THURSDAY, 6 JUNE 2024

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

NEW DELHI
~13.00
VOLUME XXXI NUMBER 43

THE MARKETS ON WEDNESDAY chg#

Sensex 74,382.2
2,303.2

Nifty 22,620.3
735.8
Nifty Futures* 22,642.9
22.6 WORLD P8 BACK PAGE 20
Dollar
Euro
Brent crude ($/bbl)
~83.4
~90.7
76.9##
~83.5 **
~83.5 **
76.5 **
‘EARTH WARMING AT RECORD RATE; NO ‘FOOD PROCESSING INDUSTRY
Gold (10 gm)### ~71,698.0

*(June) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~17.0
PROOF CLIMATE CHANGE ACCELERATING’ SHOULD FOCUS ON QUALITY’
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM E D ABA D, B ENG AL URU, B HOP AL , B HUB ANE SW AR, CHA NDI GAR H, C HENN AI , HY DE R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU MB A I, N E W D E L HI AN D P U N E

BYJU’S LENDERS FILE

BANKRUPTCY PETITIONS
AGAINST ASSETS IN US
No hiccups, NDA rallies behind Modi
MPs to meet tomorrow to formally INDIA bloc says mandate against BJP govt,
A group of US-based
lenders petitioned
to put a few assets
of education
elect Modi, oath likely over weekend will take steps at appropriate time Bulls stage ~13 trn
technology
company Byju’s
into bankruptcy,
PHOTOS: PTI

recovery as worries
saying the companies
aren’t paying their debts
when they become due. The ad hoc group
over Modi 3.0 ease
of term loan lenders (lenders) of Byju’s
Alpha Inc (borrower) $1.4 billion term loans SUNDAR SETHURAMAN
said that certain holders of the Term Loans
and GLAS Trust Company LLC (as
Mumbai, 5 June PARTIAL
administrative agent and collateral agent The benchmark indices on RECOVERY
of the Term Loans) have filed petitions Wednesday recouped over half
pursuant to Chapter 11 of the US the losses they suffered on the BSE Sensex
Bankruptcy Code. This was done to initiate Lok Sabha election results day, as
involuntary Chapter 11 proceedings against the Bharatiya Janata Party (BJP)’s
the three US-based guarantors of the Term coalition partners reasserted
Loans (collectively, the US Guarantors), in their support for the next 3.2
the United States Bankruptcy Court for the (From left) Prime Minister Narendra Modi with key allies TDP chief (From left) DMK leader M K Stalin, Congress leader Rahul Gandhi, government under Prime % Chg
District of Delaware (the Court). 3>
N Chandrababu Naidu and JD(U) chief Nitish Kumar during an NDA and Samajwadi Party chief Akhilesh Yadav at an INDIA bloc Minister Narendra Modi.
meeting in New Delhi on Wednesday meeting in New Delhi on Wednesday The equity markets also 74,382.2
benefited from bargain-hunting Jun 5, 2024
ECONOMY & PUBLIC AFFAIRS P6 and short-covering following a
No relief for SEZ units in ARCHIS MOHAN after the meeting at 7, Lok Kalyan Marg which the tumultuous Tuesday. The Nifty 50
New Delhi, 5 June PM chaired. closed the session at 22,620,
draft Central Excise Bill Telugu Desam Party (TDP) President N PAGE 4 marking a gain of 736 points, or 3.4

T
The proposed Central Excise Bill, 2024, does op leaders of the Bharatiya Janata Party Chandrababu Naidu and Bihar Chief Minister
NEXT NDA MEETING per cent. This was the biggest 72,079.1
not exempt excisable goods produced or (BJP)-led National Democratic Alliance Nitish Kumar, who heads the Janata Dal (United), single-day gain since February 1, Jun 4, 2024
manufactured in a Special Economic Zone (NDA) on Wednesday unanimously reached the national capital in the afternoon. After MAY SEE PROPOSAL 2021. The Sensex, meanwhile,
(SEZ) and brought to any other place in
India from duty. Any relief will need to be
elected Prime Minister Narendra Modi
as the bloc’s leader, paving the way for a new coun-
the BJP’s 240 seats, which is 32 less than the major-
ity mark of 272, the TDP and JDU, with 16 and 12
FOR BIHAR PACKAGE ended the session at 74,382,
surging by 2,303 points or 3.2 per NSE Nifty 50
notified separately by the Central cil of ministers led by him to take the oath of office. seats, respectively, have emerged as the leading The Ministry of Finance is cent. This uptick was the Sensex’s 21,884.5 22,620.4
Jun 4,’24 %3.4
government, if deemed fit, says the Bill. The PM and his council of minis- parties of the NDA. likely to prepare a Bihar best single-day gain since the exit
The move could curb misuse of incentives ters could take the oath of office over Both leaders reiterated that they package, which includes a polls suggested that the BJP would Chg Jun 5,’24
and alleged duty evasion at SEZ units. the weekend, possibly on Sunday, fought the elections as NDA constituents possible special status for the secure a comfortable majority.
sources said. It would be the first time
P9: EDIT and would remain with the bloc. Asked state, for the next National The latest rebound helped a Top 5 Nifty gainers
since 1962 that a prime minister will CONGRESS’ by a reporter if he is in the NDA, Naidu Democratic Alliance (NDA) recovery of over ~13.2 trillion in As on Jun 05, 2024 Price 1-day
ECONOMY & PUBLIC AFFAIRS P6 take the oath of office for a third suc- LEARNING shot back: “We contested the elections meeting later this week, a market capitalisation, following in ~ chg (%)
May services growth cessive time.
In the Lok Sabha polls, for which
CURVE together. Why do you doubt it?”
Sources close to the leaderships of the
source aware of the
developments said.
the worst-ever ~31 trillion rout
seen a day earlier. Adani Ports & SEZ 1,354.6 8.5
weakens to 5-mth low counting took place on Tuesday, the TDP and JD(U) have conveyed their The Sensex and the Nifty 50 IndusInd Bank 1,501.0 7.9
Growth in India’s services sector slowed in NDA won 293 seats; the INDIA bloc got 234 seats. thoughts about their participation in the new coun- GOVT BORROWING CUT had previously crashed by 6 per Hindalco 695.3 7.1
May to a five-month low as domestic Their respective lead parties, the BJP and the cil of ministers to the BJP leadership. According to EXPECTATIONS FADE cent on Tuesday after the BJP, on
demand weakened, according to a Congress, won 240 and 99 seats, respectively. a source in the TDP, Naidu has not demanded that its own, failed to cross the halfway Hero MotoCorp 5,658.5 6.5
survey, which also showed exports Before the swearing-in ceremony, the NDA’s one of his party’s MPs should be made Speaker of STREETS TO SOCIAL MEDIA, mark of 272 seats in the Lok Sabha. M&M 2,741.0 6.5
growing and job creation improving. parliamentary party will meet on Friday to formally the Lok Sabha. Most of its MPs are first-timers. A TRANSFORMED RAHUL The India Vix, a measure of market Sources: Bloomberg, exchanges
The headline Purchasing Managers’ elect Modi its leader and subsequently call on Naidu, who is to take the oath of office as chief BEHIND CONG SHOW volatility, fell 29.4 per cent to 18.8 Compiled by BS Research Bureau
Index (PMI) figure released by HSBC President Droupadi Murmu to submit the letters minister of Andhra Pradesh likely next week, is on Tuesday after recording its
on Wednesday saw a decline to 60.2 of the support from the constituents and stake expected to ask for central assistance for the state, highest single-day rise in two years
in May from 60.8 in April. claim to form the next government, said Hindustan including funds for the development of Amaravati 5 REGIONAL PARTIES STARE in a previous session. and government formation.
Awam Morcha (Secular) leader Jitan Ram Manjhi, as state capital. Turn to Page 6 > AT AN EXISTENTIAL CRISIS P7 Foreign portfolio investors They suggested the volatility
(FPIs) continued to be net sellers, would subside if there were no
ECONOMY & PUBLIC AFFAIRS P6 offloading shares worth ~5,656 further negative surprises
Coal freight volume rises
Coalition govt may find it difficult to
crore, while domestic institutions regarding the continuity of Modi
seized the opportunity to buy as prime minister.
9.3% on summer demand shares, acquiring stocks worth On Wednesday, during a
With the summer heat reaching record ~4,555 crore. This dynamic National Democratic Alliance
highs in northern India in May, Indian
Railways ferried 9.3 per cent more coal
than last year, and freight volumes for all
commodities on the railway network
pass major reforms: Rating agencies between FPIs and domestic
institutions is a key factor in the
market's performance and reflects
the current sentiment among
meeting, all BJP allies, including
the Telugu Desam Party (TDP) and
the Janata Dal (United), pledged
their support for forming the new
grew 3.9 per cent in the previous month, SHIVA RAJORA medium-term growth outlook The upsides to medium-term Democratic Alliance (NDA’s) these investor groups. government. This helped to
according to government data. New Delhi, 5 June remains intact, underpinned by growth prospects are likely to relatively slim margin of victory, Market players attributed this alleviate investor concerns about
the government capex drive and be more modest if reforms prove as well as the BJP’s loss of its choppiness to uncertainty the continuity of the regime.
Passing major and contentious improved corporate and bank more challenging to advance, outright majority in Parliament, surrounding the election results Turn to Page 7 >
COMPANIES P2 reforms like land and labour balance sheets. he said. may delay more far-reaching
‘Heart of our software could prove more difficult for the
next Bharatiya Janata Party
“As the BJP fell
short of an outright Rating
Christian
Guzman, senior vice-
de economic and fiscal reforms that
could impede progress on fiscal PAGE 10
engineering sits in India’ (BJP)-led coalition government, majority and will need agencies, such president, Moody’s consolidation,” said Guzman in
It has been just six months since rating agencies, such as Fitch and to rely more heavily on as Fitch and Ratings, echoed the a note. SBI MF hits ~10 trn AUM milestone
HANNEKE FABER took over the role of global Moody’s, said on Wednesday. its coalition partners, Moody’s, said view. Policy continuity India’s fiscal outcomes will
chief executive officer of computer parts They, however, said broad policy passing contentious broad policy is expected, especially remain weaker than BAA-rated SBI Mutual Fund (SBI MF) made history on Monday by becoming
maker Logitech, and the firm’s fourth continuity may persist. reforms could prove continuity with regards to budg- peers, even as the final Budget for the first fund house in the country to achieve the ~10 trillion
quarter results have already Jeremy Zook, director and pri- more difficult, particu- may persist etary emphasis on 2024-25 to be released in the next milestone in assets under management. The industry leader has
surprised the street. In an mary sovereign analyst for India larly around land and infrastructure spend- few weeks will provide some indi- adeptly navigated the post-pandemic equity boom and capitalised on
interview with Shivani at Fitch Ratings, said a weakened labour, which have ing and boosting cations of the fiscal policy over the increasing awareness of MF investing.
Shinde, Faber talks majority could pose challenges recently been flagged as priorities domestic manufacturing, to sup- the course of the term of the
about making Logitech for the more ambitious elements by the BJP to boost India’s man- port robust economic growth, incoming government through STOCK MKT VOLATILE DURING POLL INDIA’S GOLDILOCKS
the most loved brand of the government’s reform ufacturing competitiveness,” Guzman said. 2029, Guzman said. RESULTS, LUCRATIVE 6 MONTHS LATER SCENARIO STILL INTACT
in India and rest agenda, even as the strong Zook said. “However, the National Turn to Page 7 >
of the world.

More bilateral rights to the Gulf? Airlines divided Hindalco defers Novelis IPO
DEEPAK PATEL
New Delhi, 5 June
in US, citing mkt conditions
Indian carriers are divided on whether AMRITHA PILLAY & SAMIE MODAK
the Centre should give more bilateral Mumbai, 5 June
rights to West Asian countries.
While Air India and SpiceJet have Novelis, the US subsidiary of Hindalco
opposed it, stating the government Industries, has deferred its initial public
should instead focus on building offering (IPO) due to market conditions,
major Indian airports as hubs, Akasa announcing the decision on Wednesday
Air and IndiGo have said a decision after launching a roadshow for the offer
should be taken after a holistic last week.
analysis. Novelis said it would continue to eval-
West Asian carriers such as uate the timing of the offering. Proceeds
Emirates and Qatar Airways have been “All of us should make “I think it would require a “If the rug is pulled out “I think that there is a from the up to $945 million worth IPO were U-TURN
asking India to increase bilateral rights sure that Delhi, Mumbai, more detailed and from under us (by tremendous amount of to accrue fully to its parent company.
February 2024: Company
so that they can operate more flights to Bengaluru, and elaborate approach than granting more bilateral trade that we do with the Further, the full exercise of the greenshoe
announces plans for a US market listing
and from India. However, carriers Hyderabad become just a statement that once rights), and if we can’t West Asia. That trade option would have taken the proceeds to
such as Air India say granting more $1.08 billion at the upper end of the
May 14, 2024: Files a registration
hubs and start to take a you do this, you will do fly those aircraft, we requires us to fly there. statement on Form F-1 with the US
bilateral rights to certain Gulf portion of the traffic that. We will work with will not take them My view is this should be price band.
countries will impede the growth of its People in the know cited poor market Securities and Exchange Commission
long-haul and ultra long-haul
that goes via Dubai, Abu the government on that (aircraft)” recognised by the demand for Novelis’ shares at the quoted
Dhabi, and Singapore” (bilaterals)" ministry”
May 28, 2024: Launches an
operations to places such as North CAMPBELL WILSON IPO valuation as the reason for the IPO roadshow
America and Europe. AJAY SINGH PIETER ELBERS MD & CEO, AIR INDIA VINAY DUBE announcement of deferral.
When asked about this at the CAPA CEO, SPICEJET CEO, INDIGO FOUNDER & CEO, AKASA AIR An email query sent to Hindalco on
June 5, 2024: Announces indefinite
India Aviation Summit 2024, Air India Wednesday remained unanswered. deferral of IPO
Chief Executive Officer (CEO) and According to the public disclosures
Managing Director Campbell Wilson an economic return to that fly those aircraft, we will not take them PILOT, CREW SHORTAGE MORE made last week, Novelis was to list at $18 deal that valued the company then at $6
said: “Indian carriers recently ordered investment, which, if you add it all, is (aircraft).” He said this would affect SERIOUS THAN VISIBLE: CAPA to $21 per share and offer 45 million shares. billion. Based on the net debt of $4.35 bil-
more than 1,000 aircraft. We have an well over $100 billion ... If the rug is the ability of the Indian passenger to P2 These plans are now on hold. lion, according to the filing, the enterprise
appetite for more. We are committing pulled from under us (by granting fly non-stop to long-haul destinations. GOVT STUDYING 300 AIRSTRIPS TO At the earlier stated price, Novelis is valuation of the company is estimated to
to that on the basis that there would be more bilateral rights), and if we can’t Turn to Page 3 > DEVELOP BROWNFIELD AIRPORTS valued at up to $12.6 billion. be in the range of $15.2 billion to
Hindalco acquired Novelis in 2007 in a $17 billion. Turn to Page 3 >
2 COMPANIES NEW DELHI | THURSDAY, 6 JUNE 2024

STOCKS > Lupin

Completes acquisition
> Rail Vikas Nigam
Bags order from Eastern
> KEC International
Bags ~1,002 crore worth
> Nazara Technologies
Inks agreement to
> Torrent Pharmaceuticals
Enters into patent
IN THE NEWS of two Sanofi brands in Railway for construction of orders for construction acquire all assets of licensing agreement
Europe and Canada of Sitarampur bypass line of residential projects SoapCentral.com, USA with Takeda Pharma
~1,629.8 CLOSE ~353.3 CLOSE ~720.4 CLOSE ~697.0 CLOSE ~2780.1 CLOSE
p4.3% UP* p0.5% UP* p3.3% UP* p2.9% UP* p3.1% UP*
*OVER PREVIOUS CLOSE

>

‘Heart of our software engineering for the world sits in India’

It has been just six months since HANNEKE FABER took over the role of chief executive officer of Switzerland-based computer parts maker Logitech, products, especially the MX line. These India, but very much also for our global here — software engineers, creators,
and the firm’s Q4 results have already surprised the Street. India is not a new market for Faber, who has worked with firms such as Unilever and are designed for advanced users such as business. We believe talent here is really financial analysts and gamers — giving us
Procter & Gamble, and has been part of brand-building efforts for products like Horlicks, Brooke Bond and others in the country. In an interview people involved in developing software, outstanding. This is a very important a lot more room to win.
with Shivani Shinde in Mumbai, Faber talks about making Logitech the most loved brand in India and rest of the world. Edited excerpts: financial analysts, etc. We are a Swiss step in terms of investing in India.
company. India has more software The Chennai R&D team is more While PC penetration is low in India,
It has been six months since you took Two, the gaming market globally something that seems to be working and engineers than the population of focused on software, but there are smartphone users are huge in number.
over Logitech, how has been the continues to grow very robustly. that makes our products better. We are Switzerland. That just creates a some designers there as well. For Is Logitech planning to cater to them?
journey so far? Everyone now plays… Gaming is also big using our own large data models in huge opportunity for us. We are every single product of ours, Products that go beyond the PC are one of
It has been really great for Logitech and in India. Finally, AI is a huge tailwind for machine learning to make our products working on a strategy on software is key. It's not just a our innovation focus areas. AI Beyond
also a great time for India. I'm excited us as well. There are early signs of an AI better, especially on the audio and video penetrating these piece of hardware. The heart of the PC and sustainability are super
about our fourth quarter results. For the PC refresh, with all the big players side. An example of this is our latest advanced users. our software engineering for important. I have to say over the years the
first time in two years, we have reported launching their AI PCs. In our own headsets — we've trained this huge data the world sits in India. smartphone segment has not been our
growth. We grew 5 per cent in fourth business, we're leveraging AI in various model to do two-way noise cancellation. Any plans for localisation and strongest point but there are some things
quarter, and we also had a strong margin. ways that I think will be a manufacturing in India? What are the key that we are excited about. We will share
Our gross margin was up more than 700 tailwind. How big is India for Logitech? We have been looking at it challenges in trying to soon.
basis points and our operating income We don't break up country seriously. So far we don't expand your
almost doubled vis-a-vis last year. A How does AI fit in Logitech’s numbers. India is growing manufacture here. We market in India? E-waste is a real concern. How does
really strong result and good momentum products? robustly but it should be much manufacture in various As I said, the Logitech tackle this?
going into the new financial year. So, now In software engineering and HANNEKE FABER bigger. My visit to India, which other countries but we'll biggest challenge Sustainable design is a real thing for us.
we need to deliver sustained growth. areas like marketing and CEO, Logitech is for a week, is to discuss the continue to look at that. is the low PC Almost two-thirds of our global products
There are a number of tailwinds in design, leveraging AI tools plans the team has. There are a India is a huge research penetration. Many are made from recycled plastic. If you
our business. First, of course, is hybrid makes you do more than what few dynamics at play here in and development hub of our products are look at HUL or P&G, they talk about
work. Globally, more than half of office one did before. We see ourselves as the India. The first one is that the for us. Over the last five- interfaces to PCs. recycled plastic but they're in the 20 per
people now work hybrid, which means interface to the large language models. penetration of PCs is still relatively low. six years, we moved a lot But I am very cent range. Hence, to be two-thirds is
you need multiple sets of equipment, The interface to ChatGPT, Copilot. For India is where China was 20 years ago. of R&D here. We have optimistic about really high. We’re looking at various other
keyboards, mice, webcams, video instance, we launched a month ago Logi However, it's not going to take India about 450 engineers in the scenario ways to really design for sustainability,
conferencing equipment, etc. AI Prompt Builder, which is a free another 20 years to get to where China is Chennai, on top of our changing soon. circularity. I am proud that Logitech is at
One, in India, 46 per cent of office software. It sits in every mouse and today. So, we have to make sure that we're commercial teams, who Even as that the forefront of that.
workers actually work hybrid, so, that keyboard of Logitech. We already have a ready for faster PC penetration. The drive the India business. changes, there is a large
trend is very much prevalent here as well. million unique use cases in a month. It's second point is about our premium These engineers work for group of advanced users More on business-standard.com

IN BRIEF N CAPA INDIA AVIATION SUMMIT 2024 N

Fibe raises $90 million in fresh
round, looks to list in 3 years
Fibe, the fintech firm formerly known as EarlySalary, said it has
Pilot, crew shortage more IndiGo a ‘unique’
airline, not a
serious than visible: Capa
raised $90 million in a series E funding round led by TR Capital,
Trifecta Capital, and Amara Partners.Out of the total funding raised,
about $70 million was in primary investment and the rest
secondary capital. The company said it will use the funding for
expanding business, market outreach, and products in its impact
‘low-cost carrier’
loans portfolio. It is considering to list itself in the next three years.
“There has been no unsecured initial public offering for a long time
FDTL guidelines, poaching by carriers in West Asia to further accentuate crunch
in the country. I think it is a three- to three-and-half year horizon “We fly 20 daily flights
where we could see an IPO coming in,” said Akshay Mehrotra, co-
founder and chief executive officer of Fibe. BS REPORTER
DEEPAK PATEL
New Delhi, 5 June
CAUSE FOR CONCERN between Delhi and Mumbai.
We have a co-branded credit
n Indian carriers would be card. We have 8 codeshare

A
shortage of pilots, cabin crew adding 82 planes to their partners, and signed a
Birla Estates, Barmalt form JV to members, and other key aviation sec-
tor employees is far more serious than
fleet in FY25, taking the total
number of commercial
codeshare partnership with
Japan Airlines this week.
develop ~5K cr luxury project estimated or visible, said aviation consultancy
firm Capa India on Wednesday. Moreover,
aircraft to 812 Is that what a traditional
LCC does?”
Realty firm Birla Estates has partnered with Barmalt India to Indian carriers would be adding 82 planes to n In the March-April period,
develop a luxury housing project in Gurugram with an estimated their fleet in the financial year 2024-25 (FY25), Vistara cancelled 10 per cent PIETER ELBERS,
revenue of ~5,000 crore. Birla Estate is the real estate venture of taking the total number of commercial air-
CEO, IndiGo
of its flights due to sick leaves
the Aditya Birla Group and a 100 per cent wholly owned subsidiary craft in the country to 812. taken by some pilots
of Century Textiles and Industries Ltd. The land parcel is spread Vistara had in the March-April period accentuate the labour shortage issue,” said
across 13.27 acres with a development potential of approximately cancelled 10 per cent of its flights due to sick Kapil Kaul, chief executive officer and director n In September last year,
2.4 million square feet, offering a revenue potential of leave taken by some pilots, amidst alleged of Capa India, at the firm’s annual summit, Akasa Air was forced to
approximately ~5,000 crore, it added. PTI dissatisfaction with tight duty schedules and referring to flight duty time limitations. cancel about 24 daily flights DEEPAK PATEL Airline.
new salary packages offered to them as part of “Additionally, aligning employees to best as 43 pilots resigned abruptly New Delhi, 5 June Elbers said, “I think we
the airline's merger into Air India. In practices and high productivity norms, will have left the station of a typi-
TI Clean Mobility plans to raise September last year, Akasa Air was forced to
cancel about 24 daily flights as about 43 pilots
result in variability in compensation which is
linked to performance. Whilst this may lead
n Greater attention is
needed to ensure that there
IndiGo is a “unique” airline
and should not be branded as
cal LCC, if there is such a
thing, already. Looking at
~310 cr from M&G Investments abruptly resigned, without serving their
mandatory notice periods, to join rival carriers.
to short term pain it will lead to long term
productivity benefits,” he said.
are sufficient parking bays to a low-cost carrier (LCC) as it
has already taken several
India and IndiGo, I don't
think we need to be labelled
support fleet expansion
TI Clean Mobility (TICMPL), a subsidiary of Tube Investments of India “The shortages of pilots, AMEs (aircraft Vistara and Air India Express are expected measures that a typical LCC one way or the other. India is
(TII), has signed definitive documents with M & G Investments maintenance engineers), cabin crew, flight to reduce losses significantly in FY25. The n The productivity of would never take, said its a unique country and market.
(M&G) to raise a capital of about ~310 crore in the form of Equity dispatchers and others is far more serious industry’s average fare in FY24 was almost single and dual runway Chief Executive Officer Pieter IndiGo is a unique airline and
and Compulsorily Convertible Preference Shares (CCPS). TICMPL had than currently estimated or visible. the same as in 2022-23. “IndiGo’s average airports needs to be Elbers on Wednesday. we develop in a way that it
planned to raise capital to the tune of ~3,000 crore to fund its Introduction of the flight duty time limitation airfare in 2023-24 was just 1.3 per cent higher increased to international “Is IndiGo a traditional should be developed.”
multiple verticals of electric vehicles. Upon closing of the (FDTL) guidelines – likely this year – and than 2022-23 but 36 per cent higher LCC? We fly 20 daily flights “Therefore, all the things
benchmarks
proposed investment, the overall fund raising would aggregate poaching by West Asian carriers is likely to compared to 2019-20.” between Delhi and Mumbai. that you are seeing coming
to ~2,840 crore. BS REPORTER Is that what a traditional LCC now, A321XLR coming in,
does? We have a co-branded widebody aircraft coming in,

[ TECH DIGEST ] Have stopped hiring pilots: Akasa Air CEO credit card. We have 8 code-
share partners and the day
before yesterday, we signed a
are all part of the same
strategy,” he added.
A321XLR has a longer
DEEPAK PATEL resigned to join rival carriers fleet. We have plenty of pilots codeshare partnership with range than a typical narrow-
mybs.in/tech New Delhi, 5 June without serving their man- for our growth. We are focused Japan Airlines. Is that what a body plane like A320neo
datory notice periods. on building their skills.” traditional LCC does?” he and B737.

ONEPLUS ANNOUNCES Akasa Air has stopped hiring

pilots as it now has sufficient
The airline was so dis-
traught that it stated before
He mentioned that 3,000-
5,000 young pilots in India are
asked at Capa India Aviation
Summit 2024.
Widebody planes have a
bigger fuel tank that allows
COMMUNITY SALE strength to operate its current
fleet of 24 aircraft and accom-
Delhi High Court that it was in
a “state of crisis” and it “may
currently unemployed.
Therefore, the more important
A codeshare partnership
between two carriers allows
them to operate flights on
long-haul routes such as
From June 6 to June 11, modate its incoming growth, shut down”. However, the air- issue is the right rate of pilot each airline to sell seats on India-US and India-Europe.
OnePlus will offer discounts, said its Founder and Chief line later clarified that there induction into the airline. the other’s flights. IndiGo, India's largest car-
bank offers, and long-term Executive Officer Vinay Dube was no question of shutting “We need a gestation IndiGo has codeshare rier, recently announced that
no-interest equated monthly (pictured) on Wednesday. down. While speaking at the period for highly skilled pilots partnerships with nine air- it would be introducing busi-
instalment (no-cost EMI) In September last year, Capa India Aviation Summit so that they have ample ave- lines including Turkish ness class on its aircraft.
option on the OnePlus 12 Akasa Air was forced to cancel 2024, Dube said, “We have nues for upgrade and promo- Airline, Qatar Airways, Currently, it operates only
series, OnePlus Open, Nord about 24 daily flights when stopped hiring pilots. We have tion. We are focused on it,” he American Airlines, Air economy class seats on all its
CE4, and select ecosystem around 43 pilots abruptly plenty of pilots for our current observed. France-KLM and Qantas 370-odd planes.
devices such as Pad and
Watch 2. The sale offers will
be available on both online
platforms and retail outlets.
Govt studying 300 airstrips to SpiceJet plans to raise
All OPPO develop brownfield airports ~2,085 cr by mid-Aug
smartphones to DEEPAK PATEL raised ~1,060 crore till date.
get AI features This will give a boost to air connectivity, says aviation secretary New Delhi, 5 June “We had one round of fundraise 2-3
months ago. We will have another round
by December DEEPAK PATEL said in his speech at CAPA India stated. “In fact, a few days back we SpiceJet is planning to raise $250 million in the next couple of months. That will
New Delhi, 5 June Aviation Summit 2024. went through the entire 453 (~2,085 crore) by mid-August as it would set us on the path of growth. We have got
OPPO is set to bring over Aircraft lessors have been airstrips we have in this country. assist the airline in clearing its balance $150 million. We are going to raise
Garmin launches 100 generative artificial The Centre is studying 300 urging India to ratify the CTC, an Which of them need sheet and put it on the path of growth, another $250 million. We expect to do it
Forerunner 165 intelligence (gen-AI)
features to its entire
airstrips across the country as it is
looking to develop them as
international treaty that provides
time-bound solutions for lessors
development? How do we develop
them? Which of them have
its chairman and managing director Ajay
Singh (pictured) said on Wednesday.
by mid-August,” Singh said at Capa India
Aviation Summit 2024. He said the air-
GPS smartwatch smartphone line across brownfield airports to spur air to repossess aircraft, thereby industrial areas within 100 kms? For the last several quarters, SpiceJet line is expecting to “clean its balance
Priced at ~33,490, the price segments by the connectivity, Aviation Secretary easing their inherent risks. While 157 airstrips are already has been grappling with a cash sheet” in the next two quarters.
Garmin Forerunner 165 end of 2024. The Chinese Vumlunmang Vualnam said on This demand intensified after functional, we have started crunch amid multiple legal bat- “It is very difficult to kill
series boasts a circular smartphone maker Wednesday. they were unable to repossess looking at all 453 airstrips in the tles over unpaid dues to air- SpiceJet. We have a tenden-
AMOLED touchscreen and announced collaboration Currently, India has a total of their planes from Go First for country,” he said. craft lessors, engine lessors, cy to survive. Now, we are
packs various activity with Google, Microsoft, 453 airstrips and 157 of them have several months following the According to Vualnam, India lenders and former promoter trying to grow again,” he
tracking and health-and- and MediaTek to bring AI been operationalised as airports. airline’s bankruptcy in May last has doubled its number of Kalanithi Maran. said. SpiceJet’s network has
fitness monitoring capabilities on its Moreover, in a major relief to year. “India is a large country and airports to 157 in the last 10 years. The airline's shareholders decreased by 70 per cent in
features. Garmin said that smartphones in areas aircraft lessors, he stated that the connectivity to different parts of The Centre is thinking of a 25- had earlier this year approved the last five years and the car-
the Forerunner 165 series such as image processing, government is in “final stages” of the country is important. year time period to develop an issuance of equity and war- rier is currently operating
smartwatch is specifically natural language ratifying the Cape Town Government, on its part, has entire airport ecosystem. And, it rants for raising ~2,241 1,180 flights per week,
designed for professional processing, and smart Convention (CTC) into law. actively been looking at realises that smaller airports crore, out of according to avia-
runners, and athletes. charging. “We are working on it. The new increasing connectivity to Tier-2 could feed a significant share of which the tion analytics
government will take it up,” he and Tier-3 cities,” Vualnam the traffic to bigger airports. airline has firm Cirium.

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.
NEW DELHI | THURSDAY, 6 JUNE 2024 COMPANIES 3 <

Lenders seek to place Byju’s Suraksha Group takes

control of Jaypee Infratech
In a big relief for over 20,000 Wednesday, Suraksha Group

US assets under bankruptcy

Allege the company is not paying its debts
homebuyers, Suraksha
Group has taken control of
the debt-ridden realty firm
Jaypee Infratech by consti-
tuting a three-member board
informed
(Implementation
the

Monitoring Committee) that

IMC
and

May 24, 2024, i.e., the date of

the NCLAT order should be
and will soon infuse ~125 treated as the ‘approval date’
PEERZADA ABRAR crore equity fund to start con- as defined in the approved
Bengaluru, 5 June 2021: Byju’s Alpha Inc is struction of stalled housing resolution plan.
established as a US projects across Delhi-NCR. The IMC in its meeting

A
group of US-based lenders has peti- subsidiary to receive term The takeover follows held on Tuesday approved
tioned to place several assets of the insolvency appellate tribunal the appointment of Sudhir
loan proceeds
education technology (edtech) NCLAT decision on May 24, V Valia, who is the promoter
company Byju’s into bankruptcy, saying 2022: Byju’s fails to provide upholding Suraksha Realty’s of Suraksha Group, as a non-
the company is not paying its debts as they required unaudited bid to acquire Jaypee executive director.
come due. quarterly financial Infratech while directing it to It approved the appoint-
The ad hoc group of term loan lenders’ information pay an additional ~1,334 crore ment of Aalok Champak
(lenders) of Byju’s Alpha Inc (borrower) as farmers’ compensation. Dave as executive director
$1.4 billion term loans said that certain 2022-23: According to a regulatory and Usha Anil Kadam as
holders of the term loans and GLAS Trust Byju’s fails to provide filing by Jaypee Infratech on independent director. PTI
Company LLC (as administrative agent THE STORY SO FAR audited financial statements
and collateral agent of term loans) have
filed petitions pursuant to Chapter 11 of
2023 but Byju’s continues to default
the US Bankruptcy Code.
This was done to initiate involuntary
Chapter 11 proceedings against Epic,
Neuron Fuel (DBA Tynker), and Tangible
March 3: Lenders accelerate term loans
and take control of Byju’s Alpha
October: Kroll is appointed receiver for
Great Learning, a Byju’s subsidiary
November: Delaware Chancery Court
BoAt to scale down wearables biz,
focus on high-end audio products
March-October: Lenders attempt to
Play (DBA Osmo), the three US-based recognises Byju’s loan default
collaborate with Byju’s on a resolution,
guarantors of term loans (collectively, the
US guarantors), in the US Bankruptcy 2024 March: Court holds Camshaft Capital
Court for the District of Delaware Fund, LP and founder William Morton
(the Court). January: Lenders initiate insolvency ARYAMAN GUPTA According to Mehta, the company has ful long-term returns. The company is
in contempt
The lenders alleged that Byju’s began proceedings against Byju’s in India New Delhi, 5 June turned the corner on profitability and is looking to grow more than 15 per cent in
to default on its term loan obligations
May: Court holds Riju Ravindran in now earnings before interest, taxes, this segment this year.
February: Byju’s Alpha files contempt for not disclosing the
shortly after it provided the company’s US for Chapter 11 bankruptcy in the US Consumer electronics company BoAt depreciation and amortisation (Ebitda) BoAt’s shift away from wearables
subsidiary Byju’s Alpha with financing in location of the $533 million Lifestyle is scaling down its wearables positive. comes at a time when growth has slowed
2021. Lenders said they have made every business to focus more on audio. It is moving away from entry-level down in the Indian wearables market.
effort possible to work productively of which are still unknown.” have taken this action to protect and pre- It is also making changes to its busi- products to higher price ranges in a bid According to the International Data
and collaboratively to help Byju’s cure its As a result of Byju’s failed leadership serve the value of Epic, Neuron Fuel, and ness as it plans to revisit its bid at public to increase sales and revenue. This comes Corporation (IDC), the market grew by
multiple defaults. and mismanagement, the lenders alleged Tangible Play. We remain committed to listing. The company, which had put its as consumer demand from premium just 2.1 per cent year-over-year (Y-o-Y) to
“However, it is clear that Byju’s man- that significant harm had been done to their success and stand ready to infuse listing plans on the backburner in devices is on the rise. 25.6 million units in the first quarter (Q1)
agement has no intention or ability to Byju’s businesses and the value of the the capital necessary to reorganise the October 2022, is looking to roll out its ini- “In wearables, we have retrenched of calendar year (CY) 2024. This was after
honour its obligations under term loans,” company’s assets. They said that share- businesses,” said the lenders. tial public offering (IPO) within 18 and are now re-looking at the entire growing by at least double digits consec-
alleged the lenders. “Indeed, Byju’s holders and lenders to the company have “Under the supervision of the Court, months, said a senior executive. strategy of how to approach the segment. utively since Q4 CY 2017.
founders, who also serve as the three seen the value of their investments the lenders hope that Epic, Neuron Fuel, “We will get ready for an IPO. In my We have cut down on our busi- Notably, the wearables segment cur-
directors of the overall enterprise — Byju decline, employees and vendors have not and Tangible Play will benefit from much- estimation, it is about 18 months away. ness plan in that space. We rently makes up a small part of
Raveendran, Riju Ravindran, and Divya been paid in a timely manner, and cus- needed oversight while a plan is devel- We are working on all the internal param- want to build categories that BoAt’s overall business.
Gokulnath — unlawfully diverted $533 tomers have suffered. oped to maximise the value of these assets eters required to get us there,” Sameer are more customer-centric According to Mehta,
million in loan proceeds, the whereabouts “Among other important goals, we for the benefit of all stakeholders.” Mehta, co-founder and chief executive rather than price-point cen- around 75-80 per cent of
officer (CEO), BoAt, told Business tric,” Mehta said. the company’s revenue
Standard. Instead, the market comes from audio
Meanwhile, the company expects just leader is looking to double products.
12-13 per cent contribution from wear- down on its audio category, According to IDC
Environmental and TOP REASONS FOR EV
SWITCH BY YOUNGER
MALE OWNERS ARE MORE INCLINED
TOWARDS FUEL-COST REDUCTION
ables to its overall revenue this year. where it is seeing meaning- data, in Q1 CY 2024,
smartwatch shipments
financial benefits drive GENERATION
(in %) WE WANT TO BUILD MORE CUSTOMER-CENTRIC CATEGORIES
declined 7.3 per cent to 9.6
million units for the first
EV adoption in India Reduced
74% 69%
RATHER THAN PRICE-POINT CENTRIC” time since Q4 CY
2018.
Electric vehicles (EVs) are zooming on Indian roads, 77 emissions SAMEER MEHTA, Co-founder and CEO, BoAt
as nearly 77 per cent of EV owners are motivated by
reduced emissions. Among younger drivers, this
Fuel cost
eco-consciousness soars to 81 per cent. reduction
73
Environmental benefits and reduced fuel costs are Low
the top reasons for switching to EVs, however they maintenance APPOINTMENTS
come with their own set of challenges 53 cost
According to a new study by general insurance
major ICICI Lombard General Insurance, Technologically
environmental benefits and reduced fuel costs are 50 advanced
the top reasons for switching to EVs. Good mileage
This shift towards sustainability of EV users,
motivated by the promise of reduced emissions 46 Ease of
and rising eco-consciousness among younger charging
drivers, with 81 per cent citing environmental 42 stations
benefits as their primary reason for switching availability
to EVs. ANJALI SINGH Source: ICICI Lombard Report

“They are feeding their CEO Vinay Dube on whether East, whether it is Saudi
> FROM PAGE 1 own economy and their own bilateral rights to West Asian Arabia, the UAE, Qatar,
hub, not India’s (economy),” carriers should be increased, Kuwait, Bahrain, etc. I think

Hindalco he mentioned.
He said he was in the
he replied: “I think we have
got a very strong (aviation)
the ministry recognises that,”
he added. Over 70 percent of

defers Novelis United Arab Emirates (UAE)

during the week and there
were talks about liberalising
ministry. They want to do the
right thing for India. And the
right thing for India is never
passengers flying
Emirates, Etihad, and Qatar
on

Airways flights connected to

IPO in US, bilateral rights with India. He
said the population of the
a 0-1 (binary) state as far
as the Middle East is
India utilised the airlines’
hubs in Dubai, Abu Dhabi,
citing market UAE was less than any of the
top 20 cities in India. “When
concerned.”
“There is a tremendous
and Doha as transit points for
travel between India and
conditions we are talking about liberalis-
ing bilateral rights, we need
amount of trade that we do
with the Middle East. And
third countries in February
this year, according to avia-
Had the Novelis IPO pro- to talk about who is opening that trade requires us to fly tion analytics firm Cirium’s
ceeded, Hindalco was to be what to whom,” he added. there. My view is that this data, reviewed by Business
the sole beneficiary of the SpiceJet CEO Ajay Singh should be recognised by the Standard.
proceeds. However, Hindalco stated it was critical that India ministry. That it is not just a Qatar and the UAE have
has so far not disclosed what focus on building its question of trade partners in asked India for an increase in
it intends to do with the close own hubs. the other parts of the world. bilateral air traffic rights
to $1 billion proceeds. “That is absolutely critical. We have also got strong trade because their carriers have
“The company is comfort- In this term of the govern- partners across the Middle utilised their quotas.
able funding its capital expen- ment, we must get their focus
diture (capex) requirements and ensure that Indian hubs
with internal accruals. It was
never clear what they intend-
are not residing in the Middle
East (West Asia) or in
> BS SUDOKU #4300
ed for the proceeds,” said a Southeast Asia. The benefici-
person tracking the company. ary of that would be all air-
As of March, Hindalco’s lines and not just IndiGo and
net debt was at ~31,536 crore, Air India ... All of us should
at the consolidated level, with make sure that Delhi,
a treasury balance of ~22,965 Mumbai, Bengaluru and
crore. Hyderabad become hubs and
In India, Hindalco plans to start to take a portion of the
invest ~6,000 crore as capex traffic that currently goes via
in the current financial year Dubai, Abu Dhabi, and
(2024-25/FY25). The com- Singapore,” he added.
pany, in a media call on However, IndiGo and
Friday, said FY25’s capex will Akasa Air had a different
be funded entirely through opinion on the issue, stating
internal accruals. In the US, that a decision should be
Novelis is pursuing a $4.1 bil- taken only after considering
lion capex for a greenfield rol- various factors. When
ling and recycling facility at Business Standard asked
Bay Minette, Alabama (US). IndiGo CEO Pieter Elbers for
In Wednesday’s trade, his opinion on Air India’s
Hindalco closed at ~694.8 per demand, he said bilateral
piece, up 7.41 per cent from rights should be looked at in
the previous day’s close. a “holistic way”.
“You should not put them
in the same basket. It depends
More bilateral on what the situation
SOLUTION TO #4299

between different countries Normal: 

rights to the is, the history, the services …
how things are going with
Solution tomorrow
Gulf? Airlines them. So, I think it would
require a more detailed and
HOW TO PLAY
divided elaborate approach rather
than just a statement that Fill in the grid so that
Wilson talked about how cer- once you do this, you will do every row, every
tain hubs closer to India were that. We will work with the column and every 3x3
just taking traffic from India government on that (bilat- box contains
and transferring 80-90 per erals),” he added. the digits 1 to 9
cent of it to other parts of the When the newspaper
world. asked Akasa Air founder and
4 VERDICT 2024
>
NEW DELHI | THURSDAY, 6 JUNE 2024

“The mandate is against Mr Modi... INDIA “The BJP government will work with
welcomes all parties which share elected representatives towards the
its commitment to the Constitution” growth of all sections in the state”
MALLIKARJUN KHARGE, Congress president N BIREN SINGH, Manipur chief minister

Next NDA meeting may witness Expectations

proposal for Bihar package of borrowing cut
Finance ministry likely to keep elements of package within ~1 trillion spread over more than one year fade after verdict
SUBHOMOY BHATTACHARJEE
BIHAR’S 2015 SPECIAL PACKAGE Compulsions of running a coalition may put
New Delhi, 5 June
Schemes In ~ cr Details
pressure on the exchequer, say bond dealers
T
he Union finance ministry is likely to ILLUSTRATION: BINAY SINHA
prepare a Bihar package, which
Farmer welfare 3,094 Upgrading Rajendra Prasad Agriculture University
includes a possible special status for to a central university and creating a research centre;
the state, for the next National Democratic developing fisheries, farm water management,
Alliance (NDA) meeting later this week, a storage capacity, farm mechanisation, and
source aware of the developments said. constructing godowns for foodgrains
The ministry's key concern is the impact Education and skill 2,550 Central university, IIM, and skill university
of this package on the projected fiscal deficit Electricity 16,130 n 1,300 megawatt power plant at Buxar
for FY25. It is looking to keep all elements of
the package within ~1 trillion but spread over
n Electrification of villages under the Deen Dayal
more than one year. Another crucial ques- Upadhyay Gram Vidyut Yojana
tion before the ministry is which types of n Electrification of towns and cities under the
central schemes can be incorporated into Integrated Power Development Scheme
the special status, given the abolition of the Rural roads and highways 68,533 National and rural roads
Plan and Non-Plan dichotomy in the central Petroleum and oil sector 21,476 Expanding Barauni refinery
government’s Budget.
Health 600 Upgrading 3 medical colleges
“There is also a possibility that Andhra
Pradesh may demand a similar package,” the Others 12,620 Railways, airports and Digital Bihar project
source said. “But as of now, we are only work- Total 1,25,003
ing on a package for Bihar.”
The Union Budget, slated for early July,
Source: Prime Minister's Office
CENTRAL BORROWINGS (in ~ trn)
could potentially introduce another package
for Andhra Pradesh, the source said. Chandrababu Naidu, have requested special element permanently. Shiksha Abhiyan — are spent across state
The finance ministry did not respond to economic packages for their states, citing Officials acknowledge the challenge, as boundaries, often without reference to the
an e-mail regarding this development from their relative backwardness compared to the financial structure of all schemes has state treasuries. Other schemes are also not
Business Standard until going to press. other states. In 2015, Prime Minister changed since 2015. Previously, special status often state-specific. The role of the NITI
In a race against time, old formulae like Narendra Modi announced a ~1.25 trillion meant that 90 per cent of the Plan Aayog in the disbursement of funds has
the Mukherjee-Gadgil formula for allocating package in central funds for Bihar, spread allocation was provided by the Centre, diminished. In 2015, the Union government
planned funds among state governments are mostly across the education, health, energy, offered only to the Northeastern states and also announced a ~80,000 crore package for
being revisited to shape the package. Leaders and road sectors. However, there was no then relatively new states of Jharkhand, the then J&K government.
of both Bihar, under its Chief Minister and mention of a special status for Bihar. The Chhattisgarh, and Uttarakhand. The ministry, it has been learnt, is
JD (U) President Nitish Kumar, and Andhra BJP anticipates that Kumar will demand a Now, funds for the Core schemes — like addressing the challenge systematically. In
Pradesh, including YSR Congress chief Jagan restructuring of both core schemes and cen- the Mahatma Gandhi National Rural the first phase, the overall contours of the Compiled by BS Research Bureau Source: RBI
Mohan Reddy and TDP president N trally sponsored schemes to include a Bihar Employment Guarantee Act and Sarva package shall be finalised and adopted.
ANJALI KUMARI pressure to spend quickly,” he added.
Mumbai, 5 June After the RBI’s record surplus
transfer to the government, bond

The X factors in Mamata’s Bengal march

The expectations of a borrowing cut traders had hoped the government
by the government faded among might reduce its gross borrowing for
bond-market participants after the this financial year. The RBI approved
general election results because they a dividend of ~2.11 trillion for the cen-
ISHITA AYAN DUTT impact on the electoral outcome. of e-commerce companies and startups feel the compulsions of running a tral government for FY24, marking
Kolkata, 5 June The scheme was implemented after in the state. coalition may put pressure on the an increase of approximately 141 per
the Assembly election of 2021 for women exchequer, according to bond dealers. cent from FY23. Additionally, the
It was just before the fourth phase of the between the ages of 25 years and 60 years. Political narrative The recent trend of moderate contingency risk buffer (CRB) has
general election in West Bengal. Two men So in a way, its impact on the electorate With its inclusive politics, Mamata any- depreciation in the rupee’s been raised to 6.5 per cent from the
at a tea stall in Krishnanagar town in the was felt for the first time. According to way had a stranglehold on the Muslim nominal effective exchange rate previous 6 per cent.
Nadia district were engrossed in a dis- Election Commission data, the average vote bank. The Citizenship (Amendment) (NEER) might not persist if there are The yield on the benchmark 10-
cussion around the possible poll outcome male turnout in the first six phases in Act helped it consolidate further, analysts significant changes to the structural year government bond settled
in the constituency where Trinamool West Bengal was at 77.96 per cent while said. Political analyst Sabyasachi Basu reform agenda. at 7.03 per cent as against 7.04 per cent
Congress’ (TMC’s) Mahua Moitra was pit- female turnout was at 81.19 per cent. Ray Chaudhury added that the ‘kendrer While the Bharatiya Janata Party- on Tuesday. The rupee closed
ted against the Bharatiya Janata Party’s banchona’ (neglect by the Centre) narra- led (BJP-led) National Democratic at 83.38 against the dollar as against
(BJP’s) Amrita Roy, also known as ‘Rani Social and economic impact tive may have struck a chord with the Alliance (NDA) was able to cross the 83.53 on Tuesday.
Ma’. The men were sure to vote for the According to the West Bengal Budget electorate. “Bengal has probably felt majority mark, the BJP did not get a Volatility in the rupee market is
saffron party. But the women at home? speech for 2024-25, the scheme’s expen- deprived since 1911 when the British majority of its own. expected to continue until the full
“They are saying they will vote for the diture in 2023-24 was at ~10,101.87 crore. moved the capital from Calcutta to Delhi. The BJP will need support from Budget. However, the RBI may inter-
BJP. We are not so sure, though. It could An additional annual allocation of ~12,000 The Left Front throughout its rule has regional parties like Telugu Desam vene in the market to avoid any sharp
very well go in favour of ‘Lakshmir crore has been provided as the financial driven home the ‘kendrer banchona’ Party and Janata Dal (United), depreciation beyond ~83.60 per dollar,
Bhandar’,” they said. assistance under the scheme has been point. Mamata has also convincingly which are demanding special pack- said dealers.
Moitra won in the Krishnanagar Lok enhanced to ~1,200 per month for women floated the theory with the issue of with- ages for their states (Andhra Pradesh “Beyond the immediate risk of
Sabha constituency by a margin of 56,705 belonging to Scheduled Caste/Scheduled holding of MGNREGA funds,” he said. and Bihar) in exchange of their sup- portfolio outflows and carry trade
votes. While myriad reasons decide the Tribe communities and to ~1,000 per port at the Centre. unwinds from the election uncertain-
outcome in a seat, the plethora of welfare month for women belonging to other cat- Bengal BJP The bond market anticipates that ty, we also see potential medium-term
schemes of the Mamata Banerjee govern- egories. About 21.1 million women have The saffron party’s failings in Bengal have the Reserve Bank of India implications from election results. The
ment, especially the monthly financial registered under the scheme. been a boost to the TMC. In 2019 when (RBI) will continue conducting buy- RBI may be even more determined to
assistance for women, Lakshmir the BJP had got 18 seats, it was under the back auctions to manage the govern- build up large foreign exchange
Bhandar, has played its part in West Job creation leadership of Dilip Ghosh, who had more ment’s surplus cash. reserve buffers. Also, the trend of more
Bengal’s poll outcome. Of the 42 seats in West Bengal has also created jobs through organisation and mobilisation capacity, “The management of cash will not moderate INR NEER depreciation in
West Bengal, the TMC has won 29 seats multiple channels, Amit Mitra, principal Basu Ray Chaudhury said. be through cancelling auctions. It will recent years may not continue if there
and the BJP 12; the Congress has won one chief advisor to West Bengal Chief Also, the acceptability of turncoat be done through buybacks. Other are changes to the structural reform
seat. Mamata’s party is up seven from the Minister, said. “There were 49 micro, politicians in Bengal’s politics is low. than that they can resort to auction- agenda,” said HSBC in a note.
last general election of 2019; its principal small and medium enterprise clusters Bengal BJP Chief Spokesperson Samik ing the government fund, which is On the other hand, the benchmark
challenger, BJP, is down by six seats. when Mamata’s government came to Bhattacharya pointed out that no organ- repo,” said Vikas Goel, managing bond yield is expected to remain in
power. Today, there are more than 550 isation was foolproof. director (MD) and chief executive offi- the range 7-7.05 per cent as a peak in
Lakshmir Bhandar clusters across the state which have “We will introspect and see what steps cer (CEO), PNB Gilts. the interest rate cycle, coupled with
Political analysts say that the welfare become major providers of jobs.” are to be taken.” He added that while the “Expenditure will be fast-paced favourable supply and demand con-
schemes of the government, particularly There are a growing number of gig poll results were below expectations, the Many schemes by the Mamata Banerjee govt played because of the nature of the govern- ditions, is expected to continue to sup-
Lakshmir Bhandar, have had a major workers in the massive fulfilment centres BJP had won 12 seats in West Bengal. a part in West Bengal’s poll outcome PHOTO: PTI ment coming in. There will be a lot of port lower bond yields.

Streets to social media: Transformed Rahul behind Cong show

ANUSHKA BHARDWAJ in Kashmir, covering over 4,000 state since 2009. The Congress also won a
New Delhi, 5 June kilometres in 150 days. seat in Gujarat, its first since 2009.
“The entire social media team was Its biggest success came in
In mid-January, Congress leader Rahul revamped before the Bharat Jodo Yatra,” Maharashtra, which is also slated for
Gandhi began his Bharat Jodo Nyay says Vaibhav Walia, communications Assembly polls. The Congress won 13
Yatra from violence-hit Manipur and secretary, Indian National Congress. seats, the most by any party, with its allies
visited Nagaland during the course of Walia adds the entire focus was to bring winning another 17, outperforming the
the yatra. A little over four months later, some youthfulness. rival BJP-led Mahayuti alliance. The Nyay
of the 99 seats that the Congress won His associates argue that the two Yatra, after traversing the northeast, the
across the country, almost doubling its yatras helped galvanise the party Hindi heartland and Gujarat, had
2019 tally of 52, the party was victorious workers, rejuvenated the Congress concluded in Maharashtra. The two
on both the seats in Manipur. The machinery and won it more seats. yatras increased Rahul’s interface with a
Congress also won the lone Lok Sabha The Congress, for example, apart from cross-section of people.
seat in Nagaland, which the party had Nagaland and Manipur, also increased “We first met him in 2022, during his
last won a quarter century ago. its tally in Jharkhand, Bihar, Uttar yatra. He heard the concerns of gig
Rahul’s associates say over the past (Clockwise from left) Rahul Pradesh, Haryana and Rajasthan. workers and has been working for their
couple of years, they have seen their Gandhi at a 2024 campaign In Jharkhand, the party won cause,” says Shaik Salauddin, founder
leader transform into someone taking rally in UP; Rahul with mother two seats against one in 2019. and president of Gig and Platform
strident positions. They particularly Sonia Gandhi after voting in In Bihar, its tally increased to Workers Union, adding that the leader
mention Rahul alleging during the the Lok Sabha elections; Rahul three from one. Its significant has been very approachable since then.
campaign for the just-concluded Lok in Srinagar during the Bharat successes came in Uttar The Telangana government, run by the
Sabha election that the Bharatiya Jodo Yatra last year Pradesh, where it won six Congress, has proposed a bill for the
Janata Party (BJP) “intends” to PHOTOS: X/@RAHULGANDHI seats, including reclaiming welfare of gig workers.
amend the Constitution. Amethi, and increased its vote “Before the yatras, Rahul’s social
A copy of the Constitution found its share to over 10 per cent. media presence was unmemorable,” says
place in most rallies of Rahul, which political advisor and communication Rahul – casual, spunky and, as results Rahul contested In Haryana, which is Tamil Nadu-based political analyst
struck a chord with the Scheduled Castes expert Dilip Cherian. suggest, impactful. When Rahul lost from two seats (Rae scheduled for Assembly polls later Niranjan R. For the leader’s recent videos
in the Hindi heartland. This was evident But the public also saw another facet Amethi, the party bastion, in 2019 to BJP’s Bareli and Wayanad) and this year, the party won half of the 10 — meeting murdered Punjabi singer
from the fact that the Congress won more of the Congress leader’s personality. “I’ll Smriti Irani, the dent was felt more on the won both with a margin of seats and increased its vote share. In Sidhu Moosewala’s parents, taking a
and the BJP fewer SC reserved seats than have to get married now,” said Rahul, senior leader’s political aspirations than over 300,000 votes. Rajasthan, the grand old party learnt its metro ride in Delhi, a bus ride in
the two parties did five years ago. sitting with a bunch of women and sister the party’s. Leaderships changed, Rahul hit the roads with Bharat Jodo lessons from the Assembly polls in Telangana, getting a haircut from a barber
“Constitution was definitely an issue Priyanka Gandhi Vadra, after addressing turncoats emerged, and the grand old Yatra in September 2022. He travelled on December and accommodated allies. The in Rae Bareli, and taking a tempo ride
among the youth. Besides, it helped a rally in Uttar Pradesh’s Rae Bareli in party’s fight for survival intensified. Cut foot from Southern India’s party won 8 of the 25 seats, and its allies with army aspirants — the viewership
garner some global attention,” says May. Such has been the campaign of to the result of 2024 Lok Sabha elections, Kanniyakumari to North India’s Jammu won three — its best performance in the ranges between 225K and 5.2 million.
.
NEW DELHI | THURSDAY, 6 JUNE 2024 5
<

Jammu & Kashmir Bank Ltd.

Technology & Development,
Ground Floor, Air India Building
Residency Road, Srinagar 190001
Online Request for Quote (e-RFQ)
For
For Development of Online Booking and
Payment Portal for Guest Houses of
JKSPDC (Jammu Kashmir State Power
Development Corporation) and MIS Soft-
ware for Bank Guarantee Management.
RFQ Notice along with Complete RFQ document outlining
the minimum requirements can be downloaded from and
BIDs can be submitted on the Banks’ e-Tendering Portal
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e-RFQ Ref No. JKB/CHQ/T&D/JKSPDC/2024-1098
Dated: 03-06-2024
Registered office : Corporate Headquarters, M.A.Road, Srinagar 190001, Kashmir, India
CIN: L65110JK1938SGC000048 ; T : +91 (0)194 2481 930-35 ; F : +91 (0)194 248 1928;
E : [email protected] ; W : www.jkbank.com

CAN FIN HOMES LTD.

Office No. 101, First floor, Subhash Villa Plot No. 643,
Hiranmagri, Sector-13 Udaipur, Rajasthan PH: 0294-
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[email protected], CIN:L85110KA1987PLC008699
APPENDIX-IV-A [See proviso to rule 9(1)]
Sale notice for sale of immovable properties
SALE NOTICE for Sale of Immovable Assets under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
read with proviso to Rule 9(1) of the Security Interest (Enforcement) Rules, 2002
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, the physical possession of which has been taken by the
Authorised Officer of Can Fin Homes Ltd. Udaipur Branch, will be sold on “As is where
is”, “As is what is”, and “Whatever there is” on 26/06/2024 for recovery of
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Six.) due to Can Fin Homes Ltd. from Mr. Ajmal Nayak S/o Mr. Shiv Lal, Mrs. Shanta
Nayak W/o Mr. Ajmal Nayak (Borrowers) and Mr. Rajendra Singh S/o Mr. Sultan
Singh (Guarantors) as on 05/06/2024 together with further interest and other charges
thereon. The reserve price will be Rs. 6,80,000/- (Rupees Six Lakhs Eighty
Thousand.) and the earnest money deposit will be Rs. 68,000/- (Rupees Sixty Eight
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Description of the property
Plot No. 6, H- Block, Sai Dham Society,Araji No. 258/165,261/165, 263/165, 259/165,
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Date: 05.06.2024 Sd/-
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INDIA SHELTER FINANCE CORPORATION LTD.

6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 6 JUNE 2024

Irdai to meet insurers

today on Bima Sugam, No exemption for SEZ units Services growth
in May slows to
‘Cashless Everywhere’
AATHIRA VARIER
Mumbai, 5 June
separate sessions, said indus-
try sources.
in draft Central Excise Bill 5-month low
According to regulations, Officials may be ILLUSTRATION: BINAY SINHA

REVAMP ON CARDS Local demand weakens, exports up

The Insurance Regulatory the shareholding of Bima
and Development Authority Sugam will be widely held allowed to audit n Structured framework for SHIVA RAJORA
of India (Irdai) Chairman
Debasish Panda will meet
among all the life, general
and health insurers with no
businesses utilising excise duty New Delhi, 5 June
credit proposed
chief executive officers single entity having a con- SHRIMI CHOUDHARY Growth in India’s services sector slowed in May to a five-
(CEOs) of the Indian insur- trolling stake. New Delhi, 5 June n CENVAT credit to be replaced by month low as domestic demand weakened, according to a
ance industry in Mumbai Sources said the regula- central excise duty credit survey, which also showed exports growing and job creation
on Thursday to review tor is likely to discuss The proposed Central Excise Bill, 2024, improving.
implementation of the appointment of does not exempt excisable goods pro- n Definition of “related The headline Purchasing Managers’ Index (PMI) figure
two ambitious proj- CEO for the compa- duced or manufactured in a Special persons” simplified released by HSBC on Wednesday saw a decline to 60.2 in May
ects, Bima Sugam ny. Economic Zone (SEZ) and brought to any from 60.8 in April. “May
and ‘Cashless According to the other place in India from duty. Any n Time limit for recovery of SERVICES PMI data showed that robust
Everywhere’. norms, the company is exemption will need to be notified sepa- duties extended to 3 years,
64 increases in new business
Industry sources said also expected to have two rately by the Central government, if from the existing 2 years intakes continued to
that Panda will discuss the nominees from the Irdai on deemed fit, says the Bill. underpin output growth
implementation of the final its board, apart from the The move, if implemented, could curb n Time period for granting a 60.2 62 across India’s service
phase of Bima Sugam, which company’s own chairman misuse of incentives and alleged duty eva- refund of duty now 60 days economy. Rates of expan-
is an online insurance mar- and CEO, who will be sion at SEZ units. However, according to from the existing 3 months sion eased to the slowest
ketplace for purchasing, sell- appointed with the consulta- a senior government official, the Bill is not 60 in the calendar year-to-
ing, and servicing insurance tion of the Irdai. expected to be a part of the upcoming full date, however, amid fierce
policies and settling claims. The insurance regulator Budget of the new government. in such manner as may be prescribed,” departure from the current scenario 58 competition, price pres-
Formed under the has set July 2024 as the dead- Currently, central excise duty is levied the Bill reads. where no formal audit is conducted by sures and a severe heat
Companies Act 2013, it is a line for the launch of Bima on a select list of goods — tobacco, crude Even though the excise duty basket the excise officials. Other notable propos- 57.2 wave,” it said.
part of the Irdai’s trinity com- Sugam project, where the ini- oil, gasoline, diesel, natural gas, and air has only a few goods, it is a source of sig- als include extending the time limit for 56 The survey noted that
prising Bima Vistaar, Bima tial cost of capital was esti- turbine fuel — while the majority of goods nificant revenue for both Centre and the recovery of duties to three years, from new orders from interna-
Jan 2023 May 2024
Vahak and Bima Sugam. mated to be ~200 crore. have transitioned to the goods and serv- states. States tax them via value added the existing two years, and shifting the tional markets expanded
Note: A reading above 50 denotes expansion,
Panda, along with other It has formed a steering ices tax (GST) regime. tax, rather than state GST. In FY24, the onus of registration onto the person desir- while one below it shows contraction at the steepest pace since
senior officials of the Irdai, committee for the creation of SEZ units enjoy special incentives and central excise collection was over ~3 tril- ing to avail Central Excise Duty Credit. Source: HSBC the inception of the
will meet CEOs in two Bima Sugam. tax benefits, including exclusion from lion. The proposed Bill also outlines the The time period for granting a refund of monthly survey nearly a
central excise duty. “...where the central conditions, restrictions, and manner of duty by the department has also been decade ago, with a
government, having regard to the nature availing and utilising excise duty credit. reduced to 60 days from the existing three rebound in business confidence to its strongest in eight
of the process of manufacture or produc- It proposes to replace the CENVAT (cen- months. Saurabh Agarwal, partner at EY, months. Maitreyi Das, global economist at HSBC, said India’s
IN BRIEF tion of excisable goods of any specified tral value added tax) credit under the cur- believes that by streamlining processes service activity rose at a softer pace in May, with domestic
description, the extent of evasion of the rent regime with a specific section dealing and clarifying regulations, the Bill seeks new orders easing slightly but remaining robust to imply
duty of excise in regard to such goods or with duty credit, namely central excise to create a more conducive environment strong demand and successful advertising.
India for arbitration with Aus such other factors as may be relevant, is
of the opinion that it is necessary to safe-
duty credit. Unutilised credit balances of
duty paid under the existing act will be
for businesses.
“Key provisions, such as the transfer-
“New export orders surged at a record pace, with broad-
based demand from across the globe,” said Das.
under WTO rules on services guard the interest of revenue, specify, by
notification, such goods as notified goods
allowed to be transferred in the proposed
act as transitional credit.
ability of unutilised credit balances and
an extended time frame for duty recovery
The survey noted that new export orders improved sub-
stantially in May with the fastest growth since the survey’s
India has sought arbitration proceedings under the World Trade and there shall be levied and collected The Bill also advocates for certain pow- underscore the government’s commit- inception in September 2014. The survey participants noted
Organization (WTO) rules against Australia to resolve an issue duty of excise on such goods in accor- ers to central excise officers, including a ment to facilitating smoother operations strong growth in demand from Asia, Africa, Europe, West
with regard to services sector, as it could impact New Delhi’s dance with the provisions of this section structured framework for audit. This is a for enterprises,” he said. Asia and the United States.
trade in services, an official said. The official said India had
already communicated to the WTO regarding its request for
arbitration on the issue. On November 17, 2023, Australia notified
to the secretariat of the WTO about its intention to modify its
schedule of specific commitments under the General Agreement
on Trade in Services to incorporate additional commitments
relating to services domestic regulation. PTI
MF funding to Rail coal freight volume rises
ARAI to invest ~500 crore to
NBFCs grew 9.3% on summer demand pull
enhance H2ICE testing infra
Automotive testing and certification agency Automotive
30% in April DHRUVAKSH SAHA
New Delhi, 5 June KEEPING TRACK
Commodity Volumes in % chg
Research Association of India (ARAI) plans to invest ~500 crore ABHIJIT LELE With the summer heat May (in mt) (Y-o-Y)
over the next four to five years to improve the country’s vehicle Mumbai, 5 June reaching record highs in Coal 72.0 9.3
testing infrastructure. This investment will go towards setting up DRIVERS OF northern India in May, Iron ore 14.6 -4.1
testing infrastructure for hydrogen-internal combustion engine The money raised by non- FUNDING SURGE Indian Railways ferried 9.3 Cement 12.8 -2.0
(H2ICE)-powered vehicles and construction equipment, as well banking financial companies per cent more coal than last
n Comfort with Foodgrain 4.7 -1.7
as for additional safety technologies. The agency already has (NBFCs) from mutual funds year, and freight volumes for
testing capabilities for ethanol 20 fuel-compliant vehicles. (MFs) rose almost 30 per cent robust profile of all commodities on the rail- Fertiliser 4.9 -1.8
“For the next four to five years, we have thought of almost ~500 year-on-year (Y-o-Y) to ~2.08 better-rated NBFCs way network grew 3.9 per Container 6.8 1.4
crore to be put in place so that the facilities needed are there,” trillion in April 2024, shows n Narrowing gap of cost cent in the previous month, Other goods 10.8 -1.4
said Reji Mathai, director, ARAI. BS REPORTER data from rating agency of funds between according to government Total 139.1 3.8
CareEdge. data. A total of 139.16 million
mutual funds and banks Note: Total may not match as commodities with higher volumes have been picked Source: Railway officials
The MF debt exposure to tonnes (mt) of freight was
NPCI arm signs pact with NBFCs had risen by just 0.2 per
cent Y-o-Y to ~1.6 trillion in
n RBI nudge to banks to
moderate NBFC funding
loaded in May 2024 com-
pared to 128.3 mt in April, been able to improve its vol- and summer rush, for which freight corridor, which con-
Peru to enable UPI payments April 2023. Analysts and NBFC
executives said this increase in n NBFCs’ efforts to
up 8.46 per cent month-on-
month, a senior government
umes for most commodities
over last year. It has a target
the Railways is running
10,000 additional trains.
nects Punjab with Bihar and
covers some of the biggest
Peru will soon have a UPI-like instant payments system, as NPCI funding signals MFs’ comfort diversify sources of fund official said. of achieving 3,000 mt of Coal volumes at most chokepoints in the Indian
International Payments Limited (NIPL) — the international arm of in taking exposure to better-rat- Indian Railways earned a freight by 2030, for which it thermal power plants have rail network. The data for
the National Payments Corporation of India (NPCI) — on ed finance firms. freight revenue of ~15,230.9 would need to double its been getting replenished at the financial year shows that
Wednesday inked a pact with the central bank of the South The regulatory nudge from director at CareEdge, said that crore in May, up 8.2 per cent freight volume at a rapid a steady pace, which offi- cumulative freight loading
American country to develop the technology. This is NIPL’s the Reserve Bank of India (RBI) about five years ago, there was sequentially. In May 2023, pace. cials say is largely due to bet- in the first two months
second partnership with a central bank to deploy the Unified to banks to moderate the pace a certain credit risk aversion the national transporter had Meanwhile, it also saw ter logistics planning before (April and May) of 2024-25
Payments Interface (UPI) stack in the international market. In of funding to NBFCs and the among MFs for NBFCs. earned ~14,641 crore, a 4 per higher passenger movement the onset of the summer, is 267.5 million tonnes — 2.7
May this year, the payments body entered into an agreement narrowing gap in the cost of Investors in MF schemes cent increase in freight rev- on account of the recently and full commissioning of per cent higher than the pre-
with the Bank of Namibia (BoN) for developing an instant funds between money taken were not comfortable with tak- enues. The ministry has not ended Lok Sabha elections the eastern dedicated vious year.
payment system like UPI in the African nation. BS REPORTER from asset management com- ing such exposure, leading
panies and banks have also NBFCs to turn to banks for
contributed to the increase in funding. However, over the
DoT seeks proposals for funding. In November 2023,
the RBI increased risk weights
past three to four years, the sit-
uation has changed. Govt moots new shipping firm to expand fleet
baseline survey of MSMEs on bank credit exposures to
NBFCs by 25 percentage points.
There is now ease in provid-
ing funds to NBFCs. There is a The government plans to set up a new Corporation of India and foreign com- 2047,” said one of the sources.
The Department of Telecommunications (DoT) has sought This followed the concern realisation that better-rated shipping company to expand its fleet panies. The oil and shipping ministries Indian companies paid freight costs
proposals from organisations and startups to develop a expressed by RBI Governor finance companies are robust by at least 1,000 ships in the next did not respond to requests for com- of $85 billion in the financial year 2019-
comprehensive Industry 4.0 baseline survey for the Ministry of Shaktikanta Das regarding the enough to take exposure, and decade, as Asia’s third-largest economy ment. The aim is to reduce freight out- 20, of which $75 billion was paid for
Micro, Small and Medium Enterprises (MSME), focusing on digital increasing dependency of these companies have been seeks a bigger chunk of revenue from goings to foreign firms by at least a use of foreign vessels, the source
transformation through 5G technologies. The survey aims to NBFCs on bank borrowings in diversifying their sources of surging trade, two government officials third by 2047, said the sources, who added. The turn to foreign carriers
assess the current state of readiness for Industry 4.0 in the his interactions with managing funds, Agarwal added. said. The yet-to-be-named firm will be sought anonymity as they were not comes as country’s shipping fleet has
manufacturing sector, especially MSMEs, to identify directors/chief executive offi- The scale of banking to jointly owned by state-run companies authorised to speak to the media. not kept pace with its surge in trade,
improvements and prioritise investments, the department said cers of major banks and large NBFCs in absolute amounts is in the oil, gas and fertiliser industries, “Current estimates show freight including imports of energy and
on Wednesday. The survey aims to understand the challenges NBFCs in July and August 2023. much higher compared to that which would provide it with business, costs will rise to $400 billion as we exports of refined oil products.
faced by MSMEs in adapting to Industry 4.0. BS REPORTER Sanjay Agarwal, senior from MFs. along with the state-run Shipping boost our exports and imports by REUTERS

Govt re-initiates process > FROM PAGE 1 GOING GREEN

to find new IOC chairman
The government has invited applications for the new chairman
of Indian Oil Corporation (IOC), ending the uncertainty over
continuance of incumbent Shrikant Madhav Vaidya. In an
No hiccups: NDA rallies behind Modi
advertisement posted on its website, the Ministry of Petroleum According to a source in the JD (U), the Kharge said. ed the meeting.
and Natural Gas sought applications from engineers, chartered party has sought four spots in the council US President Joe Biden, Russian A resolution passed at the meeting
accountants and cost accountants with post graduate of ministers and a couple of key min- President Vladimir Putin, British Prime stated that the NDA government will
management degrees from leading institutions and having at istries, preferably either the agriculture Minister Rishi Sunak, and French continue working to lift people’s living
least 5 years experience in leadership roles, by July 3. The age or rural development portfolios. “The President Emmanuel Macron were standards for the country’s all-round
eligibility cut off has been set at not more than 58 years for demand for special status for Bihar is on among dozens of world leaders who con- development while conserving its her-
internal candidates and 57 years for outsiders with 60 years as the table and will be discussed in the days gratulated Modi on Wednesday on the itage. “We are all proud that the NDA
retirement age, it said. PTI to come,” the party functionary said. victory of the BJP-led NDA coalition in fought the 2024 Lok Sabha polls unitedly
In the afternoon, the prime minister the general elections and expressed their under the leadership of Prime Minister
tendered his resignation to President desire to work closely with him. Narendra Modi and won. We all NDA
CIL’s April-May contribution Draupadi Murmu, who asked him to
continue until the new government
"Congratulations to Prime Minister
Narendra Modi and the National
leaders unanimously elect Narendra
Modi as our leader,” it added.
to exchequer drops 2.2% assumes office, according to a commu-
niqué from Rashtrapati Bhavan. Earlier
Democratic Alliance on their victory, and
the nearly 650 million voters in this his-
The resolution also stated that people
have seen the country being developed
State-owned Coal India Ltd’s contribution to the government’s in the day, the Union Cabinet recom- toric election. The friendship between in every sector in the past 10 years due
exchequer dropped 2.2 per cent to ~9,560.3 crore in the April- mended the dissolution of the 17th Lok our nations is only growing as we unlock to the pro-people policies of the NDA
May period of the ongoing financial year. Coal India Ltd (CIL), Sabha, which the President accepted. a shared future of unlimited potential,” government under Modi. All leaders con-
which accounts for over 80 per cent of domestic coal output, The term of the current 17th Lok Sabha Biden said in his congratulatory message. gratulated the Prime Minister for his
paid ~9,777.64 crore to the government exchequer in the year- ends on June 16. The attendees at the NDA meeting leadership and the strides our nation has
ago period, according to provisional figures of the coal ministry. Later in the evening, the leaders of included BJP President J P Nadda, for- made under him. They appreciated the
Total levies paid to the government in May went up to the INDIA bloc met in New Delhi. mer party presidents Rajnath Singh and Prime Minister's hard work and efforts
~4,763.20 crore from ~4,716.5 crore paid in the corresponding Congress President Mallikarjun Kharge Amit Shah, TDP’s Naidu, JD(U)’s Nitish in nation-building. Modi said at the
month of FY23.The amount paid to the Centre and state said the bloc will take appropriate steps Kumar, Maharashtra Chief Minister meeting that it was a historic mandate
governments include royalties, GST, cess on coal, and other at the appropriate time to realise the peo- Eknath Shinde, Lok Janshakti Party (R)’s for the NDA's third consecutive govern-
levies. Coal production generates substantial revenue for both ple’s desire not to be ruled by a BJP gov- Chirag Paswan, Janata Dal (Secular)’s H ment which, he noted, was last received
central and state governments.Of the total amount paid to the ernment. “This is a mandate in defence D Kumaraswamy, Jana Sena's Pawan in the country over 60 years back. His
government exchequer in the first two months of FY24, of the Constitution of India, and against Kalyan, Asom Gana Parishad’s Atul Bora, allies lauded Modi for his clear vision for Prime Minister Narendra Modi at Buddha Jayanti Park on
maximum amount of ~2,122.39 crore was made to the state price rise, unemployment and crony and Nationalist Congress Party (NCP)’s “Viksit Bharat” and asserted that they the occasion of Wold Environment Day in New Delhi on
government of Jharkhand. PTI capitalism, and also to save democracy,” Praful Patel. Leaders of 15 parties attend- are partners in this goal. Wednesday PHOTO: PTI
>
NEW DELHI | THURSDAY, 6 JUNE 2024 POLITICS & PUBLIC AFFAIRS 7
BEYOND MAJORITY-MARK DEBATE

5 regional parties stare

at an existential crisis
RAGHAV AGGARWAL
New Delhi, 5 June

A
s the Bharatiya Janata
Party (BJP) went into a
huddle with the
Telugu Desam Party (TDP)
and the Janata Dal (United) to
stitch an alliance on
Wednesday, and Congress —
backed by the Samajwadi
Party and the Trinamool The BSP led by Mayawati (left) and Naveen Patnaik-led BJD were among the parties that could
Congress — looked all set to not win any seat in the 2024 Lok Sabha polls
mount a serious challenge to
the coalition, the regional par- FIRING BLANKS Performance in Lok Sabha elections
ties suddenly found them-
Seats won n 2019 n 2024 Vote share (%) n 2019 n 2024
selves in the spotlight.
But not all were that lucky. BJD 12 0 43.3
At least five regional par- 37.5
ties, which gave chief minis- BSP 10* 0 19.4
ters and at one point sent 9.4
scores of MPs to the 41.7
Parliament, drew a blank this BRS 9 0
16.7
time and were staring at an
existential crisis. AIADMK 1 0 19.4
For the first time since the 20.5
party was founded in 1997, JJP 0 0 4.9
Biju Patnaik’s Biju Janata Dal 0.9 *Fought in alliance with SP Source: ECI
(BJD) drew a blank in Lok
Sabha elections. regional parties which once go its deposit. Until March this political heavyweight MG
In assembly elections, the held sway over the voters but year, it was a part of the BJP- Ramachandran and later
results of which were also failed to secure even one seat led coalition that ruled groomed by J Jayalalithaa —
declared on Tuesday, the par- this year. Haryana. It had failed to win also failed to make a mark.
ty failed to reach the In the neighbouring Uttar a seat in the 2019 elections as In the first election it was
majority mark for the first Pradesh, a similar story was well but this year, its vote fighting without the BJP-led
time since 2009. unfolding for Mayawati’s share has shrunk from 4.9 per National Democratic Alliance
Patnaik, who had been Bahujan Samaj Party (BSP). cent to a dismal 0.87 per cent. (NDA), AIADMK lost all INVESTMENT CORPORATION LIMITED
CIN: L67200MH1937PLC002622
Odisha’s chief minister for Once considered to be the Down south, in Telangana, 32 seats it contested in Regd. Oice: Elphinstone Building, 10 Veer Nariman Road, Mumbai- 400 001
over 24 years, now has to step voice of Dalits, the party K Chandrashekar Rao’s Tamil Nadu. Tel: 022-66658282 Fax: 022-66657917 E-mail: [email protected]
aside and let a Bharatiya seems to have lost its grip on Telangana Rashtra Samithi Its alliance partners Desiya web: www.tatainvestment.com

Janata Party (BJP) leader take the state. The party failed to also failed to open its account. Murpokku Dravida Kazhagam PUBLIC NOTICE
oath for the top post. open its account in the elec- The fall was gradual. (DMDK), the Social 87th Annual General Meeting (AGM):
In Lok Sabha elections, tions and lost over 10 percent- It had won 11 seats in 2014, Democratic Party of India
This is to inform that the 87th AGM of the Members of the Company will be convened at 11.30 a.m.
BJD's vote share dropped age points of vote share to 9.39 nine in 2019, and zero in 2024. (SDPI), and the Puthiya
(IST) on Tuesday, July 9, 2024, through Video Conference (‘VC’) / Other Audio-Visual Means (‘OAVM’)
from 43.32 per cent in 2019 to per cent. In 2019, it had KCR had faced a similar Thamizhagam (PT), also
facility to transact the businesses as set out in the Notice convening the AGM. This is in compliance
37.53 per cent but the number secured 10 seats in Lok Sabha fate in December last year failed to win any of
with the applicable provisions of the Companies Act, 2013 (‘Act’) and the Rules made thereunder, read
of seats it won fell from 12 out with a vote share of 19.42 per when his party was ousted in the remaining seven seats in
of 21 to zero this year. cent, but it was fighting in a the assembly elections by the the state. with General Circulars dated April 8, 2020, April 13, 2020, May 5, 2020 along with subsequent circulars
In the assembly elections, pre-poll alliance with the SP. Congress party for the first Its performance in the 2019 issued in this regard and latest dated September 25, 2023 by the Ministry of Corporate Afairs (‘MCA
BJD managed to win 51 of 147 Up north in Haryana, the time since the state came into elections, when it had won Circulars’) and Circular dated May 13, 2022 read with Circular dated January 5, 2023 and Circular dated
seats with a 5 percentage relatively younger Jannayak existence in 2014. one seat, had also signalled October 7, 2023 issued by the Securities and Exchange Board of India (‘SEBI Circulars’) and other
points drop in its vote share to Janta Party (JJP) also put up a Further south in Tamil that it was reducing in stature. applicable circulars issued in this regard.
40.22 per cent. This is its worst dismal show losing all 10 seats Nadu, the All India Anna It was starkly different from The e-copy of the 87th Annual Report of the Company for the FY 2023-24 along with the Notice of the
performance to date in both in the state. Dravida Munnetra Kazhagam the 37 seats the party won in AGM, Financial Statements and other Statutory Reports will be available on the website of the Company
elections. BJD was among the On most seats, it had to for- (AIADMK) — founded by the the 2014 General Elections. at www.tatainvestment.com and on the website of NSDL at www.evoting.nsdl.com and also will be
available on the websites of the stock exchanges on which the securities of the Company are listed i.e.
at www.nseindia.com and www.bseindia.com. The Company shall send copy of physical Annual Report
N ALL IN A DAY N for the FY 2023-24 to those Members, who request the same at [email protected].
Registration of e-mail address with Company/DP:

Biden, Putin ‘Judges reflect continuity of values amid polls’ Members holding shares in physical mode and who have not updated their email addresses with the
Company are requested to update their email addresses by submitting the Investor Service Request

greet Modi on While elections lie at the core of India’s constitutional democracy,
judges reflect a sense of continuity of constitutional values that pro-
Form (Form ISR1) duly illed signed along with the supporting documents.
Members holding shares in dematerialized mode are requested to register/update their email

election win tect the system, Chief Justice of India D Y Chandrachud has said.
He was addressing the Oxford Union Society on Tuesday. Asked
addresses with the relevant Depository Participants (DP).
Alternatively, the Members may register their email addresses with Link Intime India Private Limited
Several world leaders, including the about political and societal pressures he may have faced while hand- (“LIIPL”), the Registrar and Transfer Agent of the Company, on a temporary basis, in order to receive
US President Joe Biden, Russian ing down judgments, the Chief Justice stated that he has never faced the Annual Report for the FY 2023-24, by visiting the link https://liiplweb.linkintime.co.in/EmailReg/
President Vladimir Putin, British a “sense of political pressure from the powers that be” in his 24 years Email_Register.html on or before July 2, 2024.
Prime Minister (PM) Rishi Sunak and as a judge. PTI Members can attend and participate in the AGM through the VC/OAVM facility ONLY, the details
Italian PM Giorgia Meloni congratu- of which will be provided by the Company in the Notice of the Meeting. Members attending the
lated PM Narendra Modi on
Wednesday on the victory of the
Bharatiya Janata Party-led coalition
Meity will continue Kejriwal’s interim Meeting through VC/OAVM shall be counted for the purpose of reckoning the quorum under Section
103 of the Act.
in the general elections.
Biden said the friendship between
to take initiatives in bail plea dismissed Book Closure and Dividend:
Notice is further given that pursuant to Section 91 of the Act and the Rules framed thereunder,
the US and India was only growing as
both unlock shared future of unlimit- new govt: Secretary by Delhi court the Register of Members and the Share Transfer Books of the Company will remain closed from
Wednesday, June 19, 2024 to Wednesday, June 26, 2024 (both days inclusive) for taking record of
ed potential. S Krishnan, secretary, Ministry of A city court on Wednesday dismissed the Members of the Company for the purpose of the 87th AGM and payment of Dividend of Rs. 28/-
Putin spoke to PM Modi and con- Electronics and Information Technology, Delhi Chief Minister Arvind Kejriwal’s (280%) per Ordinary Shares of Rs.10 each of the Company. The dividend, if approved by the Members,
gratulates him on his party’s success said the policy roadmap for the ministry application for interim bail on medical will be paid on or after Wednesday, July 10, 2024:
in general elections. will continue going ahead and build on past grounds in the money laundering case (i) To all the Beneicial Owners as at the end of the day on Tuesday, June 18, 2024, as per the list
China congratulated the PM and legacies. “We have a number of initiatives linked to the alleged excise policy scam. of beneicial owners to be furnished by the National Securities Depository Limited and Central
said both countries should “look to that have been in the works, and with the Special Judge Kaveri Baweja directed the Depository Services (India) Limited in respect of the shares held in electronic form; and
the future” to advance bilateral rela- new government forming up, we will put Tihar jail authorities to take care of his
those as the ministry’s agenda,” said medical needs in judicial custody. The (ii) To all Members in respect of shares held in physical form, whose names are on the Company’s
tions, frozen since the Galwan inci-
dent four years ago, on a “healthy and Krishnan at the sidelines of a Software judge also extended Kejriwal’s judicial cus- Register of Members after giving efect to valid transmission/ transposition etc. in respect of
stable track.” PTI Technology Park of India event. BS REPORTER tody till June 19. PTI requests lodged with the Company as of the close of business hours on Tuesday, June 18, 2024.
SEBI vide its circular dated November 3, 2021 (subsequently amended by circulars dated December
14, 2021, March 16, 2023 and November 17, 2023 has mandated that with efect from April 1, 2024
dividend to Members holding shares in physical form shall be paid only through electronic mode. Such
> FROM PAGE 1 payment shall be made only if the folio is KYC complaint i.e. the details of PAN, choice of nomination,
contact details, mobile no. complete bank details and specimen signatures are registered.
In case of non-updation of PAN or Choice of Nomination or Contact Details or Mobile Number or Bank

Bulls stage ~17 trillion Coalition govt may find Account Details or Specimen Signature in respect of physical folios, dividend / interest etc., shall be
paid upon furnishing all the aforesaid details in entirety.

recovery as worries it difficult to pass major The Members are also encouraged to register their bank details with the Company’s RTA/respective
Depository Participant to receive the dividends, if declared at the AGM, directly into their bank
account through approved electronic mode of payment. To receive the dividend on time, Members

about Modi 3.0 ease reforms: Rating agencies holding shares in physical form should be KYC complaint and receive the dividends directly in their
bank accounts through Electronic Clearing Service or any other means. Members are requested to
Moody’s Ratings said near-term economic momentum send the following documents to our RTA – Link Intime India Private Limited, latest by Tuesday, June
However, concerns about the masks structural weaknesses that pose risks to long-term 18, 2024:
government’s ability to enact potential growth with high levels of youth unemployment a. Form No. ISR-1 duly illed and signed by the holders stating their name, folio number, complete
politically challenging reform across sectors and weakness in productivity growth in address with pincode, and the following details relating to the bank account in which the
measures continue to weigh on the sovereign’s large agriculture sector continuing to con- dividend is to be received:
investors’ minds. Sunil strain its growth potential. i. Name of Bank and Bank Branch;
Thirumalai, executive director, Pranjul Bhandari, chief India economist at HSBC,
ii. Bank Account Number & Type allotted by your bank after implementation of Core Banking
GEM Equity Strategist at UBS, expects ‘easy’ reforms like capex thrust on infrastructure,
Solutions;
wrote: “While political stability improving food supply management, maintaining infla-
should help ensure continuity tion at 4 per cent, and providing easy credit to small firms iii. 11 digit IFSC Code; and
in policy agenda, we see the to continue, which generates the base case of 6.5 per cent iv. 9 digit MICR Code.
risk of populist bias in the third growth potential. “Interestingly, most of these reforms b. Original copy of cheque bearing the name of the Member or irst holder, in case shares, are held
term (targeted towards lower- would watch for any change in were via executive action, so a slower legislative process jointly;
income strata) and change in the stance of retail investors, may not impact them immediately,” she adds. c. Self-attested copy of the PAN Card of all holders; and
economic policy dynamics who have been the major force However, reforms that require legislative action like
d. Self-attested copy of any document (such as AADHAR Card, Driving License, Election Identity
with tougher reforms getting behind the market regarding improving the goods and services tax structure, land,
Card, Passport) in support of the address of the Member as registered with the Company.
pushed further out.” flows,” wrote Sanjeev Prasad, labour, farm, judiciary, and bureaucratic reforms may
Market analysts have sug- managing director & co-head of prove hard to undertake. e. Form ISR2 duly illed signed; The signature of Members should be attested by the Bank Manager.
gested that the election verdict Kotak Institutional Equities. Samiran Chakraborty, chief economist at CitiGroup, f. Form SH 13 – Nomination form of ISR3 - to opt out from Nomination.
could lead to a re-evaluation of All the Sensex constituents said there was brisk fiscal space available to the govern- The above Investor Service Request Forms (ISR) are available at RTA’s website at
investment strategies, particu- gained, with HDFC Bank, ment, which can be used for some new spending focused https://www.linkintime.co.in Ú Resources Ú Downloads Ú KYC Ú Formats for KYC.
larly towards certain stocks in which rose 4.6 per cent, con- on the poor, women, and rural areas, but capex focus is Members who would like to avail tax exemption on the dividend being paid by the Company
capital goods, electric utilities, tributing the most to index likely to remain. are requested to email the Forms 15H/ Forms 15G or any other documents as applicable at
and PSUs. This shift in focus gains, followed by ICICI Bank, “The broad agenda of infrastructure, manufacturing,
[email protected] on or before June 15, 2024.
could potentially reshape the which rose 3.3 per cent. All the and technology to take India’s economy forward, most
investment landscape in these sectoral indices on the BSE likely would not take a back seat. However, the con- The intimation is available on the websites of the National Stock Exchange of India Limited
sectors. gained. Telecom stocks rose the tentious structural reforms might be delayed till some of (www.nseindia.com) and BSE Limited (www.bseindia.com) and will also be available on the Company’s
“The 2024 election results most, and their index on the the political headwinds for NDA recede,” said website www.tatainvestment.com.
may finally compel investors BSE rose 6 per cent. Overall, Chakraborty. “Welfare spending could rise, but that can For Tata Investment Corporation Limited
(institutional and non-institu- 2,560 stocks advanced and coexist with gradual fiscal consolidation as tax growth is Sd/-
tional) to focus more on num- 1,261 stocks declined on the strong. Moreover, the economy appears in good shape in Place: Mumbai Jamshed Patel
bers and less on narratives. We exchange. terms of growth and stability,” he said. Dated: June 5, 2024 Company Secretary and Chief Compliance Oicer
8 WORLD
>
NEW DELHI | THURSDAY, 6 JUNE 2024

‘Earth warming at record rate but no proof climate change accelerating’

92% of last year’s record heat was caused by AT A GLOBAL dean Jonathan Overpeck and Berkeley
Earth climate scientist Zeke Hausfather,
humans, finds study by group of 57 scientists TIPPING POINT 1.5oC target limit may be neither of whom were part of the study,

SETH BORENSTEIN aren’t doing that,” study lead author Piers

n 2023 was 1.43 C warmer
o

than the 1850 to 1900

surpassed by 2028: WMO said they still see acceleration. Hausfather
pointed out the rate of warming is consid-
New York, 5 June Forster, a Leeds University climate scien- average The UN weather agency is predicting an erably higher than 0.18 degrees Celsius per
tist, said. It’s pretty much explained by the 80 per cent chance that average global decade of warming that it was between
The rate Earth is warming hit an all-time buildup of carbon dioxide from rising fossil n Of this, 1.13oC came from temperatures will surpass the 1.5oC 1970 and 2010.
high in 2023 with 92 per cent of last year’s fuel use, he and a co-author said. human activity target within the next five years. The Wednesday’s report didn’t find enough
surprising record-shattering heat caused Last year, the rate of warming hit 0.26 n 8% was caused by El Niño World Meteorological Organisation warming from other potential causes. The
by humans, top scientists calculated. degrees Celsius per decade — up from 0.25 and other weather events (WMO) said Wednesday that the global report said the reduction of sulphur pollu-
The group of 57 scientists from around degrees Celsius the year before. That’s not
n Increased fossil fuel mean near-surface temperature for tion from shipping was overwhelmed last
the world used UN-approved methods to a significant difference, though it does make each year from 2024 to 2028 is expected year by carbon particles put in the air from
burning can cause Earth
examine what was behind last year’s burst this year’s rate the highest ever, Forster said. to range between 1.1 and 1.9oC hotter Canadian wildfires. The report also said an
of heat. They said even with a faster warming Still, outside scientists said this report
to get warmer by 1.5oC in than at the start of the industrial era. undersea volcano that injected massive
rate they don’t see evidence of significant highlights an ever more alarming situation. 4.5 years There’s nearly a one-in-two chance — amounts of heat-trapping water vapour
acceleration in human-caused climate The team of authors — formed to pro- n Reduction of sulphur 47 per cent — that the average global into the atmosphere also spewed cooling
change beyond increased fossil fuel burning. vide annual scientific updates between pollution was cancelled out temperatures over that entire five-year particles with both forces pretty much can-
Last year’s record temperatures were so seven-to-eight-year major UN scientific by Canadian wildfires span could top 1.5oC. AP/PTI celling each other out.
unusual that scientists have been debating assessments — determined last year was Texas Tech climate scientist and chief
what was behind the jump and whether 1.43 degrees Celsius warmer than the 1850 scientist at the Nature Conservancy
climate change is accelerating or if other to 1900 average with 1.31 degrees of that just other weather randomness. On a larger System Science Data found. it can no longer avoid crossing the inter- Katharine Hayhoe said “the future is in our
factors are in play. coming from human activity. The other 8 10-year time frame the world has warmed The report also said that as the world nationally accepted threshold for warming: hands. It’s us — not physics but humans
“If you look at this world accelerating per cent was due mostly to El Niño and about 1.19 degrees Celsius since pre-indus- keeps using coal, oil, and natural gas, Earth 1.5 degrees Celsius. — who will determine how quickly the
or going through a big tipping point, things also a freak warming along the Atlantic and trial times, the report in the journal Earth is likely to reach the point in 4.5 years that University of Michigan environment world warms and by how much”. PTI

IN BRIEF China chip firms

Third-time lucky? Boeing
OpenAI insiders warn of a degrade designs
launches Starliner capsule
For the third time in roughly a
PHOTO: REUTERS
month, Boeing will try to launch its
reckless race for dominance to avoid curbs
long-delayed space taxi with the ‘Company has not done enough to prevent its AI systems from becoming dangerous’
vehicle’s first human crew for Nasa, FANNY POTKIN
following weeks of delays over KEVIN ROOSE a research engineer who left OpenAI in Singapore, 5 June
technical issues and two called off San Francisco, 5 June February, and three other former OpenAI
launch attempts. Two veteran Nasa employees: Carroll Wainwright, Jacob Hilton Some Chinese AI chip companies are now designing

A
fliers — Sunita “Suni” Williams and group of OpenAI insiders is blowing and Daniel Ziegler. Several current OpenAI less powerful processors to retain access to Taiwan
Barry “Butch” Wilmore — are set to the whistle on what they say is a cul- employees endorsed the letter anonymously Semiconductor Manufacturing Co (TSMC)
take off inside Boeing’s spacecraft ture of recklessness and secrecy at the because they feared retaliation from the com- production in the face of US sanctions, sources said.
from Cape Canaveral, Florida. Their San Francisco artificial intelligence (AI) com- pany, Kokotajlo said. One current and one Aiming to impede breakthroughs in AI and
ride to space is an Atlas V rocket, built pany, which is racing to build the most pow- former employee of Google DeepMind, supercomputing by China’s military, Washington
and operated by the United Launch erful AI systems ever created. Google’s central AI lab, also signed. has imposed a series of export
Alliance, which will help put them The group, which includes nine current A spokeswoman for OpenAI, Lindsey controls from firms such as Nvidia
en route to visit the International and former OpenAI employees, has rallied in Held, said in a statement: “We’re proud of our and on chip manufacturing
Space Station (ISS). This mission is a
key flight test for Nasa to prove that
recent days around shared concerns that the
company has not done enough to prevent its
track record providing the most capable and
safest AI systems and believe in our scientific INSIDE TRACK equipment. Those restrictions
also prevent TSMC — which uses
Starliner can safely transport the AI systems from becoming dangerous. approach to addressing risk. We agree that n Group includes 9 current and ex US chipmaking tools — as well as
agency’s astronauts to and from the The members say OpenAI is putting a pri- rigorous debate is crucial given the signifi- OpenAI staffers, 1 current and one other overseas manufacturers
United Launch Alliance ISS. But a series of technical glitches ority on profits and growth as it tries to build cance of this technology, and we’ll continue ex employee of Google DeepMind from taking orders to produce them.
Atlas V rocket carrying and setbacks have delayed artificial general intelligence, or A.G.I., the to engage with governments, civil society and The most recent set of US export controls
two astronauts aboard Starliner’s first crewed flight by industry term for a computer program other communities around the world.” n The group published an open imposed last October have exposed just how limited
Boeing’s Starliner-1 roughly seven years and fueled $1.5 capable of doing anything a human can. A Google spokesman declined to comment. letter calling for major AI firms to China’s production capacity for advanced chips is
launched on Wednesday billion in cost overruns. BLOOMBERG They also claim that OpenAI has used The campaign comes at a rough moment establish greater transparency and how dependent Chinese AI chip design
hardball tactics to prevent workers from voic- for OpenAI. It is still recovering from an companies are on TSMC — the world's leading chip
ing their concerns about the technology, attempted coup last year, when members of n Firm is priortising profit, growth contract manufacturer, the sources said.
‘Gaza offensive would not including restrictive nondisparagement
agreements that departing employees were
the company’s board voted to fire Sam
Altman, the chief executive, over concerns
n They claim that OpenAI used
Two top Chinese AI chip firms, MetaX and
Enflame, submitted downgraded designs of their
hardball tactics to prevent workers
stop for hostage talks’ asked to sign.
“OpenAI is really excited about building
about his candor. Mr. Altman was brought
back days later, and the board was remade from voicing their concerns about
chips to TSMC in late 2023 to comply with US curbs.
The companies have previously marketed their
Israel reiterated on Wednesday its refusal to halt the Gaza A.G.I., and they are recklessly racing to be the with new members. the technology, including NDAs chips as being comparable to Nvidia’s graphics
offensive for a resumption of hostage-release talks with Hamas, first there,” said Daniel Kokotajlo, a former The company also faces legal battles with processing units (GPUs).
after mediator Qatar said it had given the Palestinian militants a researcher in OpenAI’s governance division content creators who have accused it of steal- Shanghai-based MetaX has developed a
US-backed truce proposal. “Any negotiations with Hamas and one of the group’s organisers. ing copyrighted works to train its models. (The who claimed that OpenAI had imitated her downgraded product called the C280, the sources
would be conducted only under fire,” Gallant said in remarks The group published an open letter on New York Times sued OpenAI and Microsoft, voice without permission. said, adding it ran out of stock of its most advanced
carried by Israeli media after he flew abroad a warplane to Tuesday calling for leading AI firms, including for copyright infringement last year.) And its But nothing has stuck like the charge that GPU, the C500, in China earlier this year.
inspect the Gaza front. REUTERS OpenAI, to establish greater transparency and recent unveiling of a hyper-realistic voice OpenAI has been too cavalier about safety. TSMC declined to comment on individual
more protections for whistle-blowers. assistant was marred by a public spat with customers, saying only that it works with clients to
Other members include William Saunders, the Hollywood actress Scarlett Johansson, ©2024 The New York Times News Service make sure it is in compliance with jurisdictions
Pak HC stays execution of relevant to its operations. REUTERS

five former Navy officers

A top court in Islamabad has stayed the execution of five former
Pakistan Navy officers previously sentenced to death by a
Apple made once-unlikely deal Tesla had no place
military court in connection with the 2014 Navy Dockyard attack
case. Islamabad High Court (IHC) Judge Babar Sattar issued the with Altman to catch up in AI to put Nvidia AI
written order for the hearing held a day earlier on the request of
Navy officers who said they were not provided legal assistance
during the general court-martial order, Dawn News reported. PTI
MARK GURMAN
5 June
ing business is stagnant, with revenue declin-
ing in five of the past six quarters.
chips, says Musk
The two firms haven’t disclosed the deal Elon Musk confirmed he diverted artificial
When a 23-year-old Sam Altman took the publicly yet, and terms of the arrangement intelligence chips away from Tesla to his X and xAI
FTC: Meta withheld details stage at Apple’s annual developer conference
in 2008, he gushed about being able to use
aren’t clear. Apple declined to comment, as
did OpenAI.
ventures, offering explanations both for the
redirected shipment and internal Nvidia

on Insta, WhatsApp deals Apple’s new App Store to promote his soft-
ware, a friend-locating service called Loopt.
Though Apple remains in talks with Google
about using Gemini in its devices, the iPhone
Corporation emails.
In a series of posts on X,
Meta Platforms withheld information from federal regulators “We think this is a new era of mobile, and we’re maker reached an agreement with OpenAI Musk wrote that Tesla had no
during their original reviews of the Instagram and WhatsApp thrilled to be part of it,” he said. first. In the end, Apple may offer a number of place to put Nvidia chips where
acquisitions, the US Federal Trade Commission (FTC) said in a Now, 16 years later, Apple is calling upon third-party chatbots, but it’s negotiating the they could be turned on. CNBC
court filing as part of a lawsuit seeking to break up the social the entrepreneur again — but with a twist. deals on a case-by-case basis. reported earlier that Musk
networking giant. In its filing Tuesday, the FTC said the case This time, the company needs his help as Apple picked OpenAI as its inaugural AI redirected 12,000 of the
involves “information Meta had in its files and did not provide” much as he needs Apple. partner for a few reasons. It got better business chipmaker’s H100 graphics
during the original reviews.“At Meta’s request the FTC undertook Altman currently runs OpenAI, the leading terms than Google was offering, and Apple processing units originally
only a limited review” of the deals, the agency said. BLOOMBERG startup in generative AI. And Apple, racing to believes that OpenAI’s technology is the best slated for Tesla to X instead,
catch up in that area, has forged a partnership available on the market. Integrating Google citing an Nvidia memo from
to integrate OpenAI’s ChatGPT into the AI into the iPhone also might have given the December. In another email
NBA nears $76 bn rights deal iPhone’s operating system. Though Altman is
unlikely to take the stage at the event, the
Apple has forged a partnership with
Sam Altman’s OpenAI to integrate its
impression that Apple’s biggest technology
rival had beat it in a vital new area.
CNBC viewed, Nvidia staff said Nvidia wouldn’t be
Musk made statements during able to track all the
with NBC, ESPN, Amazon agreement will be a key focus of Apple’s
Worldwide Developers Conference next week.
ChatGPT into the iPhone’s OS. The deal
gives OpenAI access to hundreds of
In contrast, Apple kept its AI ambitions
quiet until now. Cook said last year that the
Tesla’s first-quarter earnings money Tesla is
call and on X that conflicted spending on AI this
The National Basketball Association (NBA) is closing The deal gives OpenAI access to hundreds millions of Apple users company would tread carefully in the new with the company’s bookings year, Elon Musk said
in on media rights deals with Comcast-owned of millions of Apple users, including ones that space and only add AI technology on a “very with the chipmaker.
NBC, Disney’s ESPN, and Amazon.com that might have been hesitant to try ChatGPT also infusing its Siri digital assistant with AI. thoughtful basis.” More recently, he’s argued On April 28, he wrote on X that Tesla will spend
would generate about $76 billion in media otherwise. For Apple, the arrangement brings But the firm’s own chatbot isn’t yet up to snuff. that Apple will have an edge in AI because of around $10 billion this year on AI. Musk suggested in
revenue over 11 years, the Wall Street Journal the company the hottest technology of the AI The WWDC keynote address, delivered by its “unique combination of seamless hard- one of his posts Tuesday that Nvidia wouldn’t be able
reported on Wednesday. The deal, as reported by era — a chatbot with eerily powerful abilities Chief Executive Tim Cook on June 10, is seen ware, software and services integration.” to track all the money Tesla is spending on AI this
WSJ, would leave out Warner Bros Discovery, whose Turner Sports — that it can pair with its own services. as Apple’s biggest sales pitch in years. The firm But Apple is expected to offer its new AI year, writing that about half of its expenditures will
network has shown NBA games for about four decades. REUTERS Apple has been developing a host of AI fea- has to convince consumers, developers and features as an opt-in service. So wary be internal.
tures, including ones that run on its devices investors that it can thrive in the AI era. And customers could easily steer clear of them if “My current best guess for Nvidia purchases by
and others that require cloud computing. It’s there’s added pressure because Apple’s exist- they’d prefer. BLOOMBERG Tesla are $3B to $4B this year,” Musk wrote. BLOOMBERG
Elliott pushes SoftBank
buyback after taking stake
Activist investor Elliott Investment Management has built a sizable
stake in SoftBank Group and is pushing the Japanese investment
No more Big Macs: McDonald’s trademark axed in EU
firm to launch a $15 billion buyback, according to sources. The
fund founded by billionaire Paul Singer has amassed a stake
SAMUEL STOLTON
5 June
BATTLE OF THE BURGERS used and the frequency of use,” the
EU court ruled on Wednesday. The
statement. “It represents a
significant victory for small
worth more than $2 billion and engaged with SoftBank executives n McDonald’s Irish rival Supermac’s said decision can still be appealed to the businesses throughout the world.”
in recent months. Elliott is saying that a share repurchase of that McDonald’s Corporation’s lost the that McDonald’s had not put the Big Mac EU’s highest court in Luxembourg. “We knew when we took on this
magnitude would help founder Masayoshi Son signal to the European Union (EU) trademark trademark into “genuine use” in the EU The battle of the burgers was battle that it was a David versus
market his confidence in SoftBank. BLOOMBERG rights to chicken versions of its iconic n According to the court, McDonald’s failed sparked by a challenge by smaller Goliath scenario,” he said. “The
“Big Mac” burgers after judges ruled to do enough to claim exclusive rights Irish rival Supermac’s, which original objective of our application
that the fast food giant failed to do claimed that McDonald’s had not put to cancel was to shine a light on the
Intel to sell 49% of Irish enough to claim exclusive rights.
In a ruling that leaves the
n In response, McDonald’s said EU ruling
“does not affect our right to use the
the Big Mac trademark into “genuine
use” in the EU. The duo had initially
use of trademark bullying by this
multinational to stifle competition.”
venture to Apollo for $11 bn protection for the traditional beef Big
Mac intact, the EU’s General Court in
‘Big Mac’ trademark” fought out their disputes at the EU
Intellectual Property Office in Spain
The EU ruling “does not affect our
right to use the ‘Big Mac’ trademark,”
Intel agreed to sell a stake in a venture that controls a plant in Luxembourg ruled that McDonald’s edition in the EU, being more widely submitted by McDonald’s does not and at the EU body’s board of appeal. McDonald’s said in an statement.
Ireland to Apollo Global Management for $11 billion, helping bring didn’t serve up evidence showing its available in the US and the UK. It provide any indication of the extent “This is a significant ruling that “Our iconic Big Mac is loved by
in more external funding for a massive expansion of its factory use of the label for chicken products features two chicken patties, special of use of the mark in connection with takes a common-sense approach to customers all across Europe, and
network. Under terms of the deal, the investment firm will take a over a continuous period of five years sauce, lettuce, cheese, and pickles on those goods, in particular as regards the use of trademarks by large multi- we’re excited to continue to proudly
49 per cent share of a joint venture that operates Intel’s Fab 34, in the 27-nation bloc. a sesame seed bun. the volume of sales, the length of the nationals,” Supermac’s managing serve local communities, as we have
the chipmaker said in a statement Tuesday. PTI The burger is regarded as a special “The evidence which was period during which the mark was director Pat McDonagh said in a done for decades,” it said. BLOOMBERG

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 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

VOLUME XXXI NUMBER 43

The elections signal

prices are 30 per cent lower than in India.
NEW DELHI | THURSDAY, 6 JUNE 2024 Rationalising electricity prices for producers—
Indian prices are again about 30 per cent higher for
Congress’ learning curve producers, and freight prices are three times higher
than in China—will make India’s manufacturing

course correction
more competitive. This rationalisation of costs will
Smarter alliances, social media tactics helped do more for Indian manufacturing more broadly

A
fter plummeting to historic lows in the 2014 and 2019 general elections, than the costly but highly selective production-
the Congress appears to have internalised the lessons of failure to nearly linked incentive scheme — which helps a chosen
few and does not create enough jobs. India’s demo-
double its own seat tally in Parliament and forge alliances that have
eroded the Bharatiya Janata Party’s (BJP’s) dominance, including in Voters have made it clear they want inclusive growth and a graphic dividend requires building on the success
it has achieved in services. However, for the vast
traditional strongholds. Though its broader election rhetoric may have scarcely break from polarising politics majority of the population, it also requires a push
been novel, being based on the old tropes of freebies and handouts, the grand old ILLUSTRATION: BINAY SINHA for competitive labour-intensive manufacturing and
party finally displayed the kind of hard-nosed political savvy that was missing in manufacturing exports. India needs more blue-collar
action this past decade. The foundation for the bounce-back lay in the Congress jobs — to get people off the farm — to complement
leadership’s realistic understanding of its own limitations and a better appreciation its success in white-collar jobs.
of the political capabilities of its alliance partners. As a result, the party chose to Third, China carried out a major administrative
contest far fewer seats, fielding 328 candidates, the first time it has contested a reform in 1995, to modernise its government.
general election with less than 400 seats. In 2014 and 2019, the party fielded can- Malaysia, too, did the same around 2000. India has
didates in 464 and 421 seats, respectively. This time, however, it gave away a little had no such reform and still runs the economy with
over 100 seats to partners in the Indian National Development Inclusive Alliance, a colonial 19th-century administrative and legal sys-
tem. E-services and Aadhaar have helped improve
or INDIA. Interestingly, the biggest reduction came in Uttar Pradesh, where the
the delivery of some functions and subsidies, but
Congress contested just 17 against 67 in 2019 (when it won just Rae Bareli), ceding
the basic administrative structure remains prob-
the others to Akhilesh Yadav’s Samajwadi Party (SP). lematic. It has a very large number of employees at
The upshot was a jolt to the BJP in its stronghold; INDIA won 43 of the 80 the lower end and large discretionary powers with
Lok Sabha seats, with the SP emerging as the single-largest party with 37 (from a very complex set of regulations and procedures
five in 2019) by astutely fielding candidates from a broad spectrum of middle and that encourage corruption. This must be changed.

T
lower castes. The Congress’ alliance worked well in other large states like his election has sent two key messages: First, tricity, pesticides—that have frozen its agricultural According to Transparency International, Indian
that divisive, polarising politics does not system to what was needed 50 years ago. citizens paid the highest number of bribes in Asia
Maharashtra and Tamil Nadu. The alliance with regional parties also perhaps
work—evidenced by the Bharatiya Janata Instead, the government must substantially in 2021 — even higher than all our neighbours,
worked well because of the absence of a dominant national theme. This allowed Party even losing Ayodhya, where it built the much- increase PM Kisan, remove all these input subsidies, including Bangladesh, Nepal, and Sri Lanka. At the
the Congress and regional parties to focus on basic and local issues. The party heralded Ram Temple over the demolished Babri and free farmers to change their crop mix and use same time, weakening government institutions by
could have potentially gained if INDIA fought together in other states such as Masjid — and second, that a more inclusive growth their land more productively. India’s evolving con- weaponising them against political opponents does
West Bengal. If astutely taking the backseat where needed served both the Congress model is needed. While India is growing, its growth sumption basket needs more fruit and vegetables, not work. The courts are also plagued by corruption,
and INDIA well, a savvy campaign focused on social justice, reservations, and model is lopsided with an aborted structural trans- oilseeds, and pulses and less grains and sugarcane. and the wheels of justice move very slowly. Justice
formation and, therefore, not sustainable. The MSP system perpetuates an inefficient and delayed is justice denied.
defending the Constitution, a message that resonated well with the Dalits, created
Agriculture and manufacturing are struggling. Parts unproductive crop mix, which is depleting the water The devolution of functions to the local level is
the space for a viable Opposition and turned the BJP’s “400 paar ” theme on its of the service sector, particularly IT-related areas, table and degrading the land. A CSDS-Lokniti survey also badly needed. Without greater devolution— espe-
head. This much was clear from the results in reserved seats, where the BJP won including the growing number of global capability showed that only 26 per cent of farmers would prefer cially to city mayors — basic services like health and
56 of the 131 reserved for the Scheduled Castes and Scheduled Tribes, down from centres (GCCs), are doing well. to remain in farming and most of education will not be effectively delivered and our
the 77 in 2019, with most of the losses in the Hindi heartland. The Congress, However, with so few jobs, more and them would prefer direct payments urbanisation will remain haphazard. More top-down
meanwhile, won 32 of these constituencies, up from just seven in 2019. more people are stuck on the farm to their bank accounts instead of “smart city” programmes are not the answer — better
and inequality and rural distress higher MSP. empowered governance is key to India’s cities. The
In a campaign dominated by the digital media like never before, the Congress
continue to rise. India’s economy has Second, India cannot avoid what 16th Finance Commission would do a great service
performed well on almost every social media platform. The party essentially relied been dubbed the Billionaire Raj. economists call factor-market by tackling the issue of resources for local adminis-
on fewer launches but mostly focused on short videos on Instagram after surveys Without a course correction, India’s reforms. India’s labour laws as for- tration boldly. Allowing cities to experiment with
showed that more people got their information from this platform rather than rising youth unemployment and rural mer Prime Minister Atal Bihari higher property taxes in a compact with their citizens
WhatsApp. Having finally got a handle on the mechanics of electioneering, the distress, along with rising inequality, Vajpayee once said are anti-labour for better services, as Chennai is trying to do, would
new challenge for the Congress leadership will be fashioning a coherent platform is a ticking time-bomb. I suggest three as they discourage hiring. Its land also be a step forward. Delivering better education
major course corrections. zoning, with the lowest floor area and health services also requires greater devolution
from its widely disparate alliance partners as it prepares to give the BJP-led National
First is agricultural reform. In its ratios in the world, leads to very to city governments and village sarpanchs.
Democratic Alliance its first significant Opposition in a decade. It remains to be last term, the government promised IF TRUTH BE TOLD poor utilisation of its scarce land. Gandhiji said it best: “The future depends on
seen how the Congress utilises its own revival both inside and outside Parliament. to double farm incomes, but there was To avoid complex labour laws, firms what we do now.” Some will say such major reforms
AJAY CHHIBBER
no clear plan. It tried to ram through become more capital-intensive or will not be possible in the next five years with a
new farm laws but had to withdraw hire more casual (daily wage) labour. coalition government. However, India’s past shows,

Unintended consequence them under determined farmer agitation — which

hurt it politically. Instead, it must present a clear vision
to farmers about their future. Its own Shanta Kumar
India has the highest share of casual labour in the
world. Additionally, a lot of land is tied up in uneco-
nomic marginal farms.
ironically, that we have only had bold reforms when
we have had coalitions. India needs to tackle the tri-
fecta of unemployment, rural distress, and fostering
Shift in paddy sowing is not helping commission had provided such a vision, but it was Infrastructure has improved, but with very high a more inclusive growth process that creates jobs.

I
ndia is expecting a normal monsoon this year, which will help boost agricultural inexplicably shelved. Now, the government is stuck petrol and diesel prices, expensive electricity for Addressing these issues, rather than engaging in
because it has promised free food for five years, forcing producers, and amongst the highest rail freight more polarising politics and handouts, is what the
production. However, it may still have a limited effect on states where ground-
it to continue with the very costly and inefficient Food costs in the world, the cost of producing and mov- vote shows that people want.
water is depleting at an alarming rate. The adoption of the wheat-paddy culti-
Corporation of India-based procurement system and ing goods remains highly uncompetitive. By bring-
vation cycle in the states of Punjab and Haryana, for example, has been accom- a politically charged minimum support price (MSP) ing fuel into the goods and services tax or GST The writer is distinguished visiting scholar, George
panied by severe groundwater depletion. To arrest the negative externalities of system. India, like many middle-income countries (even at the highest slab of 28 per cent), petrol Washington University, and co-author of Unshackling
extensive paddy cultivation, both states enacted similar legislation in 2009 — the such as Mexico and Turkey, must move away from and diesel prices will fall. This will allow Indian India, HarperCollins India 2021, recognised as the Best
Punjab Preservation of Subsoil Water Act (PPSWA) and the Haryana Preservation of support prices and input subsidies—fertiliser, elec- firms to better compete with China, where fuel New Book in Economics for 2022 by the Financial Times
Subsoil Water Act (HPSWA). The laws aimed to synchronise paddy sowing timing
with the onset of monsoon. Accordingly, the PPSWA prohibits sowing and trans-
plantation of paddy seeds before May 10 and June 10 every year. In Haryana, the
corresponding dates are May 15 and June 15, respectively. However, while the shift
has not been able to address the water issue, it has led to unintended consequences.
A new paper by the National Institute of Agricultural Economics and Policy
Connecting the missing election dots
Research has highlighted the unintended consequences of the twin laws — stub-

T
he journey is as important as the destination, ly over local and hyperlocal issues, such as those impacted the locals, even as the process may have
ble burning and air pollution in northern India. The data shared by the Punjab as the saying goes. This rings true as the elec- revolving around the Kshatriyas, Patedars and created employment.
Agriculture Department suggests that paddy, a water-guzzling crop, occupies tion season in India draws to a close after a Patels. That message may have been lost in the big In the case of Mumbai, the BJP won only one
around 88 per cent of the kharif cropped area in the state. In Haryana, the corre- nail-biting finish, though leaving room for some picture electoral battle. seat—Piyush Goyal from North Mumbai. Other
sponding figure is 52 per cent. With farmers primarily relying on groundwater more twists and turns, perhaps in sync with a coali- What did not add up, however, in the Gujarat five constituencies in the city went to other parties.
tion era. Some called the counting of votes for the piece is the clean sweep of BJP in the main These constituencies, including Mumbai North
irrigation, paddy accounts for 80 per cent of groundwater irrigation in Punjab
18th Lok Sabha elections a “national thriller”, while Saurashtra regions where Union minister Central and Mumbai South, along with three oth-
and 47 per cent in Haryana. The Dynamic Ground Water Resource Assessment others used terms like “down to the wire contest”. Parshottam Rupala attracted the Kshtariya ire for ers, have voters from Bollywood and Corporate
Report for 2023 estimates the average stage of groundwater extraction in India While the result came as a surprise, going back to making unsavoury comments about Rajputs. Mr India as well as small and medium enterprises.
at 59.26 per cent. In Punjab and Haryana, the extraction rate stands at 163.76 per reporters’ diaries, looking at newspaper reports Rupala, who had tendered a public apology for his Were they thinking of issues like low consumption
cent and 135.74 per cent, respectively. It was assumed that the introduction of from the last 45 days, and exchang- comments, had told us on the eve demand and lacklustre investment by businesses,
the planting laws would reduce groundwater extraction. ing notes with colleagues who trav- of the Gujarat election that the as our Maharashtra coverage hinted at? Or was
elled to different parts of the coun- Kshatriya issue would not affect the there something else?
Unfortunately, the laws were not very successful. The rate of groundwater
try during polling helped connect election result. As the results In some other parts of India, mainly the north,
storage (GWS) saw an improvement between 2010 and 2013, but deteriorated the dots. Of course, some things showed on Tuesday, he won by a micro, small and medium enterprises are still talking
thereafter. Further, the shift in the transplantation of paddy by over a month still don’t add up. wide margin. about the stress caused by big currencies being taken
has led to the shrinking of the window between harvesting and planting the In Gujarat, where the Bharatiya In Uttar Pradesh, which deliv- out of the system, the impact of the goods and ser-
next rabi crop. Farmers are left with little time to prepare the field between the Janata Party (BJP) had scored 26 out ered a major upset for BJP, severe vices tax, and also Covid-19. In Punjab specifically,
two cropping cycles, and they resort to burning the crop residue, which ultimately of 26 in 2014 and 2019, there was a rural distress was a dominant theme the need for manufacturing units and stringent rules
setback in 2024 with a Congress can- during election reporting. The polit- of the National Green Tribunal (NGT) are cited as
releases aerosol particulate matter (PM2.5, PM10) into the atmosphere. Stubble
didate winning the Banaskantha ical narrative around Ayodhya tem- hurdles for businesses.
burning, which intensifies by the first week of November, happens to coincide seat. A rural district focused on dairy ple did not help those struggling to While Delhi voters we spoke to voiced similar
with low wind speeds in northern India, and this discourages the dispersion of farming, Banaskantha was won by NOT FOR PROFIT meet their daily needs. In Faizabad, economic concerns, it was a BJP sweep across all
pollutants. The laws were rendered ineffective also because of high minimum Geniben Nagaji Thakor, a woman commonly referred to as the Ram seven seats. This is despite Delhi Chief Minister
support prices (MSP) for paddy combined with input subsidies, which continue candidate, who defeated BJP’s NIVEDITA MOOKERJI Temple seat, BJP lost to Samajwadi Arvind Kejriwal doing all-out campaigning after
to incentivise farmers to expand the area under paddy cultivation. This results Rekhaben Chaudhary, also a wom- Party in what seemed like a shocker. being out on bail for a few weeks. While the vote
an. Our ground reporting from across many con- Irrespective of the religious sentiment around the share of the Congress and the Aam Aadmi Party
in groundwater over-extraction and the generation of more stubble. stituencies of Gujarat had suggested unemployment, inauguration of the shrine, economic issues rose, it did not translate into seats.
On this part, the government has taken many steps to encourage farmers to rising prices, and high taxes were among the con- appeared to have played a role in Faizabad and The train journeys with which we started our
diversify from paddy. For instance, a few months back, the central government pro- cerns of the people, like in other parts of the country, other seats in the Ayodhya division. A conversation election coverage, tracking the mood of the passen-
posed to purchase masoor, urad, arhar, maize, and cotton over the next five years at besides local caste-based issues linked to Kshatriyas with locals familiar with the changing scene in the gers from the extreme north to the south, captured
their MSP under a contractual agreement from farmers in the region. However, the and Rajputs. In fact, the Kshatriya agitation, which town of Ayodhya, as narrated by another reporter, many of the economic worries related to jobs and
assured procurement of wheat and paddy for the central pool, coupled with a high was central in Rajkot and other Saurashtra regions, offers a glimpse into the unrest among the people labour issues that constituencies threw up during
found expression even in north Gujarat’s there. Locals attribute the Faizabad election reverse the seven phases of the election.
average gross return over the actual cost of cultivation, prevents them from diversi- Banaskantha and Patan, where the community has to Ayodhya being converted into a touristy town, So, was this election more about basic economic
fying. But doing away with the laws is not a remedy. Instead, more initiatives must a good presence. as part of the global map, with things becoming issues and not so much about politics? At least,
be taken for crop diversification, adoption of direct seeded rice, paddy straw man- Closer to the election, there was a buzz in expensive and beyond reach for the poor. The dis- the election journey captured a story around life
agement, and raising MSP and assuring procurement for alternative crops. Gujarat — a stronghold for the BJP— that the ruling ruption caused in the temple town as commercial and livelihood, while the jury may still be out on
party might lose a couple of seats in the state main- real estate boomed is believed to have adversely the rest.

Smiling with a stiff upper lip

Jalan, who started shy but actually However, this book breaks the myth and guidebook for people in the
started enjoying the interaction with tells us that — irrespective of the staid and communication profession on how to
the media, Y V Reddy, who spoke in stoic nature of the organisation, it still hand over messages; for lay readers, it
riddles and played footsie with the needs to have multiple strategies to get its offers an interesting vantage point of the
should be overly critical to the weight around indicating access to the top. media, D Subbarao, who understood the message out. history of RBI. It is interesting to note
organisation. There is a common trait This leads to multiple situations where the critical function of communication and One of the most fascinating that the role of the communications
with senior executives from RBI: None of top has orally communicated a task, but submitted himself to preparation and anecdotes in the book is about Raghuram department was minimised, restricting
them speak without a prepared script; the in-between layer raises a red flag and scrutiny, and Raghuram Rajan, who was Rajan —who became a governor fairly its external interface, particularly with
none of them give you a write up, unless obstructs the process, not necessarily to be protected from his young and was the media. It was not a comprehensive
they recheck the text multiple times because of egos but because of the way in informal and A FLY ON THE RBI welcomed by socialite resource department for all
BOOK REVIEW over. I have also been a beneficiary when which someone reads the situation. egalitarian American WALL: An author Shobhaa De as a communication needs, including
I send something to them, the feedback Ms Killawala writes lucidly. That is self. She ends with Urjit Insider’s View of James Bond who added editing of technical papers, drafting of
M S SRIRAM is not only on the substance of the an understatement for a person who has Patel, who forms a small the Central Bank sex to Sensex. One annual reports, and writing the history
argument, but also the form! Therefore, specialised in communication part of the epilogue. Author: Alpana would have thought of the organisation. Ms Killawala’s

A
lpana Killawala was a familiar one would think that someone in charge throughout her career. What is This style of leadership- Killawala that this sort of aspiration to have had greater
name for years for anybody who of communication in the organisation interesting is the way in which she has driven chapterisation Publisher: comment was a flash in excitement in aspects beyond media
followed the Reserve Bank of would be not only a super-critical structured the book. Instead of using a highlights how some Rupa the pan, and nobody management was valid. She is not bitter
India (RBI). There were an endless resource, but also extremely powerful. straightforward chronology to narrate support departments in would take it seriously. about it, while she makes the point.
number of press releases signed off by Ms Killawala’s book gives us a reality her journey, she has broken up her a critical organisation
Pages: 232 No, not true. Ms De’s I am curious to know why Urjit Patel
Ms Killawala appearing on the RBI check on the assumptions and puts the experiences into chapters that like the RBI could move Price: ~595 characterisation was did not deserve a chapter and was just a
website. While the Governor was the role of communication and people represent a particular leadership style at to the core and seen as important part of the epilogue. Possibly because she
face of the institution, Ms Killawala was specialising in the function in perspective. the top and goes through her narrative periphery depending on enough to be addressed: Resulting in the was talking about the last two years of her
the name associated with the It obviously is frustrating for someone Governor by Governor. By doing so, she how the leadership sees the function. communication department releasing career. The highlight of that period was
organisation! She brought us the good, who has direct access to the top also shows the difficulties of her career. One imagines that an institution like only photographs of Mr Rajan with his the firefighting with the communication
the bad and the pedantic releases with a management— who would want to get not in terms of hierarchical movement, RBI could be boring, laid back and worried reading glasses (possibly ensuring that relating to demonetisation. Or possibly
regularity that was difficult to ignore. things done at any cost — but must report but in terms of criticality of functioning. only about getting its word out. One would he looked much older than he was!). because Mr Patel himself was
The function of communication is multiple layers below in the bureaucracy Starting with S Venkitaramanan, who not imagine the RBI trying actively to The book is a delight to read and inaccessible to the department unlike the
especially important in an institution to navigate the space. Ms Killawala learns was instrumental in creating her job shape a discourse — by managing the works at multiple levels — it brings out other Governors. One can only guess.
like RBI. Anything that the organisation this lesson early in her career. She must profile and underscoring the timing of press conferences, the technical the complexity and criticality of the
says could move the markets and cause constantly keep making space for herself importance of communication, briefing to pre-empt the direction of the communication function in a highly [email protected]. The reviewer is a professor
bloodshed and therefore the role of while she is low down in the hierarchy and followed by C Rangarajan, who looked discourse; actively leaking information to technical organisation that affects the with the Centre for Public Policy, Indian
someone in charge of communication at the same time not to be throwing her at the function as instrumental, Bimal get a market reaction and even “lobbying.” common person daily. It serves as a Institute of Management, Bengaluru
 QUICK TAKE: MM FORGINGS OUTPERFORMANCE TO CONTINUE “The long-term picture remains intact but dynamics

The Smart may change in a coalition government. I expect

Investor
(Share price in ~) The stock of MM Forgings is up 28 per cent since the continuation of the existing economic policies, albeit
start of FY25. Anand Rathi Research believes that at a slower pace of execution. Short-term
it is trading at attractive valuations and at a large market volatility could persist, but investors
should look at buying opportunities
NEW DELHI | discount to Bharat Forge and Ramkrishna Forgings.
from a long-term point of view”
THURSDAY, 6 JUNE 2024 With a higher wallet-share and sharper focus on
EV-specific components, its outperformance A BALASUBRAMANIAN
would continue, says the brokerage MD & CEO, Aditya Birla Sun Life AMC
<

India’s Goldilocks scenario intact SBI MF hits ~10 trn

Brokerages bullish despite BJP falling short of decisive mandate in Lok Sabha elections
SAMIE MODAK not alter India's long-term attrac-
AUM milestone
Mumbai, 5 June CREST AND TROUGH tiveness — and we still think
Becomes the first
n Mcap of BSE listed firms Change (~ trn) India's overall Goldilocks sce-
fund house to reach
B
rokerages remain positive nario is intact — in the shorter
on India’s prospects 1.77 13.79 -31.08 13.23 time-frame it will impact risk tol-
despite the Bharatiya erance of the market. This will the benchmark
Janata Party (BJP) falling short of 425.92 trigger preference for defensive-
a decisive mandate even though 412.13 408.07 ness,” said Amit Sachdeva, India ABHISHEK KUMAR
some see a hit to India’s valuation 394.84 Equity Strategist, HSBC. Mumbai, 5 June
premium and near-term Few brokerages, such as CLSA
consolidation. and IIFL Securities, sound a little SBI Mutual Fund (SBI MF) made his-
Some analysts feel the strong less sanguine. “BJP’s own strug- tory on Monday by becoming the first
earnings and economic growth gle to 240 seats will likely inter- fund house in the country to achieve
trajectory remains intact and May 31 June 3 June 4 June 5 rupt fiscally and politically chal- the ~10 trillion milestone in assets SCALING Mt AUM
investors can look to buy into any lenging reform efforts, cause under management (AUM). The SBI MF (~ trillion) Industry
election-related weakness as the STREET VIEW Closing level
more populism and potentially industry leader has adeptly navigated
12 90
momentum is set to continue. Nifty50 NIFTY Smallcap 100 140 impact medium-term growth. the post-pandemic equity boom and
A few brokerages, however, NIFTY Midcap 100 NSE Volatility NIFTY NIFTY NSE This will surely cause multiple capitalised on the increasing aware- 57.3
have raised concerns over a pos- 99.2 120 Date Nifty 50 Smallcap Midcap Volatility compression,” said a note by IIFL ness of MF investing.
sible increase in outlay towards 100 100 Securities. The sharp growth in SBI MF’s
Base = 100 8 60
social schemes and subsidies. 100.4 100 May 31,’24 22,531 16,697 51,706 24.6 CLSA said the election results AUM, alongside the overall industry,
“The BJP is falling short of a June 3,’24 23,264 17,099 53,353 20.9 have shifted the mood from “con- has been driven by the equity market
majority but our base case is that
97.6 viction to doubt.” rally and expanding MF investor base.
80 June 4,’24 21,885 15,692 49,151 26.7
the BJP-led National Democratic “PM Modi is seen as a strong The growth in MF AUM hinges on 4 30
Alliance (NDA) is likely to form 76.8 60 June 5,’24 22,620 16,289 51,267 18.9 leader, who has so far always led both the appreciation in assets held 13.8
the next government. Our May 31,’24 Jun 5,’24 Compiled y BS Research Bureau Source: Bloomberg a government with simple BJP by schemes and fresh inflows.
medium-to-long term views do majority, even during his tenure “We have momentum on our side.
0 1.1 1.6 2.2 2.9 3.5 5.1 6.4 7.0 9.3 9.7 0
not change,” said a note by Goldman Sachs said it remains On Wednesday, the markets towards direct social schemes. as Gujarat chief minister. These Our product launches have been Mar ‘16 Apr ‘24
Morgan Stanley led by India constructive on domestic equities recouped over half the losses, With capital expenditure (capex) dynamics could make India timely. Over the years, we’ve
equity strategist Ridham Desai. and any weakness can be an surging 3 per cent, amid BJP key likely to be driven more by the watchers question if this coali- expanded our reach to newer corners
Desai said BJP’s seat loss from
2019 was “largely down to local
opportunity to accumulate. This
is because India’s strong earnings
allies pledging their support to
Prime Minister Narendra Modi’s
private sector as end markets are
changing, the role of the govern-
tion setup can coordinate well
among itself to provide a stable
of the country and bolstered our SIP
book. Leveraging the parent SBI’s net-
AUM BREAKUP*
(~ trillion)
and non-economic issues” and and economic growth stories leadership. ment will moderate over time, government,” said CLSA strate- work, along with collaborations with
“the BJP-led NDA government is remain intact. Bernstein, a brokerage, limiting material risks to the gist Vikash Kumar Jain. He other distributors, has been instru- T30 (Top 30 cities) 7.6
unlikely to sacrifice macro Strategist Sunil Koul said mar- believes the pre-poll alliance, cycle,” said Venugopal Garre, added that India’s expensive val- mental in our growth,” said D P Singh, B30 (Beyond 30 cities) 2.1
stability as its anchor to eco- ket returns will be driven by seat-sharing arrangement and managing director (MD) & strate- uations could now come into deputy managing editor and joint
nomic policy.” expected earnings growth of 15 consensus on policies could act gist at Bernstein. question. chief executive officer, SBI MF. Direct plan 5.2
Morgan Stanley, however, per cent in 2024-25. as a stabilising factor for the new The brokerage has kept its The brokerage said one needs As of April 2024, SBI accounted for Regular plan 4.4
warned that any unresolvable dis- On Tuesday, the benchmark government. Nifty target unchanged at 23,500. to see if the new government will ~2 trillion of SBI MF’s AUM. Over ~5
Associate distributor (SBI) 2.0
agreements within the NDA have Nifty tanked as much as 9 per “The setback may, however, be HSBC believes the election ver- “dilute its unequivocal supply trillion of the AUM was in direct plans,
not been priced in by the equity cent before settling 6 per cent enough to change the focus: push dict will trigger consolidation in side policy-making style to also with the remaining ~2.2 trillion linked Institutional (including FPIs) 5.2
market. lower. This was its worst single- the government to tweak some of the market. accommodate the agri push to to other distributors.
Another US-based brokerage day fall since March 23, 2020. its policies and increase spending “While the outcome should address this political reality.” Institutional investors held nearly Share of various scheme
~5 trillion of the total AUM, with a sub- categories ** (%)
stantial portion belonging to the
Active debt 18
Employees’ Provident Fund

Sebi eases timelines Organisation. The retirement body Active equity 29

STOCK MARKET IN ELECTION YEAR invests in passive MF schemes of SBI Hybrid & solution oriented 16
MF and a few other fund houses.
Passive & international
VOLATILE DURING POLL RESULTS, PAST PERFECT Most other top five fund houses
36

LUCRATIVE 6 MONTHS LATER

Market performance three and six
months after general elections
for FPIs to disclose are also backed by leading banks.
ICICI Prudential MF, HDFC MF,
Nippon India MF, and Kotak MF com-
Close-ended 1
*Data as of April-end; **data as of March-end
Source: SBI MF

material changes
tends to be impressive plete the top five.
As is the case now, equity markets always tend Nifty returns (%) SBI MF had an average AUM of ~3.7 constitute the largest share of SBI
to be highly volatile around the time of trillion for the three-month period MF’s total AUM at 36 per cent, fol-
May 13 May 18 May 16 May 23
election results. However, they invariably 2004 2009 2014 2019 ending March 2020, when it first lowed by active equity schemes at 29
turn lucrative six months down the line. KHUSHBOO TIWARI claimed the top spot in the AUM rank- per cent. Active debt schemes hold an
1-mth -13.7 -1.7 4.6 0.4
Sample this: the benchmark Nifty 50 Mumbai, 5 June ing. Since then, its AUM growth has 18 per cent share of the total AUM.
index has always turned positive on a 3-mth -6.9 3.1 9.3 -7.1 consistently outpaced the industry The industry’s unique investor
six-month forward basis from the 6-mth 9.4 16.9 17.0 3.6 The Securities and Exchange average for three of the past four count has surged from 20 million in
election results day since 2004. Board of India (Sebi) has financial years, widening its lead over March 2020 to 45 million in March
The average return for the previous 1-yr 15.8 17.2 16.3 -22.5 relaxed the timeline for foreign other players. 2024. The growing appeal of MFs after
five election cycles is 10.2 per cent. Barring 3-yr 140.7 13.1 32.1 39.1 portfolio investors (FPIs) for During this period, the MF indus- the pandemic has been driven by mul-
2019, the broader market Nifty Midcap 100 reporting and disclosing try’s AUM has surged 2.6x to ~57 tril- tiple factors, including an attractive
and the Nifty Smallcap 100 indices have also Nifty Midcap 100 returns (%) material changes. lion. The market has demonstrated equity market, a lack of inflation-beat-
generated positive returns six months after Lok Sabha elections. Even in May 13 May 18 May 16 May 23 The regulator has also noti- similar growth, with the National ing investment options, and a surge
2004, when benchmarks collapsed 20 per cent after the National 2004 2009 2014 2019 fied norms for FPIs whose reg- Stock Exchange Nifty 50 rising 2.6x in the ease of investing with the
Democratic Alliance’s (NDA’s) surprise defeat, the markets recouped all 1-mth -15.3 12.2 12.6 0.2 istration has lapsed to liqui- between March 2020 and April 2024. launch of several online investment
the losses to generate positive returns in six months and a year later. On 3-mth -7.8 25.0 15.8 -11.3 date their holdings in the Passive and international funds platforms.
Tuesday, the markets tanked 6 per cent after the Bharatiya Janata Party domestic market.
(BJP) failed to cross the halfway mark in the Lok Sabha elections, stoking 6-mth 10.1 54.8 29.3 -1.5 Material changes catego-
concerns over the effectiveness of a coalition setup. On Wednesday, the 1-yr 33.2 70.4 37.8 -25.9 rised as Type 1 such as restruc-
markets recouped more than half of the losses. If history is to go by, 3-yr 139.4 47.8 95.0 60.4 turing, change in jurisdiction, N IN BRIEF N
election-related weakness can be a good buying opportunity. merger or acquisition-related
“The BJP has successfully run a coalition government from 1999 to Nifty Smallcap 100 returns (%) changes, impact on exemp- NSE clocks ‘world record’ MFs see historic
2004 and 2014 to 2024. Note, in the 2004 election when a Congress-led
government came in with support from the Left party, markets were
May 13
2004
May 18
2009
May 16
2014
May 23
2019
tions granted to the FPI and the
change in any privileges will FPIs. In the framework for FPIs in transaction volume buying in May
worried about an unstable coalition. Benchmark indices hit lower have to be disclosed within whose registration is not valid, The National Stock Exchange (NSE) clocked Mutual funds (MFs) invested
1-mth -12.1 17.9 21.4 -4.0
levels post the result, but within six months, the markets had seven working days of the Sebi has provided a window of record volumes on Wednesday. Its cash ~47,666 crore in domestic equities
recouped all losses and staged one of the biggest bull runs up to 2007 3-mth 1.8 29.2 17.6 -17.8 occurrence of the change while 360 days to sell their holdings segment turnover stood at ~1.87 trillion in May. This is the highest inflow
led by strong economic momentum. Historically, the Nifty has 6-mth 27.9 51.2 25.1 -9.9 the supporting documents will in India and wind up their and derivatives turnover at ~611 trillion. A during a month by MFs, surpassing
delivered +9 per cent/+8 per cent in the 3/6 months post general have to be provided within open positions in the day earlier, it had registered cash turnover the previous high of ~44,233 crore
elections since 1991, showing that in the past a correction or dip has 1-yr 76.7 64.7 29.1 -39.2 30 days. derivatives. of ~2.7 trillion and derivatives turnover of in March. The buying — which
typically ended up as a buying opportunity over the longer term,” JP 3-yr 281.6 46.2 79.9 42.1 Earlier, many material dis- As of June 2023, 55 FPIs ~415 trillion. “NSE handled the highest- came amid $3 billion (about
Morgan said in a note. SAMIE MODAK Source: Bloomberg; Compiled by BS Research Bureau closures were mandated to be whose registration had expired ever world record number of transactions ~26,000 crore) outflows from
disclosed as soon as possible. held around ~3,300 crore worth in a single day on June 5,2024,” tweeted foreign portfolio investors (FPIs) —
Legal experts said that the of securities in their demat MD & CEO Ashish Chauhan. He wrote that helped the domestic markets
seven-day period is a relief to accounts. the exchange handled 19.71 billion orders achieve $5 trillion in market
Regulator mulls raising Watchdog makes securities FPIs. With the amended “A foreign portfolio investor and 280.6 million trades. BS REPORTER capitalisation. BS REPORTER

limit for basic-service payout directly to client norms, Sebi has specified the
material changes into two
whose certificate of registra-
tion is not valid and has not
demat account to ~10 lakh account mandatory categories. The type 1 category
of material changes has more
sold off the securities or wound
up their open position in deriv-
Kronox Lab IPO subscribed 117.25x on last day
Markets regulator Securities and Exchange Board of India To enhance operational efficiency and reduce urgency in reporting than atives in India as per the pro- The initial public offering (IPO) of Kronox Lab Sciences garnered 117.25 times
(Sebi) on Wednesday proposed to enhance the threshold for the risk to clients’ securities, markets regulator type 2. visions of these regulations subscription on the closing day of bidding on Wednesday.The IPO received bids for
the basic service demat account (BSDA) to ~10 lakh from the Securities and Exchange Board of India (Sebi) While Sebi has specified a shall be deemed to have 785,449,390 shares against 6,699,000 shares on offer, according to NSE data.
current ~2 lakh in a bid to boost the participation of retail on Wednesday decided to make the process of 14-point list for type 1 material written off the securities in The portion for non-institutional investors fetched a whopping 301.92 times
investors in the securities market. A basic service demat direct payout of such securities to the client's changes, all other changes will such manner as may be speci- subscription while the quota for qualified institutional buyers (QIBs) got
account, or BSDA, is a more basic version of a regular demat account mandatory. This will become effective fall under Type 2 category and fied by the board from time to subscribed 89.03 times. The category for retail individual investors (RIIs) received
account. The facility was introduced by the Sebi in 2012 for from October 14, the Sebi said in a circular. will be required to be reported time,” said Sebi. 54.23 times subscription. The IPO has an offer for sale of up to 95,70,000 equity
reducing the burden of demat charges on investors with small Currently, the clearing corporation credits the within thirty days with sup- The market regulator has shares.The price range for the offer is ~129-136 a share. Kronox Lab Sciences has
portfolios. At present, an individual can hold debt securities pay-out of securities in the pool account of the porting documents. also provided a provision for raised ~39.04 crore from anchor investors. Pantomath Capital Advisors is the
worth up to ~2 lakh and other than debt securities worth up to broker, who then credits the same to the Certain type 1 changes will such FPIs to register after pay- book-running lead manager to the offer. The company's equity shares are
~2 lakh in a single demat account to be eligible for BSDA. PTI respective client's demat accounts. PTI trigger fresh registration for ing the late fee. proposed to be listed on the BSE and NSE. PTI

THE COMPASS

Policy, valuations could keep rural stocks in play urban well-being.

A good monsoon will push
agrochem usage. More money
cement may be in over-supply
and many cement majors are
highly valued. Power consum-
tariffs, could be cutting the
retail price of petrol, diesel,
CNG and gas cylinders, etc.
DEVANGSHU DATTA ment into three or four sectors margin compression due to uations due to the better pre- in rural pockets will lead to ption will continue to grow but Since the petro-sector is
that tend to traditionally bene- inflation, the FMCG majors dictability of profits, many better sales volumes for two policy could go soft on cost largely dominated by PSUs,
Most brokerages are betting fit from rural welfare. One is have focused on improving blue-chips are currently trad- wheelers though this is usually recovery, leading to issues with price-control through APM or
that the new government will FMCG, second is two-wheelers distribution footprints and ing at some discount to their boosted by festive season and low tariffs, free units, and high other means is relatively easy.
shift to a policy focusing on and the third, tractors. quick commerce access. historical PE ranges. There wedding season discounts. receivables for generators. This could impact bottom lines
boosting rural incomes and Agrochemical consump- Raw material costs are could be a spate of analyst Tractors are also likely benefi- White goods companies for these listed companies,
consumption since that has tion could also see an uptick, moderating for most FMCGs upgrades of valuation targets ciaries and Maruti could pick making ACs, and smartphones which is why investors have
clearly been a pain point. This especially in the context of nor- and their efforts to improve for stocks like Dabur, HUL, up volumes in the entry-level could also be areas to look at. sold off upstream (ONGC, Oil
could coincide with a cyclical mal or better monsoon expec- distribution could also start Nestle, Colgate, etc. four wheeler segment. The telecom services sector India), and downstream (GAIL,
upturn in GDP growth, given tations for 2024. A greater paying off with a lag. Seasonal However, despite its FMCG Real estate gains depend on may see a bounce in average BPCL, MGL IGL). A refocus on
the latest estimates. The next focus on welfare schemes like portfolios like Dabur, Emami, and rural agro-focus, ITC could the type of products that the revenue per user, as Vodafone defensive stocks with relatively
Budget will provide a clearer Ujjwala, Jal Jeevan, Swachh and Godrej Consumer are be under pressure since ciga- sector offers. While there was receives a new lease of life, the lower valuations and a
picture but this is a rational Bharat Abhiyan among others, likely to see a bigger boost from rettes is the “go-to sector” a K-shaped recovery this could three private telcos institute rural exposure is likely to be
rebalancing of portfolios if we could also be a booster for rural good monsoons. when governments wish to change if there’s a rural focus tariff hikes and better mobile where the smart money will go.
assume policy will be driven well-being and optimism. The FY25 full-term Budget hike tax revenues. with affordable housing broadband networks are rolled Extremely highly valued indu-
by domestic political consid- While the last two or three may be consumption oriented. Agrochemicals, two schemes witnessing a boost. out across rural India. strials and defence
erations. In that case, we are years have been low-growth for While FMCGs traditionally wheelers and tractors are all Allied segments like build- Another knee jerk policy sector stocks could continue to
likely to see a shift of invest- FMCG, which has also suffered receive high stock market val- direct plays on rural/ semi- ing materials would benefit but reaction along with low power see sell offs.
>
NEW DELHI | THURSDAY, 6 JUNE 2024 THE SMART INVESTOR 11

United Spirits may lose YOUR

tronic trading platforms’ listed
on the RBI website,” says Joy.
The brand should also be
credible and trusted and have
KEEP EXTRA MONEY
TO MEET TCS

fizz on near-term woes MONEY been operating for several REQUIREMENT

years. It should also have cus- Type of remittance and
tomer support that is easily TCS rates effective from
accessible. Guruprasad sug-
October 1, 2023
gests going with a provider that
Long-term prospects promising, but there are no immediate triggers
Check mid-market alerts customers regarding n For education (money
exchange-rate fluctuations. obtained via loan from
RAM PRASAD SAHU Speed of transfer is crucial. specified institution)

exchange rate when

Mumbai, 5 June “Especially for education and Nil up to ~7 lakh;
healthcare payments, the trans- 0.5% of amount*

T
he stock of United Spirits fer must be completed by the
n For education other than
Limited (USL), the country’s date the money is needed,”
largest liquor company by
market capitalisation (mcap), has
gained 11 per cent over the past
sending money abroad says Saraogi.

Play by the rules

loan from specified
institution; and for
medical treatment
week on double-digit growth guid- KARTHIK JEROME says Guruprasad. A resident individual can trans- Nil up to ~7 lakh;
ance, rising premiumisation trend, The exchange rate can carry fer up to $2,50,000 per financial 5% of amount*
operationally in-line performance Outward remittances through a hidden cost. On Google, check year under LRS. “This includes n Any other purpose under LRS
in the March (Q4FY24) quarter and the Liberalised Remittance the mid-market exchange rate, loans or gifts in Indian rupees
Nil up to ~7 lakh;
a rally in consumer stocks. Scheme (LRS) reached a record the mid-point between the to non-resident Indian (NRI)
20% of amount*
Nevertheless, near-term demand $31.73 billion in financial year “buy” and “sell” rates in the relatives,” says Joy. Money
woes could be a cause for concern. 2023-24, a 16.9 per cent increase global currency markets. “The should not be remitted for pur- n Overseas tour packages
The revenue growth of the com- year-on-year. This surge mid-market rate is considered poses prohibited under the 5% up to ~7 lakh;
pany came in at 7 per cent year-on- occurred despite higher Tax the most fair exchange rate. Foreign Exchange Management 20% of amount*
year (Y-o-Y), mirroring the growth Collected at Source (TCS) rates However, a lot of providers add (Current Account Transactions) * (or aggregate amount) over ~7 lakh
of the prestige and above (P&A) being imposed on foreign a markup, which translates into Rules, 2000. per financial year
segment. This segment, compris- remittances from October 1, a hidden fee as it’s not shown “The person remitting Source: Federal Bank

ing premium brands, accounts for 2023 onwards. transparently to customers,” money needs to have a valid
88 per cent of the revenues. The share gain and profitability.
popular segment saw a revenue Even as the top line perform-
STOCK RUN “The threshold limits from
which TCS rates apply are on
says SK Saraogi, Asia-Pacific
head of expansion, Wise.
Permanent Account umber
(PAN) linked to Aadhaar
LRS remittances. “While TCS
can be claimed as refund, there
growth rate of 3.7 per cent on vol- ance was better than estimates, United Spirits Sensex the higher side compared to Use comparison websites or number,” says Vinod AN, gen- will be a cash flow impact due
umes of 4 per cent. profitability was impacted on 150 regular business ticket sizes. tools to find the most compet- eral manager & head treasury, to it, which one needs to provi-
The ongoing premiumisation account of higher raw
146.97 TCS can also be claimed as itive rates. “Avoid players that South Indian Bank. sion for,” says Vishal Dhawan,
140
trend is aiding the growth of the material costs. refund while filing tax return, offer fixed daily rates and go The customer must furnish chief financial planner, Plan
P&A portfolio, and better pricing is The gross margin was lower by 130 which is why there has been no with the ones that offer live Form A2 to purchase foreign Ahead Wealth Advisors.
helping drive value growth in 200 basis points (bps) over the year- 120 impact on outward remit- rates,” says Joy PV, senior vice- exchange under LRS. “In case of Overseas assets created by
the category. ago quarter while it tance,” says T C Guruprasad, president & country head- remittance for education pur- investing money via the LRS
The company, was flat on a sequen- 110 executive director, EbixCash. deposits, wealth, & banca, poses, submit the university’s route must be reported in tax
which ended FY24 The company, tial basis at 43.3 per 118.78 Federal Bank. offer letter, the fee schedule, the returns. “Paying tax on income
which ended FY24 100 Right exchange rate
with a growth of 10.5 cent. Higher prices of student ID, and so on. In case of from foreign assets each year is
with 10.5% growth, Base = 100 90 Right provider
per cent, expects to extra neutral alcohol The cost of money transfer has medical treatment, submit the also essential,” says Dhawan.
maintain the dou- expects to maintain (ENA) led to pressure May 31,’23 Jun 5,’24 two components. “Pay heed to Ensure the money transfer pro- hospital’s medical reports, the He also cautions about
ble-digit growth tra- double-digit on gross margins. Source: BSE
the total amount you pay in a vider is a licensed entity. “The invoice, and so on,” says Vinod. the need to be aware of the
jectory going ahead. growth trajectory Analysts led by transaction, which includes Reserve Bank of India (RBI) has rules regarding repatriation of
The FY24 growth Naveen Trivedi of in ad spends. The company intermediary charges (the advised customers to deal in Comply with tax norms funds, obtained by liquidating
in the P&A segment Motilal Oswal expects ENA prices to remain upfront fees) and the foreign forex only with ‘authorised per- Remitters must deposit the foreign assets, within a stipu-
was 11.8 per cent and was a combi- Research believe that gross mar- elevated in the medium term due exchange conversion rate,” sons’ and on ‘authorised elec- appropriate TCS amount for lated timeframe.
nation of 5.4 per cent volume gins are still far off from the 48-49 to the government’s focus on eth-
growth and about 6.1 per uptick per cent levels achieved in FY18-19. anol blending.
from realisations per case. After witnessing high raw IIFL Research has maintained
The growth in the current material inflation in the last four its ‘add’ rating. FDs to Invits: Low-risk LOWER RETURNS DIVERSIFY TO
financial year may backend with years, glass prices are likely to sta-
initial volumes expected to be low bilise, but ENA inflation remains
Say analysts led by Percy
Panthaki of the brokerage: “While investment options IN LONG RUN n Savings accounts
n Post office savings
SECURE YOUR
on account of a high base of last firm, rising 11 per cent Y-o-Y. The current demand conditions A day after their biggest percentage losses in about four While this strategy may schemes FINANCIAL FUTURE
year and subdued demand envi- brokerage estimates a gross mar- remain challenging and ENA price years, the Indian stock market benchmarks — the lower your risk exposure, n Public provident fund “By diversifying their
ronment. The company has gin print of 44 per cent each for is inflationary, the management Sensex and the Nifty 50 — made a significant recovery it often results in lower account (PPF) portfolio to include these
invested in new products/innova- FY25 and FY26. is confident of delivering modest on Wednesday. Amid high market volatility, what should returns over the long run. n Fixed deposits (FDs) low-risk options, investors
tions across its portfolio. It has a ‘neutral’ rating on the margin expansion via cost investors do? Amar Ranu, head, Investment Products & Here are some low-risk n Non-equity mutual can better withstand market
Elara Securities’ Karan Taurani stock and doesn’t expect much efficiency plans and premiumisa- Insights, Anand Rathi Shares and Stock Brokers, advises: investment options to funds fluctuations and secure their
and Rounak Ray believe these upside from these levels. tion. We believe that the long-term “Building a portfolio that includes some less-risky assets consider for safeguarding n Invits (infrastructure financial future,” says
innovations do not meaningfully Margins at the operating level story for United Spirits is can help you ride out market volatility.” your finances: investment trusts) Amar Ranu.
contribute to revenue/profitability at 7 per cent were flat as high input exciting, although it lacks near-
and they await potential market costs were negated by the decline term triggers.” Read full report here: https://mybs.in/2dWYA5B COMPILED BY SURBHI GLORIA SINGH

HDFC SECURITIES LIMITED

Regd Oice: Oice Floor 8, I think Techno Campus Building
B- Alpha, Kanjurmarg (E), Mumbai-400042.
(CIN No. U67120MH2000PLC152193)
Website: www.hdfcsec.com
Public Notice
Notice is hereby given that Mr. JERRY PHILIPS JACOB (PAN-
ACDPJ4301Q) having Registration no. MCX- MCX/AP/164670,
NSE- AP1708003581 dated June 02, 2024 having registered oice
              address at ‘Oice N0 809, 8TH Floor, Techno IT Park Link Road, Eksar
          Next to eskay resorts borivali, mumbai’ is no longer ailiated as
                   
      !"# Authorised Person of HDFC Securities Ltd.
$ %&            '  (  !)* +  ,!! - ./!! -
+   0  1    . 0 / Any person henceforth dealing with aforesaid Authorised Person
2         0,   /3 0/ 0  4   ,5'"& should do so at their own risk. HDFC Securities shall not be liable
'!!))677""8 5'"&'#!#7")8 5'"&'6#'"")'!  94:;  < 4  for any dealing with the aforesaid individual.
Date:- 4 June, 2024
Place:- Mumbai
12 STOCKS
>
NEW DELHI | THURSDAY, 6 JUNE 2024 1
IN THE
> STOCK
> Jain Irrigation Systems > United Spirits > Eicher Motors

NEWS Top gainer among

A-group traded
Hits new all-time
high at ~1,308
Snaps 7 days
of losing OF THE DAY
companies on BSE streak Trent
~55.0 PREVIOUS CLOSE ~1,204.0 PREVIOUS CLOSE ~4,495.4 PREVIOUS CLOSE Hits new all-time high at
~64.3 CLOSE ~12,98.5 CLOSE ~4,579.0 CLOSE ~4,930; Surged 71 per cent
p 16.8% UP p 7.8% UP p 1.9% UP in last 6 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
5 Jun ’24 Chg (%) Con Std 5 Jun ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3115.4 5.9 0.9 109.6 124.9 ITC 430.3 3.6 5.2 26.3 26.3 price price (%) price price (%)
Adani Ports 1354.6 8.5 1.0 36.1 168.3 JSW Steel 878.4 4.3 1.1 24.4 26.7 Aditya Bir Fa 311.5 305.8 15.3 311.5 311.5 Bharat Dyn 1293.4 1305.0 -9.2 776.1 450.5
MOST BULLISH MOST BEARISH
Apollo Hosp 5934.7 1.5 0.6 95.0 84.4 Kotak Mah Bank 1718.1 4.9 2.4 18.8 24.8 Amara Raja Ener 1232.1 1216.0 12.3 1278.0 1278.0
Vodafone Idea 15.0 14.9 1.0 Sun TV Net 735.1 748.3 -1.8 Chambal Fert 393.4 391.0 11.1 439.0 439.0 Garden Reach Sh 1148.1 1180.7 -7.4 674.3 490.8
Asian Paints 2961.8 3.6 1.3 52.0 53.4 L&T 3409.0 0.2 4.5 35.9 50.4
Axis Bank 1184.5 4.7 3.2 13.9 14.7 Piramal Entp 793.8 786.7 0.9 Coromndl Int 1346.1 1369.8 -1.7 Adani Green En 1848.0 1827.6 11.0 2173.7 2173.7 Cochin Ship 1630.6 1684.8 -7.0 712.9 266.9
LTIMind 4688.9 1.3 0.4 30.3 31.0
CGCEL 404.7 402.3 0.6 Au Small Fin 658.1 669.6 -1.7 Nat Alum 177.4 176.1 10.8 206.3 206.3
Bajaj Auto 9602.3 3.8 1.2 34.8 35.8 Mah & Mah 2741.0 6.5 2.7 30.2 31.8 NBCC 122.0 130.1 -4.0 105.2 38.1
JK Cement 3941.9 3918.9 0.6 HDFC AMC 3643.4 3705.4 -1.7 JSW Energy 614.7 608.1 9.6 663.9 663.9
Bajaj Fin 6836.7 5.0 1.8 29.3 33.5 Maruti Suzuki 12502.6 2.7 1.6 29.1 29.8 NMDC 246.1 244.8 0.6 Bosch 30432.2 30867.1 -1.4 SAIL 147.5 145.6 9.3 175.7 175.7 Enginers Ind 190.2 216.7 -2.8 173.6 107.8
Bajaj Finsrv 1517.7 2.7 0.9 29.7 207.0 Nestle India 2509.9 3.4 0.9 - 75.7
Bharti Airtel 1344.4 3.4 3.4 102.1 152.9 MCX 3540.5 3503.4 9.2 4270.0 4270.0 Adani Energy So 832.2 952.4 -2.6 832.2 686.9
NTPC 341.0 2.9 1.6 15.9 18.3 BSE NSE RBL Bank 245.0 244.0 8.8 272.1 300.5
BPCL
Britannia
581.1
5486.7
0.2 0.6 4.7
3.0 0.6 61.8
4.7
63.5
ONGC 247.5 4.7 1.2 6.3 7.9 Index Stock Index Stock PUT-CALL RATIO Adani Ports 1368.1 1355.2 8.6 1608.0 1608.0
Oil India 555.2 579.2 -2.4 512.9 240.7
Power Grid 298.8 1.0 1.3 17.8 18.0 Navin Fluo 3312.3 3306.1 8.5 3498.3 4749.9 BEML 3404.0 3689.2 -1.9 2675.2 1484.6
Cipla 1497.0 2.4 0.8 29.3 29.6
Reliance Ind 2841.5 1.7 9.4 27.6 45.6 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 460.6 4.2 1.0 8.7 18.0 Contracts - - 1459090 2817541 IEX 158.7 157.1 8.5 166.3 173.3 Phoenix Mill 2978.8 3216.6 -0.4 2431.8 1508.1
SBI 789.8 1.9 2.9 10.5 11.5 Market 2076.4 3777.4 0.5 Indiab Real 127.3 126.8 8.5 145.7 145.7
Divis Lab 4502.7 4.1 0.6 74.7 75.8 Open Int.(000) - - 18918 9336367 CG Power 569.9 627.8 -0.1 449.7 359.4
SBI Life Ins 1390.1 3.8 0.6 - 73.5 Sun TV Net 759.0 748.4 8.3 759.0 759.0
Dr Reddys 5824.2 1.6 0.7 17.4 22.4 Shares(In Mn) - - 31.6 5710.3 Top 5 PC Ratio Bottom 5 PC Ratio
Shriram TrFn 2387.5 5.6 0.6 12.2 12.5 Indus Towers 335.8 332.8 8.2 369.9 369.9 NHPC 93.2 97.4 -0.1 73.7 43.6
Eicher Motor 4579.0 1.9 0.6 31.3 33.4 Value(~ crore) - - 91696 210771
Sun Pharma 1487.3 4.0 1.6 37.3 124.9 JK Cement 1.4 NTPC 0.2
Grasim Ind 2304.9 2.1 0.8 27.0 160.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Consumer P 1142.4 5.1 0.7 94.6 111.2 Oracle Fin 1.0 Maruti Suzuki 0.2
HCL Techno 1343.7 3.1 1.4 23.2 31.2 Contracts - - 865362281 8216664
Tata Motors 930.0 2.9 1.6 9.8 39.1 Hero MotoCorp 1.0 ONGC 0.3
HDFC Bank
HDFC Std Life
1551.8
552.0
4.6 11.4 18.4
3.3 0.6 75.4
19.4
75.7 Tata Steel 169.2 6.4 1.4 - 47.5
Open Int.(000)
Shares(In Mn)
-
-
- 572604
- 14733.4
5281168
13555.3
IndusInd Bank 1.0 Dr Lal PathLabs 0.3 MOST TRADED TOP M-CAP TRENDS
TCS 3746.5 0.8 3.7 29.5 31.1 Mah & Mah 1.0 Sun Pharma 0.3
Hero MotoCorp 5658.5 6.5 0.7 30.2 28.5 Value(~ crore) - - 60174330 647138 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 695.3 7.1 1.0 15.4 42.3 Tech Mahindra 1266.9 2.2 0.8 52.5 58.1 BSE+NSE BSE+NSE
Titan Company 3317.7 2.4 1.3 84.3 83.1 1 Reliance Ind 1922910.6 BS200 Swad.Polytex -30.1
HUL 2602.8 4.3 2.2 59.5 60.5 (~ crore) (Mn shrs)
ICICI Bank 1108.7 3.5 7.5 17.6 19.1 UltraTech 10038.1 1.2 1.1 41.4 42.2 ACTIVE CALLS ACTIVE PUTS HDFC Bank 6286.8 41.3
2
3
TCS
HDFC Bank
1355557.3
1179639.5 UP 3 DAYS Markobenz -30.1
IndusInd Bank 1501.0 7.9 1.0 - 13.1 Wipro 451.5 3.0 0.6 21.4 25.9 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg HAL 6198.4 14.8 4 ICICI Bank 779382.8 Sun TV Net 14.0 Taylormade Ren -30.1
Infosys 1430.1 2.6 5.0 22.6 21.8 Nifty 50 22620.4 3.4 100.0 23.8 28.1 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
SBI 6031.1 78.2 5 Bharti Airtel 762761.5 Avenue Supermar 12.9 Tirupati Tyres -30.1
INDEX PE SHRS TRDS 1 YR Index Index Bharat Elctn 5164.7 207.1 6 SBI 704731.0 Godrej Cons 12.4
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
05/06/24
05/06/24
49000
49500
449.7
372.5
3.5 86.5
3.4 134.9
Nifty Bank
Nifty Bank
05/06/24
05/06/24
49000
47000
275.8
226.8
4.4 792.8
1.9 84.4
ICICI Bank 4639.1 42.6
7
8
HUL
LIC India
611577.4
595941.5 United Spirt 12.1
UP 3 DAYS

Asian Paints 2960.4 3.6 1.5 52.0 53.4 Maruti Suzuki 12506.4 3.2 1.9 29.2 29.8 SENSEX 24.5/29.1 17.2 647 30 0 18.5 REC 3755.3 85.2 Rex Sealing 45.1
Nifty Bank 05/06/24 49200 344.5 2.4 915.5 Nifty Bank 05/06/24 46000 199.2 1.7 65.6 9 Infosys 593676.8 HUL 11.8
Axis Bank 1184.6 4.7 3.8 13.9 14.7 NIFTY 50 23.8/28.1 638.5 13972 50 0 21.7 L&T 3538.7 10.7 Heritage Foods 35.8
Nestle India 2509.1 3.4 1.0 - 75.7 C = CONSOLIDATED; S = STANDALONE Nifty Bank 05/06/24 50000 302.5 5.1 97.0 Nifty Bank 05/06/24 46500 177.4 1.5 110.6 10 ITC 537216.6 Colgate 11.5
Bajaj Fin 6840.1 5.1 2.2 29.3 33.5 NTPC 341.0 2.9 1.8 15.9 18.3 Nifty Bank 05/06/24 49100 296.7 3.4 1102.7 Nifty Bank 05/06/24 48000 171.5 1.8 200.0 HUL 3043.4 11.5 11 L&T 468734.8 Hero MotoCorp 10.8 Shree Gan Rem 35.5
Bajaj Finsrv 1518.2 2.7 1.1 29.7 207.0 Power Grid 298.8 1.0 1.5 17.8 18.0 CASH DERIVATIVES Stock Stock Adani Power 2904.0 41.8 12 Bajaj Fin 423402.2
Bharti Airtel 1344.4 2.9 4.0 102.2 152.9 TURNOVER BSE NSE BSE NSE DOWN Moschip Tech. 24.1
Reliance Ind 2842.2 1.7 11.1 27.6 45.6 Vodafone Idea 27/06/24 15 716.4 153.4 -6.2 Vodafone Idea 27/06/24 14 379.9 114.0 8.6 Adani Ports 2827.7 22.2 13 Maruti Suzuki 393199.6
HCL Techno 1343.5 3.0 1.6 23.2 31.2 Vodafone Idea 27/06/24 16 637.7 203.8 -3.2 Vodafone Idea 27/06/24 13 222.0 97.0 6.0 14 Axis Bank 365917.0 Others Soni Medicare 23.7
SBI 789.7 1.9 3.4 10.5 11.5 VALUE(IN ~ CRORE) 12461 186684 -61123935 Adani Enter 2767.4 9.4
HDFC Bank 1551.3 4.6 13.4 18.4 19.4 SHARES(IN MN) 1028.4 6857.6 - 34030.5 Vodafone Idea 27/06/24 14 510.4 91.8 -24.5 Vodafone Idea 27/06/24 15 154.5 74.2 -13.1 15 HCL Techno 364565.3 UP 7 DAYS
Sun Pharma 1487.5 3.7 1.8 37.3 124.9 Vodafone Idea 2669.1 1867.3 Everlon Fin 21.9
HUL 2602.9 4.3 2.6 59.5 60.5 TRADES(000) 7271 59562 - 225961 Vodafone Idea 27/06/24 17 231.5 131.8 -6.0 Vodafone Idea 27/06/24 12 138.1 48.0 3.5 16 Sun Pharma 356883.9 Gujchem Dist 40.6
Tata Motors 929.9 2.8 1.9 9.8 39.1 Reliance Ind 2514.4 8.9
ICICI Bank 1108.7 3.3 8.9 17.6 19.1 Vodafone Idea 27/06/24 18 127.8 137.8 -0.3 Vodafone Idea 27/06/24 11 52.9 22.8 48.8 17 Adani Enter 355343.7 V-Mart Ret 16.0
Tata Steel 169.2 6.5 1.6 - 47.5 Kotak Mah Bank 2500.5 14.7 Blue Cloud 40.5
IndusInd Bank 1500.7 7.8 1.1 - 13.1 MARKET-CAP (~ CR) TRADED TOTAL 18 Kotak Mah Bank 341673.8
TCS 3746.6 0.8 4.3 29.5 31.1 Kesar India 40.5 DOWN 3 DAYS
Infosys 1430.3 2.6 5.9 22.6 21.8 Axis Bank 2452.2 21.3 19 Mah & Mah 341054.0
Tech Mahindra 1266.6 2.4 0.9 52.5 58.1 BSE 40,798,987 41,475,897 Alkosign -23.0
ITC 430.3 3.6 6.1 26.3 26.3 Adv Petroch 40.4
JSW Steel 878.4 4.2 1.3 24.4 26.7 Titan Company 3317.0 2.4 1.6 84.2 83.1 NSE 40,373,203 41,047,966 SPURT IN VOLUMES Power Fin
Rail Vikas Niga
2376.8
2272.4
55.7
66.3
20
21
NTPC
Avenue Supermar
330608.0
316440.2 Sterling Power 40.4 Finelistings -23.0
UltraTech 10034.3 1.3 1.3 41.4 42.2 DERIVATIVES 26,794,520 26,794,520
Kotak Mah Bank 1718.8 4.9 2.9 18.8 24.8 Company Days 2-week Avg Change Close *Price 22 ONGC 311487.7 Scan projects 36.7
IRFC 2035.7 124.4 Lancer Cont Lin -18.7
L&T 3409.6 0.2 5.3 35.9 50.4 Wipro 451.6 3.1 0.7 21.4 25.9 Volume Volume % price %chg 23 Tata Motors 309075.5
Mah & Mah 2742.7 6.5 3.2 30.3 31.8 BSE SENSEX 74382.2 3.2 100.0 24.5 29.1 TRADING ACTIVITY Bhagirad Chm 5438353.0 130741.2 4059.6 223.3 20.0
Bank of Baroda
Mazagon Dock
1817.2
1744.9
72.8
6.4
24 Titan Company 294483.3
Ken Fin.Ser. 33.5
Jaykailash -18.4
C = Consolidated; S = Standalone DOWN 7 DAYS
(~ crore) FIIs MF Fmcgietf 868478.0 32666.5 2558.6 60.5 4.6 25 Adani Ports 292743.5 Bhagwti Auto -16.9
Equity Debt Equity Debt Hindalco 1707.5 26.2 26 HAL 291858.9 Ras Resorts -30.2
Net Net Net Net V-Mart Ret 372456.0 20541.2 1713.2 2414.5 10.3 Bharti Airtel 1642.4 12.4 Solitair Mac -15.7
27 UltraTech 289688.8 Semac Consultan -30.1
WORLD INDICES On 04 Jun -12244 862 - - Midselietf 408560.0 27075.1 1409.0 16.0 -0.7 IndusInd Bank 1630.1 11.2 28 Adani Green En 289497.3 Alphalogic Tech -30.1 Rajputana Inv -14.3
On 03 Jun 6847 2265 3367 -287 HDFC MC 150 694766.0 48346.0 1337.1 19.3 -2.8 NTPC 1594.6 48.0 29 Hind Zinc 286242.9
Indices Close % Chg* Indices Close % Chg*
On 31 May 2178 -661 2759 -5302 Icicipramc - Ic 221879.0 15639.8 1318.7 110.9 2.8 30 Asian Paints 283961.6 (T+2) cycleStocks which rose/fell continuously
BHEL 1536.7 63.4
Americas (Jun 04,24) Asia/Pacific (Jun 05,24) On 30 May -1122 1411 -258 -2706 Icicipramc - Ic 4434184.0 355545.5 1147.1 60.5 4.6
Dow Jones 38711.3 0.4 Kospi 2689.5 1.0 On 29 May -4311 1437 5525 357 Purv Flexipack 176000.0 16000.0 1000.0 175.4 1.6
Jun till date -5397 3127 3367 -287
Nasdaq Composite
S&P/ TSX Composite
16857.1
21978.2
0.2
-0.6
Taiwan Taiex
Stock Exchange of Thai
21484.9
1338.3
0.6
0.1 2024 till date -25591 56295 165436 -149642
Hind.Foods
Icici Prud Midc
566749.0
2463684.0
60354.1
284454.5
839.0
766.1
507.9
16.0
5.5
-2.5
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jun 04,24) Straits Times 3330.0 -0.3 Group tors of the funds by issue ernance Report more instru-
IBEX 35 11381.2 0.8 Kuala Lumpur Comp 1608.5 -0.4 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company Company on of Secured 4.To Approve ments includ-
Purpose Financial Re- and/or unse- Related Party ing equity
DAX 18524.3 0.6 Shanghai Se Comp 3065.4 -0.8 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock sults of the cured non-con- Transactions 5. shares/ con-
CAC 40 7980.7 0.5 Jakarta Composite 6947.7 -2.1 NET Net Fut OI Opt OI OI JUNE 06 Company for vertible To Appoint vertible secu-
HIGH *MPS Ltd . . . . . . . . . . 1970.4 LOW *Rama Phosp . . . . . . . . 147.5
FTSE 100 8243.6 0.1 Volatility (Jun 04,24) BS 200 *Zydus Welln . . . . . . . 1958.0 BS 200 *HCP Plastene . . . . . . 147.2 Arshiya: To the Quarter debentures Scrutinizers for rities either by
On 04 Jun 1482 -1163 0.5 7.7 4.2
Asia/Pacific (Jun 05,24) CBOE Dow Jones 12.3 -0.1 *Bajaj Auto . . . . . . . . . 9675.1 *Bectors Food Sp . . . 1437.0 NONE *Pyramid Techno . . . . . 135.0 consider, inter and Financial and/or non AGM 6. To Ap- way of Prefer-
On 03 Jun 2452 5204 0.5 7.0 4.0
Hang Seng 18425.0 -0.1 CBOE S&P 500 13.0 -1.6 *Hero MotoCorp . . . . 5777.4 *Sayaji Indore . . . . . . 1014.1 Others Bright Bros . . . . . . . . . . 133.8 alia, the Au- year ended on convertible prove Secretar- ential Issue/
On 31 May -27502 4633 0.4 5.8 3.9
*Eyantra Ve . . . . . . . 963.9 Ganesh Benzo . . . . . . . 127.4 dited Stand- 31st March subordinated ial Audit Rights Issue/or
Nikkei 225 38490.2 -0.9 * Change over previous close On 30 May -17778 -10918 0.4 3.6 3.7 *Britannia . . . . . . . . . 5725.8 Tasty Bite . . . . . . . . . . 9955.0
*Kaveri Seed . . . . . . . . 927.2 Credent Global . . . . . . 119.0 alone and 2024 debt Tier-II de- Report 7. to Re- any other
On 29 May 5592 -49 0.5 5.7 4.5 *Trent . . . . . . . . . . . . . 4930.0 Bannr Am Sug . . . . . . 2190.7
*Vijaya Diagnost . . . . . 879.3 *STEELMAN TEL . . . . 114.1 Consolidated Can Fin Home: bentures in appoint Whole mode as may
MAJOR INDICES Jun till date
2024 till date
3934
-1200552
4040
17059
-
-
-
-
-
-
*Divis Lab . . . . . . . . . . 4524.7
*Escorts Kub . . . . . . 4020.7 *Shree Gan Rem . . . . . 861.2
Transpek Ind . . . . . . . 1510.0
*GMM Pfaudler . . . . . 1145.0 *Dhampur Bio Org . . . . 112.9 Financial Re- To consider terms of Sec- Time Director be considered.
*Thacker & Co . . . . . . . 816.0 *Palred Technolo . . . . . . 99.0 sults of the and approve tion 42 of the Mr Vyankat W. Padam Cotton:
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Pidilite Ind . . . . . . . . 3232.3 Abslliquid . . . . . . . . . 1000.0
*Red Tape . . . . . . . . . . . 781.0 Alkali Met . . . . . . . . . . . . 94.3 Company for The following Companies Act Katkar 8. To To consider
*Colgate . . . . . . . . . . . 3069.0 *Tatva Chintan . . . . . . . 958.2
the Quarter proposals are 2013 read with Approve Book and approve 1.
S&P BSE Sensex 72,079.1 73,027.9 74,534.8 71,879.4 74,382.2 2303.2 3.2 *Dr Lal PathLabs . . . . 2799.7 *Sayaji Pune . . . . . . . . . 773.9 Anupam Rasayan . . . . 721.7 *Gss Infotech . . . . . . . . . 90.5
and Year ended being placed relevant rules closure Date Finalize time
*Mah & Mah . . . . . . . . 2752.0 *Emami . . . . . . . . . . . . . 743.8 Mold-Tek . . . . . . . . . . . . 715.0 *Gorani Indus . . . . . . . . . 86.8
S&P BSE Sensex 50 23,018.6 23,328.7 23,828.8 22,898.1 23,780.7 762.1 3.3 S&P BSE SECTORAL INDICES *TVS Motor . . . . . . . . 2370.0 *EID Parry . . . . . . . . . . 724.4 Rossari Biotech . . . . . . 657.8 Quint Digital . . . . . . . . . 80.0
on 31st March, for considera-
2024. tion/review for
and the Listing
Regulations as
and 9. Other
Regular Busi-
date and venue
to convene the Record Rate/ company; 5. Ap- r Group to Pub- consider and approve Unau-
S&P BSE-100 23,063.2 23,374.2 23,938.2 22,918.9 23,893.2 830.0 3.6 *Godrej Cons . . . . . . . 1467.3 *Bikaji Foods . . . . . . . . 635.6 Semac Consultan . . . . 629.3 Ludolow Jute . . . . . . . . . 77.0
Prev cls Close % Chng Aztec: To con- obtaining ap- amended. ness of the 30th Annual Cut-off Date pointment of lic Category. 8. approve revised dited Financial
*Coromndl Int . . . . . . 1384.0 *Halder Venture . . . . . 611.5 Shankara Bld . . . . . . . . 604.9 Andhra Cements . . . . . . 76.4
S&P BSE-200 10,066.9 10,207.5 10,452.4 9,979.3 10,433.8 366.9 3.6 sider and ap- proval from the Mac Hotels: Company. General Meet- and E- voting Chief Financial Reconstitution Consolidated Results for the
Auto 52,633.7 55,002.7 4.5 *United Spirt . . . . . . . 1307.2 *Heritage Foods . . . . . 547.0 Dreamfolks . . . . . . . . . 441.5 Vinyoflex . . . . . . . . . . . . 76.0
prove 1. shareholders at Meeting of Mishtann ing of the Com- related matter Officer of the of the Commit- Audited Finan- quarter and
S&P BSE-500 32,133.0 32,560.1 33,345.6 31,813.0 33,289.7 1156.8 3.6 Bankex 53,577.1 55,829.1 4.2 *Aurob Pharma . . . . . 1274.9 TCNS Clothing C . . . . . 523.2 *IRM Energy . . . . . . . . . 433.0 Duro Pack . . . . . . . . . . . . 65.0
Audited Finan- the ensuing board of direc- Foods: Meeting pany; 2. for the purpose Company; 6. tees of the cial statements Nine months
Cons. Durables 53,589.0 55,496.4 3.6 *Glenmark . . . . . . . . . 1202.0 *Suprajit Eng . . . . . . . . 461.0 Fusion Micro . . . . . . . . 416.2 *New Swan Multit . . . . . 52.9
cial Results of Annual General tors of the of the Board of Approve the of forthcoming Appointment of Board of Direc- for the financial ended De-
S&P BSE IPO 13,244.2 13,298.1 13,694.0 12,958.4 13,677.2 433.0 3.3 Cap. Goods 64,829.3 65,643.3 1.3 *Sun TV Net . . . . . . . . . 759.0 *STEL Holdings . . . . . . 437.6 *IFB Agro Ind . . . . . . . . 390.3 Sunrise EM . . . . . . . . . . . 47.0
the Company meeting of the company Directors of draft Notice of 30th Annual Additional Di- tors; year ended cember 31
FMCG 19,754.6 20,648.3 4.5 *Marico . . . . . . . . . . . . 666.9 *Finolex Ind . . . . . . . . . 348.9 IOL Chem . . . . . . . . . . . 333.0 Lancer Cont Lin . . . . . . . 45.7 for the Quarter Company. (1) Machhar Inds: the Company AGM and draft
S&P Dollex-30 7,085.7 - - - 7,331.5 245.8 3.5 General Meet- rector in the RCF: To con- March 31 2024 2023.
Healthcare 34,392.3 35,577.7 3.4 *Dabur India . . . . . . . . 634.0 *KNR Const . . . . . . . . . 348.4 *Univphoto . . . . . . . . . . 318.0 Lykis . . . . . . . . . . . . . . . . 39.5 and Financial Fund raising by To consider Moongipa Cap: Directors Re- ing of the com- category of sider and ap- on account con- Zee Enter:
Nifty 50 21,884.5 22,128.4 22,670.4 21,792.0 22,620.4 735.8 3.4 Infra 586.3 604.1 3.0 Aditya Bir Fa . . . . . . . . 311.5 *Muller Phip . . . . . . . . . 342.0 CG-Vak Soft . . . . . . . . . 290.0 Medico Remedies . . . . . 35.0 year ended on way of issue of and approve 1. To consider port along with pany; 4. Non-Executive- prove solidation of au- Meeting of the
IT 32,946.2 33,768.9 2.5 Others *Navinifty . . . . . . . . . . 279.3 Nahar Cap . . . . . . . . . . . 263.9 Paramnt Cos . . . . . . . . . 33.9 31st March equity shares To fix the date and approve annexure for
Nifty next50 64,022.2 65,266.6 67,079.5 62,764.3 66,835.4 2813.3 4.4 Appointment of Independent Di- Intimation of dited financial Board of Direc-
Metal 30,485.2 32,120.5 5.4 *Gillette I . . . . . . . . . . 7545.6 *Tinna Trade . . . . . . . . 268.7 *Vibhor St . . . . . . . . 222.9 *Sahara Hsg . . . . . . . . . . 33.8 2024 2. To subject to such of AGM 02. To the fund rais- the year ended Scrutinizer as- rector of the Board Meeting statements of tors of the Com-
Nifty 500 20,323.9 20,570.8 21,092.2 20,116.6 21,054.4 730.6 3.6 Oil & Gas 26,743.9 27,361.8 2.3 *TechNVision Ven . . . 2763.7 *Midq50Add . . . . . . . 238.5 Kg Petrochem . . . . . . . 185.2 Generic Engg Co . . . . . . 32.6 adopt Auditors approvals as Approve Direc- ing proposal of 31st March certain Voting Company; 7. scheduled to be Joint Venture pany to
Power 7,103.8 7,309.4 2.9 V-Mart Ret . . . . . . . . . 2524.7 *Apis . . . . . . . . . . . . 230.8 EPL . . . . . . . . . . . . . . 169.9 *Digidrive . . . . . . . . . . . 30.8 reports to be may be re- tors Report 3. the company 2024; 3. Final-
India VIX 26.8 26.7 26.9 18.7 18.9 -7.9 -29.4 process of 30th Re-classifica- held on Thurs- companies consider and
PSU 18,964.6 19,398.8 2.3 *Endurance Tech . . . . 2476.4 *Bhagirad Chm . . . . . . 223.3 PlatinumOne B . . . . . . 150.2 *Alpl30Ietf . . . . . . . . . . . 26.3 issued by the quired. (2) Bor- To approve by way of the ize the dates of Annual General tion of Pro- day June 6 2024 SKIL Infras: To approve the
Nifty CPSE 5,997.9 6,138.0 6,165.5 5,732.8 6,128.3 130.4 2.2 Realty 7,639.1 7,828.6 2.5 m m w w Statutory Audi- rowing/raising Corporate Gov- issue of one or Book Closure Meeting of the moter/Promote inter-alia to consider and fund raising

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (596.6) (598.6) (7668.9) (7666.8)
m ~50 H ~2 Open 595.0 602.0 7822.3 7850.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 633.7 633.9 7897.0 7900.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 595.0 597.7 7239.8 7238.2
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 627.9 629.0 7814.5 7812.7
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 36381 1374K 23196 1098K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in  ~5 ~10 in all PE 54.5 54.5 137.0 137.0
company name is followed by shares traded, and also the 52 Wk H/L 770/438 769/438 8818/3848 8765/3850
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 22761 22799 165589 165551
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Aditya Bir Fa Aditya Birla m H m mH H  « « « « m m « H
(26260.6) (26292.3) (2283.6) (2282.1) (2939.9) (2941.3) (1248.0) (1248.9) (265.3) (265.4) (206.4) (206.1)
O 26750.0 26360.0 2366.9 2350.0 3029.0 3030.0 1274.0 1281.0 272.6 272.0 208.8 208.0 O O
27999.0 27999.9 2424.7 2425.0 3152.5 3150.0 1368.1 1368.0 311.5 311.5 218.9 219.0
w 26426.2 26297.4 2234.4 2236.3 2750.0 2750.0 1160.3 1160.6 268.3 268.2 203.8 203.8 w w
27453.6 27473.2 2402.5 2401.6 3117.1 3115.4 1355.2 1354.6 305.8 305.0 215.5 215.6
1096 31202 33605 663K 577K 8778K 1343K 20880K 906K 22446K 931K 16193K
48.6 48.6 19.3 19.3 109.6 109.6 36.1 36.1 - - 78.4 78.5
W 29628/21453 29639/21450 2760/1756 2746/1754 3743/2142 3744/2142 1608/703 1621/703 311/193 311/193 244/155 244/155 W W
M 58339 58380 45116 45100 355344 355150 292744 292614 31072 30991 56032 56058 M M

Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India Berger Paints« Bharat Dyn Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch BPCL Britannia«
(6508.4) (6509.5) (1478.7) (1477.3) (2899.1) (2897.6) (363.4) (364.1) (177.5) (177.3) (248.3) (248.3) (1336.3) (1337.2) (456.0) (455.7) (1437.1) (1436.8) (255.6) (255.6) (1457.9) (1446.3) (1306.6) (1299.7) (246.1) (246.6) (291.2) (290.9) (598.1) (598.6) (29571.5) (29548.3) (580.3) (580.2) (5317.4) (5325.1)
O 6638.5 6604.0 1481.1 1490.0 2941.1 2920.0 369.8 365.5 179.9 179.1 258.3 257.0 O 1356.0 1344.9 456.0 452.0 1360.1 1371.7 262.9 264.5 1480.0 1490.0 1332.7 1325.7 O 255.4 255.0 291.4 294.8 609.9 599.1 29310.0 29748.0 600.1 602.1 5350.0 5325.1
6864.7 6862.0 1527.5 1528.0 3140.4 3142.9 392.0 392.0 191.4 191.4 262.9 262.9 1432.8 1433.0 481.8 481.7 1389.0 1387.6 264.8 264.5 1512.6 1515.0 1348.3 1348.8 258.3 258.2 307.2 307.4 635.7 635.6 31099.0 31144.0 601.2 602.1 5725.8 5725.0
w 6538.0 6535.6 1472.8 1472.9 2906.2 2907.9 362.9 362.0 176.1 176.1 236.6 236.5 w 1342.9 1338.1 454.6 452.0 1293.4 1293.2 230.0 230.0 1406.1 1406.3 1279.8 1279.9 w 225.0 225.0 288.9 288.9 591.1 591.2 29310.0 29315.8 534.4 534.2 5320.1 5325.0
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NEW DELHI | THURSDAY, 6 JUNE 2024 13
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NEW DELHI | THURSDAY, 6 JUNE 2024 1
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NEW DELHI | THURSDAY, 6 JUNE 2024 15 <

POSSESSION NOTICE BAJAJ HOUSING FINANCE LIMITED

(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING POSSESSION NOTICE
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
dated 20.02.2023 calling upon the Borrower(s) HIMANSHU, ANITA DEVI AND
RAM KUMAR (GUARANTOR) to repay the amount mentioned in the Notice
being Rs.14,09,072.89 (Rupees Fourteen Lakh Nine Thousand Seventy Two
and Paise Eighty Nine Only) against Loan Account No. HHLNOD00278490 as
on 17.02.2023 and interest thereon within 60 days from the date of receipt of the
said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
possession of the property described herein below in exercise of powers
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of
theSecurity Interest (Enforcement) Rules, 2002 on 01.06.2024
The Borrower 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
the INDIABULLS HOUSING FINANCE LIMITED for an amount of Rs.14,09,072.89
(Rupees Fourteen Lakh Nine Thousand Seventy Two and Paise Eighty Nine
Only) as on 17.02.2023 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 306 (L.I.G) ON SECOND FLOOR (BACK MIDDLE SIDE) HAVING
AREA 30 SQUARE METERS (WITH ROOF RIGHTS) BUILT UPON PLOT NO. 10,
ROAD NO. A-3 (PLOT NO.A-3/10) IN THE RESIDENTIAL COLONY DLF ANKUR
VIHAR, VILLAGE-LONI, TEHSIL AND DISTRICT-GHAZIABAD – 201010, UTTAR
PRADESH AND WHICH IS BOUNDED AS FOLLOWS:-
EAST:FLAT NO. 307
WEST:FLAT NO. 305
NORTH:COMMON PASSAGE & FLAT NO. 304
SOUTH:PLOT NO. MM-20 & MM-22
Date : 01.06.2024 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED
16
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NEW DELHI | THURSDAY, 6 JUNE 2024 1
BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL NEW POSSESSION NOTICE
DELHI, COURT VI CP (CAA)/47/ND/2024 (for immovable property)
IN THE MATTER OF THE COMPANIES ACT, 2013, SECTION 230 to 232 AND
Whereas,
OTHER APPLICABLE PROVISIONS AND
IN THE MATTER OF SCHEME OF AMALGAMATION BETWEEN The undersigned being the Authorized Officer of INDIABULLS HOUSING
ABC Industries Private Limited, having its registered office at R-192 Greater FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
Kailash-II, New Delhi-110048, PAN: AAECA0219N and Reconstruction of Financial Assets and Enforcement of Security Interest
…… Transferor Company Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
WITH Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
Pelican India Limited, having its registered Office at R-192 Greater Kailash-I,
New Delhi-110048, PAN: AAACP5261H dated 14.03.2024 calling upon the Borrower(s) PARVEEN VERMA AND
……. Transferee Company MUSKAN VERMA to repay the amount mentioned in the Notice being
NOTICE OF HEARING OF PETITION Rs.9,92,415.30 (Rupees Nine Lakh Ninety Two Thousand Four Hundred
Fifteen and Paise Thirty Only) against Loan Account No. HHLDCP00327272 as
A petition under Section 230 to 232 of the Companies Act, 2013 and rules made
on 11.03.2024 and interest thereon within 60 days from the date of receipt of the
there under, for sanctioning of the scheme of Amalgamation between ABC Industries
Private Limited (Transferor Company) with Pelican India Limited (Transferee said Notice.
Company) was presented by the above named Petitioner Companies on 27.04.2024 The Borrower (s) having failed to repay the amount, Notice is hereby given
before the Hon’ble National Company Law Tribunal, New Delhi Court-IV and the to the Borrower (s) and the public in general that the undersigned has taken
said Petition is now fixed for hearing before the Hon’ble Tribunal on 08.08.2024. Any
person desirous of supporting or opposing the said Petition should sent his intention Symbolic possession of the property described herein below in exercise of powers
in form of an affidavit stating grounds therein, signed by him or his advocate, with conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of
his name and address, to the Hon’ble Tribunal and a copy of the same to the above theSecurity Interest (Enforcement) Rules, 2002 on 01.06.2024
mentioned Petitioner Companies, so as to reach them not later than two days’
before the date fixed for the hearing of the petition. A copy of the petition / Scheme The Borrower in particular and the public in general is hereby cautioned not to
will be furnished by the Petitioner Companies free of cost to any person requiring deal with the property and any dealings with the property will be subject to the
the same. charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Place: Delhi Rs.9,92,415.30 (Rupees Nine Lakh Ninety Two Thousand Four Hundred
Dated: 05.06.2024 Fifteen and Paise Thirty Only) as on 11.03.2024 and interest thereon.
For Pelican India Limited For ABC Industries Private Limited The Borrower’s attention is invited to provisions of Sub-Section (8) of
Sd/- Sd/- Section 13 of the Act in respect of time available, to redeem the secured
Shiv Lal Ratnakar Shiv Lal Ratnakar assets.
Authorised signatory Authorised signatory DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 1215 HAVING SUPER AREA 590 SQUARE FEET ON 12TH FLOOR,
TOWER-A1, IN THE PROJECT KNOWN AS “GOLF VILLAGE”, SITUATED AT
TS-5, SECTOR-22D, YAMUNA EXPRESSWAY, GAUTAM BUDDHA NAGAR,
NOIDA – 201304, UTTAR PRADESH.
Sd/-
Date : 01.06.2024 Authorized Officer
Place : NOIDA INDIABULLS HOUSING FINANCE LIMITED

POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
dated 05.03.2024 calling upon the Borrower(s) VIVEK THAPLIYAL AND ANITA
POSSESSION NOTICE THAPLIYAL to repay the amount mentioned in the Notice being Rs.47,31,417.72
(for immovable property) (Rupees Forty Seven Lakh Thirty One Thousand Four Hundred Seventeen
Whereas, and Paise Seventy Two Only) against Loan Account No. HHLNOD00234387 as
The undersigned being the Authorized Officer of INDIABULLS HOUSING on 20.02.2024 and interest thereon within 60 days from the date of receipt of the
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation said Notice.
and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
The Borrower (s) having failed to repay the amount, Notice is hereby given
2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3
to the Borrower (s) and the public in general that the undersigned has taken
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
Symbolic possession of the property described herein below in exercise of powers
14.09.2021 calling upon the Borrower(s) DINESH KUMAR AND MADHU PAUL
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of
to repay the amount mentioned in the Notice being Rs. 18,02,293.64 (Rupees
theSecurity Interest (Enforcement) Rules, 2002 on 01.06.2024
Eighteen Lakhs Two Thousand Two Hundred Ninety Three and Paise Sixty
The Borrower in particular and the public in general is hereby cautioned not to
Four Only) against Loan Account No. HHLDMT00277119 as on 26.06.2021 and
deal with the property and any dealings with the property will be subject to the
interest thereon within 60 days from the date of receipt of the said Notice.
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
The Borrower (s) having failed to repay the amount, Notice is hereby given Rs.47,31,417.72 (Rupees Forty Seven Lakh Thirty One Thousand Four
to the Borrower (s) and the public in general that the undersigned has taken Hundred Seventeen and Paise Seventy Two Only) as on 20.02.2024 and
possession of the property described herein below in exercise of powers interest thereon.
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of The Borrower’s attention is invited to provisions of Sub-Section (8) of
theSecurity Interest (Enforcement) Rules, 2002 on 01.06.2024 Section 13 of the Act in respect of time available, to redeem the secured
The Borrower in particular and the public in general is hereby cautioned not to assets.
deal with the property and any dealings with the property will be subject to the DESCRIPTION OF THE IMMOVABLE PROPERTY
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of FLAT NO. 301 HAVING SUPER AREA 1545 SQUARE FEET ON 3RD FLOOR,
Rs. 18,02,293.64 (Rupees Eighteen Lakhs Two Thousand Two Hundred Ninety BLOCK-G2 IN THE PROJECT KNOWN AS ECO VILLAGE-2 SITUATED AT
Three and Paise Sixty Four Only) as on 26.06.2021 and interest thereon. PLOT NO. GH-01, SECTOR-16B, GAUTAM BUDDHA NAGAR, GREATER
The Borrower’s attention is invited to provisions of Sub-Section (8) of NOIDA – 201307, UTTAR PRADESH ALONGWITH ONE COVERED CAR PARK-
Section 13 of the Act in respect of time available, to redeem the secured ING SPACE. Sd/-
assets. Date : 01.06.2024 Authorized Officer
Place : GREATER NOIDA INDIABULLS HOUSING FINANCE LIMITED
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO-202, FIRST FLOOR FRONT RHS, PLOT NO-B-12/5, DLF ANKUR
VIHAR, GHAZIABAD, UTTAR PRADESH – 201010. Sd/-
Date : 01.06.2024 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED MAHINDRA RURAL HOUSING FINANCE LIMITED SALE
Corporate Office:- Mahindra Rural Housing Finance Ltd. Sadhana House, 2nd
Floor, 570, P.B. Marg Worli, Mumbai 400 018 India,Tel: +91 22 66523500 NOTICE
Fax: +91 22 24972741

CAN FIN HOMES LTD.

Office No. 101, First floor, Subhash Villa Plot No. 643, Hiranmagri, Sector-13 Udaipur, Rajasthan PH: 0294-2485770, Mob.: 7625079187
Email: [email protected], CIN:L85110KA1987PLC008699
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
SALE NOTICE for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
read with proviso to Rule 8 (6) of the Security Interest (Enforcement) Rules, 2002
NOTICE is hereby given to the public in general and in particular to the Borrower (s) and Guarantor (s) that the below described immovable properties mortgaged/charged
to the Secured Creditor, the possession of which has been taken by the Authorised Officer of Can Fin Homes Ltd., UDAIPUR Branch, will be sold on “As is where is”, “As
is what is”, and “Whatever there is” on 11/07/2024 , for recovery of mentioned hereinafter due to Can Fin Homes Ltd. from respective Borrowers and Guarantors as on
the respective dates of demand notice, together with further interest and other charges thereon.
Sr. Name of the Borrowers Date of Amount due Reserve Earnest Type of Description of the property
No. and Guarantors Demand Notice as on date Price Money Possession
Deposit
1. Mr. Bhupendra Singh 15/05/2023 Rs. 1567710/- Rs. 10,80,000/- Rs. 1,08,000/- Physical Plot No. 57,Khasra No. 3431/3190,Revenue
Chouhan S/o Mr. Bhanwar (Rupees Fifteen Lakhs (Ten Lakhs Eighty (One Lakhs Eight Village Titardi, Tehsil- Girwa, District- Udaipur
Singh Chouhan (Borrower), Sixty Seven Thousand Thousand Only) Thousand Only) (Raj.), Admiring area 1000.10 Sqft.
Mrs. Lorie Kanwar W/o Seven Hundred Ten. )
Mr. Bhupendra Singh Boundaries of Property:- East- Plot No. 56,
Chouhan (Co-Borrower) West-Plot No. 58,North- Road 40 Feet,
South- Plot No. 54. Encumbrance - NIL
2. Mr. Raj Kumar S/o 01/04/2021 Rs. 27,12,515 /- Rs. 9,00,000/- Rs. 90,000/- Physical Plot No. 5, H- Block,Sai Dham Society,Aaraji
Mr. Mohan Lal Balai (Rupees Twenty Seven (Rupees Nine (Rupees Ninty No.265/165,258/165,261/165,263/165,259/1
(Borrower), Mrs. Kesar Salvi Lakhs Twelve Thousand Lakhs.) Thousand.) 65,Revenue Village- Kesarpura, Gram
W/o Mr. Raj Kumar Salvi Five Hundred Fifteen.)
(Co-Borrower), Mr. Mukesh Panchayat Bamanheda,Tehsil- Nathdwara,
Kumar Sen W/o Mr. Shankar Dist. Rajsamand (Raj.), Admiring area 1200
Lal Sen (Guarantor) Sqft.Boundaries of Property:- East- Road 30
Feet, West-Plot No. 16,North- Plot No.
04,South- Plot No. 06. Encumbrance - NIL
3. Mr. Amba Lal Kumawat S/o 04/09/2023 Rs. 30,26,594/- Rs. 18,00,000/- Rs. 1,80,000/- Physical Plot No. M-9,Block-M,Revenue Village
Mr. Nana Lal Kumawat (Rupees Thirty Lakhs (Rupees (Rupees One Shankarpura, Tehsil & District Rajsamand
(Borrower), Mrs. Mangi Bai Twenty Six Thousand Eighteen lakhs.) Lakh Eighty (Raj.)Admiring Area 2600 Sqft.
W/o Mr. Amba Lal Kumawat Five Hundred Ninty
(Co-Borrower), Mr. Chagan Thousand.) Boundaries of Property:- East- Plot no. H-11,
Four.) West-Road 30 Feet, North- Other Araji Land,
Lal Kumawat S/o Mr. Bhura
Lal Kumawat (Guarantor) South- Plot No. 10. Encumbrance - NIL

4. Mr. Rajesh Paliwal S/o 01.04.2021 Rs. 47,65,619/- Rs. 7,50,000/- Rs. 75,000/- Physical Plot No.19,20,21,22,Sai Dham Society,Araji
Mr. Sundar Lal Paliwal (Rupees Forty Seven (Rupees Seven (Rupees Seventy No. 260/165, Revenue Village- Kesarpura,
(Borrower), Mrs. Basanti Lakhs Sixty Five Lakhs Fifty Five Thousand.) Gram Panchayat Bamanheda,Tehsil-
W/o Mr. Rajesh Paliwal Thousand Six Hundred
(Co.- Borrower), Thousand.) Nathdwara, Dist. Rajsamand (Raj.), Admiring
Ninteen.) Area 3925 Sqft.
Mr. Suresh Chandra Sen
S/o Mr. Shanker Lal Sen Boundaries of Property:- East- Road 30
(Guarantor) Feet, West- Plot No. 15, North- Plot No. 05,
South- Plot No. 07. Encumbrance - NIL
For detailed terms and conditions of the sale, provided in the official website of Can Fin Homes Ltd., (www.canfinhomes.com) please refer to the following link
https://www.canfinhomes.com/SearchAuction.aspx
Date: 05.06.2024 Place: Udaipur Sd/- Authorised Officer, CAN FIN HOMES LTD.
.
NEW DELHI | THURSDAY, 6 JUNE 2024 17
<

Jammu & Kashmir Bank Ltd UCO Bank

S,C and Audit Department,
Corporate Headquarters, M. A.
Road, Srinagar, Kashmir
NOTIFICATION FOR ENGAGEMENT OF RETIRED OFFICERS OF
J&K BANK FOR CONCURRENT AUDIT
Online applications are invited from Retired Officers of J&K Bank for engagement as Concur-
rent Auditors for the branches/offices (including Treasury Operations & Forex AD branches)
located in various States/ UTs across the country.
Eligibility Criteria:-
i) Having retired honourably either superannuated or through VRS (not charge-sheeted &
punished for serious lapses / offences, in his/her active service) from the J&K Bank in
Scale-III & above.
ii) Having minimum experience of 15 years as an Officer in the bank with satisfactory track
record.
iii) Must not be above the age of 69 years as on 01.08.2024, and should be of sound health.
iv) Having adequate computer knowledge and should be able to handle computers
independently as the audit report has to be punched online.
v) Must be well versed and familiar with FINACLE/ Core Banking Solution (CBS).
Application form has been made available on Bank’s website www.jkbank.com & must
be submitted online by or before 18.06.2024.
Hard copies of the downloaded application form along with duly filled annexures should reach
the Office of DGM, S,C & Audit Department, J&K Bank, Corporate Headquarters,
M.A.Road, Srinagar, Kashmir 190001 by or before 22.06.2024.
Bank reserves the right to reject any application without assigning any reason(s) thereof.

Sd/-
No. S&C/CHQ/24-2008 General Manager
Dated:- 03-06-2024 S,C and Audit, CHQ
Registered office : Corporate Headquarters, M.A.Road, Srinagar 190001, Kashmir, India
CIN: L65110JK1938SGC000048 ; T : +91 (0)194 2481 930-35 ; F : +91 (0)194 248 1928 ; E : [email protected] ; W : www.jkbank.com

IN THE COURT OF THE ADDITIONAL

CIVIL JUDGE AT BANGALORE (CCH-85)
Jammu & Kashmir Bank Ltd COM. O.S. No. 1293/2023
S,C and Audit Department, PLAINTIFF: M/S SBEE CABLES, (India)
Limited, No.29, J.C.W. Industrial Estate
Corporate Headquarters, M. A. 11th KM Kanakapura Road, Bangalore-560
Road, Srinagar, Kashmir 062. Represented by its Consultant-
F i n a n c e M r. M . D a s a i a h , M o b i l e
NOTIFICATION FOR ENGAGEMENT OF RETIRED OFFICERS OF No.9741929651. E-Mail ID:
[email protected] -V/s-
PSU BANKS FOR CONCURRENT AUDIT DEFENDANTS: M/S MINIMAX
MACHINES INDIA AND Another
Online applications are invited from Retired Officers of PSU Banks for engagement as SUMMONS TO DEFENDANT
Concurrent Auditors for Treasury Operations and FOREX AD Branches only, located in To, 1. M/s MINIMAX MACHINES INDIA,
various States/ UTs across the country. No.93, First Floor, Industrial Area,
Patparaganj, East Delhi, Delhi-110 092.
Eligibility Criteria:- Represented by its Proprietor Mr.
i) Having retired honourably either superannuated or through VRS (not charge-sheeted & Mohammad Yusuf. Mobile
punished for serious lapses / offences, in his/her active service) from their respective banks No.09810800271. E-Mail ID:
in Scale-III & above. [email protected]
ii) Having minimum experience of 15 years as an Officer in the bank with satisfactory track 2. Mr. MOHAMMAD YUSUF, Proprietor of
M/s. Minimax Machines India, No.93, First
record. Floor, Industrial Area, Patparaganj, East
iii) Must not be above the age of 69 years as on 01.08.2024, and should be of sound health. Delhi, Delhi 110 092. Mobile
iv) Having minimum experience of 3 Years in handling Treasury Operations & FOREX AD No.09810800271. E-Mail ID:
Branches. [email protected]
... DEFENDANTS
v) Having adequate computer knowledge and should be able to handle computers Whereas the above named plaintiff
independently as the audit report has to be punched online. instituted a suit against you recovery of
vi) Must be well versed and familiar with FINACLE/ Core Banking Solution (CBS). money Rs.21,01,278/- (Rupees Twenty
One Lakhs One Thousand Two Hundred
Application form has been made available on Bank’s website www.jkbank.com & must Seventy Eight Only) With 18% from the
be submitted online by or before 18.06.2024. date of the suit till realization.
Hard copies of the downloaded application form along with duly filled annexures should reach You are hereby summoned to appear
the Office of DGM, S,C & Audit Department, J&K Bank, Corporate Headquarters, before this court on 29/06/2024 at 11:00
A.M in person or through advocate/pleader
M.A.Road, Srinagar, Kashmir 190001 by or before 22.06.2024. to answer the questions to the same.
Bank reserves the right to reject any application without assigning any reason(s) thereof. Failing which the suit will be heard and
determined as ex-parte.
Given under my hand and seal of the court
Sd/- on this 05/06/2024
No. S&C/CHQ/24-2009 General Manager By order of the Court, Senior Sheristedar,
Dated:- 03-06-2024 S,C and Audit, CHQ Commercial Court Unit City Civil Court,
Bengaluru
Advocate for Plaintiff: S. MADHU
Registered office : Corporate Headquarters, M.A.Road, Srinagar 190001, Kashmir, India No. 1/1, 1st Floor, 1st Cross, R.T. Street
CIN: L65110JK1938SGC000048 ; T : +91 (0)194 2481 930-35 ; F : +91 (0)194 248 1928 ; E : [email protected] ; W : www.jkbank.com (M.T. STREET), Bangalore-560053.

Jammu & Kashmir Bank Ltd

S,C and Audit Department,
Corporate Headquarters, M. A.
Road, Srinagar, Kashmir
Corporate Identity Number (CIN): L24239MH1924PLC001151 NOTIFICATION FOR ENGAGEMENT OF CHARTERED / COST
Dr. Annie Besant Road, Mumbai 400030 • Telephone: 022-24959595 ACCOUNTANT FIRMS FOR CONCURRENT AUDIT
Fax: 022-24959494 • Email: [email protected] • Website: www.gsk-india.com
The Jammu & Kashmir Bank Ltd. invites applications from eligible/interested registered
NOTICE OF 99th ANNUAL GENERAL MEETING Chartered / Cost Accountant firms having at least one “FCA/FCMA qualified Auditor” for
AND REMOTE E-VOTING conducting Concurrent Audit of branches/offices of the Bank (including Treasury operations
NOTICE is hereby given that the Ninety Ninth annual General Meeting & Forex AD branches) located in various states / UTs across the country.
(AGM) of the Company will be held on Friday, June 28, 2024 at The application form along with eligibility criteria, terms & conditions and other annexures
11.00 a.m. by Video Conferencing (“VC”) or Other Audio Visual are available on Bank’s website www.jkbank.com. Application form must be submitted
Means (“OAVM”), to transact the business as set out in the Notice of
online by or before 18.06.2024.
the AGM. The Annual Report for the Financial Year 2023-24 (“Annual
Report”) along with the Notice of the AGM has been sent on June 4, Hard Copies of the downloaded application form along with duly filled annexures should reach
2024, only by electronic mode to those Shareholders whose email the Office of DGM, S, C & Audit Department, J&K Bank, Corporate Headquarters,
address are registered with the Company / Depository Participant, in M.A.Road, Srinagar, Kashmir 190001 by or before 22.06.2024.
accordance with the MCA General Circular No. 20/2020 dated May 5, Audit Firms already engaged for the Concurrent Audit for current year have to apply
2020 and subsequent circular issued in this regard and latest being afresh.
General Circular No 10/2022 dated December 28, 2022 issued by
the Ministry of Corporate Affairs (“MCA”) and Circular No. SEBI/ Chartered / Cost Accountant Firms are required to submit audit reports with proper UDIN.
HO/CFD/CMD1/CIR/P/2020/19 dated May 12, 2020 and SEBI/HO/ Chartered / Cost Accountant Firms who have been engaged in J&K Bank for previous three
CFD/CMD2/CIR/P/2021/11 dated January 15, 2021, SEBI/HO/CFD/ years consecutively and/ or engaged as Statutory Auditors are not eligible.
CMD2/CIR/P/2022/62 May 13, 2022 and SEBI/HO/CFD/PoD-2/P/ Bank reserves the right not to empanel/ depanel any firm etc. without assigning any reason(s)
CIR/2023/4 January 5, 2023 (collectively referred to as said Securities thereof.
and Exchange Board of India (“SEBI”) Circulars”) issued by SEBI. Sd/-
The same is also available on the website of the Company viz
No. S&C/CHQ/24-2007 General Manager
https://india-pharma.gsk.com/en-in/investors/annual-reports/
Dated:- 03-06-2024 S,C and Audit, CHQ
In compliance with Section 108 of the Companies Act, 2013 read with
Rule 20 of the Companies (Management and Administration) Rules, Registered office : Corporate Headquarters, M.A.Road, Srinagar 190001, Kashmir, India
2014 as amended by Companies (Management and Administration) CIN: L65110JK1938SGC000048 ; T : +91 (0)194 2481 930-35 ; F : +91 (0)194 248 1928 ; E : [email protected] ; W : www.jkbank.com
Rules, 2015, and Regulation 44 of the Listing Obligations and
Disclosure Requirements Regulations, 2015 (LODR) and the MCA
Circulars and SEBI Circulars, the Members are provided with the
facility to cast their votes on all resolutions set forth in the Notice of the
AGM using electronic voting system from a place other than the venue
of the AGM (‘remote e-voting’), provided by NSDL and the business
may be transacted through such voting.
The e-voting period commences on Tuesday, June 25, 2024 (9.00 a.m.
IST) and ends on Thursday, June 27, 2024 (5.00 p.m. IST). During
this period, Members may cast their vote electronically. The e-voting
module shall be disabled by NSDL thereafter. A vote once cast on the
resolution, would not be allowed to be changed subsequently.
The voting rights of Members shall be in proportion to the equity shares
held by them in the paid-up equity share capital of the Company as on
Friday, June 21, 2024 (‘cut-off date’). Any person, who is a Member
of the Company as on the cut-off date is eligible to cast vote on all
the resolutions set forth in the Notice of AGM using remote e-voting or
voting at the AGM.
A person who has acquired shares and become a member of the
Company after the dispatch of notice of AGM and holding shares as of
cut-off date, may obtain the login ID and password by sending a request
at [email protected]. However, if the person is already registered with
NSDL for remote e-voting then the existing user ID and password can
be used for casting vote.
Shareholders are being provided with a facility to attend the AGM
through VC / OAVM through the NSDL e-voting system. The Instructions
for attending the AGM through VC / OAVM are provided in the Notice
of the AGM.
The procedure for e-voting at the AGM is same as the procedure
for remote e-voting. Only those Shareholders, holding shares as on
the cut-off date, who will be present at the AGM through VC / OAVM
facility and who would not have cast their vote on the resolutions set
forth in the Notice of AGM by remote e-voting prior to the AGM and are
otherwise not barred from doing so shall be eligible to vote through
e-voting system at the AGM on such resolutions. Shareholders who
have voted through remote e-voting will be eligible to attend the AGM
and their presence shall be counted for the purpose of quorum, however
such Shareholders shall not be entitled to cast their vote again at the
AGM on such resolution(s) for which the Shareholder has already cast
the vote through remote e-voting.
For details relating to remote e-voting, please refer to the Notice of
the AGM. In case of any queries relating to voting by electronic
means, please refer to the Frequently Asked Questions (FAQs)
and e-voting user manual for Shareholders available at the
download section of https://www.evoting.nsdl.com or call on
022-48867000 or can contact NSDL on [email protected] or contact
Mr. Amit Vishal, Senior Manager - NSDL at [email protected] /
022-24994360 or Ms. Pallavl Mhatre, Manager. NSDL at
[email protected] / 022-24994545 or Mr. Sanjeev Yadav,
Assistant Manager. NSDL at [email protected] / 022-24994553.
For GlaxoSmithKline Pharmaceuticals Limited
Ajay Nadkarni
Vice President - Administration,
Place : Mumbai Real Estate & Company Secretary
Dated : 5th June, 2024 FCS 10460
18
>
NEW DELHI | THURSDAY, 6 JUNE 2024 1

SALE NOTICE
ZONAL SASTRA CENTER, 1st Floor, Bhikaji Cama Place, FOR SALE OF
New Delhi-110066. Email: [email protected] IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable Assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002
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, the constructive/physical/ symbolic possession of which has been
taken by the Authorized Officer of the Bank/ Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on the date as mentioned in the table herein below, for recovery of its dues due to the Bank/ Secured Creditor from the
respective borrower (s) and guarantor (s). The reserve price and the earnest money deposit will be as mentioned in the table below against the respective properties.
SCHEDULE OF THE SECURED ASSETS
Date/Time of E-Auction: 28.06.2024, 11:00 AM to 04:00 PM
Lot. Name of the Branch Description of the Immovable Properties Mortgaged/ (A) Date of Demand Notice u/s 13(2) of SARFAESI Act, 2002 (A) RESERVE PRICE
No Owner's Name [mortgagers of property(ies)] (B) Outstanding Amount as on (Rs. in crore) (B) EMD (Last date of Deposit EMD)
Name of the Account
(C) Possession date u/s 13(4) of SARFAESI Act, 2002 (C) Bid Increase Amount
Name & addresses of the Borrower/
Guarantors Account (D) Nature of Possession (D) Property visit date and time
(Symbolic / Physical / Constructive)
1. ZONAL SASTRA DELHI 1. As per title deed, the premises at Convenient Shopping Complex, having total Saleable/Super Area admeasuring 1544.10 sq. mtrs. (16620.68 sq. ft.), comprising of Ground Floor, super A) 01.10.2019 A) Rs. 10.0 Crore
area admeasuring 366.28 sq. mtrs. (3942.58 sq. ft.), Upper Basement Floor & Lower Basement Floor, super area admeasuring 393.22 sq. mtrs. (4232.62 sq. ft.) each, Roof Top/Terrace B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 1.0 Cr. (27.06.2024)
M/s Raheja Developers Limited Area admeasuring 366.28 sq. mtrs. (3942.58 sq.ft.), situated in Raheja Atlantis, Sector-31-32A, Village- Jharsa, District- Gurugram Haryana in the name of M/S Meryfur Tradelinks Pvt. Ltd. as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
Admeasuring super built up area 1544.10 square meters. C) 24.12.2019
i) M/s Raheja Developers Limited D) Property under Symbolic Possession
406, 4th Floor, Rectangle One, D-4, 2. As per sale deed, unsold Units/Flats being High Rise as well as the Low rise Units totaling No. 288 bearing various numbers at different floors, fully described in Schedule 'A' herein, along A) 01.10.2019 A) Rs. 124.36 Crore
District Center, Saket, Delhi-110017 with proportionate Land underneath under construction, out of total 655 Units being constructed, as per sanctioned plan on Licensed Land measuring 67 Kanal 6 Marla i.e. 8.4125 acres, out B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 12.50 Cr. (27.06.2024)
Also At: W-4D, 204/5 Keshav Kunj of total Licensed Land measuring 68 Kanal 5 Marla (i.e. 8.53 Acres) and FAR received on 7.856 Acres, situated in the revenue estate of Village Dharuhera, Tehsil- Dharuhera, District- as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/
Cariappa Marg, Sainik Farm, New Delhi- Rewari, Haryana, now known as Sector--2A, Dharuhera, Distt.- Rewari, Haryana in the name of Raheja Developers Ltd. C) 03.01.2024
100017 The said Group Housing named as "Raheja OMA” situated at Sector 2-A, Village Dharuhera, District Rewari- Haryana. Total 556 Flats (A-High Rise 412 flats named as AKASHA D) Property under Symbolic Possession
ii) M/s Standard Farms Private Ltd. RESIDENCES, B-Low Rise 144 flats named SANSARARESIDENCES) Plus 99 EWS Flats.
406, 4th Floor Rectangle One, D-4,
3. As per sale deed, Land situated at Aranya City Phase-2, Sec- 11 and 14 Sohana township village Raipur, Tehsil Sohana, Distt Gurgaon, Haryana area measuring 17.648 acres in the A) 01.10.2019 A) Rs. 54.98 Crore
District Center, Saket, Delhi-110017
name of Standard Farms Private Limited with description as under: B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 5.5 Cr. (27.06.2024)
Also at: W-4D, 204/5 Keshav Kunj
Kariappa Marg, Sainik Farm, New Delhi- • 4411 dated 15-Sep-2011 Khewat No. 37, Khata No. 52, Mustatil No. 24, Killa No. 13 Khewat/Khata No. 100/110, Mustatil No. 24, Killa No. 11/2, 12, (Total 7K 10M), Raipur, Sohna Gurgaon. as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
100017 • 4412 dated 15-Sep-2011 Khewat/Khata No. 37/52, 100/119, Mustatil No. 14, Killa No. 17/2 (7-0) (Total 7K -OM), Raipur, Sohna Gurgaon. C) 03.01.2024
iii) Navin M Raheja, Managing Director • 4947 dated 10.10.2011 Khewat/Khata No. 867, 1035, 1026 & 1540, Mustatil No. 297, Killa No. 1/1, Mustatil No. 298, Killa No. 5, 4, Mustatil No. 295, Killa No. 24, 25 Mustatil No. 296, Killa D) Property under Symbolic Possession
Raheja Developers Limited, 406, 4th No. 21/1 (3-6), Mustatil No. 295, Killa No. 16 (Total 5K13M), Sohna, Gurgaon.
Floor Rectangle One, D-4, District Center, • 6345 dated 15-Dec-2011 Khewat/Khata No. 112/122,559/595, 1598/1889, 1605/1897 Mustatil No. 294, Killa No. 5(8-0), 6(8-0), 15/1(0-7) (Total 16K-7M), Sohna, Gurgaon.
Saket, Delhi-110017 • 6180 dated 7-Dec-2011 Khewat/Khata No. 112/122,559/595, 1598/1889, 1605/1897 Mustatil No. 295, Killa No. 9 (8-0), 10 (8-0), 11 (5-0), 12 (8-0), Mustatil No. 294, Killa No. 14/2 (5-10),
Also at: R/O 150 A, Central Avenue Sainik 15/2 (7-13), 16(5-0), 17/2 (2-5) (Total 49K-8M), Tehsil Sohna, Gurgaon.
Farms, New Delhi-62 • 4423 dated 16.09.2011 Khewat/Khata No. 37/52, Mustatil No. 52, Killa No. 14 (8-0), 15/1 (1-11) (Total 7K-9M).
iv) M/s N.A. Buildwell private Ltd. • 4413 dated 15-Sep-2011 Khewat No. 37, Khata No. 52. Mustatil No. 24, Killa No. 13 Khewat/Khata No. 100/110, Mustatil No. 24, Killa No. 11/2, 12, (Total 9K- 11M), Raipur, Sohna Gurgaon.
W-4D, 204/5 Keshav Kunj Kariappa Marg, • 4418 dated 15-Sep-2011 Khewat/Khata No. 100/119, Mustatil No. 24, Killa No. 11/2, 12 (Total 2K-3M). Raipur, Sohna Gurgaon.
Sainik Farm, New Delhi-100017 • 4416 dated 15.09.2011 Khewat/Khata No. 5/9, Mustatil No. 24, Killa No. 19 (8-0) (Total 8K-OM), Raipur, Sohna Gurgaon.
Also at: 406, 4th Floor, Rectangle One, • 4415 dated 15-Sep-2011 Khewat No. 96, Khata No. 115 Mustatil No. 14, Killa No. 25/1 (Total 4K-OM). Raipur, Sohna Gurgaon.
D-4 District Center, Saket, Delhi-110017 • 4409 dated 15-Sep-2011 Khewat/Khata No. 37/52, 100/119, Mustatil No. 14, Killa No. 24/2 (6-0), Mustatil No. 24, Killa No. 6 (4-6), 7/1(4-0), Mustatil No. 24, Killa No. 13 (8/0), Mustatil No.
v) Mohmmad Yousuf Khan, Director 24, Killa No. 11/2, 12 (Total 23K-13M), Raipur, Sohna Gurgaon.
Raheja Developers Limited, 4. As per sale deed, Land situated at Aranya City Phase-2, Sec- 11 and 14 Sohana township village Raipur and Rampur, Tehsil Sohana, Distt Gurgaon, Haryana area measuring 19.965 A) 01.10.2019 A) Rs. 162.17 Crore
4-Gupkar Road, Shehjar Acres in the name of NABuildwell Private Limited with description as under: B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 17.0 Cr. (27.06.2024)
Sonwar Srinagar-190001(JK) • 3135 dated 15-Sep-2011 Khewat No. 48, Khata No 50, MU No. 19 Killa No 19/2 (4-0), 60/80 share (Total 3K- OM), Rampur, Sohna Gurgaon as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
vi) Praveen Raheja, Director, • 3136 dated 15-Sep-2011 Khewat/ Khata No 63/65, 73/76, MU No. 19, Killa No. 13/2(0-15), 18(7-13),23(7-18), Mu. No 20, Killa No 8/2(4-10), 13(8-0), 14/2(4- 17),3(8-2) (139/835 Share). C) 03.01.2024
Raheja Developers Limited (Total 6K-19M) Rampur, Sohna Gurgaon D) Property under Symbolic Possession
House No-A-143-1F, Block-A, Shivalik, • 3137 dated 15-Sep-2011 Khewat/ Khata No 63/65, 73/76, MU No. 19, Killa No. 13/2(0-15), 18(7-13), 23(7- 18), Mu. No 20, Killa No 8/2(4-10), 13(8-0), 14/2(4- 17),3(8-2) (139/835 Share).
Malviya Nagar, South Delhi, Delhi-110017 (Total 6K-19M), Rampur, Sohna Gurgaon
vii) Smt. Nirmal Raheja • 3138 dated 15-Sep-2011 Khewat/ Khata No 63/65, 73/76, MU No. 19, Killa No. 13/2(0-15), 18(7-13), 23(7- 18), Mu. No 20, Killa No 8/2(4-10), 13(8-0),14/2(4- 17),3(8-2), (417/835 Share).
R/O 150 A, Central Avenue Sainik Farms, (Total 20K-17M), Rampur, Sohna Gurgaon
New Delhi-62 • 3140 dated 15-Sep-2011 (Khewat / Khata No 48/50, Mu No 19, Killa No 19/2(4-0)) (20/80 Share), (Khewat/ Khata No 63/65,73/76, Mu No 19, Killa No 13/2(0-15), 18(7-13), 23(7-18), Mu
viii) M/s Meryfur Tradlinks Private Ltd. No. 20, Killa No 8/2(4-10), 13(8-0), 14/2(4-17),3(8-2))(52/835 Share) (Total 3K-12M)
D-163A, Freedom Fighter Colony • 3141 dated 15.09.2011 Khewat No 63/65, Khata No. 73/76, MU No. 19, Killa No. 13/2(0-15), 18(7-13), 23(7- 18), Mu. No 20, Killa No 8/2(4-10), 13(8-0), 14/2(4- 17),3(8-2), (88/835 Share).
Neisseria, New Delhi-110068 (Total 4K-8M) Rampur, Sohna Gurgaon
ix) M/s Raheja Builders Private Ltd. • 3139 dated 15-Sep-2011 Kewat No 68, Khata No 71 MU No. 18, Killa No 16 (3-10), 25/1 (3-12), Mu No. 19 Killa No 2(2-14), 8(5-18), 9(8-0), 10(5-18), 11(7-14), 20(8- 0). (Total 45 K-6M)
W-4D, 204/5 Keshav Kunj Kariappa Marg, Rampur, Sohna Gurgaon
Sainik Farm, New Delhi-100017 • 4410 dated 15-Sep-2011 Khewat No. 118, Khata No 140, MU No.26 Killa No 15(8-0). (Total 8K-0M) Raipur, Sohna Gurgaon
• 4417 dated 15.09.2011 Khewat No. 118, Khata No 140, MU No.25 Killa No 11(8-0), (Total 8K-0M) Raipur, Sohna Gurgaon
• 4414 dated 15-Sep-2011 Khewat No. 22, Khata No 30, MU No.26, Killa No 6/2 (4-0). (Total 4K-0M)
• 4948 dated 10-Oct-2011 Khewat/Khata No 36/51, Mu No 25, Killa No 20/3(4-12). (Total 4K-12M Raipur, Sohna Gurgaon
• 2645 dated 25-Jul-2011 Khewat No. 112, Khata No 132, MU No.26 Killa No 14(8-0). (Total 8K-0M) Raipur, Sohna Gurgaon
• 4171 dated 18-Nov-2011 Khewat no 40, Khata No 42, Mu. No. 19, Killa No 21(8-0), Mu.20, Killa No 1(7- 4), 11/1(2-0), Mu. No.21 Killa No 5(8-2),6(7-10), 7(2- 18), 14(3-15),15(7-10). (Total 8K-0M)
• 4818 dated 20-Dec-2011 Khewat / Khata No. 40/42, Mu. No 20, Killa No 11/1/2 (1-19), Mu No 21, Killa No 15/2 (5-17), Khewat /Khat No 41/43, Mu. No 20, Killa 12/2(1-10), 12/3(4-0),
Khewat/ Khata 54/56, Mu No 20, killa No 10/1(1-3), 10/2(3-7), 10/3(3-10), 11/2(4- 10), 11/3(1-10), 12/1(2-10). (Total 9K-7M)
• 4817 dated 20-Dec-2011 Khewat / Khata No. 40/42, Mu. No 20, Killa No 11/1/2 (1-19), Mu No 21, Killa No 15/2 (5-17), Khewat /Khat No 41/43, Mu. No 20, Killa 12/2(1-10), 12/3(4-0),
Khewat/ Khata 54/56, Mu No 20, killa No 10/1(1-3), 10/2(3-7), 10/3(3-10), 11/2(4- 10), 11/3(1-10), 12/1(2-10). (Total 9K-7 M)
• 4200 dated 21-Nov-2011 Khewat no 40, Khata No 42, Mu. No. 19, Killa No 21(8-0), Mu. 20, Killa No 1(7- 4), 11/1(2-0), Mu. No. 21 Killa No 5(8-2),6(7-10), 7(2- 18), 14(3-15), 15(7-10)}
(1/12 Share), (Khewat No 41,Khata No 43, Mu. No 20 Killa No 12/2(1-10), 12/3(4-0)} (1/4 Share), (Khewat No.49, Khata No 51, Mu No.20, Killa No 20(8-0)} (1/4 share), (Khewat No 54,
Khata No 56, Mu. No 20, Killa No 10/1(1-3), 10/2(3-7), 10/3(3- 10), 11/2(4-10), 11/3(1-10), 12/1(2-10)) (1/8 Share). (Total 9K-8M)
(Symbolic Possession)
5. As per sale deed, Land situated at Aranya City Phase-2, Sec- 11 and 14 Sohana township village Raipur and Rampur, Tehsil Sohana, spread over an area of 57.68 Acres with area A) 01.10.2019 A) Rs. 30.20 Crore
measuring 2.375 Acres in the name of NABuildwell Private Limited with description as under: B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 3.0 Cr. (27.06.2024)
• Land admeasuring 8 Kanals and 0 Marla bearing Khewat/Khata No. 78, Mustatil No. 19, Killa No. 12/1 (1-7) & 12/2 (6-13), situated at Village Rampur, Tehsil Nuhu, District Mewat (Haryana). as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
• Land admeasuring 3 Kanals and 0 Marla bearing Khewat / Khata No. 78, Mustatil No. 19, Killa No. 13/1 (7-0) & 19/1 (4-0), forming 60/220 share of total land admeasuring 11 Kanal and C) 03.01.2024
0 Marla, situated at Village Rampur, Tehsil Nuhu, District Mewat (Haryana). D) Property under Symbolic Possession
• Land admeasuring 8 Kanals and 0 Marla bearing Khewat / Khata No. 78, Mustatil No. 19, Killa No: 13/1 (7-0) & 19/1 (4-0), forming 160/220 share of total land admeasuring 11 Kanal and
0 Marla, situated at Village Rampur, Tehsil Nuhu, District Mewat (Haryana)
6. As per sale deed, Commercial Tower-A, situated at Sector 2, Commercial Complex of Industrial Estate, IMT Manesar, District Gurgaon Haryana. (Now this tower Known as Raheja A) 01.10.2019 A) Rs. 87.97 Crore
Square) Deed No 11551 measuring 4032 Sq. Mtrs. Bahi No 1, Jild No 7588 Page No 48 Sub Registrar office Gurgaon.in the name of Raheja Developers Ltd B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 9.0 Cr. (27.06.2024)
as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
C) 03.01.2024
D) Property under Symbolic Possession
7. As per sale deed, All that part and parcel of Commercial property from Level 4 to Level 9 of commercial Tower admeasuring 57094.65 square feet i.e. part of Tower situated at – Block-C, A) 01.10.2019 A) Rs. 31.79 Crore
Export Commercial Complex, at G.T. Road, Panipat, Haryana, plot area 1260 square meter vide title deed No-6469 dated 13.3.2006 Address Book No. 1, Volume- 6772 on page No- B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 3.2 Cr. (27.06.2024)
98/103 on 13.03.2006 in the name of M/S Raheja Builders Private Limited as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
C) 27.12.2019
D) Property under Symbolic Possession
8. As per sale deed, All that part and parcel of Commercial property from Level 1 to Level 3 of commercial Tower admeasuring 24047.39 square feet i.e. part of Tower situated at – Block-C, A) 01.10.2019 A) Rs. 17.33 Crore
Export Commercial Complex, at G.T. Road, Panipat, Haryana, plot area 1260 square meter vide title deed No-6469 dated 13.3.2006 Address Book No. 1, Volume- 6772 on page No- B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 1.8 Cr. (27.06.2024)
98/103 on 13.03.2006 in the name of M/S Raheja Builders Private Limited.13.03.2006 in the name of M/S Raheja Builders Private Limited as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
C) 27.12.2019
D) Property under Symbolic Possession
9. As per sale deed, All that part & parcel property of M/s. Standard Farms Pvt. Ltd. Land situated at Raipur, Sohna, Gurgaon: A) 01.10.2019 A) Rs. 31.22 Crore
(a)Khewat No. 35, Khata No. 49-50, Mustatil No. 24, bearing Killa 10 (8-0), 11/1 (4-0), 11/3 (1-0) total 0 Kanal 14 Marle situated at Village Raipur (Sohna) (Sale Deed No. 7902 at Sohna B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 3.2 Cr. (27.06.2024)
08-02-2012. as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
b) Khewat No. 8, Khata No. 13-14 Jama Bandi 2003-04, Mustatil No. 23, Killa 6/1/1 (2-10), total 2 K 10 M and Khewat No. 35, Khata No. 49-50 Jama Bandi 2003-04, Mu 24 bearing Killa No. C) 30.12.2019
10 (8-0), 11/1 (4-0), 11/3 (1-0) 1 Kanal 10 Marle Total 4 Kanal 0 Marle (Sale Deed No. 7947) D) Property under Symbolic Possession
(c) Khewat No. 8, Khata No. 13-14 situated at Village Raipur (Sohna), Mustatil No. 23, bearing Killa No. 6/1/2 (1-10), 6/2 (4-0) total Kita 2, 1Kanal 6Marle (Sale Deed No. 8146 Sub Registrar
Sohna dated 15-02-2012.
(d)Khewat No. 35, Khata No. 49-50 situated at Village - Raipur (Sohna) Mustatil No. 24, Killa No. 10(8-0), 11/1 (4-0), 11/3 (1-0) area 1 K and 10 M and Khewat No. 8, Khata 13-14 Jama Bandi
2003-04 Mu. No. 23 Killa No. 6/1/1 (1-10), 6/2 (4-0) area 1K 12M Total 3 Kanal 2 Marle (Sale Deed 8148 Sub Registrar Sohna dated 15-02-2012)
(e)Khewat No. 35, Khata No. 49-50, situated at village Raipur (Sohna), Mustatil No. 24, Killa No. 10(8-0), 11/1 (4-0), 11/3 (1-0) Area 3 Kanal and 2 Marle and Khewat No. 8, Khata No. 13-14
Mustatil No. 23 Killa 6/1/2 (1-10), 6/2 (4-0) area 1 Kanal 3Marle Total 4 Kanal 5 Marle (Sale Deed 8145 at bearing Sub Registrar Sohna dated 15-02-2012
(f) Land situated at Village Raipur, district Sohna, Khewat No. 35 Khata No. 49-50 Jama Bandi 2003-04 and Mu No. 24 Killa No. 10(8-0), 11/1 (4-0), 11/3 (1-0) Area 6 Killa 5Marle and Khewat
No. 8, Khata No. 13-14 Jama Bandi 2003-04, Mu. 23 bearing Killa 6/1/2 (1-10), 6/2 (4-0) area 1 Kanal 9Marle Total 7 Kanal 14 Marle, Bahi No. 1, Jild No. 2, 065 Page No. 88, Sub Registrar
Sohna. Grand Total 21 Kanal and 01 Marle.
10.As per sale deed, Commercial property bearing no. Block-A, Export complex, Panipat, Haryana, registration no. 4856 in book no.1, volume No. 654, Page no.105 and additional copy in A) 01.10.2019 A) Rs. 31.78 Crore
Book No.1 volume no. 9124 pages 15-20 dated 27.09.2011 in the office of sub-registrar Panipat Haryana admeasuring area 2592 sq. mtr. in the name of Raheja Builders Pvt. Ltd. B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 3.2 Cr. (27.06.2024)
as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
C) 27.12.2019
D) Property under Symbolic Possession
11.As per sale deed, Land situated at Sohna, Gurgaon, Haryana khewat/khata No 565/601, Rectangle No 289 killa No 11/2(5-0), 12(8-0), 20/1(6-13), Rectangle No 290 killa No 13/2/2 (2-9) A) 01.10.2019 A) Rs. 32.58 Crore
14/2(4-0), 15/2(4-0), 16/1(6-14) at revenue estate Vill Sohna Tehsil Gurgaon Haryana area 36 kanal 16 marle at Sub Registrar office Sohna Gurgaon dated 07-12-2012 in the name of B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 3.3 Cr. (27.06.2024)
Raheja Developers Ltd. as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
C) 03.01.2024
D) Property under Symbolic Possession
12.As per sale deed following properties in the name of Raheja Developers Ltd.: A) 01.10.2019 A) Rs. 28.14 Crore
(a)Khewat/Khata No 94/113 of Jama Bandi 2003- 04 and Mu No 956 bearing Rectangle No 15, Killa No 21 Min South East (1-4) and Rectangle No 23 Killa No 21 (8-0) at Vill Raipur Tehsil B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 2.8 Cr. (27.06.2024)
Sohna Dist Gurgaon Haryana Area 9 Kila 4 Marle, Sale Deed 5654, Registered in Book No 1, Vol No 2074, Page No 18 and Additional Book No 1, Volume No 453 on pages 26-27 as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
Sub Registrar Sohna Gurgaon, C) 03.01.2024
(b)Khewat/Khata No 565/601 of Jama Bandi 2001-02 and Mu No 12052RD bearing Rectangle No 289 Killa No 10 Min South (6-12) and Rectangle 290, Killa No 6 Min South (7-17) Area 14 D) Property under Symbolic Possession
Kanal 9 Marle Vill Sohna tehsil Sohna, Gurgaon, Haryana Sale Deed No 1777 Registered in Book No 1 Volume No 2078 Page No 47 and Additional Book No 1 Volume No 538 on Pages
61-63 in the office of Sub Registrar Sohna Gurgaon.
(c)Khewat/Khata No 565/601 of Jama Bandi 2001- 02 and Mu No 12052 RD bearing Rectangle No 289 Killa No 11/1 (3-0) Rectangle No 290, Killa No 13/2/1 (1-14), 14/1 (4-0), 15/1(4-0),
Area 12 Kanal 14 Marle, vide Sale Deed No 1778 Registered in Book No 1 Vol No 2078, Page No 47 and Additional Book No 1 Vol No 538 on Pages 64-66 in the Office of Sub Registrar
Sohna, Gurgaon
Total area 36 kanal 7 marle.
13.As per title deed, Land at village Raipur tehsil Sohna, Gurgaon, Haryana khata /kewat No 100/119 and 142/164 bearing Rectangle No 23, Killa No 1/2 (4-0) and Rectangle No 22, Killa No A) 01.10.2019 A) Rs. 45.42 Crore
7 Min North (2-6), 14 Min South West (3-8), 16 Min S(3-4), Rectangle 23 Killa no 19 Min South East (4-2), 20 Min South(3-4) Rectangle No 22, Killa No 4/2 (4-0), Rectangle 15 Killa No 13 B) i)Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 4.6 Cr. (27.06.2024)
Min SE (1-2) in the Revenue Estate of Village Raipur, Tehsil Sohna Gurgaon vide Sale Deed 5645, Registered in Book No 1 Vol No 2074 Page No 16 and Additional Book No 1 Volume No as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
453 on Pages 9-10 in the Office of Sub Registrar Sohna Total Area 25 kanal 6 marle in the name of Raheja Developer Ltd. C) 30.01.2024
D) Property under Symbolic Possession
14.As per title deed, vacant land situated at Village Raipur and Vill - Vaisakha, Tehsil - Sohna, Dist – Gurgaon in the name of Standard Farms Pvt. Ltd with description as under: A) 01.10.2019 A) Rs. 19.27 Crore
(a) Khewat/Khata No 3/6 Mu No 26 Killa No 17 (8-0) 18 Min South (4-15), 23/1 (3-3), 15 kanal 18 Marle registered vide 6719 dated 27-03-2014 Bahi no 1 Jild No 2084 Page No 87 and B) i) Rs. 54,21,40,363.11 as on 01.03.2019 plus further interest. ii) Rs. 148,08,85,108.85 B) Rs. 2.0 Cr. (27.06.2024)
Additional Copy in Bahi No 1 Jild No 676 Page No 96-97, and Khewat/Khata No 12/16, Mumstatil No 23, killa No 25(8-0). Mumstattil No 21 (8-0), area 8 kanal, + Khewat Khata No 145/166 as on 30.09.2019 plus further interest. (i+ii) plus further charges C) Rs. 1,00,000/-
Mustatil No 26 kilaa No 4/1(2-12), 4/2(5-8), Area 8 kanal (b) Khewat/Khata No 18 Mu No 6, Killa No 11/2 (4-0), 20 (8-0) Area 2 Kanal 0 Marle registered vide 5110 dated 26-03-2013 at C) 30.12.2019
Sub Registrar Nuh Mewat. D) Property under Symbolic Possession
As per title deed, vacant land situated at Village Raipur and Vill - Vaisakha, Tehsil - Sohna, Dist – Gurgaon in the name of NABuildwell Pvt. Ltd. with description as under
(a) Khewat No 1013, Khata No 1217, Musattil No 297 Killa No 3(7-11), 8/1 (0-9) Area 2 Kanal 0 Marle for M/s NABuild Well Pvt Ltd Total Area 2 Kanal 0 Marle

Details of the encumbrances known to the secured creditors: Not Known

Name & Contact No of Authorized Officer: Pawan Singh Yadav, Mob. No.: 9717133327
TERMS AND CONDITIONS OF E-AUCTION SALE:
The sale shall be subject to the Terms & Conditions prescribed in the Security Interest (Enforcement) Rules 2002 and to the following further conditions:
(1) The properties are being sold on “AS IS WHERE IS BASIS”, “AS IS WHAT IS BASIS” and “WHATEVER THERE IS BASIS”
(2) The particulars of Secured Assets specified in the Schedule herein above have been stated to the best of the information of the Authorized Officer, but the Authorized Officer shall not be answerable for any error, misstatement or omission in this
proclamation.
(3) The Sale will be done by the undersigned through e-auction platform provided at the Website https://www.mstcecommerce.com on date and time of Auction specified above.
(4) For further details & complete Term and conditions of the sale, please refer www.ibapi.in, www.mstcecommerce.com, https://eprocure.gov.in/epublish/app.
STATUTORY SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT, 2002
DATE : 05.06.2024, PLACE: NEW DELHI AUTHORIZED OFFICER, PUNJAB NATIONAL BANK
>
NEW DELHI | THURSDAY, 6 JUNE 2024 TAKE TWO 19
REALITY CHECK to last year. Official wheat procurement
in 2024-25 (FY25) is expected to be around
tion: Will the private sector need the extra
wheat in the coming few months if it is
Grain stocks in the central pool
27-28 million; it already surpassed last already well supplied?
nRice nWheat (in million tonnes) year’s level a few days back.
TOTAL* This effectively means that compared The PDS question
63.61 61.22 to last year, wheat purchases for the In this equation, the casualty could be the
55.53 57.86 Central Pool will be higher in the current reduced quantities of wheat in the PDS,
financial year. which since FY23 has come down con-
Assuming that the official purchases siderably. In FY23, India distributed
30.34 25.95 29.16 are indeed 27-28 million tonnes, and if around 27.44 million tonnes of wheat
29.02 the wheat supply for through the Targeted
the public distribution
programme is main- TAKING STOCK Public Distribution
System (TPDS), which
tained at 17-18 million FCI sale and offtake for OMSS and in FY24 came down to
33.26 26.5 31.9 32.05
tonnes, it would effec- PDS operations (in million tonnes) almost 16 million
tively mean that n2023-24 n2022-23 tonnes.
May 1 May 1 May 1 16 May around 8.5 million TOTAL Other Welfare
2022 2023 2024 2024 27.0 32.6
tonnes of wheat will be Schemes (OWS)
26.61 22.69 28.33 27.01 available for open mar- accounted for another
Unmilled paddy ket operations in FY-25 1.4-1.6 million tonnes.
(assuming 7.5 million Therefore, the cut
4.13 0.48 0.45 0.42 tonnes is kept aside as in monthly wheat
27.44
Coarse cereals the closing stock of 3.69 allocated through
FY25). 1.42 TPDS will need to be
*Total does not include unmilled paddy lying with the
millers which also gets added on to the main stocks and Last year, the gov- 15.57 1.54 carried forward for
10.0
coarse cereals Source: FCI and Traders ernment pumped in another year, if the
close to 10 million TPDS* OWS** Open government wants to
tonnes of wheat from *Total includes allocation and market salvage its inven-
READING CHOICES its inventories to cool offtake for all welfare schemes sale+ adhoc tories. The cut has
Possible wheat stocks scenarios down prices through and also for Open Sale to control allocation been supplemented
the Open Market Sale prices by rice, so that the
nOpening stocks nProcurement ** Other welfare schemes
Scheme (OMSS) and Source: iGrain India total allocation under
nAvailability ad-hoc allocation. This the National Food
nConsumption for welfare schemes** year, it would have Security Act does not
nAvailable for OMSS + Closing stocks# nearly 8.5 million tonnes to intervene in undergo any change for the final
(All figures in million tonnes) the market through the above mentioned beneficiary.
options. Among these permutations and com-
At 26.5 mt* 7.5 This is where the need for imports binations, experts say a long standing
26.5 might come into play: To cool down solution to India’s wheat problem and

WILL INDIA IMPORT

34.0 prices. bring it back into the global reckoning is
18.6 by realising its full potential yield, as com-
15.4 Rising supply pared to the current low yields.
At 27 mt* 7.5 The second big question is whether the In a recent policy paper, the Trust for
27.0 government will need to pump in as Advancement of Agricultural Sciences

WHEAT?
A drop in state procurement has fuelled the buzz about impending
At 28 mt*
34.5
18.6
15.9
7.5
28.0
much wheat into the open market as it (TAAS), a think tank based in New Delhi,
did last year. said for India to become a significant
Some traders say it won’t, because player in the global wheat market again,
unlike in FY24, private players and it needed to achieve a surplus that could
millers are well-supplied in the current cater to both domestic as well as interna-
financial year. That apart, the overall tional demand.
35.5
wheat production in FY25, by all esti- For this, the country must push up its
imports. Will that really be necessary? 18.6
16.9 mates, is better than it was last financial average wheat yield from the current 3.7-
year. Government estimates say the out- 3.8 tonnes per hectare to at least 5 tonnes.
SANJEEB MUKHERJEE effective import duty of around 44 per of Madhya Pradesh, wheat prices were At 30 mt* 7.5 put this year is almost 2.4 million tonnes Some of India’s competitors in the
New Delhi, 5 June cent on the grain. ruling closer to ~3,000 a quintal a few 30.0 more than last year’s. world wheat markets, namely Mexico and
The import buzz has been triggered weeks back. 37.5 Although it is difficult to get accurate China, have yields of almost 6 tonnes per

D
uring the last few weeks, the by a drop in state procurement, which This unprecedented rise in open mar- 18.6 wheat stocks that are being held by pri- hectare.
Indian wheat market has been for the third consecutive year has stayed ket rates and rumors that farmers and 18.9 vate players in the absence of an open “Since the possibility of expansion of
all agog with talk of an immi- below the official target of 30 million to big traders are holding on to their wheat * Possible scenario if wheat procurement is at…. declaration system, sources say private area under cultivation is limited, increas-
nent relaxation in import 32 million tonnes. crop in expectation of further price **Includes allocation for National Food Act and other supply lines are better stocked this time ing the yield per hectare is the main
Welfare Scheme based on 2023-24 allocation levels
norms to allow the country to import Some traders believe that when increases might be forcing the govern- #A closing stock of 7.5 million tonnes wheat have to be than they were a year back. option to generate a market surplus of
the grain — after a gap of six years — to imports begin to descend on the market, ment to rethink the need for imports. mandatorily maintained at the end of each fiscal year “So, if imports were not needed last wheat,” the paper said.
Source: Traders and market participants
cool the prices down. they will not only lower the prices for Currently, wheat attracts an effective year and we could manage through a The yield can be raised by arresting
The required numbers in the buzz the domestic processing industry import duty of close to 44 per cent and reduced allocation of wheat and by the losses due to weeds and pests, which
vary from 2 million tonnes to 4 but also compel hoarders to liquidate Traders say if the import duty is reduced No cause for panic replacing it with rice in the PDS (public in some years can drop the potential yield
million tonnes, depending on how one their stocks. or abolished altogether, at least 2 million A section of traders says the situation distribution system), why can’t the same by 20 to 30 per cent, checking nutritional
perceives the market to behave in the Wheat prices in the open market are tonnes of the grain can come through the does not warrant any panic reaction arrangement be continued this year as imbalance and extensive spread of varie-
coming months. much higher than the state-mandated southern ports in the next few months. because the market – both for the private well,” asks an official from a leading mul- ties that can resist terminal heat.
At present, India, the world’s second minimum support price, or MSP, of The big question here is, are the traders as well as in government ware- tinational trading firm. Will policymakers follow the
largest wheat producer, imposes an ~2,275 a quintal. In fact, in some markets imports required? houses – is better supplied as compared That brings us to the third big ques- prescription?

CIN: L24117RJ1991PLC006307
Regd. Office: E-10-11 & F-14 to 16, RIICO Industrial Area, Sitapura,
Jaipur (Rajasthan) - 302022, Ph. No.: 0141-2770202/03
E-mail Address: [email protected]
Website Address: www.poddarpigmentsltd.com
NOTICE FOR TRANSFER OF EQUITY SHARE(S) TO INVESTOR EDUCATION
AND PROTECTION FUND AUTHORITY

acon by the shareholder(s).

account of the IEPF Authority.

302 022, Rajasthan, Tel. No.: (0141) 2770202/03, Email - com.sec@poddarpi

gmentsltd.com and/or the Company's Registrar and Share Transfer Agent at
Link Inme India Pvt. Ltd., Unit: Poddar Pigments Limited, C-101, 1st Floor, 247
Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083, Tel. No.: (022) 49186270,
Fax: (022) 49186060, Email-iepf.shares@linkinme.co.in.
For Poddar Pigments Limited
Sd/-
Anil Kumar Sharma
Place: Jaipur Company Secretary
Date: 05.06.2024 FCS No. 9382
20
>
NEW DELHI | THURSDAY, 6 JUNE 2024 1

‘Food processing industry QS Rankings:

IIT Bombay, IIT
SPORTS WATCH
mybs.in/t20wc
PHOTOS: X/@T20WORLDCUP

should focus on quality’ Delhi in top 150

PRESS TRUST OF INDIA
New Delhi, 5 June

AKSHARA SRIVASTAVA
New Delhi, 5 June
Dabur seeking clarity on FSSAI’s The Indian Institutes of Technology (IITs)
Bombay and Delhi are among the top 150
‘100% fruit juice’ directive universities in the world, while the

A
mid growing scrutiny of processed food Massachusetts Institute of Technology
in the country, a senior official at the Home grown FMCG major Dabur India is seeking clarity (MIT) retained the top rank globally
Ministry of Food Processing Industries on the Food Standards and Safety Authority of India’s for the 13th time, according to the QS
on Wednesday asked that industry to take a cue (FSSAI’s) directive of removing claims of ‘100 per cent juice’ World University Ranking, 2025
from international standards even if they have from the packaging and advertising of the product. announced on Wednesday.
to “compromise a little” on profit margins.
“Sometimes we say ‘we meet Indian stan-
The firm sells its ‘Real Activ’ brand with the claim of
100 per cent juice. “We are seeking clarity from the
While IIT Bombay has climbed from
149 last year to 118, up by 31 ranks, IIT
T20 WORLD CUP: NETHERLANDS
dards’, but there is an international standard, “IF EUROPE CAN HAVE A FOOD FSSAI on what they mean by the directive. We declare Delhi improved its rank by 47 points to BEAT NEPAL BY 6 WICKETS
which is better. Profit margins sometimes may that the product is reconstituted at the back of the pack bag the 150th position globally.
have to be cut a little bit to meet them,” said QUALITY (STANDARD), WHICH HAS along with proper nutritional labelling,” Mayank Kumar, According to the coveted ranking pub- The Netherlands beat Nepal by six wickets with eight balls
Anita Parveen, secretary at the Ministry of Food ZERO SUGAR IN A PRODUCT, WHY business head, food and beverages at the company told lished by the London-based higher edu- to spare in a tight contest that was delayed by rain at the
Processing Industries, who was speaking at the cation analyst, Quacquarelli Symonds Grand Prairie Stadium, Dallas, Texas, on Tuesday night.
15th edition of FICCI Foodworld India.
DO WE NEED ANYTHING ELSE?” Business Standard at the sidelines of the 15th edition of
FICCI Foodworld India. “The directive came very late at (QS), the University of Delhi stood out for Opting to bowl first, the Dutch dismissed Nepal for 106 in
“If Europe can have a food quality (standard), ANITA PARVEEN night and we are still trying to understand how to the employability of its graduates and has 19.2 overs, helped mainly by Tim Pringle (3-20 in 4 overs)
which has zero sugar in a product, why do we Secretary, comply with the rules cited,” he added. been ranked 44th globally in the category and Logan van Beek (3-18 in 3.2 overs). Captain Rohit
need anything else?” Parveen asked. Ministry of Food Processing Industries AKSHARA SRIVASTAVA of “employment outcomes”. Paudel top-scored for Nepal with a 37-ball 35. Dutch
In April, Swiss investigative agency Public Boasting 46 universities in this edition opener Max O'Dowd led the successful chase, hitting 54 off
Eye had found that global packaged foods major of the rankings, the Indian Higher 48, as his team scored 109-4 in 18.4 overs.
Nestle added sugar in the form of sucrose or the products without compromising on taste. companies further reduce sugar in their Education system is the seventh most rep-
honey in its Nido and Cerelac range sold in Asia, “It is a paradox that organisations have to products. resented globally and the third in Asia,
Africa, and Latin America. find the answer on how to find the right balance Addressing the stakeholders, the Secretary trailing only Japan (49 universities) and Brief scorecard
Speaking about the changing consumption to give to the consumer,” he said, adding, “var- further said that industry will have to stand for China (Mainland) (71 universities). Netherlands: Max
Nepal: Rohit Paudel c ODowd
patterns in the country, Prashant Peres, co- ious things like protein, affinity towards low itself by building quality products, adding that India has one more university within ODowd 54*, Vikramjit
b Pringle 35, Karan c Kingma b
chair, FICCI food processing committee and sugar will see an uptick in the next few years ultra-processed food cannot become the cause the top 150 rankings, IIT Delhi (150th) and Singh lbw b Airee 22.
de Leede 17. FoW: 1-10, 2-15, 3-
managing director, India and south Asia, and we will need to find a balance.” of diseases. two more entries in the world’s top 400 FoW: 1-3, 2-43, 3-71, 4-
40, 4-52, 5-53, 6-66, 7-84, 8-
Kellanova, said that consumers now have a Peres said that they have reduced almost 22 “Processed foods will continue to stay, and with the University of Delhi (ranked 328th) 80. Total: 109-4 (18.4
106, 9-106, 10-106. Total: 106-
heightened awareness of nutrition nourish- per cent added sugar in their products, since it will still be consumed but let us ensure that it and Anna University (ranked 383rd) mak- Overs). Bowling: Sompal
10 (19.2 overs). Bowling: Tim
ment, and are actively seeking benefits from 2019. He also said that new technology will help does not get questioned for its quality,” she said. ing their debut in this tier. Kami 4-0-18-1,
Pringle 4-0-20-3, van Beek
3.2-0-18-3 Dipendra Singh Airee 2-
0-6-1

Delhi reports 3rd hospital fire incident in 2 weeks ENGLAND, SCOTLAND

SHARE A POINT EACH
SANKET KOUL “A final reason can be ascertained The ministry also asked states and
New Delhi, 5 June after the investigation,” the official UTs to ensure that strict protocols and
said. measures are put in place to prevent,
A major fire incident took place in an “Around 12 fire tenders reached the detect and respond to fires effectively.
eye hospital based in Southeast spot after we received the call at 11:30 “Establishing a robust fire safety
Delhi’s Lajpat Nagar on Wednesday, am. No person was injured,” the offi- plan and conducting fire-evacuation
marking the third instance of hospital cial added. and safety drills will not only ensure
fire in the national capital in The incident comes after the compliance with regulatory require-
two weeks. Ministry of Health and Family Welfare ments but also safeguard lives and
While no fatalities were reported on Monday asked state and union ter- property,” the ministry added.
on Wednesday, the incident comes ritory (UT) administrations to ensure The cases of hospital fires have also
days after separate fire cases occurred electrical maintenance after a rise in pushed the state administration
at New Delhi’s Eye Mantra Hospital hospital fire cases. into action.
and East Delhi’s Baby Care Newborn “A lot of hospital fires being “The Delhi government has issued
Hospital. In the latter, seven new- reported are a result of short circuits, directions to all private and state-run Intermittent rain played the spoilsport in the England vs
borns were killed. due to suboptimal electrical mainte- hospitals to complete a fire audit by Scotland match on Tuesday. After the match was reduced to
Officials at the spot of Wednesday’s nance and/or overload of electricity June 8 and submit a compliance 10 overs a side, Scotland scored 90 without any loss. But
fire said a short circuit in an air con- lines. This is due to use of air con- report,” Delhi Health Minister England’s innings never began, and the match was finally
Smoke and flames billow out after a fire broke out at an eye hospital in ditioner on the ground floor may have ditioners and other equipment,” the Saurabh Bhardwaj had earlier told abandoned. COMPILED BY ANISH KUMAR
Lajpat Nagar, New Delhi, on Wednesday PHOTO: PTI caused the fire. health ministry said in a statement. news agency ANI.

ZONAL SASTRA CENTER, 1st Floor, Bhikaji Cama Place, SALE NOTICE
FOR SALE OF
New Delhi-110066. Email: [email protected] IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable Assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8 (6)
of the Security Interest (Enforcement) Rules, 2002
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, the constructive/physical/ symbolic possession of which has been taken by the Authorized
Officer of the Bank/ Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on the date as mentioned in the table herein below, for recovery of its dues due to the Bank/ Secured Creditor from the respective borrower (s) and guarantor (s). The reserve
price and the earnest money deposit will be as mentioned in the table below against the respective properties.
SCHEDULE OF THE SECURED ASSETS
Lot. Name of the Branch (A) Date of Demand Notice u/s 13(2) of SARFAESI Act, 2002 (A) RESERVE PRICE Date/ Details of the Name &
Description of the Immovable Properties Mortgaged/ Time of encumbrances
No (B) Outstanding Amount as on (Rs. in crore) (B) EMD (Last date of Deposit EMD) Contact No
Name of the Account Owner's Name [mortgagers of property(ies)] E-Auction known to the
(C) Possession date u/s 13(4) of SARFAESI Act, 2002 (C) Bid Increase Amount secured of Authorized
Name & addresses of the Borrower/ creditors Officer
Guarantors Account (D) Nature of Possession (D) Property visit date and time
(Symbolic / Physical / Constructive)
1. ZONAL SASTRA DELHI As Per sale deed, property at First Floor bearing Plot No. 12-E, A) 26.05.2014 A) Rs. 2.57 Crore 28.06.2024 Not Pawan Singh
Aarna Enterprises Pvt. Ltd. Kamla Nagar, Delhi – 110007 without roof rights admeasuring B) Rs. 57,42,07,164.39/-(as on date 26.05.2014) Plus further Interest plus Bank Charges B) Rs. 0.26 Cr. (27.06.2024) 11:00 AM to Known Yadav
1.) M/s Aarna Enterprises Pvt. Ltd., 12-E, Lower Ground floor, Kamla Nagar, New Delhi 110007. 193.19 square meter (231.10 Sq. Yard) standing in the name of plus other charges incurred by bank for recovery C) Rs. 2,00,000/- 04:00 PM Mob. No.:
2.) Sh. Raj Kumar Gupta S/o Sh. Jai Narayan Gupta E-157, Ground Floor, Kamla Nagar, Delhi – 110007 Mr. Raj Kumar Gupta S/O Lt. Sh. J. N. Gupta C) 22.08.2014 D) 24.06.2024 04:00 PM to 06:00 PM 9717133327
Also at: 4/24 Roop Nagar, Delhi – 110007 Also at: E-98, Kamla Nagar, Delhi -110007 Also at: 12-E, Lower D) Physical Possession
Ground floor, Kamla Nagar, New Delhi 110007. 3.) Smt. Poonam Gupta W/o Kapil Gupta, E-157, Ground
Floor, Kamla nagar, Delhi – 110007. Also at: 4/24 Roop Nagar, Delhi – 110007 Also at: E-98, Kamla Nagar,
Delhi -110007 Also at: 12-E, Lower Ground floor, Kamla Nagar, New Delhi 110007. 4.) Sh. Kapil Gupta S/o
Sh Raj Kumar Gupta, E-157, Ground Floor, Kamla nagar, Delhi – 110007 Also at: 4/24 Roop Nagar, Delhi –
110007 Also at: 12-E, Lower Ground floor, Kamla Nagar, New Delhi 110007. 5.) Smt. Pinki Gupta W/o Raj
Kumar Gupta, E-157, Ground Floor, Kamla nagar, Delhi – 110007 Also at: 4/24 Roop Nagar, Delhi – 110007
Also at: E-98, Kamla Nagar, Delhi -110007, Also at: 12-E, Lower Ground floor, Kamla Nagar, New Delhi
110007
2. ZONAL SASTRA DELHI 1. As per sale deed, Plot bearing 1, having land area measuring A.) 02.02.2015 A) Rs. 210.00 Lakh 28.06.2024 Not Pawan Singh
M/s Rangoli International Pvt. Ltd. 550 Sq. Yards pertaining to Khasra No.- 54/2, situated in the B) Rs.55,50,24,641.86 (Rupees Fifty-Five Crore Fifty Lakhs Twenty-Four Thousand Six B) Rs. 21.00 Lakh. (27.06.2024) 11:00 AM to Known Yadav
M/s Rangoli International Pvt. Ltd. (Borrower) 9 H, 9th Floor, Hansalaya Building, 15 Barakhamba Road, area of village Nasirpur, Delhi State, Abadi Known as Pappan Hundred Forty-one and Paisa Eighty-Six only), as on date 31.12.2014 by P.N.B. and C) Rs. 1,00,000/- 04:00 PM Mob. No.:
New Delhi – 110001. Mr. Luv Bhardwaj, (Guarantor/Director) 74, Vasant Enclave, Vasant Vihar, New Kalan, Dwarka, New Delhi in the name of Mr. Luv Bhardwaj. Rs. 20,47,54,753.64 (Rupees Twenty Crore Forty-Seven Lakhs Fifty-Four Thousand Seven 9717133327
Delhi – 110057. Mr. Ravi Bhola, (Guarantor/Director) House No – WZ – 317, Tihar Village, New Delhi – Hundred Fifty-Three and Paisa Sixty-Four Only), as on 31.03.2015 by e- OBC (Now PNB)
110018. M/s Sahara Exim Pvt. Ltd., (Corporate Guarantor), A – 9, Milap Nagar, Uttam Nagar, New Delhi - 2. As per sale deed, Plot bearing 2, having land area measuring A) Rs. 191.00 Lakh 28.06.2024 Not Pawan Singh
500 Sq. Yards pertaining to Khasra No.- 54/2, situated in the Plus further Interest + Bank Charges + Any other charges Yadav
110059. M/s Richfield Pvt. Ltd., (Corporate Guarantor) 9th Floor, Hansalaya Building, 15 Barakhamba B) Rs. 19.10 Lakh. (27.06.2024) 11:00 AM to Known
area of village Nasirpur, Delhi State, Abadi Known as Pappan C) 27.10.2015 Mob. No.:
Road, New Delhi – 110001. M/s Flywheel Logistics Pvt. Ltd., (Corporate Guarantor) 117, Uday Park, C) Rs. 1,00,000/- 04:00 PM
Kalan, Dwarka, New Delhi in the name of Mr. Luv Bhardwaj. D.) Symbolic Possession 9717133327
New Delhi – 110049. Also at: 297, Uday Vihar, Phase-VI, Gurgaon , Haryana
3. As per sale deed, Plot bearing 3, having land area measuring A) Rs. 210.00 Lakh 28.06.2024 Not Pawan Singh
500 Sq. Yards pertaining to Khasra No.- 54/2, situated in the B) Rs. 21.00 Lakh. (27.06.2024) 11:00 AM to Known Yadav
area of village Nasirpur, Delhi State, Abadi Known as Pappan C) Rs. 1,00,000/- 04:00 PM Mob. No.:
Kalan, Dwarka, New Delhi in the name of Mr. Luv Bhardwaj. 9717133327
4. As per sale deed, Plot bearing 4, having land area measuring A) Rs. 191.00 Lakh 28.06.2024 Not Pawan Singh
500 Sq. Yards pertaining to Khasra No.- 54/2, situated in the B) Rs. 19.10 Lakh. (27.06.2024) 11:00 AM to Known Yadav
area of village Nasirpur, Delhi State, Abadi Known as Pappan C) Rs. 1,00,000/- 04:00 PM Mob. No.:
Kalan, Dwarka , New Delhi in the name of Mr. Luv Bhardwaj. 9717133327
5. As per sale deed, Plot bearing 5, having land area measuring A) Rs. 210.00 Lakh 28.06.2024 Not Pawan Singh
550 Sq. Yards pertaining to Khasra No.- 54/2, situated in the B) Rs. 21.00 Lakh. (27.06.2024) 11:00 AM to Known Yadav
area of village Nasirpur, Delhi State, Abadi Known as Pappan C) Rs. 1,00,000/- 04:00 PM Mob. No.:
Kalan, Dwarka, New Delhi in the name of Mr. Luv Bhardwaj. 9717133327
6. As per sale deed, Shop No. GF 12- To GF 15 on Ground A.) 02.02.2015 A) Rs. 47.00 Lakh 28.06.2024 Not Pawan Singh
Floor, Property No. V /322 (Old) and New MC no. V -1118, Ward B) Rs.55,50,24,641.86 (Rupees Fifty-Five Crore Fifty Lakhs Twenty-Four Thousand Six B) Rs. 4.70 Lakh. (27.06.2024) 11:00 AM to Known Yadav
no.- 5, Situated at Chatta Madan Gopal, Maliwara, Chandni Hundred Forty-one and Paisa Eighty-Six only), as on date 31.12.2014 by P.N.B. and C) Rs. 1,00,000/- 04:00 PM Mob. No.:
Chowk, Delhi- 110006 admeasuring 294 Sq. Feet in the name Rs. 20,47,54,753.64 (Rupees Twenty Crore Forty-Seven Lakhs Fifty-Four Thousand Seven D) 21.06.2024 04:00 PM to 06:00 PM 9717133327
of Mr. Luv Bhardwaj.
Hundred Fifty-Three and Paisa Sixty-Four Only), as on 31.03.2015 by e- OBC (Now PNB)
Plus further Interest + Bank Charges + Any other charges
C ) 28.10.2015
D.) Physical Possession
7. As per sale deed , Shop No. LGF 7 on Lower Ground Floor, A) Rs. 22.00 Lakh 28.06.2024 Not Pawan Singh
Property No. V /322 (Old) and New MC no. V -1118, Ward No.- B) Rs. 2.20 Lakh. (27.06.2024) 11:00 AM to Known Yadav
5, Situated at Chatta Madan Gopal, Maliwara , Chandni Chowk C) Rs. 1,00,000/- 04:00 PM Mob. No.:
, Delhi – 110006 admeasuring 275 Sq. Feet in the name of Mr. D) 21.06.2024 04:00 PM to 06:00 PM 9717133327
Luv Bhardwaj.
8. As per sale deed, Shop No. SF 7 to SF 10 on second Floor, A) Rs. 31.00 Lakh 28.06.2024 Not Pawan Singh
Property No. V /322 (Old) and New MC no. V -1118, Ward No.- B) Rs. 3.10 Lakh. (27.06.2024) 11:00 AM to Known Yadav
5, Situated at Chatta Madan Gopal, Maliwara, Chandni Chowk, C) Rs. 1,00,000/- 04:00 PM Mob. No.:
Delhi – 110006 admeasuring 303 Sq. Feet in the name of D) 21.06.2024 04:00 PM to 06:00 PM 9717133327
Mr. Luv Bhardwaj .
9. As per sale deed, Shop No. SF 12- To SF 15 on 2nd Floor, A) Rs. 32.00 Lakh 28.06.2024 Not Pawan Singh
Property No. V /322 (Old) and New MC no. V -1118 , Ward No-5, B) Rs. 3.20 Lakh. (27.06.2024) 11:00 AM to Known Yadav
Situated at Chatta Madan Gopal, Maliwara, Chandni Chowk, C) Rs. 1,00,000/- 04:00 PM Mob. No.:
Delhi –110006 admeasuring 311 Sq. feet in the name of Mr. Luv D) 21.06.2024 04:00 PM to 06:00 PM 9717133327
Bhardwaj.
TERMS AND CONDITIONS OF E-AUCTION SALE: The sale shall be subject to the Terms & Conditions prescribed in the Security Interest (Enforcement) Rules 2002 and to the following further conditions:
(1) The properties are being sold on “AS IS WHERE IS BASIS”, “AS IS WHAT IS BASIS” and “WHATEVER THERE IS BASIS” (2) The particulars of Secured Assets specified in the Schedule herein above have been stated to the best of the information of the Authorized Officer, but the Authorized Officer shall not be answerable for any error, misstatement or omission
in this proclamation. (3) The Sale will be done by the undersigned through e-auction platform provided at the Website https://www.mstcecommerce.com on date and time of Auction specified above. (4) For further details & complete Term and conditions of the sale, please refer www.ibapi.in, www.mstcecommerce.com, https://eprocure.gov.in/epublish/app.
STATUTORY SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT, 2002
DATE : 05.06.2024, PLACE: NEW DELHI AUTHORIZED OFFICER, PUNJAB NATIONAL BANK