WEDNESDAY, 23 SEPTEMBER 2020

16 pages in 1 section www.business-standard.com

NEW DELHI
~9.00
VOLUME XXVII NUMBER 8

THE MARKETS ON TUESDAY chg#

Sensex 37,734.1 q 300.1

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Dollar
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GEOPOLITICS WILL BE BIG RISK BANKS MAY RECAST LOANS OF
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FOR GLOBAL FIRMS: OYO CEO ~2 TRILLION: SBI CHAIRMAN
### 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

Regulator to tweak
INDIA ONE-DAY
VIRUS
TRACKER TALLY LOWEST
IN ONE MONTH Shapoorji group says
Total 5,562,663
INDIA
é75,083
time to exit Tata Sons norms for debt MFs
Active cases Recovered Deaths Could mandate higher liquid holdings, stress tests
975,861 4,497,867 88,935 Mistrys seek ‘fair’ deal; ready to buy, Tata counsel tells SC ASHLEY COUTINHO
ê27,438 é101,468 é1,053
DEV CHATTERJEE
Mumbai, 22 September
KEY DEBT CATEGORIES
Total cases include 1 Mumbai, 22 September
SHAREHOLDING The Securities and Exchange Board of Returns* AUM
WORLD Total migration; figures as
PATTERN India (Sebi) on Tuesday said it would tweak (in %) (~ trn)
31,374,796
of 9 pm IST; Sources:

I
Ministry of Health n an attempt to end the long-standing norms for debt MFs to improve liquidity Liquid funds 4.5 4.27
and Family Welfare,
Johns Hopkins and bitter dispute with the Tata group, 2.6% 66.0% and help schemes meet redemption
Deaths Coronavirus
the SP group, owned by the billionaire Others Tata Trusts requests at a short notice. Corporate bond 9.7 1.19
965,893
Resource Centre
Note: Arrow shows Mistry family, on Tuesday told the The guidelines could mandate all debt Short duration 10.6 1.17
one-day change
Supreme Court (SC) that it would exit Tata schemes to hold a certain percentage of
Ultra short 7.6 0.89
Sons, provided an early, fair, and equitable their portfolios in liquid assets and con-
solution was reached. duct regular stress tests to assess their bond funds
COVID LOCKDOWN: In a late evening statement, the Mistry TATA SONS liquidity profile. An additional transaction Credit risk -0.3 0.28
SIX MONTHS LATER family said a separation from the Tata group
was necessary due to the potential impact
cost could be levied for redemption in
schemes that have illiquid papers.
Medium duration
Gilt
5.6 0.21
10.3 0.17
The stress across businesses since the the ongoing litigation could have on liveli- Addressing the industry at Association
lockdown was imposed on March 24 hoods and the economy. of Mutual Funds in India’s (Amfi’s) 25th Note: AUM: Assets under management; 1-yr returns as of
Ratan Tata (left) and Cyrus Mistry are engaged in a Sept 21; AUM as of Aug 31 Sources: Amfi, Value Research
is still visible. Even as the The Mistry family owns 18.37 per
bitter feud. The 70-year-old relationship between
18.4% 13.0% AGM, Sebi Chairman Ajay Tyagi said the
government has now relaxed the cent in Tata Sons and is its largest minority Mistry Tata regulator was facilitating the establish-
restrictions in many ways, the shareholder. the two groups might see an end soon
family companies ment of an expert committee to frame a MUTUAL FUNDS ARE NOT
impact of the lockdown on the The statement came within hours of the stress testing methodology encompassing BANKS AND SHOULDN’T
economy is likely to be long-term Tata group informing the SC that it was liquidity, credit, and market risks for all
ATTEMPT TO BEHAVE LIKE ONE"
AIRLINES AND HOTELS
ready to buy out the SP group’s stake. The
Tata group did not mention any valuation Mistrys set ~1.8-trn exit price tag open-ended debt MF schemes. The panel
will design a framework to determine the
TRY TO JOURNEY BACK or timeline for this. KRISHNA KANT
TATA SONS VALUATION minimum asset allocation required in liq- WE ARE NOT
With the latest development, the 70- uid assets, factoring in the nature of the
AUTO, RETAIL, year-old relationship between the two of
Mumbai, 22 September
Value of... ~ cr scheme’s assets, type of investors, outcome
FORCING
ANYONE TO INVEST
T
REAL ESTATE AILING India’s biggest groups might come to an he Shapoorji Pallonji (SP) group All listed companies 7,79,945 of stress testing, and minimum redemp-
ECONOMY & MARKETS:
end if the Tatas agree to buy out the stake.
The valuation cited by the Mistrys could
has valued its stake in Tata Sons
at over to ~1.78 trillion. All unlisted companies 44,084
tion requirement during gating.
Fund managers, however, believe a
IN SMALL-CAPS"
CONTRASTING TALES be a hurdle, though. The valuation is based on the cur- higher proportion of liquid assets could
Tata Sons Brand 1,46,000 AJAY TYAGI,
MAKE ACCESS TO INTERNET “There will now be negotiations between rent value of Tata Sons’ shareholding adversely impact returns.
A HUMAN RIGHT the two. It’s a step in the right direction,” said in group listed companies such as Tata Total 9,70,029 “We do not run a bank fixed deposit Sebi chairman
KRIS GOPALAKRISHNAN WRITES S P Ranina, a senior corporate lawyer, who Consultancy Services (TCS), Titan product, and fund managers are expected
had first advised both sides to settle the issue. Company, Tata Motors, and unlisted 4,04,146 ~2.40 cr to take risks to generate returns. Higher may invest in corporate bonds, commer-
PAGE 16 “It is crucial that an early resolution is subsidiaries including Tata Capital and No. of Tata Sons Value per liquid holdings will impact returns and cial paper, and certificate of deposits —
reached to arrive at a fair and equitable solu- Tata AIA Life Insurance. shares (units) share may compel fund managers to take higher instruments that may not have enough
tion reflecting the value of the underlying SP group has also assigned a brand risks to compensate for lower returns,” said liquidity in the secondary markets. In
DELHI HC STAYS tangible and intangible assets,” the statement
by the SP group said. Turn to Page 15 >
value of ~1.46 trillion to Tata Sons
and wants a proportionate share of
~1,78,459 cr
Value of Shapoorji Pallonji Group
a debt fund manager.
Liquid schemes are currently required
June, an RBI paper had suggested that debt
MFs should be asked to invest a certain
TAX PROCEEDINGS SP GROUP STRAPPED FOR
the same. shareholding to hold a minimum 20 per cent in liquid
assets. Other debt-oriented schemes,
amount in assets like government bonds
and treasury bills as a buffer against sud-
AGAINST TIGER P2 CASH & UNDER-CAPITALISED
Turn to Page 5 > Source: Mistry family estimates
however, have no such requirement and den redemption requests. Turn to Page 15 >
The Delhi High Court has stayed tax
assessment proceedings against Tiger Global
on its Flipkart exit in 2018. The court will hear
the matter again on January 18, and has
granted tax authorities 10 weeks to file a
counter-affidavit. The Authority for Advance
Rulings had earlier rejected an application of
Murugappa Group
three Mauritius-based firms, which were
part of US-based hedge fund, to avail of nil
withholding tax on capital gains arising out
votes against board
of the $16-billion Walmart-Flipkart deal.

THE SMART INVESTOR P12

seat to Arunachalam
NSE, SGX to trade Nifty Ex-chairman’s daughter explores legal option
T E NARASIMHAN
products at GIFT City Chennai, 22 September FAMILY FEUD
The country’s premier bourse National Stock | Arunachalam’s family
Exchange (NSE) and the Singapore Exchange The shareholders of Ambadi Investments (AIL), the holds 8.15% stake in
(SGX) have entered into a formal agreement holding company (holdco) of the ~38,100-crore Ambadi Investments,
to cement the key terms for operationalising Murugappa Group, have voted against the induc- the holding company
the NSE IFSC-SGX Connect. This will bring tion of 59-year-old Valli Arunachalam, the eldest
of the group
together international and Gujarat daughter of former executive chairman M V
International Finance Tec-City (GIFT City) Murugappan, into its board. | Under the Hindu
participants to create a bigger liquidity pool At the annual general meet- Succession
for Nifty products in GIFT City. ing held on Thursday, 91.36 per (Amendment) Act,
cent of the shareholders of the 2005, women can
Chennai-based holding com- become the karta or
ECONOMY & PUBLIC AFFAIRS P8
pany that controls the financial head of the family,
Rajya Sabha passes 7 Bills services-to-agro commodity
conglomerate voted against the
and daughters can
become co-parceners
in three and half hours resolution, while 8.64 per cent
and inherit as much
In one of the most productive days in its voted in favour.
history, Rajya Sabha on Tuesday passed Arunachalam had sent a Valli
as sons
seven key bills in three and half hours notice in August, proposing Arunachalam | Arunachalam is
including one that removes cereals, pulses her candidature for director- the karta of the
and onion from the essential commodities ship. She had earlier laid two proposals before other MVM Hindu
list and another that abolishes penalty for branches of the Murugappa group family — either Undivided Family
certain offences by companies. This after give a board berth to her or her sister, or buy her
most of the opposition parties decided to family’s 8.15-per cent stake in AIL at a ‘fair value’. | She has been seeking
boycott House proceedings. Turn to Page 15 > a board seat in AIL

Advertisers see stars as drug

investigation net widens
Agencies advise go-slow on endorsements by those in the dock
2 VIVEAT SUSAN PINTO Manish Bhatt, founder
LOSING FAVOUR 4
11
Mumbai, 22 September director of ad agency
Use of film stars slowly falling in % Scarecrow M&C Saatchi.
The ongoing investigation into “We were considering a
| Film actress | Film actor JAN-MAR 45 the use of drugs in Bollywood celebrity endorsement
| Sportsperson | TV actress | TV actor 2020 has compelled advertisers to recently for a brand. But with
38 err on the side of caution. the ongoing probe gaining
Advertising agencies that pace, we advised the company
4 2 Business Standard spoke to to defer the decision for now,”
admitted that conversations Bhatt said, without revealing
15 had begun with their clients to the name of the advertiser.
exercise restraint while using Film actors are typically
APR-JUN 43 brand endorsements featuring used by a cross-spectrum of
2020 film actors whose names brands wanting to induce
36 appeared in the probe. brand recall or propagate
“There is a level of caution their message quickly, riding
2 among advertisers as the on the goodwill of the
4 investigation has widened in endorser.
20 the past few months. Most TAM Adex data for the
brands prefer celebrities who period between January and
JUL-SEP 39 are perceived to be clean. It June 2020 showed a trend
Note: *Estimates
by industry;
2020* will, therefore, be a negative emerging in favour of a lower
other figures are for an endorser whose name preference for film actors.
by TAM Adex ILLUSTRATION: BINAY SINHA
35 figures in the probe,” said Turn to Page 15 >
2 COMPANIES NEW DELHI | WEDNESDAY, 23 SEPTEMBER 2020

STOCKS > GMM Pfaudler

Promoter to sell up to
> HSIL
Board approves ~70-cr
> Aarti Drugs
Board decides Oct 1 as
> State Bank of India
Bank has raised ~7,000 cr
> Strides Pharma Science
Receives USFDA approval
IN THE NEWS 28% via OFS at floor buyback at price of the record date for by issuing Basel III- for Butalbital and
price of ~3,500 apiece ~105 per share 3:1 bonus issue compliant bonds Caffeine tablet
~4717.0 CLOSE ~77.8 CLOSE ~2900.6 CLOSE ~186.2 CLOSE ~659.4 CLOSE
q10.00% DOWN* p9.0% UP* p2.0% UP* p0.2% UP* p0.04% UP*
*OVER PREVIOUS CLOSE

>

Facebook moves SC
againstsummonsby
High on leverage: LENDERS SEEK HIGHER
COVER FROM BUILDERS
DelhiAssemblypanel
Facebook India Managing Delhi Assembly in the
SP Group remains Lenders are seeking higher cover from builders
amid rising risk due to Covid-19 and general
slowdown, says realty data analytics firm
Propstack. Cover refers to the value of a lender’s

pressed for capital

Director and Vice-President future, and to avoid further assets vis-à-vis the loan granted. However,
Ajit Mohan has challenged a embarrassment,” said a legal lending rates for developers have reduced in
notice from the Delhi expert. He said several Aam recent quarters. RAGHAVENDRA KAMATH
Assembly’s ‘Peace and Aadmi Party MLAs in Delhi
Harmony’ committee in the have demanded for FB to be
Supreme Court, over the
firm’s alleged “deliberate
implicated in the Delhi riots
case and an FIR be regis- Group flagship reported negative cash flows in FY19 Security cover sought by Higher the interest rate,
and intentional inaction to tered. This may add further lenders rising steadily higher the security cover
contain hateful credibility to the 1.62 1.86
1.58 1.55 1.61
content” in hate speech 1.66 1.50 1.69
India. The moderation. 1.44
panel had sum- FB did not
moned FB respond to the
executives to query on
answer charges approaching the
linked to the SC.
Delhi riots. According to 2016 2017 2018 2019 2020 0-10% 10-12% 12-15% 15%+
According to media reports, the reports, the committee
the apex court will hear the had issued a fresh notice to Loans of lower value command Loans of shorter tenure
plea by Mohan
Wednesday. The firm has
on Mohan to ensure his pres-
ence before the panel on
a higher security cover have higher security cover
asked for the withdrawal of September 23. The reports 1.79 2.1
1.71 1.63 1.62
summons. FB had earlier said any defiance would be KRISHNA KANT GROWTH TRAJECTORY OF SPCPL 1.48 1.68 1.64 1.55
skipped the hearing of the deemed an act of “breach of Mumbai, 22 September
committee. the constitutionally-guaran- Total Income (~ cr) Profit after tax (~ cr)

D
“This move by Facebook teed privileges” of the com- id Shapoorji Pallonji (SP) Group over- 60,000 400
is more about creating a mittee, warned a statement estimate the growth potential in 261.8 49,901.5
defence against such sum- issued by the panel India’s infrastructure sector and 45,000 300
mons and notices from the on Sunday. PEERZADA ABRAR underplay the financial risks involved in bet- 0-50 50-100 100-250 250-500 500+ 0-12 12-36 36-60 60+
ting big on this cash-guzzling sector? 30,000 333.0 200 Loan amount (~ cr) (months)
“The development momentum has picked
up. There is good visibility of opportunities 15,000 100 Overall borrowing rates on the decline for developers
IN BRIEF in roads, Railways, mass rapid transit system, n Construction finance n LRD n Others
ports, and related segments. This creates
0 7,878.9 0 12.9
12.3 11.9 9.7 10.1 9.9
Blue Dart to hike shipment optimism among Indian construction com-
panies,” reads Afcons Infrastructure’s — one
FY10 FY19 11.8 11.8 11.7 9.5 11.5
8.7
9.4
8.5
9.4

price by over 9% from Jan 1 the largest SP Group companies — annual

report for 2015-16 (FY16), detailing the growth TOO MUCH ASSET, BUT LITTLE EQUITY
Logistics services provider Blue Dart on Tuesday announced a possibilities ahead. Networth Total Assets/Liabilities (~ cr)
9.6 per cent hike in its average shipment price from January A civil construction firm, Afcons 80,000
next year to offset higher costs. The price increase, however, Infrastructure is 68.2-per cent owned by 68,349.6
will not be applicable to customers signing up with the Shapoorji Pallonji & Company (SPCPL) and 60,000 Q2CY19 Q3CY19 Q4CY19 Q1CY20 Q2CY20
company between October 1 and December 31, 2020, Blue accounted for 18 per cent of the group’s con-
Dart Express said in a release. The upward revision in prices is solidated revenue in 2018-19 (FY19). 1,986.5 LRD: Lease rent discounting; all rates are in % Source: Propstack, CRE MATRIX
40,000
part of the annual exercise undertaken to adjust inflation, That optimism did translate into fast-
fluctuation in currency and fuel price, among others, it said. paced growth for Afcons and its parent, 8,697.8

Merchandise sales drive

As per the General Price Increase (GPI), effective January 1, SPCPL, in the subsequent years. But the 20,000
2021, the average shipment price increase will be 9.6 per cent expansion did little to improve the group’s
4,712.8
as compared to 2020, depending on the shipping profile, poor profitability and cash flow. 0
PTI< FY10 FY19

Merc’s online biz model

Blue Dart said. SPCPL’s consolidated revenue nearly dou-
bled between FY16 and FY19 — the latest year Source: Prowess

for which its finances are available — growing At the balance-sheet level, the group
200 million tuned Amazon India adds at a compound annual growth rate of 24 per expansion in capital-intensive sectors, such
in to IPL opener, four languages to cent. The company’s revenue jumped from as highways, ports, power, and real estate, led SHALLY SETH MOHILE mind brand recall. The
says BCCI secretary attract shoppers ~26,285 crore in FY16 to ~49,902 crore in FY19. to a rapid rise in its asset base, largely financed Mumbai, 22 September online sale enhances the
The rapid expansion in the top line trans- through debt and non-debt liabilities. scope to reach out to a larger
Saturday's opening encounter Amazon India said it has lated into an incredibly fast growth in operat- The group’s total assets jumped from Even as the broader segment of buyers. Also, the
of the IPL, between Mumbai added four new Indian ing profit and net profit, but most of it was ~18,000 crore in FY18 to ~68,350 crore at the car market has seen fact it’s a decent margin busi-
Indians and Chennai Super languages — Kannada, absorbed by working capital and didn’t trans- end of March 2019. In the same period, the significant slow- ness must be prompting
Kings, saw record viewership, Malayalam, Tamil and late into matching cash flow from operations. group’s networth increased from ~3,468 crore down, following firms to push the segment,”
said Board of Control for Cricket Telugu — to its platform, a Rating agencies said this made the group to ~4,712 crore, while long-term borrowings the Covid-19 pan- says Kavan Mukhtyar, part-
(BCCI) secretary Jay Shah on move that will help expand vulnerable to refinance risks. jumped from ~2,845 crore to ~15,337 crore. demic, Mercedes- ner and leader-automo-
Tuesday. The match was access to online shopping to The group is now finding it tough to dis- As a result, the group remains under-cap- Benz India is seeing tive, PwC.
watched by 200 million people 200-300 million customers. charge all liabilities created in the past italised, with one the highest debt-to-equity huge traction for its Mercedes has been sell-
according to the Broadcast The addition comes ahead of few years. and debt-to- earnings before interest, tax, branded accessories and mer- DIFFERENT ing accessories and apparel
Audience Research Council the festive season. PTI< Last week, SP Group missed the deadline depreciation, and amortisation ratio in the chandise. From watches and for many years in India. It’s
(BARC), Shah tweeted. to repay dues to group listed company, Sterling industry. The group’s asset-to-equity (or net- sunglasses to trekking/fitness TRACK only recently after it took the
BS REPORTER< Anupriya Acharya and Wilson Solar (S&W Solar). The promoters worth) ratio was 14.5x in FY19, while long- bicycles, online shoppers Threefold 75% online sales route that sales
appointed paid just a tenth of their total dues of ~1,000 term debt-to-equity ratio was 3.3x. The cor- seem ready to loosen purse jump in visitors in shoppers have picked up, says Iyer.
BestDoc raises crore owed to their subsidiary. SPCPL owns responding ratio for L&T’s engineering strings, says Santosh Iyer, the last 6 months 18-34 years Close to 75 per cent shoppers
$2.1 mn from Accel, AAAI president 50.6-per cent stake in S&W Solar. procurement construction division was 2.6x vice-president-sales and mar- on its website are in the 18-
Anupriya Acharya, Publicis SPCPL reported a profit after tax of ~333 and 0.08x in FY19, respectively. keting at the firm. The aggre- Revenue exceeds by a crore 34 age bracket; 20 per cent
other investors Groupe’s CEO, South Asia, is crore in FY19, translating into a net profit Last week, India Ratings & Research (Ind- gate transaction value of being women.
BestDoc, a healthtech SaaS the new president of the margin of 0.7 per cent, against Larsen & Ra) downgraded SP Jammu Udhampur these has exceeded ~1 crore, deliver only after the curbs Meanwhile, luxury car
(Software as a Service) start- Advertising Agencies Toubro’s (L&T’s) net profit margin of 5.6 per Highway’s non-convertible debenture, even as the number of visitors were eased. There is expo- sales have started picking up
up, has raised $2.1 million from Association of India (AAAI) for cent in its construction and infrastructure citing potential erosion of its debt service has crossed the 100,000- nential growth month-on- MoM and expected to reach
Accel and Bengaluru-based the year 2020-21. She replaces business in FY19. coverage and deteriorating credit profile of mark — a threefold jump in month (MoM),” says Iyer. pre-Covid levels during the
Arkam Ventures in its pre- Ashish Bhasin, who handed That growth didn’t translate into cash flow its sponsor, SPCPL. six months. Among other things, the festive season, says Iyer.
series A round. The firm’s over charge to her in the either, increasing the group’s reliance on “Sponsor undertakings are pivotal to the Encouraged by the demand for fitness bicycles “Since the Shradh period
existing investor SEA Fund body’s annual general external financing to sustain its operations rating and vulnerability emerging from the response, Mercedes now has been the most. This is has ended, we are seeing
from Bengaluru also meeting held . and pay past dues. SPCPL reported negative sponsor group, including a credit-profile weak- plans to list the accessories despite the premium pricing more bookings and
participated. BS REPORTER< BS REPORTER< cash flow of ~287 crore in FY19 from its oper- ness that will impact the rating,” said Ind-Ra. on Amazon. It is also looking it commands. A majority of enquiries,” he adds.
ations, against positive cash flow of ~3,349 SPCPL through SP Roads owns the entire to expand the fitness and gift- these items are imported The company’s inability
crore in 2017-18 (FY18) on a consolidated basis. stake in SPCPL. ing range — two segments from Germany. Depending to launch the new A-Class
Decreasing footfalls lead to The company had reported negative cash flow
in 2016-17 as well. Negative cash flow means
In November last year, ICRA had down-
graded SPCPL, citing refinancing risks, and
have been fuelling overall
growth — says Iyer. To lure
on whether one is looking to
buy cufflinks or a bicycle, one
and GLA, which accounted
for a third of its total sales,
closure of Smaash: Report cash flow from operations falling short of all
cash expenses.
delayed its deleveraging plans through equity
infusion and asset monetisation.
younger buyers, it is also
looking to add to the AMG
has to shell out anything
between ~1,200 and ~1 lakh.
will weigh on the full-year
sales. The models are
Popular gaming and entertainment centre operator Smaaash All SP Group companies, including listed All this makes SP Group highly dependent merchandise. “At a time when people expected only by the end of
Entertainment is shutting down, according to an internal email companies, such as Forbes & Company, S&W on its 18.37-per cent stake in Tata Sons, cur- “We saw significant trac- are not in the mood to buy the year or beginning of next
and sources in the company, as few choose to hang out in its Solar, and Gokak Textiles, are subsidiaries of rently valued at around ~1.5 trillion, to raise tion in demand for these pro- cars, branded merchandise year, says Iyer. “We are seeing
arcades amid surging coronavirus cases. The company operates SPCPL, and their numbers reflect in its con- fresh capital to meet its liabilities and delev- ducts during the lockdown, and accessories can be a good demand for the ~40-lakh-
in more than 40 locations across 19 cities in India. REUTERS< solidated finances. erage the balance sheet. even though we were able to way to retain top-of-the- plus cars pick up,” he adds.

Geopolitics will be big risk for global firms: OYO’s Ritesh Agarwal
PEERZADA ABRAR at about $10 billion, had expanded to markets solutions. He said ultimately public transport will
Bengaluru, 22 September such as China, Japan, the US, Latin America and give way to either shared or personal mobility.
Europe. “We bring jobs and more opportunities “That’s our strategy, where we are investing and I
At a time when Sino-India tensions have for people but we are watching the situation very am personally very optimistic.”
increased, resulting in the ban on Chinese apps, closely,” said Ritesh Agarwal. Ritesh Agarwal of OYO said that as more
“geopolitical impact” is going to become one of Recently, Ant Group, the payment and the people are working from home, vacation travel
the big risks for companies that are global, said finance-focused company of the Chinese e- has rapidly increased. Corporate travel related to
Ritesh Agarwal, founder and chief executive commerce giant Alibaba, said in its initial public small and medium businesses is also expected to
officer of OYO Hotels and Homes. offering (IPO) prospectus at the Hong Kong stock increase. He said small hotel owners need a
His comments come in the backdrop of the exchange that a change in foreign investment platform like OYO more than ever.
recent changes in foreign direct investment regulation in India led to “further evaluation” of “We agree that we are very significantly
(FDI) norms on inflows from China, which have the timing of its additional investment in food impacted,” Ritesh Agarwal said. “We were
started impacting Indian unicorns and their delivery start-up Zomato. growing at 300 per cent, but (now) if we grow 50 to
Chinese investors. “I fully agree with what Ritesh (Agarwal) said, BHAVISH AGGARWAL, CEO, OLA RITESH AGARWAL, CEO, OYO 100 per cent, that’s fine.”
“There are various countries across the world companies, especially internet-based (firms), are Occupancy levels are around 40 per cent below
that are enacting policies, where over time increasingly (becoming) very important in the “COVID HAS THROWN UP MORE “THERE ARE VARIOUS COUNTRIES ACROSS pre-Covid levels in India. The company is
companies are being seen as diplomatic enablers future geopolitical situations,” said Ola’s Bhavish OPPORTUNITIES THAN CONSTRAINTS, THE WORLD THAT ARE ENACTING POLICIES, witnessing good results in other markets, where it
and not just as big businesses,” said Agarwal. Aggarwal. “Indian companies are very well is seeing a rise in demand for vacation homes.
“Given that, I think our policy has been to be respected. That has been a big focus for us across
ESPECIALLY IF YOU LOOK AT THE WHERE OVER TIME, FIRMS ARE BEING SEEN Ola and OYO are both backed by SoftBank. As
globally local. If you travel around (the world) our businesses, how can we globalise faster.” LONG-TERM HORIZON” AS DIPLOMATIC ENABLERS” Coronavirus continued to pound the hospitality
you will see OYO experiences look different if Covid-19 has wreaked havoc on businesses, industry, OYO announced lay-offs and pay cuts for
you’re in London (or) in Denmark, but the especially those focused on transportation and thousands of employees. In May, Ola fired 1,400
technology layer is the same.” hospitality. In the pre-Covid world, OYO was going are strategic, we will continue to serve our across India, Australia, New Zealand, and the UK. employees, or over 33 per cent of its workforce.
Agarwal said this during a conversation with after big markets, but after Covid spread the technologies and gain market share through “Covid has thrown up more opportunities than “We had to make some cuts. We made sure our
Hero Enterprise’s Chairman Sunil Kant Munjal at company is investing more on processes and that,” said Agarwal. constraints, especially if you look at the longer- people have the right kind of support system
an All India Management Association (AIMA) technology. It is doubling down in geographies Bhavish Aggarwal of Ola said Covid-19 had term horizon,” Bhavish Aggarwal said. People will even after they’re either furloughed or (laid-off)
event. Ride-hailing firm Ola’s Cofounder and CEO where it has been doing well, including India, forced everybody to “rethink future plans and need to move around and ship goods, but he said like providing insurance and health benefits. We
Bhavish Aggarwal was also present. Southeast Asia and Europe. business models”. Ola, which was last valued at the challenge is building confidence among made sure it is as humane as possible,” said Ola’s
Gurugram-based OYO, which was last valued “In geographies like China and the US which around $6 billion, was serving over 250 cities consumers about a hygienic and safer mobility Aggarwal.
Business Standard N E W DELHI | W E D N E S D A Y , 23 S E P T E M B E R 2020 THE

Presenting

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4 COMPANIES
>
NEW DELHI | WEDNESDAY, 23 SEPTEMBER 2020 1

HMD unsure of making dent in NTPC opens premises

for manufacturing units
Indian Covid syringe market SHREYA JAI
New Delhi, 22 September
ability of skilled labour, and sev-
eral other facilities.
SURAJEET DAS GUPTA
New Delhi, 22 September
DIFFERENT SYRINGES FOR managing director of HMD.
Nath added no matter how low he The largest power generating
“NTPC’s power plants locat-
ed in various states across the
CORONA PREVENTION priced the syringes, Chinese players company, state-owned NTPC, country have evolved into eco-
AUTO-DISPOSABLE SYRINGES: Used in developing

I
ndia could soon find itself on the would knock another 10 per cent off from has decided to open industrial nomic centers with infrastruc-
horns, let’s make that needles, of a countries where there is fear of reuse and spread their price. It’s true that India has tight- parks for manufacturing units ture ecosystem in place. Capita-
dilemma as it sets out to buy the mil- of infection. They have a self-locking feature ened import rules for China, especially on its premises. And, it has lising on ecosystem developed
lions of syringes it will need for the coro- where a piston can be moved only once for government procurements. These invited expressions of interest over a period of time, NTPC is
navirus vaccine. rules include mandatory registration. (EoIs) from medium, small and exploring to enter into the ind-
More than half the auto disposable STANDARD DISPOSABLE SYRINGES: Used in But Nath said the rules still leave micro enterprises (MSMEs) and ustrial park development busi-
syringes bought by the government — developed countries where there is no fear of reuse enough loopholes and, in any case, manufacturing companies to NPTC looks to enter industrial ness,” said the company’s EoI.
300 million syringes per annum — for INJECTABLE PRE-FILLED SYRINGES: The US govt there is no ban on the import of Chinese set up their units. park business, invites EoIs The EoI also noted that
mass immunisation programmes for has signed a deal under PPP for 100 million such syringes. Chinese firms generally work BHEL had floated a similar NTPC will not only enable the
other diseases are imported from China through local distributors who import EoI, inviting global firms to ashtra), Kudgi (Karnataka), and industries to focus on their core
syringes. Many doubt whether they will work
because they are inexpensive. the products and might also do some leverage its facilities and capa- Gadarwara (Madhya Pradesh). competence and “not worry
For the rest, Indian firms are forced to value addition. bilities to set up a manufactur- Land availability at these units about infrastructure works but
match the low price but many of them ces per year but has avoided battling on total capacity. HMD is also in talks with According to Nath, assuming 70 per ing base in India. is 428 acres, 791 acres, and 500 also make these competitive in
fail to pick up the orders, which then go price with the Chinese, as that has been GAVI, the global vaccine alliance. cent of the Indian population needs to be NTPC is inviting firms to set acres, respectively. the world market with very
back to the lowest bidder. the only criterion for the government. Yet, HMD has received no commit- vaccinated, over 1.800 billion syringes up energy intensive manufac- This will be subject to receiv- competitive electricity rates”.
These syringes, which ensure single Currently HMD, which manufactures ment from the government on lifting its will be required for a period of 18 months turing plants, such as bulk ing requisite approvals from the The necessary clearance will
use in a developing country like India, under the Dispovan and Kojak brands, syringes for coronavirus vaccination. to two years. Similarly, globally, five bil- chemicals, geopolymer, cooling central and respective state gov- be taken up by NTPC, but the
will now also be required in hundreds of has seven plants churning out over 700 Contrast this with countries like the US, lion people will have to be vaccinated. and heating solutions, alumini- ernments. NTPC will process prospective manufacturer will
millions for the impending mass vacci- million syringes per annum. It has pre- which placed an order for 190 million If the government were to be inter- um, mineral processing (ceram- these approvals based on respo- have to take up statutory clear-
nation for Covid-19. But with relations ferred to export to the global market syringes from manufacturers, or Canada, ested in avoiding Chinese syringes, Nath ics, tiles, pottery, brick, glass), nses received in the EoIs, NTPC ances for setting up the manu-
between the two countries abysmal and rather than lose money by selling below which ordered 75 million syringes. The said his company was ready to take up metallurgical and metal indus- said. The firm said the move is facturing facilities. “Prospective
restrictions on imports from China, it’s costs at home. UK government, too, has ordered 65 mil- the challenge. “If the government needs tries (foundries, forging, alloys, aimed at utilising the power manufacturer shall have to con-
not known how India will get what it Recently, it received firm orders from lion syringes from Becton Dickinson. 100 million auto disable syringes for heat treatment, steel rerolling, supply from its units. In the EoI, duct their business on their own
needs from a hostile neighbour. UNICEF for 140 million syringes this “We are nervous because in the past, Covid-19 vaccines by the end of the year, etc), the company said in a press NTPC has proposed to provide and NTPC does not bear liabil-
Could this lead to an opportunity for year. The UN agency is stockpiling capac- we have geared up our production only we can easily offer them to lift the out- release.It said the industrial 24x7 reliable power supply, ity on sourcing or marketing th-
Indian players? Delhi-based Hindustan ity to ensure that the infrastructure for to find that the government has preferred standing orders placed with us. parks would be developed on a accessibility of rail and road eir supplies/product or in any
Syringes and Medical Devices (HMD), vaccination is available for developing to buy from China at L1 rates which are “We have 50 million in stock that the pilot basis in Solapur (Mahar- network, water supply, avail- business,” said the EoI.
one of the largest manufacturers of the countries once the vaccines are out. unremunerative and below our costs, government has not lifted because stan-
product in the world which produces 90 This UNICEF order, combined with with no weightage given to quality. With dard immunisation programmes were
per cent of India’s auto disable syringes, other orders from the organisation for the Chinese getting 50-65 per cent of suspended during the pandemic. And
is not at all sure. It has taken a leap of faith
by increasing its capacity to 1 billion pie-
syringes for other global programmes,
accounts for nearly half of the company’s
the business, we have had to move to
international buyers,” said Rajiv Nath,
though some have re-started, the pace is
very slow,” Nath added. HCC sells Farakka-Raiganj
project to Cube for ~1,508 cr
Russia asked to apply for vaccine trials AMRITHA PILLAY
Mumbai, 22 September
significant claims, is also under-
way. Tuesday’s road deal will
help reduce debt by ~1,000
and the company have already
received binding bids.
Dhawan is hopeful of clos-
RUCHIKA CHITRAVANSHI tified who will apply on their distancing this year.” text of the draft guidelines deaths per million are almost Hindustan Construction (HCC) crore, with ~900 crore as project ing the process before the end of
New Delhi, 22 September behalf. We hope they approach On the issue of efficacy of the issued by the central drugs stan- half the global average at 64. on Tuesday said the company finance of the asset and anoth- the current calendar year.
the regulators soon with neces- vaccine, Balram Bhargava, dards control organisation for The Prime Minister will re- has closed the sale of its Fara- er ~100 crore debt paid off. HCC’s lenders, the company
India has asked the makers of sary documents,” said Paul. director general of the Indian vaccine development, which view the status and response of kka-Raiganj Highway project to In January, HCC’s lenders said, have also agreed for a 4-5
Russian Covid vaccine ‘Sputnik The Russian government Council of Medical Research said: “As it is possible that a vac- seven states with a high burden Cube Highways at an enterprise approved the carving out of the years moratorium on the serv-
V’ to file an application through had approached India for assis- (ICMR) said that in case of res- cine might be much more effec- of cases, including Maharashtra, value of ~1,508 crore. debt asset to a separate special icing of the remaining debt on
an Indian representative for co- tance in collaborating with piratory diseases, and efficacy tive in preventing moderate-to- Andhra Pradesh, Karnataka, The company is also look- purpose vehicle (SPV). “Of our the firm’s books.
nducting trials in India, V K Paul, Indian manufacturers, and to — vaccine’s ability to prevent severe versus mild Covid-19, Uttar Pradesh, Tamil Nadu, ing to raise another ~1,000 present debt of ~5,600 crore, ab- In addition, HCC is looking
member (health) of NITI Aayog, allow clinical trials as required clinical disease — of above 50 consideration should be given Delhi, and Punjab on Wed- crore from various sources by out half will move out the SPV to raise ~1,000 crore in a year’s
told the media on Tuesday. by providing a regulatory path- per cent is acceptable. for powering efficacy trials for nesday. More than 63 per cent of next year. along with claims as a 2.2 times time through a combination
He urged people to take pre- way. Paul added with cases on a “In case of a respiratory vir- formal hypothesis testing on a active cases are concentrated in The sale is part of HCC’s cover,” said Arjun Dhawan, sale of land parcels, non-core
cautions, particularly for the rise, there was a need to stre-- us, vaccines are not 100 per cent severe Covid-19 endpoint.” these seven states. They also effort to reduce debt. A sepa- group chief executive officer. assets and conciliation of
next two-three months, and av- ngthen efforts to stop transmis- effective. Though we aim for 100 India, with over 4,000 cases account for 65.5 per cent of the rate process to sell a special pur- He said the process to claims. Dhawan added that this
oid gatherings in the upcoming sion between people. “We have per cent, we may get 50-100 per per million, has exceeded the total confirmed cases and 77 per pose vehicle (SPV), which holds finalise an investor for the SPV would be invested for growing
festive season. “They have iden- to celebrate festivals with social cent.” He was speaking in con- global average of 3,965. However cent of total deaths. half of the company’s debt and is underway and the lenders business.

NOTICE

NOTICE is hereby given that DSP Trustee Private Limited, the Trustee to DSP Mutual Fund (“Fund”), has, vide Resolution dated
September 22, 2020, has approved declaration of dividend in the Dividend/ Quarterly Dividend Options of below mentioned schemes
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Record Date: September 28, 2020

Name of Plan and Option Quantum of
of the Scheme(s) Face Value NAV as on
Dividend*
Name of Scheme(s) per Unit September
(Rs/Re. per (Rs.) 21, 2020 (Rs.)
Plans Options Unit#)
DSP Government Securities Fund Regular Dividend 0.684500 10.0000 12.8455
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DSP Ultra Short Fund
DSP Credit Risk Fund
Direct
Regular
Dividend
Quarterly Dividend
9.658800
0.159000
1000.0000
10.0000
1102.8309
10.9097
Business Standard
DELHI EDITION
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Business Standard N E W DELHI | W E D N E S D A Y , 23 S E P T E M B E R 2020 THESMARTINVESTOR5 For BS premium

Bad debt may Jio launches new post-paid plans to take on rivals
digital subscription,
SMS reachbs

lead stressed
to 57575
or email
Reliance Jio on Tuesday anno- est operator because of aggres- per cent of their customers in had the highest ARPU among quality connectivity, limitless
unced a range of post-paid pla- sive marketing and attractive post-paid category. Post-paid telecom companies of ~157 fol- premium entertainment, seam-

funds to set
order@bsmail.in
ns, including many firsts, such low-cost plans. However less services offer an average three lowed by Jio (~140). less and affordable internation-
as in-flight mobile connectivity, than one per cent of its 398 mil- times higher average revenue "JioPostpaid Plus has been al roaming, cutting-edge innov-
to make a dent in its rivals' busi- lion plus subscribers are in post per user (ARPU) for telecom intricately designed keeping in ative features and most

shop in India
nesses. paid segment. companies and Jio's new strat- mind the needs of every post- importantly the customer expe- Business Standard
Jio, which began operations In contrast Airtel and Vi egy will enable it to target high- paid customer. It accounts the rience," Akash Ambani, direc- Insight Out
in 2016, has emerged the larg- (Vodafone Idea) have 5.2 and 7.2 er growth. In June-end, Airtel need for dependable and high- tor, Jio, said. ANEESH PHADNIS

This is a public announcement for information purposes only and is not a prospectus announcement. This does not constitute an invitation or Issue to acquire, purchase or subscribe to securities.
DEV CHATTERJEE Not for publication or distribution, directly or indirectly outside India.

CHEMCON SPECIALITY CHEMICALS LIMITED

M u m b a i , 22 S e p t e m b e r

ith bad debt expected

W to surge—especially
from firms in the
medium to small segment —
CHEMCON
Our Company was originally incorporated as Gujarat Quinone Private Limited at Vadodara, Gujarat, India, as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated December 15,1988 issued by the RoC. Our Promoters and Promoter
in the coming months because Group completed the acquisition of 100% of the Equity Share capital of ourCompany in 2004 from the shareholders of our Company at the time. Chemcon Engineers Private Limited" (''CEPL'') was incorporated at Vadodara, Gujarat, India asaprivate limited company under the Companies

of the pandemic, bankers are

Act, 1956, pursuant to a certificate of incorporation dated April 30,1996 issued by the RoC. CEPL, a company largely owned and promoted by our Promoters and Promoter Group, merged into our Company pursuant to an order of the High Court of Gujarat dated May 6,2004 approving the
Scheme of Amalgamation between CEPL and our Company. Thereafter, to reflect the nature of activities of our Company consequent to the Scheme of Amalgamation, the name of our Company was changed to "Chemcon Speciality Chemicals Private Limited" pursuant to the approval of
expecting several stressed our Shareholders at an extra-ordinary general meeting held on July 24,2004 and the fresh certificate of incorporation on change of name issued by the RoC on July 27,2004. Subsequently, our Company was converted into a public limited company pursuanttothe approval of our
funds to set up shop in India. Shareholders at an extra-ordinary general meeting held on November 28,2018. Consequently, the name of our Company was changedto"Chemcon Speciality Chemicals Limited" and a Fresh certificate of incorporation consequent upon conversiontopublic limited company was issued

Bankers are expecting an

by the RoC on April 10,2019. Forfurtherdetails relatingtothechanges in the registered office and name of our Company, see "Histoiy and Certain Corporate Matters" on page 162 of the Red Herring Prospectus dated September 12,2020, filed by the Company ("RHP").
Registered Office: Block Number 355, Manjusar Kunpad Road, Manjusar Village, Taluka Savli, Vadodara 391 775, Gujarat; Tel: +91 98795 64107; Corporate Office: 9th Floor, Onyx Business Centre, Akshar Chowk, Old Padra Road, Vadodara 390 020, Gujarat
additional bad debt worth up to Tel: +91 265 298 1195 Contact Person: Shahilkumar Maheshbhai Kapatel, Company Secretary and Compliance Officer; Tel: + 91 265 298 3754; E-mail: investor.relations@cscpl.com; Website: www.cscpl.com; Corporate Identity Number: U24231GJ1988PLC0116522
$35 billion which will be up for
grabs, in addition to the $110 OUR PROMOTERS: KAMALKUMAR RAJENDRA AGGARWAL, NAVDEEP NARESH GOYAL AND SHUBHARANGANA GOYAL
billion of non-performing INITIAL PUBLIC OFFERING OF UP TO [•] EQUITY SHARES OF FACE VALUE OF? 10 EACH ("EQUITY SHARES") OF CHEMCON SPECIALITY CHEMICALS LIMITED ("OURCOMPANY" OR
assets (NPAs) already in the THE "ISSUER") FOR CASH AT A PRICE OF ? [•] PER EQUITY SHARE (INCLUDING A PREMIUM OF ? [•] PER EQUITY SHARE) ("ISSUE PRICE") AGGREGATING UP TO ? [•] MILLION. THE
banking system. "Cash flows of ISSUE COMPRISES OF A FRESH ISSUE OF UP TO [•] EQUITY SHARES AGGREGATING UP TO ?1,650 MILLION ("FRESH ISSUE") AND AN ISSUE FOR SALE OF UP TO 4,500,000 EQUITY
several Indian firms have been sale, including Reliance Capital SHARES AGGREGATING UP TO ? [•] MILLION, COMPRISING OF UP TO 2,250,000 EQUITY SHARES BY KAMALKUMAR RAJENDRAAGGARWAL AGGREGATING UP TO ? [•] MILLION,
impacted, hence the compa- and DHFL. Similarly, real AND UP TO 2,250,000 EQUITY SHARES BY NARESH VIJAYKUMAR GOYAL AGGREGATING UP TO ? [•] MILLION, (TOGETHER, THE "SELLING SHAREHOLDERS") (THE "ISSUE FOR
nies will be restructuring their estate projects are on sale, too. SALE", AND TOGETHER WITH THE FRESH ISSUE, THE "ISSUE"). THE ISSUEWILL CONSTITUTE [•]% OF OURPOST-ISSUE PAID-UP EQUITYSHARE CAPITAL OF OURCOMPANY.
books. This is an opportunity A head of an asset recon-
for the stressed funds to set up struction company (ARC) said QIB Portion: Not more than 50% of the Issue | Retail Portion: Not less than 35% of the Issue
shop in India," said a banker. the recent move by the Reserve Non-Institutional Portion: Not less than 15% of the Issue
BlackRock, State Bank of Bank of India (RBI) to stop
India Capital Market, and ARCs from taking the stressed Price Band: ? 338 to 1340 per Equity Share of face value of each.
Brookfield are among the com- companies to insolvency The Floor Price is 33.80 times the face value of the Equity Shares and the Cap Price is 34.00 times the face value of the Equity Shares.
panies that are eyeing to invest courts may hit sentiments of
in the stressed Indian assets. the stressed funds who are Bids can be made for a minimum of 44 Equity Shares and in multiples of 44 Equity Shares thereafter.
"We can partner international planning to set up companies
firms interested in investing in in India. "The Indian Risks to Investors
distressed assets," SBI Chair- Bankruptcy Cide (IBC) is fast
man Rajnish Kumar said. losing its attraction for The two Book Running Lead Managers associated with the Issue have not handled public issues in the past three years.
The industry is expecting investors like us. We have to
increased bad debt from hos- now look at other alternative The Price/Earnings ("PE") ratio based on diluted EPS for Fiscal 2020 for the Issuer at the upper end of the Price Band is as high as 22.12. As
pitality, hotels, travel, tourism routes to invest in Indian com- compared to the average industry peer group PE ratio of 31.30.
and airlines. "Due to lack of panies. It's a temporary set-
guests, several small hotels are back," the official said. Average cost of acquisition of Equity Shares for the Selling Shareholders namely Kamalkumar Rajendra Aggarwal and Naresh Vijaykumar
up for sale in the tier-II cities. According to rating agency Goyal is ? 0.33 per Equity Share and ? 0.57 per Equity Share respectively and the Issue Price at the upper end of the Price Band is ? 340 per
Even in the tier-I cities, several ICRA, the total amount of the Equity Share.
hotels are unable to pay staff. debt that could be restructured
These companies are the prime is between trillion and ~10 Weighted Average Return on Net Worth for Fiscals 2020,2019 and 2018 is 40.30%.
candidate for takeover by the trillion. Banks have an asset
stressed funds," said another book of ~100 trillion and anoth- 'Applications Supported by Blocked Amount (ASBA) is a better way of applying to issues by simply blocking
banker. Even in the financial er ~35 trillion is from non-bank ASBA Simple, Safe, Smart w a y of Application!!! the fund in the bank account For further details, check section on ASBA below.
sector, several assets are up for lenders. Mandatory in public issues. No cheque will be accepted.

UPl-Now available in ASBA for Retail Individual Bidders ("RIBs")**-

> FROM PAGE 1 Investors are required to ensure that the bank account used for bidding is linked to their PAN.
U P l - N o w available in ASBA for Retail Individual Bidders applying through Registered Brokers. CDPs & RTAs. Retail Individual Bidders also have the option
UNIFIED PAYMENTS INTERFACE to submit the application directly to the ASBA Bank (SCSBs) or to use the facility of linked online trading, demat and bank account.

Mistrys set VALUE OF TATASONS' STAKE

IN LISTED ENTITIES CR)
"ASBAhas to be availed by all investors exceptAnchor Investors. TheUPI Mechanism may be availed by RIBs. For details on the ASBAand UPI Mechanism process, please refertothe detailsgiven in ASBAForm and abridged prospectus and also please referto the section "Issue
Procedure" beginning on page 296 of the RHP. The process is also available on the website of Association of Investment Bankers of India ("AIBI"), Stock Exchanges and in the General Information Document. ASBA Forms can be downloaded from the websites of BSE Limited
("BSE") and National Stock Exchange of India Limited ("NSE", and together with BSE, the "Stock Exchanges") and can be obtained from the list of banks that is displayed on the website of Securities and Exchange Board of India ("SEBI") at www.sebi.gov.in. "List of banks

~1.8-trillion TCS
Titan
681,977
20,449
supporting UPI is also available on the website of SEBI atwww.sebi.gov.in. For the list of UPI Apps and Bankslive on Initial Public Offering ("IPO"), please refer to thelink: www.sebi.gov.in. HDFCBankLimited has been appointed as Sponsor Bankforthe Issue, in accordance with
the requirements of the SEBI Circular dated dated November 1,2018. For Issue related grievance investors may contact: Intensive Fiscal Services Private Limited-Mr. Harish Khajanchi/ Mr. Anand Rawal (+9122 22870443/44/45) (ipo@intensivefiscal.com) or Ambit Capital
Private Limited- Mr. GauravRana/Mr.SandeepSharma(+9122 3043 3000)(investorgrievance.acpl@ambit.co). ForUPI related queries, investors can contactNPCIatthe toll freenumber: 18001201740 and Mail Id: ipo.upi@npci.org.in.

exit price tag Tata Motors

Tata C o n s u m e r
16,406
13,643 BID/ISSUE PROGRAMME
Tata Steel 13,608
Shapoorji Pallonji & Co (SP &
Co) is the single largest non-pr-
omoter shareholder, with 18.37
per cent stake. This puts the
Trent
Voltas
Tata P o w e r
7,306
5,824
4,918
BID/ISSUE CLOSES TODAY
valuation of Tata Sons at ~9.7 IHCL 4,217 In case of any revision in the Price Band, the Bid/ Issue Period will be extended by at least three additional Working Days after such LIABILITY OFTHEMEMBERSOF OURCOMPANY: Limited byshares.
trillion or ~2.4 crore per share. Tata C o m m u n i c a t i o n s 3,264 revision in the Price Band, subjecttothe Bid/ Issue Period not exceeding 10 Working Days. In cases of force majeure, banking strike or AMOUNT OF SHARE CAPITAL OF OUR COMPANY AND CAPITAL STRUCTURE: As on the date of the RHP, the authorised share
Tata Sons' stake in TCS similar circumstances, our Company may, for reasons to be recorded in writing, extend the Bid / Issue Period for a minimum of three
alone accounts for 70 per cent
capital of ourCompany is?500milliondivided into 50,000,000 Equity Shares of?10each. The issued, subscribed and paid-up Equity
Tata Elxsi 3,250 Working Days, subject to the Bid/ Issue Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Bid/
of its entire group valuation. A
share capital of our Company before the issue is?317.78 million divided into 31,777,760 Equity Shares of? 10each. For details of the
Tata I n v e s t m e n t 2,943 Issue Period, if applicable, shall be widely disseminated by notification to the Stock Exchanges, by issuing a press release, and also by

further 15 per cent is accounted Tata Chemicals 2,029

indicating the change on the respective websites of the BRLMs and at the terminals of the Syndicate Members and by intimation to capital structure, see "Capital Stmcture" on page 65 of the RHP.

for by the Tata brand value, Tata Tele (Maharashtra) 113

Designated Intermediaries and the Sponsor Bank. NAMES OF THE SIGNATORIES TO THE MEMORANDUM OF ASSOCIATION OF OUR COMPANY AND THE NUMBER OF

which itself comes from the Total 779,945

This Issue is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read EQUITY SHARES SUBSCRIBED BY THEM: The signatoriestothe Memorandum of Association are Mina M. Jadeja and Mayurdhvaj

superior financial performance

with Regulation 31 of the SEBI ICDR Regulations. This Issue is being made through the Book Building Process in accordance with D. Jadeja who subscribed to 10 Equity Shares each Chemcon Speciality Chemicals Limited as initial subscription. For details of the
Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Issue shall be available tor allocation on a
of group firms such as TCS, VALUE OF TATASONS' proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion"), provided that our Company and the Selling
share capital history and capital structure of the Company see "Capital Stmcture" beginning on page 65 of the RHP.

Titan, and Tata Consumer UNLISTED P O R T F O L I O S CR)

Shareholders in consultation with the BRLMs may allocate upto60% of the QIB Portion to Anchor Investors on a discretionary basis
LISTING: The Equity Shares offored through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our

Products. (the "Anchor Investor Portion"). One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to Company has received 'in-principle' approvals from the BSE and the NSE for the listing of the Equity Shares pursuant to letters dated
Tata Sons' big-ticket invest- Tata Capital 16,955 valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. 5% of the QIB Portion September 9,2019 and September 13,2019, respectively. For the purposes of the Issue, the Designated Stock Exchange shall be

ments in key group entities P a n a t o n e Finvest 4,894 (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the BSE Limited. Asigned copy of the Red Herring Prospectus and the Prospectus shall be deliveredtorfiling to the RoC in accordance

such as Tata Motors, Tata Steel, Tata AIA Life 4,559

remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), with Section 26(4) of the Companies Act, 2013. For details of the material contracts and documents available tor inspection from the
including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 15% of the Issue shall be
Tata Power, Indian Hotels, and Tata H o u s i n g 2,919 availabletorallocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Issue shall be available tor
date of the Red Herring Prospectus until the Bid/ Issue Closing Date, see "Material Contracts and Documents forlnspection'beginning

the group's retail and aviation Tata SIAAirlines 2,713

allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subjectto valid Bids being received from them at on page 341 of the RHP.
ventures contribute little to its or above the Issue Price. All Bidders, other than Anchor Investors, are mandatorily required to participate in the Issue through the DISCLAIMER CLAUSE OF SECURITIES AND EXCHANGE BOARD OF INDIA ("SEBI"): SEBI only gives its observations on the
valuation, according to SP Tata A d v a n c e d System 1,792 Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA Account .which will be issue documents and this does not constitute approval of eitherthe Issue orthe specified securities stated in the Issue Document. The
Group. If the Tatas agree to the Tata AIG G e n e r a l 1,693 blocked by the Self Certified Syndicate Banks ("SCSBs"). Anchor Investors are not permitted to participate in the Anchor Investor
investors are advised to referto page 282 of the RHPfor thefolltextof the Disclaimer Clause of SEBI.
offer, it would be a huge wind- Tata Industries 1,599
Portion through the ASBA Process. For details, see"Issue Precedure'beginning on page 296 of the RHP.
Bidders/Applicants should ensure that DP ID, PAN and the Client ID and UPI ID as applicable are correctly filled in the Bid DISCLAIMER CLAUSE OF BSE (The Designated Stock Exchange): It is to be distinctly understood that the permission given by
fall for the SP group, which is Tata Reality 1,322 cum Application Form. The DP ID, PAN and Client ID provided in the Bid cum Application Form should match with the DP ID, BSE Limited should not in anyway be deemed or construed thatthe Red Herring Prospectus has been cleared or approved by BSE nor
currently struggling with high Tata Sky 1,259 PAN, Client ID available in the Depository database, otherwise, the Bid cum Application Form is liable to be rejected. does it certify the correctness or completeness of any of the contents of the Red Herring Prospectus. The investors are advisedtorefer
leverage, poor profitability, and Bidders/Applicants should ensure that the beneficiary account provided in the Bid cum Application Form is active. to the page 285 of the Red Herring Prospectusforthe full text of the Disclaimer clause of the BSE.
negative cash flows at its flag- Infinity Retail 1,040 Bidders/Applicants should note that on the basis of the PAN, DP ID and Client ID as provided in the Bid cum Application
DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed
ship company SP & Co. Tata L o n d o n 947 Form, the Bidder/Applicant may be deemed to have authorized the Depositories to provide to the Registrar to the Issue, any
or construed that the Issue Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any
The group had total long- AirAsia (India) 760
requested Demographic Details of the Bidder/Applicant as available on therecordsof the depositories. These Demographic
of the contents of the Issue Document. The investors are advised to refer to page 285 of the RHP tor the full text of the Disclaimer
term and short-term borrow- TS Investments 523
Details may be used, among other things, for giving Allotment Advice or unblocking of ASBA Account or for other

ings of close to ~31,000 crore at

correspondence(s) related to the Issue. Bidders/Applicants are advised to update any changes to their Demographic Details Clause of NSE.
Taj Air 272 as available in therecordsof the Depository Participant to ensure accuracy ofrecords.Any delayresultingfrom failure to
the end of March 2019. The H e m i s p h e r e Properties 203
update the Demographic Details would be at the Bidders/Applicants'sole risk.
GENERAL RISKS: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any

group's total outside liabilities funds in the Issue unless they can afford to take the risk of losing their investment. Investors are advised to read the risk factors

stood at ~63,700 crore at the

CONTENTS OF THE MEMORANDUM OF ASSOCIATION OF OUR COMPANY AS REGARDS ITS OBJECTS: For information on carefully before taking an investment decision in the Issue. For taking an investment decision, investors must rely on their own
Tata Digital 200
the main objects of ourCompany, investors are requestedtosee "Histoiy and Certain Corporate Matters? on page 162 of the RHP and
end of March 2019, on consoli- Tata I n t e r n a t i o n a l 110 Clause 3 of the Memorandum of Association of our Company. The Memorandum of Association of our Company is a material
examination of our Company and the Issue, including therisksinvolved. The Equity Shares in the Issue have not been recommended

dated basis. Therefore, in one Tata A u t o c o m p 74

or approved by the Securities and Exchange Board of India ("SEBI"), nor does SEBI guarantee the accuracy or adequacy of the
document for inspection in relation to the Issue. For further details, see "Material Contracts and Documents for Inspection" on page
shot, the proceeds will make SP Ewarts Investments 61
341 of the RHP.
contents of the Red Herring Prospectus. Specific attention of the investors is invited to "R/skFactors'beginning on page 23 of the RHP.

& Co debt-free on a net basis Tata A s s e t M a n a g e m e n t 52

BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE ISSUE COMPANY SECRETARY AND COMPLIANCE OFFICER
and provide the firm with sur-
=3= AMBIT
Mr. Shahilkumar Maheshbhai Kapatel
plus capital to make inroads
into the infrastructure seg-
ment, or enter new industries.
C o n n e c t B u s i n e s s Solutions
Niskalp Infrastructure
48
40 Oft(tensive
Intensive Fiscal Services Private Limited
Acumen at work
Ambit Capital Private Limited
LINKIntime
Link Intime India Private Limited
CHEMCON SPECIALITY CHEMICALS LIMITED
Near Gayatri Temple, Pragna Pole, Kheda District,
I n d i a n Rotocraft 20 At-Matar - 387 530, Gujarat; Telephone: +91 265 298 3754
For Tata Sons, however, the Impetis Biosciences 12
Address: 914,9th Floor, Raheja Chambers Address: Ambit House, 449, Senapati Bapat Marg C-101, First Floor, 247 Park
E-mail: investor.relations@cscpl.com
stake buy-out would be an
Free Press Journal Marg Lower Parol, Mumbai 400 013 Lai Bahadur Shastri Marg
Tata C o n s u l t i n g Engineers 10 Nariman Point, Mumbai 400 021 Tel: +91 22 3043 3000 Vikhroli (West), Mumbai 400 083
additional financial burden Tel: +91 22 2287 0443/44/45 E-mail: chemcon.ipo@ambit.co Tel: +91 22 4918 6200
Bidders can contact the Company Secretary and Compliance Of6cer

and could potentially divert

and/or the Registrar to the Issue in case of any pre- Issue or post- Issue
Tata Projects 5 E-mail: chemcon.ipo@inlensivefiscal.com Investor grievance E-mail: Email: chemcon.ipo@linkin6me.co.in related problems such as non-receipt of letters of Allotment, non-credit of
resources from its cash-hungry Tata Incorporated 0 Investor Grievance E-mail: ipo@intensive6scal.com investorgrievance.acpl@ambit.co Investor grievance email: chemcon.ipo@linkintime.co.in Allotted Equity Shares in the respective bene6ciary account, non-receipt
ventures in automotive, retail, Tata I n t e r n a t i o n a l A G Zug 0
Website: www.intensive6scal.com Website: www.ambit.co Website: www.linkintime.co.in of refund orders or non-receipt of funds by electronic mode, etc. For all

financial services, aviation, and Tata Trustee 0

Contact Person: Harish Khajanchi/Anand Rawal Contact Person: Gaurav Rana/Sandeep Sharma Contact Person: Shanti Gopalkrishnan Issue related queries and for redressal of complaints, Bidders may also
writetothe BRLMs, in the manner provided below.
infrastructure.
SEBI Registration No.: INM000011112 SEBI Registration No.: INM000012379 SEBI Registration No.: INR000004058
Tata Teleservices 0
Only last year, Tata Sons AVAILABILITY OF THE RHP: The Investors are advised to referto the RHP and the "Risk Factors" beginning on page 23 of the RHP before applying in the Issue. Acopy of the RHP is available on the website of the SEBI at www.sebi.gov.in, the websites of the BRLMs,
cleared nearly ~60,000 crore in Intensive Fiscal Services Private Limited at www.intensive6scal.com and Ambit Capital Private Limited at www.ambit.co and the Stock Exchanges at www.bseindia.comandwww.nseindia.com.

liabilities of its ailing telecom All figures are r o u n d e d off

* E s t i m a t e d c o n s e r v a t i v e v a l u e based
AVAILABILITY OF BID CUM APPLICATION FORM: Bid cum Application Form can be obtained from the Registered Office of Chemcon Speciality Chemicals Limited: Telephone: +91 98795 64107 ; BRLMs: Intensive Fiscal Services Private Limited :

business that the group sold for o n last t r a n s a c t i o n

Tel: +9122 2287 0443/44/45 and Am bit Capital Private Limited: Tel: +9122 3043 3000 and at selected locations of Sub-Syndicate Members (as given below), Registered Brokers, SCSBs, Designated RTA Locations and Designated CDP Locations for participating in the

a token sum of to Bharti weigh on TCS' share price if

Issue. Bid cumApplication Forms will also be available on the websites ofthe Stock Exchanges at www.bseindia.com and www.nseindia.com and at allthe Designated Branches of SCSBs, the list ofwhich is available on the websites of the Stock Exchanges and SEBI.
SUB-SYNDICATE MEMBERS: Ajcon Global Services Limited, Alankit Assignments Ltd., Almondz Global Securities Ltd., Amit Jasani Financial Services Pvt. Ltd., Amrapali Capital and Finance Services Ltd., Anand Rathi Share & Stock Brokers Ltd., ANS Pvt. Ltd., Anush
Airtel. Tata Sons had total cash markets believe that the pur- Shares & Securities Pvt. Ltd., Asit C. Mehta Investment Intermediates Ltd., ASL Capital Holdings Pvt. Ltd., Axis Capital Limited, Bonanza Portfolio Limited, Centillion Capital Private Limited , Centrum Broking Limited, Dalai & Broacha Stock Broking Pvt. Ltd., DB
and cash equivalent worth chase would lead to dilution in (International) Stock Brokers Ltd., Edelweiss Securities Limited, Escorts Securities Limited, Eureka Stock & Share Broking Services Ltd., HDFC Securities Ltd., Hem Finlease Pvt. Ltd., ICICI Securities Ltd., IDBI Capital Markets & Securities Ltd., IIFL Securities Limited,
~4,000 crore at the end of promoter stake and expansion Innovate Securities Pvt. Ltd., Inventure Growth & Securities Ltd., ISS Enterprise Limited, JM Financial Sen/ices Limited, Jobanputra Fiscal Services Pvt. Ltd., Just Trade Securities Limited, K. Motiram Vakil, K.M. Jain Stock Brokers Private Limited, Keynote Capitals
March 2020, and as such will in free float shares. However, Limited, KJMC Capital Market Services Limited, Kotak Securities Limited, Kunvarji Finstock Pvt. Ltd., Lakshmishree Investment & Securities Pvt. Ltd., LKP Securities Limited, Marwadi Shares and Finance Limited, Matalia Stock Broking Pvt. Ltd., Mehta Equities Ltd.,

have to raise fresh capital to buy fundraising plans will also Motilal Oswal Financial Services Limited, Nikunj Stock Brokers Ltd., O.J. Financial Services Ltd., Prabhudas Lilladher Pvt. Ltd., Pravin Ratilal Share And Stock Brokers Ltd., PRL Stock & Share Brokers Pvt. Ltd., RR Equity Brokers Pvt. Ltd., RSG Share & Stock Brokers Ltd.,

out the SP group stake. depend on the structure used Rudra Shares & Stock Brokers Ltd., Safal Capital (India) Limited, SBICAP Securities Limited, Sharekhan Limited, Shri Parasram Holdings Pvt. Ltd., SKSE Securities Limited, SMC Global Securities Ltd., SPASecurities Limited, SS Corporate Securities Limited, Systematix

Analysts expect the Tatas to by the Tatas to buy out the SP

Shares and Stocks (India) Ltd., Tradebulls Securities (P) Ltd., VCK Share & Stock Broking Services Limited, Viren M.Shah, Way2Wealth Brokers Pvt. Ltd., YES Securities (India) Limited, Zerodha Broking Limited.
ESCROWCOLLECTION BANK/PUBLIC ISSUEACCOUNT BANK/REFUND BANK/SPONSORBANK/MONITORINGAGENCY:HDFCBankLimited
lean on their evergreen cash group. Promoter stake in Tata Allcapitalisedtermsusedhereinandnotspeciticallydetined shall have the same meaning as ascribed to them in the RHP.
cow TCS to come to their res- Sons is owned by various trusts For CHEMCON SPECIALITY CHEMICALS LIMITED
cue. Tata Sons' 72 per cent stake and listed group entities such On behalf of the Board of Directors
in TCS is valued at close to ~6.82 as Tata Steel, Tata Motors, Tata Place: Vadodara Sd /-
trillion. The group is expected Chemicals, Tata Power, and Date: September 22,2020 Company Secretary & Compliance Officer
to raise the funds required by Indian Hotels.
either diluting its stake in TCS,
CHEMCON SPECIALITY CHEMICALS LIMITED: is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public issue of its Equity Shares and has filed the RHPwith the RoC, Gujarat, Dadra and NagarHaveli at
All these five companies are Ahmedabad. The RHP is available on the website ofthe SEBI at www.sebi.gov.in, on the respective websites ofthe BSE and the NSE, atwww.bseindia.com and nseindia.com as well as on the websites ofthe book running lead managers, Intensive Fiscal Services Private
or by pledging its holding and struggling with high debt and Limited and Ambit Capital Private Limited at www.intensivefiscal.com and www.ambit.co, respectively. Investors should note that investment in equity shares involves a high degree ofriskand for details relating to suchrisks,see "Risk Factors" on page 23 of the RHP.
servicing the resulting debt low profitability, and any Potential investors should not rely on the DRHPfor making any investment decision.
through future dividend attempt by them to fund stake This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an issue of securities tor sale in any jurisdiction, including the United States, and any securities described in this
income from the company. purchase will further stretch announcement may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be

This, say analysts, could their balance sheets. obtainedfmmtheCompanyandtiiatwillcontaindeteiledinformationabouttiieCompanyandmanageme

6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 23 SEPTEMBER 2020 1

IN BRIEF
NEP will play key role in creating I-T puts in place safeguard Govt sets the
Atmanirbhar Bharat, says Modi
ball rolling
Prime Minister Narendra Modi
said on Tuesday the New
Education Policy (NEP)
announced by his government
measures for e-assessment for discom
will play a key role in creating a Aims to address fears
self-reliant India and open WHAT’S NEW
privatisation
up the education sector for that the process may NATIONAL E-ASSESSMENT
facilitating greater global
exposure for Indian students. lead to a rise in ad hoc CENTRE, DELHI
Modi said holistic knowledge, of which science is an integral
part, is the answer to all problems. The NEP, he asserted, will
additions in demand n The only authority
that virtually connects SHREYA JAI
establish India as a global education destination. “Students, DILASHA SETH with assessees New Delhi, 22 September
I firmly believe that the future of a nation is what its youth is New Delhi, 21 September
n Correspondence among
today. Your dreams are going to shape the reality of India. That's The Union ministry of power
different units is done

A
why this is the time to be future-ready and future-fit,” he said ddressing fears that the faceless Assessment unit l Ensures that relevant has drafted a ‘Standard
addressing the 22nd convocation of IIT (Guwahati) through a video assessment process may lead to a through NeAC Bidding Document’ (SBD) for
l Carries out law and facts have
conference from the national capital. PTI rise in ad hoc additions in demand n Issues notices, receives the privatisation of the state-
assessments, which been incorporated in
by tax officers due to a gap in understand- response from assesses, owned power distribution
ing or inadequate submissions, the income determine tax draft order companies. This will be the
and sends out final
ED attaches ~203-cr Sharad Pawar gets tax department has put in place in-built assessment orders liability or refunds l Checks if additions in guiding document for state
Dubai assets of income tax notice safeguard mechanisms. demand is factual governments that want to
Any additions in demand made by a REGIONAL E- ASSESSMENT Verification unit offer their discoms to private
Iqbal Mirchi’s family over poll affidavits tax officer under the faceless assessment CENTRES l Verifies and examine Technical unit companies.
The Enforcement Directorate NCP chief Sharad Pawar on process for over ~5 lakh of income will n 30 centres in 20 cities books of accounts, etc l Provide assistance This is the first time the
on Tuesday said it had Tuesday said the Income Tax undergo a rigorous review process before
n Comprises 4 different Review unit
or advice on legal, central government has THE DRAFT
attached Dubai-based assets department had served him a final demand order is passed. forensic, information drafted a guiding SBD for dis-
worth over ~203 crore of late a notice in connection with With the department expected to carry units l Reviews draft coms’ privatisation. It is in n Power Ministry will
technology,
gangster Iqbal Mirchi's family his poll affidavits submitted out close to 200,000 faceless assessments n Reports to NeAC assessment order line with the Centre’s efforts issue standard bidding
valuation, etc
in connection with a money to the Election Commission. by March 31, 2021, the in-built check is to improve the operations document for
laundering case. The attached Talking to reporters, Pawar aimed at ensuring that no one-sided or ex- and finances of state discoms. privatisation of
assets include 15 commercial said the Income Tax depart- parte assessment goes unchecked. his judgement. lous grounds. Last year, the ministry of discoms for first time
and residential properties ment had sought his “clari- “Adequate safeguards for high- For instance, if a person, who bought a With assessments pertaining to 2018- power had suggested several n This will be a guiding
belonging to the family mem- fication and explanation” pitched assessments have been taken. property worth ~50 lakh, does not file a 19 and 2019-20 getting time barred on private franchisee models to document for states
bers of Mirchi. They include a on some poll affidavits We have kept ~5 lakh income as the limit return and neither gives a satisfactory March 31, there are fears that the depart- states for the power distribu-
looking to offer discoms
hotel called Midwest Hotel furnished by him. PTI for additions. If there is an addition over explanation, an assessing officer can ment may carry out high-pitched assess- tion sector. The stakeholders
to private companies
Apartment, the ED said. PTI ~5 lakh, it will automatically go to the assume that the entire ~50 lakh was his ments, due to lack of time. can send their comments by
PSBs get more retail risk management system, which will be taxable income and proceed to issue a Shailesh Kumar, partner, Nangia and October 5, 2020. n Last year, the ministry
NBFC-MFIs’ loan credit enquiries than sent to the review unit in a different city,” demand notice. Co LLP, said the conditions prescribed The power sector follows had suggested several
disbursement drops said a senior Central Board of Direct The review threshold of ~5 lakh may be by the income tax department for a federal structure, wherein private franchisee
pvt banks: Report Taxes (CBDT) official. reviewed by the department over time, referring the assessment to a review unit, distribution is a state subject models to the states
96% in Jun quarter The state-run lenders are The review unit will see if the based on feedback. The faceless assess- if additions are beyond a monetary limit, and the Centre has a guiding for the power
Loan disbursements by on- seeing faster pick up in retail addition being made or tax being ment mechanism was launched a month is a welcome move. “It will act as a self- role. However, generation distribution sector
banking financial companies- credit enquiries than their levied is genuine or not. ago. “We will take a call after feedback. disciplinary check for the tax authorities and transmission come
n The documemt contains
microfinance institutions private counterparts on quicker “In the review unit, both an officer and However, ~5 lakh is a pretty low income before making any high-pitched assess- under the central govern-
(NBFC-MFIs) declined 96 per reopening of branch network, his boss will see if the suggestion is right threshold as it means tax of just about ment in the final assessment order. The ment. Recently, under the the format for
cent to ~570 crore in the first a report by a credit information or not. In case of no modification, the order ~1-1.5 lakh. This is an initial limit we set as review process will also ensure that any Atmanirbhar Bharat package request for proposal,
quarter of the current financial company (CIC) said on Tuesday. will go to the national e-assessment centre we don’t have any experience in this,” the apparent mistake on the assessment the Centre announced that shareholders agreement,
year, according to a report by Despite the inroads done by for passing the final order. For further official added. order passed by the first unit is discoms in all Union share acquisition
Microfinance Institutions digital alternatives, through addition or deletion, the case will auto- In 2018, the CBDT had issued a stern cured before issuance of the assessment Territories will be privatised. agreement, policy
Network (MFIN). PTI which lenders are receiving matically be sent to a faceless asssement directive to tax offices in the country, ask- order,” he said. Currently, only a few cities directions, and bulk
inquiries and even disbursing unit in a third city,” the ing them to curb “high-pitched” assess- However, Amit Maheshwari, partner, such as Delhi, Mumbai, supply agreement
CIC’s post vacant, loans online, branch offices official said. He added that the department ment against taxpayers and ensure that AKM Global, was of view that it may not Ahmedabad, Agra, have pri- n State-owned discoms
appointment process continue to play an important
role, Transunion Cibil said in
has made enough safeguards to prevent
ex-parte assessments.
assessing officers who issue such irratio-
nal orders are transferred and face disci-
help. “Even if the department has put in
this threshold, ultimately it’s reviewed by
vate discoms.
The power ministry has
have been financially
going on: Govt the report. PTI Under Section 144 of the Income Tax plinary action. a team of the tax department itself. said in the SBD, “The propo-
and operationally
The process of appointment of Act, the assessing officer can carry out ex- A high-pitched scrutiny assessment Considering past experience, it’s difficult sals are essentially being pre-
beleaguered for
a new Chief Information Com- Govt needs to cap parte or one-sided assessment after serv- case is one where it is found that the to expect too much relief when this goes sented with an aim of initiat- two decades now
missioner (CIC) and Inform-
ation Commissioners (ICs) in
MDR on debit card ing a notice on the non-filer to the best of addition of income was made on frivo- for review.” ing discussions and soliciting
inputs from stakeholders on ing from zero (no involve-
the Central Information Com- at 0.6%: Report the SBDs” and in no way rep- ment) to minority stake of 26
mission is going on, Union
Minister Jitendra Singh said on
Tuesday.In a written reply to
The government needs to cap
the merchant discount rate on
all types of debit and pre-paid
No GST refunds on services, says HC resent the views of the mini-
stry or its officials.
The SBD contains the for-
per cent. The other alter-
natives are regarding the
power purchase agreements
the Rajya Sabha, he said the CIC cards at a lower rate of 0.6 per INDIVJAL DHASMANA Rule 89(5) inserted by the gov- The government had Revenue argued that goods mat for ‘Request for that would be transferred
completed his tenure on Aug- cent of the transaction value New Delhi, 22 September ernment under the CGST Act brought in the rule in 2018 by and services are in different Proposal’, shareholders’ from the existing discom in
ust 26. “The process of appoi- with a view to end distortions on restricting such input tax amending an earlier one that categories and legislature has agreement, share acquisition an area to the private entity
ntment of new CIC and ICs is in the card payment ecosystem Businesses such as e-comm- refunds as valid. allowed all kinds of credits, wide latitude in matters of tax- agreement, policy directions and the bid parameter to be
going on,” said Singh, the mi- and promote digital transa- erce, which face higher goods This means that the com- regardless of whether the ation in terms of granting of and bulk supply agreement. dependent on reduction of
nister of state for personnel. PTI ctions, suggested a study. PTI and services tax (GST) on raw panies facing an inverted duty taxes were paid on goods or refunds and can pick and The ministry has sug- losses.
materials than on finished go- structure — raw materials on services. Delivering a ver- choose whom they grant gested several options that State-owned discoms
ods, are in a quandary over drawing higher GST rates than dict on a batch of petitions refund and whom they refuse. the states can choose while have been financially and
UP to build 1,000-acre film city whether or not they will get
refunds on taxes paid on serv-
final goods — will not be able
to get refunds over taxes paid
filed on the issue, the Madras
HC upheld the validity of the
On the other hand, peti-
tioners argued that the main
offering the discoms for pri-
vatisation. These include sug-
operationally beleaguered for
two decades. There have been
along Yamuna Expressway ices. Contrary to a Gujarat
High Court (HC) verdict, the
on the services inputs they
used, while they will get it for
rule as well as the main sec-
tion of the GST Act.
section and the rule create a
distinction between two cate-
gestions on stake of state gov-
ernments in the power
three reform schemes in the
past to revive them but have
Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday Madras HC on Monday held merchandise inputs. The Department of gories of assessees. distribution company, rang- failed.
unveiled a plan to develop a state-of-the-art film city spanning
1,000 acres in the National Capital Region (NCR).
The proposed Dedicated Infotainment (Film City) Zone
will come up in Noida (Gautam Budh Nagar), and the land
has already been identified by Yamuna Expressway Industrial
Development Authority. The film city will comprise all mod-
ern and world class civil, public and technological facilities
Lack of uniform ICT solutions a risk for smart cities: Trai
to attract filmmakers, investors and producers. BS REPORTER MEGHA MANCHANDA opers that lack of planning can ICT infrastructure’. The regu- people and provide a clean and
New Delhi, 22 September pose challenges in the future.
If we want integrate smart
lator said non-standardised
proprietary devices and solu-
sustainable environment by
establishing a common core
Trai chief calls for creating shareable
telecom infra in buildings
India’s GDP to
The Telecom Regulatory cities in the future, we have to tions had come up in the infrastructure and deploying
Authority of India (Trai), in a take a standardised absence of regulation. “In ‘smart solutions’ using digital
white paper issued on Tuesday, approach for technol- order to manage the ever- infrastructure.” Making provisions for telecom
said there was a need to have a ogy,” Trai Secretary increasing population in It is essential to develop a comes as an afterthought post

contract 5.9%: standardised information and

communications technology
(ICT) solutions for smart cities.
S K Gupta told
Business Standard.
“Such proprietary
the cities, it is important
that infrastructure in
cities are upgraded and
standardised digital infrastruc-
ture with secure, reliable con-
nectivity between offices to
construction of buildings — unlike
power, water and other utilities —
leading to connectivity issues and

UN trade body
The regulator is of the view or non-standardised managed by using ICT to improve government’s effi- RWAs must allow all players to
that lack of uniform solution solutions have been make them sustainable in ciency and citizens’ access to create shareable infrastructure for
can lead to proprietary issues created in silos and the long run. That is the services digitally, it said. easy plug and play, a top Trai
and prevent integration for a pose problems of inter- context of this white The standard reference official said on Tuesday.
INDIVJAL DHASMANA
New Delhi, 22 September TRACKING THE seamless digital revolution in
the urban infrastructure.
operability and pre-
vent sharing of data amongst
paper,” Trai Chairman R
S Sharma said.
architecture for smart infras-
tructure shall lead to savings
Telecom Regulatory Authority of
India (Trai) Chairman R S Sharma

The United Nations

GROWTH STORY “Through our white paper,
we are trying to caution the
divergent applications,” Trai
said in a white paper on ‘smart
The regulator observed:
“The objective of smart city is
and optimisation of capex and
opex of the “Smart, Sustainable
said that contrary to general perception that availability of
mobile towers will solve all problems, in-building connectivity
Conference on Trade and GDP growth (% YoY) urban infrastructure devel- cities in India: framework for to enhance quality of life of and Secure Cities”. still remains a challenge. PTI
Development (UNCTAD) has
projected India’s economy to
contract 5.9 per cent in 2020,
and warned the country to not
repeat its past mistake of
announcing austerity meas-
ures. It forecast the economy
Refiners may add only a fourth of targeted petrol pumps
to grow 3.9 per cent next year. SHINE JACOB & AMRITHA PILLAY demand. OMCs bore the infrastruc-
“In the case of India, the
baseline scenario is a sharp
New Delhi/Mumbai, 22 September FUELLING INDIA ture cost during the earlier rounds.
However, an investor has to bear
Fuel retail outlets in India
recession in 2020 as strict lock- Note: * forecasts; numbers are based on In November 2018, the three oil both land and infrastructure costs
down measures to stem the
virus’s spread brought many
constant dollars in 2015
Source: UNCTAD Trade and Development
marketing companies (OMCs) –
Indian Oil Corporation (IOC), HPCL IndianOil
78,493 during the current round. “OMCs
have no involvement in the outlets.
Report, 2020 Total planned
productive activities to a halt Bharat Petroleum Corporation 16,987 29,831 If an investor is putting in around
across the country,” UNCTAD (BPCL) and Hindustan Petroleum
new outlets ~2 crore per outlet, there is no guar-
said in its report for 2020, titled the GDP of Argentina and Corporation (HPCL) – had come in Novemeber antee of sales. With more outlets
Total* 2018
From Global Pandemic To Mexico is pegged to fall in dou- out with an advertisement floating coming up, the average sales per
Prosperity for All: Avoiding ble digits this year. However, tenders for 78,493 petrol pumps 63,632 outlet is also set to come down from
Another Lost Decade.
It said, “Although we
UNCTAD expected India to
witness the steepest contrac-
across the country.
This move, which came just
19,000 around 170 kilo litre a month to
around 120 kl, which will be unvi-
Total number
expect a rebound in 2021 in tion in Asia in 2020. before the polls, was pitched as a BPCL of outlets that able,” he added.
line with the growth rates of It warned against expendi- step to create over one million jobs. 16,814 A CRISIL Research report high-
may finally be
the Indian economy in recent ture compressing measures However, according to executives, lighted that the increase in demand
commissioned
years, the contraction regis- which countries such as India, the number of new pumps to be *The total exludes 7,414 private players Source: PPAC
for auto fuels in India is expected to
tered in 2020 is likely to trans- Mexico, Brazil, Argentina and added would be significantly less. be at a moderate 5 per cent per
late into a permanent income South Africa have imple- IOC, however, has indicated that annum up to fiscal year 2023. Up to
loss.” However, these numbers mented in the past. “Among the three companies would be allot- of the sites on offer and the three expansion plans. it was finalised prior to the election fiscal year 2030, it is projected to
are based on constant dollars G20 countries, Argentina, ting only around 19,000 or nearly 25 companies put together got over “The completion rate in the past notification. Industry experts said abate further to 3.8 per cent.
with 2015 as base year and Brazil, India, Mexico and per cent of the total outlets on offer. 400,000 bids. rounds have always been 15 to 16 this naturally raises doubts on The report added that there is
hence exchange rates might South Africa have all imple- “We are coming out with outlets Of the 78,493 planned outlets, per cent. This time, it is no differ- “where the 95 per cent bids that the only room for less than half, or
have played an important role mented austerity in the past only on 25 per cent of the total areas IOC was supposed to roll out over ent. The estimate is 20,000 outlets companies had told the media and around 30,000 fuel pumps, if the
in these estimations. years but are now struggling that were on offer. During earlier 37,000 new ones under this auction, as best case and 10,000 in the worst where the 31,800 outlets that the pumps are to maintain current
India was not projected as to access reliable sources of bids, this was even less, at around while the rest was to be developed case. So far, work has happened companies wanted to start during throughput levels. The senior
the fastest-contracting econ- finance,” the report said. 15-20 per cent,” said Gurmeet by the other two OMCs. only on 5,000,” said another senior the elections had disappeared.” industry executive quoted earlier
omy as the UK, France, Italy, It said austerity always has Singh, director (marketing), IOC, The government had claimed industry executive. The lower rate can be attributed said, “Regulatory hurdles and con-
South Africa, Mexico, a contractionary effect on stating that the companies got only that the move will see an invest- The companies had even to the heavy investment needed flict over no-objection certificate
Argentina and Brazil were growth and, absent a large minimal interests from bidders. ment of around ~90,000-crore. approached the petroleum ministry and subdued demand. A petroleum (NOC) for land in family disputes
forecast to witness more enough current account sur- Ahead of the elections in The lower strike rate is not a sur- to seek exemption from the association official attributed the are some of the issues.” The execu-
shrinking growth rates in the plus, drags the private sector February 2019, IOC had told the prise to industry executives and Election Commission, so that they low interest to the need to make tive added, “The pandemic has also
current calendar year. In fact into debt. media that it got bids for 95 per cent may not disrupt any of the retail can set up 31,800 outlets, citing that heavy investment amid the low impacted construction speed.”
Business Standard N E W DELHI | W E D N E S D A Y , 23 S E P T E M B E R 2020 T
koto It Registered Office Kotak
frllkHlttBdHtVl
Mahindra Bank Limited
at Z7BKC, C 27, G Block, Bandra Kurla Complex, Bandra (Ej, llumbai -400 051
Branch Office: 7th Floor, Ambadeep Building, 14 K.G. Marg, New Den-10001 O O B H 0 P A L SAHAKARI D U G D H S A N G H M A R Y A D I T
DEMAND NOTICE /jc,/^ (AN ISO 9001 : 2000 Certified Organization)
NOTICE UNDER SECTION 13 (2) OF THE SECURTTISAT10N AND RECONSTRUCTION
OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. VT w HABIBGANJ, BHOPAL - 462024
TTie u ndersig ned, bei ng the Authorized Officer of KOTAK MAHIN D RA BAN K LIMITE D, a ban ki ng company with i n
E-mail : bsds@sancharnet.in, Phone : 0755-2478250-53, Fax 0755-2450896
the meaning of the Banking Regulation Act, 1949 having it's Registered Office at 27BKC,C 27, G Block, Bandra
Kuria Complex, Bandra (E), Mumbai - 400 051, {hereinafter referred to as "the Bank/KMBL"), appointed under Ref. No. : 82 Dated : 22.09.2020
the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, hereby

RNSIT MBA DEPARTMENT HOSTS INDIA'A FIRST EVER DRIVE- issues to you the following notice:-
The borrowers/ Co-Borrowers as well as the public in general are hereby informed that the undersigned being the S H O R T T E R M E - T E N D E R (2nd Call)
THRU FAREWELL
Authorized Officer of KMBL, the secured creditor has initiated action against the following borrower/Co-
Bomowers under the provisions of the Securitization and Reconstruction of Financial Assets and enforcement of Online Tenders are invited for supply of PACKAGING MATERIALS at Bhopal Sahakari
Security Interest Act, 2002( the SARFAESI Act.), if the following borrowers tail to repay the outstanding dues
|n order to bid adieu to its loving 2nd the country. They advised all of fhem fo indicated against their names within 60 (Sixty) days of this notice, the undersigned will exercise anyone or more Dugdh Sangh from reputed manufacturer/distributor/dealer/suppliers. The tender documents
of the power conferred on the Secured Creditor under sub section (2) of Section 13 of the SARFAESI Act.
year MBA students (2018-20 batch), RNSIT strive hard to become a role model and to Including power to take possession of the properties and sell the same. The public in general is advised not to
containing the terms and conditions can be purchased online & downloaded through following
MBA hosted Drive-Thru Farewell on take good care of their parents. They
deal with property described here below. website http://www.mptenders.gov.in from 22.09.2020 onwards. The tender will be opened
Name of the Borrowers I Detail of Secured Asset
13th September 2020. It was the first of ifs appreciated the efforts of the department to Proprietor Guarantor & Mortgagor (Immovable Property) in the office of the undersigned as mentioned in tender time schedule (key date). The detailed
kind event in India. Sri. Harikrishna Mayya, arrange such a grand event in a perfect
1. M/s Shree Ram & Sons (Borrower) Through its All that Part and Parcel of the Properties bearing;- Tender Form can be seen (only for reference) at our HO website : www.mpcdf.nic.in/
Proprietor Mr. VijayAgrawal, 38/ 4B, G-3, Friends Centre, 1. Flat No. 15, First Floor, MIG, Municipal No.
IRS Asst. Commissioner - GST and Sanjay Place, Agra- 282004 2. Mr. Vijay Agrawal www.sanchibhopal.com Any changes in tender documents will be notified on Head office
manner even amidst the pandemic. (Guarantor), Flat No, 15 & 16, First Floor, MIG, Jaipur
19/10A/15MIG, situated at Jaipura House Market
Agra- 282004 owned by Sheela Mangal, Bounded website only and not at any other sources/platforms, hence bidders are requested to visit the
Customs was the chief guest and House Market, Agra- 282004 3. Mr. Sanjay Agrawal
as below:- North: Common Stairs then Flat No. 18,
Dr M K Venkatesha, Principal, RNSIT; (Guarantor), Flat No. 15 & 16, First Floor, MIG, Jaipur
East: Flat No. 16, South: Road, West: 30'wide Road site regularly. The Chief Executive Officer Bhopal Sahakari Dugdh Sangh Maryadit has all the
Sri. K S Narayana Swamy, Senior Vice House Market Agra- 282004 4. Mr. Shri Ram Mangal
Dr U Bhojanna, HOD, MBA department, faculty (Guarantor & Mortgagor), Flat No. 15 & 16, First Floor, 2. Flat No. 16, First Floor, MIG, Municipal No. right to accept or reject any or all bids.
President - BMA and General Secretary - MIG, Jaipur House Market, Agra- 282004 5. Mrs. Sheela 19/10A/15MIG, situated at Jaipura House Market
members and the student coordinators were Mangal (Guarantor & Mortgagor) Flat No. 15 & 16, First Agra- 282004 owned by Shri Ram Mangal.
National Seed Association of India was Floor, MIG, Jaipur House Market, Agra-282004 Bounded as below:- North: Stair Case & Flat No. 17 Name of Item EMD Tender Bid Submission Technical Bid
also present to grace the event.
the Guest of Honor of the event. East: Shop No. 13 & 132, South: 40' wide road,
(Rs.) Fee Due Opening
West Flat No. 15

C a m p u s Reporter - S i n c h a n a S a n d B h a r a t h R Loan Account No., Demand Notice Date, and A m o u n t

(Rs.) Date & Time Date & Time
5006TL0100000013 & 5312462676
The course completion certificate was
Amount: Rs. 58,64,881/-
distributed to all the graduating students and Packaging Materials As per 1000/- 30.09.2020 01.10.2020
(Rupees Fifty Eight Lacs Sixty Four Thousand Eight Hundred Eighty One Only)
many were recognized with unique awards. as on 23rd August' 2020 Schedule- 03:00 PM 03:00 PM
NPA DATE: 30th J u n e ' 2 0 2 0
The mesmerizing arrangements made by the M.P. Madhyam/98544/2020 CHIEF EXECUTIVE OFFICER
Date: 23/09/2020, Place: New Delhi FOR KOTAK MAHINDRA BANK LIMBED, AUTHORISED OFFICER
department keeping all the safety measures
and SOP guidelines issued by the state was
noteworthy. Social distancing and safety
measures were maintained throughout the
event. The whole event went live on the HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT ORIX LEASING & FINANCE SERVICES INDIA LIMITED
01905-272269 Fax:- 272862 Email: ee-dhar-hp@nic.in Plot No.94, Marol Co-operative Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai-400059
department's official YouTube channel
INVITATION FOR BIDS (IFB) olx & Plot No. 71/2D , Najafgarh Road, Industrial Area, Rama Road, New Delhi-110015
The guesfs encouraged all the students to No: PW-DPD-CB-Tender/2020:11406-08 Dated: 19/09/2020 Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of
The Executive Engineer, Dharampur Division, HPPWD Dharampur , Distt: Mandi Security Interest Act, 2002
become entrepreneurs and contribute to The following borrowers and co-borrowers availed the below mentioned secured loans from ORIX Leasing & Financial Sevices
(H.P) on behalf of Governor of H.P invites the item rate bids, in electronic tendering
eradicating the unemployment problem in India Limited. The loans of the below mentioned borrowrs have been secured by the mortgage of their respective properties.
systems from the eligible class of contractors registered with HPPWD for the work As they have failed to adhere to the terms and conditions of the respective loan agreements and had become irregular, their
as detailed in the table. loans were classified as NPA as per the RBI Guidelines. Amount due by them to ORIX Leasing & Financial Services India Limited,
Name of Work Estimated Starting Date Earnest Deadline for are mentioned as per the respective notices issued more particularly described in the following table and further interest on the
for down- Money submi ssion said amounts shall also be applicable and the same will be charged as per contractual rate with effect from their respective dates
Cost
Sr Loan Type Outstanding as Details of Secured asset
(In Rs.) loading Bid ( in Rs.) of Bid. Name of Notice Date
No. Account No of Loan borrowers per 13(2) Notice
S P E A K S
Construction of 40 Mtrs 1. LN00000 SME 1.Ajeet Kashyap Rs. 16-Sept-20 All those piece and parcel of plot of land/flat
Span Bridge over 1,78,69,048/- 28/09/2020 212000/- 11/10/2020 00006081 Secured 2.Vimla 28,13,890.56/- bearing RZP -127, Shop on Stilt Floor, GF Front
& &
Gharwaswra Chaswal Loan 3.M/s Shri Gopal LHS& 3rd Floor Front LHS & RHS Flat, Raj Nagar ,
LN000000 Traders Rs. Part-II , Palam Colony, New Delhi, Being Part of
Answai Kapahi road at
0005751 61,49,810.79/- Khasra No.43/5, Situated in the Revenue Estate
RD 4/480 (SH:
Of Village Palam, Abadi known as Raj Nagar,
Construction of Sub Part-II, Palam Colony, New Delhi, along with
Structure and Super construction thereon both present and future and
Structure and both side bounded as follows, that is to say: On or towards
approaches) the East: Road 18 Ft On or towards the West :Gali
8 Ft On or towards the North: Other's Property On
The bidders are advised to note other details of tender from the department website or towards the South: Other's Property
www.hptenders.gov.in. You are hereby called upon to pay the amounts due to ORIX Leasing & Financial Services India Limited as per details shown in
Executive Engineer,Dharampur Division, the above table with contracted rate of interest thereupon from their respective dates and other costs, charges etc., within 60
HPPWD Dharampur,Distt: Mandi (H.P) days from the date of this publication, falling which the undersigned shall be constrained to initiated proceedings U/s 13(4)
andSec. 14 of the SARFAESI Act, against the mortgage properties mentioned herein above to realize the amount due to ORIX
3176/2020-2021 on behalf of Governor of H.P
Leasing & Financial Services India Limited. Further you are Prohibited U/s 13(13) of the Said Act from transferring the said
secured asset either by way of sale/lease or otherwise. Sd/-
Date:- 23.09.2020 Authorised officer
Place:- Delhi ORIX Leasing & Financial Services India Limited

E-Auction Sale Notice for Sale of Immovable Assets under the

[See proviso to rule 8 (6)] Securitisation and Reconstruction of Financial Assets and
Sale Notice for Sale of Immovable properties Enforcement of Security Interest Act, 2002 Read with Proviso to
Rule 8 (6) of the Security Interest (Enforcement) Rules, 2002.

Notice is h e r e b y g i v e n to t h e public in general a n d in particular to the B o r r o w e r (s) a n d G u a r a n t o r (s) that t h e b e l o w d e s c r i b e d i m m o v a b l e property m o r t g a g e d / c h a r g e d t o the S e c u r e d Creditor, the
nsight Out
s y m b o l i c / physical (details m e n t i o n e d a s b e l o w ) p o s s e s s i o n o f w h i c h h a s b e e n t a k e n b y t h e A u t h o r i s e d Officer of U n i o n B a n k o f India S e c u r e d Creditor, will be sold o n " A s is w h e r e is", " A s is w h a t
To book: your copy, call 022 4027 5132 or SMS reachbs to 5757S or email us at orderObsmall.ln is", a n d " W h a t e v e r t h e r e is" o n 1 5 . 1 0 . 2 0 2 0 (assets w i s e d a t e a n d t i m e m e n t i o n e d below) for recovery of a m o u n t , a s m e n t i o n e d b e l o w d u e to t h e U n i o n B a n k o f India S e c u r e d Creditor f r o m b e l o w
K M o*ino'a r-a osindi* www.buslness-standard.com Named borrower(s), m o r t g a g o r s ) and Guarantor (s).
SCHEDULE OF THE SECURED ASSETS
Earnest Money Deposit Last Date Details of account in which Date and Time of Incremental BID
of Deposit EMD is to be deposited throughInspection of Property Amount (In Rs.)
Name of Borrower/ Outstanding Description of Property/ies along with
IDFC FIRST Bank Limited IDFC FIRST Guarantor & Branch Amount name of Mortgagor (Owner of the property)
(EMD) Amount
Reserve Price of Bids RTGS/NEFT & IFSC Code
Name of the Contact
Branch Meneger/
(erstwhile Capital First Limited and amalgamated with IDFC Bank Limited) • Status of Possession Date and Time of Auction Authorized Officcr
Bank
CIN : L65110TN2014PLC097792 Inspection Date
Borrower: M/s Raj Enterprises (Prop Rs. Residential Flat No. FF-1, First Floor (Without roof right), Flat (EMD) Amount 14.10.2020 Union Bank of India Rs. 10,000/-
Registered Office: KRM Towers, 8" Floor, Harrington Road, Chetpet, Chennai - 600031. -rietor Mr. Raj Kumar Denanath Verma, 25,26,394.47/- on plot no 532, Sector 3, Residential Colony, Vasundhra Colony, Rs. 3,17,500.00 up to Branch (E- AB), Begum 01.10.2020 up
Tel: +91 44 4564 40001 Fax: +91 44 4564 4022 Name of the Contact
Plot no. 281, 16A Industrial Area Site - + Interest and I.E Sahibabad, Ghaziabad, Tehsil & Dist. Ghaziabad 201012 4.00 PM. bridge Road, Meerut to 11.00 A M to Branch Manager
IV, Ground Floor, Sahibabad Ghaziabac Other Charges belonging to Mr. Raj Kumar Dina Nath Verma S/o Mr. Dina Nath Reserve Price
A P P E N D I X IV [Rule 8(1)] Account No.: 02:00PM

POSSESSION NOTICE (For immovable property)

UP 201010. Verma (Owner of the Property), and bounded by East: Plot No- Rs. 31,75,000.00
2. Mr. Raj Kumar Denanath Verma S/o-Denanath Verma, 531, West: Pot No-533, North:Plot No-527 and South: Road 9
085511100003633
IFSC Code:
0 HEMES Mr. S l k a n d a r K u m a r
P h . No. 7 8 8 8 3 3 1 5 S 0
15.10.2020upto
Whereas the undersigned being the authorized officer of IDFC First Bank Limited (erstwhile Capital First Limited and amalgamated Flat- No- 532, Sector-3,Vasundhra ,I.E Sahibabd, Ghaz Mtr wide. Status of Possession ANDB0000855 11.00 AM to
with IDFC Bank Limited) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, -iabad, Uttar Pradesh- 201010 Co- Obligent; Mrs. Gudiya Symbolic e-mail:bm0855@ 12:00PM
2002, and in exercise of powers conferred under Section 13(12) of the said Act read with [rule 3] of the Security Interest (Enforcement) Verma w/o-Mr. Raj Kumar Denanath Verma, C-105, D. L. F Colony, Brahampur, Ghaziabad, Uttar Pradesh- 201010 andhrabank.co.in Encumbrances Known to the secured
BRANCH- (E-AB) BEGUM BRIDGE ROAD, MEERUT Creditor: Not known to the Bank
Rules, 2002 issued a demand notices calling upon the Borrower/ Co-borrowers and Guarantors to repay the amount mentioned in the
demand notice appended below within 60 days from the date of receipt of the said notice together with further interest and other charges Borrower: M/s Bahurani Saaris (Throu Rs. Residential flat belonging to Mrs. Rachna Yadav (Owner of the (EMD) Amount 14.10.2020 Union Bank of India Inspection Date I Rs. 10,000/-
from the date of demand notice till payment/realization. -gh Proprietor Mrs Rachna Yadav), B- 61 24,61,655.76/- Property), situated At Flat No. 1204 A (Thirteen Floor), Block up to Branch (E- AB), Begum 01.10.2020 up
Shop No- 3, Shalimar Garden, Ext. II, + Interest and Tower No. A 1, Bharat City, Phase- I, Vill: Nistauli, Teh: Loni, Rs. 2,40,000.00 4.00 PM. bridge Road, Meerut to 11.00 A M to Name of the Contact
The Borrower/ Co-Borrowers/ Guarantors having failed to repay the amount, notice is hereby given to the Borrower/ Co-Borrowers/ Sahibabad, Ghaziabad, Uttar Pradesh. Other Charges District Ghaziabad (Having Super Area 965 Sq. Ft & Cov Area Branch Manager
Reserve Price Account No.: 02:00PM
Guarantors and public in general that the undersigned has taken possession of the property described herein below in exercise of Mrs. Rachna Yadav W/o Mr. Neeraj 772 Sq ft) bounded by
Rs. 24,00,000.00 085511100003633 Mr. Slkandar Kumar
powers conferred on him/her under sub-section (4) of Section 13 of the Act read with rule 8 of the Security Interest (Enforcement) Rules, Yadav, Flat No. 1204 A (Thirteen Floor), . R m i i H T H . B B Ph. No. 7888331560
IFSC Code:
2002 on this notice. Block Tower No. A1, Bharat City, Phase Status of Possasslon 15.10.2020upto
ANDB0000855
I, Vill: Nistauli, Teh: Loni, District 11.00 AM to
Borrower/s/ | Demand Notice | Date and Physical e-mail:bm0855@
Description of The Ghaziabad. Co-Obligant: Mr. Neeraj 12:00PM
Loan Type of andhrabank.co.in
Co-borrower/s 81 Outstanding Yadav S/o Mr. Bhola Prasad, Flat No.
Ale. No. Mortgaged Properties Date Possession 1204 A (Thirteen Floor), Block Tower No. A t , Bharat City, Phase I, Vill: Nistauli, Teh: Loni, District
Guarantors Name Amount (Rs.)
Taken Ghaziabad. Mortgagor: Mrs. Rachna Yadav W/o Mr. Neeraj Yadav, Flat No. 1204 A (Thirteen Floor), Block Tower No. A t ,
16656406 1. Mr.Vikas Murii All the piece and parcel of the property consisting of 02-01-2020 Rs. 17-09-2020 Bharat City, Phase I, Vill: Nistauli, Teh: Loni, District Ghaziabad. Encumbrances Known to the secured
2. Mrs.Geeta Rani Plot No-61, area admeasuring 80 sq.yards i.e 66.88 Sq. 12,88,824.17/- Symbolic BRANCH- (E-AB) BEGUM BRIDGE ROAD, MEERUT Creditor: Not known to the Bank
Meter, Khasra no-21 A, Village-Atavr, Pargana Jalalabad, Possession Borrower: Mr. Kashyap Srivastava Rs. Covered Space (only Basement) Situated at Freehold Plot No- (EMD) Amount 14.10.2020 Union Bank of India Inspection Date Rs. 10,000/-
Tehsil & District-Ghaziabad, Uttar Pradesh-201206 S/o Mr. Purshotam Lai Srivastava, Flat 50,25,255.00/- 15, Gyan Khand- II /15, Indira Puram, Ghaziabad, UP area up to Branch (E- AB), Begum 01.10.2020 up I
No. BG-4, 11/2, Amarpali Apartment, + Interest and 430.56 Sq ft & Bounded By East Plot No-16, West Plot No-14, Rs. 4,65,200.00
4.00 PM. bridge Road, Meerut to 11.00 A M to Name of the Contect
26691835 1. Shahajad Khan All the piece and parcel of the property consisting of 09-12-2019 Rs. 17-09-2020 Sector - 3, Vaishali, Ghaziabad, Uttar Other Charges North Road 60 Feet Wide, South Plot No-35 Branch Manager
Reserve Price Account No.: 02:00PM
2. Dilashad Plot No.105/2, Khasra No.647, Pal Vihar Colony, Dharoti 12,76,600.11/- Symbolic Pradesh - 201010. Co-Obligant: Mrs. Residential Flat No-S-2 , II nd Floor, MIG (Front Side) With 085511100003633 Mr. Sikandar Kumar
3. Shamshad Pargana Loni, Ghaziabad- U.P-201102 Possession Rashmi Srivastava W/o Mr. Kashyap Roof Rights, Covered Area of 60sq. Mtrs at Freehold Plot No- Rs.
IFSC Code: 15.10.2020upto Ph. No. 7888331560
4. Sain Begam Srivastava, Flat No. BG-4, 11/2, Ama 33, Shakti Khand Ml/33,Indirapuram,Ghaziabad, area 645.84 46,52,000.00
ANDB0000855 11.00 AM to
-rpali Apartment, Sector - 3, Vaishali, sq ft. and bounded By East: Plot No-34, West: Plot No-32,
17469123 1. Manoj Kumar All the piece and parcel of the property consisting of 06-02-2020 Rs. 18-09-2020 e-mail:bm0855@ 12:00PM
& Ghaziabad, Uttar Pradesh - 201010 North: 150feet, Wide: Road, South: Plot No-66 Status of Possassion
2. Indresh Plot of Land measuring 205 sq.yds., Falling in Khasra 25,40,586.78/- Symbolic andhrabank.co.in
BRANCH- (ErAB) BEGUM BRIDGE Encumbrances Known to the secured
17523500 Jayprakash No.1188/1 situated at Village -Saddik Nagar, Pargna- Possession ROAD, MEERUT Physical Creditor: Not known to the Bank
Loni, Tehsil and District, Ghaziabad, Indresh.
Borrower: (1) M/S Faujilndustries R s . Residential building situated at house no.9/36 (Three floor) (EMD) Amount 14.10.2020 Union Bank of India Inspection Date Rs. 10,000/-
16088585 1. Mr. Arun All the piece and parcel of the property consisting of 25-02-2020 Rs. 18-09-2020 (Through Prop:Mr Ram Avtar Singh 51,20,106.50/- Rachnavaishali,Judge Colony, Near CNG Pump ,Sector-9, up to Branch (E-AB), Begum 01.10.2020 up I
Rs.
Chaudhary Plot No-64, area admeasuring 100 sq.yds, out of Khasra 25,89,951.78/- Symbolic Chauhan,48/37,Gali No-8,Nai Basti + Interest and I E Sahibabad. Ghaziabad,Uttar Pradesh- 201010, adme 4.00 PM. bridge Road, Meerut to 11.00 A M to Name of the Contact
17,50,000.00
2. Mrs.Prema Devi No.768, Khasra No.768 Vasant Kunj, New Friends Possession AnandParbhat.New Delhi-110005. Other Charges -asuring 211.71 Sq. mtr and bounded by East: Park, Account No.: 02:00PM Branch Manager
Colony Vill-Dhargal Par Jalalabad The & Distt 2. Prop: RamAvtar Singh Chauhan West: Flat no. 9/22, North: Flat no.9/35 & rasta, South: 085511100003633 Mr. S i k a n d a r K u m a r
Open Plot & others house. Rs.
Ghaziabad, Uttar Pradesh-201206. Bounded-North-Plot S/o-Makhan Singh,48/37,Gali No- IFSC Code: Ph. No. 7 8 8 8 3 3 1 5 6 0
1,75,00,000.00
No.65, South-Plot no.63, East-Property of Satish and 8, Nai Basti, AnandParbhat, New ANDB0000855 15.10.2020upto
Rajendra Adi, West-Way 22 ft. wide. Delhi-110005. e-mall:bm0855@ 11.00 AM to
Guarantor: SmtKanti Devi W/o- Status of Possession andhrabank.co.ln 12:00PM
26692504 1. Dinesh Kumar All the piece and parcel of the property consisting of 09-12-2019 Rs. 17-09-2020
Mr. Ram Avtar Singh Chauhan, Physical
2. Shyam Lai Flat No.C=G-1, Ground Floor Fran Side, Plot no. B-12/11, 19,82,231.84/- Symbolic
house no. 9/36 (Three floor) Rachna Vaishali, Judge Colony, Near CNG Pump, Sector- 9,I.E Sahibabad. Encumbrances Known to the secured
3. Rup Wati DLF Ankur Vihar, Village-Sadullabad Loni, Ghaziabad, Possession Ghaziabad, Uttar Pradesh-201010. BRANCH- (E-AB) BEGUM BRIDGE ROAD, MEERUT Creditor: Not known to the Bank
U.P-201102
Borrower: M/s. Goyal Traders, Rs. Property No. 1 Industrial Land & Building situated on Property No. 1 14.10.2021 Inspection Date Rs. 10,000/-
14499107 1. Mr. Uma Shankar All the piece and parcel of the property consisting of 03-01-2020 Rs. 18-09-2020 4,63,75,456.45
Part of Khasra 8 Mi Village Datawali Gesupur, Pargana, up to 06.10.2020 up to
Proprietor-Mrs. Swati Goyal (EMD) Amount
Sharma Property No. 61-B, measuring 52 sq. yds., out of Khasra 20,68,342.97/- Symbolic + Interest a n d
Tehsil & Distt. Meerut measuring area 205.00 Sq. Mts 4.00 PM. 11.00 AM to
169, Parvesh Vihar Colony, K Rs. 2,55,000.00
2. Mr. Ram Bharose No. 302, situated in the area of village Khora, now known Possession Other 02:00PM
Block Shastri Nagar Meerut 250004 in the name o f Mr. Ambuj Goyal. Boundaries: East-
Sharma as New Ajanta Park, Pargana Loni, Tehsil Dadri, Distt. Charges Rasta 20' wide, West - Rasta 20' wide, North- Plot of Reserve Price Status of
Guarantor: Mr. Ambuj Goyal, Mr. Possession Union Bank of India Date and Time of Auction Name of the Contact
Ghaziabad, UttarPradesh -201001. Bounded: North-25' Ambuj kr Goel, South - Rasta 20' wide Rs. 25,50,000.00 Physical
Dhiraj Goyal & Mrs. Swati Goyal Shastri Nagar, Meerut Branch Manager
Wide Road, South-Plot No. 61-A, East-Portion of the 15.10.2020upto
BRANCH- SHASTRI NAGAR Property No. 2 Commercial Hall on 2nd Floor situated on East part of Property No. 2 Account No.:
above Plot, West-Plot No. 62. Mr. Binod Kumar
MEERUT Property No. 18 (old) & 58 (New), Shipra Tower, Opp. Nandan Cinema Hall 496601980050000
(EMD) Amount 12.00PM Ph. No. 7477250588
13172443 1. Sewaram All the piece and parcel of the property consisting of 25-01-2020 Rs. 18-09-2020 Gandhi Nagar, Garh Road, Meerut measuring area 35.72 Sq Mts in the name IFSC Code:
Ramphal Singh Flat No.G-1, Ground Floor Plot no.A-6/4, DLF, Ankur 1271224.40/- Symbolic of Mr. Ambuj Goyal. Boundaries: East: Property of Mr. Rajeev Sharma, Rs. 5,45,100.00 UBIN0549665
2. Sharda Vihar Loni, Ghaziabad, Uttar Pradesh-201102. Possession West: Part of Hall, North: Part of common hall Property of Mrs. Swati Goyal, Reserve Price e-mail:shastrinagarnieerut
Kunwarpal Singh South: Garh Road @unionbankofindia.com
Property No. 3 Commercial Hall on 2nd Floor situated on North part of Property No. 18 (old) & 58 (New), Shipra Rs. 54,51,000.00 Encumbrances Known to the secured
5825193 1.MrsMundir All the piece and parcel of the property consisting of 03-01-2020 Rs. 18-09-2020 Creditor: Not known to the Bank
Tower, Opp. Nandan Cinema Hall Gandhi Nagar, Garh Road, Meerut measuring area 30.50 Sq Mts in the name
Mangal Singh Properly No.* 55 & 56, area measuring 200 Sq. yds., Khasra 12,63,661.97/- Symbolic Status of Possession
of Mrs. Swati Goyal. Boundaries: East: Property of Mr. Rajeev Sharma, West: Common Stairs & Passage,
2. Mr. Rohtas Veer No.-1369 Rishi Markit Village Pargana Loni, Tehsil and Possession North: Part of Mrs. Seema Tyagi, South: Garh Road. Physical
Singh District - Ghaziabad, Uttar Pradesh - 201102. Bounded: THE PROPERTY IS IN A FORM OF SINGLE COMMERCIAL HALL HAVING 66.22 SQ. MTS
North-Other Plot Part of Property, South-Other Plot Gali Property No. 3
Property No. 4 Residential Property situated on Khasra No 265 & 265 (Mi) & 269/1 Situated at A u r a n g s -
10'Wide, East-Gall 12'Wide 20, West-Road 40'Wide Do
h a h p u r Diggi A j a n t a colony, G a r h road, Meerut measuring area 81.10 Sq Mts in the n a m e of Mr. A m b u j (EMD) Amount Rs. 4,10,000.00
13703398 1. Mr. Radheshyam All the piece and parcel of the property consisting of 01-01-2020 Rs. 18-09-2020 Goyal. Boundaries:East -Rasta 22", West: House of Mr. Virendra Kumar, North: Property of other person, Reserve Price Rs. 41,00,000.00
Gupta Plot measuring 50 sq. yrds., comprised in Khasra No. 5,63,637.50/- Symbolic South: H o u s e of Mr. Nandu Status of Possession Physical
2. Mrs.Kamlesh 16/2, situated in; the area of village Khoda, Pargana Loni, Possession Property No. 4
Property No. 5 Residential Plot situated on Part of Khasra No. 303, Khata No 175, Village Palwada,
Gupta Tehsil & Distt. Ghaziabad, Uttar Pradesh - 201309. (EMD) Amount Rs. 3,71,200.00
P a r g a n a Pooth G a r h Mukhteshwar, Distt Hapur. U.P. m e a s u r i n g area 2062. 00 Sq Mts in the name of
Bounded:- North Rasta 20 ft. wide, South-Plot of other,
Mr. Ambuj Goyal. Boundaries: East: L a n d of Purchaser, West: Land of Purchaser, North: Naali thereafter, Reserve Price Rs. 37,12,000.00
East-Plot of other, West-Plotofother.
Agriculture land of Mr. Kanchid, South: Salarpur P a l w a d a R o a d Status of Possession Physical
17808980 1. Mr.Fehaduddin All the piece and parcel of the property consisting of 04-02-2020 Rs. 17-09-2020
B o r r o w e r : M/s H.F. A n d S o n s Rs. Residential Property 1009/37 Makki Nagar, n e a r K a n (EMD) Amount 14.10.2021 Union Bank of India
Shahzauddin Plot No.B-62, area measuring 66.88 sq.Meters, Flat No. 14,14,463.56/- Symbolic
Partner- M r Riyaz A h m a d , Mohd 45,78,865.46 - o n g o Wali Masjid Khalapar, M u z a f f a r n a g a r U . P m e a Rs. up to Muzaffarnagar Main
2. Mrs.Gulshan SF-2 SF (Real side / Eastern portion with Roof Rights Possession
Shahid + Interest a n d -suring a r e a 2 2 8 . 8 5 S q Mt. in the n a m e of Mr. Riyaz 8,85,100.00 4.00 PM. Account No.:
Israrahmad Blocks-B, Khasra No.1310, Hayat Enclave Vill - Loni Paigana 306301980050000
Guarantor: Mr. Riyaz A h m a d , Other A h m a d S / o Fazal A h m a d & M o h d W a z i d S / o Fazal
& Tehsil Loni District - Ghaziabad, Uttar Pradesh - Reserve Price IFSC Code:
Mohd Shahid, Mohd Wazid & Mrs. Charges A h m a d . B o u n d a r i e s East: Rasta 20', W e s t : Prop. O f
201102. Bounded- North-Plot No.B 63, South-Plot No- Rs. 88,51,000.00 UBIN053638 Encumbrances
S h a b a n a Parveen A s a d u j j a m a Hal Dairy, North: Prop o f Noorujjama, 15.10.2020upto
Plot No. B 61, East-Plot No.B-67, West-Rasta 9 ft. Wide. e-fnall:muz&ffamagarmaln Known to the secured
BRANCH- MUZAFFARNAGAR MAIN S o u t h : P r o p of S h a h b a n u j j a m a hal Dr. harun Status of Possession 11.00 AM to Creditor Not known
@unlonbankoflndla.com
12706879 1. Raj Singh All that piece and parcel of the property consisting of 24-02-2020 Rs. 17-09-2020 Symbolic 12:00PM to the Bank
2. Anju Prakash Plot No.111/859, Area Measuring 31.94 Sq.Mtrs., 15,99,077.85/- Symbolic B o r r o w e r : Mr. B o b b y Siddiqui & Residential property a t 4 2 K h a d d a r w a l a , B e h i n d (EMD) Amount 14.10.2020 Union Bank of India Inspection Date
Rs. Rs. 5,000/- ~ |
Singh Sector - 3, Second Floor, Vaishali, Ghaziabad, U.P. Possession Mrs. K h u s h n u m a P r a v e e n F a k k a r S h a h M a s z i d , M u z a f f a r n a g a r U.P. A r e a 7 8 . 1 6 Rs. 2,11,600.00 up to Muzaffarnagar Main 01.10.2020 up to Name of the Contact
16,84,456.51
201010. North-As 6 M Wide Road, South-As plot No.794, sq.mtr in the n a m e of Shri Bobby Siddiqui S/o M o h d 4.00 PM. Account No.: 11.00 AM to Branch Manager
BRANCH- MUZAFFARNAGAR MAIN + Interest a n d Reserve Price
East-As Plot No.858, West-As Plot No.860 Y a m e e n Siddiqui Boundaries (as per sale d e e d ) East: 306301980050000 02:00PM | Mr. Sandeep Gupta
Other
12212055 1.AKMaurya All that piece and parcel of the property consisting of 10-02-2020 Rs. 17-09-2020 Charges H o u s e of Mr. R a m Singh, W e s t : Rasta 0 5 . 0 0 ft w i d e ,
Rs.
21,16,000.00
IFSC Code: I'i'.Ii ./f.'/ll'-,'. Ph. No. 7055650017
UBIN053638 Encumbrances
2. Sadhana G.F. Property No.5/500, Sector-5, Vaishali, Distt. Ghaziabad, 30,72,488.54/- Symbolic North: House of Mr. Khajan Singh, South: Rasta 19.00
e-mail:muzafTamagarmain Known to the secured
Ramdulare Maurya Uttar Pradesh-201002, Admeasuring 79.43 Sq.mt. Possession ft w i d e Creditor: Not known
@unionbankofindia.com
to the Bank
The Borrower/ Co-borrowers/ Guarantors in particular and the public in general is hereby cautioned not to deal with the property and any
dealings with the property will be subject to the charge of IDFC First Bank Limited (erstwhile Capital First Limited and amalgamated
For detailed terms and conditions of the sale, please refer to the link provided in Union Bank of India Secured Creditor's website i.e. www.unionbankofindia.co.in & service
with IDFC Bank Limited) for an amount mentioned in the demand notice togetherwith further interest and other charges from the date of Provider's website https://ubi.auctiontiger.net
demand notice till payment/realization. S T A T U T O R Y 3 0 / 1 5 D A Y S S A L E N O T I C E U N D E R R U L E 8 ( 6 ) / R u l e 9(1) O F S T A T U T O R Y I N T E R E S T ( E N F O R C E M E N T ) R U L E S 2 0 0 2
Sd/-
Authorised Officer This may also be treated as notice u/r 8(6)/Rule 9(1) of Security Interest (Enforcement) Rules, 2002 to the borrower/s and guarantor/s of the said loan about the holding of
Date: 17 & 18-09-2020 IDFC First Bank Limited
E-Auction Sale on the above mentioned date.
Place: Ghaziabad (erstwhile Capital First Limited and amalgamated with IDFC Bank Limited) Date: 22.09.2020 PLACE : GHAZIABAD, MEERUT, M U Z A F F A R N A G A R Authorised Officer, Union Bank of India

•• •• •• •• •• •• •• ••
8 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 23 SEPTEMBER 2020

India, China agree to stop Punjab, Haryana cut market

deploying more troops fee for basmati and cotton
Madhya Pradesh to give PM-KISAN beneficiaries additional ~4,000 per year
AJAI SHUKLA SANJEEB MUKHERJEE Haryana
22 September
China has doubled heliports & air New Delhi, 22 September Haryana, too, announced a reduction of mar-
ket fees and rural development fee on cotton
India projected to
harvest bumper
L
ate on Tuesday evening, a full day Days after the Centre passed three farm Bills and barik dhan (a paddy variety) from 2 per
after the conclusion of the
6th round of talks between Indian
bases at LAC since Doklam: Report in Parliament, enraging some farmer organ-
isations, major grain producing states react-
cent to 0.5 per cent.
Chief Minister Manohar Lal Khattar said crop in 2020-21
and Chinese military commanders, the China has started construction of at to have shifted China's strategic ed to the changed scenario. it was also decided after a meeting with the India’s kharif foodgrains
two sides issued a joint statement that least 13 entirely new military posi- objectives, with China more than On Tuesday, Punjab lowered the market association of commission agents that the production is expected to be in
agreed to “earnestly implement the tions including three air bases, five doubling its total number of air bases, fee and rural development fee for basmati state will clear labour dues to commission excess of 144 million tonnes (mt)
important consensus reached by the permanent air defence positions and air defense positions, and heliports traders and millers from 2 per cent to 1 per agents within 15 days of closure of procure- in the 2020-21 crop season that
leaders of the two countries, strengthen five heliports near the Line of Actual near the Indian border over the past cent to provide a level playing field in com- ment or else pay a 12 per cent annual inter- started from July, which could
communication on the ground, avoid Control(LAC) in the aftermath of the three years," it said. parison to neighbouring Haryana. est on the dues. pull down prices in the absence
misunderstandings, stop sending more Doklam standoff in 2017, according to The report authored by security “Chief Minister (Capt Amarinder Singh) Commission agents in the state have been of adequate demand.
troops to the frontline, refrain from uni- a report by global security consultan- expert Sim Tack and released on announces reduction in market and rural on strike over the past few days, demanding According to the first
laterally changing the situation on the cy Stratfor. Tuesday said China's construction development fee for Basmati. Move to pro- a reduction in market fees. Farmers in Punjab advanced estimate of farm
ground and avoid taking any action that The report also said construction drive projects a future military capa- vide level playing field for Punjab Basmati and Haryana have been at the forefront of production released on Tuesday
might complicate the situation”. on four of those new heliports started bility that will see long-term regional Traders and millers with other states in light agitation against the three Acts that allow by the agriculture ministry,
  Notably, the statement made no only after the current border standoff tensions with India sustained beyond of farm Bills,” the Punjab CM’s office tweeted. outside mandi transactions, provide a frame- foodgrains production in 2020-21
mention of any of India’s core concerns: erupted in eastern Ladakh in early the two countries' recent standoffs. Punjab also allowed the premises of rice work for contract farming, and amend the is projected to be a record 144.52
a troop pull-back by China and a rever- May. “The 2017 Doklam crisis appears PTI millers to be considered mandi yards along Essential Commodities Act by delisting some million tonnes, which is 0.80 per
sion to the status quo ante of April. with host of other changes to the custom fruits and vegetables. On Monday, the Centre cent more than the production
Senior government sources say during milling policy, which it said was meant to marginally hiked the MSP of wheat by 2.6 per in 2019-20. In foodgrains, rice
Monday’s talks, China’s People’s from their advantageous positions, In the north, in the Depsang area, ensure seamless procurement of paddy that cent, the lowest in 10 years. production is estimated to be
Liberation Army (PLA) hardened its pointing out that these heights were all Indian planners say there are about will start in the next few weeks. 102.36 mt, which is 0.37 per cent
stance, conveying to the Indian Army that on territory that India had traditionally 5,000 soldiers on the Indian side of the Though basmati is not among the crops Madhya Pradesh more than 2019-20.
it must vacate 5-6 tactically dominating controlled and patrolled. LAC, backed by another 5,000 on the that are procured under the minimum sup- Madhya Pradesh Chief Minister Shivraj Singh The production of pulses is
heights it occupied south of the Pangong The Indian delegation, which also Chinese side, equipped with tanks and port price (MSP) system, basmati exporters Chouhan announced that all the existing expected to be 9.31 mt, which is
Tso lake. Only after that would the PLA included the Ministry of External Affairs’ air defence guns. Over time, the PLA has were reported to be on the warpath farmer-beneficiaries of Prime Minister Kisan almost 21 per cent more than
consider any further withdrawal from official in charge of the China desk, built roads and tracks to supply the demanding lower taxes to remain compet- Samman Nidhi will get an additional cash 2019-20.
areas that the Chinese have occupied. demanded the PLA withdraw from points troops that have crossed the LAC. itive with their counterparts in Haryana transfer of ~4,000 in their bank accounts in The output of oilseed is
On August 30, after the PLA began of intrusion such as Pangong Tso, Gogra- To the south of Depsang, the PLA has and Uttar Pradesh. two equal installments in a financial year. expected to be 25.72 mt, which is
expanding its territorial hold south of Hot Springs and the approaches to pulled out of the Galwan River valley but However, basmati prices in some parts of This, according to local reports, will be in 15.28 per cent more than the
the Pangong Tso, the Indian Army occu- Chushul. It is unclear whether the Indian remains poised on the LAC with an esti- the state were trading at ~500-600 per quintal addition to the ~6,000 per year installment 2019-20. SANJEEB MUKHERJEE
pied “blocking positions” on the Kailash side has also demanded a Chinese with- mated 8,000-9,000 soldiers along India’s less than last year’s price of ~2,400 a quintal. under the PM-KISAN scheme.
Range on August 30, in its first offensive drawal from Depsang, where PLA troops Patrolling Point (PP) 14, PP 15, PP-17 and
action since the PLA trespassed across have penetrated about 15 kilometres into PP-17A (Gogra Post).  Another 2,000-
the Line of Actual Control (LAC) in May. India — the deepest point of intrusion. 3,000 Chinese soldiers are deployed
These mountaintops are strung out,
north-to-south, on the Kailash Range.
They include the tactically vital Point
Given this disagreement, the PLA del-
egation led by the South Xinjiang Military
District chief, Major General Liu Lin,
from PP-18 to PP-23 in the Ane Le area.
South of Ane La, on the north bank of
Pangong Tso, where the PLA has pushed
Lok Sabha passes Bills on labour codes
5167, Bump, Magar Hill, Rezang La, declined to discuss any pullback by the LAC westwards by about 8 km, Indian
Reching La and Mukhpari. Chinese troops. officials estimate there are about 2,500 PRESS TRUST OF INDIA said people who have walked
By occupying these features, the With that, there remains little to show Chinese soldiers on the north bank and New Delhi, 21 September out from the House did noth-
RS CLEARS 7 KEY BILLS IN 3.5 HOURS
Indian Army can observe Chinese activi- for the apparent consensus between the another 10,000 on the south bank, facing ing for workers when they | The Rajya Sabha passed a which removes penalty for
ties across Pangong Lake, in the Spanggur two foreign ministers — S Jaishankar off against Indian soldiers on the Ladakh The Lok Sabha on Tuesday were in power. Bill to remove cereals, certain offences
Gap and on PLA-held features such as and Wang Yi — who met in Moscow on Range. Finally, there is a major build up passed three labour codes The objective of these laws pulses, oilseeds, edible
Helmet and Black Top. Indian control of September 19. In a five-point joint state- of about 250 tanks and other armoured amid boycott of the House are to provide all kinds of | The House passed the
oils, onion, and potatoes Taxation and Other Laws
these heights makes it difficult for the ment they agreed “the current situation vehicles in the Spanggur Lake area. proceedings by several facilities and healthy environ- from the list of essential
PLA to consider any westward advance in the border areas is not in the interests In a worrying development for the Opposition parties, including ment to workers, Gangwar (Relaxation and Amen-
commodities. Essential dment of Certain Provi-
into the India-held Chushul Bowl. of either side… (and) that the border Indian Air Force (IAF), Indian planners the Congress, in said, adding that in
Commodities (Amend- sions) Bill, 2020, to relax
Indian military officers in Monday’s troops of both sides should continue are evaluating the veracity of reports that protest against the OPPN PARTIES the last six years,
ment) Bill was approved by time limit on compliance
talks, including the outgoing com- their dialogue, quickly disengage, main- the PLA has already deployed a regiment suspension of eight BOYCOTT the government
mander of the Leh corps, Lieutenant tain proper distance and ease tensions.” of state-of-the-art S-400 air defence mis- Rajya Sabha mem- PARLIAMENT, has taken several
the Lok Sabha on Sept 15 with tax laws
General Harinder Singh, and his des- Instead of disengagement, the two siles opposite the Chumar area; and bers. LIST 3 steps for employ- | The Upper House cleared | The National Forensic
ignated successor, Lieutenant General sides have deployed an estimated 35,000 another regiment is being moved into Labour Minister changes to the Bank
DEMANDS P15 > ees such as Sciences University Bill,
PGK Menon, flatly refused to withdraw to 40,000 soldiers each along the LAC.  the Depsang sector. Santosh Gangwar increase in mater- Regulation Act to bring 2020, and the Rashtriya
said the House was nity leave period to cooperative banks under Rakash University Bill were
witnessing a historic day as 26 weeks, allowing women to the supervision of the RBI passed in quick succession
these codes would provide work in mines sector and in a bid to protect the
salary security, social security pension scheme for small interest of depositors | It passed a Bill to declare
and proper environment at traders. “With these steps, we five newly established
workplaces to 500 million had started work for labour
| It cleared the Companies IIITs as institutions of
workers of the country. He reforms,” he said.
(Amendment) Bill, 2020, national importance

Banks may recast ~2-trn RBI names new

administrator
loans, says SBI chairman for PMC Bank;
no plan yet
ABHIJIT LELE
Mumbai, 22 September PSB to levy 1% more on working for resolution
Banks are expected to restruc- capital under debt restructuring SUBRATA PANDA
ture loans worth ~2 trillion, State Bank of India the bank has to Mumbai, 21 September
State Bank of India (SBI) will charge 1 per make for
Chairman Rajnish Kumar said cent above the extending the The Reserve Bank of India
on Tuesday, as the economic current pricing on benefits under the (RBI) on Tuesday said it was
fallout from the Covid-19 pan- working capital resolution, exploring various options
demic renders many borrow- loans for limits according to SBI’s for resolution of Punjab and
ers unable to pay back loans sanctioned under frequently asked Maharashtra Cooperative
on time. the resolution questions for debt (PMC) Bank but was yet
This estimate covers cor- framework. Any recast for non- to come up with a plan for
porate; micro, small & medi- concessions personal segment. its revival.
um enterprise, and retail seg- provided during the Promoters of units or It has also appointed A K
ments. Of this, ~20,000 crore resolution period will result firm will have to bring in Das, former general manag-
of restructuring may have to in right of recompense minimum contribution er at Union Bank of India,
be done by SBI. (compensation for loss). (capital infusion) of 10- 15 the new administrator of the
India Ratings had earlier There will be a change in per cent of the additional bank, with effect from
said banks may have to pricing to offset the cost of loan facilities sanctioned September 23.
restructure loans worth ~8.4 additional provisions that under the resolution plan. The present administra-
trillion. There is not a lot of tor, J B Bhoria, stepped
demand for restructuring and down from his role due to
a quick recovery in the econo- financials and deleveraged SBI chief said a sound finan- health reasons.
my will limit the recast exer- their books. Also, companies cial system is necessary for “While the administrator
cise, the SBI chairman said. are reluctant to carry the tag revival and, hence, banks of PMC Bank and the RBI
Addressing a banking of restructuring, he said. should take steps to mitigate have been exploring various
webinar organised by the Aviation, hospitality and risks like recognising NPAs. options for resolution of the
Confederation of Indian high-street retail are some of Investments in the bank, several factors such as
Industry, Kumar said the bank the segments impacted the infrastructure sector will help huge losses incurred by the
expects a few large companies most by the pandemic. The put the economy on the bank resulting in its entire
with loans above ~1,500 crore real estate sector had already revival path. The funding net worth getting wiped out,
to apply for restructuring been struggling for four to five infrastructure pipeline (of ~110 steep erosion in deposits
their debt. years and the pandemic only trillion or $1.5 trillion) of five continue to pose serious
Many large companies added to problems, he said. years, can give boost to econ- challenges in finding a
have already cleaned up their On economic recovery, the omy in a big way, he said. workable plan for revival of
the bank," the RBI said.
Efforts are also being
made to recover money

Home, auto loan enquiries at from the bad accounts that

have turned sour, but the
pandemic has slowed the
progress and the legal com-

year-ago levels, finds CIBIL plexities are also adding on

to the problems in recovery.
“Nevertheless, in the
ABHIJIT LELE
Mumbai, 22 September
CURIOUS FOR CREDIT interest of the depositors,
the PMC bank and the
Inquiry volumes in July-August 2020, compared to... RBI are continuing to
Banks saw an uptick in home n Jul-Aug 19 n Jan-Feb20 (%) engage with the stakehold-
and auto loan enquiries dur- 112 88 84 ers to explore the possibility
ing July-August 2020, accord- 92 72 71 61 of finding a viable and work-
90
ing to CIBIL, reflecting pent- 47 40 able solution for the resolu-
up demand by households as tion of the bank,” the central
the economy starts to reopen. bank said.
Although not back to the Home Loan against Auto Personal Credit Last year on September
levels seen in January and loans property loan loan card 23, the banking regulator
February, inquiry volumes in properties, and 88 per cent for firm. PSBs saw the biggest superseded the board of
July-August were similar to auto loans. “We are seeing a rebound in inquiries, most PMC Bank, post discovering
the levels witnessed during rebound in retail credit likely because they were early fraud and financial
the corresponding period in demand. Growth in real estate in recommencing operations. irregularities in the bank, to
2019. In home loans, inquiry and auto sectors is expected to The lockdown impacted protect the interest of the
volumes were at 112 per cent remain sluggish,” CIBIL said consumers’ ability to apply for depositors and to secure
of 2019 levels, while these were in a statement. TransUnion credit as branches functioned proper management of
90 per cent for loan against CIBIL is a credit information with limited capacity. the bank.
.
NEW DELHI | WEDNESDAY, 23 SEPTEMBER 2020 TAKE TWO 9 <

Undermining an N DECODED N
KUNAL BOSE
Kolkata, 22 September

I
n the first half of calendar
2020, Indian mining The complex process of getting
opportunity
groups led by those based
in Odisha doubled iron ore
shipments to China to 20 mil-
lion tonnes over the same peri-
od last year. What explains this
approval for a vaccine
unexpected surge when the
pandemic has suppressed
RUCHIKA CHITRAVANSHI
New Delhi, 22 September
side-effects of the vaccine. A similar
process is followed for the third phase,
Stages in vaccine
global demand severely? An unexpected surge in Chinese demand has sent which is a large-scale trial spread over a development
A
“Surprisingly strong Chinese s India races towards a vaccine for longer duration and on a much higher 1. Exploratory stage:Involves research and
demand, a supply dislocation global iron ore prices to a six-and-a-half-year high Covid-19, the government has number of participants. Phase 3 is the development such as identifying antigens
in the world’s second-largest
iron ore supplier Brazil and but export restrictions prevent Indian companies assured that it will expedite regula-
tory clearances to ensure the vaccine is
most crucial as it establishes the efficacy
of the vaccine — its ability to prevent clin-
to treat the disease
2. Pre-clinical stage:Tests are conducted on
Chinese steelmakers’ informal
decision to progressively
from taking advantage REUTERS
available as soon as possible. However, all
vaccines — whether manufactured in or
ical disease — and requires a long-term
follow-up of the subject. The government
animals and cell cultures
reduce their overwhelming imported into — the country have to com- may in some cases allow the company to 3. Clinical trials stage:Can take at least
dependence on Australia are ply with the requirements and guidelines club two phases of the trial. seven to 10 years and includes three phases
aiding Indian ore exports this specified in the Drugs and Cosmetics After inspecting the findings of these a. Phase 1:Small doses are given to a small
year,” H C Daga, a former pres- Rules, 1945 and the New Drugs and three phases through extensive data, group of individuals.
ident of Federation of Indian Clinical Trials Rules, 2019. Vaccine devel- DCGI may allow a vaccine to be registered.
b. Phase 2:Vaccine is given to people who
Mineral Industries (FIMI), opment is a long process to ensure safety In many studies, vaccine developers
have characteristics (such as age and
explained. and efficacy, and involves regulatory over- also conduct a phase-four trial after the
physical health) similar to those for whom
Quoting figures from sight every step of the way. vaccine is approved and licensed.
the new vaccine is intended. It is now
China’s Customs administra-
studied for antibodies and side effects
tion, Daga said that country’s What permissions are required for the What are the requirements for the review
July iron ore imports set a development of a vaccine? of the ethics committee? c. Phase 3: A large number of people are
monthly record at 112.65 mil- A vaccine manufacturer, having conduct- This review is done by the principal inves- given the vaccine and monitored over a
lion tonnes, up 24 per cent ed pre-clinical studies on animals, has to tigator to study the duration of the trial period of time for efficacy and safety
from a year earlier. “Awaiting submit a detailed protocol to the Drug and funding details (self, institutional or 4. Regulatory review and approval
finalisation of our July exports Controller General of India (DCGI) to get other). It needs details of clinical trial sites, 5. Manufacturing
figures, I will say we once again permission for the first phase of human in India and globally, number of subjects
shipped good quantities of ore trials. This protocol includes details of the in the control group and study group 6. Quality control
to China,” he predicted. vaccine: the raw material used, proportion (study group is administered the vaccine)
The demand surge in of each component and status of the pre- and a justification for the sample size. ed reactions such as fever or sore arm) for
China has come at an oppor- clinical studies. Details of clinical test sites Details of participants, including whether at least seven days after each study vacci-
tune time for the erstwhile and of candidates for the human trial also they are receiving any incentive for the nation in an adequate number of partici-
owners of 19 iron ore mines in have to be provided such as the number of study, are taken into account. Their pants, and any unsolicited adverse events
Odisha that were auctioned people, their age group, health back- informed consent along with a risk-bene- 21-28 days after the vaccination. Any seri-
earlier this year after their leas- ground, whether they are insured against fit assessment, such as whether there is ous adverse effect has to be assessed in
es expired. They have been HARD FACTS any adverse reaction and so on. any anticipated physical, social, psycho- the participants six months after all study
allowed to take out stocks of India’s iron ore & pelletexports (in million tonnes) The vaccine candidate also has to set logical discomfort or risk to participants, is vaccination.
the mineral lying at pitheads up an ethics committee, which includes also taken into account. Covid-19 vaccine trials have to periodi-
by September-end. “Having 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 both internal and external members. cally monitor for unfavourable imbal-
lost the mines, they are in a Iron ore 4.77 6.04 24.26 15.72 6.87 36.62 This committee has to be approved by What safety protocols are put in place? ances between vaccine and control
hurry to monetise as much of Pellets 0.88 0.83 8.26 8.96 9.28 12.62 the regulator. If a company does not The vaccine-maker has to provide detailed groups, in particular for cases of moderate
the mined iron ore as possi- Source: SteelMint and FIMI have its own ethics committee, it can findings of the trial to get the permission to severe Covid-19 that may be a signal for
ble,” Daga pointed out. “borrow” one from established universi- for the next stage. The regulator inspects vaccine-associated enhanced respiratory
Odisha mines are a major up 2.8 per cent to 593.174 mil- next only to Australia and Association, said: “The mining ties or any of the institutes affiliated with these findings to ensure the drug’s safety. disease (ERD).
beneficiary of the Chinese lion tonnes, while global out- Brazil, according to FIMI ban has had a far-reaching and the Indian Council of Medical Research The Central Drugs Standard Control The vaccine study has to establish cri-
import boom, though they put was down 5.3 per cent to Secretary General R K Sharma. deeply disturbing socio-eco- (ICMR). These protocols are established Organisation (CDSCO) recently laid down teria for halting the trial in such an event.
accounted for a sliver of 1.028 billion tonnes. Trade officials, however, said nomic impact.” Besides the by the ICMR. guidelines for the coronavirus vaccine for In the late-stage development of the vac-
China’s imports of 659.6 mil- At one point, New Delhi that till such time as the 88 Goa exchequer losing around Based on the findings and safety of the safety assessments throughout its clin- cine, the CDSCO guidelines recommend
lion tonnes in the first seven embraced the concept of pre- iron ore mines that were ~7,000 crore in revenue, the clo- phase one trial, the regulator gives permis- ical development. These include solicited setting up a data safety monitoring board
months of calendar 2020 that serving natural resources for decommissioned in mid- sures impact about 100,000 sion for the second phase to study the local and systemic adverse events (expect- for vaccine-related adverse reactions.
marked an 11.8 per cent rise local value addition and put an March 2018 on a Supreme direct jobs plus 300,000 in
over the same period last year. export-smothering duty of 30 Court order return to produc- supporting services such as
“Understandably, there is per cent on all iron ore varieties. tion, India’s exports would not transportation.
some satisfaction in the indus- Since then, however, the gov- match the 2011-12 level. That Now, Goa Chief Minister
try at our first-half exports to ernment sought to correct the year, of Goa’s exports of 38 mt, Pramod Sawant has enlisted
China being only next to the 27.8 anomaly by removing the duty China alone was the destina- New Delhi’s support to explore
million tonnes clocked in the on fines and lumps with iron tion for 34 mt. Sharma ways to reopen the iron ore
corresponding period of 2012,” (fe) content of up said:“Goan ore mines. In a parallel move,
said an Odisha-based iron ore to 58 per cent but Last calendar year, with low fe con- Vedanta, which became the
producer-exporter. “But what kept it at 30 per India exported tent has practical- state’s largest miner by acquir-
we are doing now, thanks to cent on higher just 32.1 million ly no use for steel- ing Sesa Goa from Mitsui & Co
Chinese hunger for ore, stands grades of ore. That tonnes out of a makers here. of Japan and subsequently
in no comparison to our exports has not helped production of China traditional- buying the mining and mar-
of 127 million tonnes in 2011-12 much. Last calen- 231 million tonnes. ly provided a itime businesses of the Dempo
on a production of 227 million dar year, India China alone major outlet for group, has moved the
tonnes. Then, too, China was by exported just 32.1 bought 19.08 that ore.” Incid- Supreme Court to restart oper-
far the largest export destina- million tonnes out million tonnes entally, almost ations for its 10 leases. Trade
tion,” he added. of a production of the entire produc- officials said New Delhi
China accounts for 54 per 231 million tonnes. China alone tion in the country’s smallest should, meanwhile, allow duty
cent share of world steel pro- bought 19.08 million tonnes, state with reserves of around free exports of iron ore con-
duction. In the face of limited including 13.01 million tonnes 1 billion tonnes buried at its taining fe of at least up to 62
domestic iron ore supplies, of pellets, which do not invite hills was always exported. per cent to improve the com-
China needs to import over export duty. The closure of mines, which petitiveness of the Indian min-
1 billion tonnes annually, India is richly endowed in normal times accounted for eral in world markets. After all,
amounting to nearly three- with iron ore resources of 25 per cent of the Goan econo- local producers of sponge iron,
quarters of global seaborne around 32 billion tonnes (more my, and stalling tourist traffic pig iron and pellets will use
trade in the commodity. will be added to that with fur- as a result of the pandemic only high grades of ore.
Surprising the world and con- ther exploration), so it is well have wreaked havoc with the Growing Chinese demand has
firming that Beijing’s stimulus placed to meet the growing state’s finances. Ambar Timblo, sent iron ore prices to six-and-
programme is yielding results, requirements of local steel- managing director of Fomento a-half year highs. Why should-
China’s steel production in the makers while becoming an Resources and president of n’t our exporters be enabled to
first seven months of 2020 was exporter of global significance, Goa Mineral Ore Exporters cash in on this bull run?

Remittance boom is turning into

bust for emerging Asia markets
REUTERS
FASEEH MANGI & KARL LESTER M YAP
22 September

M
igrant workers from Asia’s devel-
oping countries have managed
to send home record amounts of
money in recent months, defying pan-
demic expectations and propping up
home economies at a critical time.
Remittance doomsayers see something
else in the bigger-than-usual transfers: a
coming crash, triggered by a bleak job mar-
ket, particularly in the Middle East. As
they see opportunity drying up along with
demand for oil, workers are sending mon-
ey home in advance of their own return.
The Philippines government, for exam-
ple, expects almost 300,000 overseas
Filipinos to come home this year, with
potentially severe consequences: Remitt-
ances make up about 10 per cent of the
economy and have pushed the peso to a
three-year high against the dollar. nerable to economic austerity in Saudi n’t found a new gig — and he’s not the
“People are returning home,” said Arabia and elsewhere in the Middle East. only one. “No one is getting anything,”
Thomas Isaac, the finance minister for the More than 60 per cent of remittances to said Abro. “Two to three of my friends
southern Indian state of Kerala, which India, Bangladesh and Pakistan come have already moved back to Lahore.
accounts for the country’s largest share of from Gulf Cooperation Council countries, People are selling their cars and stuff,
remittances. “Therefore, they bring back said Khurram Schehzad, chief executive doing their final settlements.”
all their savings.” India is the world’s top officer at Karachi-based advisory Alpha For Abro, coming home means starting
recipient of transfers and a leading sup- Beta Core Solutions Pvt. The region is also over. He wants to use the savings he accu-
plier of labour to the Gulf; it the top destination for work- mulated overseas to start a business. “It’s
took in $83 billion last year, India is the world’s ers from the Philippines, one high time to just focus on what I was plan-
exceeding the $51 billion it top recipient of of the world’s largest suppli- ning for two to three years now,” Abro said.
took in as foreign direct transfers and a ers of overseas labour. “It’s better than wasting more time in find-
investment. leading supplier of Saudi Arabia has already ing a job in this market.”
Overall, remittances to labour to the Gulf; raised taxes and import fees In April, the World Bank predicted
the Asia-Pacific region will it took in $83 billion to make up for falling oil rev- overseas workers would send home 20 per
drop 12 per cent in the sec- last year, exceeding enue. Job cuts in the king- cent less this year, the biggest drop since at
ond half of 2020 compared the $51 billion it dom appear to target for- least 1980. The lender hasn’t updated its
with the same period last took in as foreign eigners first, with forecast to reflect the recent resilience, but
year, Fitch Ratings said this direct investment Riyadh-based Jadwa a decline is still coming, said Dilip Ratha,
month. “That will drive a Investment estimating more lead economist on migration and remit-
decline in remittances as the temporary than a million foreign workers will leave tances at the World Bank based in
supporting factors fade,” said Jeremy the labour market this year. Washington DC. “High unemployment
Zook, a director at Fitch Ratings based in After eight years of sending money to rates among foreign-born workers in
Hong Kong. family in Karachi, Abdul Hanan Abro is major host countries and associated finan-
Unlike Latin American countries, one of the workers who will follow his cial difficulties are expected to dampen
which continue to benefit from a tenta- money home. He was laid off from his the flow of remittances,” he said.
tive U.S. recovery, Asian countries are vul- accounting job in Dubai in May and has- BLOOMBERG
10 WORLD
>
NEW DELHI | WEDNESDAY, 23 SEPTEMBER 2020

IN BRIEF
US coronavirus death
Russia to share legal risks of Covid-19 vaccine
POLINA IVANOVA & ANTHONY BOADLE Oxford University, has been
toll tops 200,000 Moscow/Brasilia, 22 September
After Sputnik-V, Russia to register granted full protection from
any future liability claims by
The US death toll from the coronavirus exceeded 200,000, Russia is so confident in its many countries with which it
as some guidelines and practices for stopping the disease’s
spread have been called into question. While the data
Covid-19 vaccine that it will
shoulder some of the legal
second Covid-19 vaccine by Oct 15 has signed supply deals,
a senior executive told Reuters
compiled by Johns Hopkins University indicated that liability should anything go Russia expects to register a second potential vaccine against in July.
52,000 new cases had been reported on Monday, some wrong, rather than requiring Covid-19 by October 15, the TASS news agency cited Russian Dmitriev’s comments came
21,800 of those new cases came from the release of buyers to take on the full risk, consumer safety watchdog Rospotrebnadzor as saying on after some scientists expressed
backlogged data in Texas. The US logged 36,695 new cases the head of the state fund bank- Tuesday. The vaccine has been developed by Siberia’s Vector concerns about the safety and
on Sunday, Johns Hopkins reported. The Centers for Disease rolling the project told Reuters. Institute, which completed early-stage human trials of the vac- efficacy of Sputnik-V, which the
Control and Prevention caused uncertainty Monday when The decision leaves the vac- cine last week. Russia registered its first vaccine candidate, devel- Russian government approved
it removed from its website newly posted guidelines saying cine’s state-backed developers oped by Moscow’s Gamaleya Institute, in August. Late-stage for use before completing large-
the coronavirus could be transmitted by tiny particles that open to potentially costly com- trials, involving at least 40,000 people, are ongoing. REUTERS scale human trials.
linger in the air. The agency said a draft version of pensation claims should there Sputnik-V was developed by
proposed changes was posted in error. AGENCIES be any unexpected side-effects. Moscow’s Gamaleya Institute,
It is something many vaccine- opers because widespread vaccine that it has not asked for Russian vaccine would be Russian entities. a state research body. The
makers have sought to avoid, inoculation against the disease full indemnity and this is a asked to take on partial liability, Vaccine developers around RDIF, which is marketing the
Republicans secure vote for by asking for full indemnity —
complete protection from
is considered a benefit
to society.
major differentiating factor ver-
sus any Western vaccine,” said
and did not give details about
indemnity clauses. His repre-
the world are compressing
years of development into
vaccine abroad, will shoulder
some of the legal risks in supply
Supreme Court replacement liability claims — from nations
they sell to.
With the global vaccine race
hotting up, and dozens of can-
Kirill Dmitriev, head of the
Russian Direct Investment
sentatives said he had nothing
more to add.
months, raising the possibility
of unexpected consequences
contracts along
pharmaceutical firms in the
with

Republicans have secured the numbers needed to The approach is different didates being tested on Fund (RDIF), the state sover- However, the health secre- and making the issue of com- fund’s portfolio which are
ensure that President Trump’s Supreme Court nominee from many places in the world. humans, backers of Russia’s eign wealth fund that is back- tary of the Brazilian state pensation claims a key point in producing the shot.
will face a confirmation vote in the Senate, BBC reported. In the US, for example, liability Sputnik-V shot see liability as a ing the vaccine. “All of them are of Bahia, which plans to buy supply deal negotiations. “We are confident in the
Senator Mitt Romney of Utah has given the party the 51 for Covid-19 vaccines has been key battleground as they aim to asking for full indemnity of 50 million doses of Russia’s For example, British drug- long-term consequences,”
votes needed to move forward with voting on Trump’s shifted fully to the US govern- capture market share. legal risks.” Dmitriev did not vaccine, told Reuters the legal maker AstraZeneca, which has Dmitriev said.
candidate to replace Ruth Bader Ginsburg, who died ment. This shields the devel- “Russia is so confident in its say whether buyers of the risks would be carried by developed a vaccine with REUTERS
on Friday. The move ensures a bitter political battle.
Democrats argued there should be no confirmation in an
election year. President Trump says he will announce his

‘Work from home’: Johnson

nominee on Saturday. Senate majority leader Mitch
McConnell has vowed to hold a confirmation vote before
the election in November, but a question mark had
hung all week over whether enough Republicans

starts shutting down UK again

in the chamber would back him. AGENCIES

Cyprus blocks plan for EU

sanctions on Belarus The UK has reached ‘a perilous turning point’, Prime Minister Johnson
European Union foreign ministers failed to impose sanctions
on Belarus officials suspected of election fraud or of playing a
said, as he set out a raft of new coronavirus restrictions for six months If passed, the Bill would allow Gotabaya to dissolve Parliament
and would give him full immunity against any prosecution
part in the security crackdown, despite appeals from President
Alexander Lukashenko’s main opponent to take courageous
action against his regime. Cyprus, notably, continued to block
the sanctions move until similar measures are slapped on
GUY FAULCONBRIDGE & KATE HOLTON
London, 22 September
UNDER THE NEW
MEASURES... Sri Lankan govt tables
Turkey for its disputed energy exploration in the eastern
Mediterranean Sea. EU leaders are now expected to try to
break the deadlock when they meet on Thursday. AP/PTI B
ritish Prime Minister
Boris Johnson told
people on Tuesday to
| Penalty for not wearing a
mask or gathering in
groups of more than six
Bill giving sweeping
work from home where pos-
sible and ordered bars and
will increase to £200
powers to President
Thai Cabinet backs $2.2-bn restaurants to close early to
tackle a fast-spreading sec-
| From Thursday, all pubs,
bars, and restaurants will be PRESS TRUST OF INDIA most progressive pro-democ-
cash aid to boost economy ond wave of Covid-19 with
restrictions lasting probably
restricted to table service only.
Takeaways can continue
Colombo, 22 September racy reformist move since
Sri Lanka came to be governed
Thailand’s Cabinet backed several stimulus measures worth a six months.
| Hospitality venues must The Sri Lankan government's under the all-powerful execu-
combined budget of $2.2 billion to boost consumption and After government scien- proposed 20th Constitution tive presidency in 1978.
close at 10 pm — which
jobs to counter the economic downturn from the Covid-19 tists cautioned that deaths Amendment Bill that aims to It depoliticised the gov-
means shutting then, not
outbreak. The ministerial meeting also passed a resolution to may soar without urgent bolster the powers of the ernment administration by
calling for last orders
add three additional holidays this year to encourage domestic action, Johnson stopped President was tabled in Parli- ensuring the independence
travel, as the country’s vital tourism sector has been crushed short of another full lock- | Office workers are being told ament on Tuesday, ending of key pillars such as the judi-
by the absence of international tourists for months because of down as he did in March, but work and our behaviour place for perhaps six to work from home if possible speculation that its presenta- ciary, public service, and
the pandemic. The latest stimulus plans include cash said further action could be changes.” months.” Just weeks after tion would be delayed amidst elections. The 20th
incentives for welfare cardholders and funds for members of a taken if the disease was He said Britain had urging people to start return- | The planned return of internal resistance from Amendment proposes to
co-payment programme geared to low-income earners and not suppressed. reached a similarly perilous ing to workplaces, Johnson spectators to sports venues within the ruling party led by restore full legal immunity to
small retailers, PM Prayuth Chan-Ocha said. BLOOMBERG “We reserve the right to point as countries like Spain advised office workers to stay will now not be allowed the powerful Rajapaksa family. the President, removing the
deploy greater firepower, with and France. at home if they could. He from October 1 The government on provisions made in 19A to
significantly greater restric- “We will spare no effort ordered all pubs, bars, restau- | Face coverings must be worn September 2 gazetted 20A, the take legal action against the
FB threatens to leave Europe tions,” Johnson told
Parliament, following emer-
in developing vaccines,
treatments and new forms of
rants, and other hospitality
sites to close at 10 pm from
by shop staff, taxi drivers, new proposed legislation
that would replace the 19th
President. Amidst an uproar
by the Opposition in
and passengers
over new data-sharing rules gency meetings with minis-
ters and leaders of the UK’s
mass testing but unless we
palpably make progress, we
Thursday, with only table
service allowed. “I am sorry | Customers in indoor hospita-
Amendment introduced in
2015 that curtailed the powers
Parliament on Tuesday,
Justice Minister Ali Sabri
Facebook said it may stop devolved governments. should assume that this will hurt many busi- lity venues will also have to of the President and strength- tabled the Bll which was the
operating its core app in Europe, “We will only be able to the restrictions I have nesses just getting back on wear masks, except when ened the role of Parliament. original gazette issued by the
thanks to new regulations avoid it if our new measures announced will remain in their feet,” he said. REUTERS seated at a table to eat or drink The 19A was seen as the government on September 3.
impacting how it transfers data
from the EU to the US. Facebook
had filed an affidavit to
Ireland’s high court on
September 10 in which it challenged a preliminary order
issued by Ireland’s data privacy watchdog, Data Protection
Commissioner, which had threatened to block Facebook
At least six Pakistani
banks named in global China replicates Xinjiang strategy,
from transferring EU data back to the US over privacy
concerns. Facebook and Instagram have over 410 million
combined users in the EU region, and all of them,
theoretically, would lose access to both platforms, if
money laundering list turns Tibetans into factory workers
Facebook discontinues its operations in the region. AGENCIES CATE CADELL sent to other parts of China. Many

Julian Assange says he hears

Beijing, 22 September

China is pushing growing

Xi critic jailed for 18 years end up in low paid work, including
textile manufacturing, construc-
tion and agriculture.
numbers of Tibetan rural China jailed outspoken property Ren was found to have amassed “This is now, in my opinion,
voices in prison: Psychiatrist labourers off the land and into
recently built military-style train-
tycoon Ren Zhiqiang for 18 years
on graft charges, months after he
some $19 million in bribes and
other ill-gotten personal benefits
the strongest, most clear and tar-
geted attack on traditional Tibetan
WikiLeaks founder Julian Assange complained of hearing ing centers where they are turned was linked to an article between 2003 and 2017, livelihoods that we have seen
imaginary voices and music while detained in a high- At least six Pakistani banks have been into factory workers, mirroring a criticising President Xi the court said, adding almost since the Cultural
security British prison, a psychiatrist who has interviewed named in an investigation on the role program in the western Xinjiang Jinping’s handling of the that he had agreed not to Revolution” of 1966 to 1976, said
him told his extradition hearing on Tuesday. Michael global banks play in money laundering, region that rights groups have coronavirus outbreak. appeal. The allegations Adrian Zenz, an independent
Kopelman, a psychiatrist who has interviewed Assange which make up to at least $2.5 million, branded coercive labour. The former chair- also included causing Tibet and Xinjiang researcher,
around 20 times, said the former hacker would be a “very news agency IANS reported. Beijing has set quotas for the man of Huayuan some 117 million yuan of who compiled the core findings
high” suicide risk if he were extradited to the US for The International Consortium of mass transfer of rural laborers Property Co. was sen- economic losses at about the program. These are
leaking military secrets. He cited as evidence Assange’s Investigative Journalists (ICIJ) and within Tibet and to other parts of tenced Tuesday after unspecified state-owned detailed in a report released this
“severe depression” and “psychotic symptoms”, which Buzzfeed News carried out an investigation China, according to over a hun- pleading guilty to four companies, according to week by the Jamestown
included auditory hallucinations while in solitary and found that at least 29 suspicious trans- dred state media reports, policy charges including corruption and the court, which provided no Foundation, a Washington, D.C.-
confinement in his cell at the high-security Belmarsh actions worth about $2.5 million related to documents from government abuse of power, the No. 2 Beijing details about the crimes. based institute that focuses on pol-
Prison in southwest London. AFP/PTI Pakistani banks, that may have been used bureaus in Tibet and procurement Intermediate People’s Court said. BLOOMBERG icy issues of strategic importance
for money laundering. The six banks are requests released between 2016- to the US. Reuters corroborated
Allied Bank, United Bank Limited, 2020 and reviewed by Reuters. The A notice posted to the website months of 2020 — around 15 per Zenz’s findings and found
Habib Metropolitan Bank, Bank Alfalah, quota effort marks a rapid of Tibet’s regional government cent of the region’s population. Of additional policy documents,
Nasa plans mission to Moon Standard Chartered Bank Pakistan, and
Habib Bank Limited.
expansion of an initiative
designed to provide loyal workers
website last month said over half
a million people were trained as
this total, almost 50,000 have been
transferred into jobs within Tibet,
company reports, procurement fil-
ings and state media reports that
by 2024, to cost $28 billion AGENCIES for Chinese industry. part of the project in the first seven and several thousand have been describe the programme. REUTERS

Nasa revealed its latest plan to return astronauts to the Moon

in 2024, and estimated the cost of meeting that deadline at
$28 billion, $16 billion of which would be spent on the lunar
landing module. Congress, which faces elections on November
3, will have to sign off on the financing for a project that has
been set by US President Donald Trump as a top priority. The
The maths doesn’t add up in TikTok’s Oracle-Walmart deal
$28 billion would cover the budgetary years of 2021-25. In a KURT WAGNER
PUT ANOTHER WAY, IMAGINE TIKTOK 40 per cent of ByteDance’s TikTok
phone briefing with journalists Monday on the Artemis 22 September
TIKTOK OWNERS (If deal gets done) in % stake, too. Combined with Oracle
mission to return human beings to the Moon, Nasa GLOBAL ISSUES 100 SHARES: EU-based Oracle 12.5 and Walmart’s 20 per cent, that
administrator Jim Bridenstine noted that “political risks” were The TikTok sale saga reached an owners Walmart brings US investor control to
| Oracle and Walmart own 16.0
often the biggest threat to Nasa’s work, especially before such apparent conclusion over the
20 shares, combined 7.5 more than half.
a crucial election. AFP/PTI weekend when US President Even as Oracle and Walmart
Donald Trump approved a deal. | ByteDance owns 80 shares. stress American ownership,
The agreement would allow Oracle | ByteDance’s US investors would own though, ByteDance’s statements
Lonsdale, Bond villain in and Walmart to buy a minority
stake in a new joint entity, called
40% of ByteDance’s 80 shares,
have shown that the company may
not be inclined to relinquish
Moonraker, dies at 89 TikTok Global. “I have given the
deal my blessing,” Trump said.
or 32 shares
| The result: US investors would own Other US
China-
based
control over TikTok Global to its
American investors. If ByteDance
Michael Lonsdale, a giant of the But the harmony was short-
owners owners does remain the largest
52 shares combined, or more than 50% 33.0 31.0
silver screen and theater in France lived. Just one day after Trump shareholder, depending on how
who worked with some of the promised “no Chinese the deal is structured, the company
world's top directors in an acting involvement,” TikTok owner President Ken Glueck said that discrepancy lies in differing views company will get a 80 per cent could have voting rights conferring
career that spanned 60 years, died Beijing-based ByteDance said it once TikTok Global is created, over the eventual distribution of stake. But US citizens own a greater decision-making authority
on Monday, his agent said. He was would retain 80 per cent control “Americans will be the majority TikTok’s shares. One statistic that’s substantial chunk of ByteDance than is granted to TikTok’s
89. From his role as villain in the over the new company. (shareholders) and ByteDance will been touted by both Oracle and itself: American investors, minority shareholders.
1979 James Bond film Moonraker to By contrast, Oracle said that have no ownership.” It’s rare for the Walmart is that American investors including General Atlantic and The exact maths may not matter
that of a French monk in Algeria in the 2011 movie Of Gods ByteDance would eventually parties involved in a major deal to will control more than 50 per cent Coatue control 40 per cent of the very much, given Trump’s demand
and Men, Lonsdale acted, often in brilliant second roles, relinquish its shares. In a disagree so radically on its of the new TikTok Global. At first, Chinese internet giant, people that China have no involvement in
under top directors, including Orson Welles, Steven statement to The Wall Street contours, analysts say. that sounds like it’s at odds with familiar with the matter have said. the new TikTok.
Spielberg, Francois Truffaut, and Louis Malle. AP/PTI Journal, Oracle Executive Vice- A key reason for the ByteDance’s insistence that the That means they will in theory own BLOOMBERG
 The Smart
QUICK TAKE: OBEROI REALTY GAINS ON VOLUME HOPES “Whenever any interviewer has

Investor
asked me, in the past few days
Oberoi Realty on BSE (~) The Oberoi Realty stock was up 1.7 per cent on what I think of the market,
450 on expectations that a relatively strong I have said, in a nutshell: “We
418.45 425 are cautiously sceptical’”
micromarket, higher demand for completed
NEW DELHI | 389.75 400
projects, and stable pricing should help the SHANKAR SHARMA
WEDNESDAY, 23 SEPTEMBER 2020 375 Vice-chairman and
350 firm improve sequential volumes and
Aug 31 Sep22 gain market share co-founder, First Global

WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING <

NSE and SGX end arbitration; will Concentration of top

brokers on the rise
trade Nifty products at GIFT City
ASHLEY COUTINHO asset classes and capital-raising activ-
SACHIN P MAMPATTA
Mumbai, 22 September

The Covid-19 pandemic may

EDGING OUT COMPETITION
nShare of top 10 brokers in nShare of top 10 brokers in
the NSE cash segment (in %) the BSE cash segment (in %)
Mumbai, 22 September ity,” said Limaye. be accelerating the process of
“Building connectivity across consolidation among stock- 55.9

T
he country’s premier bourse international platforms in Singapore brokers. An analysis of the 43.2 45.3
National Stock Exchange (NSE) and India will facilitate unfettered data from the Securities and 40.4 44.0 45.3
38.2
and the Singapore Exchange access for global market participants, Exchange Board of India’s 31.7
(SGX) have entered into a formal and, in turn, enhance investments and (Sebi’s) monthly bulletin 27.5 30.0 30.5 30.2
agreement to cement the key terms capital market flows between India shows a larger chunk of trad-
for operationalising the NSE IFSC- and the world. As Asia’s pioneering ing turnover has been com-
SGX Connect. central counterparty, the SGX will ing from fewer brokers since
This will bring together international work with the NSE and stakeholders the virus outbreak.
and Gujarat International Finance Tec- to develop a connectivity infrastruc- The top 10 brokers Dec ‘15 Dec ‘16 Dec ‘17 Dec ‘18 Dec ‘19 Jul ‘20
Source: Securities and Exchange Board of India
City (GIFT City) participants to create a ture that incorporates international accounted for 44 per cent of
bigger liquidity pool for Nifty products best practices and creates new value the BSE cash segment turn-
in GIFT City. for existing and new customers. We over in December 2019. It has close to zero fee makes it har- incremental trading volumes.
Both NSE and SGX will also with- look forward to broadening participa- since risen to 55.9 per cent, der for smaller players to Nearly 5 million new
draw arbitration proceedings. The two tion and deepening liquidity in Nifty according to the latest July compete. The trend is likely accounts have been opened
were engaged in arbitration proceedings products for international partici- data. On the National Stock to continue and “the com- this year. There were 39.4 mil-
under the Arbitration and Conciliation route SGX Nifty trading volumes pants, as part of the growth of GIFT Exchange, it has moved up plexion of the industry is lion investor accounts in
Act over the trading of Nifty products through GIFT City.
FAR BEHIND City,” said Loh Boon Chye, CEO, SGX. from 40.4 per cent to 45.3 per going to change”, he said. December 2019. This has
for more than two years. The two exchanges have recently Monthly average volumes at IFSC Currently, the SGX Nifty has open cent. The share of the top 10 The regulator’s move to since risen to 44.3 million
The dispute was triggered after the received regulatory clarifications from exchanges ($ million) interest of $3-5 billion. Initially, the two brokers was closer to 30 per allow electronic know-your- accounts in July.
NSE decided to terminate the Nifty relevant authorities on the implemen- NSE IFSC India INX exchanges may launch SGX Nifty cent for both exchanges in customer (eKYC) facilities Nithin Kamath, founder
80,000
trading pact with the SGX in February tation of the Connect. They had 28,782 50,517 futures at GIFT City, and then other December 2015. helped, noted Rajesh Baheti, and CEO, Zerodha Broking,
2018. Also, the Singapore bourse's received consent from their respective 60,000 products can follow. Technology has played director of the Association said legacy players often find
subsequent decision to launch iden- statutory regulators on the proposed 40,000 Injeti Srinivas, chairman, a greater role during the of National Exchange it more difficult to change
tical India products became a bone Connect model last year. International Financial Services Centres lockdown, noted Alok C Members of India (ANMI). their existing way of doing
of contention. Both parties will continue to work
3,737 20,000 Authority, said the NSE-SGX Connect Churiwala, MD of brokerage This allowed customers to business than a new player
2,765
The BSE, the NSE, and the with key stakeholders to develop the 0 for funnelling trading in NIFTY pro- firm Churiwala Securities. be authenticated without who can come in with a clean
Metropolitan Stock Exchange (MSE) infrastructure for the Connect and Apr ‘19 Sep ‘20 ducts at SGX to GIFT IFSC is an impor- Traditional brokerages can paperwork. slate. This is also the case
had jointly decided to cancel their licen- ensure member readiness before its Compiled by BS Research Bureau Source: Exchange tant joint financial market initiative by take two-three days to Smaller brokerages also globally with newer entrants
sing agreements with overseas bourses implementation, the two exchanges India and Singapore. “This will certainly complete formalities for a had trouble in making their often having better technol-
on offshore derivative contracts. The said in a joint press release. opment of vibrant and liquid markets give a boost to the IFSC ecosystem and new customer, but a person services available on mobile ogy platforms than the older
move was aimed at putting an end to Vikram Limaye, managing director for India-access products at GIFT City. promote larger participation in IFSC. can start trading through a phones, on which a lot of the ones, according to him.
offshore derivatives trading in Indian and chief executive officer of the NSE, “The Connect will broaden the interna- The Connect creates a win-win situation mobile phone in minutes, he trading is now happening, he The regulator does not
securities, which were gathering pace said the Connect is one of the key devel- tional and domestic participant base for both sides, which makes it possible said, adding technology-led said. This allowed larger disclose the names of the top
on platforms, such as the SGX. opments for the integration of the GIFT and further strengthen the capital mar- to have a sustainable and growing players capitalised on this players, already having their 10 brokerages in its data of
Last year, however, the SGX and the City ecosystem with international finan- ket ecosystem in GIFT City, resulting in partnership between the NSE IFSC and during the lockdown. mobile platforms in place, to trading turnover concentra-
NSE started working on a solution to cial markets and will lead to the devel- more broad-based development across SGX,” said Srinivas. The fact that many charge capture a larger share of tion mentioned above.

THE COMPASS
IPO CORNER Stocks mark
the longest
CAMS public issue losing streak
Class action suits may be a dampener for HDFC Bank
subscribed 1.9 times in 2 months
The stock may
underperform until
HAMSINI KARTHIK

Just when the HDFC Bank

proven guilty, they don’t
materially impact the balance
sheet,” says an analyst from a
cated an accumulation of
stress in its book. Analysts at
JM Financial note that 4.7 per
Bank’s retail book shrunk
4 per cent sequentially in
Q1, while its corporate
SUNDAR SETHURAMAN tors. The anchor investors Street gets clarity on stock was beginning to regain foreign brokerage. However, cent (or half) of borrowers who book expanded 6 per cent.
Thiruvananthapuram, 22 September include Abu Dhabi Investment NIFTY DROPS 0.9% asset quality and momentum, three US-based the analyst believes foreign had availed of the moratorium Accounting for 47 per cent of
Authority, Fidelity Funds, outcome of litigation law firms filing class-action investors may be reluctant to did so only to conserve liquid- the total book, a prolonged
The initial public offering Goldman Sachs India, and the suits against the lender pile on to shares of firms fac- ity. Hence, customers opting slowdown in the retail seg-
(IPO) of Computer Age Government of Singapore. dragged its share price down ing such litigation. for restructuring may be lim- ment may skew the NPA
Management Services The ~2,244-crore IPO is by over 5 per cent in a week. The lawsuits are at a time ited. However, banks have numbers unfavourably and
(CAMS) was sub- priced between On a year-to-date (YTD) basis, when uncertainties around time until December for loan dampen the bank’s fee
scribed 1.9x on ~1,229 and ~1,230 FLUCTUATING SLIPPAGES the stock has shed 18 per cent. the sector are peaking. With recast and even customers income. Among private banks,
Tuesday, the sec- apiece. The IPO is a (%) These lawsuits pertain to the gross non-performing who hadn’t availed of the mor- at 24 per cent weighting to
ond day of the pure offer for sale vehicle loans, accounting for assets (NPA) ratio at 1.4 per atorium earlier can opt for the total income, HDFC Bank’s
issue. The portion (OFS), and the com- 11.8 per cent of the bank’s total cent in Q1, HDFC Bank’s loan benefit if affected by the slow- dependence on fee income is
reserved for retail pany will not loans. While the bank has assets are the best in class and down. Therefore, it may be too relatively high.
investors was sub- receive any pro- denied the allegations and may continue to remain so. early to judge the direction of In other words, there are
scribed 2.9x. ceeds. expects its response to the law- Yet, investors have to be mind- restructuring. Also, whether multiple moving parts that
The institu- CAMS is a finan- The benchmark equities suit to be due in early 2021, ful of the fluctuating slippages HDFC Bank takes an upfront can impact the bank’s finan-
tional investor sec- cial infrastructure fell for a fourth straight day, analysts feel the litigation and slowing growth in retail. hit on its financials if loans cials going forward. With law-
tion was subscribed 0.83x, and services provider to their longest losing streak could cap the stock’s upside Though the moratorium aren’t recast will be known suits compounding existing
the high networth individ- mutual funds and other in about two months, with until a verdict is reached. extended to only 9 per cent of only by January. concerns, investors’ attention
uals (HNI) portion was sub- financial institutions. The investors piling into IT “Class action suits are com- its loan book in Q1, the slip- As for growth, for the first on the stock may be elevated
scribed 1.22x, and the portion firm is India's largest registrar stocks that are considered Source: Brokerages mon in the US and until pages ratio of 1.2 per cent indi- time in over six years, HDFC in the near term.
reserved for employees was and transfer agent of mutual relatively insulated from
subscribed 0.52x. funds (MFs) and enjoys a 70- the country’s gloomy eco-
The firm had allotted
shares worth ~666 crore on
Saturday to 35 anchor inves-
per cent market share in MF
services in terms of average
assets under management.
nomic outlook.
The Sensex settled 300.06
points, or 0.79 per cent down,
Slower growth in anti-infectives weighs on Alkem Labs
at 37,734.08. The benchmark Higher chronics RAM PRASAD SAHU segment (anti-infectives is the largest revenues) may dampen overall growth,
index had its steepest slide in sub-segment), the firm is expanding its this can be offset a bit by higher growth
sales, US market
Chemcon Angel Broking two weeks yesterday, sending
it below the 50-day moving growth may offset
Even as the BSE Healthcare sector has
made substantial gains since the start of
presence in the chronic segment, which
is growing at 10 per cent. Within this,
in the US market, which accounts for just
over a quarter of sales. The company —
subscribed public offering average, signalling some some weakness lockdown, India’s sixth-largest domestic Alkem is focussing on the cardiovascular, which has 60 ANDAs (abbreviated new
investors that there are health care company, Alkem Labora- central nervous system, diabetes, and drug applications) pending approval —

12.65 times bought 0.77x further losses to come.

The Nifty fell 96.90
tories, is lagging peers. The firm has given
a return of 24 per cent, against the 78 per
dermatology segments and has a portfo-
lio of over 200 products.
plans to launch 10-12 products in that
market annually. With 15 per cent annual
points, or 0.86 per cent, to cent gain for the BSE Healthcare index The other positive is that within the growth in the US market over the next
The Chemcon Speciality The Angel Broking IPO was finish at 11,153.65. A since March 23. The lower returns in the acute segment, it is benefiting from high two to three years, analysts at Motilal
Chemicals IPO was subscribed 0.77x on Tuesday, gauge of IT companies rose market reflect the operational perform- demand for vitamins, minerals, and Oswal Research expect capacity utilisa-
subscribed 12.65x on the first day of the issue. The 0.9 per cent. ance of the firm in recent months. For nutrients after the pandemic. Sales in the tion to improve, driving operating lever-
Tuesday, the second day of wealthy investor portion was “The strong perform- the trailing 12 months ended August, the segment, which accounts for 13.3 per cent age. With a major capex phase completed
the issue. The institutional subscribed 0.16x, and the ance of IT stocks reflect sales were down nearly 8 per cent; the of its therapy mix, were up 21 per cent in in the last four years, analysts expect free
investor portion was retail investor portion was investors’ concerns about pharmaceutical market witnessed only a August, and 6 per cent over the past 12 cash flow to improve.
subscribed 1.37x, the HNI subscribed 1.46x. The firm economic growth, particu- little over 2 per cent decline during that months. The company has also high- While the easing of the lockdown
portion was subscribed 3.6x, priced it between ~305 and larly since stocks are trading period. The reason: Sales of anti-infec- lighted that trade generics have grown at and an increase in patient visits to the
and the retail bucket was ~306 per share. The IPO will at levels close to where they tives, of which Alkem is the largest player, a much faster pace than branded generics doctors are positive, the recovery will
subscribed 23x. The firm is a close on September 24. On were pre-pandemic,” said have been declining by double digits. over the past six months and this should be gradual. Given the near-term head-
manufacturer of specialised Monday, the firm raised G Chokkalingam, CIO, This is due to the lockdown and a lower cushion the slowdown in growth. winds, investors should await broad-
chemical products. ~180 crore from 26 anchor Equinomics Research & number of prescriptions. While its exposure to the Indian mar- based growth in the acute segment
SUNDAR SETHURAMAN investors. SUNDAR SETHURAMAN Advisory. AGENCIES To offset the weakness in the acute ket (which accounts for two-thirds of before considering the stock.

From hotels to auto bonds: What investors are buying during the pandemic
DAVID RAMLI, SUZY WAITE & MATTHEW BURGESS Convenience stores, pipelines public transport, he said. “If you look at thinks will struggle, like office buildings
22 September GIC, Singapore’s sovereign wealth fund, credit spreads, they’ve moved to levels and malls, as people change the way they
is looking at “less-loved” areas from that make the bonds of some global work and shop, he said .
Hotels, pipelines, convenience stores retailing to infrastructure, whose carmakers relatively attractive,” he said,
and automaker bonds are among the valuations have been pummeled by the citing Ford and Nissan as examples. China tech
assets being bought by some of the pandemic, CEO Lim Chow Kiat said. While China was the first to be hit by
world’s biggest asset managers as they In two of its largest deals this year, it Green rebound coronavirus, it is now leading the way
look for value in a world thrown into was part of a group that acquired a 49 per During the pandemic sell-off and out, making it an attractive proposition
turmoil by the coronavirus pandemic. cent stake in ADNOC Gas Pipelines for “IF YOU LOOK AT CREDIT “WE ARE POSITIVE “ONCE YOU’VE rebound, AustralianSuper, the nation’s for Singapore’s state investor Temasek
In interviews with sovereign wealth
funds, pension firms and asset managers
$10.1 billion, and teamed with Australian
property group Charter Hall in an
SPREADS, THEY’VE ABOUT SEVERAL KEY CONTAINED THE VIRUS, biggest pension fund with the equivalent
of about $133 billion, kept more than half
Holdings. The firm, which oversees the
about $225 billion, is positive about
across Asia and Europe that collectively acquisition of more than 200 MOVED TO LEVELS THAT THEMES IN CHINA, DOMESTIC TRAVEL its portfolio in Australian and global several key themes in China, including
manage about $3.4 trillion, one thing was convenience stores. “Once you’ve MAKE THE BONDS INCLUDING CONSUMER CAN COME BACK... stocks and reduced holdings of property, consumer technology, life sciences, and
clear: Many of them are avoiding the contained the virus, domestic travel can credit, and private equity. Now it’s fintech, Chief Investment Strategist
overheated stock market. come back even if international travel
OF SOME GLOBAL TECHNOLOGY, LIFE THERE MIGHT BE hunting for digital, transport, and social Rohit Sipahimalani said.
The most common outlook was one can’t,” CIO Jeffrey Jaensubhakij said, CARMAKERS RELATIVELY SCIENCES, AND FINTECH” OPPORTUNITIES IN infrastructure investments as
Fast fashion
of caution. They are mindful that much adding even hospitality could bounce ATTRACTIVE” ROHIT SIPAHIMALANI THE HOTEL SPACE” governments pump-prime economies,
of the rebound in markets and private- back. “There might be opportunities in CIO Mark Delaney said. “Clearly doing L Catterton Asia Managing Partner
company valuations is thanks to ultra- the hotel space.” ANDREW McCAFFERY Chief investment strategist, JEFFREY JAENSUBHAKIJ more around the environment will be a Chinta Bhagat says investing amid the
low interest rates, massive central bank CIO, Fidelity International Temasek Holdings CIO, GIC really great long-term outcome,” he said. pandemic requires a detailed look at
stimulus and government fiscal support, Staycations each country. One area of interest is
some of which could start to be wound With travel restrictions limiting holiday invested in Thule, the Swedish maker of of the Covid crisis, says Andrew Data centres influencer-driven fashion. Where
back in coming months. plans, so-called staycations are back on bike racks and roof-top luggage carriers McCaffery, global CIO at Fidelity With public markets overvalued, Aware Western brands have used the star power
Many are waiting for a potential the agenda, says Will James, deputy for cars. International, which manages about Super CIO Damian Graham is going into of a single celebrity, many firms in
second downturn after stimulus head of European equities at Standard $437 billion. Carmaker bonds are direct investments, such as data centers China use social-media influencers to
measures end. Life Aberdeen, whose team manages the Bonds, auto bonds attractive as auto production picks up, and apartment buildings. The $91-billion sell their products.
Here’s what they had to say. equivalent of about $11 billion. It’s Bonds are one of the great unloved assets and more people drive to avoid crowded fund is also selling some of the assets it BLOOMBERG
 Business Standard N E W DELHI | W E D N E S D A Y , 23 S E P T E M B E R 2020 THE SMART INVESTOR 13
Increased order flows boost road For diversified, low-cost
exposure, choose ETFs
infra players' earnings estimate Go with those with a low expense ratio,
Analysts expect a much order visibility from the national high trading volume on the exchanges
HOW infrastructure pipeline.
better performance in PNC, which has already doubled since SANJAY KUMAR SINGH
VALUATIONS March intra-day lows, remains analysts'
second half of FY21 STACK U P favourite. Recent wins-driven augmented The National Stock Exchange (NSE) had
revenue assurance and gradually return- recently announced that the assets
UJJVAL JAUHARI ing execution efficiency are some levers under management (AUM) of the
N e w D e l h i , 22 S e p t e m b e r making a case for PNC to sail again on the Nifty50-based exchange-traded funds
growth trajectory, sooner than later, say (ETFs) have touched ~1 trillion. The
oad infrastructure players are in analysts at Anand Rathi. Though working AUM of all ETFs (equity and debt) have
R the spotlight with improving order
flows, better labour availability,
and construction activities gaining pace
as the monsoon season comes to an end. EPS (~) EV/Ebitda (x) P/E (x)
capital may have got slightly stretched,
analysts feel the balance sheet is still in
shape to help execution efficiency return
at the earliest. The target prices of Anand
crossed ~2 trillion. Fund managers say SAFE BET
they have witnessed rapid increase in ETFs: A highly cost-effective
the number of investors in ETFs this
year. This indicates elevated interest investment option
For toll road operators, the improving Company FY21E FY22E FY21E FY22E FY21E FY22E Rathi, YES Securities, and Nomura range from retail and high networth individ- Expense
traffic, too, bodes well. Overall, analysts Kalpataru Power 28.3 33.4 5.5 4.9 8.5 7.2 between ~205 and ~255, indicating a uals (HNIs) in these products. Scheme name ratio (%)
expect a much better second half of FY21 further upside of close to 60 per cent for By taking exposure to an ETF, inves- HDFC NIFTY 5 0 ETF 0.05
after a significant impact from the KEC International 22.0 19.8 8.4 8.4 14.2 15.8
the stock trading at ~163 levels. tors can circumvent the risk of investing HDFC Sensex ETF
lockdown during the first half. KNR Constructions 16.8 14.1 7.7 8.2 14.7 17.5 KNR Constructions had continued in the wrong sectors and stocks. When 0.05

Alok Deora ofYES Securities says there Larsen & Toubro 68.0 55.1 15.3 16.0 12.6 15.6 with its outperformance even during the the market fell towards the end of ICICI Prudential Nifty ETF 0.05
is a significant improvement in the out- June quarter in terms of execution by March, many would have struggled to N i p p o n India ETF Nifty BeES 0.05
look each passing day with improving PNC Infratech 11.5 14.4 6.9 5.8 14.2 11.3 reporting revenue growth, against a gauge the impact.
labour availability (70-80 per cent now); Dilip Buildcon 19.2 29.6 4.8 4.1 18.2 11.8 decline expected by analysts. Factoring "In an uncertain environment, IDFC Nifty ETF 0.06

toll collections, too, have improved to E: E s t i m a t e s ; EV: E n t e r p r i s e v a l u e ; E b i t d a : E a r n i n g s b e f o r e i n t e r e s t , t a x , d e p r e c i a t i o n , a n d a m o r t i s a t i o n in the strong Q1FY21 showing, analysts at where it is difficult to judge which sec- Edelweiss ETF - Nifty 5 0 0.07
about 80 per cent (of pre-Covid levels). As EPS: E a r n i n g s per s h a r e ; P/E: P r i c e - t o - e a r n i n g s Source: Analyst reports Motilal Oswal Financial Services had tors or stocks are going to get impacted N i p p o n India ETF Sensex 0.07
Deora expects further improvement after increased their FY21 and FY22 earnings or emerge, it makes sense to invest in a
the end of monsoon, the second half is of India (NHAI) for the hybrid annuity ~31,000 crore over the April-August period estimates 28 and 7 per cent, respectively, low-cost basket of blue-chip companies Tata Nifty ETF 0.07
likely to take care of weakness witnessed model (HAM) project in Bihar. is said to be higher than the first five and the target price to ~295 for the stock that make up a product like the Nifty ICICI Prudential Sensex ETF 0.08
in the first half to an extent. The second Analysts say both execution and months' activity seen during the past trading at ~247.30. ETF," says Vishal Jain, head-ETFs, Mirae Asset Nifty 5 0 ETF
half always remains key for infrastructure awarding activity appear to have recov- three financial years. Analysts expect Among others, confidence in Dilip Nippon Life India Asset Management. 0.08

firms and significantly better than the first ered faster than expected. While the another ~50,000 crore worth of NHAI Buildcon has increased from a better- ETFs are a good option for beginners. Data is as of A u g u s t 31. T a b l e i n c l u d e s t o p 10

half in terms of order flows, execution,

N i f t y - a n d S e n s e x - b a s e d ETFs w i t h t h e l o w e s t
expectation was of a visible slowdown due tenders to be awarded in three months. than-expected June quarter performance "They can get exposure to a diversified e x p e n s e ratios Source: mutualfundindia.com

and receivables. The better second half to the lockdown, road EPC (engineering, Nomura is preferring Dilip Buildcon, and rising order flows. Nomura values the basket of stocks with a small amount of
performance and rising order flows procurement, and construction) com- PNC Infratech, and KNR Constructions stock at 8.5x FY22 EPS and adds BOT money," says Vishal Dhawan, chief Hang Seng, etc. Gold ETFs may be
should lead to FY22 earnings estimates panies have ramped up faster on the which have beaten consensus estimate, (build, operate, and transfer)/HAM invest- financial planner, PlanAhead Wealth considered by those who wish to hedge
getting upgraded, too, and hence, the execution front since the phased unlock- as well as Nomura's revenue and Ebitda ments at book value to arrive at the target Advisors. Newcomers also don't need to their portfolios. Investors can also use
current estimates reflecting pressure on ing of the economy. Those at Nomura estimates during Q1. Deora, on the other price of ~500 (the current price is ~349). decide which fund manager to go with. a core and satellite approach. A
forward earnings for some players is not attribute the same to liquidity infusion hand, is preferring KNR Constructions For Kalpataru Power, improving bal- The benefit of a low cost becomes large-cap ETF could make up the core
a concern, say analysts. measures undertaken by the Ministry of and PNC Infratech, and is positive on ance sheet metrics and steady medium- more pronounced over time. If you pay portfolio. In the satellite portfolio,
The news flow on order receipts is Road Transport and Highways. The Ashoka Buildcon. term visibility, along with a strong long- 5 basis points (bps) as expense ratio in investors could have riskier products in
already encouraging. For instance, Dilip implementation of relief measures pro- Emkay Global, too, is including PNC term pipeline of railway and T&D orders an ETF, over 10 years, you pay 50 bps anticipation of higher returns.
Buildcon has announced receiving the vided liquidity support, while the order Infratech and KNR Constructions in its bodes well as the stock is trading at attrac- to the asset management company. In Take three criteria into considera-
letter of acceptance (LoA) on September awarding has surged. The NHAI awarding top picks. Other picks of Emkay include tive 7.3x its FY22 earnings, according to the regular plan of an active fund hav- tion while selecting an ETF.
9 from the National Highways Authority 26 projects spanning 744 km and worth L&T and Kalpataru Power, looking at their Emkay Research estimates. ing an expense ratio of Cost is the first. "Buy a low-
2.25 per cent, you end up pay- cost ETF through a discount
ing 22.5 per cent. broker who charges a very low
ETFs make it easy to build or zero brokerage fee, so that
IL&FS case: Sebi raises penalty on ICRA, CARE to cr each diversified portfolios. "It's dif-
ficult to predict which asset
class will move and when. It is
the total cost incurred on the
ETF is less than on a similar
index fund," says Avinash
PRESS TRUST OF INDIA and since then, the company, as appeared to be erroneous and not com- Financial Services, have resulted in real important that investors diver- Luthria, a Securities and
N e w D e l h i , 22 S e p t e m b e r well as related entities, has come under mensurate with the overall impact these and severe financial loss to investors. sify across asset classes. ETFs Exchange Board of India-regis-
YOUR tered investment advisor and
regulatory lens. violations had on the market. In view of The regulator, further, said it has offer a convenient way to take
Markets regulator Securities and The regulator, in December 2019, the same, the competent authority shaken the investors' faith in the reli- exposure to different asset MONEY founder, Fiduciaries.
Exchange Board of India (Sebi) on had imposed a fine of ~25 lakh each granted approval to review the AO order ability of credit ratings in the context classes in a simple and cost- Purchase a liquid ETF. Says
Tuesday enhanced the penalty amount ICRA and CARE in the matter, saying and accordingly the regulator issued of the corporate debt market. efficient manner," says Jain. Luthria: Suppose an ETF's net asset
to ~1 crore each on ICRA and CARE the default by IL&FS occurred because show cause notices to the rating agencies, "Had the noticee downgraded the Investors can use ETFs, based on value is ~100. If it is illiquid, you could
Ratings in connection with lapses on their of the "lethargic indifference and need- "calling upon the reasons why the penalty ratings at the appropriate time and indices like the Nifty50 and the Nifty end up selling it at ~98 or ~99. Any
part while assigning credit rating to non- less procrastination and laxity" of these amount should not be enhanced". thereby forewarned the investors, the Next 50, for large-cap exposure and a advantage gained by investing in a
convertible debentures of IL&FS. The cri- rating agencies. In two separate orders on Tuesday, impact of the default on investors who Midcap 150-kind of index to take expo- low-cost ETF could be lost due to poor
sis at diversified IL&FS, the board of Sebi examined the order passed by the Sebi said that the lapses on the side of invested in AAA-rated instruments, sure to the mid-cap segment. Those liquidity," he says.
which was superseded by the govern- adjudicating officer (AO) and observed ICRA and CARE, while rating the secu- could not have been this severe," who wish to diversify internationally Finally, select one with a low
ment, came to light in September 2018 that the penalty levied by the AO rities of IL&FS and its subsidiary IL&FS Sebi noted. can use ETFs based on the Nasdaq, tracking error.

ZOSARB, 13th Floor, Bank of Baroda Building, 16 Sansad Marg, IDFC FIRST Bank Limited 1 ST IDFC FIRST
(erstwhile Capital First Limited and amalgamated with IDFC Bank Limited)
1 • Banlf
New Delhi-110001, Ph.: 011-23441320, CIN: L65110TN2014PLC097792
Registered Office: KRM Towers, 8* Floor, Harrington Road, Chetpet, Chennai - 600031.
Mobile- 9711908984, E mail- armdel@bankofbaroda.com Tel: +91 44 4564 40001 Fax: +91 44 4564 4022
APPENDIX IV [Rule 8(1)]
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES POSSESSION NOTICE (For immovable property)
"APPENDIX- IV-A [See proviso to Rule 8(6)] Whereas the undersigned being the authorized officer of IDFC First Bank Limited (erstwhile Capital First Limited and amalgamated
E-Auction Sale Notice of 30 days for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with provison to with IDFC Bank Limited) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security InterestAct,
Rule 8(6) of the Security Interest (Enforcement) Rules, 2002. 2002, and in exercise of powers conferred under Section 13(12) of the said Act read with [rule 3] of the Security Interest (Enforcement)
Notice is hereby given to the public in general and in particular to the Borrower (s) and Guarantor (s) that the below described immovable property mortgaged/charged to the Secured Creditor, possession of which Rules, 2002 issued a demand notices calling upon the Borrower1 Co-borrowers and Guarantors to repay the amount mentioned in the
has been taken by the Authorised Officer of Bank of Baroda, Secured Creditor, will be sold on "As is where is", "As is what is", and "Whatever there is" for recovery of below mentioned account/s. The details of demand notice appended below within 60 days from the date of receipt of the said notice together with further interest and other charges
Borrower/s/Guarantor/s/SecuredAsset/s/Dues/Reserve Price/e-Auction date & Time, EMD and Bid Increase Amount are mentioned below- from the date of demand notice till payment/realization.
The Borrower/ Co-Borrowers/ Guarantors having failed to repay the amount, notice is hereby given to the Borrower/ Co-Borrowers/
Reserve Price (Rs.) Status of Guarantors and public in general that the undersigned has taken possession of the property described herein below in exercise of
Date and Property
Name & address of Description of the immovable property EMD Possession powers conferred on him/her under sub-section (4) of Section 13 of the Act read with rule 8 of the Security Interest (Enforcement) Rules,
Total Dues time of Inspection
Borrower/s I Guarantor/s with known encumbrances, if any Bid Increase Amount (Constructive 2002 on this notice.
E-auction date & Time.
/Physical)
Borrower/s/ | Demand Notice •ate and
M/s Profigate Infra Gasoline Pvt. Ltd. Borrower. Residential property admeasuring 2851 Sq. Ft., Situated Rs. 2,05,02,243.00 ? 417.92 Lacs Loan Description of The Type of
31-10-2020 Symbolic 27-10-2020
A/c. No.
Co-borrower/s &
Mortgaged Properties
Outstanding
Possession
Guarantors:-1. Kunwar Rajeev Chauhan S/o Shri SPS at L-7,2nd Floor, Rajouri Garden, New Delhi-110027 in Plus further ? 41.79 Lac Possession from 11.00 AM Date
from 01.00 P.M. Guarantors Name Amount (Rs.) Taken
Chauhan, 2. Poonam Singh W/o Ravinder Pratap the name of Poonam Sigh W/o Ravinder Pratap Singh intt. & charges to 04.00 PM
X 50,000/- to 03.00 P.M.
Singh, 3. Pranam Ross S/o Shri BijenderSingh w.e.f. 01-03-2018 18435616 1. Sanjay Kumar All the piece and parcel of the property consisting of 06-02-2020 Rs. 17-09-2020
2. Seema Sunderlal Flat No.201, Third Floor, Plot in 45 & 46, without roof 20,03,999.98/- Symbolic
For detailed t e r m s a n d conditions of sale, please refer to t h e link provided in h t t p s : / / w w w . b a n k o f b a r o d a . i n / e - a u c t i o n . h t m rights, Khata No-00066, Kh.No-52, Vill-Garhi Chokandi, Possession
a n d h t t p s : / / i b a p i . i n also, prospective bidders m a y contact t h e authorized officer M r . P. G a n g t e o n Tel N o . 0 1 1 - 2 3 4 4 1 3 2 0 Mobile 9 7 1 1 9 0 8 9 8 4 Paragana &Tehsil-Dadri, Distt-G.B Nagar, Noida-201301.

Date: 23-09-2020, Place: New Delhi Authorized Officer, Bank of Baroda 9601083 1. Mohd Ehtesham All the piece and parcel of the property consisting of 31-12-2019 Rs. 18-09-2020
2. Sameera Naaz Apartment No.2004, Admeasuring 1450 Sq.Ft., 20th 34,99,038.62/- Symbolic
Floor, Block-B, Plot No.5-B, Sector 16 G, Noida West Possession
FORM G ROSARB, LFG, Vijaya Building, 17 Barakhamba Road, Ext., Gautambudh Nagar, Noida, U.P. 201301
INVITATION F O R E X P R E S S I O N O F INTEREST Connaught Place, New Delhi-110001
Under Regulation 36A (1) of the Insolvency and Bankruptcy The Borrower/ Co-borrowers/ Guarantors in particular and the public in general is hereby cautioned nottodeal with the property and any

(Insolvency Resolution Process for Corporate Persons) Regulations, 2016 POSSESSION NOTICE, (For Immovable Property) [See rule 8(1)]
dealings with the property will be subjecttothe charge of IDFC First Bank Limited (erstwhile Capital First Limited and amalgamated
with IDFC Bank Limited)toran amount mentioned in the demand notice together with further interest and other charges from the date of
RELEVANT PARTICULARS Where as the undersigned being the Authorized officer of the Bank of Baroda under the Securitization and Reconstruction of demand notice till payment/realization.
1. Name of the Corporate Debtor THREE C UNIVERSAL DEVELOPERS PVT. LTD. Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) and in exercise of the power conferred under Sd /-
Section 13 (12) read with Rule 8 of the Security Interest (Enforcement) Rules 2002 issued a demand notice dated 28.02.2018 Authorised Officer
2. Date of incorporation of Corporate Debtor 02.03.2007
calling upon the borrower M/s ShradhaNand Verma (Deceased) through legal hire Mr. Arvind Verma Address: VPO Date: 17 & 18-09-2020 IDFC First Bank Limited
3. Authority under which corporate debtor is Registrar of Companies, Delhi Place: Noida (erstwhile Capital First Limited and amalgamated with IDFC Bank Limited)
incorporated /registered Farrukh Nagar, AsalatpurTehsil Loni District Ghaziabad, UP-201003 to repay the amount mentioned in the notice being Rs.
4. Corporate identity number / limited liability U45200DL2007PTC160055 3,09,276.76 (Rupees Three Lakh Twenty Nine Thousand Two Hundred Seventy Six And Seventy Six Paisa Only) and
identification number of corporate debtor interest and charges thereon from 27.08.2015 within 60 days from the date of notice.
5. Address of the registered office and C-23, Greater Kailash Enclave, The Borrower/ Guarantor having failed to repay the amount, notice is hereby given to the Borrower/ Guarantor and the public in
principal office (if any) of corporate debtor Part-1, New Delhi-110048 general that the undersigned has taken possession of the property/assets described herein below in exercise of powers NOTICE FOR E-AUCTION SALE OF ASSETS UNDER INSOLVENCY & BANKRUPTCY CODE 2016
6. Insolvency commencement date of the 17.12.2019 conferred on him/her under Sub- Sec (4) of Section 13 of the Act read with rule 8 of the Security Interest (Enforcement) Rules, Date and Time of Auction: 1 2 . 1 0 . 2 0 2 0 Last date for Submission of EMD alongwith Bid Site visit and Inspection :
corporate debtor
2002on this 19th day of September2020. From: 3.00 pm to 4.00 pm 25.09.2020 to 05.10.2020
7. Date of invitation of expression of interest 21.09.2020 & Declaration Forms: On or before 0 9 . 1 0 . 2 0 2 0
The Borrower/ Guarantor in particular and the public in general is hereby cautioned not to deal with the said Property/ assets
8. Eligibility forresolutionapplicants under Details can be sought by emailing at: Sale of assets owned by M/s.Tecpro Systems Ltd (In Liquidation)_forming part of the liquidation estate by the Liquidator appointed by
and any dealings with the property/assets will be subject to the charge of the ROSARB Branch, Bank of Baroda for an amount
section 25(2)(h) of the Code is available at:cirp.3cuniveisal@igmail.cam the Hon'ble NCLT, Principal Bench, New Delhi vide its Older No.CA.2683 (PB) 12019
of Rs. 3,09,276.76 (Rupees Three Lakh Twenty Nine Thousand Two Hundred Seventy Six And Seventy Six Paisa Only) &
9. Norms of ineligibility applicable under Available on the website of IBBI Filed in (IB)-197(PB)/2017 dated 7.8.2017, empowered under Section 35(1)(f) of IBC, 2016, read with Regulation 33 of IBBI
interest & charges from 27.03.2016 less recovery if any.
section 29Aare available at: (www.ibbi.gov.in) or can be sought (Liquidation Process) Regulation 2016. The sale will be done by the undersigned through e-auction platform at the web portal of
by emailing at: cirp.3cuniversal@gmail.com The borrower's attention is invited to provisions of Sub- Section (8) of section 13 of the Act, in respect of time available, to
https://ncltauction.audiontiger.net.
10 Last date forreceiptof expression of interest01.10.2020 redeem the secured assets.
S.No. Particulars Description of Properties Reserve Price (in Rs.) EMD Amount (in Rs.)
11. Date of issue of provisional list of 06.10.2020 DESCRIPTION OF THE IMMOVABLE PROPERTY
prospectiveresolutionapplicants Gurgaon Commercial building, Plot No.78, Sector-34, ETHP, Gurgaon. 32 Crores 3.20 Crores
Equitable Mortgaged of Shop Standing in the name of Mrs Kamlesh Verma W/o Mr. Shradha Nand Verma Measuring 20
12 Last date tor submission of objections to 11.10.2020 Land area:3948 sq.m, building measuring 154927 sqft
provisional list Sq. Yds. Sistuated at Village Farrukh Nagar, Pargana - Loni, Dist. Ghaziabad, UP
Authorised Officer Siruseri, Commercial building, Plot No.A-17, SIPCOT IT Park, 5th Cross
13 Date of issue offinal listof prospective 13.10.2020 Date: 19.09.2020, Place: Uttar Pradesh 24.02 Crores 2.40 Crores
Bank of Baroda Chennai
resolution applicants Road, Siruseri. Land area: 1 acre, building measuring 143020 sq.ft
14 Date of issue of information memorandum, 11.10.2020 Commercial space measuring 29810 sq ft opp. Kasarwadi
evaluation matrix and requestforresolution ROSARB, LFG, Vijaya Building, 17 Barakhamba Road, Pune 11.40 Crores 1.14 Crores
planstoprospective resolution applicants Railway Station, in part of Basement, GF, TF, FF.
Connaught Place, New Delhi-110001
15 Manner of obtaining requesttorresolution Requestfor Resolution Plan, Evaluation Matrix and Industrial Property Plot No.2,3,4,25 & 26, Sector-7, HSIIDC
POSSESSION NOTICE, (For Immovable Property) [See rule 8(1)] Bawal 15.55 Crores 1.55 Crores
plan, evaluation matrix, information Information Memorandum, shall be sent by email Growth Centre, Bawal.Land: 16875 sq.m, Near Harley Davidson
memorandum and further information upon verification of eligibility criteria as per point Where as the undersigned being the Authorized officer of the Bank of Baroda under the Securitization and Reconstruction
no. 8 above and subject toreceiptof undertaking Bhiwadi - 1 Plot No.SP-496,497 RIICO Indl Area, Bhiwadi, Alwar Dist, 26.82 Crores 2.68 Crores
of Financial Assets and Enforcement of Security InterestAct, 2002 (54 of2002) and in exercise of the power conferred under
undersedion 29 (2) of IBC, 2016. Rajasthan Land area: 40110 sqm
Section 13 (12) read with Rule 8 of the Security Interest (Enforcement) Rules 2002 issued a demand notice dated
16. Last datetorsubmission ofresolutionplans 10.11.2020 06.12.2019 calling upon the borrower M/s Avika Handloom Industries Add: Mohan Rampuri, Muradnagar, Ghaziabad, HDD Machine - unused lying at Customs House, Chennai. 4 Nos of high end cars with TN Registration
17. Manner of submittingresolutionplans to Resolution Plan shall be submitted in a sealed UP-201206 to repay the amount mentioned in the notice being Rs. 27,21,335.00 (Rupees Twenty Seven Lakh Twenty
resolution professional cover at address mentioned at item no. 21 Reserve Price for these 2 items: Please refer the auction tiger website as given above
One Thousand Three Hundred Thirty Five Only) and interest and charges thereon from 31.03.2019 within 60 days from
18 Estimated datetorsubmission of resolution20.11.2020 The sale will be done through public e-auction at https://ncltauction.auctiontiger.net on 12.10.2020 from 3.00 pm to 4.00 pm with unlimited
the date of notice. extension of 5 minutes each and increase in bid amount in multiples of Rs.5,00,000/- outbidding except for the HDD machine and the cars as above.
plan to the Adjudicating Authoritytorapproval
The Borrower/ Guarantor having failed to repay the amount, notice is herebygiven to the Borrower/ Guarantorand the public The E-Auction will be conducted on "AS IS WHERE IS BASIS", "AS IS WHAT IS BASIS", WHATEVER THERE IS BASIS" AND "WITHOUT
19 Name andregistrationnumber of the Rakesh Kumar Gupta
in general that the undersigned has taken possession of the property/assets described herein below in exercise of powers RECOURSE BASIS" through approved E-auction service provider - e-procurement Technologies Ltd (Auction Tiger). E-Auction sale notice and
resolution professional IBBI Regn No.: IP-P00833/2017-2018/11418
conferred on him/her under Sub- Sec (4) of Section 13 of the Act read with rule 8 of the Security Interest (Enforcement) E-Auction tender documents containing online bid foim, Declaration, General Teims & Conditions of online auction sale is available on website
20. Name, Address and e-mail of the resolutionParm & Smrn, C/o: 701, Vikrant Tower, https://ncltauctiontiger.net. Interested bidders will have to search lor the mentioned Company by using either of the two options: 1. Company Name:
professional, as registered with the Board No. 4; Rajendra Place, New Delhi-110008 Rules, 2002on this 19th day of September2020.
(Tecpro Systems Ltd.) or by state and property type. Contact Mr.Praveen Kumar Thevar at +91 9722778828, 079 40005422, email:
Email id: rkg.delhi.ca@gmail.com The Borrower/ Guarantor in particular and the public in general is hereby cautioned not to deal with the said Property/ assets Praveen.thevar@auctiontiger.net orMr.M.Prabhakaran at+917010067800, email: tamilnadu@auctiontiger.net.
21. Address and email to be used tor Rakesh Kumar Gupta; R/o: 701, Vikrant Tower, and any dealings with the property/ assets will be subject to the charge of the ROSARB Branch, Bank of Baroda for an The Liquidator has the absolute right to accept orrejectany or all offer(s) or adjourn I postpone I cancel the e-auction or withdraw any property or
correspondence with the resolution No. 4; Rajendra Place, New Delhi-110008 amount of Rs. 27,21,335.00 (Rupees Twenty Seven Lakh Twenty One Thousand Three Hundred Thirty Five Only) & portion thereof from the auction proceeding at any stage without assigning anyreasonthereof.
professional Email id: cirp.3cuniversal@gmail.com interest & charges from 07.01.2019 less recovery if any. The property, assets, business and other affairs of Mfs Tecpro Systems Ltd.(in liquidation) are being managed by the Liquidator,
22. Further Details are available at or with Further information can be obtained from Mr.Ramachandran Subramanian, who acts as agent of M/s.Tecpro Systems Ltd. duly appointed by Hon'ble NCLT, Principal Bench, New Delhi,
The borrower's attention is invited to provisions of Sub- Section (8) of section 13 of the Act, in respect of time available, to
Resolution Professional through email id: without any personal liability.
cirp.3cuniversal@gmail.com redeem the secured assets.
For further information, please contact the undersigned on or before 05.10.2020 orwrite to subraman267@yahoo.com
23. Date of publication of Form G 23/09/2020 DESCRIPTION OF THE IMMOVABLE PROPERTY The successful bidder has toremitthe entire bid amount after adjusting the EMD already paid within 15 Days i.e. on or before 27.10.2020. The
Date: 22 09 2020 Rakesh Kumar Gupta Equitable Mortgaged of Property situated at Plot of Land Admeasuring 200 Sq. Yard at Khasra No. 573M, Village-Sarna, timeline for payment of final sale consideration may be extended at the sole discretion of Liquidator to the extent permissible under the applicable
Place: Delhi IBBI Regn No.: IP-P00833/2017-2018/11418 laws andregulations.In case the final sate consideration is not paid within the timeline, the Liquidator shall forfeit the EMD.
Muradnagar,Ghaziabad,UPinthenameofMrs.RudhaSinghalW/oLateSh.LajpatSinghal. ... . .
Authorised Officer Place: Chennai Ramachandran Subramanian, Liquidator, Tecpro Systems Ltd
Date: 19.09.2020, Place: Uttar Pradesh Bank of Baroda Date: 23.09.2020 IBBI/IPA-001/IP/P-01440/2018-19/12136: Mobile: 0700721417,0025120271
Business Standard N E W DELHI | W E D N E S D A Y , 23 S E P T E M B E R 2 0 2 0 POLITICS & PUBLIC AFFAIRS 15
Before the National Company Law
Appellate Tribunal, New Delhi
S. E. R A I L W A Y - T E N D E R

Opposition parties boycott

CompanyAppeal(AT) No. 97 of 2020
e-Tender Notice No. MECHCKP-20-21- In the matter of Section 66 of theCompanies
Act, 2013 and the Rules framed thereunder
Z.0. Noida, Plot N0.1A, Block-C, Soctoe63, NOIDA-201307, Ph: 012M314956,4314044, email: zo.noidagpab.co. 13, dated 21.09.2020. e-Tender is invited
AND
^ ^ M i l
I I a i i l B 'II n I (Annexure-IV) by Divisional Railway Manager (Mecha- kithematlerofreductionof share capital of Economy
1 * 1 U i a ^ ^ M Date; 09.09.2020 nical), Chakradharpur, S.E.Railway f o r a n d Hotels India Services Private Limited
Economy Hotels India Services Private Limited
To Be S e r v e d upon Borrower/Guarantor/Mortgagor Before Effecting Sale of

Parliament, list 3 demands

o n behalf of President of India under two
Appellant Company
S e c u r e d Assets. packet system for the under mentioned Notice Of Reduction Of Share Capital Of
Smt. Sanju M/s. S.S Properties C-205, Ansal Court Yard Roorkee Road By Pass work. Manual offers are not allowed against Appellant Company
Modi Puram, Meerut - 250110 R E G : Sale of S e c u r e d Assets Under S A R F A E S I t h e t e n d e r a n d a n y s u c h m a n u a l otter (Company Appeal (AT) No. 97 of 2020 under
Act, 2 0 0 2 M/s S.S. Properties 06211300008527 (Name of the borrower with account section 66 of the Companies Act, 2013)
received shall be ignored. Name of Work: This is to inform that the National Company Law
number) M e c h a n i s e d c l e a n i n g , w a t e r i n g & pad Appellate Tribunal, New Delhi ("AppellateTribunal")

Monsoon Session proved of the conduct of the Authorized

This Is to Inform y o u that pursuant to the possession taken by the undersigned as l o c k i n g / u n l o c k i n g of p r i m a r y t r a i n s & vide its order dated August 24, 2020 ("Order")
in Company Appeal (AT) No. 97 of 2020
protesting leaders, saying the notice for recovery of the secured debts of Punjab & Sing Bank Delhi R o a d (name of
Officer under S A R F A E S I Act, 2 0 0 2 o n 19/06/2019 vide possession mechanised cleaning of depot premises of
hasapproved the reduction of share capital of

may end today, "my way or the highway" Branch) amounting to Rs. 23,86,253 and interest thereon from 31.12.2017 and with Tatanagar C o a c h i n g Depot for a period the Appellant Company. The forms of minutes

approach was unacceptable. costs and charges from M/s S.S. Properties (name of borrower), the undersigned
of 04 years. Tender Value: 7 5,85,33,838/-. are set forth hereunder:
The issued, subscribed end paid-up equity
8 days earlier He also appealed to the intends to sell the following secured assets for recovery of the entire d u e s for which
E M D : 7 4,42,700/-. Cost of Tender Form:
share capital of the Company is henceforth Rs.
Rs. 10,000/-. Place of Opening of Tender:
Opposition members to recon- taken.
4,90,00,000/- (Rupees Four Crore Ninety Lakhs
necessary steps including publication in Newspaper have been taken/are being Office of the Sr. DME/CKP, S.E.Railway. only) comprising of49,00,000 (Forty Nine Lakhs)
PRESS TRUSTOF INDIA sider their decision to boycott Date & Time of Closing of Tender : equity shares of Rs. 10/- (Rupees Ten only) each,

proceedings and asked them to S e c u r e d A s s e t s :

reduced fromRs. 67,47,90,000/- (Rupees Sixty-
21.10.2020 at 15.00 hrs. Date & Time of
N e w Delhi, 22 S e p t e m b e r Seven Crore Forty-Seven Lakh Ninety Thousand
participate in the discussions 1. P l o t N o . G - 1 1 S e c . 4 . L P o c k e t - G , S h a t a b d i N a g a r M e e r u t Opening of T e n d e r : 21.10.2020 at 15.15 only) to 49,00,000 (Forty-Nine Lakh) equity

arious opposition in the House instead. hrs. Tenders can be v i e w e d at website : shares of Rs. 10/- (Rupees Ten only) each.

V parties, including the

Congress, on Tuesday
boycotted Lok Sabha in solidar-
ity with the eight Rajya Sabha
Youth Congress activists protest against the passage of the
farm Bills, in New Delhi on Tuesday
About the suspension of
members, the Chairman said
he is not happy about it "as
they are our members and our
PHOTO: PTI
A u t h o r i z e d Officer, P u n j a b & S i n d B a n k
http://www.ireps.gov.in (PR-261)
Sd/-
Balvinder Sahrawat
Director
Economy Hotels India
Services Private Limited
Date : 22.09.2020
Place : New Delhi

members who were suspended countrymen", but added this is

for unruly behaviour. not the first time it has hap- (T5) kotak Kotak Mahindra Bank Limited

Pained at Oppn MPs' conduct, pened.

g'vzii&i LJU-S R-PM Punjab & Sind Bank
Congress leader in Lok "The action is on their ed Offlcs at 27BKC, C 27, G Block, Bandra Kuria Complex, Bandra (E), Mumbal - 400 051
Branch Office: 7th Floor, Ambadeep Building, 14 KG. Marg, New Oen-10001
(»mn U««ll W T R W n ) I U J (A G o v t of India Undertaking)

Sabha Adhir Ranjan conduct, not the person. Try to Z.0. Noida, Plot No.1A, Block-C, Sector-63, NOIDA-201307, Ph: 01294314966,4314044, zo.nolda@psb.co.ln

Harivansh goes on 24-hour fast understand

DEMAND NOTICE

Chowdhury said all opposition that. We don't have NOTICE UNDER SECTION 13 (2) OF THE SECURITISATION AND RECONSTRUCTION j - r - m . r.-. -
^ • J i ^ d i ' l J l l ' U i a o ^ M
(Annexure-IV)
Bate: 09.09.2020
parties are boycotting anything against any member
OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURTTY INTEREST ACT, 2002.
The undersigned, being the Authorized Officer of KOTAK MAHINDRA BANK LIMITED (earlier known as ING To B e Served upon Borrower/Guarantor/Mortgagor Before Effecting Sale of

Parliament in solidarity with Expressing his deep anguish every norm and convention of as far as I am concerned."
Vysya Bank Ltd., which has been amalgamated with Kotak Mahindra Bank Limited, pursuant to the Order issued
by Reserve BankoflndiaunderSub-section4ofSection44AofBanking Regu I ations Act, 1949 sa ndion i ng the Secured Assets.

the Rajya Sabha members who and pain at Opposition the House. On him rejecting a notice scheme of amalgamation of ING Vysya Bank Limited with Kotak Mahindra Bank Limited effective from April 1"
Smt. Sanju W / o Suresh R/o C-205, Ansal Court Yard, Modipuram Meerut R E G : Sale

were suspended on Monday. members' "humiliating" Harivansh, who was in the for a no-confidence motion
2015 hereinafter referred to as "Banl^), a banking company within the meaning of the Banking Regulation Act,
1949 having ifs Registered Office at 27BKC, C 27, G Block, Bandra Kuria Complex, Bandra (E), Mumbai - 4 0 0 of Secured Assets U n d e r S A R F A E S I Act, 2 0 0 2 M/s Mrs. Sanju W / o Suresh

"You have compelled us to do conduct towards him, Rajya Chair then, said paper missiles against Harivansh, Naidu said 051, appointed under the Securitization and Reconstruction of Financial Assets and Enforcement of Security
InterestAct, 2002, hereby issues to you the following notice:-
06211200000590 (Name of the borrowerwith account number)

so," he said. Sabha Deputy Chairperson were thrown at him amid it should have been in the form The borrowers/ Co-Borrowers as well as the public in general are hereby informed that the undersigned being the This is to inform y o u that pursuant to the possession taken by the undersigned a s

Harivansh on Tuesday brazenly aggressive behaviour of a resolution and reiterated a

Authorized Officer of KMBL, the secured creditor has initiated action against the following borrower/Co-
Authorized Officer under S A R F A E S I Act, 2 0 0 2 o n 26/11/2019 vide possession

Tea time
Borrowers undertheprovisionsoftheSecuritizationandReconstmctionofFinancialAssetsand enforcement of

announced a 24-hour long and raising of tasteless and 14-day notice was not given. Security InterestAct, 2002( the SARFAESI Act.), if the following borrowers tail to repay the outstanding dues notice dated 06/09/2019 recovery of the secured debts of Punjab & Sing Bank Delhi

The suspended parliamentar- fast, hoping that this may unparliamentary slogans by The Congress said its boy-
indicated against their names with in 60 (Sixty) days of this notice, the undersigned will exercise any one or more
of the power conferred on the Secured Creditor under sub section (2) of Section 13 of the SARFAESI Act.
Road (name of Branch) amounting to Rs. 35,04,398 and interest thereon from

ians, who spent the night on inspire a feeling of "self- members, a reference to cott of the Rajya Sabha will not
Including power to take possession of the properties and sell the same. The public in general is advised not to 30/06/2017 and with coOsts and charges from Mrs. Sanju (name of borrower), the
deal with property described here below.

the lawns near Mahatma purification" in them. several opposition MPs who end until the government Name of the Borrowers I Detail of Secured Asset
undersigned intends to sell the following secured assets for recovery of the entire

Gandhi's statue in what several In a letter to Rajya Sabha created uproar in the House brings another Bill, making it (Immovable Property)
Proprietor Guarantor & Mortgagor dues for w h i c h necessary steps including publication in Newspaper have been

old-timers said was the first Chairperson M Venkaiah during passage of the farm illegal for private players to buy
1. M/s B. S. Engineering Works (Borrower) Through Its All that Part and Parrel of the Property taken/are being taken.
Proprietor Mr. Veer Singh Mr. Amandeep Kaur (Guarantor), Mrs. bearing: 'Plot No. 6, Old MCF No. 1180,

such, got a surprise visitor in Naidu, Harivansh recounted Bills. This sight of "disrobing food grains from farmers below
Secured Assets:
NirmalKaur (Guarantor), 2. Mr. Veer Singh, (Mortgagor), All New MCF No. 2740, forming Part of Kila

the morning — Rajya Sabha the ruckus in the House on of democracy" jolted his mind the MSP, ensuring state
available at:- Scrap Market Jeevan Nagar, Phase 2 Sohna Road No. 26/10, 17/1, Gali No. 273, Village- 1. F-813, Supertech Polygram, Delhi Road Meerut
Near Peer Baba Mazar, Haryana-121001, Mr. Amandeep Kaur Gonchhi, Colony known as Parvatiya

Deputy Chairman Harivansh Sunday during the passage of and heart and he could not agencies comply with the MSP (Guarantor) Mrs. Nirmal Kaur (Guarantor), Mr. Veer Singh
(Mortgagor) All available at:- Plot No. 6, Old MCF No. 1180, New
Colony, Tehsil- Ballabgarh, Faridabad,
A u t h o r i z e d Officer, Punjab & S i n d B a n k
sleep for the whole night, the and the procurement price is
Haryana-121004, measuring 100 square

who came with tea and snacks. two crucial farm Bills, and MCF No. 2740, Part of Kila No. 26/10,17/1, Gali No. 273, Village- yards." Bounded as below:- North: As Per

Till late night, the protest- said members engaged in Bihar MP wrote in the letter fixed according to the M S
Gonchhi, Colony known as Parvatiya Colony, Tehsil- Ballabgarh, Site, East: As Per Site, South: As Per Site,
Faridabad, Haryana-121004 West: As Per Site

ing MPs raised slogans and "violent" conduct in the name underscoring his agony and Swaminathan panel's recom- Loan Account No., Demand Notice Date, and A m o u n t

sang songs while a host of of democracy, tried to frighten pain at the development. mendations. 4211955838 07/09/2020 Amount: Rs. 32,26,793/- PNB GILTS LTD.
Opposition leaders such as the Chair and tore to shreds PNB

H
(Rupees Thirty TWo Lacs Twenty Six Thousand Seven Hundred Ninety Three Only) CIN:L74899DL1996PLC077120
Criticism
PTI
National Conference's Farooq as on 23rd August' 2020
NPA DATE: 30th J u n e ' 2 0 2 0 GILTS Regd. Office: 5, Sansad Marg, New Delhi - 1 1 0 001
Abdullah, Samajwadi Party's Criticism of Harivansh's han- Date: 23/09/2020, Place: New Delhi FOR KOTAK MAHINDRA BANK LIMBED, AUTHORISED OFFICER
LTD
Ph: 011-23325759,23325779. Fax No. 011-23325751,23325763

Jaya Bachchan and Congress' dling of the House continued E-Mail: pnbgilts@pnbgilts.com, Website: www.pnbgilts.com

Ahmed Patel, Digvijaya Singh with NCP Chief Sharad Pawar REQUEST FOR PROPOSAL

and Shashi Tharoor visited saying he had never seen pre- PNB Gilts Ltd, a subsidiary of Punjab National Bank, invites proposal

them to express their support. siding officers behave in such POSSESSION NOTICE
(RFP) for Supply, Integration, Implementation, Maintenance and
Management of Integrated Treasury Management Solution. RFP
But their morning visitor a manner with House W h e r e a s the Authorised Officer of A s s e t Reconstruction C o m p a n y (India) Limited containing details like eligibility criteria, scope of work etc. is available at
did not receive the same enthu- members. Talking to reporters, (Arcil) under Securitization And Reconstruction o f Financial Assets and the Company's website www.pnbgilts.com under "Tender" section on the
siastic response, said some of he also objected to the manner Enforcement of Security Interest A c t 2002, and in exercise of powers conferred home page. The last date for submission of bid in prescribed mode is 26th
the protesting MPs. The Rajya in which farm Bills were passed under Section13 (12) read with Rule 3 of the Security Interest (Enforcement) Rules, October, 2020 (5 p.m.).
Sabha deputy chairman, the in the Rajya Sabha on Sunday 2 0 0 2 issued D e m a n d Notices under Section 13 (2) of the said Act, calling upon the For PNB Gilts Limited

protesters said, came with a amid Opposition protests. "It following borrowers to repay the amounts mentioned against their respective name
Sd/-
Place: New Delhi (Seema Misra)
posse of news cameras and was was expected from the deputy together with interest thereon at the applicable rates as mentioned in the said
Date: 22nd September 2020 Sr. Executive Vice President
told by a senior MP to visit "To personally serve tea to those who attacked and chairman to at least listen to notices, within 60 d a y s from the date of receipt of the said Notices, along with further

without the cameras and sit rules which the members were
interest as applicable, incidental expenses, costs, charges etc incurred till the date

with them. "Another senior MP insulted him a few days ago as well as f referring to," he said.
of payment and / or realization.
raslHijl K O T A K M A H I N D R A B A N K LTD.
also told him that while bring-
Borrower N a m e / C o - B o r r o w e r D e m a n d Notice as Date & Type of
those sitting on dharna shows that , -
^ ^ • • • • H Registered Office: 27-BKC, C-27, G-Block, Bandra Kuria Complex, Bandra (E), Mumbai- 400 051

End of session
Branch Office: 7th Floor, Ambadeep Building, 14 KG Marg, Cannaught Place, New Delhi-110001
ing tea was a nice gesture, he
N a m e I Loan A c c o u n t No. o n Date I Total Possession
I DEMAND NOTICE I

was still in the wrong in what Harivansh Ji has been blessed with a The Lok Sabha is likely to be Op Anand / Krishna Anand I
Outstanding (In Rs.]
13-Mar-20 Symbolic
NOTICE UNDER SECTION 13(2) OF THE SECUKTISATION AND RECONSTRUCTION OF

he did. He was told he was the humble mind and a big heart" adjourned sine die on
FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002
LBDEL00001481565 Rs. 1,27,92,822.41/- 18.09.2020 Notice is hereby given that the tbllowing boraower /Co-Borrowers, who have availed loan facilities from
one who broke the rules," a pro- Wednesday, eight days ahead S e c u r e d P r o p e r t y : Flat no. C-330/ C-2 (without roof rights) M.I.G.
First door, built up on KOTAK MAHINDRA BANK LIMITED (KMBL) having its branch office at 7th Floor, Ambadeep Building,

testing MP told PTI. N A R E N D R A M O D I , Prime Minister

of the scheduled end of the
14 KG Marg, Cannaught Place, New Delhi-110001, have tailed to serve the interest of their credit facilities
plot no. C.330, Shalimar Garden Extension-2, Village-Pasaunda, Pargana-Loni,
to KMBLand that their loan accounts has been classified as NPA as per the guidelines issued by Reserve

A motion for the suspen- Monsoon Session, amid con-

Ghaziabad, Uttar Pradesh 201010 in the name of Om Prakash Anand. Covered area Bank of India. The Borrowers have provided security of the immovable properties to KMBL, the details of

sion of the eight — Rajeev moved by the government on 'Unacceptable' cerns of spread of coronavirus
65.02 Sq. mtr. Bounded by: East-Plot No. 329, West- Property Digar, North-Service Lane,
South Road 60 feet wide.
which are described herein below. The details of the loan and the amounts outstanding and payable by
the borrowers to KMBL as on date 23rd august" 2929 are mentioned below.

Satav, Syed Naseer Hussain Monday and approved by a Meanwhile, Rajya Sabha among MPs, sources said. The W h e r e a s the borrowers mentioned hereinabove have failed to repay the amounts
The borrower /Co-Borrowers as well as the public in general are hereby informed that the undersigned

and Ripun Bora (Congress), voice vote in the House. They Chairman M Venkaiah Naidu House, which will meet at 3 pm
being the Authorized Officer of KMBL, the secured creditor has initiated action against the following
due, notice is hereby given to the borrowers mentioned hereinabove in particular borrower /Co-Borrowers under the provisions of the Securitization and Reconstruction of Financial

Dola Sen and Derek O'Brien were suspended for their "mis- on Tuesday lauded Harivansh on Wednesday, is likely to be and to the public in general that the Authorized Officer of Arcil has taken Symbolic Assets and enforcement of Security InterestAct, 2002 (the SARFAESI Act). If the tbllowing borrowers fail

(TMC), KK Ragesh and behaviour" with Harivansh for showing restraint when adjourned sine die around 5
to repay the outstanding dues indicated against their names within 60 (Sixty) days of this notice, the
Possession of the Properties/Secured Assets described herein above in exercise
undersigned will exercise any one or more of the powers conferred on the Secured Creditor under sub-

Elamaram Kareem (CPM) and during the passage of the farm opposition members were agi- pm after taking up an extended of powers conferred o n him under Section 13 (4) of the said A c t read with Rule 8 of section (2) of Section 13 of the SARFAESI Act, including power to take possession of the properties and

Sanjay Singh (AAP) — was Bills on Sunday. tating in the House and disap- Zero Hour, the sources said. the said Rules o n the dates mentioned above. T h e borrowers mentioned here in sail the same. The public in general is advised not to deal with property described here below.
above in particular and the public in general are hereby cautioned not to deal with the Name of the Borrowers I Proprietor/Guarantor & Mortgagor Loan Account No., Demand
aforesaid Properties/Secured Assets and any dealings with the said 1. M/s Arihant Enterprises (Borrower) Through its Partners Mr. Notice Date & Amount
Yashpal Jain, Mrs. Reena Jain and Mis. Shashi Jain, 124, Nai Basti, Loan A c c o u n t No.
Properties/Secured Assets will be subject to the charge of Arcil.
Ghaziabad- 201001,2. Mr. Yashpal Jain s/o Mr. Prem Chand Jain 666044000146 Demand
Sd/- Authorised Officer (Guarantor & Mortgagor) 23, Purva Dulichand, Ghaziabad- 201001,
Investment Advisers India, companies, and numerous pat- Mistry, the scion of the SP
Place: G h a z i a b a d Notice Date: 02/09/2020,
Also at:- Mr. Yashpal Jain s/o Mr. Pram Chand Jain, H. No. 7 Old, New
Outstanding Amount: Rs.
> FROM PAGE 1 Sebi has not yet addressed the ents and publications to her group, accepted the position of
Date: 23.09.2020 A s s e t Reconstruction C o m p a n y (India) Ltd. No. 10, First Floor, Mohalla Dulichand, Ghaziabad- 201001,3. Mrs.
Reena Jain, (Guarantor) 2, Purva Dulichand, Ghaziabad- 201001,4. 43,13,379/- (Rupees Forty

root of the problem that led to name, cannot be inducted into chairman of Tata Sons, it was Asset Reconstruction Company (India) Ltd., Mrs. Shashi Jain (Guarantor), 4, Purva Dulichand, Ghaziabad- Three Lacs Thirteen

Regulator... the debt crisis. "It would be the board, even three years not only with a sense of pride, Brcil CIN : U65999MH2002PLC134884, W e b s i t e : www.arcil.co.in
201001, 5. Mrs. Manisha Jain (Guarantor), 23, Purva Dulichand,
Ghaziabad-201001 I NPA Date :30th June'20201
Thousand Three Hundred
Seventy Nine Only)
In 2014, Amfi had come out more prudent to relook existing after her father's death...." but also with a sense of duty as Registered Office: The Ruby, 1 Oth Floor, 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400 028, Details of secured asset (Immovable Property) | All that Part and Parcel of the Property bearinq:-

with best-practice guidelines category definitions and intro- She hinted at exploring the an "insider" on the board of Tel:+912266681300, "Residenfial Property situated at House No. 7 old, New No. 10, First Floor, without roofrights,Mohalla

on stress testing — applicable duce credit definitions for all legal route to protect her rights. Tata Sons. "A generation of
Dulichand, Ghaziabad, U.P. having land area of 100 square yards (covered area 68.90 square
Branch Address: 2nd Floor, Sethi Chambers, Plot No.2, DDA Local Shopping Centre, Near Vidya meteis) owned by Mr. Yashpal Jain." Bounded By: North:- Prop. C.P Jain, East:- Prop. Sarai
to liquid funds and money durations," he said. Credit def- A statement issued by her said Tata leaders was retiring with Bhawan Girls Senior Sec School, MOR Land, New Rajinder Nagar, New Delhi-110060 Tel: 01146370444 Nanhemal, South:- Prop. DeepakSachdeva, West:- Gali 5 meters wide.

market MF schemes. initions are currently applica- "It seems the family is more implications on the future gov- Date: 22/09/2020 Place: Ghaziabad For Kotak Mahindra Bank Ltd., Authorised Officer

Recently, there were ble to credit risk funds and cor- concerned about protecting its ernance of the group. Several
requests by MFs to allow them porate bond funds. draconian perspectives and of these leaders who were retir- lefciaaa K O T A K m a h i n d r a b a n k l t d .
to include G-secs and T-bills in practices, even if it means forc- ing from the Board of Tata Sons Registered Office: 27-BKC, C-27, G-Block, Bandra Kuria Complex, Bandra (E), Mumbai- 400 051

JA
Branch Office: 7th Floor, Ambadeep Building, 14 KG Mnrg, Cannaught Place, New Delhi-110001
the core asset allocation of ing us to take the battle to also served as Trustees of the I DEMAND NOTICE I

credit risk funds, corporate Murugappa... courts. We will not shy away majority shareholders — Tata SPEAKS NOTICE UNDER SECTION 13(2) OF THE SECURTISATION AND RECONSTRUCTION OF

debt funds, and banking and Arunachalam, her sister this time.." Trusts," the Mistry group said.
FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002
Notice is hereby given that the following borrower /Co-Borrowers, who have availed loantecilitiesfrom

PSU debt funds to meet the Vellachi Murugappan, and Arunachalam has been bat- "It is in this context that KOTAK MAHINDRA BANK LIMITED (KMBL) having its branch office at 7th Floor, Ambadeep Building,

heightened redemption
14 KG Marg, Cannaught Place, New Delhi-110001, have failed to serve the interest of their credit facilities
their mother M V Valli tling for the right to be recog- Mistry set about trying to to KMBL and that their loan accounts has been classified as NPA as per the guidelines issued by Reserve

requests. "A lot of MFs hold liq- Murugappan hold the stake nised as her father's successor establish a governance struc- Bank of India. The Borrowers have provided security of the immovable properties to KMBL, the details of
which are described herein below. The details of the loan and the amounts outstanding and payable by
uid assets at present. But as together. Her father, a former to the board for a long time. She ture that would institutionalise the borrowers to KMBLas on date 23rd August" 2020 are mentioned below.

things normalise and spreads chairman of Carborundum would have been the first accountability and create the
The borrower /Co-Borrowers as well as the public in general are hereby informed that the undersigned

increase, the diktat could hurt,"

said another debt fund manag-
Universal, passed away in
September, 2017.
woman director of AIL if the
shareholders had favoured the
right checks and balances...,"
the statement said.
Politics. being the Authorized Officer of KMBL, the secured creditor has initiated action against the tbllowing
borrower /Co-Borrowers under the provisions of the Securitization and Reconstruction of Financial
Assets and enforcement of Security InterestAct, 2002 (the SARFAESI Act). If the following borrowers fail
to repay the outstanding dues indicated against their names within 60 (Sixty) days of this notice, the
er. Debt funds typically hold 0- While the Murugappa resolution. Unfortunately, the state- undersigned will exercise any one or more of the powers conferred on the Secured Creditor under sub-

5 per cent of their portfolio in

cash and cash equivalents, and
spokesperson did not com-
ment as "it's a family matter",
ment said, Cyrus was removed
in October 2016, when he
Economics. section (2) of Section 13 of the SARFAESI Act, including power to take possession of the properties and
sell the same. The public in general is advised not to deal with property described here below.

Shapoorji...
Name of the Borrowers I Proprietor/Guarantor & Mortgagor Loan Account No., Demand
Sebi may put a higher thres- US-based Arunachalam issued attempted to implement these
And other 1. M/s Pandit Medical Agency (Borrower) Through its Notice Date& Amount

hold for holding such assets, a statement, saying "The ques- "The SP-Tata relationship governance reforms. Proprietor Mr. Pradeep Sharma, GF-17/129, Shri Ji Market, Nai L o a n A c c o u n t
Basti, Ghaziabad- 201001,2. Mr. Pradeep Sharma (Guarantor & 508044012538 Demand Notice
No.

said experts. tion remains why a female heir spanning over 70 years was Mortgagor) Shop No. 17, Ground Floor, Plot No.-129, Shriji Date: 28/08/2020, Outstanding

According to Dhaval with a doctorate degree, 24 forged on mutual trust, good Market, Wright Ganj Garbi, Nai Basti, Ghanta Ghar, Ghaziabad-

Kapadia, director (portfolio

specialist) at Morningstar
years work experience in
Fortune 500 multinational
faith, and friendship. Today, it Advertisers...
is with a heavy heart that the This was because the Covid-19
Domino 201001 Also at:- CD-14 Block CD, situated in residential colony,
Amount: Rs. 1,01,48,609/-
Kavi Nagar, Ghaziabad- 201001,3. Mr. Narender Kumar Sharma (Rupees One Crore One Lacs
(Guarantor), Mr. Pradeep Sharma (Guarantor & Mortgagor) Forty Eight Thousand Six
Both available at:- D-t 5, Nehru Nagar, Ghaziabad- 201001 Hundred Nine Only)
Mistry family believes that a pandemic and lockdown
separation of interests would forced advertisers to redraw
best serve all stakeholder their advertising strategies and
Effects." Details of secured asset (Immovable Property) I All that Part and Parcel of the Property bearing:-
1. Commercial Shop No. 17, Ground Floor, Plot No.-129, Shriji Market, Wright Ganj Garbi, Nai Basti,
Ghanta Ghar, Ghaziabad. Bounded as below:- North: As Per Site, East: As Per Site, South: As Per
Site, West: As Per Site
> BS SUDOKU # 3163 groups," it said. budgets. The drugs probe has 2. CD-14 Block CD, situated in residential colony Kavi Nagar, Ghaziabad having area 113.51 sq.

The statement came within only forced advertisers to con-

5 6 2 4
mtre. Bounded as below:- North: Flat No. 13, East: 6.40 mtr. lane, South: FlatNo. 15, West: 28'wide
road

hours of the Tata group inform- tinue playing down celebrity

I NPA Date :30th June" 20201
Date: 22/09/2020 Place: Ghaziabad For Kotak Mahindra Bank Ltd.. Authorised Officer

ing the SC it was ready to buy endorsements led by film stars

7 2 1 out the SP group's stake. The in July-August, despite televi-
Tata group did not mention sion advertising in general
Kotak Mahindra Bank Limited

6 7
Registered Office at 27BKC, C 27, G Block, Bandra Kurta Complex, Bandra (E), Mumbai-400 051
valuation or timeline for this. increasing from June onwards Branch Office: 7th Floor, Ambadeep Building, 14 KG. Marg, New Delhi-IOOOf

After the hearing on after the Unlock process began, Notice Regarding Possession of Immovable Property u/s 13(4) of

Tuesday, the SC barred the TAM Adex said. SARFAESI Act. 2002 r/w. Rule 8(1) of Security Interest (Enforcement) Rules. 2002

Mistry group from pledging or Celebrity endorsements,

Whereas,The undersigned being the Authorized Officer of the Kotak Mahindra Bank Ltd. a banking

5 3 1 selling its stake in Tata Sons led by film actors, have fallen
and asked it to maintain the 30 per cent in July-August ver-
company within the meaning of the Banking Regulation Ad, 1949 having it's Registered Office at
27BKC, C 27, G Block, Bandra Kuria Complex, Bandra (E), Mumbai - 400 051 and branch office at
u7th Floor, Ambadeep Building, 14 K.G. Marg, New Delhi, nderSecuritisafion and Reconstrudion of

1 8 7 3
Financial Assets and Enforcement of Security InterestAd, 2002 ("SARFAESI Ad") and in exercise of
status quo until its next hearing sus last year, the TAM Adex the powers conferred under sections 13(12) read with Rule 3 of the Security Interest (Enforcement)

on October 28, when it will start data shows. And endorsements Rules, 2002 issued a Demand Notice dated 15th November' 2019 for Loan Account No.-

3
4622TL0100000016 & 631044002298 calling upon the borrower/s / parties M/s Kiran Enterprises
hearing the final arguments in by sportspersons, especially (Borrower), Mr. Anurag Sinha (Mortgagor & Guarantor), Mrs. Sadhna Sinha (Guarantor) to repay

the case. The SP group in its cricketers, have increased 17 the amount mentioned in the notice being Rs.65,66,034 /- (Rupees Sixty Five Lakh Sixty Six

2 4 9 6 7
Thousand Thirty Four Only) within 60 days from the date of receipt of the said Demand Notice.
statement said the role hitherto per cent in the period versus The aforementioned Borrower/s I Guarantor/s /Mortgagor having failed to repay the amount, notice

played by it was always one of last year, it said. Some experts is hereby given to the Borrower/s / Guarantor/s /Mortgagor and the public in general that the

6 4
undersigned has taken Symbolic possession of the property described herein below in exercise of
guardianship "with an aim to argue the preference for crick- powers conferred on him / her under Section 13(4) of the said A d read with Rule 8 of the said Rules

protect the best interests of the eters as endorsers is a result of on 21st September2929

S O L U T I O N TO # 3 1 6 2 Tata group". IPL, which began last week in The borrower's attention is invited to previsions of sub-section (8) of section 13of the Act, in rasped

"It is a matter of record that the UAE. "Cricketers are a safe

of time available, toredeemthe secured assets.
The Borrower/s I Guarantor/s /Mortgagor mentioned hereinabove in particular and the public in
7 5 2 4 1 8 6 3 9 Easy:
* • prior to the year 2000, when bet at this point because the general is hereby cautioned not to deal with the property and any dealings with the property will be

the Tata Trusts, being public IPL is on. Second, a dope test is
subjed to the charge of the KOTAK MAHINDRA BANK LIMITED, for an amount Rs.65,66,0341-
4 6 1 9 7 3 8 5 2 (Rupees Sixty Five Lakh Sixty Six Thousand Thirty Four Only) as on 21 st Odober' 2020 along with
9 3 8 5 6 2 7 1 4 Solution charitable trusts, couldn't exer- part of their routine, so at least Insight O u t future interest at the contradual rate and substitute interest, incidental expenses, costs and charges

tomorrow cise their voting rights, the brands do not have to worry etc. from 22nd Odober' 2020

same being held by a public about a drugs issue tainting the

6 8 7 1 2 5 9 4 3 Description of the Immovable Property
To b o o k y o u r copy, c a l l 0 2 2 4 0 2 7 5432 All that part and parcel of the Property consisting of:-
2 9 4 7 3 6 1 8 5
H O W TO PLAY trustee, the SP group voted to endorser," N Chandramouli, or SMS reachbs to 5 7 5 7 5 or email us at order@bsmail.in "Plot No.12/355. Sector-12. Vasundhara. Ghaziabad. U.P. Admeasuring 200 square meter."
3 1 5 8 4 9 2 7 6
Fill in the grid so that every protect the best interests of the CEO of brand advisory firm Bounded as below: North: Prop No. 12/356. East: Road 9 meters. South: Prop. No. 12/354

Tata group," the statement TRA Research, said.

West: Prop No. 12/337
1 2 9 3 5 7 4 6 8 row, every column and www.business-standard.com
o
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Date: 21.09.2020 (Authorized Officer),
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NEW DELHI | WEDNESDAY, 23 SEPTEMBER 2020

Covid lockdown: Six months later

The stress across businesses since the lockdown was imposed on March 24 is still visible. Even as the government has now
relaxed the restrictions in many ways, the impact of the lockdown on the economy is likely to be long-term
INDIA’S COVID-19

PHOTO: PTI
SURGE CONTINUES
From when the lockdown Widening gap in new cases
was imposed on March 24,
the number of Covid-19
cases has shot up from 500
to almost 5.6 mn, making ‘Covid-19 has helped us focus on
India one of the world’s what is important and urgent. It
worst-hit countries, has tested our resilience as
second only to the US businesses’
(6.86 mn cases). While T V NARENDRAN
88,935 people have died Note:Shows a seven-day moving average in number of new cases. MD & CEO, Tata Steel
Numbers for Spain are updated with a lag, the current ones are
in India so far, the country latest available. Source:OurWorldInData.org
has managed to keep the
fatality rate at less than
two per cent. With the High base negates fall in growth rate
virus spreading, the
disease is no longer
concentrated to a few
districts. While the curve
seems to be declining in
US and Brazil, cases are still
on the rise in India.

SACHIN P MAMPATTA & Source:covid19india.org, Business Standard calculations

RUCHIKA CHITRAVANSHI ‘We are still a few quarters away
before all levers of businesses
26.99
33.1

29.2

begin to function effectively’

27.3

Cases IMAGES OF THOUSANDS OF MIGRANT WORKERS MAKING JOURNEYS BACK TO THEIR HOMES
49.9

AMITABH CHAUDHRY
58.9
58.0

56.5

39.7
61.2
61.2

becoming more
widespread Apr May May Jun Jun Jul Jul Aug Aug Sep Sep CAPTURED THE FEAR, DISTRESS AND ANXIETY IN THE EARLIER WEEKS OF THE LOCKDOWN CEO & MD, Axis Bank

4 15 31 15 30 15 31 15 31 15 22
Note:Excludes 'unknown' district allocations if they appear in the Share of top ten districts in total
top tenSource:covid19india.org, Business Standard calculations confirmed case (in %)

Airlines, hotels try to journey back

ECONOMY & MARKETS: ARINDAM MAJUMDER & SHALLY SETH MOHILE
New Delhi/Mumbai, 22 September
share, intended to deploy 60 per cent of intent and infuse cash in order to increase
its pre-COVID capacity. It has failed. The the confidence of lenders,” said Kapil Kaul,
main reason why IndiGo and other airlines CEO, South Asia, CAPA.
CONTRASTING TALES I n March, as the number of coronavirus
cases across the world rose, forcing Air
are struggling to expand is quarantine. Hotel operators and asset owners believe
“The biggest hurdle to expand is that quar- things have started improving month-on-
The GDP contracted an MERCHANDISE EXPORTS & IMPORTS India to evacuate Indians from China and antine measures across many states are month and that the worst is behind them. ‘Even teachers who have been
unprecedented 23.9 per cent in the SHOW SHARP CONTRACTION Italy, civil aviation ministry mandarins deterring people’s plan to travel,” said a “We have seen some encouraging signs in
hesitant to use online teaching
April-June period of 2020-21 — the Lockdown accentuated the fall in were meeting in Hyderabad for the bien- SpiceJet executive. the last two months. The booking pace is
first two months saw the lockdown, nial Wings India event. “There is no need IndiGo at least is cushioned with picking up. Part of it has to do with the eas-
aids are becoming digitally
exports and import empowered’
which was partially eased in June. for the aviation sector to worry about coro- ~18,449.80 crore. Others ing of travel restrictions
The government is hopeful of a V- navirus. It’s a temporary phase,” Civil such as SpiceJet and JOB LOSS IN AVIATION SECTOR and people coming to BYJU RAVEENDRAN
shape recovery in the coming Aviation Minister Hardeep Singh Puri told GoAir whose balance n Airlines n Airports n Ground Handling grips with the situa- Founder & CEO, BYJU'S
quarters, but the Reserve Bank of the gathering. sheets were already companies n Cargo Operators tion,” said Neeraj Govil,
India (RBI) is not. Lead indicators lend Seven days later, India went into lock- under stress are fight-
1,89,922 1,71,895 senior vice president,
credence to RBI's theory of gradual down. Air transport was grounded for  two ing an existential battle. South Asia, Marriott
recovery. In contrast, equity markets, months, the longest ever in the history of Aviation consultan-
9,555 International, in a
which crashed over 40 per cent even civil aviation. cy firm CAPA’s estimate 37,720 8,538 recent interview
before the lockdown came into effect Six months later, faced with their worst is that these airlines will 29,254 to Business Standard.
on March 24, have defied fears, crisis and without any financial assistance have to shrink opera- Some analysts
staging a dramatic recovery fuelled by from the government, the viability of the tions and fleet size by believe that, with the
aggressive stimulus measures by Source: Commerce and industry ministry,
National Load Despatch Centre and PPAC
Indian aviation and tourism industry is in around half, return 67,760 64,514 recovery having kicked
global central banks and support peril, with companies struggling to stay alive planes, and defer in, upscale resorts in
from the Centre and the RBI. In the INDUSTRIAL PRODUCTION and save over 18,000 jobs. accepting deliveries of leisure destinations are
past six months, Nifty has gained 52 AWAITS DEMAND According to consulting firm HVS new aircraft. likely to benefit first.
per cent in rupee terms and 58 per IIP contraction rate remains Anarock, a near complete shutdown of The airlines 74,887 69,589 “Perhaps the biggest
‘Till we find a vaccine, ‘travel’
cent in dollar value — making India in double-digit hotels for well over three months pulled have asked the govern- challenge is likely to be
one of the best-performing markets down average occupancy across the sector ment to set up an inter- faced by big-box city
will be visiting travel sites on
globally. The rally has been by more than a third. Revenue per average est-free line of credit of hotels that were tradi- social media and exercise will be
supported by strong buying by room (RevPAR) plummeted by 58 per cent at least $1.5 bill- Mar 31, ‘20 Jul 31, ‘20 tionally dependent on restricted to the treadmill’
overseas investors, pushing in the first half of the year. ion, besides facilitating Number of Employees three major segments - HARSH GOENKA
valuations to multi-year highs and Airlines and travel firms are slowly trying additional unsecured Source: Ministry of Civil Aviation inbound business trav- Chairman, RPG Enterprises
indicating that stocks are penciling in to limp back to life, without any clear map credit for 60 days on jet el, corporate MICE, and
sharp earnings recovery. given these unprecedented times. “We are fuel purchases from oil marketing compa- domestic transient corporate,” said  Achin
clearly in uncharted territory. However, we nies and deferment of tax. But an already Khanna, managing partner, Hotelivate.
INDIVJAL DHASMANA, SAMIE MODAK also recognize that the industry is going cash-strapped government hasn’t been able Room night demand emanating
& SHREYA JAI through a very disruptive phase, which pres- to offer anything. from all of these segments will take longer
ents us with a unique opportunity to Experts said that it will be difficult for to revive. Khanna said that it would
PEAK POWER & PETROL DEMAND MARKETS REBOUND, strengthen our airline,” said IndiGo CEO airlines to get any restructuring of existing be a good idea for these hotels to shift gears
NOT OUT OF THE WOODS VALUATIONS SURGE Ronojoy Dutta. loan facilities or fresh loans unless promot- and focus on social, domestic leisure,
Power & petrol demand lower but Nifty 10% below peak; valuations IndiGo, the largest airline by market ers infuse cash. “The promoter has to show and MICE.
near pre-lockdown levels have surpassed January levels

Auto, retail, real estate ailing

‘I am living in a farm house in a
village. The pandemic has forced
a lot of introspection on how
we can live’
ARNAB DUTTA & SHALLY SETH MOHILE segments such as apparel, restaurants and India, say they may not herald an overall
New Delhi/Mumbai, 22 September personal care are the worst hit, with sales recovery. ARUN NANDA
plummeting to over 65 per cent. In local gro- Maruti Suzuki, which has over 50 per cent Chairman, Mahindra
Holidays/Mahindra Lifespaces
T he pandemic and the lockdown have ceries, mostly kirana shops, the impact has
shattered and left three key sectors of been less severe. They are witnessing only a
the economy — real estate, 25 per cent drop in business.
of the passenger vehicles market, recorded
a 20 per cent growth in August. “But it came
on a very low base,” Srivastava says.
automobile and retail — facing Has there been a Even before the pandemic, Analysts at Macquarie Research have
challenges of a kind not seen pick-up in demand for one of India’s largest manufac- noted that the ongoing crisis has been the
SECTORAL SHOW FOREIGN FLOWS DRIVE MARKETS in decades. These sectors your company post turing sectors, the automobile most severe ever across auto segments.
Pharma, IT are outliers, but banks FPIs have ploughed back more account for nearly a fourth of ‘Unlock Guidelines’? industry (7.5 per cent of GDP), Returning to pre-Covid levels is likely to take
languish even as rally from March than they pulled out in March; India’s GDP. Retail trade, sec- was witnessing double-digit a long time.
lows has broadened domestic investors seem cautious ond only to agriculture in decline in sales year-on-year The long-distressed real estate sector (6
terms of contribution to GDP (YoY) almost every month per cent of GDP) also suffered a body blow.
Chg since Mar 23 (%) No
(about 10 per cent), saw busi- since-mid 2019. Sale of residential units plunged by 49 per
Nifty Pharma 84.6 ness shrink to less than 25 per Yes 37% Then, in April, sales came cent to below 58,000 units till June. This
Nifty IT 77.7 cent of normal levels. 63% down to zero. Passenger vehi- was not only 37 per cent lower than the sec-
Nifty Smallcap 100 67.7 While business in the oth- cles’ offtake halved and two- ond half of 2016, which saw demonetisation, ‘Adapting to asynchronous work
erwise fast-growing modern wheeler sales dropped 49 per but the lowest in the decade. hours led me to gain weight.
Nifty Auto 66.3 trade remains below 20 per Source: CARE Ratings cent YoY between April and “The worst is now over. With people Now, I have started paying a lot
Nifty Energy 52.9 cent, standalone outlets con- August to 552,429 and 4134,132 stuck indoors, the need for a secure home is more attention to my health’
Nifty Midcap 100 50.2 tinue to suffer a 61 per cent loss, according units respectively. While the numbers for now driving the sale of affordable units,
to a report by the Retailers Association of August were encouraging, industry veterans capped below ~4 million,” says Pradeep
RAMESH NAIR
Nifty Media 49.4 Country Head, JLL India
India and Anarock. such as Shashank Srivastava, executive Aggarwal, chairman, Signature Global
Source: Bloomberg, exchange * till September 21, 2020 ( MF till Sep 16) As localised lockdowns haunt retailers, director, sales and marketing, Maruti Suzuki Group.

Make access to internet a human right

up by 10 times to provide better care to all
citizens. Services should be provided digitally
and physically, with citizens coming to the
clinic or hospital only when needed. There
should be minimum health care insurance
The last six months innovations rather than a set of predictions. covered till they get another job or till they people have a choice of when, where and at coverage for all citizens, with the government
have been the worst I hope these will give ideas to business leaders, reskill themselves for a different job. This will what pace education can happen. Choices for providing the basic insurance for those below
of times in most of entrepreneurs, bureaucrats and politicians. also ensure that there is minimum activity in continuing education and micro degrees poverty line at cost.
our lives, but this We should become one of the first countries the economy and, hence, would be justified. should increase. Education should be blended Citizens must also be incentivised to lead a
was also a period that makes access to internet a human right. We should declare towns and cities as the — online, physical, on campus, at home, and at healthy lifestyle. Living healthy will lower
when individuals, With this, we should enable every citizen to primary living areas — rural areas are for work. All educational institutions should be insurance and health care costs. Digital tools
organisations and own a smart phone; make tablets available for farming or forestry. Quality citizen services can regulated by a minimum set of autonomous and apps can be provided so that people can
governments rental use in every village; and ensure 4G be concentrated to these primary living areas. private bodies. manage their habits and health better.
learned to adapt and access across India. We should be the first The rest of the land and water should be Also, individuals and organisations have Finally, in a digital world, we must ensure
LOOKING AHEAD adjust with speed. country to move to 5G. protected from pollution for future adjusted to work from home. We should shift to that citizens have control over their data and
Several innovations All online services and applications must be generations. The towns and cities should be three-four days where people commute to use of this data is limited to consents given by
KRIS GOPALAKRISHNAN were introduced so available in all major Indian languages, with redesigned primarily for public transportation work. The remaining one-two days should be them to organisations and governments.
that our lives and interactions possible either through text or and to minimise commute time to work, flexible and people can choose to work
businesses could be sustained. interactive voice response systems. education, health care and entertainment. intermittently so that they get enough time to The writer is co-founder of Infosys and chairman of
So what do the next six months hold for us? We must institute a universal social security We must implement the recommendations spend with family and friends. itihaasa Research and Digital, and Axilor Ventures.
This is a list of desirable changes and system so that people losing jobs can be in the National Education Policy such that Health care services also should be scaled Views are personal