parties Sales during 2013-14 to Purchases during 2013-14 on Wilful Defaulters in its meeting held on 26.03.21confirmed the decision of the Committee of Executives In response to the show cause notice/paper publication we have not received any representation or
This is for your information. CHIEF MANAGER & response from you
2015-16 (Rs. In Crs.) to 2015-16 (Rs. In Crs.) on Wilful Defaulters (COE).
Thus after following the due procedure, it has been decided to declare M/s.Sudarshan Tubes and its Date: 10.06.2021 AUTHORISED OFFICER In the light of the aforesaid facts and circumstances and perusing the documents on record the
M/s.Arav Marketing P. Ltd. 1.95 18.08 Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare M/s.Shri Sidhdata
Partners & Guarantors Om Prakash Gupta, Suresh Kumar Gupta as Wilful Defaulters. Bank reserves the
M/s.Maa Durga Steel works P. Ltd. 15.43 57.57 Right to publish the name and photograph of Wilful Defaulter in News Paper and will initiate the necessary Ispat Pvt Limited its director Mr.Pradeep Kumar Gupta, Mr.Rajesh Kumar Gupta, Mr.Suresh Kumar
ZOSARB Guptaas ‘Wilful Defaulters’ on the grounds mentioned in the show cause notice, after concluding that
M/s.Mercury Digital Services P. Ltd. 15.53 0.48 recovery action as per extant guidelines issued by Reserve Bank of India.
This communication is issued as per the directions of the Review Committee on Wilful Defaulters.
13th Floor, Bank of Baroda Building, 16 Company has defaulted in meeting its payment/ repayment obligations to the lender and has siphoned
This is for your information. Sansad Marg, New Delhi-110001, off the funds so that the funds have not been utilized for the specific purpose for which finance was
Yours faithfully, availed of, nor are the funds available with the unit in the form of other assets. .
CHIEF MANAGER & 1.M/s Shri Sidhdata Steel Tubes, 2. Rajesh Kumar Gupta, 3. Manju Gupta Addresses: The decision of the COE was conveyed vide our letter No.NILdated 17.10.2020 with an opportunity for
Date: 10.06.2021 AUTHORISED OFFICER 62, Shiv Puri, Shahadara, Delhi-110051 submission of further representation, if any, for consideration by the Review Committee on Wilful
Defaulters, In terms of RBI guidelines and to comply principles of natural justice.
Khasra No. 617 (New no. 1245), Village Chaproulla, Bisrakh Road, Ghaziabad, UP. In response to the COE decision, we have not received any further representation or response from you.
ZOSARB 61, Shiv Puri, Shahadra, Delhi-110051, 62, Shiv Puri, Shahadra, Delhi-110051 In the aforesaid circumstances, after perusal of documents on record received, Bank’s Review
Dear Sir, Committee on Wilful Defaulters in its meeting held on 26.03.21confirmed the decision of the Committee
13th Floor, Bank of Baroda Building, 16 of Executives on Wilful Defaulters (COE).
Re: Declaration of M/s ShriSidhdata Steel Tubesandits Partners& Guarantorsas Wilful
Sansad Marg, New Delhi-110001, Defaulters Thus after following the due procedure, it has been decided to declare M/s.Shri Sidhdata Ispat Pvt
We refer to our show cause notice no. ZOSARB/WLF/SST/2019-20 dated 21-11-2019 for declaring Limited its director Mr.Pradeep Kumar Gupta, Mr.Rajesh Kumar Gupta, Mr.Suresh Kumar Gupta as
1. Mr.Vijay Kumar Sharma – Borrower 2.Mrs.Raj Sharma – Borrower Wilful Defaulters. Bank reserves the Right to publish the name and photograph of Wilful Defaulter in
M/s ShriSidhdata Steel Tubes and its Partners & Guarantors Rajesh Kumar Gupta, Manju Gupta as
Addresses: 65A, CA apartment, Shalimar Baug, Delhi-110088 wilful defaulters on the following grounds: News Paper and will initiate the necessary recovery action as per extant guidelines issued by Reserve
Dear Sir, The firm has defaulted in repayment obligations of the fund lent to the borrower. The firm showed the Bank of India.
Re: Declaration of Mr.Vijay Kumar Sharma and Mrs.Raj Sharma (Borrowers)as Wilful bogus sale and purchase figure to inter-group and non-existent companies by utilizing the Banks fund This communication is issued as per the directions of the Review Committee on Wilful Defaulters.
by not routing the sales proceeds through the Cash Credit account. Also the funds mis-utilization has This is for your information.
Defaulters
been observed in the account as per below: Yours faithfully,
We refer to our show cause notice no. NIL dated 04-11-2020 for declaring Mr.Vijay Kumar
a) The total sale of the firm as on 30.11.2013 was Rs.54.31 crore however the total credit summation in CHIEF MANAGER &
Sharma and Mrs.Raj Sharma (Borrowers)as wilful defaulter on the following grounds and the account is just Rs.5.05 crore. Date: 10.06.2021 AUTHORISED OFFICER
paper publication made on 04.11.2020. b) The firm has done substantial payments to related parties with no business transactions
•The borrower submitted fake KYC documents, and also fake property papers/title deeds and representing the same, violating the terms of agreement with the bank.
availed housing loan and defrauded the bank. The account is declared fraud as per RBI c) Debtors have accumulated to very high level vis-à-vis avg. industry figures. ZOSARB
guidelines. d) The stock statements given to bank included the job work given to job processers, for which no 13th Floor, Bank of Baroda Building, 16
In response to the show cause notice/paper publication we have not received any details were made available even to stock auditors. Hence the entire operations of the firm seem in- Sansad Marg, New Delhi-110001,
genuine and suspected, thereby caused Misappropriation of bank’s funds.
representation or response from you. In the light of the aforesaid facts and circumstances and perusing the documents on record the 1. M/s.Govardhan Industries Private Limited, 2. Mr. Rajesh Kumar Gupta – Director,
In the light of the aforesaid facts and circumstances and perusing the documents on record the Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare M/s Shri 3. Mr. Suresh Kumar Gupta – Director, 4. Mr. Pradeep Kumar Gupta – Director
Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare Mr.Vijay Sidhdata Steel Tubes and its Partners & Guarantors Rajesh Kumar Gupta, Manju Gupta as ‘Wilful 5. Mr. Rajat Gupta – Director
Kumar Sharma and Mrs.Raj Sharma (Borrowers) as ‘Wilful Defaulters’ on the grounds Defaulters’ on the grounds mentioned in the show cause notice, after concluding that the Firm has
defaulted in meeting its payment/ repayment obligations to the lender and has siphoned off the funds Property No. 60, Shivpuri, Property No. 61, Shivpuri, Property No. 62, Shivpuri,
mentioned in the show cause notice, after concluding that borrower has defaulted in meeting
so that the funds have not been utilized for the specific purpose for which finance was availed of, nor are Shahdara Delhi Shahdara Delhi Shahdara Delhi
its payment/ repayment obligations to the lender and has siphoned off the funds so that the
the funds available with the firm/company in the form of other assets. Kh. 202, Village parson, Kh. 203, Village parson, Kh. No. 211, Village parson,
Bank Name Bank Account Period Receipts from funds have not been utilized for the specific purpose for which finance was availed of, nor are The decision of the COE was conveyed vide our letter No. NIL dated 15.12.2020 with an opportunity
customers Rs. In Crs. the funds available with the firm/company in the form of other assets. for submission of further representation, if any, for consideration by the Review Committee on Wilful Jindal Nagar N.H. 24, Delhi Jindal Nagar, N.H.24, Delhi Jindal Nagar, N.H. 24, Delhi
The decision of the COE was conveyed vide our letter No.NIL dated15.12.2020 with an Defaulters, In terms of RBI guidelines and to comply principles of natural justice. Hapur Road, Ghaziabad, Hapur Road, Ghaziabad, UP Hapur Road, Ghaziabad,
Axis Bank CA 913020002256525 Apr 13-March 14 15.24 In response to the COE decision, we have not received any further representation or response from you.
opportunity for submission of further representation, if any, for consideration by the Review U.P. UP
J & K Bank 0408010100000667 Apr 13-March 14 11.47 Committee on Wilful Defaulters, In terms of RBI guidelines and to comply principles of natural justice. In the aforesaid circumstances, after perusal of documents on record received, Bank’s Review
Committee on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the decision of the Dear Sir,
Kotak Mahindra Bank 0811503875 Apr 13-March 16 142.68 In response to the COE decision, we have not received any further representation or response
Committee of Executives on Wilful Defaulters (COE). Re: Declaration of M/s.Govardhan Industries Private Limitedand its Directorsas
Corporation Bank 323201601150043 Apr 15-March 16 31.09 from you.
In the aforesaid circumstances, after perusal of documents on record received, Bank’s Review
Thus after following the due procedure, it has been decided to declare M/s Shri Sidhdata Steel Tubes Wilful Defaulters
Yes Bank 010680200000021/123 Apr 15-March 16 0.41 and its Partners & Guarantors Rajesh Kumar Gupta, Manju Gupta as Wilful Defaulters. Bank reserves We refer to our show cause notice no. SCN/GIPL/05/2020-21 dated 11-09-2020 for
Committee on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the decision of the the Right to publish the name and photograph of Wilful Defaulter in News Paper and will initiate the
Total 200.89 Committee of Executives on Wilful Defaulters (COE). declaring M/s.Govardhan Industries Private Limited and its Directors Mr.Rajesh Kumar
necessary recovery action as per extant guidelines issued by Reserve Bank of India.
The Company has received the receipt from the Debtors in these accounts. This amount was Thus after following the due procedure, it has been decided to declare Mr.Vijay Kumar Sharma This communication is issued as per the directions of the Review Committee on Wilful Gupta, Mr.Suresh Kumar Gupta, Mr.Pradeep Kumar Gupta and Mr.Rajat Guptaas wilful
utilized by the Company for operation purpose not for payment of bank’s dues. and Mrs.Raj Sharma (Borrowers) as Wilful Defaulters. Bank reserves the Right to publish the Defaulters. Yours faithfully, defaulter on the following grounds and paper publication made on 14.09.2020.
name and photograph of Wilful Defaulter in News Paper and will initiate the necessary This is for your information. CHIEF MANAGER & 1. As per the terms of the sanction, the company should not make inter firm transfer, except
recovery action as per extant guidelines issued by Reserve Bank of India. Date: 10.06.2021 AUTHORISED OFFICER for genuine sale/purchase transactions. However, It has been found that the borrower
This communication is issued as per the directions of the Review Committee on Wilful company had made substantial amount of payments to other related concerns which have
Defaulters. been given below:
Yours faithfully,
This is for your information. CHIEF MANAGER & ZOSARB S. Related Amount Remarks
Date: 10.06.2021 AUTHORISED OFFICER 13th Floor, Bank of Baroda Building, 16 No. Company/Firms (In crs)
Sansad Marg, New Delhi-110001, 1 M/s Shri Govardhan 3.82 ---
ZOSARB 1. M/s. Radhey Polymers, 2. Mr. Churamani Addresses: 1. DDA Flat no. GH-5/7/682, Steel
13th Floor, Bank of Baroda Building, 16 Paschim Vihar, Delhi-110087 M/s Shri Sidhdata 1.34 Mr.Suresh Kumar Gupta, Mr.Pradeep Kumar Gupta and
Sansad Marg, New Delhi-110001, 2 Steel Tubes
2. DDA Flat no. GH-5/7/682, Paschim Vihar, Delhi-110087 Mr.Rajesh Kumar Gupta, directors of Govardhan
Dear Sir, Industries Private Limited are guarantors in M/s.Shri
1. M/s.Sudarshan Steels Pvt. Ltd 2. Mr. Sandeep Goel-Proprietor 3. Mrs. Beena Goel Sidhdata Steel Tubes
Guarantor 4. Mrs.Maya Devi Goel-Guarantor 5. Mr.Praveen Goel-Guarantor Re: Declaration of M/s.Radhey Polymersand its Proprietoras Wilful Defaulters
M/s Sudarshan Steels Pvt Ltd Mr Sandeep Goel Mrs Beena Goel We refer to our show cause notice no. ZOSARB/WFD/RP/1908/2020-21 dated 3 M/s Synergy India Mr.Rajat Gupta, director of GIPL is also director of M/s
28-32-33/34, IInd Floor, Private Limited Synergy India Private Limited
Flat No 5 Eklavya Flat No 5 Eklavya 19-08-2020 for declaring M/s.Radhey Polymers and its proprietor Mr. Churamani as wilful
Bhagwati Market, Peepul Apartments, Plot no 18/1 Apartments, Plot no 18/1 defaulters on the following grounds: Shri Sidhdata Ispat Mr.Suresh Kumar Gupta, Mr.Pradeep Kumar Gupta and
Mahadev, Hauz Qazi, Delhi 1. ITR submitted by the borrower is not genuine. Audited balance sheets were also fictitious and 4 Private Limited Mr.Rajesh Kumar Gupta directors of Govardhan
Sec 13 Rohini Delhi 110085 Sec 13 Rohini Delhi 110085 Industries Private Limited is also directors of M/s.Shri
M/s Sudarshan Steels Pvt Ltd Mrs Maya Devi Goel Mr Praveen Goel were prepared by non – existent chartered accountants.There is no record of the godown where the
Sidhdata Ispat Pvt Ltd.
Flat No 5 Eklavya Apartments, Flat No 5 Eklavya Apartments, Flat No 5 Eklavya Apartments, borrower had stored the stock. Borrower never submitted stock statements in the Banks prescribed
formatgivingdetailsofstock. 2. As per the stock statement as on 25.06.2013, stocks of Rs.16.40 cr and debtors of
Plot no 18/1 Sec 13 Rohini Delhi Plot no 18/1 Sec 13 Rohini Plot no 18/1 Sec 13 Rohini Rs.6.93 cr available with the company. But the outstanding balance in the CC account is
110085 Delhi 110085 Delhi 110085 2. Borrower has routed the transactions through the account M/s Surya Polymers, and RTGS sent Rs.28.72 cr against the sanction limit of Rs.33.76 cr. Thus proceeds were not routed
Mrs Maya Devi Goel Flat No 5 Eklavya Apartments, Plot no 18/1 Sec 13 Rohini Delhi 110085 fromtheiraccounttoM/sMRGupta&CoLtd.TheaccountisdeclaredfraudasperRBIguidelines. through the account. Business activity closed.
Dear Sir, As you are aware that our branch had sent the show cause notice referred above by registered 3. On physical verification of the suppliers of Plant & Machinery, substantial number of
Re: Declaration of M/s.Sudarshan Steels Pvt. Ltdand its Proprietor/Guarantorsas Wilful Defaulters post/speed post/courier on 21-08-2020 which you have received on .Even after receipt of the parties seems bogus/unavailable at the addresses given in the said bills.
We refer to our show cause notice no. ZOSARB/SCN/WFD/0508/2020-21 dated 05-08-2020 for declaring above referred show cause notices, we have not received any representation or response In response to the show cause notice/paper publication we have not received any
M/s.Sudarshan Steels Pvt. Ltd and its proprietor Mr. Sandeep Goel and guarantors Mrs. Beena Goel,
Mrs.Maya Devi Goel, Mr. Praveen Goel as wilful defaulter on the following grounds and paper publication from you. representation or response from you
made on 04.11.2020. In the light of the aforesaid facts and circumstances and perusing the documents on record In the light of the aforesaid facts and circumstances and perusing the documents on record
1. The Net sales of the unit have not been matched with accounts turnover statement. All business the Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare
transactions were not routed through the CCH accounts. the Committee of Executives on Wilful Defaulters (COE) of bank has decided to declare
M/s.Govardhan Industries Private Limited and its Directors Mr. Rajesh Kumar Gupta, Mr.
2. The firm has done substantial payments to related parties with no business transactions representing M/s.Radhey Polymers and its proprietor Mr. Churamani as ‘Wilful Defaulters’ on the grounds
the same, violating the terms of agreement with the bank amounting Rs.2.35 Cr. was made by the firm to its Suresh Kumar Gupta, Mr. Pradeep Kumar Gupta and Mr. Rajat Gupta as ‘Wilful Defaulters’
mentioned in the show cause notice, after concluding that Firm has defaulted in meeting its on the grounds mentioned in the show cause notice, after concluding Company has
associate companies or related concerns (M/s.Kanha Steel Pvt. Ltd).
In response to the show cause notice/paper publication we have not received any representation or payment/ repayment obligations to the lender and has siphoned off the funds so that the funds defaulted in meeting its payment/ repayment obligations to the lender and has siphoned off
response from you have not been utilized for the specific purpose for which finance was availed of, nor are the funds the funds so that the funds have not been utilized for the specific purpose for which finance
In the light of the aforesaid facts and circumstances and perusing the documents on record the Committee
of Executives on Wilful Defaulters (COE) of bank has decided to declare M/s.Sudarshan Steels Pvt. Ltd available with the firm in the form of other assets. was availed of, nor are the funds available with the unit in the form of other assets.
and its proprietor Mr.Sandeep Goel and guarantors Mrs. Beena Goel, Mrs. Maya Devi Goel, Mr.Praveen The decision of the COE was conveyed vide our letter Nil dated 15.12.2020 with an opportunity The decision of the COE was conveyed vide our letter No. NIL dated 17.10.2020 with an
Goel as ‘Wilful Defaulters’ on the grounds mentioned in the show cause notice, after concluding that firm for submission of further representation, if any, for consideration by the Review Committee on opportunity for submission of further representation, if any, for consideration by the Review
has defaulted in meeting its payment/ repayment obligations to the lender and has not utilised the finance Committee on Wilful Defaulters, In terms of RBI guidelines and to comply principles of
from the lender for the specific purposes for which finance was availed of but has diverted the funds for Wilful Defaulters, In terms of RBI guidelines and to comply principles of natural justice.
other purposes. In response to the COE decision, we have not received any further representation or natural justice.
The decision of the COE was conveyed vide our letter No. NIL dated 15.12.2020 with an opportunity for In response to the COE decision, we have not received any further representation or
submission of further representation, if any, for consideration by the Review Committee on Wilful response from you. response from you.
Defaulters, In terms of RBI guidelines and to comply principles of natural justice. In the aforesaid circumstances, after perusal of documents on record received, Bank’s
In response to the COE decision, we have not received any further representation or response from you. In the aforesaid circumstances, after perusal of documents on record received, Bank’s
In the aforesaid circumstances, after perusal of documents on record received, Bank’s Review Committee Review Committee on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the Review Committee on Wilful Defaulters in its meeting held on 26.03.21 confirmed the decision
on Wilful Defaulters in its meeting held on 26.03.2021 confirmed the decision of the Committee of decision of the Committee of Executives on Wilful Defaulters (COE). of the Committee of Executives on Wilful Defaulters (COE).
Executives on Wilful Defaulters (COE). Thus after following the due procedure, it has been decided to declare M/s.Radhey Polymers Thus after following the due procedure, it has been decided to declare M/s.Govardhan
Thus after following the due procedure, it has been decided to declare M/s.Sudarshan Steels Pvt. Ltd and
its proprietor Mr. Sandeep Goel and guarantors Mrs. Beena Goel, Mrs. Maya Devi Goel, Mr.Praveen and its proprietor Mr. Churamani as Wilful Defaulters. Bank reserves the Right to publish the Industries Private Limited and its Directors Mr. Rajesh Kumar Gupta, Mr. Suresh Kumar
Goelas Wilful Defaulters. Bank reserves the Right to publish the name and photograph of Wilful Defaulter name and photograph of Wilful Defaulter in News Paper and will initiate the necessary Gupta, Mr. Pradeep Kumar Gupta and Mr. Rajat Gupta as Wilful Defaulters. Bank reserves the
in News Paper and will initiate the necessary recovery action as per extant guidelines issued by Reserve
recovery action as per extant guidelines issued by Reserve Bank of India. Right to publish the name and photograph of Wilful Defaulter in News Paper and will initiate the
Bank of India. necessary recovery action as per extant guidelines issued by Reserve Bank of India.
This communication is issued as per the directions of the Review Committee on Wilful Defaulters. This communication is issued as per the directions of the Review Committee on Wilful This communication is issued as per the directions of the Review Committee on
This is for your information. Yours faithfully, Defaulters. Yours faithfully, Wilful Defaulters. Yours faithfully,
CHIEF MANAGER & This is for your information. CHIEF MANAGER & This is for your information.
Date: 10.06.2021 AUTHORISED OFFICER CHIEF MANAGER &
Date: 10.06.2021 AUTHORISED OFFICER Date: 10.06.2021 AUTHORISED OFFICER
18
>
NEW DELHI | FRIDAY, 11 JUNE 2021 1

Masks not needed for kids BUDDHADEB DASGUPTA (1944-2021)

The lure of the ineffable

below five: Health ministry SAIBAL CHATTERJEE
New Delhi, 10 June
films while being inveigled by
the dreams of a demure, beau-
them free again.
In Mondo Meyer Upakhyan,
Guidelines based on their ability to handle masks safety; it does not mean One grouse that some
tiful actress he has seen in one
of them. The driver of his Jeep
set in 1969, the year man first
set foot on the moon, a girl des-
they are not at risk of Covid infection votaries of conventional sto-
rytelling have about the films
dreams of escaping to Dubai
with a fabricated passport. A
perate for school education is
in danger of being handed by
RUCHIKA CHITRAVANSHI the worst-case scenario. of Buddhadeb Dasgupta, who pregnant Muslim woman, wife her sex worker-mother to an
New Delhi, 10 June In its guidelines, DGHS has passed away on June 10 at the of an illegal Bangladeshi old, lecherous cinema hall
also said that the use of steroids age of 77, is that they often go migrant killed in the 2002 owner. The girl’s treacherous

A
mid fears over possible and anticoagulants in children “nowhere”. They fail to Gujarat riots, is determined to fate finds a parallel in the
vulnerability of children is harmful and should only be appreciate that his extraordi- make it back to her own coun- plight of an infirm old couple
if there is a third Covid considered under strict super- narily poetic cinema thrives try before the child is born. But driven from one place to
wave, the government has said vision in hospitalised moder- on just that. they are all likely to end up another by the movie hall own-
that children aged five or less ately severe and critically ill His films hinge on people nowhere, as so many of er’s chauffeur in search of an
are not required to wear a mask; Covid-19 cases. who seek to break free from Dasgupta’s characters do. (with Dooratwa) completed elusive hospital.
and those aged between 6 and “We were already following the tyranny of expectation. Uttara (The Wrestlers, Dasgupta’s trilogy of tales about No Indian filmmaker of the
11 should use a mask under the these guidelines,” says Sisir Defiantly, they go “nowhere”. 2000) and Mondo Meyer contemporary Bengal politics post-Ray generation, and we
supervision of their parents. Paul, clinical director and head At his best, Dasgupta, a poet Upakhyan (A Tale of a and the scars of a failed rebel- aren’t talking Bengali filmmak-
The guidelines issued by the of paediatrics, Madhukar Rain- and former economics profes- Naughty Girl, 2002) told sim- lion — Grihajuddha (Civil War, ers alone, has been as active on
Directorate General of Health bow Children’s hospital in Delhi. sor, thrived on veering away ilar composite tales with equal 1982) and the Hindi-language the international festival circuit.
Services (DGHS) also advise “Most children need supportive from the conventional and brilliance. He returned to a Andhi Gali (Blind Alley, 1984). Uttara won the Silver Lion for
against the use of remdesivir in care not treatment. There is exploring the inexplicable. similar style years later in The social-realist underpin- Best Director in Venice. His
children below 18 years of age CHILDREN AND MASKS: health conditions such as practically no role of antivirals That is where the power of his Tope (The Bait, 2017), which ning of his early films gave way Phera and Charachar compet-
due to lack of sufficient safety
and efficacy data.
What WHO advises cystic fibrosis, cancer or
immunosuppression should,
in treating children.”
DGHS has also advised
films lay.
The 20-odd narrative fea-
brings together a young
nomadic girl who performs
gradually to a style that abjured
the certitudes of political for-
ed for the Golden Bear in Berlin.
He won the Critics Award for
For asymptomatic and mild in consultation with their pediatricians to exercise cau- tures that the meticulous tricks for a living, a postman mulations and social develop- Dooratwa in Locarno and a
infections among children, no Should children wear masks? medical providers, wear a tion while advising high-reso- craftsman made in a career who lives on a tree and com- ments and wafted into a world Special Jury Award for Neem
test or any specific medication Children aged 12 and over medical mask. lution CT (HRCT) imaging of spanning over four decades municates with primates, and of reveries. A series of inim- Annapurna in both Locarno
has been recommended. For should wear a mask under the the chest. In an earlier guide- deal with life and reality, both a royal personage completely itable films followed. and Karlovy Vary. That apart,
such cases, DGHS has, however, same conditions as adults. Should a child wear a mask line, too, the health services of which have a way of resist- out of sync with the realities In Bagh Bahadur (The Tiger Dasgupta figured in the Masters
advised teleconsultation with a Those aged five or below at home? body had said that the radiation ing fixed destinations, in a of the present. Man, 1989), Dasgupta’s first section of the Toronto
doctor, besides recommending should not be required to Any child who has symptoms exposure due to repeated HRCT manner that blends visual In his studied, unwavering Hindi film, a folk artist famed International Film Festival with
nutritious diet and Covid- wear masks. This advice is suggestive of Covid-19 should imaging may be associated with poetry with a deep empathy preoccupation with people for his tiger dance is threatened virtually every film that he
appropriate behaviour. based on the safety and wear a medical mask, as long risk of cancer later. Nearly two- for dreamers who do not let who turn their backs on con- with extinction by the arrival of made this millennium.
Doctors say these guidelines overall interest of the as they can tolerate it. If the thirds of persons with asymp- their dreams stop them from ventional wisdom and plough a real wild feline. In Charachar More than anything, what
are meant for both the public child and the capacity to child comes within 1 metre tomatic Covid-19 have abnor- going beyond. their own furrow in a society (The Shelter of Wings), a tradi- defined Dasgupta’s cinema was
and medical fraternity, and that appropriately use a mask of the sick person at home, malities on HRCT chest In Dasgupta’s world, there that militates against outliers, tional bird-catcher develops the lure of the ineffable, and of
it is important to understand with minimal assistance. the adult and child should imaging, which are not is beauty and amazement, and Dasgupta is truly exceptional, such an obsession with the the barely graspable possibili-
the basics of wearing masks and Use of masks for children wear a medical mask assignable to a particular cause. frustration and bathos, too. absolutely one of a kind. There winged creatures that he ties inherent in lives headed in
hygiene. “Considering it may aged 6-11 should be based on during that time. For acute respiratory distress Isn’t that how life is: a mix of have been few Indian directors begins to trap them only to set the direction of the unknown.
be impossible for children transmission and specific syndrome in children, DGHS magic and drudgery, of rela- as steadfast as him in looking
below five to adhere to these settings in the area, access Should children wear a mask has prescribed high-flow nasal tionships that liberate and ties for beauty in unlikely places,
basics, it can lead to higher and ability to use masks and while playing sports or doing oxygen, non-invasive ventilati- that bind? No Buddhadeb and for the miraculous in acts
chances of infection. That’s adequate adult supervision. physical activities? on in mild cases and lung prote- Dasgupta film captures his of despair.
why DGHS has said that kids Children should not wear a ctive mechanical ventilation in untrammelled creative spirit Phera (The Return, 1986),
this young should not wear a What type of mask should mask when playing sports or moderate to severe infections. more comprehensively than Lal Darja (The Red Door,
mask. It does not mean that children wear? doing physical activities, such The guidelines also talk Swapner Din (2004). 1997), Kaalpurush (Memories
they are not at risk,” says Gauri Children who are in general as running, jumping or while about the multisystem inflam- The literal translation of of the Mist, 2008), Janala (The
Agarwal, director of Delhi- good health can wear a non- on the playground so that it matory syndrome in children, the title is “A Day of Dreams”, Window, 2009), and his last
based Yashoda hospitals. medical or fabric mask. doesn’t compromise their which usually occurs after 2– but the writer-director went film Urojahaj (The Flight,
Doctors also say that since Children with underlying breathing. 4 weeks of recovery from acute with “Chased by Dreams”. 2018), are all poignant and pro-
children below five would not Covid-19, with patients getting With good reason. The film, found tales of men struggling,
be wearing masks, their guard- continuing fever, hypotension, like many of his others, is peo- and striving, to claw their way
ians have to take additional care be because of a larger number more infections proportionally shock or acute gastrointestinal pled by characters “chased” by out of steep troughs.
and precautions. DGHS’s advice of overall infections. in the next wave. There is no evi- problems. Children in such dreams, which is markedly dif- Dasgupta’s first fiction fea-
is in keeping with the World The government and virolo- dence yet to support this argu- cases would require ICU treat- ferent from the transitive act ture was Dooratwa (Distance,
Health Organization guidelines gists have said there is no data ment,” Randeep Guleria, direc- ment of cardiac dysfunction, of chasing dreams. 1978), about a Calcutta college
(see box). or evidence yet to indicate that tor, All India Institute of Medical shock, coronary involvement One character in Swapner lecturer and former Naxalite
In the second wave, a larger the third wave would impact ch- Sciences, Delhi, said recently. and multi-organ dysfunction. Din, played by Bengali super- struggling to start over once
number of children have got ildren more. “Those who have The government is, mean- DGHS has also said that an- star Prosenjit Chatterjee, is an his revolutionary zeal has
infected, and many have com- supported this theory say that while, conducting an audit of timicrobials have no role in pre- idealistic official who goes waned. The stark Neem
plained of post-Covid symp- because children have been pro- paediatric infrastructure in the vention or treatment of uncom- from village to village to screen Annapurna (Bitter Morsel,
toms, too. Experts say this could tected so far. They could have country to ramp up facilities for plicated Covid-19 infection. shoddily made government 1979) preceded two films that
 The Smart
QUICK TAKE: RECOVERY HOPES DRIVE PIDILITE STOCK “Unlike in a deflationary economy during

Investor
which sectors like consumer
The stock of Pidilite Industries is up 15 per cent over the last staples and high-quality
month on expectation that the unlock process in various names gain, the current
states and vaccination rollout will lead to demand recovery in environment is best placed for
construction chemicals. This coupled with market share gains cyclicals to do well”
NEW DELHI | from smaller players will drive revenue growth SANKARAN NAREN,
FRIDAY, 11 JUNE 2021 Chief investment officer,
ICICI Prudential AMC
WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING <

Direct plans see steady increase Carlyle deal struck

Share of such plans for equity schemes at 16.6% as registered investment advisors get active after due diligence,
says PNB Housing
ASHLEY COUTINHO The bulk of the money in debt
Mumbai, 10 June assets is from institutional investors.
Direct plans allow investors to

N
early a sixth of equity assets bypass distributors and save on com-
under management (AUM) is mission. These have a higher net Issue price arrived at after valuation by a CA, firm adds
now contributed by direct asset value than regular plans, and
plans, which require investors to the expense ratio is also less. NIKUNJ OHRI
invest without the aid of distributors. Investors can save 80-100 basis New Delhi, 10 June
The share of such plans among points in direct equity plans vis-a-vis
equity schemes has risen around the regular equity ones. PNB Housing Finance’s capital raising plan
7 percentage points from 9.6 per cent Experts cautioned that direct was approved after appropriate due dili-
to 16.6 per cent over the past five ILLUSTRATION: BINAY SINHA plans are meant for evolved gence was conducted, and the financier did
years, latest data from Value
Research for the quarter ended
DIRECT HIT investors and they need to ensure
they do not distort their asset alloca-
not appoint a registered valuer as the
Companies Act does not require the share
Share of direct investing on the equities side has inched up every year
March 31 (Q4FY21) shows. A year ago, tion or pick the wrong scheme to save price to be determined by a valuation
Direct plans as % of n Equity assets n Total assets
this figure stood at 15.5 per cent. 50-100 bps. An MF is not a low- report if preferential allotment is done, the
The percentage of direct invest- 40.17 39.62 39.19 involvement product like a fixed firm said.
38.17 38.01
ments in equity schemes may inch 36.72 deposit and investors need to track The mortgage financier said its articles
up further, with wealthy investors performance over various tenures, of association (AoA), read with rule 13 of
increasingly routing their money understand the fund management Section 62 of the Companies Act states that
through registered investment 15.47 16.58 style, look at expenses and the risks price of shares, to be issued on a preferential
advisers and wealth management 11.71 13.42 14.01 involved before selecting a scheme, basis, shall not be required to be determined
firms. The move towards digitisation 9.62 they said. by the valuation report of a registered
in the aftermath of the pandemic The Securities and Exchange valuer, the company told Business Standard.
may also spur the move towards Board of India had, in the past, The AoA does not elaborate on the proce-
going direct, said experts. expressed concerns over the muted dural aspects of valuation of preferential
“Direct plans have got a fillip in Mar ‘16 Mar ‘17 Mar ‘18 Mar ‘19 Mar ‘20 Mar ‘21 response to these plans. It had also issue, for which the company has to abide
the last few years as more and more Source: Value Research highlighted a few times that the dif- by the Companies Act, 2013, it said.
RIAs (registered investment advisers) ference between regular and direct However, “as a prudent measure”, the
have become active. These advisers which also operate as RIAs is another fund houses that they have a plans was not equivalent to the dis- company has taken a valuation report from
charge a fee for their advice from contributing factor,” said tie-up with. tribution commission in some an independent chartered accountant (CA)
clients instead of taking commission Pradeepkumar G, chief executive The overall share of direct plans schemes. firm, and complied with all regulations to
from manufacturers and ask clients officer, Union MF. across all schemes, including debt In 2018, Sebi came up with guide- determine the issue price of ~390 per share,
to go direct. The growth of fintech Some of these platforms may and hybrid, stood at 39.2 per cent at lines for greater transparency in the which is above the floor price of ~384.6 per
platforms such as Paytm Money,
Zerodha Coin, and Groww that offer
cross-sell other financial products
such as digital loans and gold,
the end of March, a slight dip from
39.6 per cent last year. The figure was
way expenses are calculated, prompt-
ing fund houses to both cut and raise
share, it said reacting to allegations made
by a proxy advisory firm.
COMPANY VIEW
direct plans on their platform and and may push plans of particular 36.7 per cent five years ago. expenses for their direct plans. Proxy advisory firm Stakeholders n Companies Act does not mandate
Empowerment Services (SES), in a report, share price to be determined
said PNB Housing’s proposal to preferen- by a valuer if preferential

SIP discontinuations drop as investors hold firm tially allot ~3,200 crore worth of shares and
~800 crore worth of warrants to Carlyle,
former HDFC Bank chief executive officer
allotment done
n PNB HF took valuation report
from independent CA firm as a
CHIRAG MADIA (AUM) and SIP contribution, kets the long-term returns of Aditya Puri’s family investment vehicle
Mumbai, 10 June KEEPING THE FAITH which signifies retail activity the markets have also Salisbury Investments, General Atlantic, “prudent” step
More investors continued with in the MF industry, has improved, prompting inves- and Alpha Investments at ~390 a piece was n Company assessed all options to
their SIPs in May compared to
Discontinuation of system- previous months seen continued upward trend tors to stay invested. “unfair” to public shareholders of the com- raise capital including a rights
atic investment plans SIPS DISCONTINUED* (MN) for the second month this Typically, investors reg- pany and shareholders of its parent Punjab issue
(SIPs) was 660,000 in May, fiscal, leading to overall ister SIPs for three years and National Bank.
n PNB couldn’t get regulatory nod
the lowest since June 2020, industry AUMs moving to continue with the invest- After the deal’s announcement, shares
to infuse capital in PNB HF
this was thanks to a surge in record high of ~33.05 trillion ments if the returns are posi- of the housing finance company have
equity markets, which and 100 million folios,” said tive. In the last three years, jumped, ending trade on Thursday at ~817 n Capital raise plan to help PNB HF
boosted returns and N S Venkatesh, chief execu- large-, mid-, and small-cap apiece. SES had said the AoA of the com- grow, unlock value for all
investor sentiment. As a tive, AMFI. funds have provided average pany required it to appoint a registered shareholders
result, many investors Investments through SIPs returns of 13-14 per cent. valuer if capital is not raised through a rights
decided to continue with also increased in May, com- In the past year, large- issue, arguing that the latter would have
their monthly investments. *Also includes tenure-completed SIPs pared to April. SIP contrib- caps have delivered 55 per been a “fair and better option”. as PNB would have still held over 30 per
The benchmark Nifty Source: Amfi ution in May stood at cent returns and mid-caps 74 In its response to this newspaper, the cent in the housing finance company,
rallied about 7 per cent in ~8,819 crore, against ~8,590 per cent, but small-cap funds company said it analysed all options to raise breaching regulatory norms, Business
May and surpassed its pre- officer at Quantum AMC, tered in May were higher crore in April. SIP AUM rose have delivered returns in capital, including a rights issue. However, Standard reported Wednesday.
vious all-time high, scaled in said: “Despite the ongoing than in April. In May, 1.54 to ~4.67 trillion. excess of 100 per cent. as PNB, the promoter of the mortgage fin- “This deal for capital raising has
February. pandemic, industry has con- million new SIPs were regis- SIP is a method of invest- In May, equity funds ancier, could not get regulatory approval to been arrived at with appropriate due
In the last few months, SIP tinued to see net inflows into tered by the industry, as ing, wherein an investor also saw net inflows of infuse capital in the company, a decision diligence keeping best interests of all
discontinuations ranged equity funds. I think with against 1.4 million in April. chooses a MF scheme and ~10,083 crore, continuing was taken to explore raising capital from the stakeholders in mind. The culmination of
between 700,000 and markets rising and positive Market players say that invests a fixed amount of their three-month positive market. this deal is a distinct reflection of PNB HF’s
800,000. The closure figure long-term returns, investors people who were waiting on choice at fixed intervals. streak. Despite the SIP clo- PNB had earlier deliberated on a rights ability for retaining faith and confidence of
includes SIPs that were dis- have continued to stay the sidelines have once again Market participants say that sures slowing, the MF issue, but the proposition turned out to be all of its existing investors. We are confident
continued and the ones invested in SIPs.” started investing in mutual till a few months ago, three- industry fears that if there is difficult from a regulatory clearance point this will take the company forward to its
whose tenure ended. Not only have SIP funds. year returns of equity funds sharp correction in the mar- of view. The earlier plan was to go for a QIP, deserving success and growth and expected
Jimmy Patel, managing discontinuations come “Retail SIP accounts, SIP were in single digits, but ket discontinuations could and to have the bank participate through to unlock value for all the stakeholders,” the
director and chief executive down, but new SIPs regis- assets under management with a sharp surge in the mar- rise drastically. rights issue. However, this proved difficult firm said.

Analysts see strong growth Sensex extends gains, STATE-RUN BANKS BEAT PRIVATE
Nifty above 15,700 PEERS ON RECOVERY BETS
undercurrents in Polycab PRESS TRUST OF INDIA SBI, IndusInd Bank, Dr
Shares of India’s state- NSE Nifty PSU Bank Index
owned banks are
B2C focus to improve margins for cables and wires leader Mumbai, 10 June Reddy's, Tech Mahindra, ITC outperforming their
private peers after 12
and Kotak Bank were the
The BSE benchmark Sensex prominent gainers – rising up straight years of
RAM PRASAD SAHU
Mumbai, 10 June
PEER COMPARISON surged nearly 359 points to cl- to 7.29 per cent. underperformance,
FY21 % chge 3-year with gains fueled by
CABLES AND WIRES ose above the 52,300-level on On the other hand, Bajaj
(~ cr) y-o-y CAGR (%)
A strong performance in the fourth quarter of Thursday, with financial, pha- Auto, Maruti, HCL Tech, capital raising and
financial year 2020-21 (Q4FY21) across key Polycab 7,603 0.2 6.4 rma and IT shares gaining the Ultratech Cement, PowerGrid, optimism over potential
segments, plan to double revenues by FY26, KEI* 3,715 -9.8 10.0 most amid positive global cues. ONGC and Nestle suffered stake sales by the
and earnings upgrades have spurred an 18 per The 30-share Sensex fin- losses. Of the 30 shares in NSE Nifty PSU Bank Index - NSE Nifty Private
Havells 3,190 6.5 5.8 government in some Bank Index Source: Bloomberg
cent gain in the stock price of Polycab India ished 358.83 points or 0.69 per the Sensex pack, 23 ended banks. A gauge of public
over the past month. Most brokerages have FAST MOVING ELECTRICAL GOODS cent higher at 52,300.47. Intra- with gains. sector lenders has surged 39 per cent so far in 2021, as a
increased their earnings estimates by 9-13 per day, the index swung between Elsewhere in Asia, stock
Polycab 1,034 23.8 27.9 broad improvement in the sector’s asset quality and
cent for FY22 and FY23 while giving the a high of 52,346.35 and a low markets closed with gains
India’s plans to transfer soured loans to a proposed bad
largest player in the cable and wire (C&W) seg- Crompton 4,750 5.3 5.2 of 51,957.92. ahead of crucial US inflation
ment a higher valuation multiple. Similarly, the broader NSE data for May. bank boosts their growth outlook. “Raising money gives
Havells** 4,922 12.9 5.7 you confidence that valuations will catch up and balance
The immediate trigger for the stock has Nifty climbed 102.40 points or On the forex market front,
been the Q4 show, aided by market share Bajaj Electricals# 3,303 7.1 14.0 0.65 per cent to end at the Indian rupee lost 9 paise sheet can be cleaned,” said Siddharth Purohit, an analyst
gains in the C&W segment, and margin * excluding EPC; **excluding cable/wires, Lloyd; # excluding EPC 15,737.75. On the Sensex chart, to end at 73.06 against the US with SMC Global Securities. BLOOMBERG
Source: Edelweiss Research
improvement in the fast-moving electrical Bajaj Finance, Bajaj FinServ, dollar on Thursday.
business (FMEG). STRONG SHOW
The market leader expanded its share in
Q4FY21 % chge margins change
C&W by 200 basis points (bps) with current (~ cr) y-o-y (%) (bps)
share at over 20 per cent. The gains were the
result of a shift towards the organised segment Cables and wires 2,544 36.7 13.1 -210 THE COMPASS
since the outbreak of the pandemic last year. Fast moving 346 89.3 7.0 690
While overall growth was strong, aided by electrical goods
higher contribution from the business-to-con-
sumer (B2C) segment, gross margins reduced
sharply due to higher raw material costs. The
Total* 3,053 40.9 12.9 -80
*including others; bps: basis points Source: Edelweiss Research Omnichannel expansion to support Bata India’s recovery
impact on financials, however, was lower giv- OUTPERFORMER
en price hikes and tighter control over costs. Well placed vis-a- RAM PRASAD SAHU uations too were difficult to Q4, the company opened 10 sales in the near term, ana-
Over the medium term, the company’s justify, which led to the franchise stores in smaller lysts have reduced their
ability to stick to its targets of more than dou-
vis competition, Despite a muted show in the underperformance. towns and cities taking the growth estimates for FY22,
bling revenues to ~20,000 crore (FY21 reve- given healthy March quarter (Q4), the Bata The expansion of its dis- total to 228 franchise stores; while highlighting strong
nues at ~9,000 crore) in the next five years will balance sheet India stock gained about 5 per tribution channel beyond it also launched a new collec- recovery in FY23.
be critical. This translates to an overall annual cent in trade on growth the company-owned, com- tion in the quarter. Analysts at Axis Capital
growth of about 17 per cent. expectations, led by distribu- pany-operated While the March have upgraded the stock on
Analysts at Axis Capital believe C&W grow- tion expansion, omnichannel (COCO) model At the current quarter perform- potential gains from high pent-
th at 12-13 per cent is reasonable, aided by exp- strategy, and new launches. could provide price, the stock ance has missed up demand, sustained store
orts, and improvement in real estate demand This could mark a reversal revenue impetus. is trading at expectations on the expansion, and stronger man-
driving growth for housing wires. They, howe- tion activities. “Considering a strong execution for the stock, which has Analysts at 46 times its revenue and oper- agement bandwidth with
ver, believe that matching FMEG growth expe- track record, five-year plan, and increasing pro- lagged its peers since the start Nirmal Bang consensus FY23 ating profit levels, Gunjan Shah, who was earlier
ctations of 20 per cent along with margin imp- portion of B2C business, we increase our target of the year on the back of Research believe earnings the company indi- in Britannia, expected to join
rovement to 12 per cent could be an uphill task. multiple to 28 times from the earlier 25 times,” weaker revenue growth and that wholesale estimates. cated that it has as CEO at the end of the
They expect a rerating based on higher says Himanshu Nayyar of YES Securities. sub-par cost reduction efforts business through Investors can been a steady and month. Moreover, with cash of
contribution from the B2C business, uptick in Growth in newer businesses such as FMEG in the first nine months of the multi-brand consider it on dips consistent growth, ~1,000 crore, the company is
FMEG margins, and better cash conversion. has been strong at 37 per cent annual growth financial year 2020-21 (FY21). outlet route, fran- in line with the better placed than competition
The share of B2C business increased from 32.6 over the last five years on a low base, the firm’s Further, the Street was chising and e-commerce quarter’s seasonality. The to gain from demand recovery.
per cent in FY20 to 40.2 per cent in FY21. The ability to execute on its growth plans for its skeptical about its pricing-led could potentially grow at 20- company’s revenues have At the current price, the
company could also pursue inorganic expan- various segments will be key. Given the recent revenue growth strategy over 30 per cent annually, while recovered to around 95 per stock is trading at 46 times its
sion and is well placed with cash of ~900 crore. price run-up and the fact that near-term gains the medium term and its abil- the brick-and-mortar COCO cent, in line with the sector. consensus FY23 earnings esti-
Brokerages are optimistic on the company’s are factored in, investors should await consis- ity to maintain margins. In channel will likely grow in the Given the second wave mates. Investors can consider
prospects given market share gains, higher tent improvement in margins and share gains this context, premium val- mid-to-high single digits. In and expectations of muted it on dips.
share of B2C segment, and pickup in construc- before considering the stock.
2 THE SMART INVESTOR
>
NEW DELHI | FRIDAY, 11 JUNE 2021 1
l

REITs to lure investors Don’t go by history alone while picking hybrid fund
These are for long-term wealth; dynamic funds protect downside risk better
with tax-free dividend
Mindspace gives 90% of returns; Brookfield, Embassy to follow suit
SANJAY KUMAR SINGH

Aggressive hybrid funds

(AHFs) are currently outper-
AGGRESSIVE HYBRID FUNDS OUTPERFORM
They have performed better across investment horizons
Average return (%) n Balanced advantage/dynamic asset allocation
Horses for courses
Don’t be guided by past returns
alone when choosing between
these two categories.

45.4
forming dynamic asset alloca- n Aggressive hybrid Understand their underlying
RAGHAVENDRA KAMATH tion or balanced advantage asset allocation and select the
Mumbai, 9 June funds (DAA/BAFs) across one that suits you. “DAA/BAFs

28.0

15.8
investment horizons (see are meant to provide conserva-

12.1
11.7

11.7

11.5

11.9
10.0

11.1
B
rookfield India REIT (real table). This has sparked a tive long-term investors better

9.1

9.6
estate investment trust) and debate on whether it is better risk-adjusted returns by buying
Embassy Office Parks REIT to invest in a category where low and selling high. AHFs, on
plan to offer more tax-free dividends the asset allocation remains the other hand, fulfil the needs
and capital returns in the coming static, or one where it keeps 1 year 2 years 3 years 5 years 7 years 10 years of investors with a relatively
Above one-year returns are compound annualised Source: MFI Explorer
years in a bid to entice more inves- changing. higher risk profile,” says
tors by providing them higher yields. Chintan Haria, head-product
Mindspace REIT already distrib- Higher equity allocation A couple of other factors Fundamentally different and strategy, ICICI Prudential
utes over 90 per cent of returns in drove performance also work in AHFs’ favour. “In Some experts say these are two Mutual Fund.
the form of tax-free dividends, and The equity markets have done an AHF, the allocation is static. different categories that should DAA/BAFs aim to curtail
Embassy and Brookfield have well over the past year (the These funds are always fully not be compared at all. volatility. “They are likely to do
announced measures to improve Sensex is up 54 per cent). invested in the equity market. An AHF maintains a consis- a better job of containing
the tax-free share of dividend plus Explaining the outperfor- Such funds will always do a tently high equity allocation. downside risk than AHFs,” says
capital return for their investors. mance, Kaustubh Belapurkar, better job of catching the The DAA/BAF category, on the Bala. Investors who have an
They can distribute up to 90 per director-manager research, upside in the market compared other hand, cuts its equity aggressive portfolio may add
cent of their profits as dividend to Morningstar Investment to those where the equity allo- exposure when the market is them to reduce overall volatili-
their investors. ILLUSTRATION: BINAY SINHA Adviser India, says: “AHFs cation keeps changing,” says expensive, and vice-versa. ty. Those with a horizon of just
For Embassy REIT, simplifying ENTICING OFFERS would have maintained their Swarup Mohanty, chief execu- “DAA/BAFs reduce volatility two-three years, who want bet-
the structure of Embassy Manyata equity allocation of tive officer, Mirae by using derivatives. Their ter returns than they would get
| The tax-free component of | Yields in Brookfield REIT would
from financial year 2021-22 (FY22) 65-80 per cent over Asset Investment overall equity exposure is usu- from debt funds, and desire
along with injection of the distributions in Embassy REIT go up from 6.5% in FY21 to 9.1% the past year. Managers. ally around 65-70 per cent, but equity-like tax treatment, may
TechVillage property in December goes up to 78% in Q4 FY21. in FY 23. DAA/BAFs, on the Their debt alloca- the net equity exposure is only also invest in them.
2020, may lead to a higher share of | Over 30% of Brookfield REIT's | Yields in Embassy REIT are other hand, would tion can range from around 40-50 per cent most of Investors building longer-
over 70 per cent in the form of tax- distribution to be in the form of expected to increase from 6.7% have reduced it as 20 per cent to 35 per the time. The rest is in deriva- term portfolios for wealth cre-
free dividend plus capital return for tax-free dividend and capital in FY21 to 7.8% in FY23. equities got more cent. “Since the allo- tives. While the use of deriva- ation may opt for AHFs (or sep-
FY22-23, said Adhidev return from FY22 Source: Embassy REIT, ICICI Securities expensive.” The mas- cation to debt is also tives reduces volatility, it also arate equity and debt funds),
Chattopadhyay, vice-president of
equity research at ICICI Securities. ing and rationalisation of ownership 25 per cent provide an adequate val-
sive 17.4 percentage
point outperfor-
YOUR fixed, the fund man-
agers are able to
caps the upside,” says Vidya
Bala, co-founder,
provided they have a horizon
of at least five years. New
For Brookfield REIT, the manag- of a number of its portfolio assets. uation cushion, in our view,” mance over the past MONEY invest more sensibly Primeinvestor.in. According to investors, who don’t have suffi-
er has now converted compulsory He said the simplified holding Chattopadhyay said. year, he adds, has and often contribute her, a category with a much cient funds to buy separate
convertible debentures (CCDs) hav- structure of Embassy Manyata has Maadhav Poddar, partner, pri- also contributed to the out- well to overall returns by catch- lower net equity exposure can’t equity and debt funds, may
ing face value of ~1,010 crore to equi- increased the tax-free component of vate client services-real estate at EY performance over longer time ing interest-rate cycles better,” compete against one where it also buy them for their long-
ty in the Candor Kolkata special pur- distributions to 78 per cent for India, said the current tax frame- horizons. adds Mohanty. is higher. term portfolios.
pose vehicle, and Chattopadhyay Q4FY21. Further, it has initiated a work for REITs permits tax-free dis-
expects over 30 per cent of the distri- similar process for its newly tribution of dividend and amounts
bution to be in the form of tax-free acquired Embassy TechVillage that are not revenue or income.
dividend and capital return from
FY22, as against 15 per cent earlier.
“In line with our thinking, we
assets and expects this to be com-
pleted by September.
Chattopadhyay believes yields in
“This enables a higher distribution
by a REIT to its unitholders.
Investors in REITs expect a regular
New RIL partly-paid shares end on a par with fully paid ones
have taken steps to enhance the tax Brookfield India REIT will rise from income if the REIT is able to SAMIE MODAK Those holding RIL PP shares
efficiency of our distributions and 6.5 per cent in FY21 to 9.1 per cent in achieve a higher distribution to its Mumbai, 10 June
RIL PARTLY-PAID VS FULL-PAID SHARES will have to pay ~628.5 per unit in
make it more appealing for a wider FY23. Brookfield refused to com- investors, it is definitely more ben- PP FP November after which all the
variety of investors. Future growth ment on this. eficial to investors.” The new iteration of Reliance Last close ~1,555 per share ~2,183 per share shares will get converted into reg-
in distributions will further Yields in Embassy REIT are While REITs and InvITs are Industries (RIL) partly-paid shares Face value ~ 5 per share ~10 per share ular shares.
enhance the tax-free percentage,” expected to rise from 6.7 per cent in equity products, they are compared commenced trading on Thursday, Last call ~628.5 payable in November Not applicable “We don’t expect RIL PP to
Brookfield India REIT said in a FY21 to 7.8 per cent in FY23. to investment in fixed deposits. In ending at ~1,555, almost on a par trade at more than ~10 per share
recent presentation. “We expect the three REITs to such a comparison, even if returns with fully-paid shares, which end- first call payment between May 17 ~53,124-crore rights issue pro- premium. If the RIL PP jumps to
Mike Holland, chief executive offer distribution yields of 7-9 per are identical, the beneficial tax ed at ~2,183, after adding the final and May 31. On Wednesday, RIL gramme in June 2020. The com- higher premium then it should be
officer, Embassy REIT, said to cent over FY22-23E along with 13-18 regime will result in the investor call payment of ~628.5 per share. had said it received ~13,151 crore, pany had collected only a fourth used as an opportunity for long-
enhance the tax efficiency of its dis- per cent capital appreciation as per getting a higher absolute return in Trading in the earlier version of representing around 99 per cent of of the payment initially. Another term holders to switch to ordinary
tributions and overall post-tax dis- current target prices. While a rise in case of a REIT, thereby making it a RIL PP shares was suspended on the amount due on first call. 25 per cent has now been collected, shares,” said Abhilash Pagaria,
tribution yields to unitholders, the global interest rates is the key risk, more attractive avenue to park sav- May 11. Holders of this security had RIL had issued 422.6 million while the remaining 50 per cent analyst at Edelweiss Alternative
REIT has completed the restructur- cumulative potential returns of 20- ings, Poddar said. to pay ~314.25 apiece to RIL as the partly paid shares as part of its will be collected in November. Research, in a note to clients.
l
NEW DELHI | FRIDAY, 11 JUNE 2021 STOCKS 3 <

> STOCK
IN THE > Deepak Fertilisers & Petrochem > Godawari Power and Ispat > BF Utilities

NEWS Top gainer

among BSE500
Hits new life-time
high at ~1,175
Hit upper circuit at
20 per cent, Up 35 per OF THE DAY
companies on BSE cent in a week Metropolis Healthcare
~316.6 PREVIOUS CLOSE ~1,010.4 PREVIOUS CLOSE ~347.9 PREVIOUS CLOSE Hits new all-time high
~379.9 CLOSE ~1,102.9 CLOSE ~417.5 CLOSE at ~3,060, Up 31 per cent
p 20% UP p 9.2% UP p 20% UP in a month

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
10 Jun ’21 Chg (%) Con Std 10 Jun ’21 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Ports 846.8 -0.7 0.9 34.6 89.7 IOC 116.0 0.9 0.8 5.0 5.0 price price (%) price price (%)
Asian Paints 2950.6 0.2 1.9 90.2 92.7 ITC 209.3 -1.5 3.7 19.6 19.8 TV18 Broadcast 49.0 47.5 14.6 49.0 49.0 GNFC 362.3 370.1 -1.5 278.6 148.8
MOST BULLISH MOST BEARISH
Axis Bank 744.3 1.0 2.8 31.7 34.6 JSW Steel 705.8 1.1 1.4 21.6 20.3 Easy Trip Plan 430.4 430.4 10.0 430.4 430.4 ITC 207.6 209.4 -1.4 199.1 163.4
Bajaj Auto 4179.9 -1.1 0.8 24.9 26.6 Vodafone Idea 10.1 10.0 1.0 Tata Steel 1094.2 1114.5 -1.8 Indiabulls Hous 292.7 285.2 8.8 292.7 292.7 Containr Crp 693.8 696.9 -1.3 528.0 351.6
Kotak Mah Bank 1799.6 0.9 3.8 35.7 51.2
Bajaj Fin 6086.4 7.3 2.3 83.1 92.9 GMR Infra 27.0 26.9 0.6 Tata Chem 739.7 748.2 -1.1 Indiab Real 114.4 113.3 7.7 117.9 125.5 Granules 329.1 329.6 -1.1 294.7 193.0
L&T 1519.7 0.0 3.0 18.4 18.8
Cadila Healt 654.2 650.7 0.5 Tata Power 126.3 127.6 -1.0 Bajaj Fin 6115.9 6087.6 7.3 6115.9 6115.9 Bajaj Auto 4166.3 4180.0 -1.0 3445.9 2580.2
Bajaj Finsrv 11993.1 3.8 1.1 42.7 1067.6 Mah & Mah 807.0 0.3 1.2 55.3 373.4 DLF 315.4 313.7 0.5 Aarti Inds 1811.6 1827.8 -0.9 Dr Lal PathLabs 3230.6 3182.4 6.3 3399.0 3399.0 Exide Ind 189.4 192.1 -1.0 170.6 145.0
Bharti Airtel 545.2 1.0 1.9 - - Maruti Suzuki 7199.9 -0.5 1.4 49.6 51.4 Pidilite Ind 2143.5 2132.3 0.5 Torrent Pwer 467.6 470.9 -0.7 DLF 317.0 313.4 5.2 322.0 332.6 Eicher Motor 2691.8 2702.8 -0.9 2303.8 1545.1
BPCL 483.6 -0.3 0.7 6.5 5.5 Nestle India 17556.1 0.0 0.9 - 78.4
Britannia 3576.3 0.0 0.6 46.2 48.9 Firstsource 171.6 169.7 5.2 171.6 171.6 UPL 837.3 838.6 -0.8 580.9 398.1
NTPC 118.5 0.3 0.8 9.9 10.9
Cipla 974.2 1.6 0.7 32.7 31.8 BSE NSE Bata India 1657.5 1632.7 4.8 1657.5 1705.0 Torrent Pwer 468.0 470.7 -0.8 375.0 293.1
Coal India 156.5 0.1 0.5 7.6 6.1
ONGC 124.0 -0.1 0.9 14.3 94.3 Index Stock Index Stock PUT-CALL RATIO PNB 42.9 42.5 4.8 45.0 46.4 Adani Ports 843.4 846.5 -0.7 656.8 298.1
Power Grid 241.7 -0.2 0.9 11.4 10.9 Tata Coffee 190.0 187.0 4.6 190.0 190.0 HPCL 297.1 298.3 -0.7 223.0 163.3
Divis Lab 4372.6 2.5 0.8 58.5 59.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2183.0 0.4 10.0 28.2 42.5 Heranba 814.0 808.3 4.6 814.0 945.0 Graphite 747.1 749.1 -0.6 417.3 161.7
Dr Reddys 5292.1 1.3 0.9 45.1 40.3 Contracts - - 227936 781588
SBI 432.3 2.6 2.4 17.2 18.9 Market 1334.1 2722.0 0.5 HFCL 51.8 51.4 4.5 53.2 53.2 Shree Cement 28155.9 28270.2 -0.6 26052.1 18214.4
Eicher Motor 2705.1 -0.9 0.5 54.9 55.6 Open Int.(000) - - 14201 4735191
SBI Life Ins 997.6 -0.1 0.6 - 68.5 Trent 885.0 877.4 4.4 939.0 945.0 Maruti Suzuki 7171.2 7199.2 -0.6 6400.0 5222.0
GAIL 163.5 0.7 0.5 11.8 14.8 Shares(In Mn) - - 10.5 1726.0 Top 5 PC Ratio Bottom 5 PC Ratio
Shree Cement 28225.8 -0.6 0.5 - 44.0 Morepen 65.7 63.9 4.2 72.1 72.1 Hero MotoCorp 2999.2 3008.2 -0.5 2742.7 2233.4
Grasim Ind 1492.5 0.0 0.8 28.7 105.5 Value(~ crore) - - 22679 63657
Sun Pharma 676.1 0.5 1.1 55.9 75.8 Titan Company 1.0 Ramco Cements 0.0
HCL Techno 968.6 -0.3 1.5 23.6 30.1 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 344.8 0.4 0.9 - - PVR 1.0 Trent 0.1
HDFC 2561.9 0.7 6.6 24.7 38.5 Contracts - - 83956267 2494419
Tata Steel 1114.5 1.2 1.3 17.9 9.8 Piramal Entp 1.0 Mphasis 0.2
HDFC Bank 1481.1 0.1 9.2 25.7 26.3
HDFC Std Life 689.3 0.6 0.8 102.4 102.5 TCS 3216.8 0.5 4.7 36.7 38.4
Open Int.(000)
Shares(In Mn)
-
-
-
-
215222
3254.0
3840876
4172.9
Bajaj Fin 0.9 L&T Tech Ser 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1064.9 1.2 0.9 23.3 24.3 City Union Bk 0.8 Page Inds 0.2
Hero MotoCorp 3009.0 -0.5 0.6 20.6 20.3 Value(~ crore) - - 8053620 206763 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 385.4 0.6 0.8 24.9 87.2 Titan Company 1738.7 0.5 1.0 158.6 176.0 BSE+NSE BSE+NSE
UltraTech 6709.7 -0.2 1.1 35.9 36.3 1 Reliance Ind 1383709.6 BS200 KM Sugar M 81.8
HUL 2378.8 1.0 3.0 69.9 70.3 (~ crore) (Mn shrs)
ICICI Bank 640.4 0.7 6.3 24.1 27.4 UPL 838.7 -0.8 0.7 22.3 291.3 ACTIVE CALLS ACTIVE PUTS Bajaj Fin 3278.3 5.5
2
3
TCS
HDFC Bank
1189649.1
817519.3
UP 7 DAYS NACL Inds 63.6
IndusInd Bank 1024.4 2.1 1.0 - 27.9 Wipro 554.3 1.8 1.2 28.1 30.2 Adani Power 63.3 Kothari Ferm 61.5
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Indiabulls Hous 2870.8 103.0 4 Infosys 607020.7 Golkunda Dmd 59.9
Infosys 1424.3 0.6 7.5 31.4 33.6 Nifty 50 15737.8 á0.7 100.0 28.1 30.8 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Tata Power 1957.2 153.4 5 HUL 559322.3 RailTel Corp 21.5
National Fittin 58.6
Index Index 6 HDFC 462352.4 Laurus Labs 15.7
INDEX PE SHRS TRDS 1 YR Reliance Ind 1495.9 6.8 DOWN 7 DAYS
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
10/06/21
10/06/21
15750
15700
220.3
167.7
4.3
2.4
36.5
-43.2
Nifty
Nifty
10/06/21
10/06/21
15700
15600
205.1
111.8
4.1 143.5
2.9 2.7
SBI 1220.9 28.5
7
8
ICICI Bank
SBI
443207.9
385765.8
Cummins (I)
Astral
7.6
6.3
Premier Capital -29.8
SENSEX 31.4/35.5 8.6 200 22 8 52.7 Adani Ports 1051.5 12.4 Brawn Bio -28.5
Asian Paints 2950.5 0.2 2.3 90.2 92.7 L&T 1519.1 0.0 3.6 18.4 18.8 Nifty 10/06/21 15800 158.1 4.6 -12.4 Nifty 10/06/21 15650 110.6 1.8 17.9 9á Bajaj Fin 367447.5 UP 3 DAYS
NIFTY 50 28.1/30.8 319.3 4509 35 15 55.6 Rudra Glo -24.9
Axis Bank 743.6 1.0 3.3 31.7 34.6 Mah & Mah 807.2 0.4 1.4 55.4 373.5 Nifty Bank 10/06/21 35000 125.6 0.5 -63.5 Nifty Bank 10/06/21 35000 106.6 1.4 122.5 Adani Power 1030.7 65.6 10â Kotak Mah Bank 356739.2 Easy Trip Plan 15.3
C = CONSOLIDATED; S = STANDALONE A Sarabhai -23.1
Bajaj Auto 4180.0 -1.0 0.9 24.9 26.6 Maruti Suzuki 7199.2 -0.6 1.6 49.5 51.4 Nifty Bank 10/06/21 35100 108.1 0.7 13.1 Nifty Bank 10/06/21 34800 91.8 0.8 52.1 HDFC Bank 947.0 6.4 11 Wipro 303684.7 Indiabulls Hous 15.1
Welcast Stl -13.1
Bajaj Fin 6087.6 7.3 2.7 83.1 92.9 Nestle India 17547.1 -0.1 1.1 - 78.4 CASH DERIVATIVES Stock Stock SAIL 937.0 73.5 12 Bharti Airtel 299342.6 Tata Power 12.6
TURNOVER BSE NSE BSE NSE
Sunedison Inf -13.0
Bajaj Finsrv 11991.6 3.7 1.3 42.7 1067.4 NTPC 118.5 0.3 0.9 9.9 10.9 PNB 24/06/21 45 109.5 30.2 16.7 Tata Power 24/06/21 110 18.8 8.8 8.7 PNB 915.9 218.0 13 Asian Paints 283007.2 Firstsource 11.4 Natraj Prot -12.9
Bharti Airtel 545.1 0.8 2.2 - - ONGC 123.9 -0.1 1.0 14.3 94.3 VALUE(IN ~ CRORE) 5522 69830 - 8346719 Tata Power 24/06/21 130 89.8 22.2 -2.3 Vodafone Idea 24/06/21 9 14.8 32.5 -8.3 14 HCL Techno 262817.0 JSW Energy 7.3
Tata Steel 912.2 8.2 UP 3 DAYS
Dr Reddys 5290.7 1.3 1.1 45.1 40.3 SHARES(IN MN) 738.1 3827.6 - 9163.5 Tata Power 24/06/21 140 74.4 19.7 -4.1 Tata Power 24/06/21 120 14.6 4.6 3.2 15 ITC 257746.3 Tata Coffee 7.3
Power Grid 241.6 -0.2 1.0 11.4 10.9 Adani Enter 906.0 5.6 Kranti Inds 44.9
HCL Techno 968.5 -0.3 1.8 23.6 30.1 TRADES(000) 3332 22171 - 38159 PNB 24/06/21 50 56.7 28.9 28.1 PNB 24/06/21 40 13.6 14.4 9.4 16 Axis Bank 227901.8 Dr Lal PathLabs 7.2
Reliance Ind 2182.7 0.4 11.9 28.2 42.5 Bata India 905.8 5.6 Bedmutha Ind 41.3
HDFC 2560.8 0.6 7.8 24.7 38.4 Indiabulls Hous 24/06/21 300 52.5 6.3 - ITC 24/06/21 200 12.1 12.3 -7.2 17 Maruti Suzuki 217471.9 DOWN
SBI 432.3 2.6 2.8 17.2 18.9 Fairchem Organi 38.2
HDFC Bank 1481.6 0.1 10.9 25.7 26.3 MARKET-CAP (~ CR) TRADED TOTAL Tata Motors 880.1 25.5 18 L&T 213365.8 Graphite -3.9
Sun Pharma 676.1 0.5 1.2 55.9 75.8 Dynacons Sys 37.9
HUL 2380.5 1.0 3.6 70.0 70.3 Bajaj Finsrv 779.5 0.7 19 Avenue Supermar 206926.9 HEG -3.7
TCS 3216.1 0.5 5.6 36.7 38.4 BSE 23,142,341 23,264,777 Khaitan Chem 34.6
ICICI Bank 640.2 0.7 7.5 24.1 27.4
IndusInd Bank 1023.7 2.0 1.1 - 27.9 Tech Mahindra 1064.0 1.1 1.1 23.3 24.3 NSE 22,869,405 22,970,106 SPURT IN VOLUMES ICICI Bank
ITC
722.7
665.3
11.4
31.8
20
21
Adani Green En
UltraTech
194117.1
193635.1
Adani Ports
Containr Crp
-3.6
-3.2
Sahara Hsg
S&S Power Sw
32.6
32.4
Titan Company 1739.2 0.6 1.2 158.7 176.1 DERIVATIVES 16,807,128 16,807,128
Infosys 1424.6 0.7 8.9 31.4 33.6 Company Days 2-week Avg Change Close *Price 22 Bajaj Finsrv 190834.3 Au Small Fin -3.0
JSW Steel 639.8 9.0 DOWN 3 DAYS
ITC 209.4 -1.4 4.3 19.6 19.8 UltraTech 6708.3 -0.2 1.3 35.9 36.2 Volume Volume % price %chg 23á Adani Enter 177238.3 Shree Cement -3.0 Evans Electric -23.0
Kotak Mah Bank 1799.6 1.0 4.5 35.7 51.2 BSE SENSEX 52300.5 á0.7 100.0 31.4 35.5 TRADING ACTIVITY GeeCee Vent 2085699.0 67496.1 2990.1 140.4 17.7
TCS
Dr Lal PathLabs
614.7
608.5
1.9
1.9
24â Adani total Gas 175401.6 Mothersons S -2.6 Mysore Petro -17.1
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á Adani Trans 174457.4 Others
KDDL 385095.0 13408.0 2772.1 355.9 3.6 HDFC 591.9 2.3 Athena Global T -14.3
Equity Debt Equity Debt 26â Adani Ports 172834.1
Net Net Net Net Aksharchem 1246394.0 64130.8 1843.5 364.2 16.2 UP 7 DAYS Lotus Choco -14.0
Axis Bank 587.0 7.9 27á JSW Steel 170630.1
WORLD INDICES On 09 Jun 598 -2095 - - BF Invest 2465618.0 135151.2 1724.3 383.6 10.5 Cadila Healt 586.1 9.0 28â Nestle India 169189.1
06Ard
Nippo ETF
95.0
93.9
Solid Stone
Shreyas Ship
-14.0
-13.8
On 08 Jun 3839 -241 -1301 1545 Hatsun Agro 721132.0 40319.2 1688.6 956.2 10.8 Divis Lab 576.9 1.3 29 Sun Pharma 162216.7
Indices Close % Chg* Indices Close % Chg*
On 07 Jun 161 -446 907 1494 Khadim India 1890268.0 108640.1 1639.9 196.5 20.0 30 ONGC 155869.7 (T+2) cycleStocks which rose/fell continuously
Bank of Baroda 551.7 65.7
Americas (Jun 09,21) Asia/Pacific (Jun 10,21) On 04 Jun 1514 -619 -941 104 United Dril 387538.0 22565.6 1617.4 363.3 7.3
Nasdaq Composite 13911.8 -0.1 Taiwan Taiex 17159.2 1.1 On 03 Jun 1187 479 -29 -58 Hisar Metal 317584.0 22690.6 1299.6 129.2 20.0
Jun till date 8915 -2844 -387 3225 Zen Techno 8743064.0 657261.5 1230.2 91.9 13.2
S&P/ TSX Composite
Dow Jones
20002.3
34447.1
-0.3
-0.4
Jakarta Composite
Shanghai Se Comp
6107.5
3610.9
1.0
0.5 2021 till date 55757 -21656 -19320 63801 Bata India 5569288.0 452831.6 1129.9 1632.7 4.8
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jun 09,21) Straits Times 3162.5 0.3 Group cial results, on and Consoli-and year ended dited financial
FTSE 100 7106.7 0.4 Kospi 3224.6 0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company standalone dated) for the
March 31, results for the
Purpose basis, of the year ended 2021. To rec- quarter and
DAX 15598.1 0.1 Stock Exchange of Thai 1625.3 -0.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Company for March 31, 2021
ommend div- year ended on
IBEX 35 9152.2 0.0 Kuala Lumpur Comp 1579.9 -0.1 NET Net Fut OI Opt OI OI JUNE 11 the quarter MIRC Elect: To
idend, if any March 31,
HIGH *Raja Bahadur . . . . . . 3604.1 *Skm Egg Prod . . . . . . . . 85.1 LOW
CAC 40 6556.8 -0.1 Volatility (Jun 09,21) BS 200 *Lux Inds . . . . . . . . . . 3594.0 *Reliance Infra . . . . . . . . 84.8 BS 200 Bharat Gears: and year ended consider andRelic Techno: 2021.To Rec-
On 09 Jun -7285 -410 0.1 1.0 1.7
Asia/Pacific (Jun 10,21) CBOE Dow Jones 15.6 2.4 *Bajaj Finsrv . . . . . . 12210.0 *Metropolis Heal . . . . 3060.0 *Simplex Real . . . . . . . . 84.6 NONE To consider, March 31, 2021 approve Au- To consider ommend Div-
On 08 Jun 791 -745 0.1 1.1 1.7
Nikkei 225 28958.6 0.3 CBOE S&P 500 17.8 -0.8 *SRF . . . . . . . . . . . . . . 7105.0 *Neelamlai Ag . . . . . . 2702.1 *Skipper . . . . . . . . . . . . . 82.8 Others approve and dited Financial
and approve idend for the
On 07 Jun 3079 -754 0.1 1.0 1.6
*SKF India . . . . . . . . . 2540.0 *Max Ventures . . . . . . . . 82.1 take on record JUNE 12 Results for the
Annual Stand- financial year
Hang Seng 28738.9 0.0 * Change over previous close On 04 Jun 2178 -877 0.1 0.9 1.6 *Bajaj Fin . . . . . . . . . . 6115.9 *Grandeur Prod . . . . . . 189.2
*Ion Exchange . . . . . . 2395.0 *Panchm Steel . . . . . . . . 80.2 the Audited Fi- JK Cement: To quarter and fi-
alone and Con- 2020-21, if any.
On 03 Jun -2449 -1100 0.1 0.7 1.6 *Divis Lab . . . . . . . . . . 4426.9 *Evans Electric . . . . . . 113.8
*NGL Fine . . . . . . . . . . 2330.9 *Khoday India . . . . . . . . 79.3 nancial Results consider, ap- nancial yearsolidated
*PI Inds . . . . . . . . . . . . 2889.5 *Raghuvansh Agro . . . . 93.4
MAJOR INDICES Jun till date
2021 till date
-6800
176687
-3930
-13067
-
-
-
-
-
- *Balkrishna I . . . . . . . 2313.3 *Polycab India . . . . . . 1777.0 *PBM Polytex . . . . . . . . . 79.0 Patdiam Jew . . . . . . . . . . 75.0
for the quarter prove and take ended March Audited results JUNE 16
*UTI Nifty-ETF . . . . . . 1671.6 *Pooja Enter . . . . . . . . . 78.8 and year ended on record Au- 31, 2021. for the F.Y. DIC India: To
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Piramal Entp . . . . . . 2219.7 *IGC Inds. . . . . . . . . . . . . 27.9
*Quant Index ETF . . . 1670.0 *Tirupati Foam . . . . . . . 77.3 March 31, dited Consoli- 2020-21. consider and
*Pidilite Ind . . . . . . . . 2142.4 *Rudra Glo . . . . . . . . . 26.6
2021. dated and JUNE 15 Spice Islan: To approve Unau-
S&P BSE Sensex 51,941.6 52,143.9 52,346.4 51,957.9 52,300.5 358.8 0.7 *Astral . . . . . . . . . . 1990.0 *Solar Ind . . . . . . . . . . 1670.0 *Lohia Sec . . . . . . . . . . . 77.0 *Shantai Inds . . . . . . . . 25.4
CG Power: To Standalone Fi- JMD Ventures: consider and dited Financial
*Titan Company . . . . 1745.0 *Voltamp Tran . . . . . . 1566.9 *BGR Energy . . . . . . . . . 76.6 *Trans Financ . . . . . . . . . 20.1
S&P BSE Sensex 50 16,374.9 16,440.3 16,501.4 16,392.0 16,487.0 112.1 0.7
S&P BSE SECTORAL INDICES *Cipla . . . . . . . . . . . . . . 975.0 *APL Apolo Tb . . . . . . 1455.8 *Dwarikes Sug . . . . . . . . 75.0 *Billwin Inds . . . . . . . . . . 18.4
consider and
approve the
nancial Results; To consider
consider decla- and approve
approve Inti-
mation of
Results for the
Quarter Ended
S&P BSE-100 15,928.4 15,993.7 16,056.9 15,951.3 16,046.1 117.8 0.7 *Godrej Cons . . . . . . . . 896.6 *Vardhmn Text . . . . . . 1429.4 *R&B Denims . . . . . . . . . 73.4 *Amalgamated Ele . . . . 13.6 GCM Comm & half year / fi- (said results) JUNE 18 Timken India:
Prev cls Close % Chng Audited Finan- ration of div- Audited Finan- Board Meeting March 31, 2021
S&P BSE-200 6,802.0 6,829.9 6,862.6 6,817.2 6,858.4 56.4 0.8 *Tata Consumer P . . . . 718.6 *Polyplex Crp . . . . . . . 1395.0 *Foods n Inns . . . . . . . . . 72.9 Unimode Over . . . . . . . . 11.0 Der: To consider nancial year and recommen- Hinduja Glb: To To consider and
cial Results, on idend for cial Results for for the Audited Panasonic: To
Auto 24,015.0 23,988.7 -0.1 *Gujarat Gas . . . . . . . . 617.5 *eClerx Ser . . . . . . . . 1380.1 *S M Gold . . . . . . . . . . . . 72.6 *Ari.Tourneso . . . . . . . . . 10.7 and approve ended on 31st dation of final consider and approve the Au-
S&P BSE-500 21,333.1 21,425.0 21,539.5 21,393.7 21,526.7 193.6 0.9 Standalone as 2020-21, if any, the 4th quarter Financial Re- consider and
Bankex 39,482.7 39,874.3 1.0 *Ambuja Cem . . . . . . . . 344.0 *Apollo Tricoat . . . . . . 1351.0 *Galactico Corpo . . . . . . 72.0 *Hemo Organic . . . . . . . . 9.9 Audited Finan- March 2021. dividend on approve the Au- dited Financial
well as Con- On equity as well as Fi- sults for the approve the
S&P BSE IPO 10,565.8 10,648.2 10,779.8 10,620.5 10,772.3 206.5 2.0 Cons. Durables 35,257.5 35,497.9 0.7 Indiabulls Hous . . . . . . 292.7 *Punjab Chem . . . . . . 1348.0 Thomas Cook . . . . . . . . . 71.5 *Blue Cloud . . . . . . . . . . . 8.9 cial Results for Novartis: To Equity Share, if dited Financial Results of the
solidated basis, shares of the nancial Year quarter and audited finan-
Cap. Goods 23,024.8 23,069.3 0.2 *Max Health . . . . . . . . . 258.0 *Fairchem Organi . . . 1325.0 *Bilcare . . . . . . . . . . . . . . 69.7 Shelter Infr . . . . . . . . . . . . 8.2 the 4th quarter consider and any, Results (Stand- Company for
S&P Dollex-30 5,844.7 - - - 5,875.5 30.8 0.5 of the Com- Company sub- ended Audited year ended as cial results for
FMCG 13,276.5 13,337.1 0.5 *Power Grid . . . . . . . . . 248.4 Accelya Sol . . . . . . . . . 1232.0 National Fittin . . . . . . . . 69.3 *Regal Enter . . . . . . . . . . . 8.1 as well as finan- approve the Au- Tube Inv of Ind: alone and Con- the quarter and
pany for the ject to confir- Results on 31st March, the quarter
Nifty 50 15,635.4 15,692.1 15,751.3 15,648.5 15,737.8 102.4 0.7 Healthcare 24,897.3 25,249.8 1.4 *Tata Coffee . . . . . . . . . 190.0 Voith Paper . . . . . . . . 1210.0 *Parmax Pharma . . . . . . 68.5 *Rander Corp . . . . . . . . . . 7.9 cial year ended dited financial To consider and solidated) of year ended
4th quarter and mation by the Keynote Fin 021. and financial
Infra 251.1 253.4 0.9 *Firstsource . . . . . . . . . 171.6 *Godawari Pwr . . . . . 1174.9 *Caprola.Chem . . . . . . . 68.4 *Sofcom Sys . . . . . . . . . . . 6.7 on 31st March results of the approve the au- the Company March 31, 2021
Nifty next50 38,734.9 38,943.2 39,235.8 38,885.3 39,207.7 472.8 1.2 financial year shareholders. Ser: To approve Vikram Therm: year ended
IT 28,047.5 28,282.5 0.8 *TV18 Broadcast . . . . . . 49.0 *Ebbetf0430 . . . . . . . 1166.0 *Sahara Hsg . . . . . . . . . . 68.3 *Anna Infra . . . . . . . . . . . . 6.7 2021. Company for dited financial for the financial and to recom-
ended 31st and take on To consider March 31,
Nifty 500 13,396.4 13,458.7 13,524.9 13,431.3 13,517.2 120.8 0.9 Metal 18,634.1 18,822.6 1.0 Others *TCI . . . . . . . . . . . . . . . 1150.0 *Warren Tea . . . . . . . . . . 67.0 *Nuway Organi . . . . . . . . 6.4 Gcm Secu: To the fourth results of the year ended on mend dividend
March 2021. JUNE 14 record the Au- inter alia the 2021; and to
Oil & Gas 17,061.6 17,116.3 0.3 *Cera Sanitar . . . . . . . 4892.4 *Hatsun Agro . . . . . . . . 979.0 SKP Sec . . . . . . . . . . . . . . 67.0 *Hemang Reso . . . . . . . 5.1 consider and quarter and fi- Company for March 31, 2021 on equity
India VIX 14.8 14.8 15.2 14.2 15.0 0.3 1.7 ICSL: To con- IDFC: Audited dited Financial following busi- recommend
Power 3,009.6 3,024.4 0.5 *Kaycee Ind . . . . . . . . 4835.5 *Jyoti Resins . . . . . . . . 949.0 *Cerebra Int . . . . . . . . . . 65.3 *Progrex Venture . . . . . . 4.6 approve Au- nancial year the financial and recommen- shares of the
sider and ap- Annual Finan- Results of the nesses: 1. To dividend, if any
Nifty CPSE 2,073.0 2,090.4 2,098.4 2,071.4 2,077.8 4.8 0.2 *HLE Glascoat . . . . . . 3650.0 *Varun Bever . . . . . . . . 918.6 *Trejhara Sol . . . . . . . . . 64.8 *Bansisons Tea . . . . . . . . 4.0 dited Financial ending on year ended 31st dation of final Company, if
PSU 7,860.3 7,942.5 1.0 prove the cial Statement Company for consider and
Results for the March 31, 2021 March 2021. dividend, if any any.
MSE SX 40 30,653.0 30,653.0 30,847.8 30,653.0 30,847.8 194.8 0.6 Realty 2,787.6 2,878.7 3.3 m m w w audited finan- (Standalone the quarter approve au- JUNE 17

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Drugs Aarti Inds<
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (736.8) (736.3) (1812.7) (1813.4)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 737.7 737.9 1844.0 1840.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 743.4 743.6 1844.0 1840.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 734.0 733.8 1805.2 1805.8
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 735.0 734.9 1827.5 1827.8
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 38688 284K 43346 750K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 26.4 26.4 62.0 62.0
company name is followed by shares traded, and also the 52 Wk H/L 1025/229 1027/228 1850/851 1850/850
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 6806 6805 31842 31848
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
ACC Adani Enter« Adani Green En Adani PortsH Adani Power Adani total Gas« m m H m H m H m « m mH H < « « « m m «
(2004.2) (2004.4) (1594.4) (1594.7) (1245.8) (1239.2) (852.5) (852.6) (152.4) (152.4) (1596.8) (1588.2)
O 2005.1 2015.0 1614.9 1612.0 1250.0 1250.0 859.9 858.6 157.6 157.4 1526.0 1620.0 O O
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W 2061/1190 2063/1180 1718/141 1717/141 1394/306 1390/306 901/298 901/298 167/34 167/34 1680/125 1679/126 W W
M 38096 38127 177238 177288 194117 192921 172834 172885 60091 59435 175402 175314 M M

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(3193.1) (3194.7) (736.5) (736.8) (4222.3) (4224.5) (5674.1) (5674.5) (11558.7) (11558.8) (2249.5) (2248.8) (348.4) (348.5) (317.5) (317.5) (81.8) (81.8) (1557.7) (1557.8) (1325.8) (1325.9) (802.5) (802.5) (150.7) (150.7) (755.0) (756.3) (540.8) (540.0) (74.8) (74.8) (404.4) (404.5) (15817.7) (15827.5)
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w 3182.5 3181.1 733.0 732.9 4166.3 4166.0 5680.0 5677.0 11515.1 11500.4 2250.0 2249.0 w 348.5 348.0 315.5 315.6 81.9 81.9 1540.0 1551.6 1319.0 1315.3 801.4 802.3 w 150.2 150.1 749.3 749.0 540.0 540.4 74.7 74.7 406.4 405.9 15550.0 15632.0
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W 3328/1900 3330/1955 800/360 799/360 4361/2580 4361/2610 6116/2199 6115/2199 12210/4900 12208/4900 2313/1092 2314/1082 W 358/118 358/123 430/248 431/249 100/40 100/40 1705/1215 1682/1214 1544/570 1542/553 843/472 843/470 W 160/68 160/67 790/306 791/307 623/394 623/394 80/27 80/27 488/363 488/363 16900/10329 16830/10200
M 206927 206930 227902 228116 120955 120954 367448 367375 190834 190858 43866 43866 M 7419 7419 51580 51588 43827 43827 20983 20976 5519 5513 78656 78588 M 37024 37049 35330 35309 299343 299397 26394 26394 49789 49795 46564 46555

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(484.9) (485.0) (3577.6) (3574.7) (636.0) (636.3) (155.7) (155.8) (-) (970.8) (555.5) (555.8) (958.5) (958.7) (164.1) (164.2) (156.3) (156.4) (3846.3) (3848.6) (1699.9) (1700.3) (705.8) (706.8) (825.7) (825.5) (558.5) (558.6) (1778.9) (1778.5) (181.6) (182.1) (4265.1) (4267.5) (4193.4) (4195.9)
O 487.0 486.3 3570.0 3571.0 636.0 637.0 157.4 157.1 - 975.0 554.0 555.5 O 959.0 961.0 164.2 165.2 157.0 157.1 3899.9 3878.8 1701.4 1700.3 708.0 709.8 O 828.8 826.7 558.2 560.5 1793.5 1792.0 183.9 182.8 4270.0 4275.0 4190.0 4196.0
488.0 487.5 3610.0 3611.6 657.5 657.7 159.3 159.4 - 984.0 570.6 570.8 975.0 975.0 167.0 167.0 158.8 158.8 3939.7 3940.0 1720.0 1721.0 711.7 711.9 844.5 844.8 563.8 563.9 1806.6 1806.8 184.7 184.8 4426.9 4425.0 4281.1 4285.0
w 482.7 482.8 3553.9 3555.0 636.0 636.1 155.8 155.7 - 963.1 548.9 548.4 w 959.0 960.0 163.6 163.5 155.9 155.8 3869.1 3870.0 1697.0 1696.5 693.8 694.0 w 827.0 826.6 556.3 556.1 1762.8 1762.1 181.9 181.6 4270.0 4275.0 4176.6 4175.3
483.6 483.6 3577.9 3576.3 650.5 650.7 157.0 157.0 - 974.7 565.7 565.8 974.4 974.2 166.6 166.7 156.5 156.5 3895.7 3896.9 1703.1 1703.7 696.9 696.6 839.5 839.6 560.1 560.0 1785.8 1785.7 183.8 183.9 4373.2 4372.6 4194.8 4193.4
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W 494/325 494/325 4015/3201 4010/3306 674/347 674/347 174/82 175/82 -/- 1009/248 601/140 601/139 W 975/619 975/616 200/116 200/116 163/110 163/110 3966/1306 3968/1302 1755/1309 1795/1306 748/352 748/351 W 933/368 934/368 581/431 582/431 1989/458 1988/458 202/83 202/83 4427/2095 4425/2090 4588/971 4458/967
M 104905 104894 86190 86153 66592 66607 25854 25846 - 10185 46392 46400 M 78585 78569 12308 12312 96447 96447 23604 23611 46323 46339 42459 42444 M 23270 23274 99020 98994 24358 24357 4904 4905 116085 116069 24560 24552

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NEW DELHI | FRIDAY, 11 JUNE 2021
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