SATURDAY, 2 SEPTEMBER 2023
20 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 119
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AIR INDIA-VISTARA
MERGER GETS CCI NOD
The merger of Air India
and Vistara was
approved by the
Competition
Commission of India
(CCI) on Friday,
allowing the Tata group
to form a single,
full-service carrier. “The CCI has approved
the merger of Tata Singapore Airlines (SIA)
into Air India, and acquisition of certain
shareholdings by Singapore Airlines in Air
India subject to compliance of voluntary
commitments offered by the parties,” the
regulator posted on X. 2>
COMPANIES P2
NCLT Ahmedabad admits
Rasna to insolvency
The National Company Law Tribunal (NCLT)
of Ahmedabad on Friday admitted instant
drink mix company Rasna to insolvency on
an application filed by logistic firm Bharat
Road Carrier Private Limited over unpaid
dues of more than ~71 lakh.
ON
SATURDAY
SPECIALS
WEEKEND RUMINATIONS
At home and abroad
Pew Research tells us that the people in a
couple of dozen selected countries think well
of India but less well than in the past, and that
Narendra Modi scores only about half as well
abroad as he does at home, where his
popularity is almost off the charts.
T N NINAN writes 9>
NATIONAL INTEREST
One nation, many elections
However one describes India, a union of states
or unified federal nation, it would be tough for
the Modi govt to exercise the power it has
become used to if there are 18 or more states it
doesn’t rule. SHEKHAR GUPTA writes 9>
BACK PAGE P20
It’s time for Isro to
bask in the sun
After the success of the Chandrayaan-3, India
is all set to launch its first space mission to
study the sun — Aditya-L1 — on Saturday by
11:50 am. The Indian Space Research
Organisation (Isro) started a 23-hour,
40-minute countdown on Friday at 12:10 pm.
COMPANIES P3
Murthy, Premji to set up
family fund at GIFT City
India may soon get its first family investment
fund (FIF) when entrepreneurs N R Narayana
Murthy and Azim Premji set up one each at
GIFT City, Gujarat. Catamaran Ventures, the
family office of Murthy, and Premji Invest,
which represents similar interests of
Premji, have applied to the International
Financial Services Centres Authority to
set up India’s first FIF.
KHUSHBOO TIWARI & SHIVANI SHINDE write
ECONOMY & PUBLIC AFFAIRS P6
RBI guv: Inflation to start
moderating from Sept
The Reserve Bank of India expects inflation to
moderate from September onwards, central
bank Governor Shaktikanta Das said on
Friday, citing a fall in the prices of vegetables,
restrictions on the export of non-basmati
rice, and cut in the prices of LPG cylinders.
206 mn obsolete devices lying with households
Disposal, recycling of e-waste continue to be a major challenge
SURAJEET DAS GUPTA
New Delhi, 1 September
As many as 206 million devices — smart
phones and laptops — are lying idle with
consumer households, according to a
report and survey by the Indian Cellular
and Electronic Association (ICEA) along
with Accenture.
Based on estimates available till FY21,
the staggering numbers show that there
are serious challenges in the effective
disposal of electronic waste or waste
from electrical and electronic equipment
in the country, even as this has become a
key focus area of the government in order
to improve the environment and ensure
sustainable production.
According to the report, called
chg#
86.8 **
~4.0
P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E
Car sales zoom to new high,
signal strong festival show
Uptick in production on better chip supply, high demand for SUVs helped
DEEPAK PATEL
New Delhi, 1 September
T
he Indian auto
mobile industry
posted its highest
ever monthly
domestic passenger vehicle
(PV) sales at 360,897 units in
August, up 10.4 per cent year-
on-year (Y-o-Y). This came
ahead of festival season and
on the back of growth in the
overall economy, an uptick
in production due to a better
chip supply, and high
demand for SUVs.
The GST collection last
month, too, witnessed high
growth of 11 per cent Y-o-Y to
over ~1.59 trillion; it,
however, was less than the
~1.65 trillion mop-up in July
due to muted growth in the
collection of integrated GST
(IGST) and cess on imports.
Manufacturing activities
in the country also gained
India’s FY24 growth forecast gets upgrades
Moody’s, Morgan Stanley, Nomura cite robust economic momentum
RUCHIKA CHITRAVANSHI
New Delhi, 1 September
A day after the gross domestic product
(GDP) growth print for the June quarter
came in at a robust 7.8 per cent,
economic forecasting agencies, such
as Moody’s, Morgan Stanley, and
Nomura, raised their annual growth
forecast for India. Moody’s has raised
India’s 2023 calendar-year growth forecast
from 5.5 per cent to 6.7 per cent, given the
Reliance Retail eyes
$2.5 bn fundraise
FUNDING ROUNDS IN RRVL
Announce
date
Nov '20
Sep ‘20
Aug ‘23
Oct ‘20
Sep ‘20
Oct ‘20
Oct ‘20
Sep ‘20
Oct ‘20
# In 2 transactions
SHARLEEN D’SOUZA & REUTERS
Mumbai, 1 September
Reliance Retail Ventures Ltd (RRVL), the
retail arm of Reliance Industries, is said
to be in advanced talks with global inves-
tors to raise $2.5 billion by the end of this
month. This latest fundraising plan fol-
lows RRVL bagging $1 billion investment
in August from Qatar Investment
Authority (QIA) for a 0.99 per cent stake.
QIA valued the country’s largest retailer
at a pre-money equity valuation of
nearly ~8.28 trillion.
According to a Reuters report, based
“Pathways to a Circular Economy in the
Indian Electronics Sector”, 40 per cent of
the respondents agreed that they were
hoarding as many as four or more
devices, such as mobiles and laptops,
which have remained unused for years.
The circular economy is an alternative to
the “take, make, and dispose” linear
model, replacing it with the concept of
end-of-life with restoration and
regeneration, as well as business models
for waste elimination and maintaining
maximum value through reuse and
repair, among other things.
There are three underlying reasons
for this consumer behaviour: One, the
lack of good economic incentivisation;
two, high personal attachment to
devices as consumers are loath to part
www.business-standard.com
TAKE TWO P19 LUNCH WITH BS P20
APPLE’S ‘WONDERLUST’ HAS SET SMRITI MANDHANA TALKS ABOUT
THE RUMOUR MILL BUZZING TACKLING PRESSURE, ASIAN GAMES
Vedanta lobbied
to dilute ‘green’
norms: OCCRP
AUGUST CHEERS Firm says representations are submitted for
Domestic passenger vehicle sales
Aug GST collection govt’s consideration in national interest
of major carmakers rises 11% to ~1.59 trn
Goods and services tax (GST) collection in
August grew 11 per cent to ~1.59 trillion
AMRITHA PILLAY
Mumbai, 1 September
KEY FINDINGS
annually on account of increased > Anil Agarwal’s Vedanta sought
nAug ‘22 nAug ‘23 Growth compliance and anti-evasion Anil Agarwal-promoted Vedanta Ltd policy changes to allow mining
TOTAL (%) measures. In August 2022, collection quietly lobbied the government companies to boost production
SALES 326,980 360,897 10.4 was ~1.43 trillion. 4> for diluting key environmental without having to secure new
regulations related to the oil environmental clearances
53,830
MANUFACTURING PMI AT
49,510
and mining industries during the
45,513
47,166
> Its oil division — Cairn Oil & Gas —
37,270
3-MONTH HIGH IN AUGUST P4 >
29852
20,970 Covid-19 pandemic, the Organized
14,959
134,166
156,114
Crime and Corruption Reporting lobbied to scrap public hearings
41,85
3,823 SOWING OF PADDY RISES 4%, Project (OCCRP) alleged in a new for oil exploration projects
PULSES DOWN 8% THIS SEASON P4 > report on Friday.
Maruti Hyundai Tata M&M Toyota MG > Govt approved changes without
OCCRP’s report on Vedanta came
Suzuki Motors Kirloskar Motor a day after the US-based non-profit
public consultation through
16.4 8.7 -3.5 24.8 40.2 9.5 Markets log biggest media organisation published illegal methods
Source: OCCRP
an article on the Adani group, alle-
Y-o-Y growth (%) gain in 2 months ging that hundreds of millions of
website
Source: Companies
Benchmark indices logged their dollars were invested in publicly
biggest single-day gain in over two traded Adani stocks through
momentum in August Manufacturing Purchasing months, buoyed by encouraging Mauritius-based “opaque” invest-
as new orders and output Managers’ Index (PMI) rose economic data. The Sensex closed at ment funds by associates of the pro-
increased. to 58.6 in August, against 65,387, with a gain of 556 points. 10 > moter family. The Adani group had
The S&P Global India 57.7 in July. Turn to Page 6 > denied the allegations.
According to the latest report,
Agarwal sought policy changes to
allow mining companies to boost
production by up to 50 per cent with-
out having to secure new environ-
mental clearances.
The report claimed that Agarwal, objective of import substitution by
in a letter to then environment min- enhancing domestic production in a
robust underlying economic momentum.
“Strong services expansion and capital LOOKING UP ister Prakash Javadekar in January
2021, wrote: “Apart from immedi-
sustainable manner. In view of the
same, continuous representations are
expenditures propelled India’s 7.8 per cent real Revision of growth forecast (In %) ately boosting production and eco- submitted for consideration to the
GDP growth in the second quarter from a nomic growth, this will generate government in the best interest of
Earlier Revised
year ago. Since the second quarter out-
performance creates a high base in
huge revenue for the government
and create massive jobs.” OCCRP
national development and India's
march towards self-reliance in natu-
2023, we have lowered our 2024 growth said Agarwal also recommended ral resources,” the spokesperson said.
BofA (FY24) 6.5 6.3
forecast from 6.5 per cent to 6.1 per that the change could be made with According to Vedanta’s sustain-
Morgan Stanley (FY24) 6.2 6.4
cent. Given the robust underlying eco- a simple notification. ability report for FY23, the company
Nomura AEJ (FY24) 5.5 5.9
nomic momentum, we also recognise In a statement, a Vedanta spokes- reported nil spending under lobbying
Moody's (CY2023) 5.5 6.7
further upside risk to India’s economic growth person did not accept or refute the or interest representation in the last
performance,” the agency said. Turn to Page 6 > Source: Agencies allegations. “We operate with an four financial years. Turn to Page 6 >
OPPN TO FIGHT LS POLLS TOGETHER ‘AS FAR AS POSSIBLE’
PHOTO: PTI
Acquirer name Deal value Stake
($ mn) in %
Public Investment Fund 1291.9 2.0
Silver Lake Management LLC 1277.7 2.0
Qatar Investment Authority 1000.0 1.0
Mubadala Investment Co PJSC 852.3 1.3
KKR Group Co Inc 754.6 1.2
GIC Pte Ltd 752.0 1.2
Abu Dhabi Investment Authority 751.7 1.2
General Atlantic LP 499.5 0.8
TPG Capital LP/US 250.0 0.4
Source: Bloomberg
on three sources, the plan to raise $2.5
billion is part of a combined $3.5 billion
target the firm has set for itself. The QIA Opposition INDIA bloc leaders pose for a group photograph, in Mumbai on Friday. The group of 28 political parties
investment was part of this exercise. resolved to contest the 2024 Lok Sabha polls together “as far as possible” and conclude their seat arrangements in
RRVL was yet to respond to Business states at the earliest, possibly by 30 September, in a spirit of “give-and-take”, an admission of the inherent state-specific
Standard’s e-mail query in this connec- contradictions among its constituents FULL REPORT ON PG 7 >
tion at the time of going to press.
At Reliance Industries’ annual gen-
eral meeting held earlier this week,
Mukesh Ambani, chairman and man-
aging director of the conglomerate, told
GOVT SETS UP KOVIND COMMITTEE ON ‘ONE NATION, ONE ELECTION’
investors that several marquee global The government on Friday announced a Government sources were tight- introduced in the forthcoming special
strategic and financial investors have committee under former President Ram lipped on whether a constitutional session of Parliament from September 18
shown strong interest in Reliance Retail. Nath Kovind to explore the feasibility of amendment to pave the way for to 22, or whether it could be achieved
Turn to Page 6 > "one nation, one election". simultaneous elections would be through administrative measures. 7>
22 per cent by formal recyclers.
IDLE INVENTORY Also, 2 per cent of the devices are
used for spare parts harvesting, but this
with them because of the amount > A growing number of mobiles and could be a more extensive practice. The
of personal data that they hold; laptops well over their life cycle rest is put in landfills where it runs the
and three, the lack of awareness. lying with households risk of leaking out hazardous e-waste.
The survey indicated that two of >Nearly 40% of respondents say they The report also says roughly 60 per
five consumers did not give their have at least four or more devices cent of devices that need to be repaired
devices for recycling as they were which remain unused are serviced by the cost-effective
not even aware of the need for it. informal sector, especially in the case of
>90% of the collection of end-of-cycle
In FY21, the study points out, the out-of-warranty phones. Consumers
phones and 70% of the recycling still
total number of devices in use (mobile looking for service quality chose the
done by the informal sector
and laptops with a ratio of 15:1) was 515 formal sector, which accounts for 18 per
million, but about 75 million were >Large business potential in cent of this market. The rest of those who
added as idle inventory, pushing the circular electronics need to repair their device continue to
overall number to 206 million. Experts use the phone as it is.
say the number would have only The business potential of circular
gone up in the following years. formal bulk operators working in are collected by the informal sector from electronics is large. ICEA-Accenture says
Recycling of electronic devices takes tandem with device brands as households, and the rest is taken care of circular electronics will have a market
place mainly through two channels — part of the latter’s extended by organised companies. When it comes size of $13 billion by 2035 even if it is
informal scrap dealers who collect them producer responsibility. to actual recycling, 70 per cent is business as usual, and $20 billion as if it
from end consumers, and through As much as 90 per cent of the phones undertaken by the informal sector, and meets its total economic potential.
2 COMPANIES
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1

NCLT admits Rasna L&T to chart strategy detour CCI approves

to insolvency over
~71 lakh claim in green hydrogen journey merger of A-I
BHAVINI MISHRA
New Delhi, 1 September
Bankruptcy Code (IBC), which
allows operational creditors to
Firm to target build-own-operate opportunities, a shift from ‘asset-light’ policy and Vistara
initiate insolvency processes AMRITHA PILLAY ILLUSTRATION: BINAY SINHA AJINKYA KAWALE & DEEPAK PATEL November 2022, Tata Sons and
The National Company Law against a company. Mumbai, 1 September Mumbai, 1 September SIA had announced a plan to
Tribunal (NCLT) Ahmedabad Rasna said that in merge the two airlines.

E
on Friday admitted the insol- November 2018, it had filed a ngineering conglomerate Larsen The merger of Air India and As a part of the deal, SIA
vency application against case against Bharat Road & Toubro (L&T) will explore green Vistara was approved by the will invest ~2,059 crore in the
instant drink mix Rasna for Carrier for damages amount- hydrogen prospects in India Competition Commission of expanded share capital of Air
unpaid dues to the tune of ~ ing to ~1.25 crore at the under the asset ownership model, offi- India (CCI) on Friday, allowing India for 25.1 per cent stake.
71 lakh. Commercial Court in cials said, a detour from its policy of stay- the Tata group to form a single, Tata Sons will hold the
The application Ahmedabad. The ing asset-light. full-service carrier. remaining 74.9 per cent stake
for insolvency was Insolvency case was referred to For its entry in the green hydrogen “CCI has approved the in the combined entity.
filed by logistics application mediation. The segment, L&T has diverted from its usual merger of Tata SIA Airlines In April, Tata Sons and SIA
company Bharat was filed by logistics firm did strategy on two counts. One, it has opted into Air India, and acquisition had filed a merger application
Road Carrier Pvt logistics not appear before for an asset ownership and operatorship of certain shareholdings by with the CCI, stating that the
Ltd. It said they company the mediator and, model and second, it has decided to Singapore Airlines in Air India amalgamation of Vistara with
had transported Bharat Road hence, the media- house all its green energy interests under subject to compliance of vol- Air India will not lead to any
goods to Rasna for Carrier tion failed. a subsidiary. Company executives said, untary commitments offered change in the competitive
which they had "Notice was the JV was aimed at addressing build- by the parties,” the regulator landscape or cause any appre-
raised various invoices from issued by the Honourable ble
April 2017 to August 2018. Commercial Court upon the
own-operate prospects and the subsidi-
ary model will allow the scope for finan-
CHANGING TACK L&T moved to an asset light model
more than a decade back, after invest-
said in a statement on X.
The CCI did not say what
ciable adverse effect on com-
petition in India. The Tata
With this, a moratorium Operational Creditor on April cial partners at a later stage, if needed. n To adopt asset ownership ments under the asset ownership model kind of “voluntary commit- group is consolidating its avi-
period is in place. 30, 2019. Until the date of filing Last week, L&T formed a joint venture in different infrastructure projects, ments” have Air India and ation business and merging
and operatorship model
"The order of moratorium the reply, the Operational (JV) company named GH4India Private yielded mixed results. Vistara given. However, the four airlines into two.
shall have effect from the date Creditor has not appeared Limited, along with Indian Oil n Seeks build-own-operate In 2014, L&T, along with Tata Steel, CCI in June issued a notice to While Air India is being
of this order till the completion before the Hon’ble Corporation (IOC) and Renew, with an exited from the ownership of Dhamra Air India asking why its pro- merged with Vistara to create
opportunities
of the Corporate Insolvency Commercial Court," Rasna interest of 33.33 per cent each. port in Odisha, through a sale to Adani posed merger with Vistara a single full-service car-
Resolution Process or until alleged. Rasna said that there In its announcement, L&T said the JV n To house electrolyser Ports and SEZ. Last financial year, L&T should not be probed rier, AirAsia India is
this Adjudicating Authority are two issues against the is for the development of green hydrogen announced full exit from its road portfo- over concerns about being merged into
approves the Resolution Plan insolvency process from their and its derivatives, production assets and
business under SPV model lio joint venture L&T Infrastructure competition in the Air India Express
under sub-section (1) of side. The first is the suppres- associated renewable assets through any Development Projects (IDPL). aviation market. to create a single
Section 31 or passes an order sion of facts by Bharat Carrier model of ownership and operatorship. As a solo venture, L&T is also building On India's top low-cost airline
for liquidation of Corporate and the second is the pre-exist- L&T looks to sell green hydrogen and not erage our leadership position in the an electrolyser manufacturing facility in five busiest routes, under Air India.
Debtor under Section 33 of the ing dispute between them. just the equipment related to its man- energy sector and expertise in manufac- Hazira, Gujarat. Air India Group -- AirAsia India
IBC, 2016, as the case may be," The tribunal noted that it ufacturing. turing and EPC projects,” Shah explained. In July, L&T said its subsidiary L&T which comprises Air and Air India Express
the NCLT said. is not in dispute that the serv- Derek M Shah, senior vice president GH4India will allow the company to Energy Green Tech will act as a holding India, Vistara, AirAsia are owned by Tata Sons
The application was ices of Bharat Carrier were and head, L&T Energy – green manufac- address Build Own Operate (BOO) pro- company, for creating a focused entity India and Air India Express -- and these two carriers’ merger
admitted under Section 9 of availed by the Corporate turing and development, at L&T said: spects in green hydrogen & derivatives structure that will house multiple busi- held 38-53 per cent share in got CCI approval in June last
the Insolvency and Debtor. “L&T maintains its strategy of pursuing space, “in a manner that does not return ness portfolios of green energy, including June in terms of scheduled year. Vistara Chief Executive
an asset-light approach.” dilutive to L&T,” he said. electrolyser manufacturing. flights, according to aviation Officer Vinod Kannan had in
“We also recognise the opportunities Top executives from L&T have earlier This is a detour from L&T’s preferred analytics firm Cirium. June said the merger was on
that exist in the energy transition journey. said the three partners combined will model of creating business divisions for CCI has not issued an order track and the airline expects
IN BRIEF Green hydrogen is indeed one of the look to invest close to $3-4 billion over engineering, procurement and construc- on this matter yet. According to receive all regulatory
emerging opportunity areas for us to lev- the next three to five years. tion opportunities in different segments. to official sources, it is likely to approvals by April 2024.
issue an order after a month. Air India commanded a 9.9
Air India and Vistara did per cent market share in the
not respond to queries sent by domestic aviation market

AHEAD OF FESTIVAL Delhi HC raps Business Standard at the time

of of going to press.
whereas Vistara controlled an
8.4 per cent market share in
Go First RP for While Air India is wholly July, according to data from

SEASON, 54% CONSUMERS not allowing

owned by Tata Sons, Vistara is
a 51:49 joint venture between
Tata Sons and SIA. In
the Directorate General of Civil
Aviation. (With inputs from
Ruchika Chitravanshi)

SAY THEY PREFER aircraft access

HYBRID SHOPPING
Over 54 per cent
consumers claim that
Royal Enfield unveiled the all-new 2023 Bullet 350 on Friday. they prefer hybrid
Aimed at a global audience, it is available for bookings in shopping, which
India starting Friday. Ex-showroom prices for the motorcycle
range from ~1,73,562 to ~2,15,801 PHOTO: PTI
includes both online
and offline methods,
according to a report by
advertising technology
Optiemus ties up with Corning unicorn InMobi.
In lead-up to the
to produce smartphone glass festival season, as many
as 84 per cent of
consumers have
Smartphone manufacturing services company Optiemus Infracom increased their
on Friday announced a joint venture with Corning International shopping budgets
Corporation, the global supplier of smartphone glass, to set up compared to last year,
India’s first high-quality finished smartphone cover glass the report said, which
manufacturing facility. As a part of the joint venture, the surveyed over 1,000
companies plan to set up “a world-class manufacturing facility” Indian mobile users.
in India, powered by cutting-edge technologies and processes, "With 78 per cent of
the company said. Optiemus Infracom will subscribe to 70 per cent consumers planning to
and Corning International Corporation will subscribe to 30 per cent shop on their
of the paid-up share capital of the proposed company, subject to smartphones, mobile is
the fulfilment of conditions of the Joint Venture Agreement. Ashok the most crucial
Kumar Gupta, chairman of Optiemus Infracom Limited said the channel for brands this
facility will be operational in 2024. SOURABH LELE festival season, making
it imperative for them to
embrace a mobile-first
Infosys completes acquisition approach in their
marketing strategies.
of Danske Bank’s IT centre This approach will
enable an authentic
IT services major Infosys on Friday announced that it has connection with the
completed the acquisition of Danske Bank’s IT centre in India, Indian festive shopper
which was first announced in June this year. Danske Bank’s IT of 2023," said Vasuta
centre in India employs over 1,400 professionals. With its global Agarwal, chief business
expertise and industry-solutions, Infosys will accelerate the officer, Consumer
bank’s digital agenda by enhancing their IT operations and Advertising Platform,
capabilities, Infosys said. This will be powered by Infosys Topaz, InMobi.
an AI-first set of services, solutions and platforms, experience Aryaman Gupta
design, and services that support operations. SOURABH LELE
BHAVINI MISHRA
New Delhi, 1 September Flight tickets may
get expensive as ATF
Preferred channels of The Delhi High Court on
Friday warned that the res-
shopping olution professional (RP) of
Offline 2% Go First would be sum-
Online Budget-wise
distribution of
moned to court personally if
he does not comply with its price surges 14%
44% order to allow lessors of the
festival shoppers grounded airline to inspect AJINKYA KAWALE
Hybrid In ~/ % of consumers the aircraft. Mumbai, 1 September POCKET PINCH
54% <10,000 Justice Tara Vitasta Jet fuel prices in Delhi over
7
10,000-25,000
Ganju, while making this
observation, said some pho-
Air travel may get expensive
during the upcoming festival
the past one year
All prices in ~/KL
26 tos of the aircraft “speak for season, as the price of avia-
25,000-50,000 themselves.” tion turbine fuel (ATF) surged 112,419
33 The judge referred to 14 per cent month-on-month
Where do consumers 50,000-1,00,000
photographs submitted by a (M-o-M) to touch ~1.12 lakh 121,041
learn about offers lessor that allegedly showed per kilolitre (KL).
23 critical parts of the aircraft The ATF prices have now
lMobile search/ads >1,00,000 missing. increased to the highest level
46% 9 A lessor in the case since December 2022.
Not thought about it informed the court that they This was also the third
Brand websites/apps 1 Aug ‘23 Sept ‘23 M-o-M % chg
had still not been permitted consecutive increase in the
15% to inspect their aircraft, price of jet fuel. 98,508 112,419 14.12
Physical store
Mode used by despite the court’s orders in On a year-on-year (Y-o-Y) Source:Bloomberg
11%
consumers to July. Justice Ganju, through basis, jet fuel prices have nar-
research for festival an interim order, had rowed by 7 per cent from ~1.21 month and to an extent it
Family and friends season shopping allowed the lessors to lakh/KL during last would be a lean month till
inspect the aircraft. September. mid-October, before the holi-
7%
Television
Physical Store Desktop A division Bench of the
high court and the Supreme
“Typically, in an airline's
pricing mechanism, about 40
day season (which includes)
Diwali and other (festivals)
14% 7%
7% Court had also affirmed this
order, thus allowing the
per cent of the eventual ticket
price is attributed to the ATF
start kicking in. So, (for) the
airlines to pass on the
Newspapers, magazines lessors to inspect the air- price,” said Jagannarayan increase (in ATF prices)
6% craft. Padmanabhan, senior direc- immediately will be a
Mobile Counsel appearing for tor — consulting, CRISIL challenge. Maybe at the time
Email/newsletters from brands 79% the RP said the lessor in the Market Intelligence and of the festival season, they
4% case was “forum shopping,” Analytics. may be able to claw back
as it had also approached Analysts expect air fares some of this by a price hike
WhatsApp nudges from brands the National Company Law to go up during the upcoming in the tickets
3% Tribunal (NCLT) seeking the festival season. (then),” Padmanabhan
Source: InMobi same relief but was denied. “September is a lean added.

India’s beauty and personal care market to touch $30 billion by 2027
AKSHARA SRIVASTAVA
New Delhi, 1 September
The Indian beauty and personal
care (BPC) market has the highest
growth rate as compared to other
countries, according to a report by
Redseer Strategy in collaboration
with Peak XV, formerly Sequoia
Capital India & SEA.
The report, titled, “Beauty
Unveiled — Decoding the
Success of Pure-Play Beauty
Companies”, said that the Indian
BPC market is projected to
expand at a compounded annual
growth rate (CAGR) of 10 per cent
to reach $30 billion by 2027.
It was valued at $19 billion in
2022. In comparison, Indonesia
will grow at 8 per cent, and China
at 7 per cent.
The growth prospects of the
Indian BPC industry are further
strengthened in light of low
penetration levels.
India has per capita spends of
$14 in the BPC market, as
compared to $38 in China and
$313 in the US.
“Beauty is the industry of the
hour and provides a huge
opportunity for growth. This is
visible in the growing
sophistication in consumption.
People are moving away from
buying just cleansers and
categories like serums and
sunscreens have picked pace.
Customers are now buying varied
products at an increased
frequency,” said Anchit Nayar,
executive director and chief
executive officer, Nykaa Beauty,
who was present at the report's
launch. Meanwhile, online is a
significant channel for BPC in
India and is projected to become
a $10 billion market by 2027,
accounting for roughly 33 per
cent of the market then.
The report pointed out that
pure-play brands, which are
focused solely on BPC, have
disrupted the market by
targeting specific use-cases,
leading to higher growth rates,
gross margins, and profitability
compared to FMCG-led BPC
players.
“From acne management to
anti-ageing solutions,
specialised use cases are where
we’re seeing a lot of the action.
Brands are spending a significant
portion of their resources and
organisation bandwidth on new
product development, R&D, and
customer insights to drive more
efficacious products to a targeted
audience,” said Sakshi Chopra,
MD, Peak XV.
Pure-play BPC players are
performing well in terms of
growth and margins, and
therefore, are valued better. In
2022, the average gross margin
for major pure-play BPC
GLOW UP
Indian BPC market by 2027
$30 bn: Market size
$10 bn: Online market size
150 mn+: Online BPC users
Average revenue growth (2022-27)
15%: Pure-play brands
7%: FMCG-led brands
Source: Redseer Strategy report
companies globally was
significantly higher at 72 per cent
than that of FMCG-led BPC
companies (44 per cent), the
report says.
This trend is visible in India
too as pure-play brands have
gained significance in the BPC
market over the years. From 30
per cent share in the market in
2017, they have grown at a CAGR
of 9 per cent to have 33 per cent
share in 2022. These pure-play
brands are now expected to grow
at a CAGR of 15 per cent to
achieve 42 per cent market share
by 2027. “The BPC landscape's
transformation has also birthed a
slew of innovative brands like
L'Oréal, Nykaa, Honasa (owner of
brands like Mamaearth, The
Derma Co and Dr Sheth’s), and
Pure Play Skin Sciences with
niche offerings. These players,
wholly dedicated to BPC, are
more agile in responding to
evolving consumer needs,
positioning themselves as
leaders in this dynamic market,”
the report added.
A slew of new retailers also
points towards intensifying
competition in the BPC market.
Apart from Nykaa and Sephora,
two new retailers entered the
market earlier this year: Tata-
backed Cliq Palette in early
August and Reliance-backed Tira
in April. Going forward, the
Indian BPC market will
constitute 5 per cent of the global
opportunity of $660 billion by
2027, the report said.
“The BPC market has been on
a resilient path in the face of
global disruptions brought about
by the pandemic-induced
lockdowns. Industry was affected
marginally while the broader
economies were more severely
affected. This underlines BPC’s
role as a fundamental human
need,” it added.

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
Editor : Shailesh Dobhal RNI NO. 57376/1994 Readers should write their feedback at feedback@bsmail.in Ph. 011-23720202, Fax :+91-11-23720201
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.
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 COMPANIES 3 <

Murthy, Premji Eveready plans to double revenue Jupiter Hospital announces IPO
to set up family
Eveready Industries India will launch a new cat- Company early in 2022 for strategy and improv- Jupiter Life Line, a multi-specialty hospital September 6th to September 8th while anchor
egory in the next financial year, as it works to ing operations. Bain is helping in the exercise chain with approximately 1,000 beds, is aiming investors will be able to bid on September 5.
double revenue, said a senior executive of the for the new category, said Saha. to secure ~869.08 crore (at the upper price band) The OFS (offer for sale) consists of up to 44.5
country’s largest dry cell battery maker. It would be the fourth category for Eveready to eliminate its debt. lakhs equity shares by promoters Devang

fund at GIFT City It could be an adjacency or a new product

under the Eveready brand and a final decision
is expected by the end of this financial year.
after batteries, flashlights and lighting. The
company is the leader in the battery market
with a share of 53.4 per cent. In the battery-
“We are currently working on that exercise; it’s operated flashlight market it has a share of 55
on the drawing board,” said Suvamoy Saha, per cent. The company has identified lighting
managing director of Eveready. The company as a growth driver and is just about taking off in
partnered with consulting firm Bain & the category. ISHITA AYAN DUTT
The company has achieved a successful
fundraise of ~123 crore through a pre-IPO place-
ment, with the sale of nearly 16.7 lakh shares at
a price of ~735 per share. As a result, the size of
the fresh issue has been reduced from ~615 crore
to ~542 crore.
The issue will open for subscription from
Vasantlal Gandhi (HUF), Devang Gandhi with
Neeta Gandhi, with other selling shareholders.
The company has disclosed that approx-
imately ~500 crore from the public offering will
be allocated towards debt repayment, while the
remaining funds will be utilised for general cor-
porate purposes. BS REPORTER

PHDCCI
4.
NARAYANA MURTHY

KHUSHBOO TIWARI &

SHIVANI SHINDE
Mumbai, 1 September
AZIM PREMJI

chief
SuperNAV.
growth officer,

Experts said the relaxations

INDUSTR SUMMIT
would help family offices save TechCrafting the Future:

I
ndia may soon get its first on their individual liberalised
family investment fund remittance scheme (LRS) Redening Manufacturing with New Age Solutions
(FIF) when two of the limit. The scheme is the indi-
country’s most successful vidual global remittance limit Wednesday, 6th September, 2023 | PHD House, New Delhi
entrepreneurs, N R Narayana of $250,000 allowed by the
Murthy and Azim Premji, set Reserve Bank of India (RBI).
up one each at GIFT City, “This will be comparatively
Gujarat. cost-effective rather than set-
Catamaran Ventures, the ting up a subsidiary abroad to
family office of Murthy, and invest. The FIF can retain the
CHIEF GUEST
Premji Invest, which repre- LRS limit and use it for any
sents similar interests of other purpose as allowed Shri Nagendra Nath Sinha
Premji, have applied to the under the law,” she added.
International Financial To make things simpler, Secretary, Ministry of Steel,
Services Centres Authority the following have been Government of India
(IFSCA) to set up India’s first included within the ambit of
FIF. “single family”: Sole proprie-
The IFSCA (Fund torships, partnership firms,
Management) companies, lim-
Regulations, 2022, Earlier, IFSCA ited liability part- SPEAKERS
have a framework to made some nerships, trusts or
facilitate self-man- clarification on body corporates Mr. Abhinav Jain Mr. Nitin Jain Prof. Antarpreet Singh
aged investment making FIFs in which individ- CEO & Co-Founder, Co-Founder, Ofbusiness Professor of Practice (OB & HR) &
funds of family attractive. uals of a single Almonds Ai Head – Centre for Digital Innovation
offices. Experts said the family with over FORE School of Management
An email sent to relaxations would 90 per cent share-
Catamaran help family holding have also Prof Rajiv Kumar Upadhyay Mr. Umesh Madhyan Mr. Saugat Mohapatra
Ventures and Premji offices save on been included in Director, Hindustan College Vice President- Logistics, CEO - Barrel Scope
Invest did not elicit their LRS limit the definition of of Science & Technology Hindustan Coca-Cola Solutions Pvt Ltd
any response. “single family”. Beverages Pvt Ltd
However, a source close to the The definition has been
For Registration
development said the applica- broadened because only “a
tions were in the regulatory single family” can invest in an Ms Sharmila Das Mr. Sanjay Sharma
stage. FIF set up in the IFSC. Cognitive & CEO, Skill Council
Earlier this year, the IFSCA “By expanding the defini- AI Consultant, IBM for Mining Sector
made some clarification on tion of a ‘single family’ to
making an FIF attractive. include entities, allowing non-
According to an Inc42 report, family members to contribute
India has around 300 family for the sole purpose of allocat-
KEY CONTACTS FOR PARTICIPATION AND PARTNERSHIP
offices. “While earlier there ing economic interests, and
were challenges in accessing setting up of additional invest- Dr. Jatinder Singh, Ms. Swati Kumar, Mr. Lakshay Verma,
Assistant Secretary General - PHDCCI, Sr. Secretary - PHDCCI Assistant Secretary - PHDCCI
the global market, an FIF in ment vehicles, IFSCA is mak- (E) lakshay.verma@phdcci.in | (M) 9711844350
(E) jatinder@phdcci.in (E) swati.kumar@phdcci.in | (M) 9810116668
GIFT City will help family ing FIFs more inclusive, trans-
offices invest up to 50 per cent parent, and attractive to a
of their net worth through this broader spectrum of inves-
vehicle. “Setting up an FIF tors,” said Dibya Behera,
there has come out as a very member, investment funds
clean and relaxed framework,” practice, Nishith Desai
said Neha Malviya Kulkarni, Associates.

Refex Industries Limited

Registered Office: Ground Floor, Bascon Futura IT Park, New No. 10/2, Old No. 56L,
Venkat Narayana Road, T Nagar Chennai – 600 017, Tamil Nadu
Phone No.: +91-44-43405900/950, Website: www.refex.co.in, Email ID: investor.relations@refex.co.in
CIN: L45200TN2002PLC049601
NOTICE OF 21ST ANNUAL GENERAL MEETING (AGM),
E-VOTING, REMOTE E- VOTING AND BOOK CLOSURE
NOTICE is hereby given that:
1. The 21st Annual General Meeting (AGM) of Refex Industries Limited (“the Company”) is scheduled to be held on Tuesday,
September 26, 2023 at 11:30 a.m. (IST) through Video Conferencing ('VC') / Other Audio Visual Means ('OAVM') facility, to
transact the Ordinary and Special Business, as set out in the Notice dated August 03, 2023 convening the 21st AGM, in due
compliance with the applicable provisions of the Companies Act, 2013 (“Act”), the Rules made thereunder and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) read with the General Circular No.10/2022
dated December 28, 2022, Circular No. 02/2022 dated May 05, 2022, Circular No. 19/2021 dated December 08, 2021, Circular
No. 21/2021 dated December 14, 2021, Circular No. 02/2021 dated January 13, 2021, Circular No. 20/2020 dated May 05, 2020,
Circular No. 14/2020 dated April 8, 2020 and Circular No. 17/2020 dated April 13, 2020 (hereinafter collectively referred to as the
(“MCA Circulars”) and the Securities and Exchange Board of India (“SEBI”) vide Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4
dated January 5, 2023, SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11
dated January 15, 2021 and Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 (hereinafter collectively referred
to as the “SEBI Circulars”).
2. In compliance of the provisions of Sections 101 and 136 of the Act read with Rule 18 of the Companies (Management and
Administration) Rules, 2014 as amended, the Notice setting out the business to be transacted at the AGM along with the Statement
and the Annual Report of the Company for the Financial Year 2022-23 have been sent through electronic mode only to the members
whose e-mail IDs are registered with the Depositories/ the Depository Participants/ the Company/ the RTA, whose names appear in
the Company’s Register of Members / Beneficial Owners maintained by the Depositories, as on Friday, August 25, 2023. The Annual
Report including the Notice of AGM are also available on the Company’s website www.refex.co.in, website of the stock exchanges
i.e. the BSE Limited at www.bseindia.com and the National Stock Exchange of India Limited at www.nseindia.com and also on the
website of CDSL at www.evotingindia.com.
3. The Dispatch of Notice of AGM through e-mails has been completed on Saturday, September 02, 2023.
Remote Voting Through Electronic Mode (“Remote e-Voting”) and E-Voting during AGM
Pursuant to Section 108 of the Act read with Rule 20 of the Companies (Management & Administration) Rules, 2014, as amended
and Regulation 44 of the SEBI Listing Regulations and the Secretarial Standard on General Meetings (SS-2), Members holding shares
either in physical form or dematerialized form, are provided with the facility to cast their vote on all the resolutions set forth in Notice
of AGM using electronic voting system from a place other than the venue of AGM ("Remote e-Voting"), provided by the Central
Depository Services (India) Limited (CDSL). All the Members are informed that:
i) The Business as set forth in the Notice of AGM may be transacted through voting by electronic means;
ii) The remote e-Voting shall commence on Friday, September 22, 2023 (09:00 a.m. IST);
iii) The remote e-Voting shall end on Monday, September 25, 2023 (05:00 p.m. IST) and shall not be allowed beyond this time;
iv) The Cut-off date for determining the eligibility to vote by electronic means and / or e-Voting during AGM is Tuesday, September
19, 2023. The voting rights of the member shall be in proportion with the paid-up value of their shares in the equity share capital
of the Company as on Cut-off date i.e., Tuesday, September 19, 2023.
v) Any person, who becomes the member of the Company after dispatch of the Notice of the AGM and holding shares
as on the Cut-off date i.e., Tuesday, September 19, 2023 may obtain the user ID and Password by sending a request at
helpdesk.evoting@cdslindia.com or to the RTA at Cameo Corporate Services Limited (Unit: Refex Industries Limited) at
investor@cameoindia.com, by mentioning their folio No./DP ID and Client ID. However, if a member is already registered with
CDSL for remote e-Voting/ e-Voting, the member can use the existing user ID and Password for casting his/her vote through
remote e-Voting/ e-Voting during AGM;
vi) The Members may note that:
a) once the vote on a resolution is cast by the member, the member shall not be allowed to change it subsequently;
b) the facility for e-Voting on CDSL platform shall also be available at the AGM The Members may kindly refer to the detailed
guidelines given in the Notes to the AGM notice for e-voting and joining the AGM through VC/OAVM.;
c) the members who have exercised their vote by remote e-Voting may also attend the AGM but shall not be entitled to cast their
vote again;
d) a person whose name is recorded in the register of members or in the register of beneficial owners maintained by the
depositories as on the Cut-off date, only, shall be entitled to avail facility of remote e-Voting as well as e-Voting at the AGM;
e) a person who is not a member as on the Cut-off date should treat this Notice for information purpose only.
vii) The detailed procedure and instructions for remote e-Voting / e-Voting are provided in the Notice of the -AGM and e-mail sent to
each shareholder.
viii) In case of any queries or grievances connected with facility for remote e-Voting/ e-Voting, members may call on Toll free no.:
1800 22 55 33 or contact helpdesk.evoting@cdslindia.com.
ix) Mr. R Muthu Krishnan [FCS – 6775 & COP No. 3033], Practicing Company Secretary, has been appointed as the Scrutinizer by
the Board of Directors of the Company, to scrutinize the entire remote e-Voting process and e-Voting during AGM, in a fair and
transparent manner.
x) Pursuant to the provisions of the Act, a member entitled to attend and vote at AGM is entitled to appoint a proxy to attend and
vote on his / her behalf and the proxy need not be a member of the Company. Since, this AGM is being held pursuant to the MCA
Circulars and the SEBI Circulars through VC / OAVM, the requirement of physical attendance of members has been dispensed
with. Accordingly, in terms of the MCA Circulars and the SEBI Circulars, the facility for appointment of proxies by the members
will not be available for this AGM and hence the proxy form, attendance slip and route map of AGM are not annexed to the
Notice. However, corporate members intending to appoint their authorized representatives pursuant to Section 112 and 113 of
the Act, as the case may be, to attend the AGM through VC / OAVM or to vote through remote e-Voting / e-Voting during AGM,
are requested to send a certified true copy of the board resolution to the Scrutinizer by e-mail at rmk64@hotmail.com with a
copy marked to the Company at investor.relations@refex.co.in.
xi) Voting Results
The voting results along with the Consolidated Report of the Scrutinizer shall be placed on the Company’s website at www.refex.co.in,
CDSL’s website at www.evotingindia.com and also on the web-site of Stock Exchanges, viz., the National Stock Exchange of India Limited
(NSE) at www.nseindia.com and the BSE Limited (BSE) at www.bseindia.com, within 2 working days of the conclusion of the meeting,
after declaration of the voting results by the Chairman or a person authorized by him in writing. Subject to receipt of requisite number of
votes, the Resolutions shall be deemed to be passed on the date of the 21st Annual General Meeting i.e., September 26, 2023.
Book Closure:
Notice is also hereby given that pursuant to Section 91 of the Companies Act, 2013 read with Rule 10 of the Companies (Management
and Administration) Rules, 2014 and Regulation 42 of the SEBI Listing Regulations, the Registers of Members and Share Transfer
Books of the Company shall remain closed from Friday, September 15, 2023 to Tuesday, September 26, 2023 (both days inclusive)
for the purpose of Dividend and AGM.
The Board of Directors at their meeting held on May 18, 2023 have recommended a final dividend of Rs. 2/- per Equity Share of Face Value
of Rs. 10/- each-. The record date for the purpose of final dividend for FY 2022-23 is Thursday, the September 14, 2023. The Dividend if
approved by the Members, will be paid within 30 days from the conclusion of the AGM.
For Refex Industries Limited
Place: Chennai (G Divya)
Dated: September 02, 2023 Company Secretary & Compliance Officer
(ACS-37320)
4 ECONOMY & PUBLIC AFFAIRS
>
GST collection increases 11% to
~1.59 trn on better compliance
Mop-up for Centre, states and revenue from IGST moderated compared to previous month
BS REPORTER
New Delhi, 1 September
G
oods and services tax (GST)
collection in August grew 11
per cent to ~1.59 trillion
annually on account of
increased compliance and anti-eva-
sion measures.
In August 2022, collection was ~1.43
trillion.
However, during the month, the tax
collected by the Centre (CGST) and the
states (SGST), and the revenue from
imports and inter-state sales moder-
ated over the previous month.
In July, GST collection stood at
~1.65 trillion.
Economists attributed the modera-
tion in collection to muted growth in
integrated GST (IGST) and the cess on
imports, up merely 3 per cent in August.
However, in June and July, imports
fell annually. Collection from IGST on
imports had fallen in April too, but
Manufacturing PMI at 3-mth high in Aug
SHIVA RAJORA
New Delhi, 1 September
Indian manufacturing con-
tinued its strong growth
momentum in the second
quarter amid buoyant
demand in domestic and
international markets, as the
Purchasing Managers' Index
(PMI) for the sector rose to a
three-month high of 58.6 in
August from 57.7 in July,
according to a private survey
released on Friday.
The August figure marked
26 months of the index
remaining above the 50-mark,
separating expansion from
contraction. A survey print
above 50 indicates manufac-
turing expansion and below it
marks contraction.
“[The survey] showed a
robust improvement in man-
ufacturing sector conditions
across India, as new orders
and output increased at the
quickest rates in nearly three
years during August. Firms
geared up to handle rising
demand by scaling up buying
levels and rebuilding their
AUM of NPS,
APY crosses
~10 trn, says
PFRDA chief
NPS CORPUS
Assets under management (~ trillion)
5.78 7.36
4.17
2019-20 2020-21 2021-22
*As on 25 August; Source: PFRDA
NIKESH SINGH
New Delhi, 1 September
The assets under manage-
ment (AUM) of NPS and Atal
Pension Yojana (APY) has
crossed a milestone of Rs 10
trillion on August 23, PFRDA
Chairman Deepak Mohanty
said on Friday.
Mohanty expressed confi-
dence that NPS AUM would
be anywhere close to 12 tril-
lion by the end of 2023-24.
NPS AUM has doubled to Rs
10 trillion from Rs 5 lakh crore
in just two years and ten
months.
Out of the total AUM, NPS
had the corpus of Rs 9.65 tril-
lion while APY and NPS Lite
corpus stood at Rs 30,051
crore and Rs 5,157 respectively
at the end of August 25.
Pension fund regulator
PFRDA plans to come out
with a systematic withdrawal
plan which will provide flex-
THE TRAJECTORY
In ~ trillion 1.87
1.67
Source: Finance Ministry
recovered in May.
“The headline GST numbers are
marginally lower than our estimates,
dampened by imports. However, over-
all collection so far this financial year
remains robust,” said Aditi Nayar,
chief economist, ICRA.
The government expects average
monthly GST collection to be ~1.6-1.65
trillion this financial year.
Experts are expecting the momen-
tum to continue but are not ruling out
Note: A survey print above 50 indicates manufacturing expansion and below it marks contraction
input stocks at the second-
strongest pace in 18-and-a-
half years of data collection,”
said the survey by the global
credit rating agency S&P
global. The survey said that
the demand strength, along
with the competitive pricing
and advertising, was pivotal to
August's performance, spur-
ring the fastest upturn in new
orders since January 2021.
“International sales added
to manufacturers' total order
books. Not only did new
export orders increase for the
seventeenth month running
PFRDA AUM
SECTOR-WISE
Assets under
management (~ trillion)
9.65 0.05
NPS NPS Lite
0.30
Atal Pension Yojana
10.01
8.98
2022-23 2023-24*
ibility to pension account
holders to withdraw a lump
sum fund as per their choice
on completion of 60 years.
"It is at a very advanced
stage. Hopefully, it should
implemented from October or
November," Mohanty said.
Currently, National
Pension Scheme (NPS) sub-
scribers after turning 60 years
withdraw up to 60 per cent of
the retirement corpus as a
lump sum while the remain-
ing 40 per cent of the corpus
mandatorily goes into buying
an annuity.
However, a systematic
withdrawal plan will allow
NPS subscribers to opt for
periodic withdrawal - either
monthly, quarterly, half-
yearly, or annually - till the
age of 75 years.
PFRDA increased the
entry age up to 70 and the exit
age to 75 keeping in view lon-
gevity.
1.59
certain inhibiting factors.
“The steady increase in revenue
not only reflects resurgence in con-
sumer demand but also underscores
the government’s efforts to boost cap-
ital expenditure, which, in turn, is
encouraging private investment.
Nonetheless, it’s worth noting that
growth prospects may be tempered
by factors such as a weak monsoon,
elevated inflation, and higher interest
rates,” said Saurabh Agarwal, tax
THE TREND
Manufacturing
ManufacturingPMI
PMI
halfway through the second
fiscal quarter, but also to the
greatest extent since
November 2022. Panel
members reported having
secured new work from
clients in Bangladesh, China,
Malaysia, Singapore, Taiwan
and the US," it noted.
Pollyanna De Lima, eco-
nomics associate director,
S&P Global Market
Intelligence, said the PMI
numbers painted a vibrant
picture of Indian manufactur-
ing in August as robust and
accelerated increases in new
Sowing of paddy rises 4%, Investments via P-notes rise to
pulses falls 8% this season ~1.23 trn, highest since Dec 2017
SANJEEB MUKHERJEE
New Delhi, 1 September
Sowing of kharif crops almost ended
with paddy acreage standing at around
3.73 per cent more than the same
period last year, while area under puls-
es was down 8.53 per cent during the
week ended September 1.
All eyes are now on how the rains
will fare in the coming weeks as most
standing crops in big states like
Maharashtra, Madhya Pradesh,
Rajasthan, Telangana and Karnataka
are facing moisture stress.
The stress is due to record deficit
in August rains, which cumulatively
was the lowest since 1901.
The Met department, in its
September 2023 forecast issued earlier
during the week, said that rains during
the month could be normal at 91-109
per cent of the long period average
(LPA). The LPA for September is 167.9
mm. It is around 19 per cent of the total
seasonal rainfall.
Overall, the total kharif acreage was
around 108 million hectares, which
was nearly the same as the area cov-
ered last year.
Meanwhile, a crop-wise projection
by Bank of Baroda said that a pick up
in rice sowing has ensured that the out-
put may improve marginally this year.
MGNREGS demand rises 20% on low August rains
SANJEEB MUKHERJEE
New Delhi, 1 September
Around 19.16 million households
sought work under the flagship
Mahatma Gandhi National Rural
Employment Guarantee Scheme
(MGNREGS) in August 2023.
This is 20 per cent more com-
pared to the same month last year
as monsoon saw a prolonged break
in August 2023 and this added to
the existing weakness in the rural
job market, said experts.
Though, sequentially, August
work demand is the lowest since
April 2023. However, the number of
households that demanded work
under the scheme is the highest for
August since 2014-15. This does not
include the financial years of 2020-
21 and 2021-22 during Covid when
work demand for August was
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1
partner, EY.
After the settlement of taxes for
inter-state sales, the Centre collected
~65,909 crore, while the states gar-
nered ~67,202 crore, the ministry said.
Notably, April had seen the highest
ever GST collection at ~1.87 trillion, fol-
lowed by the second highest in July.
“The revenues for the month of
August 2023 are 11 per cent higher than
the GST revenues in the same month
last year. During the month, revenue
from import of goods was 3 per cent
higher and the revenues from domes-
RAILWAY FREIGHT ON FAST TRACK
tic transactions (including import of The transport network needs reforms and upgrades to compete in logistics
services) are 14 per cent higher than
the revenues from these sources dur-
ing the same month last year,” the
ASHLI VARGHESE
New Delhi, 1 September
Coal powers record goods transport
finance ministry said in a statement Million net tonne kilometre (NTKm)
on Friday while releasing the provi- Before the Indian Railways,
sional data. caravans of pack bullocks
Major states such as Uttar Pradesh, carried goods to places like
Maharashtra, Gujarat, and Tamil Nadu the Deccan, where “neither
reported double-digit annual growth navigable rivers nor wheeled
rates in GST collection. traffic could penetrate far
into the interior”.
The caravans, managed
by the semi-nomadic Banjara
community, connected the
country and ensured goods
traffic between regions, says
raw materials and semi-fin- Tirthankar Roy in The
ished items in August along
with hiring a combination of
Economic History of India:
1857-2010.
permanent and temporary The book notes that until Note: Shows revenue-earning freight traffic of major commodities. The unit
for freight traffic is NTKm, which represents one tonne of freight carried over
staff on both part- and full- the Railways began its one kilometre Source: CMIE
time basis. dominance, bulk
"Overall employment rose commodities travelled on
at the slowest pace in four the Ganga and the Indus and Eastern domination Zonal share of freight (%)
months, but one that was coast-to-coast shipping was
above the series trend," the used as well.
survey noted More recently, the
“The presence of stronger Railways has made all-time
cost inflationary pressures high investments of more
serves as a reminder of the than a trillion rupees in the
Source: S&P global
challenges inherent in man- first four months of 2022-23
aging growth. Firms even as freight transport
orders and production in the addressed rising input prices reaches record numbers.
sector is set to provide a by lifting selling charges. The April-July 2023 freight
strong contribution to second However, the need to main- figure was 25 per cent higher
quarter (fiscal) economic tain competitiveness helped than the same period in 2019.
growth. restrict charge inflation," said Annual figures for 2021-22
Source: Ministry of Railways, Business Standard calculations
"Companies' strategic De Lima. The growth in man- show that freight trains
focus towards a global orien- ufacturing PMI comes a day travelled 481 million
tation was evident via a sharp after the government data kilometre that year, nearly Dropping share of overall logistics pie
and quicker expansion in showed that the output of double from the time of Railways’ share of logistics (%)
international sales. Export- eight key infrastructure sec- economic liberalisation in
centric tactics should help tors — the core sector — had the nineties. The quantity of
28 27 26
ensure that production marginally slowed to 8 per goods carried is at a record 85 60
remains on an upward path in cent in July from 8.3 per cent high too, though a few
the coming months," she said. in June, with positive growth commodities dominate the 1951 1991 2011-12 2015-16 2021-22
To keep production lines recorded in all the eight sec- traffic. Source: Ministry of Railways (Report of the Committee on Mission 3000 MT)
running smoothly, manufac- tors during the month for the
turers purchased additional first time after May 2022.
IN THE FIELDS PRESS TRUST OF INDIA securities. P-notes are issued by February-end and ~91,469 crore in
Sowing of kharif crops as on
September 1 (in million hectares)
New Delhi, 1 September
Investment in the Indian capital
markets through participatory
registered Foreign Portfolio
Investors (FPIs) to overseas inves-
tors who wish to be part of the
Indian stock market without reg-
January-end. The growth in P-
notes generally aligns with the
trend in FPI flows. When there is
a global risk to the environment,
Crop 2022 2023 % change notes P(-notes) rose close to istering themselves directly. investment through this route
Rice 38.37 39.8 3.73 a six-year high at ~1.23 tril- They, however, need to increases, and vice-versa.
lion in July-end, making go through a due-dili- Market analysts said one of the
Pulses 13.01 11.9 -8.53 it the fifth consecutive gence process. prime factors for the growth in P-
Coarse monthly increase, on the According to Sebi notes investments is the stable
Cereals
17.91 18.1 1.06 back of stable macroeco-
nomic fundamentals. The
data, the value of P-note
investments in Indian mar-
Indian economy amid an uncer-
tain global macro backdrop.
Oilseeds 19.19 19.01 -0.94 amount has reached the high- kets —equity, debt, and hybrid Of the total ~1.22 trillion
Sugarcane 5.53 5.99 8.32 est level since December 2017 — securities —stood at ~1,22,805 invested through this route till
Jute 0.69 0.65 -5.80 when investment through the crore at the end of July as com- July, ~1.13 trillon was invested in
route stood at ~1.25 trillion, data pared to 1,13,291 a month earlier. equities, ~9,531 crore in debt and
Cotton 12.56 12.29 -2.15 with the Securities and Exchange In comparison, investment ~299 crore in hybrid securities.In
Total* 107.32 107.78 0.43 Board of India (Sebi) showed. through the route was ~1,04,585 addition, assets under custody of
The latest data includes the crore in May-end, ~95,911 crore in the FPIs grew to ~57.53 trillion in
*Total might not match as it is only of broad
categories like pulses, coarse cereals
value of P-note investments in April-end, ~88,600 crore in July-end from ~55.63 trillion in
Source: Ministry of Agriculture Indian equity, debt, and hybrid March-end, ~88,398 crore in the preceding month.
But, production of pulses is esti-
mated to fall as it looks unlikely that Rupee settles just 7 paise higher as OMCs buy dollars
the sowing area will change signifi-
cantly. Production of oilseeds and sug- ANJALI KUMARI per US dollar as against the pre- claims were at 228,000, lower than
arcane, the report said, will only be Mumbai, 1 September vious day’s close of 82.79 per US the market expectations of
slightly higher than last year. dollar due to a fall in the Dollar 236,000. However, the rupee
It said that swift supply-side inter- The rupee gave up some early gains index, dealers said. gave up early gains as oil com-
ventions from the government have to settle seven paise higher at 82.72 The Dollar index fell after the panies bought dollars in the
helped in keeping price pressures from per US dollar on Friday after a US core PCE Price index came domestic market after Brent crude
spiraling, but risks remain from de- choppy trade. The local currency along the expected lines of 0.2 per oil rose to $87 per barrel in inter-
anchoring inflation expectations. opened 21 paise stronger at 82.57 cent, and the unemployment national markets.
Households demanding work under cent were not under ABPS.
FROM THE COUNTRYSIDE MGNREGS every year (In million) The central government, in a
2014-15 2015-16 2016-17 2017-18 statement issued on August 30,
2019-20 2020-21 2021-22 2022-23 had said that the deadline for man-
2018-19
2023-24 datory MGNREGS payment
18.66 20.55
20.27 26.18 through ABPS has been extended
17.75 24.06 19.16* 24.05 to December 2023 or till further
26.23
orders. It also added that states
16.82 19.64 22.57 have been instructed that benefici-
aries who come to work will be
15.3 17.4 22.57
required to furnish their Aadhaar
11.51 13.53 21.05 13.41 20.74 cards. However, they won’t be
denied work for not having an
Aadhaar card.
*Provisional; Source: MGNREGA
Meanwhile, civil society groups
and activists said that the weak
higher. In the financial year 2023- despite activists alleging that In states like West Bengal, the monsoon is a reason for the jump
24, month-wise MGNREGS work millions of workers across the coun- scheme has virtually stopped. in MGNREGS work demand in
demand has been consistently try were reluctant to turn up at Data shows that till August 31, August. However, it is also reflective
higher than all previous years so far worksites. This was due to diffi- 2023, (the last date for enrolling of the overall weakness in the rural
(since April 2023) except for the culties in getting payment through under the ABPS system), out of the job market as MGNREGS is consid-
Covid years. the Aadhaar-based Payment estimated 143 million active ered the last employment resort for
The work demand has come System (ABPS). MGNREGS workers, around 17 per the rural poor.
.
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 5
<

FRESHTROP FRUITS LIMITED

CIN: L15400GJ1992PLC018365
Reg. Office: A 603, Shapath IV, S. G. Road, Ahmedabad – 380015
Tel: 079 40307050-59, Website: www.freshtrop.com, Email: info@freshtrop.com
NOTICE OF THE 31ST ANNUAL GENERAL MEETING E-VOTING INFORMATION AND BOOK CLOSURE
Notice is hereby given that :
1. The 31st Annual General Meeting (“AGM”) of the Members of Freshtrop Fruits Limited will be held on Thursday,
at 28th September 2023 at 4.00 PM (IST) through video Conference (“VC”) / Other Audio Visual Means
(“OVAM”) to transact the business as set out in the notice in compliance with the applicable provisions of the
Companies Act,2013 (“the Act”) read with General Circular No. 20/2020 dated May 5, 2020 read with General
Circular No. 14/2020 dated April 8, 2020,17/2020 dated April 13, 2020, 02/2021 dated January 13, 2021,
21/2021 dated December 14, 2021, 2/2022 dated May 5, 2022, 10/2022 dated December 28, 2022
(collectively referred to as “MCA Circulars”) and Securities and Exchange Board of India (‘SEBI’) vide its
Circular Nos. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020, SEBI/HO/CFD/CMD2/CIR/P/2021/
11 dated 15th January,, 2021, SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 and SEBI/HO/CFD/
PoD-2/P/CIR/2023/4 dated 5th January, 2023 (collectively referred to as “SEBI Circulars”),to transact the
Ordinary and/or Special Business as set out in the Notice of AGM. Accordingly, in Compliance with aforesaid
circulars, the Company is convening the 31st AGM through VC/OAVM, without the physical presence of the
members at a Common venue.
2. The Notice of the 31st AGM along with Annual Report for the year ended 31st March 2023is being sent to all
those Members, whose email addresses are registered with the Company / Registrar and share transfer
agent and Depository participants. The requirement of sending physical copies of the Notice of the AGM has
been dispensed with vide MCA circulars for General Meetings and SEBI Circular for General Meetings. Any
member who wish to obtain hard copy of Annual Report may write to the Company for the same.
3. Members holding shares either in physical form or dematerialised form, as on cut-off date i.e. 21st September,
2023, can cast their votes electronically on all the businesses set forth in the Notice of the AGM, through
electronic voting system provided by National Securities Depository Limited ('NSDL). Members are requested
to refer to the procedure for registration of email id as provided in the notes to the Notice of the AGM.
4. The details pursuant to the provisions of the Companies Act, 2013 and the Rules are given hereunder:
i. Cut-off date for the purpose of remote e-voting: 21st September, 2023
ii. Date and time of commencement of remote e-voting: 25th September, 2023 at 9.00 a.m.(IST).
iii. Date and time of end of remote e-voting: 27th September, 2023 at 5.00 p.m. (IST).
iv. Remote e-voting shall not be allowed beyond the said time and date.
v. Any person, who acquires shares of the Company after dispatch of the Notice convening the AGM and
holding shares as of the cut-off date i.e. 21st September, 2023, may obtain login ID and password by
sending an email to evoting@nsdl.co.in. However, if a person is already registered with NSDL for remote
e-voting, then existing user ID and password can be used for casting vote.
vi. Members may note that:
a) The remote e-voting module shall be disabled by NSDL after 5:00 PM.(IST) on 27th September, 2023
and once the vote on a resolution is cast by the member, the member shall not be allowed to change it
subsequently; b) The facility for voting by electronic means shall be available during the AGM ("e-voting');
c) The members who cast their vote by remote e-voting prior to the AGM may attend the AGM but shall not
be entitled to cast their vote again; and d) A person whose name is recorded in the register of members or in
the register of beneficial owners maintained by the depositories as on the cut-off date shall only be entitled
to avail the facility of remote e-voting and e-voting at the AGM.
vii. The Notice and the Annual Report Will also be made available on the Company's website at www.freshtrop.
com and on the websites of the Stock Exchange i.e. BSE Limited at www.bseindia.com and on the website
of National Securities Depository Services (India) Limited at www.evoting.nsdl.com.
viii. Members who need assistance for e-voting before or during the AGM, can contact Ms. Pallavi Mhatre on
022-488670001022-24957000 or send a request at evoting@nsdl.co.in.
5. Notice is hereby given pursuant to section 91 of the Companies Act 2013 (“the Act”) and regulation 42 of the
SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015, the Registrar of Members and share
transfer book of the Company will remain closed from 21st September, 2023 to 28th September, 2023 (both
days inclusive) for taking record of the members of the Company for the purpose of AGM.
By order of the Board
FOR FRESHTROP FRUITS LIMITED
Date: 02.09.2023 SD/-
Place: Ahmedabad ASHOK MOTIANI
CHAIRMAN & MANAGING DIRECTOR
(DIN: 00124470)

BIRLA PRECISION TECHNOLOGIES LIMITED

CIN : L29220MH1986PLC041214
Registered Office : 23, Birla Mansion No. 2, First Floor, D. D. Sathe Marg, Prarthana Samaj, Mumbai - 400 004
Tel : +91 022 23825060, E-mail : info@birlaprecision.com, Web : www.birlaprecision.com
NOTICE OF 36TH ANNUAL GENERAL MEETING, E-VOTING,
AND BOOK CLOSURE INFORMATION
NOTICE is hereby given that the 36th (THIRTY SIXT) Annual General Meeting (“AGM”) of the members of Birla Precision Technologies
Limited (“the Company”) will be held on Thursday, 21st September, 2023 at 11.30 a.m. (IST) through VC/OVAM, to transact the business
as set out in the Notice of the 36th AGM of the company, in compliance with all the applicable provisions of the Companies Act, 2013
and Rules made thereunder and Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosures Requirements)
Regulations, 2015 read with General Circular Nos. 14/2020, 17/2020, 20/2020, 02/2021, 19/2021, 21/2021, 02/2022 dated April 8,
2020, April 13, 2020, May 5, 2020, January 13, 2021, December 08, 2021, December 14, 2021, May 05, 2022, and December 28, 2022,
respectively issued by Ministry of Corporate Affairs (“MCA”) (collectively referred to as “MCA Circulars”) and SEBI Circular No. SEBI/HO/
CFD/CMD1/CIR/P/2020/79 dated May 12, 2020, SEBI Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021, and SEBI
Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, and SEBI Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated
January 05, 2023, issued by the Securities and Exchange Board of India (“SEBI Circulars”). The venue of the meeting shall be deemed
to be the registered office of the Company situated at 23, Birla Mansion No. 2, 1st Floor, D. D. Sathe Marg, Prarthana Samaj, Mumbai,
Maharashtra, 400004
The Notice of the 36th AGM and the Annual Report for the financial year 2022-2023 has been sent electronically to all the shareholders
whose e-mail addresses are registered with the Company/Registrars and Transfer Agent (“RTA”)- M/s. KFin Technologies Limited
Depository Participant(s) (“DPs”). The electronic dispatch of the Annual Report to Members has been completed on August 30, 2023.
Electronic Copies of the Notice of AGM and Annual Report for the Financial Year 2022-2023:
The Annual Report including Notice of the 36th Annual General Meeting can be downloaded from the Company’s website at https://
www.birlaprecision.com/documents/investor/Financial%20Results/ANNUAL%20REPORTS/AR-22-23.pdf. Additionally it can be assessed
on the website of BSE Limited at www.bseindia.com as well as on the website of National Services Depository Limited (“NSDL”) at
www.nsdl.co.in.
Instructions for Remote e- voting and e-voting during AGM:
Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and
Administration) Rules, 2014 and Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and any
other applicable laws, the Company is pleased to provide the facility of “e-voting” to its members, to enable them to cast their votes on
the resolutions proposed to be passed at the 36th AGM, by electronic means before the said AGM. The Company has engaged the services
of NSDL, who will provide e-voting facility of casting votes to a member using a remote e-voting system (e-voting from a place other than
the venue of AGM) (“remote e-voting”) as well as e-voting during the AGM (“e-voting at the AGM”). A person whose name is recorded
in the Register of Members or in the Register of Beneficial Owners maintained by the depositories as of the cut-off date shall be entitled
to avail the facility of remote e-voting or e-voting at the AGM.
Instruction for Remote e-Voting and e-Voting during the AGM:
1. The cut-off date, for determining the eligibility to vote through remote e-voting or through an e-voting system during the 36th
AGM: Thursday, 14th September, 2023
2. Date & time of Commencement of E-voting: Monday, 18th September, 2023 at 9.00 A.M. (IST)
3. Date & time of the end of E-Voting- Wednesday, 20th September, 2023 at 5.00 P.M. (IST)
The remote e-voting module shall be disabled by NSDL for voting thereafter. Once the vote on a resolution is cast by a shareholder, the
shareholder shall not be allowed to change it subsequently. Only those shareholders, who will be present at the AGM through VC/OAVM
facility and who would not have cast their vote by remote e-voting prior to the AGM and are otherwise not barred from doing so, shall
be eligible to vote through the e-voting system at the AGM. 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 shareholder shall not be entitled to cast
their vote again at the AGM.
Members may attend and participate in the AGM only through VC/OAVM facility, as indicated in the Notice of the Meeting. Please
note that there will be no provision for attending and participating in person at the 36th AGM of the Company.
Manner of registering/updating email addresses:

For Physical shareholders Please provide necessary details like Folio No., Name of shareholder, scanned copy of the share certificate
(front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of
Aadhar Card) by email to cs@birlaprecision.com
For Demat shareholders Please provide Demat account details (CDSL-16digit beneficiary ID or NSDL-16digit DPID + CLID), Name,
client master or copy of Consolidated Account statement, PAN (self-attested scanned copy of PAN card),
AADHAR (self-attested scanned copy of Aadhar Card) to cs@birlaprecision.com
The shareholders may contact the Company’s Share Transfer Agent, Kfin Technologies Limited by providing the Folio number/DP ID-client
ID at their registered office at Karvy Selenium Tower-B, Plot No. 31 &32, Financial District, Gachibowli, Nanakramguda, Serlingampally,
Hyderabad – 500 032 or by email on kfinkart.support@kfintech.com Contact No. +91-4067162222 or call on toll free no: 1-800- 3094-
001.
Any person who acquires shares & becomes a member of the Company after sending the Notice of the 36th AGM and holds shares as of
the cut-off date may obtain the login ID and password for remote e-voting by sending a request to NSDL at prajaktap@nsdl.com or may
contact the toll-free number provided by NSDL 1800- 3094-001. A person who is not a Member as on the cut-off date should treat the
Notice of the 36th AGM for information purposes only.
If you have any queries or issues regarding attending AGM & e-Voting from the e-Voting System, you may refer to the Frequently Asked
Questions (“FAQs”) and e-voting manual available at www.nsdl.co.in, under the help section or write an email to the helpdesk evoting@
nsdl.co.in or contact prajaktap@nsdl.com official of NSDL at Trade World, A wing, 4th Floor, Kamala Mills Compound, Lower Parel,
Mumbai - 400013.
Book Closure:
The register of Members and Share Transfer Books of the Company will remain closed from Friday, September 15, 2023, to Thursday,
September 21, 2023 (both days inclusive) for the purpose of the 36thAGM of the Company.

For Birla Precision Technologies Limited

Sd/-
Date: 01.09.2023 Parth Matolia
Place: Mumbai Company Secretary
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1

IN BRIEF
Children from void, voidable Banks seek higher supply of Dependence on
marriages are legitimate: SC Russian oil will
The Supreme Court on Friday held that children born out of "void
or voidable" marriages are legitimate and can claim rights in
parents' properties under the Hindu Succession law. According to
the Hindu law, the man and woman in a void marriage do not
longer-tenure bonds in H2 fall sharply: Puri
have the status of husband and wife. However, they have the RBI holding consultations as part of process to finalise borrowing calendar
status of husband and wife in the voidable marriage."We have India’s splurge on cheap Russian crude may be over, as New
now formulated conclusion, 1. A child of a marriage which is null ANJALI KUMARI Delhi’s traditional suppliers in the West Asia step back in with
and void is statutorily conferred with the legitimacy, 2. In terms of attractive conditions.
16(2) (of the Hindu Marriage Act) where a voidable marriage is
Mumbai, 1 September
RAISING THE LIMIT “Our dependence on Russian oil is going to decrease sharply,”

B
annulled, a child begotten before degree is deemed to be anks are advocating the augmen-
legitimate," a bench headed by Chief Justice D Y Chandrachud said tation of the supply of longer-ten-
in the judgement. BLOOMBERG ure bonds in the second half (H2)
of the current financial year, market par-
ticipants said.
Irdai okays modification on The Reserve Bank of India (RBI) has
been engaging in consultations with
withdrawn life cover goods market participants as part of the pro-
cess to finalise the borrowing calendar
The Insurance Regulatory and Development Authority of India (Irdai) for October-March.
approved the reduction of interest rate for revivals or policy loans. “Banks have requested to increase the
Irdai sanctioned a set of modifications to withdrawn life insurance supply in longer tenure and minimise the
products. These are applicable on existing policies that were closed supply in shorter tenure. We are seeing
for new business but exist on insurer’s books. AATHIRA VARIER there is hardly any spread between short-
term and long-term paper, and inversion
is there. So in order to reduce the inver-
NCERT gets deemed to sion, we have requested to increase the
supply of long-term papers and reduce
be university status the supply of short-term papers,” a dealer
at a state-owned bank said.
The National Council of Educational Research and Training has been The RBI met with the treasury heads
granted deemed-to-be-university status, Union Education of banks on Wednesday. Meanwhile, a
Minister Dharmendra Pradhan announced on Friday. The minister meeting with primary dealerships (PDs)
made the announcement during his address on the 63rd is scheduled on Monday, market partic-
foundation day of the NCERT. The NCERT has been granted the ipants said.
deemed-to-be-university status in the 'De Novo' category. PTI A section of the market speculates
that standalone PDs might request the
Centre to keep the supply concentrated
India, UK gear up for 13th in 7-year to 14-year papers.
% of borrowing in H1
6.31
3 5
dealer at a PD said.
“Banks believe that demand for
bonds will be robust in the longer tenure
from insurance companies and pension
funds. That's why they want some
amount from 7-year to 14-year to be
shifted to the above-14-year segment,”
he added.
According to the existing schedule,
Oil Minister Hardeep Puri said in an interview. “The cost viabil-
ity from the Gulf is much more attractive now.”
20.50 17.57 17.57 India’s consumption of Russian crude has soared since
16.10 President Vladimir Putin’s invasion of Ukraine in February last
year, ousting Saudi Arabia and Iraq from the top spots. From
negligible levels, it soared to account for nearly half of supplies
in May. However, rising prices have squeezed the discount on
11.71
10.25
Russian crude and limited the attractiveness of those spot pur-
chases, making other sources, some with term
contracts, appealing once again. Moscow
has also said this week it plans to extend
export curbs.
In August, imports from Russia fell
for the third consecutive month to 1.57
million barrels a day, according to data-
intelligence firm Kpler, down 24 per cent
7 10 14 30 40
on the month and at the lowest since
January — though Russia remains India’s
Bond tenure (in yrs)
top supplier. “I am very clear. We
are in the market today, and we
year bonds, 11.71 per cent through 5-year will buy from whomever,”
bonds, 10.25 per cent through 7-year Puri said. BLOOMBERG
bonds, 20.50 per cent through 10-year
bonds, 17.57 per cent through 14-year
bonds, 16.10 per cent through 30-year
bonds, and 17.57 per cent through 40-
year bonds.
A trader at another PD said the intro- PSUs may get
duction of 20-year bonds seemed

round of FTA negotiations

“Bank PDs are requesting longer-ten-
ure papers. But standalone PDs might
prefer the supply to be concentrated in
The 13th round of negotiations between India and the UK for a the 7-year to 14-year papers, because
proposed Free Trade Agreement (FTA) will be held this month, the those who have positions in the longer
commerce ministry said on Friday.The twelfth round of negotiations end of the security are mostly like stand-
took place from August 8-31.It said Kemi Badenoch, secretary of alone PDs, who buy/sell on behalf of
state for Business and Trade, UK, visited India for the meeting and clients. We will definitely ask the supply
met Commerce and Industry Minister Piyush Goyal. PTI to be in the 7- to 14-year zone only,” a
MTNL signs MoU with BSNL
for synergy of operations
93% of ~2K
notes return
Inflation set
to moderate
the central government aims to borrow
a total of ~15.43 trillion through bond
sales in the current financial year, with
approximately 42 per cent of this
amount planned to be borrowed during
the October-March period.
According to the borrowing calendar
for the first half of FY24, the government
aims to borrow 6.31 per cent through 3-
Das ranked top
unlikely. “Banks rarely go for papers
above 14 years, and pension funds and
insurance companies go for longer ten-
ures like 30 or 40 years. Additionally, the
14-year and 20-year tenures are too close;
there won't be demand for 20-year
bonds, so it will be devolved to PDs. I
don't think the RBI would want that,” a
dealer said.
captive berths
by nomination
DHRUVAKSH SAHA berthing for their own cargo.
New Delhi, 1 September In exchange, the operator
pays royalty based on cargo
Port-dependent public sector volumes to the port authority.
undertakings (PSUs) that
want to set up captive berth-
ing facilities in areas falling
Another significant
change the ministry is look-
ing to bring into force is a pro-

Loss-making state-run telecom firms BSNL and MTNL have signed a

memorandum of understanding that will pave the way for synergy
to banking
of operations between them, MTNL said in a regulatory filing. BSNL system: RBI
has already taken over mobile service operations from MTNL. PTI
About 93 per cent of ~2,000
currency notes that were in
Demand at bond auction circulation on May 19—the
day when decision was
fails to lift secondary market taken to withdraw them
from circulation—have
The demand at the weekly government bond auction was firm as been returned to banks.
traders stocked up on bonds at attractive yields, dealers said. The Reserve Bank said in
However, the demand at primary market didn’t reflect back in the absolute terms, the total
secondary market on lack of significant domestic cues. “There were value of ~2,000 banknotes
expectations that the (secondary) market would rally, but it didn’t received back from circula-
happen,” a dealer at a primary dealership said. ANJALI KUMARI tion is ~3.32 trillion up to
August 31. Consequently,
~2,000 banknotes in circu-
Abrogation of Article 370 was lation as at the close of busi-
ness on August 31, 2023
not executive decision, SC told stood at ~0.24 trillion. The
total value of ₹2,000 in cir-
The decision to abrogate provisions of Article 370 that accorded culation had declined to
"special status" to the erstwhile state of Jammu and Kashmir was ~3.56 trillion as at the close
not made by the political executive alone and Indian Parliament of business on May 19, 2023,
was taken into confidence, the Supreme Court was told on Friday.PTI RBI said.
REPORTER
from Sept: Das
Reserve Bank Governor
Shaktikanta Das on Friday
said the central bank
expects inflation to moder-
ate
onwards.
from September
The RBI Governor said
that while citing a fall in the
prices of vegetables like
tomatoes, restrictions
imposed on the export of
non-basmati rice and cut in
the prices of domestic LPG
cylinders.
Das was addressing a
programme at Devi Ahilya
University here.
"We expect overall infla-
tion to start moderating from
September onwards. August
inflation will be again very
high, but we expect from
September onwards inflation
to go down,” he said.
PTI
central banker
across the globe
The Reserve Bank of India
Governor Shaktikanta Das has
annual publication by Global
Finance since 1994, assess and
been rated A+ in the Global
Finance Central Banker
grade the performance of cen-
tral bank governors in 101 sig-
Report Cards 2023, a tweet by nificant countries, territories,
the central bank said today. and regions, encompassing
Das has been placed at the top entities such as the European
of the list of three central bank Union, the Eastern Caribbean
governors who Central Bank, the Bank of
have been Central African States, and the
rated A+. Central Bank of West African
The States.
Central
Banker
“Fighting inflation, which
has been fueled by pent-up
Report
Cards, an
demand and disrupted supply
chains, has everyone turning
to their central bankers for
help,” Joseph Giarraputo,
Global Finance founder and
editorial director said.
ANJALI KUMARI
under major ports may no
longer need to enter compet-
itive bidding, as the Union
government is looking to
tweak its captive waterfront
policy and ease various regu-
lations, Business Standard
has learnt.
“Owing to some representa-
tions, the ministry (of ports,
shipping and waterways)
plans to have a provision of
allowing PSUs to set up captive
berths on a nomination basis,”
a senior government official
said. The proposal, among
others in the captive berth pol-
icy, is being deliberated at the
Union cabinet level.
A port-dependent indus-
try (PDI) is one that is
dependent on a major port for
import and/or export of at
least 70 per cent of the cargo
capacity of the proposed
facility for captive cargo.
Captive berths allow PDIs to
have benefits, such as priority
vision to extend the conces-
sion period beyond 30 years
for organisations currently
operating captive berths at
major ports.
This will be done through
a right-of-first-refusal (ROFR)
mechanism, under which the
berth goes for re-tendering
for price discovery, and the
existing holder (irrespective
of public and private sector)
gets the right to retain it by
matching the highest bid.
Experts expect this to add
to royalty payments to be
made by captive berth oper-
ators as re-tendering and
fresh price discovery shall
most likely increase valuation
of the berth, even if the exist-
ing operator manages to
retain it through a right of
first refusal.
The ministry of ports,
shipping, and waterways did
not respond to queries sent
by Business Standard.

> FROM PAGE 1

Car sales...
The August figure, the high-
est in three months, marked
26 months of the index
remaining above the 50
mark, separating expansion
from contraction.
On the other hand, around
19.16 million households
sought work under the rural
job guarantee scheme last
month, up 20 per cent Y-o-Y,
which experts and activists
attributed to a prolonged
monsoon break. This exacer-
bated existing weakness in
the rural job market.
The Indian automobile
industry in August topped its
previous domestic PV sales
high of 355,400 units,
achieved in September 2022.
Shashank Srivastava, sen-
ior executive officer (market-
ing and sales) at Maruti
Suzuki India (MSIL), told
reporters that the festival sea-
son has started with Onam
and there has been retail
sales growth of 25 per cent in
Kerala. “That is a very good
number. The demand param-
eters such as bookings and
inquiries have been pretty
high,” he further said.
MSIL, India’s largest car
maker, saw its domestic PV
sales jump by 16.4 per cent Y-
o-Y to 156,114 units in August
this year. The company
posted its highest-ever
domestic PV sales at 163,656
units in October 2022.
“There have been a lot of
new models, especially in the
SUV (sport utility vehicle)
segment, which have been
introduced by MSIL as well as
other companies. This intro-
duction of models in the fas-
test growing segment has also
boosted the sales,” Srivastava
noted.
He said SUV sales of
Indian carmakers jumped by
about 25 per cent Y-o-Y in the
January-August period this
year. In comparison, hatch-
back sales decreased by 5 per
cent Y-o-Y in the same
period.
Srivastava also noted high
GDP growth as a factor
behind the high monthly
sales. The Indian economy
grew 7.8 per cent in the April-
June quarter of FY24 – the
fastest in four quarters.
“The correlation of GDP
growth and auto sales growth
is quite high. It is 0.983,” he
explained.
According to Srivastava,
car companies’ production
also jumped as the supply of
semiconductor chips consis-
tently improved over the past
several months.
“The semiconductor cri-
sis seems to be behind us,
according to the available
data. From July onwards, we
have seen very good produc-
tion levels. The bookings may
have come in the period
before August. The execution
(of sales), due to better pro-
duction, may have happened
in August," he explained. He
added that the rural sen-
timent has been positive so
far and it has boosted the
sales figure, too.
Hyundai’s domestic PV
sales increased by 8.7 per cent
Y-o-Y to 53,830 units in
August 2023. Tarun Garg,
chief operating officer (COO),
Hyundai Motor India, said
the festival season in India
has kicked off on a positive
note with strong Onam sales
in the Kerala market.
“Demand for SUVs in our
portfolio remains robust,
contributing more than 60
per cent to our domestic sales
in August,” Garg said.
Domestic PV sales of
Mahindra & Mahindra (M&M)
increased by 24.8 per cent Y-
o-Y in August. Veejay Nakra,
president (Automotive
Division), M&M, said: “We are
excited to witness another
record month, as we clocked
our highest ever SUV domes-
tic sales in a month of 37,270
– showing growth of 25 per
cent...While demand for our
key SUV brands continues to
be strong, we are keeping a
close watch on the availabil-
ity of semiconductors and
select parts for sustained and
smooth scale-up.”
Domestic PV sales of
Toyota Kirloskar Motor
jumped 40.2 per cent Y-o-Y to
20,970 units in August. The
company said its total sales
(domestic sales plus exports)
in August stood at a record
22,910 units.
Atul Sood, vice-president
(sales and strategic market-
ing), TKM said: "Strong sales
volume and enhanced
demand showcases cus-
tomers’ ever-growing affinity
for the brand. The Toyota
Urban Cruiser Hyryder and
Toyota Innova Hycross con-
tinue to register strong
demand. The Innova Crysta,
Fortuner and Legender are
witnessing sustained seg-
ment leadership. The Camry
Hybrid and Glanza are also
strongly contributing to the
overall success."
According to Dhruv
Mudaraddi, research analyst,
StoxBox, "The domestic PV
sales in August reached a new
all-time high of 360,897 units
on the back of robust demand
in the market for newer
models in the aspirational
utility segments of Maruti
Suzuki, MG Motors, and
Hyundai. The numbers seem
to solidify the shift in con-
sumer preference towards
feature-packed larger cars as
vehicle financing is easily
available in urban markets
where demand remained
positive."
"However, volumes of
smaller/entry-level cars for
most OEMs registered a con-
traction as there seems to be
a lag in the rise of income of
entry-level consumers, par-
ticularly in the tier II, III, and
rural markets. We expect the
revival of the same as the
delayed festival season kicks
in,” he said.
Asked if the car industry
is expecting this year's festi-
val season to be the best in
terms of sales, Srivastava
from MSIL replied: “It looks
like that. Generally, the festi-
val season is 23-26 per cent of
the annual sales.”
Growth
forecast...
Morgan Stanley Research’s
report said the GDP growth
for the quarter ended June
came higher than its expec-
tations. “We mark the market
GDP growth higher to 6.4 per
cent year-on-year (YoY) from
6.2 per cent for FY2024, driv-
en by robust domestic
demand, notwithstanding
the weakness in global
growth,” it said.
Separately, Nomura
Research also revised its
growth forecast upwards for
FY24 to 5.9 per cent from 5.5
per cent.
It, however, said economic
growth would moderate in
the second half of 2023 due
to weak monsoons, higher
food inflation, a likely slow-
down in government capex,
and sluggish global growth,
all of which signal a slow-
down in domestic demand.
Nomura lowered its FY25
GDP growth projection to 5.6
per cent from 6.5 per cent.
BofA Global Research,
however, cut its FY24 forecast
to 6.3 per cent from 6.5 per
cent as the first-quarter
number was far below its 9.1
per cent year-over-year (Y-o-
Y) estimate. “The improve-
ment in Y/Y terms masks a
sharp sequential decline seen
in the case of both GDP and
GVA (Gross Value Added),”
noted BofA economist Aastha
Gudwani.
Emkay, however, retained
its GDP growth forecast for
FY24 at 5.7 per cent.
“We recognise economic
activity recovery is not yet
broad-based. However, fac-
tors like sustained buoyancy
in services momentum and
policy thrust to increase
trend growth could counter
those downward pressures,"
it said.
Emkay also said the
domestic economy would
also face challenges going
forward, with higher global
uncertainty, tightening
global financial conditions,
lower corporate profitability
ahead, and still-elevated
inflation.
While projecting FY24
GDP growth at 6 per cent, SBI
Caps noted that the govern-
ment's push for infrastruc-
ture building through capex
was acting as a driving force
for the economy.
"The flipside is that this
capex is not crowding in non-
government investment, as
indicated by tepid bank loan
growth in the infrastructure
segment and languid foreign
direct investment (FDI)
inflows…The road ahead is
thus being constructed, but
several turns and bumps do
await,” SBI Caps said.
HSBC Research said as the
base normalised, and rural
demand came under pressure
led by El Niño, it expected
GDP growth to slow from here
on, averaging 5.8 per cent in
FY24.
“The fall in commodity
prices has led to buoyant eco-
nomic activity over the last
few quarters... Going forward,
the intensification of the El
Niño weather phenomenon is
the biggest risk to the rural
economy and overall GDP
growth,” HSBC Research said.
Vedanta...
Further, the company dis-
closed, ~1,550 crore were
spent towards local, regional
or national political cam-
paigns, organisations or can-
didates in FY23, ~1,230 crore
in FY22, nil in FY21 and
~1,140 crore in FY20.
The OCCRP report said
that after receiving Agarwal’s
letter, “Javadekar quickly got
to work. ‘VIMP [Very
Important],’ he scribbled on
the letter, directing the sec-
retary of his ministry and the
director general of forestry
to ‘discuss [the] policy
issue’”.
There was no official
statement from the ministry
of environment, forest and
climate change at the time of
going to press.
Vedanta has combined
resources and reserves of 460
million tonnes of zinc and 856
million ounces of silver in
India, according to the com-
pany disclosures. The OCCRP
report also alleged that
Vedanta’s oil division — Cairn
Oil & Gas — lobbied to scrap
public hearings for oil explo-
ration projects. “As with
mining, the government
quietly amended the law with
no public consultation. Since
then, at least six of Cairn’s oil
projects in the northern
deserts of Rajasthan have
been greenlit for develop-
ment,” it alleged.
In oil and gas, Vedanta has
1,156 mmboe (million barrels
of oil equivalent) gross,
proved, and probable reserves
and resources, according to
the company filings.
RRVL...
“In less than three years, the
valuation of Retail has
almost doubled, notwith-
standing the intervening
Covid-19 pandemic. Based
on this valuation, Reliance
Retail, had it been listed,
would have ranked among
the top 4 companies in India
and the top 10 retailers
globally,” he told share-
holders at the AGM.
He also said that as India
grows from a $2,500 per cap-
ita economy to a $10,000 per
capita economy, Reliance
Retail will be its fastest-grow-
ing business in terms of reve-
nue and Ebitda (earnings
before interest, taxes, depre-
ciation, and amortization).
In its previous fundraising
round in 2020, the company
raised a total of ~47,265 crore
at a pre-equity valuation of
~4.21 trillion. It raised funds
from investors, such as Silver
Lake, Mubadala, General
Atlantic, and KKR.
RRVL through its subsid-
iaries and affiliates operates
an integrated omnichannel
network of over 18,500 stores
across various formats of
retailing and digital com-
merce platforms across
grocery, consumer, elec-
tronics, fashion & lifestyle,
and pharma. It has also part-
nered with over 3 million
merchants through its new-
commerce initiative.
RRVL reported a consoli-
dated turnover of ~260,364
crore ($ 31.7 billion) and a net
profit of ~9,181 crore ($1.1 bil-
lion) in FY23.
At Reliance Industries’
AGM, Isha Ambani, director
at RRVL, said: “We have
invested over $10 billion in
the past two years, focusing
on building integration,
growing in-house brands,
and improving supply chain
networks.” She also said that
it crossed a milestone of 1 bil-
lion transactions, up 42 per
cent compared to last year.
Its stores saw footfall of more
than 780 million and the
number of registered cus-
tomers grew to nearly 250
million.
PSB Alliance
to provide
door-step
banking
services
ABHIJIT LELE
Mumbai, 1 September
PSB Alliance Ltd, an entity
set up by 12 public sector
banks, will scale up its door-
step banking services for
retail customers from the
present 100 centres to 6,800
centres by June 2024. While
it entered the domain of
services for supply-chain
financing, the outfit is also
looking at expanding the
scope of activities to address
the requirements of whole-
sale banking and high-net-
worth individuals.
Rajinder Mirakhur, chief
executive and managing
director, PSB Alliance said
the company has appointed
Veefin Solutions to deploy
and administer a Unified
Cloud-based Supply Chain
Financing (SCF) ecosystem
in the country. The supply
chain financing would pri-
marily help small busi-
nesses and aims to tap five
per cent of the total credit
market.
At present, pure-play
supply chain finance from
banks is only around Rs 1
trillion, and the alliance over
the next three to four years
seeks to increase it to at least
five per cent of the total sys-
tem-wide bank credit. At the
current volume of bank
credit, the five per cent
works out to be around Rs
7.5 trillion. The overall bank
credit rose 14.5 per cent
year-on-year in the week
ending July 28, to Rs 148.2
trillion.
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 POLITICS & PUBLIC AFFAIRS 7
Technocraft Industries (India) Limited

Govt sets up Kovind panel

Registered Office: Technocraft House, A-25,
Road No.3, MIDC Industrial Estate, Andheri (East),
Mumbai-400093, Maharashtra, India
Tel: 4098 2222; Fax No. 2835 6559;
CIN No. L28120MH1992PLC069252
Email: investor@technocraftgroup.com,

on 'one nation, one poll’ website: www.technocraftgroup.com

Information Regarding 31st Annual General Meeting to be held
through Video Conferencing (‘VC’)/Other Audio Visual Means
(‘OVAM’)
NOTICE is hereby given that the 31st Annual General Meeting (‘AGM’)
of the Members of the Company will be held on Wednesday, September
Nadda calls on ex-president after decision is made public 27, 2023 at 11:30 a.m. (IST) via two-way Video Conferencing (‘VC’)
facility or other audio visual means (‘OAVM’), facility in compliance
ARCHIS MOHAN with relevant circulars issued by Ministry of Corporate Affairs (“MCA”)
and Securities and Exchange Board of India, to transact business set
New Delhi, 1 September
forth in the Notice of the AGM.
The AGM will be held only through VC / OAVM in compliance with the

T
he government on Friday
announced a committee under
former President Ram Nath
Kovind to explore the feasibility of "one
nation, one election".
Government sources were tight-
lipped on whether a constitutional
amendment to pave the way for simul-
taneous elections would be introduced
in the forthcoming special session of
Parliament from September 18 to 22, or
whether it could be achieved through
administrative measures. The govern-
ment had on Thursday announced the
special session to be held over five days
from September 18.
Bharatiya Janata Party (BJP)
President J P Nadda called on Kovind
after the government made public its
decision to set up the committee.
Sources said Kovind was expected to
speak to experts, and he might also con-
sult leaders of different political parties.
Amid speculation that the women's
reservation Bill — which provides for
reserving one-third of seats in the Lok
Sabha and state Legislative Assemblies
for women — could be on the agenda of
the special session, Union Parliamentary
Affairs Minister Pralhad Joshi said the
schedule was being prepared and would
be circulated "very shortly". He declined
to comment on the items on the agenda.
The two announcements – the special
session and the Kovind committee –
coincided with the two-day meeting of
the Indian National Developmental
Inclusive Alliance (INDIA) in Mumbai.
India used to have simultaneous Lok
Sabha and state Assembly polls until
1967. Later, in 1982, the Election
Commission mooted the idea of bringing
back simultaneous polls. The Law
Commission studied the issue in 1999
and again in 2018, as did the
Parliamentary Standing Committee on
Personnel, Public Grievances, Law and
Justice, in its report in December 2015.
In 2017, the NITI Aayog also submitted a
paper on the benefits of simultaneous
polls authored by Bibek Debroy and
Kishore Desai.
Prime Minister Narendra Modi, too,
has often spoken about the need for
simultaneous elections, including at the
first all-party meeting before the start of
the first session of the 17th Lok Sabha in
June 2019. These will reduce the financial
burden caused by almost continuous
election cycles and the fact that devel-
opment work suffers during the polling
THE BACKDROP
n 1982: EC moots the idea parliamentary panel
of bringing back submits a report on
simultaneous polls simultaneous polls
n 1999: Law Commission n 2017: Bibek Debroy and
studies the issue Kishore Desai author a
n December 2015: A paper for the NITI Aayog
period, he has said.
The Election Commission is currently
busy finalising the election schedule for
Mizoram, Telangana, Rajasthan, Madhya
Pradesh and Chhattisgarh and is expect-
ed to announce poll dates in the first
week of October. The term of the
Mizoram Assembly ends on December
17 and those of others in January 2024.
The next round of Assembly polls —
Odisha, Andhra Pradesh, Arunachal
Pradesh and Sikkim — is scheduled with
the Lok Sabha polls in April-May 2024,
while Jharkhand, Haryana and
Maharashtra are to go to the polls in
October 2024.
In its report on 'simultaneous polls'
submitted on August 30, 2018, the 21st
Law Commission had recommended
synchronising all the above Assembly
elections with the Lok Sabha polls. It had
suggested extending or curtailing the
tenures of the Assemblies, as required,
by a constitutional amendment to facili-
tate holding these Assembly polls with
the Lok Sabha elections in May 2019. It
had said the elections for the states other
than those mentioned above could be
bunched together and organised two and
a half years after the Lok Sabha polls. If
on the subject
n August 2018: The 21st
Law Commission says
constitutional
amendments are needed
for simultaneous polls
simultaneous elections could not be con-
ducted, the commission recommended
that all elections falling due in a calendar
year be held together.
The Law Commission had, however,
noted that simultaneous elections could
not be held within the existing frame-
work of the Constitution and might be
conducted through appropriate amend-
ments to the Constitution, the
Representation of the People Act 1951,
and the Rules of Procedure of Lok Sabha
and state Assemblies. The commission
had said that at least 50 per cent of the
states should ratify the constitutional
amendments.
It had also said that holding simulta-
neous elections would save public money,
reduce the burden on the administrative
set-up and security forces, ensure timely
implementation of government policies,
and ensure that the administrative
machinery was engaged in development
activities rather than electioneering.
The commission had recommended
replacing the 'no-confidence motion'
with a 'constructive vote of no-confi-
dence', where the government might only
be removed if there was confidence in an
alternative government.
provisions of the Companies Act, 2013 and circulars issued by the
Ministry of Corporate Affairs and SEBI. Facility for appointment of proxy
will not be available for the AGM. Electronic copies of the Notice and
the Annual Report of the Company for Financial Year 2022-23 is being
sent only through electronic mode to those Members whose e-mail
addresses are registered with the Company or CDSL/NSDL
(“Depositories”) and will also be available on the Company’s website
www.technocraftgroup.com and the websites of the stock exchanges
where the Company shares are listed.
How to register/update e-mail address and mobile number:
Any Member holding share(s) in physical mode who have not registered
e-mail address and mobile no. they may do so by sending a duly signed
request letter to Registrar & Share Transfer Agent of the Company,
Link Intime India Private Limited by providing Folio Number, Name of
the Shareholder, email ID and Mobile Number at C-101, 247 Park,
L.B.S. Marg, Vikhroli (West), Mumbai 400083 or send a Scanned copy of
the signed request letter through e-mail to rnt.helpdesk@linkintime.co.in
with a copy to investor@technocraftgroup.com . In case Shares are held
in Demat mode, the members may contact their Depository Participant
(‘DP’) and register their E-mail address in their Demat account as per
the process advised by DP.
Remote E-voting:
In terms of Section 108 of the Companies Act, 2013 read with Rule 20
of the Companies (Management and Administration) Rules, 2014, the
Resolutions for consideration at the 31st AGM will be transacted through
remote e-voting facility (‘remote e-voting’) and e-voting during the AGM
(e-voting) for which purpose services of National Security Depository
Limited (‘NSDL’) have been engaged by the Company. Detailed
procedure for joining the AGM and remote e-voting/e-voting is being
provided in the Notice of 31st AGM. Members attending the AGM through
VC/OVAM will be counted for the purpose of reckoning the quorum
under Section 103 of the Companies Act, 2013.
Any query/grievance in relation to remote e-voting can be addressed
to the Company Secretary of the Company at the address/
telephone numbers mentioned above or through e-mail at
investor@technocraftgroup.com or send an email to evoting@nsdl.co.in
or call on toll free no: 1800 1020 990.
For Technocraft Industries (India) Limited
Sd/-
Date: September 1, 2023 Neeraj Rai
Place: Mumbai Company Secretary

Oppn bloc
INDIA bloc forms panel has no vision
for coordination, strategy
ARCHIS MOHAN
for country's
development,
New Delhi, 1 September

The INDIA bloc of 28 political

parties on Friday resolved to
contest the 2024 Lok Sabha
polls together “as far as pos-
sible” and conclude their seat
arrangements in states at the
earliest, possibly by
September 30, in a spirit of
“give-and-take”, an admis-
sion of the inherent state-spe-
cific contradictions among its
constituents.
At the third meeting of the
Indian National
Developmental Inclusive
Alliance, or INDIA, which
concluded in Mumbai,
Opposition leaders identified
inflation, the “crony capital-
ism of the Narendra Modi
government”, its “anti-poor,
pro-big business policies”,
and China “occupying India's
territory” as its principal
planks with which the coali-
tion will approach the people
to defeat the Bharatiya Janata
Party (BJP).
It “resolved to organise
public rallies at the earliest in
different parts of the country
on issues of public concern
and importance”. The first
public meeting could take
place in Delhi, sources said,
and either Hyderabad or
Bhopal, capitals of poll-bound
Telangana and Madhya
Pradesh, respectively, could
be the venue of the next meet-
ing of the bloc’s top leaders.
At the press conference
after the meeting, Bihar Chief
Minister Nitish Kumar cau-
tioned his colleagues to be
prepared for the government
advancing the Lok Sabha
elections. The Samajwadi
Party, Janata Dal (United),
and Aam Aadmi Party insist-
ed that seat-sharing talks
should be concluded at the
earliest. When some parties
insisted on a resolution on
their demand for a caste cen-
sus, others suggested it
should be included in the
Congress leader Rahul Gandhi interacts with Bihar CM Nitish
Kumar as West Bengal CM and TMC supremo Mamata
Banerjee and Congress leader Sonia Gandhi look on
group’s vision document. bloc partners should be pre-
The bloc constituted a 14- pared for “vendetta politics”
member “coordination and as there will be more “mis-
election strategy committee” use” of agencies against
as its top decision-making them.
body. It also put in place a 19- Kharge alleged the BJP-
member “campaign commit- led government was stealing
tee”, three working groups for from the poor to help big
the bloc's social media industrialists, and the “INDIA
engagement and media man- grouping must win to stop
agement, and an 11-member this loot,” he said. In his
working group for research. remarks, former Congress
These groups will coordinate president Rahul Gandhi
communications, media slammed the government
strategies, and campaigns of over fresh allegations against
constituents with the theme the Adani group. He also
“Judega Bharat, Jeetega claimed China had “taken
India” in different languages. India’s land in Ladakh”. Shiv
The seat-sharing talks will Sena (UBT)'s Uddhav
take place among parties at Thackeray said INDIA parties
the state level. Leaders said wouldn't allow “mitra pari-
the contradictions, such as varvad,” or crony capitalism.
the Congress battling the Left Tamil Nadu Chief Minister
parties in Kerala, or the Left M K Stalin, who heads the
and Congress alliance versus Dravida Munnetra Kazhagam
the Trinamool Congress, (DMK), urged allies to ham-
would remain. mer out a common minimum
Congress President programme, which would be
Mallikarjun Kharge in a post the face of the alliance.
on X suggested the govern- Opposition alliance leaders
ment's “one nation, one elec- also passed a resolution hail-
tion” was a diversionary tac- ing Isro's successful
tic, but the people will no Chandrayaan-3 mission.
longer be betrayed, and the Gandhi said that the
countdown of this “autocratic alliance will put together a
government’s exit has clear set of ideas that will
begun”. Kharge said the once again involve the poor
strength of the Opposition people, the farmers, and the
alliance is making the govern- workers in the progress of this
ment “nervous” and INDIA country.
says BJP
The BJP on Friday took a jibe
at the Opposition parties'
INDIA bloc meeting, saying
its only takeaway is that they
have "formally and political-
ly" accepted their give-and-
take principle.
Addressing a press con-
ference at the BJP headquar-
ters here, senior party leader
Ravi Shankar Prasad said in
the third meeting of the "so-
called opposition alliance",
there was no strategy to
address the concerns of farm-
ers, women and children.
"There was no vision for
the development of India, no
roadmap for the upliftment
of poor... third meeting of the
so-called opposition alliance
did not even acknowledge
the threat to India posed by
terrorism, radicalisation and
secessionist forces," he said.
The only takeaway from
the meeting held in Mumbai
is that the opposition parties
have "formally and politically
accepted their give-and-take
principle", the BJP leader
said.
"Their only recurrent
theme is abuse (Prime
Minister) Narendra Modi as
much as possible... Their only
competition is on who
exceeds whom in cursing and
abusing Modiji," he added.
Meanwhile, Maharashtra
Chief Minister Eknath
Shinde on Friday drew paral-
lels between the grouping's
choices and 10-headed
demon king Ravan from
Ramayana.
The INDIA alliance,
formed to take on the BJP in
the next Lok Sabha polls, fin-
ished its third meeting, host-
ed by the Maha Vikas Aghadi
(MVA) of Congress, Shiv Sena
(UBT) and NCP, in Mumbai
on Friday, vowing to finalise
seat-sharing in an accom-
modative spirit. PTI
8 WORLD
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023

Huawei, Alibaba among firms Fed likely done with rate

seeking Chinese deepfake nod
Approval to such AI models can be used to manipulate visual and audio data
REUTERS
Beijing, 1 September
China’s cyberspace regu-
lator has received 110 appli-
cations from Chinese tech-
nology companies, such as
Huawei and Alibaba for
approvals related to models
that can be used to
manipulate visual and
audio data.
The firms, according to a
list published on Friday by
the Cyberspace
Administration of China
(CAC), are seeking the
approvals to comply with
rules set out in December by
the CAC that govern the use
of deepfake technology.
This approval process is
separate from the CAC’s reg-
ulation of Chinese tech
firms looking to push out
generative artificial intelli-
gence (AI) products, which
have been in high demand
ever since the success of US
firm OpenAI’s ChatGPT.
Five Chinese tech firms,
including Baidu Inc and
SenseTime Group, on
Thursday launched AI chat-
bots to the public after
receiving government
approval.
Unlike chatbots, which
generate entirely new text,
images and audio based on
prompts from the user,
deepfakes use AI technol-
ogy to generate visual and
audio data that is virtually
indistinguishable from the
original, and easily used for
manipulation or misinfor-
mation.
hikes as job market cools
ANN SAPHIR
1 September
MODERATION
Unemployment rate (%)
16
The US Federal Reserve is likely done raising
interest rates, traders bet on Friday after a gov-
HONG KONG LOCKS DOWN, STOCK MARKET Biden hopeful of ernment report showed the unemployment rate 12
rose last month and wage growth cooled.
SHUT AS CITY BRACES FOR TYPHOON SAOLA Xi attending G20 Futures that settle to the Fed's policy rate 8
had already priced in only a slight chance of a 4.3 3.8
summit in Delhi rate hike this month. They now reflect the 4
chance of US central bankers tightening policy
PRESS TRUST OF INDIA any further this year dropping to about 38% 0
1 September from about a 45 per cent chance seen before Sep ‘17 Aug ‘23
Source: Bloomberg
the latest jobs report.
US President Joe Biden said he hoped Xi That Labour Department report showed the
Jinping will attend next week’s G-20 summit unemployment rate jumped to 3.8 per cent last omist at Spartan Capital Securities.
in New Delhi, amid reports the Chinese leader month, from 3.5 per cent previously, and aver- The Fed raised short-term borrowing costs
would likely skip the international summit. age hourly earnings rose 4.3 per cent from a aggressively starting in March 2022 to fight 40-
“The answer is: I hope he attends,” Biden year earlier, compared with 4.4 per cent in July. year-high inflation, most recently in July when
said when asked if he expected Xi to travel to Employers added 187,000 workers to their pay- it increased its target range for the benchmark
India. rolls last month, more than they did in July, rate to 5.25 per cent-5.50 per cent. Inflation has
Earlier Thursday, Indian officials said they though revisions showed job growth in the prior eased from its peak of 7 per cent last summer to
had not heard from Beijing about whether Xi months was not as strong as first reported. 3.3 per cent last month, based on the Fed's pre-
would show up, but people familiar with the “This report is likely to put the Fed on hold ferred inflation measure, but policymakers say
situation suggested it was unlikely. The snub in September, and if we get more positive infla- it is still too high and have been looking for the
would be the first time Xi has skipped a G20 tion news in September and October, the Fed is labour market to soften somewhat to keep
meeting since taking power, and underscores likely done, and we’ve seen the end of the rate downward pressure on prices. The Fed targets
tensions between the world’s two most pop- hikes,” said Peter Cardillo, chief market econ- 2 per cent inflation. REUTERS
The Asian financial hub businesses, schools and populous province ulous countries.
of Hong Kong and financial markets. since 1949, Chinese For the US, hopes were high that the sum-
China's neighbouring
southern province of
Guangdong cancelled
Packing winds of more
than 200 kph, the
typhoon could make
authorities have
warned. All flights with
Hong Kong between 2
mit could be the next step in attempts to thaw
the relationship with China. Moreover, Xi’s
presence will also not been seen in Asean sum-
Knives are out: Ramaswamy slams
hundreds of flights on
Friday as fears of
landfall late on Friday
or early on Saturday in
pm (0600 GMT) on
Friday and 10 am
mit, instead Chinese Prime Minister Li Qiang
will visit Indonesia to attend a summit of the
Republican rivals as he surges ahead
powerful Typhoon Guangdong, and rate (0200 GMT) on Association of Southeast Asian Nations
Saola forced some among the five Saturday have been (Asean) being held from September 5 to 8, the Indian-American presidential aspirant Vivek former South Carolina governor Nikki Haley
mainland cities to shut strongest to hit the cancelled PHOTO: REUTERS foreign ministry here said on Friday. The Ramaswamy hit out at his party rivals for and former New Jersey governor Chris Christie
announcement comes amid reports that there attacking him after his impressive perform- have begun to direct some of their public and
is a possibility that China may send Li for the ance in the first Republican primary presiden- private attacks toward the 38-year-old biotech
G20 summit to be held in New Delhi. tial debate last week, saying the knives entrepreneur.
PBoC cuts banks’ FX reserve ratio Putin to meet China’s Xi
are out because he is surging ahead in
the race for the White House.
“We are continuing to surge in the
race and that means the knives are
China’s central bank said on Friday it (RRR) by 200 basis points (bps) to 4 Russian President Vladimir Putin said that Ramaswamy's appearance on the continuing to come out, so we're
will cut the amount of foreign per cent from 6 per cent beginning he will soon hold a meeting with Chinese debate stage was a coup for his cam- going to keep debunking the
exchange that financial institutions September 15. The PBoC previously President Xi Jinping. paign, given that he had no prior myths as they come up
must hold as reserves for first time cut the FX reserve requirement ratio “Soon enough we will have a meeting with experience as an elected official and because I think it's
this year, a move seen aimed at slow- for financial institutions by 200 basis the Chinese president,” Putin said. had never before appeared at such an important to be transpar-
ing the pace of recent yuan deprecia- points in September 2022 in a bid to “He (Chinese President Xi) calls me his event. After the debate performance, ent and address criti-
tion. The People's Bank of China rein in a weakening yuan and make it friend, and I am happy to call him my friend, Ramaswamy's adversaries cisms,” Ramaswamy
(PBoC) said it would cut the foreign less expensive for banks to hold because he is a person who does a lot for the like former vice pres- said in a social media
exchange reserve requirement ratio dollars. REUTERS development of Russian-Chinese relations.” ident Mike pence, post. PTI

IN BRIEF LUNA-25 LEAVES A MARK ON MOON Nobel body invites back Russia, Saudi Aramco
Drugmaker Novo Nordisk looks to sell
briefly tops Europe m-cap list
Belarus, Iran and far-right leader shares worth
events was extended to all
Danish drugmaker Novo Nordisk A/S momentarily surpassed French
ASSOCIATED PRESS
1 September countries with diplomatic mis- $50 billion
luxury powerhouse LVMH to become Europe’s most valuable sions in Sweden and Norway
company, buoyed by demand for its blockbuster obesity medicines. The Nobel Foundation that and parties "that have parlia- REUTERS
Novo’s market capitalisation rose to the equivalent of just over $421 administers the prestigious mentary representation via 1 September
billion shortly after the start of trading on Friday, nudging past LVMH awards, has reversed its invita- democratic elections," adding
by a tiny fraction. It was only this year that the French luxury tion policy and invited Russia, that "this common approach Saudi Aramco is considering
conglomerate passed the milestone of becoming Europe’s first Belarus and Iran, as well as the promotes opportunities to con- selling a stake worth as much
company with a market value exceeding $500 billion. BLOOMBERG leader of a far-right Swedish vey the important messages of as $50 billion through a sec-
party, who had previously been the Nobel Prize to everyone, ondary share offering on the
banned. and in future this practice will Riyadh bourse after consul-
Pak jacks up petrol, diesel Vidar Helgesen (pictured),
the executive director of the now broadening our invita-
be common to the entire orga-
nisation.” Last year, the diplo-
tations with advisers, the
Wall Street Journal reported
prices past Rs 300-mark A Nasa spacecraft around the moon has found the likely crash
private foundation said in a
statement that there was a
tions to celebrate and under-
stand the Nobel Prize and the
matic envoys of Russia and
Belarus were barred from
on Friday.
The sale could happen
Pakistan raised petrol and diesel PAKISTAN DIESEL PRICE site of Russia's lost lunar lander Luna-25. Nasa said that it global trend in which “dialogue importance of free science, free attending the glittery prize cer- before the end of the year, the
prices to a record high on Friday. HI-CETANE DIESEL EURO 5 (PKR) appears the impact created a crater 10 meters across. This between those with differing culture and free, peaceful emonies and banquets, which report said, adding that
320
Pakistan raised petrol prices by 14.9 311.84 crater is about 400 kilometres away from the spacecraft’s views is being reduced.” To societies.” The foundation said always take place on Aramco has
rupees to 305.4, while diesel prices 280 intended landing site at the lunar south pole PHOTO: NASA counter that, he said, “we are that invitation for the 2023 December 10. been
were raised 18.4 rupees to 311.8, the 240 “sounding
finance ministry said. Pakistan has out”
been facing its worst economic crisis 227.80 200 potential
Dec 31,’22 Sep 1,’23
in decades, ndtv reported on friday.
According to the report, recent economic reforms have led to historic
levels of inflation and high interest rates, putting pressure on ordinary
Bogus tickets: Qantas faces ‘hundreds of millions’ in fines investors,
about partic-
ipating in the
people and businesses. AGENCIES ASSOCIATED PRESS said. Customers who bought tickets deal.
1 September before flights were canceled were The Kingdom has
informed on average 18 days after the decided to host any new
Pakistan inflation stays high Australia’s consumer watchdog on
Friday called for Qantas Airways to be
cancellations and in some cases 48
days later.
Aramco offering on the
Riyadh exchange to avoid
at 27.4% as IMF reforms kick in punished with a record fine for
allegedly selling tickets on thousands
The result was that customers were
left with less time to make alternative
legal risks associated with an
international listing, the
Pakistan's inflation rate stayed above target at 27.4 per cent in August, of flights that had already been bookings and may have paid higher report said, citing Saudi offi-
data showed on Friday, as reforms set out as conditions for an IMF cancelled. prices to fly at a particular time. cials and other people famil-
loan complicate the task of keeping price pressures and declines in its Australian Competition and Qantas cancelled 1-in-4 flights during the three-month period. It kept selling In one case, Qantas sold 21 tickets iar with the plan. Saudi
rupee currency in check. Interest rates have also risen, and the rupee Consumer Commission chair Gina tickets on average for more than two weeks after cancellation PHOTO: REUTERS for a July 29, 2022, service from Sydney Aramco did not respond to a
hit all-time lows. Last month the currency fell 6.2 per cent. REUTERS Cass-Gottlieb said Qantas' penalty for to San Francisco up to 40 days after Reuters' request for com-
allegedly breaching consumer law “We are going to seek a penalty that deceptive conduct by advertising that flight was canceled, the ment.
should be more than double the will underline that this is not just to be tickets for more than 8,000 flights commission said. Saudi Aramco is the
Russia puts nuclear-capable Australian record 125 million
Australian dollar ($81 million) fine
a cost of doing business.” “We consider
these penalties to have been too low.
from May through July last year that
had already been cancelled but not
Qantas said it would respond in full
to the commission's allegations in
world's biggest oil company,
with a market value of $2.25
Sarmat missile on combat duty imposed on the Volkswagen Group in
2019 for misleading customers about
We think the penalties should be in
hundreds of million, not tens of
removed from sale.
Qantas cancelled 1-in-4 flights
court. “We have a longstanding
approach to managing cancellations
trillion. Its shares have risen
19.6 per cent this year. It com-
Russia has placed its Sarmat intercontinental ballistic missile on the level of exhaust emissions from its million,” she added. during the three-month period. for flights, with a focus on providing pleted the world’s largest ini-
combat alert, bringing into commission a weapon capable of carrying diesel engines. The commission filed a lawsuit Qantas kept selling tickets on customers with rebooking options or tial public offering in late
nuclear warheads that President Vladimir Putin earlier said would “We consider that this should be a against Qantas in the Federal Court average for more than two weeks after refunds. It's a process that is consistent 2019, raising $25.6 billion and
guarantee the nation’s security. The head of Roscosmos, Yury Borisov, record penalty for this conduct,” Cass- Thursday alleging Australia's flagship flights were canceled and in some with common practice at many other later selling more shares to
made the announcement Friday. BLOOMBERG Gottieb told Australian Broadcasting airline engaged in false, misleading or cases up to 47 days, the commission airlines,” a Qantas statement said. raise the total to $29.4 billion.

THE BS CROSSWORD #3487 BS SUDOKU #4068

ACROSS: relished ! (3,5) arm getting a fastener in (8) 22 Escape the consequence of the Easy:
7 Covers too many circuits (8) 21 Vigour shown by keener 4 Explode noisily - so that's much train travel (3,3) ««
9 Walking where the corn's gymnasts (6) Japan's game ! (2-4) 24 The country's plots for annuals Solution on Monday
growing? (2,4) 23 IllumiNations' debut co-opted 5 Ladylike? I can only say - fine or vegetables (4)
10 Develop good argument (4) by GE, so Epcot ordered break meat, if I omitted a major
11 Ultimate letter comes to an up (2,2,6) point (10)
end, a match for ancient 24 Old PM joining in tributes (4) 6 Record of the length of wary
sacred writings (4,6) 25 Shut up here - no, in France - march (8) SOLUTION #3486
12 Gangsters at the top had the for long while flying (6) 8 Imprison lampoon (4-2)
old woman covered (3-3) 26 Complete cancellation of a golf 13 Pays a visit, after some SOLUTION TO # 4067
14 It’s awkward that there’s no match ? (5,3) persuasion ? (5,5)
profit apparently coming from 15 Retreating soldiers no minister
an empty lorry (8) backs give up (4,4)
15 Peter Yeldham's first sin of DOWN: 17 Levels leaving only the odds? HOW TO PLAY
selling church benefits (6) 1 Extremely clever somewhat in (5,3) Fill in the grid so that every
16 Where one girl hugs another part (4,2) 18 A swordsman paling by mid- row, every column and
out East ? (6) 2 The front in line after the afternoon (6) every 3x3 box contains the
19 For example, the General Staff President (4) 20 Workers' associations in digits 1 to 9
has two metals shortly to be 3 Sweet result of breaking on unison, perhaps (6)

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 >
OPINION 9
Volume XXX Number 119

One nation, many elections

NEW DELHI | SATURDAY, 2 SEPTEMBER 2023

WEEKEND RUMINATIONS
T N NINAN states on their own. And two leaders it does have
However one describes India, a union of states or unified federal
At home and abroad nation, it would be tough for the Modi govt to exercise the power it
— Shivraj Singh Chouhan in Madhya Pradesh
and Vasundhara Raje in Rajasthan — it doesn’t
particularly like.
has become used to if there are 18 or more states it doesn’t rule l Sixth, should it keep risking putting Mr Modi

P
ew Research tells us that the people in a couple of dozen selected countries think on the ticket? Is that a card it could be using too
well of India but less well than in the past, and that Narendra Modi scores only often? What happens if it loses again, as in
about half as well abroad as he does at home, where his popularity is almost off

Y
ou can pick your preferred description for
the charts. Going further, about half of those surveyed by Pew feel India has not the Narendra Modi government suddenly
gained in power or influence in recent years, which is very much a minority view within pulling out the idea of one nation, one
the country. Some of the dichotomy between domestic and international opinion is to be election: A pre-election grand distraction, or a
expected, and some of the takedown implicit in the survey’s numbers is a deserved cold trial balloon. The important thing is to under-
shower. But some of the findings would come as a surprise to even those who have not stand where the idea is coming from. Also, for
been persuaded by the Narendra Modi government’s relentless image-building.
It is impossible to argue, for instance, that India’s standing and profile are not on the
brevity, let’s start calling it ONOE.
True to their by now familiar method of the
grand spectacle, this is topped by the idea of a
rise when it has become the fifth-largest economy, that the moon landing hasn’t made an special, five-day Parliament session. It guaran-
impression beyond the country’s borders, that Indian moves don’t impact the rest of the tees five days of live TV coverage and primetime
world both positively (vaccine supply) and negatively (rice export ban) much more than “debates”, all generally weighted in favour of
in the past, and that one of the world’s fastest-growing economies and the third-largest the idea.
contributor to global growth will not count for more in the coming years. Nor can one dis- You can also be sure that all heavyweight
anchors, with the exception of one-and-a-
pute the evident success of Indians overseas in multiple fields, with growing numbers
quarter, will give it their full-throated support.
and influence, and with a creditable record of integration into their adopted societies. All Some might bring to this the passion usually
of this makes for a compelling story that reflects well on the mother country. reserved for Pakistan, China, or George Soros.
But the government’s permanent campaign mode and the impressive energy of its Theatre, however grand, will not change the
ministers create a noise level that can cloud the mind. After all, despite many hopeful
pronouncements, India has little to show by way of free-trade agreements. Those who
fact that ONOE is not possible
unless two-thirds of the states
endorse it. That the Bharatiya
don’t read the business papers, and even many who do, may be surprised to be told that
Janata Party (BJP) hasn’t
foreign direct investment inflows shrank last year and so far this year, and that foreign secured their support is its
portfolio money saw a net outflow in 2022 before reversing direction in 2023. deepest pain point. That’s why
As for Mr Modi, whose soaring domestic popularity has been confirmed by Pew’s this frantic ploy.
survey, foreign governments have no choice but to deal with a strong Prime Minister The logical final objective
who gives every impression of being around for some time to come. But that does not would then be “one nation, one
election, one party” in all states
mean informed citizens in other countries are unaware of the nature and direction of
and the Centre. In politics, aspi-
political developments in India, and that this won’t affect their views of the country. ration is a good thing. It’s just
Then there is China. Since power is a relative game, it matters that India’s rise has that your rivals’ aspirations run NATIONAL INTEREST
been overshadowed by China’s, to the extent that even India’s neighbours have stronger contrary to yours.
SHEKHAR GUPTA
trade relations with China than with India, and also more defence dealings. There can That’s why the BJP has lately
be little doubt that Beijing was the primary mover behind the expansion of Brics’ mem- failed in some key states and
may struggle with some more this coming
bership, and that it has pushed Brics in the direction of becoming more of an anti- winter. Particularly jarring for it is the fact that
West platform; India has been forced to play along. it often gets beaten in states it sweeps in Lok
In bilateral ties too, Beijing shows no inclination to take the foot off the pedal, Sabha elections. Karnataka and Himachal
whether it is the buildup of civil and military infrastructure along the disputed border, Pradesh are only the latest.
cartographic aggression, or blocking India’s entry into key forums. If Xi Jinping stays ONOE is seen as a brahmastra. If your weak-
away from the G20 summit in New Delhi, with Vladimir Putin also absent, some of the ness is having only one leader to get you the
votes across states, where most of your leaders
shine will come off an event that Mr Modi has used to showcase India and, not least, to are nobodies, why not turn it into a strength?
project himself. China’s larger game plan may well be to reduce the G20’s salience What if every vote was sought for Modi, whether
while promoting Brics. at the Centre or in the states? Each election will
So, realistically speaking in the world as we have it, there are two superpowers, two or be “Modi versus who?”
three great powers like Russia, and then the middle powers among which India has gained To understand the politics behind the con-
in prominence. Handicapped without a UN Security Council veto, India can nevertheless cern that’s pushing the BJP, we just have to see
become a great power if it continues to do well economically, develops a large manufacturing the rapid bleaching of the saffron from the state-
sector, gains in technological heft, builds a more capable defence industry, improves its wise political map of India. In 14 states now, con-
human development indicators, becomes more of a trading nation, and has greater internal stituents of INDIA, or other parties not aligned
with the BJP, are in power.
cohesion. In short, it is a work in progress.
However you describe India, a union of states
or one unified federal nation, it would be very
challenging to exercise the kind of power the
Modi government has got used to if, by the end
of 2024, there are 18 states — if not more — that
you don’t rule. Never mind your majority in the
Lok Sabha.
That’s why, in the run-up to the ONOE
move, three things had underlined the intensi-
fication of the buildup to the 2024 general elec-
tion campaign.
One, the call for the Amrit Kaal Parliament
session. Don’t be surprised if hereon, the BJP
turns every election into a referendum on ONOE.
Two, the Mumbai conclave of the INDIA part-
ners, searching for that cohesion such alliances
have invariably lacked in Indian politics.
And three, the Modi government’s sweeping
cooking gas subsidy. Petrol and diesel price cuts
may also be on the way.
T his urgency is sparked by the
results of the last clutch of
state election results, which saw
the BJP lose both Karnataka and
Himachal Pradesh. From what we
have learnt about the BJP’s
method over the past decade, it
will likely underline seven
takeaways in its calculations.
These are:
l The BJP lost the elections deci-
sively in each state, though the
contest was closer in one
(Himachal) than in the other
(Karnataka). What this means is
that an Operation Kamal-type
turnaround is unlikely in the near term.
l It was beaten by the Congress, a rival it doesn’t of Mr Modi paying for the anger against his chief
want to lose to. From 2019 onwards, it has had a
strike rate upwards of 92 per cent against it, but
this never made it complacent. Now, the party
has some tailwind.
l In both states, the Congress won by itself with-
out alliance partners. That improves the party’s
stature and bargaining power among the
Opposition cluster.
l The claim of wider Opposition unity is not
entirely convincing yet. But in the forthcoming
state elections, the challenger will be a Congress
with a belief that it can beat the BJP when
Narendra Modi is not on the ticket.
l The fact that it lacks a winning leadership in
these states will be seen as a growing failure for
the BJP. The hard fact is that besides Yogi
Adityanath and Himanta Biswa Sarma, the BJP
doesn’t have any leaders who could take their By special arrangement with ThePrint
Karnataka?
l Which brings us to the seventh point. If the
BJP doesn’t win at least two of the four major
states polling this winter, it would deplete its
numbers in the Rajya Sabha in the course of time.
T he BJP think tank — Modi, Shah and J P
Nadda — must have been tossing these ques-
tions around these past three months. There is
much on our TV channels, and “opinion polls”,
to suggest that the BJP has already won 2024,
bar the counting. But that is not how this BJP
thinks. It knows better than its rivals how
seriously to take “friendly” media adulation.
It is comfortable that the general elections
will be fought only for or against Modi. But if
the non-entity leaderships or self-diminishing
arrangements for temporary power (as in
Maharashtra) continue, it will be much tougher
to win the states that go to the polls soon after
the general elections. That will make its govern-
ment’s likely third term that much tougher.
Further, think of the numbers in the
Rajya Sabha.
The option of collapsing at least one set of
states with the general elections is tempting but
not risk-free. Here’s the conundrum: If you
believe that voters today make a clear distinction
between state and central elections held simul-
taneously, as we learnt in Odisha in 2019, why
would they not act similarly if you were to hold
simultaneous elections now?
And if the voters are still not so clinically
evolved, why would they not allow a negative
view of their BJP state government to influence
their vote in the Lok Sabha elections? Is the risk
ministers worth taking?
To sum up, with the general election cam-
paign less than six months away, the BJP has
more to think about than it had on the eve of
2019. It’s the states that will be robbing BJP
strategists of their sleep at this point, not the
Lok Sabha.
At this point, ONOE is a distant prospect. For
now, the BJP must endure the Constitution’s
checks and balances, the states’ powers, the
Centre’s limitations, and the elections to a third
of Rajya Sabha seats every two years to reflect
the ever-changing realities of state Assemblies.
You see why the talk of India needing a new
Constitution has begun in the establishment
intellectual circles.

Diminishing world of Adhir Chowdhury Gilt transfer

Chowdhury’s closest associates in
Murshidabad and Malda — his area of
influence — in criminal cases. Many have
joined the Trinamool Congress to prevent
Muslim-dominated region. He has been a
Lok Sabha MP five times consecutively.
That puts him right up there on the Lok
Sabha seniority charts, though the party
(which runs through his constituency),
nobody was responsible but yourself! He
was embroiled in half a dozen cases, some
attracting Section 302 of the Indian Penal
EYE CULTURE sold Manchester City to Abu Dhabi in
2008. Due diligence must have been
SUHIT K SEN followed, but it is notable that no

this possibility. In Parliament, the BJP toys
with him, implying “injustices” done to him
by the Gandhi family. In the recent vote of
confidence debate, Prime Minister
Narendra Modi made his “gud ka gobar
kaise kiya jata hai, koi inse seekhe” (one
should learn from him how to snatch defeat
PLAIN POLITICS from the jaws of victory) remark in the
context of Mr Chowdhury’s speeches. The
ADITI PHADNIS BJP mockingly offered him time to make
his speech from its own quota. In the past,
has better speakers like Shashi Tharoor and
Manish Tewari.
Mr Chowdhury began his political
career in the Rajiv Gandhi era. He won his
second election (1996, Nabagram
Assembly) as an absconder — he was want-
ed on a murder charge. His supporters
played his speeches on portable cassette
recorders all over the constituency. Later
he went to prison on other murder charges.
While inside, he procured a subscription to
Code (murder) and 307 (attempt to mur-
der). In most, he was acquitted.
But this tiger of Bengal is now losing
steam. The margin of his victory has been
dropping steadily from the days when
150,000 votes was the norm. He was made
chief of the Congress unit in Bengal after
Somen Mitra’s death. But he could be
divested of this responsibility in the coming
months because of the inconvenience he
represents to INDIA — with him in the sad-
T
he transfer window in
European football came to a
close on the evening of
September 1, leaving teams with no
more chance to plug the gaps that
had existed in their squads since
June 14. As a result, many had to
make third-rate, surplus-to-require-
ments acquisitions.
Manchester United, for one, found
itself in the last-chance saloon, with
enquiries are ever brought to a con-
clusion against the club.
It was only with the Saudi take-
over of Newcastle United and the
hosting of the World Cup by Qatar
that the English establishment, one
of the last bastions of organised
hypocrisy, woke up to the menace of
sportswashing —the manipulation
of a globally popular sport to present
an acceptable face to the world. No

A
dhir Ranjan Chowdhury’s suspen-
sion from the Lok Sabha has been
revoked after he offered an apology
for his remarks in the Lower House (which
have since been expunged and, therefore,
cannot be reproduced here). The main thing
is, we will be able to hear Mr Chowdhury’s
speeches — in dire Hindi — once again in
the Lok Sabha, for what they are worth.
But then oratorical flourish is not the
reason Mr Chowdhury was appointed
leader of the Opposition and leader of the
Congress in the Lok Sabha in 2019 in the
first place. Sonia Gandhi is extremely fond
of the MP from Behrampore, West Bengal.
She refers to him as a “fighter”, which he
is, as he is indefatigable in his opposition
to both Mamata Banerjee and the Bharatiya
Janata Party (BJP). Both use him as target
practice, though their tactics are different.
Ms Banerjee has leveraged her position as
chief minister to frame some of Mr
Union Home Minister Amit Shah yielded and
let him tie himself up in knots during the
debate on Article 370 as the leader of the
Opposition deviated almost completely from
the Congress line on Kashmir and the role of
the United Nations. Video grabs of his speech
show Sonia Gandhi turning and gesticulating
to him to stop, signals he ignored. This was
largely, though not entirely, a function of
Mr Chowdhury’s determination to speak in
his execrable Hindi.
Mr Chowdhury is a self-made politician
in the sense that politics was not an inher-
itance. He belongs to a region in West
Bengal where the Muslims are in a majority,
51 per cent of the voters on average. The
Malda-Murshidabad-Uttar Dinajpur region
has been a stronghold of the Congress for
decades, represented as it was by Abdul
Ghani Khan Chowdhury, former Union rail-
way minister. The difference is, Mr
Chowdhury is a Hindu elected from a
The Statesman newspaper and a Bangla-
to-English dictionary and taught himself
English. He would later make a speech at a
UN venue and return to recall to reporters
how he had learnt the language. Politics
needed money and he raised it in the same
way everyone did in those days — by
becoming a government contractor.
His politics was of the Robin Hood vari-
ety, derived from Left militancy, which
inspired him to join politics but which he
gradually gave up. Young men who tried
to molest women would be thrashed
roundly in full public view; many parents
who could not afford to get girls married
were assisted financially by Mr
Chowdhury; he funded sport, Durga puja
pandals, community libraries, and all the
other routes to power in Bengal politics.
His style was to project quiet menace that
could quickly graduate to cold rage — and
then if you disappeared in the Bhagirathi
dle, the Congress and the Trinamool
Congress can never enter into an alliance.
The BJP finds him a useful foil against Ms
Banerjee, and for that reason, will not admit
him to the party — he is more useful to
them outside the tent.
After the death of sitting MLA and state
minister Subrata Saha in 2022, the
Congress won the Sagardighi Assembly
constituency for the first time in 50 years,
in a by-election, entirely due to Mr
Chowdhury’s efforts: The constituency fell
in his area of influence. He campaigned
vigorously against the Trinamool
Congress. Within two months, the winner
Bayron Biswas, the first and only Congress
MLA in the Assembly since 2021, joined
the Trinamool Congress. Whatever his
faults and drawbacks, Mr Chowdhury has
never wavered in his allegiance to the
Congress. But now, it is his party that might
have to give up on him.
the barkeep gone on extended leave.
No choice, then, but to get smashed
and hope for the best over 38 matches,
with Arsenal coming up first at the
Emirates on September 3.
Mouthwatering, as they say nowadays,
without a left back, a striker, and qual-
ity on the bench in any position.
As clubs scramble to fill positions
and make ends meet adhering to
Financial Fair Play (FFP) regulations,
a familiar gripe has taken on a wholly
new dimension — sportswashing has
once more become the bogey.
To recap, it began with some West
Asian countries buying prestigious
football clubs to boost their national
brands. Then Qatar hosted the 2022
World Cup, practically sanitising an
authoritarian country guilty of the
most unspeakable violations of
human rights.
And now to cap all indignities,
comes the Saudi Pro League, which,
with its absurd offers to all kinds of
voices were raised when Russia
hosted the World Cup, full four years
after the annexation of Crimea.
Welcome to sportswashing; so it
goes. Now a possible takeover of
Manchester United by a Qatari will
provoke another round of outrage
and calls for stringent means tests.
In the meanwhile, however, the
Saudis have pulled off the biggest
sportswashing coup possible. By
throwing money around, they have
completely jiggered the market, or so
we’ve been given to believe. A lot of
them have been free transfers, con-
sidering the recruitment of retirees,
but the salaries are boggling: €400
million for Karim Benzema for two
years; €86 million for N’Golo Kante
for four; £692,000 a week for 33-year-
old Jordan Henderson; £36.4 million
a year for Fabinho.
And then you have the marquee
figures: $200 million a year for two
years for a certain 38-year-old

Game, set & match to Infosys?
ration from how she (Swiatek) has steadily
evolved to become a champion,” Infosys
emphasised in the announcement.
Infosys’ love for tennis is not new: It has
served as the digital innovation partner for
the ATP Tour, Roland-Garros, Australian
Open, and the International Tennis Hall of
Fame for some years now.
But the appointment of two global ten-
nis brand ambassadors — one a fading vet-
YES, BUT... eran, and another a rising but relatively
unknown star — did evoke some curiosity
SANDEEP GOYAL in corporate circles.
Infosys went on record to say that it
At the Indian Institute of Human Brands
(IIHB), we decided to speak to some large cor-
porations on the Infosys endorsement deals.
Most (almost all) did not know Iga Swiatek
was the current World No 1 in tennis. They
did not even get close. Serena Williams was
the most mentioned, followed by Naomi
Osaka. So, Infosys’ new brand ambassador
scores very low on recognition and recall.
Usually an endorser’s prime (and first) req-
uisite is fame — universal recognition and
admiration (even awe) but Swiatek falls sig-
nificantly short on that basic requirement.
Rafael Nadal did much better, as would
choices, brave choices. As a global company,
Infosys has done well not to be constrained
by the usual Bollywood stars or Indian cricket
greats that most Indian origin companies
usually opt for. When you do business
globally, you must choose the face of your
brand accordingly. Nadal is an undisputed
great. Ageing yes, but still both relevant and
recognised. The investment in Swiatek too is
not altogether misplaced. She appears on the
threshold of a big winning career ahead. And
Infosys will reap the benefits.
It is not for the first time that an Indian
company has used a global figure as brand
ambassador. Byju’s recently signed up Lionel
Messi. One had expected to see Messi in their
advertising but one thinks Byju’s is in too
stars and players — retirees, jour-
neymen, those still genuinely close to
their prime — has taken the transfer
market into the stratosphere. It’s open
season on managers as well.
Clearly, it was only when authori-
tarian West Asian states started hoov-
ering up football clubs that the British
establishment — especially the media
— woke up to the problem. In 2004,
the English Premier League (EPL) and
lower leagues introduced the “fit-and-
proper-person test” to make sure
dodgy characters did not even get into
the boards of clubs, far less own and
run them.
Roman Abramovich bought
Cristiano Ronaldo; and, Neymar Jr
is reported at $300 million a year
plus add-ons.
In case the EPL and other
European establishments start
whingeing at this point, certain timely
reminders might help calm them
down. The top clubs of all the top five
European leagues, especially the EPL,
have been involved in an arms race
that made recruitment unsustainable.
Smaller clubs — that is close to 75 per
cent — were put to the sword as the
elite clubs went on a feeding frenzy.
When it became clear that some-
thing had to be done, what was
offered was FFP, a toothless instru-

L
ast week, Infosys announced a three-
year partnership with global tennis star
Rafael Nadal, describing him as “one
of the legends in sports, with the ability to
change with the changing rigours of tennis
over the years”. Nadal, Infosys said, is a per-
fect embodiment of what it takes individuals
or business leaders to evolve and continually
navigate their next steps.
The very next day, Infosys announced
yet another stellar sign-up: A multi-year
partnership with women’s tennis World No
1 Iga Swiatek. The 22-year-old is a four-time
Grand Slam Champion and one of the most
dominant forces in the women’s game
today — she has been ranked World No 1
since April 22, for a record 70 consecutive
weeks. “Businesses and individuals seeking
to navigate their next steps can draw inspi-
would work closely with Swiatek’s team to
build an advanced data analytics and video
dashboard by leveraging artificial intelligence
to amplify her training and rapidly evolve her
strengths and match strategy through con-
tinuous learning. Infosys and Swiatek will
also work together to create programmes to
inspire and empower young women around
the world— to help women from under-
served communities build careers in science,
technology, engineering, and mathematics.
On Nadal, Infosys said that the company
and his coaching team are developing an AI-
powered match analysis tool. This persona-
lised tool will be available in real-time to
Nadal’s coaching team to simultaneously
track insights from his live matches, when
he is back on tour, along with historical data
from his earlier matches.
be expected. Unlike the women’s champion,
everyone was familiar with him. “Yes, if
invited to an Infosys event, I would certainly
like to get a picture taken with the tennis leg-
end”, said respondents. It would be an hon-
our — he’s an all-time great alongside Novak
Djokovic and Roger Federer. So Nadal has
stature, and respect, without any doubt.
“But isn’t Nadal the past, rather than the
future”, asked most. Does he truly represent
Brand Infosys? No. So, who would’ve been
better as a choice? Carlos Alcaraz? Daniil
Medvedev? Casper Ruud? No, no. Nadal is a
better choice than these upcoming cham-
pions, but he is still a “fading” star was the
feedback. But the question of who would be
a more suitable choice among younger
players remained unanswered.
To me, both Nadal and Swiatek are good
much of a mess currently to optimally lever-
age Messi. A good opportunity lost. In 2014,
Hero Honda signed a four-year deal with Tiger
Woods for a whopping ~250 crore. But Woods
was never really featured in their brand adver-
tising. The joke going around at that time was
that the main promoter wanted to play golf
with the legend, and paid a king’s ransom for
the bragging rights.
Way back in 2013, Micromax signed up
Hugh Jackman, a Hollywood star. They did
use him for a bit of brand advertising but
the partnership kind of petered out over the
next few months.
Corporate India’s outings, hitherto, with
global stars have been lukewarm at best.
Hope Infosys fares better.
The writer is chairman of Rediffusion
Chelsea in 2003, passing this no doubt
stringent test. In 2007, Thaksin
Shinawatra bought Manchester City,
eventually selling it to the Abu Dhabi
honchos. In 2010, King Power of
Thailand bought Leicester City. Both
these Thai entities presumably passed
the “fit-and-proper-person test”.
Queens Park Rangers’s history of own-
ership between 2011 and 2023,
between Tony Fernandes and
Lakshmi Mittal, must also have been
enthusiastically greenlighted.
In 2016, various Chinese com-
panies bought English clubs — chiefly
Wolverhampton Wanderers, but also
West Bromwich Albion, and
Birmingham City. They must all have
passed the required tests. Shinawatra
ment that prevents practically noth-
ing and yields some revenue by way
of fines. It didn’t prevent Chelsea’s
new owners from breaking the bank.
Whingeing and the constant
recourse to the moral high ground is
a peculiar characteristic of the British
establishment, which thought noth-
ing of commercialising football in
every way possible, including making
it impossible for ordinary folk to get
into the stadiums to watch their
teams play.
Fortunately or unfortunately, the
Saudi Pro League looks like it’s here to
stay, which means that European foot-
ball must come up with radical solu-
tions to stay afloat. Nothing like a good
crisis to concentrate the mind.
 QUICK TAKE: GAINS AHEAD FOR HERO MOTOCORP “The US economy is resilient and keeps

The Smart postponing the odds of a recession. It means

Investor
(Share price in ~) The stock of Hero MotoCorp is down 5.7 per cent over that the soft landing scenario is gaining
the past month. JM Financial Research, however, traction, there’s less of a risk that the
has a ‘buy’ rating on the stock. It believes that the Fed would have to do too much. That is
NEW DELHI | one reason why markets are well
company is strengthening its market position and behaved”
SATURDAY, 2 SEPTEMBER 2023 seems to be making a strong comeback as an
KEVIN THOZET, Member of Investment
all-round two-wheeler player Committee, Carmignac
<

Indices rise most in 2 months BROADER MARKET

PARTY CONTINUES
on strong economic data
Benchmarks snap five-week losing streak as Chinese stimulus also boosts sentiment
The monthly winning streak for the Sensex
and the Nifty was snapped after five months
in August, with a drop of nearly 3 per cent in
the benchmark indices. The broader markets,
however, continued to make positive strides,
with the Nifty Midcap 100 and Nifty Smallcap
SUNDAR SETHURAMAN 100 rising 3.7 per cent and 4.6 per cent,
Mumbai, 1 September WHAT WENT UP, WHAT DIDN’T respectively. On Friday, smallcaps extended
their outperformance. Thanks to a rally in the
GAINERS Aug 25,’23 Sep 01,’23 % Change

T
he benchmark indices logged broader market, the market capitalisation
their biggest single-day gains in Tata Steel 116.9 127.1 8.7 (mcap) of all BSE listed companies hit a new
over two months, buoyed by Maruti Suzuki India 9,508.5 10,331.8 8.7 record high of ~312 trillion on Friday. SMALL AND MIDCAPS HAD
India’s encouraging economic data. Net inflows from both mutual funds and A HAPPY AUGUST
NTPC 217.9 230.6 5.9 foreign portfolio investors remained positive
Favourable global cues, following Chi-
na’s fresh stimulus measures to revive Mahindra & Mahindra 1,520.1 1,591.5 4.7 in August. The highlight of the month were Nifty50 NIFTY Midcap 100 Change (%)
its economy, also boosted risk appetite. large share sales by promoters and private Sensex NIFTY Smallcap 100 8.0
JSW Steel 773.0 806.2 4.3
The Sensex closed at 65,387 follow- equity (PE) funds, who cumulatively mopped -2.6 4.6
ing a gain of 556 points or 0.8 per cent; LOSERS up over ~60,000 crore, the highest amount for -2.4 4.0
the Nifty50 finished at 19,435, up 181 Hindustan Unilever 2,567.4 2,505.0 -2.4 any calendar month. IT stocks were among -2.4
-2.1 3.7 0.0
points or 0.9 per cent — most since June the outperformers, while financial services
30. Friday’s gains also helped both
Reliance Industries 2,470.0 2,413.1 -2.3 were laggards. SAMEER MULGAONKAR -2.5 -4.0
indices snap their five-week losing Nestle India 22,214.6 21,904.5 -1.4
streak. India’s economy grew at its fas-
Jan ‘23 Aug ‘23
Bharti Airtel 873.4 865.9 -0.9
test pace in four quarters — at 7.8 per
cent — in the April-June quarter of ITC 443.9 441.3 -0.6 MCAP OF ALL LISTED COMPANIES BOTH MF AND FPI FLOWS CONTINUED
ILLUSTRATION: BINAY SINHA Soure: Bloomberg; Compiled by BS Research Bureau
financial year 2023-24 MADE A NEW HIGH IN AUGUST TO REMAIN POSITIVE
(FY24). India's manufac- SENSEX WEEKLY BSE mcap (~ trn) Net flows (~ cr)
turing sector activity con- 65,387 65,600 because of strong macro
tinued to expand in 64,887 environment, and robust MOST ADANI GROUP SHARES RISE FPI MF 60,000
August. The S&P Global 65,400 earnings and flows. Eight out of 10 Adani group stocks ended with 2.93 14,489 40,000
Purchasing Managers’ 65,200 “India’s macro funda- gains a day after they shed nearly ~36,000 crore in THE FIGHTBACK Change 21,353
One-day change (%) 20,000
Index (PMI) rose to a three- mentals appear resilient market capitalisation (mcap) amid fresh 306.66 309.59
month high of 58.6 in 65,000 with a steady growth pro- allegations made by the Organized Crime and Adani Power 2.8 0
0.95 12,988 -20,000
August. August was the
0.8% 64,800 file, core inflation primari- Corruption Reporting Project (OCCRP). On Friday, Adani Green Energy 2.3
26th month in a row when ly in check and a comfort- the group added over ~13,500 crore in mcap, Change % -29,950 -40,000
Change
64,600 Adani Energy Solutions 1.6 Jul 31,’23 Aug 31,’23
the PMI was above 50. A Aug 25,’23 Sep 1,’23 able external sector taking the total mcap to ~10.6 trillion. Stocks in Jan ‘23 Aug ‘23
Adani Enterprises 1.3
measure above 50 sep- balance,” she said. Most the energy space gained the most — Adani Power
arates expansion from contraction. Asian markets closed with gains after and Adani Green added over 2 per cent each, Ambuja Cements 1.2 BEST AND WORST PERFORMING SECTORS
Analysts said the robust momentum the People's Bank of China said it will while Adani Energy Solutions added 1.6 per cent. Adani Ports & SEZ 1.0 Change (%) Change (%)
in domestic demand conditions con- trim the amount of foreign currency Experts said that the rebound in the group New Delhi Television 0.6 BSE Consumer Durables 4.24 BSE Oil & Gas -5.03
tinues to reflect in the GDP numbers. deposits required to hold as reserves. stocks indicates that investors may not be too ACC 0.0
“We expect the resilience to be sus- The Chinese central bank’s announce- perturbed by the latest allegations but instead are BSE IT 4.13 BSE Energy -4.38
tained, bolstered by the confluence of ment comes after its authorities focused on the company’s deleveraging efforts Adani Total Gas -0.3 BSE Telecom 3.20 BSE Bankex -4.01
favourable structural and cyclical driv- announced a fresh stimulus to revive and ability to improve its operating performance. Adani Wilmar -2.0
BSE Cap Goods 2.66 BSE FMCG -2.75
ers. Stronger balance sheets across eco- its property sector and expanded tax BS REPORTER Source: Bloomberg, exchange
Compiled by BS Research Bureau
nomic agents and the government's breaks for child and parental care and
pro-active supply-side response usher- education. The Chinese authorities BEST AND WORST PERFORMING NIFTY STOCKS
ing in structural reforms are likely to have avoided big bang economic The market breadth was positive, with PSU index. “PSU banks saw fresh Change (%) Change (%)
provide a secure foundation to a strong reforms amid concerns about rising 2,124 stocks advancing and 1,554 declin- buying after rating agency Fitch Tech Mahindra 7.75 BPCL -9.79
multi-year growth cycle,” said Upasana debt. Analysts said the move by Chinese ing. More than four-fifths of Sensex affirmed ratings on India’s PSU Banks.
Chachra, chief India economist, authorities exceeded market expecta- stocks advanced. ICICI Bank, which Overall, we expect the market to trade Cipla 7.03 SBI -9.49
Morgan Stanley. tions, but it needs to see how much it rose 1.13 per cent, contributed the most in a range with sector- and stock-spe- M&M 6.79 Hero Moto -8.98
Shibani Sircar Kurian, senior EVP & aids economic recovery. Foreign port- to Sensex gains, followed by NTPC, cific actions as the broader market LTIMindtree 6.17 Power Grid -8.08
head-equity research, Kotak Mahindra folio investors bought shares worth ~488 which rose 4.8 per cent. The BSE mid momentum remains positive,” said
Asset Management Company, said the crore on Friday, while domestic institu- and smallcap indices hit an all-time Siddhartha Khemka, head-retail res- Infosys 5.88 Apollo Hospitals -6.95
equity markets have been buoyant tions pumped in nearly ~2,300 crore. high on a closing basis. So did the BSE earch, Motilal Oswal Financial Services. Compiled by BS Research Bureau Source: Bloomberg

Sebi bats for new body to
vet performance claims
KHUSHBOO TIWARI
Mumbai, 1 September
The Securities and Exchange
Board of India (Sebi) has pro-
posed to form a performance
validation agency (PVA) in a
bid to provide more legiti-
macy to the claims made by
registered intermediaries.
PVA will be an independ-
ent body, which will be
allowed to charge a fee for
its services such as validation
of claims related to actual
profits made by clients of an
entity, investment advice and
stock recommendations,
among others. It will even val-
idate the performances of
algorithms, mutual fund
schemes and portfolio man-
agement services.
Sebi's consultation paper
for the same comes at a time
when there has been a lot of
uproar over individuals and
entities making false claims
on social media in a bid to
draw investors towards their
products, services and train-
ing courses. Certain broker-
ages — such as Zerodha and
Fyers — have already
launched their own verifica-
tion tools in a bid to curb mis-
information.
The markets regulator
WHAT’S NEW
PVA will be an
independent body, which
will be allowed to charge
a fee for its services
These could include
validation of claims
related to actual profits
made by clients,
investment advice, stock
recommendations,
among others
Such an agency would
enable other entities to
market their products
based on validations
made by them
Sebi's consultation
paper comes at a time
when there has been a
lot of uproar over false
claims being made on
social media
plans to grant PVA recog-
nition to a wholly-owned sub-
sidiary of a market infrastruc-
ture intermediary (MII),
which includes stock
exchanges and depositories,
or a joint entity of multiple
MIIs. Such an agency would
enable other entities to mar-
ket their products based on
validations made by them.
In the consultation paper,
Sebi pointed out that there
will be no cherry-picking of
favourable events, strategies
or clients and claims will have
to be independently verifiable
from sources other than the
entity making the claim.
Performance claims will
have to be validated by PVA,
based on specified parameters
such as returns, risk, volatility,
and other suitable parameters
decided by the industry forum
and partnerships with credit
rating agencies.
“As PVA would need to pro-
cess the data and claims/per-
formance of intermediaries/
other entities, with attendant
privacy concerns over cus-
tomer data on strategies, it is
crucial that the entity that han-
dles the data is able to shoulder
the responsibility to gather,
process and validate a large
amount of data,” said Sebi, rea-
soning its decision to allow
only subsidiaries of MIIs for eli-
gibility as a PVA.
Sebi has sought comments
on the proposals by 21 Septe-
mber, seeking responses on
whether there should be a PVA
and if entities should be req-
uired to validate their claims.
Warburg sells 4.2% in IDFC First
Bank; GQG picks up 2.6% in lender
BS REPORTER
Mumbai, 1 September
Cloverdell Investment, an affiliate of
private equity major Warburg
Pincus, sold 4.2 per cent in IDFC First
Bank on Friday. As of June 2023,
Cloverdell had a 7.12 per cent stake
in IDFC First Bank. The PE major
sold nearly 278.7 billion shares at ~89
apiece to mop-up ~2,480 crore. US-
based GQG Partners shares worth
Amfi sets ~1 cr net worth criteria for EOPs
Releases guidelines for direct MF platforms wanting to become agents of AMCs
ABHISHEK KUMAR
Mumbai, 1 September
The Association of Mutual Funds
in India (Amfi) has set a ~1-crore
net worth criteria for direct
plan distributors seeking to reg-
ister with it as execution only plat-
form (EOP).
The Securities and Exchange
Board of India (Sebi) has mandated
online platforms solely into distri-
bution of direct mutual fund (MF)
schemes to become EOPs by
registering either with exchanges
(EOP Category 2) or Amfi (EOP
Category 1).
Sebi’s regulation defines the
role and compliance requirements
~1,527 crore, constituting a 2.6 per
cent stake, data showed. Shares of
IDFC First Bank last closed at ~93.44,
up 0.11 per cent. The US-based
investment firm has been in the
news this year for its consistent
investments in the Adani group
stocks. In March, GQG bought a
stake worth $1.87 billion in the Adani
group-listed companies from the
promoters. They added another
$500 million in May and acquired a
for EOPs, as it opens doors for
monetisation by allowing them to
charge transaction fees.
However, Amfi’s guideline has
not mentioned a maximum fee
that EOPs can charge.
Sebi’s regulation came into
force in September and makes reg-
istration mandatory from
December. After registering with
Amfi as an EOP, MF distribution
platforms will have to enter agree-
ments with fund houses to start
selling their direct
schemes online.
In addition to the net worth
criteria, distribution platforms will
have to meet Sebi’s conditions say-
ing that an entity should be a ‘body
further $1 billion of Adani stocks in
June. Besides Adani Group, GQG has
also invested in Patanjali Foods.
On Friday, shares of IDFC First
Bank fell by as much as 5 percent in
early trading but recovered to end
little changed. In August, the private
sector bank had reported profit after
tax of ~770 crore in the first quarter
of FY24. The strong earnings have
backed by healthy loan growth, rob-
ust fees and contained credit cost.
corporate’ with at least two qual-
ified and experienced managers
and one compliance officer. Amfi’s
guidelines set a code of conduct
and cyber security frameworks for
the platforms.
The National Stock Exchange
(NSE) said that MF distribution
platforms wanting to become EOP
Category-2 can obtain registration
through its website.
“Existing members of the
exchange as well as body corpo-
rates desirous of being onboarded
on the EOP segment of the
exchange as a new member, may
apply for the enablement post
completion of the registration pro-
cess,” said NSE in a circular.
N NEWS IN BRIEF N
ONGC, Oil India rally
up to 6% after govt
hikes natural gas price
Shares of state-owned oil exploration & produ-
ction companies, Oil and Natural Gas Corporation
(ONGC) and Oil India, surged up to 6 per cent on
the BSE during Friday’s intraday trade after the
government hiked price of domestic natural gas
to $8.6 per metric million British thermal units
(MMBtu). The new price, scheduled to take effect
from September 1, marks an increase from the
current price of $7.85 MMBtu. Rating agency
Fitch, moreover, affirmed ONGC's rating at 'BBB-'
with a stable outlook. Fitch expected ONGC's
upstream earnings before interest, tax, depre-
ciation and amortization over FY24-FY27 to imp-
rove, driven by increase in oil price assumptions,
given lower uncertainty on demand destruction
related to energy transition risks. BS REPORTER
BSE ups buyback
price; shares gain
BSE has increased the acquisition price for its
proposed ~375 crore buyback from ~816 per
share to ~1,080. The record date set for the
buyback is September 14. Shares of BSE rose
4.9 per cent to end at ~1,145 apiece on Friday.
According to experts, BSE is the first company
to use the recently tweaked buyback rules that
allow companies to revise their buyback price
ahead of their record date. This will be BSE’s
third share repurchase since its listing in
January 2017. Previously, it did a ~166 crore open
market buyback in 2018. In 2019, the exchange
did a tender-route buyback of shares worth
~460 crore. BS REPORTER

Sentiment turns stronger for steel stocks on better prospects
DEVANGSHU DATTA
Industrial metals (ferrous and
non-ferrous) suffered great vol-
atility once the Ukraine War
began in February 2022. First,
there was a sharp price rise due
to fears of supply disruption, fol-
lowed by weak global demand.
China’s weakness and rolling
lockdowns have hit production
and demand. China’s central bank
recently cut rates to try and revive
real estate. If the real estate sector
of China rebounds, this would be
a key trigger. But if stimulus does-
n’t show quick results, global
demand may stay muted.
India is also a key player. Steel
demand is driven by construc-
tion, due to the Budget policy
thrust. There is sufficient local
demand to ensure better domes-
tic prices. Margins may also
improve due to the likelihood of
lower coal costs and flat iron ore
prices. India’s per capita steel con-
sumption (81 kg) is well below the
global number (225 kg) so there’s
room for growth. In the longer
term, recovery in automobiles,
real estate and metro construc-
tion, railways network expansion
and improvement, new gas pipe-
line networks, and increasing pri-
vate capex should all drive steel
demand. The Indian steel indus-
try is scheduled to add 22 million
tonnes of capacity over next two
years and this may still leave room
for imports.
In the first quarter of the 2023-
24 financial year (Q1FY24), ferrous
companies struggled with lower
THE COMPASS
volumes. Earnings before inter-
est, taxes, depreciation, and
amortisation (Ebitda) per tonne
also dropped for most steel pro-
ducers compared to Q4FY23. In
associated mining sectors, earn-
ings of NMDC and Coal India
were more or less in line with
expectations.
JSPL (Jindal Steel & Power)
was an outlier with a sharp ~3,500
per tonne quarter-on-quarter (Q-
o-Q) increase in Ebitda due to
higher realisation and lower costs.
But other steel producers saw
lower Ebitda per tonne. Despite
poor demand, Tata Steel and JSPL
managed to reduce net debt by
~6,300 crore and ~140 crore,
respectively.
In Q2FY24, earnings could
rebound despite possible lower-
ing of steel prices due to sharp
declines in raw material costs
(coal and iron ore). Coking coal
prices reduced Q-o-Q by around
$50 per tonne in Q2, for example.
Ore prices were stable, and may
trend weaker if global demand is
slow. Globally, ex-China steel pro-
duction was flat in Q1FY24 with
weak production in Europe and
US compensated by higher India
production. China saw a surge in
Q1. However, July and August
saw lower China production on a
month-on-month (M-o-M) basis.
A trend of lower China produc-
tion may continue given weak
demand. China’s steel exports
also cooled in June’23 (down 10
per cent M-o-M).
India HRC (hot-rolled coil)
steel prices rose in August '23 by
about ~1,100 per tonne M-o-M,
reversing price reductions in
June and July. Domestic steel
consumption is up 18 per cent
year-on-year (Y-o-Y) and 7.4 per
cent M-o-M in July '23. Exports
are slow. Imports are up since
domestic prices are at a pre-
mium to China.
Indian steel majors are likely
to gain market-share — the four
largest players who could gain
would be Tata Steel, Sail, JSPL
and JSW Steel. In Tata Steel, the
fate of Europe operations — espe-
cially the UK — is critical. Another
factor to note is that Tata Steel and
Sail may see costs rising as and
when lease of existing captive
mines ends, but JSW Steel and
JSPL are adding mines. NMDC
remains a price and volumes play
since it gains (or loses) in tandem
with rising (falling) ore demand.
Share prices across the iron & steel
sector have been rising with
traders speculating on sustain-
able rebounds in Q2 and future.
Rishabh Instrument
IPO subscribed 32 times
The initial public offering (IPO) of Rishabh
Instrument, a manufacturer of energy efficiency
products, was subscribed nearly 32 times on
Friday. The institutional portion was subscribed
72.5 times, retail portion 8.4 times, and high-
networth individual (HNI) quota 31.3 times. The
price band for the IPO was set at ~418-441 per
share. At the top end, the firm is valued at ~1,674
crore. The total IPO size was ~491 crore, of which
about ~75 crore was fresh fundraise. BS REPORTER
Arkade Developers files
DRHP for ~430 crore IPO
Mumbai-based real estate developer Arkade
Developers has filed its draft red herring
prospectus (DRHP) with market regulator
Securities and Exchange Board of India. The
company’s initial public offering (IPO)
comprises a fresh issue of ~430 crore. Arkade
plans to utilise the net proceeds for
development of its ongoing and upcoming
projects. As on July 31, Arkade had developed
1.8 million square feet of residential property.
Its revenue in FY23 stood at ~224 crore.
BS REPORTER
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 THE SMART INVESTOR 11

Equity MF SIPs boost Business cycle funds can generate

alpha but also carry risks
distributors’ income
Revenue from commissions saw double-digit growth in FY23; AUM rise modest
Higher concentration LIMITED TRACK RECORD
and fund manager risk Returns (%)
Business cycle fund AUM YTD 6-month 1-year 2-year
ABHISHEK KUMAR
Mumbai, 1 September
make these funds (~crore)
suitable only for ICICI Prudential 6,407 15.1 16.1 18.8 16.9

T
he rising popularity of equity HDFC 2,721 13.3 15.1 - -
mutual fund (MF) investing via seasoned investors Kotak 2,527 14.1 15.3 - -
the systematic investment plan
(SIP) route led to double-digit revenue SARBAJEET K SEN
AXIS 2,491 - 19.6 - -
growth for MF distributors during 2022- Aditya Birla Sun Life 1,717 8.2 11.6 11.1 -
23 (FY23), even as the industry’s overall Mahindra Manulife Asset Management Tata 1,110 16.7 19.2 25.6 17.9
assets under management (AUM) saw a Company’s (AMC’s) new fund offer Note: Seven largest funds by AUM included. Returns are for direct plans Source: NGEN Markets
modest 5 per cent rise. (NFO) of its business cycle fund began
During FY23, the top 1,700 distribu- on August 21 and will close on
tors, who account for around 60 per ILLUSTRATION: BINAY SINHA September 4, 2023. Nine such funds fund often focuses on three or four key
cent of the regular AUM of the industry,
raked in ~12,000 crore as gross commis- BANKS AND NATIONAL DISTRIBUTORS DO THE manage assets worth ~18,358 crore (data
as on July 31, 2023). While fund houses
sectors or themes that are likely to do
well in the future. These funds also
sions. This is 16 per cent higher than the
total payout of ~10,400 crore they
BULK OF MF SELLING present business cycle funds as an
avenue to invest in promising
tend to run concentrated portfolios of
stocks belonging to all market caps.
received in financial year 2021-22 Top 10 MF distributors by commission income in FY23 businesses with the potential to fetch “Business cycle investing involves an
(FY22). Commission Growth AUM Growth high returns, investors need to evaluate element of market timing, which can
During the same time, total assets of Distributors (~crore) (%) (~ trn) (%) these funds thoroughly before betting be challenging even for seasoned
clients in MF schemes rose just 8.5 per NJ IndiaInvest 1,539 18.54 1.24 13.48 on them. professionals. Additionally,
cent to ~14.7 trillion. concentration in specific sectors can
According to MF officials, the com- State Bank of India 905 23.24 1.44 16.56 Nature of a business cycle fund lead to higher risk. Investors need to
mission payouts outpaced the asset HDFC Bank 669 15.27 0.97 14.53 Economies and financial markets evaluate the fund’s adaptability to
growth as the asset mix of MF distribu- witness cycles. Capturing the growth shifting economic conditions,” says
PCAS 583 32.23 0.53 16.52
tors is increasingly moving towards phase of these cycles can lead to Ravi Kumar. better off investing in a multi-cap fund
higher-paying equity schemes at the Axis Bank 542 0.83 0.70 30.36 substantial wealth creation. Fund that requires fund managers to invest
expense of debt funds. ICICI Securities 454 13.01 0.52 8.93 managers of these funds aim to invest Overlap with other funds at least 25 per cent in all three market
“There are several factors — with in stocks that are expected to While constructing the portfolios of caps (large, mid and small).
prominence of equity investment and
ICICI Bank 398 11.87 0.50 5.80 experience a marked improvement in these schemes, a fund manager could “We don’t recommend this category
rising SIP inflows being the primary Kotak Mahindra Bank 297 17.50 0.41 5.41 cash flows. “Business cycle funds aim end up duplicating the portfolios of as timing business cycles consistently
drivers. The fact that equity schemes Anand Rathi Wealth 213 25.33 0.21 21.49 to capture the phase of economic other diversified-equity schemes. across sectors is a very difficult task.
see larger mark-to-market gains vis-a- expansion. They invest in businesses “Executing the strategy of identifying Moreover, most funds in this category
vis debt plans also aided growth in HSBC 135 15.33 0.22 6.59 with high earnings growth visibility business cycles and moving in and out lack a long-standing track record of
equity assets of distributors,” said Other large distributors 6,335 15.50 8.00 4.00 and in whose earnings forecast there is of sectors at the right time consistently executing this strategy consistently,”
Sirshendu Basu, product head at Total 12,071 15.84 14.74 8.53 a high degree of confidence,” says Ravi is difficult. Furthermore, established says Shrinath ML. If you are still keen to
Bandhan Mutual Fund. Owing to the PCAS: Prudent Corporate Advisory Services Source: Amfi | FY 2023 data | Growth is in comparison to FY22 data
Kumar TV, founder, Gaining Ground diversified-equity funds can also invest in a business cycle fund, make a
strong SIP inflows into equity schemes Investment Services. employ this strategy. Most active fund limited allocation. “One can invest up
in FY23, the share managers do try to invest, or maintain to 10 per cent of that entire equity
of active equity schemes in the total Advisory and Axis Bank were the other The Y-o-Y growth in SIP registrations Fund manager risk overweight positions, in promising portfolio in these funds. As in any other
MF AUM rose to 37 per cent from 35 per names in the top five. through direct plans came in at just 4.5 The fund manager’s role is companies or sectors that are equity fund, one should remain
cent a year ago, shows a report NJ and Prudent follow the sub-brok- per cent in 2022. This compares to 115 pivotal to the success of these expected to do well over the invested across a business cycle, that is,
by Bandhan MF. While investors ing model, wherein they tie up with per cent growth in 2021 and 505 per cent schemes. “If the fund next few years. Hence, the for at least five years, to realise the
pumped in a net ~1.4 trillion into active individual distributors on a revenue- in 2020. In comparison, SIP registra- manager identifies the cycle business cycle strategy does potential gains from these funds,” says
equity schemes in FY23, they pulled out sharing basis. The Association of tions via regular plans rose 19 per cent correctly, the scheme will not appear to provide any Maheshwari.
~1.6 trillion from debt schemes, accord- Mutual Funds in India (Amfi) releases last year. outperform diversified- significant differentiation,” According to her, since these funds
ing to the report. MF commission data of only the top The surging retail flows through the equity funds. Conversely, if says Shrinath ML, senior take concentrated exposure to a few
NJ IndiaInvest continues to sit at the 1,500-1,700 distributors. There are SIP route boosted individual investors’ calls go wrong, the scheme research analyst, FundsIndia. sectors, they can be risky for first-time
top of the MF distributors’ list with gross around 100,000 active MF distributors holding in the MF industry’s total AUM. could lag behind the broader YOUR What should you do?
or conservative investors. “However,
commission income of ~1,540 crore. It
is followed by State Bank of India (SBI),
in the country.
MF distributors, who have been fac-
A recent analysis showed that retail
investors and high net worth individ-
markets,” says Parul
Maheshwari, a certified
MONEY While a business cycle fund
investors who have already built a core
mutual fund portfolio using
which saw its commission income rise ing strong competition from online uals together accounted for more than financial planner. appears appealing, it carries diversified-equity funds, and now wish
23 per cent year-on-year (Y-o-Y) to platforms, were able to outpace their 60 per cent share in the mutual fund higher risk and offers no clear promise to generate higher returns through
~905 crore. direct peers on the SIP growth front in industry’s assets in 2022-23. This is the Concentration risk of greater rewards. Investors willing to their satellite portfolios, may consider
HDFC Bank, Prudent Corporate calendar year 2022. highest since records began in 2009-10. The fund manager of a business cycle put in their money for five years may be allocating to these funds,” she says.

TARC LIMITED
(formerly Anant Raj Global Limited)
(Corporate Identity Number L70100DL2016PLC390526)
Registered office: 2nd Floor, C-3, Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016
Tel: 011-41244300, Email: tarc@tarc.in, Website: www.tarc.in
INFORMATION REGARDING HOLDING 7TH (SEVENTH) ANNUAL GENERAL
MEETING THROUGH VIDEO CONFERENCING/OTHER AUDIO VISUAL MEANS
NOTICE is hereby given that the 7th (Seventh) Annual General Meeting ("AGM") of the
members of TARC Limited ("the Company") will be held on Saturday, September 30,
2023 at 11:00 A.M. through Video Conference ("VC") / Other Audio Visual Means
("OAVM") in compliance with all applicable provisions of the Companies Act, 2013
(the 'Act') and the Rules made thereunder and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 read with General Circular No. 14/2020
dated April 08, 2020, Circular No.17/2020 dated April 13, 2020, Circular No. 20/2020
dated May 05, 2020, Circular No. 02/2022 dated May 05, 2022 and Circular No. 10/2022
dated December 28, 2022 issued by the Ministry of Corporate Affairs and Securities
and Exchange Board of India Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated
May 12, 2020, Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021,
Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, Circular No. SEBI/
HO/CFD/PoD-2/P/CIR/2023/4 dated January 05, 2023 and Circular No. SEBI/HO/DDHS/
DDHS-RACPOD1/P/CIR/2023/001dated January 05, 2023 (collectively referred as
'Circulars') and all applicable laws, dispensing with the requirement of physical
attendance of the members at the AGM to transact the businesses as set-out in the
Notice of AGM.
In compliance with the above circulars, notice of AGM along with Annual Report of the
Company for the financial year 2022-23 will be sent only through electronic mode to all
the members whose names appear in the register of members or in the register of
beneficial owners maintained by the depositories as on Friday, August 25, 2023 and
whose e-mail address are registered with the Company / Depository Participant(s) /
Registrar and will be made available on the website of the Company at www.tarc.in and
on the website of the both the stock exchanges i.e BSE Limited at www.bseindia.com
and National Stock Exchange of India Limited at www.nseindia.com and on the website
of National Securities Depository Limited at www.evoting.nsdl.com in due course. The
physical copies of Notice of AGM along with Annual Report shall be dispatched only
to those members who explicitly requested for the physical copies.
Members will have an opportunity to cast their vote(s) electronically on the businesses
as set-out in the notice of the AGM. The detailed instructions for members holding
shares in physical as well as in dematerialized mode for remote e-voting, e-voting at
the AGM and the instructions to join AGM through VC/OAVM will be provided in the
Notice of AGM.
Shareholders who have still not registered their e-mail ID are requested to get their e-
mail ID registered, as follows:
1. Shareholders holding Shares in physical mode by writing to the Registrar and
Share Transfer Agent of the Company, viz., Skyline Financial Services Private
Limited at admin@skylinerta.com or the Company at cs@tarc.in along with the
copy of the signed request letter mentioning the name and address of the member,
scanned copy of the Share Certificate (front and back), self-attested copy of the
PAN Card, and self-attested copy of any address proof document (eg.: Driving
License, Election Identity Card, Passport) in support of the address of the Member.
2. Shareholders holding Shares in dematerialized mode are requested to register their
e-mail ID with the relevant Depository Participant(s).
In case of any queries / difficulties, members may write to admin@skylinerta.com or at
cs@tarc.in.
For TARC Limited
Sd/-
Amit Narayan
Company Secretary
Date : September 01, 2023
Place : New Delhi (ACS 20094)
12 STOCKS
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1

> OFSTOCK
IN THE > Railtel Corp of India > Five-Star Business Finance > Sandur Manganese & Iron Ores

NEWS Top gainer

amongst A group
Top loser amongst
BSE 500
Trading volumes
jump 7x over THE DAY
of stocks stocks 2 -week average NTPC
~209.4 PREVIOUS CLOSE ~773.4 PREVIOUS CLOSE ~1,331.7 PREVIOUS CLOSE Hits new all-time high
~242.8 CLOSE ~727.8 CLOSE ~1,477.5 CLOSE at ~231; Up 32 per cent
p 16.0% UP q 5.9% DOWN p 10.9% UP this fiscal

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
1 Sep ’23 Chg (%) Con Std 1 Sep ’23 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 2450.1 1.3 1.0 104.3 158.1 ITC 441.1 0.3 6.3 28.7 28.2 price price (%) price price (%)
Adani Ports 799.5 0.9 0.7 27.6 577.3 Jio Financial 245.2 5.0 0.9 - - RailTel Corp 247.0 242.8 16.0 247.0 247.0 HDFC AMC 2422.4 2430.8 -3.5 1886.0 1595.3
MOST BULLISH MOST BEARISH
Apollo Hosp 4840.4 0.5 0.6 85.0 72.1 JSW Steel 806.4 3.4 1.2 34.5 34.3 BHEL 137.0 136.1 12.2 137.0 137.0 Torrent Phar 1771.4 1785.4 -3.2 1761.5 1446.2
Asian Paints 3259.6 0.1 1.7 67.4 68.1 Kotak Mah Bank 1771.1 0.7 3.0 21.6 28.6 Vodafone Idea 10.1 10.0 1.5 IDFC First Bank 90.7 93.4 -2.9 IRFC 56.6 55.7 10.8 56.5 56.5 Kalyan Jeweller 242.7 245.8 -2.7 108.6 80.2
Axis Bank 991.2 1.8 3.2 28.2 27.1 L&T 2702.1 0.0 4.4 33.7 43.5 Delta Corp 184.1 182.7 0.8 HDFC AMC 2389.9 2431.3 -1.7 India Cement 263.2 261.1 10.7 263.2 298.5 Max Health 573.4 575.3 -2.6 505.4 376.5
LTIMind 5303.4 2.1 0.6 39.8 41.3 Manapp Finance 153.0 151.8 0.8 M & M Fin 294.5 299.2 -1.6 MCX 1845.0 1823.6 8.1 1845.0 1845.0 Astral 1906.0 1910.6 -2.1 1771.7 1297.9
Bajaj Auto 4668.5 1.2 0.7 20.2 21.6
RBL Bank 239.9 238.1 0.8 Berge Paint 711.1 719.9 -1.2 SAIL 97.5 97.0 6.9 97.5 97.5 ABB India 4272.5 4291.1 -2.0 3940.1 2640.5
Bajaj Fin 7320.6 2.2 2.2 38.5 40.7 Mah & Mah 1592.0 1.1 1.8 19.3 24.9
LIC Hsg Fin 436.5 433.2 0.8 Muthoot Finance 1249.2 1261.3 -1.0 NMDC 131.0 130.5 6.2 131.0 137.4 Zydus Lifescien 612.6 613.7 -1.9 504.2 350.3
Bajaj Finsrv 1514.5 1.7 1.1 34.3 267.6 Maruti Suzuki 10331.3 3.3 1.6 38.0 32.8
Bharti Airtel 866.0 1.1 2.5 57.9 900.0 Nestle India 21915.6 -0.3 0.9 - 77.4 Rail Vikas Niga 139.0 138.3 5.5 146.7 146.7 Abbott India 22541.9 22714.0 -1.8 21451.5 17349.1
BPCL 344.2 1.1 0.4 35.0 4.0 NTPC 230.7 4.7 1.3 13.2 12.7 BSE NSE GAIL 122.3 121.4 5.5 122.9 122.9 Manapp Finance 150.5 151.8 -1.7 109.6 90.5
Britannia 4484.4 0.4 0.6 44.2 47.8 ONGC 181.8 4.4 1.1 6.5 6.8 Index Stock Index Stock PUT-CALL RATIO Hind Copper 168.0 167.1 5.4 168.0 168.0 Glenmark 754.0 756.7 -1.4 608.0 363.8
Cipla 1245.4 -1.0 0.8 32.3 37.9 Power Grid 252.2 3.1 1.0 11.4 11.6 FUTURE Jio Financial 245.3 245.3 5.0 278.2 278.2 Jubilant Fd 505.0 505.8 -1.3 459.8 412.2
(Open Interest in Mn) Put Call PC Ratio
Coal India 236.9 3.0 0.6 5.3 9.4 Reliance Ind 2412.7 0.2 9.5 25.2 42.0 Contracts 2295 - 365851 943614 NTPC 231.5 230.6 4.8 231.5 231.5 Supreme Ind 4328.0 4394.0 -1.2 2745.0 1905.8
Market 1595.8 2563.2 0.6 Nat Alum 98.7 98.3 4.5 98.7 98.7 Power Fin 250.7 257.4 -1.1 183.5 100.9
Divis Lab 3589.3 -0.1 0.5 52.3 65.2 SBI 569.6 1.5 2.5 7.6 8.3 Open Int.(000) 1 - 12851 6341461
Dr Reddys 5578.6 -0.5 0.8 19.7 24.8 SBI Life Ins 1320.6 2.2 0.7 - 71.9 Shares(In Mn) - - 10.0 3271.5 Top 5 PC Ratio Bottom 5 PC Ratio IEX 132.6 131.8 4.4 154.3 165.5 Bank of Maha 37.8 38.4 -1.0 26.8 17.0
Eicher Motor 3400.4 1.9 0.5 28.9 31.5 Sun Pharma 1109.0 -0.2 1.4 31.5 251.1 Value(~ crore) 150 - 28219 77915 ONGC 184.7 181.7 4.2 184.7 184.7 Cipla 1240.7 1245.1 -1.0 954.6 852.0
Abbott India 1.4 Oracle Fin 0.1
Grasim Ind 1811.5 1.1 0.8 17.5 71.4 Tata Consumer P 844.2 1.2 0.6 62.0 78.2 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Nestle India 1.3 IndiaMART Int 0.1
HCL Techno 1185.8 1.2 1.4 21.3 28.3 Tata Motors 611.2 1.7 1.2 19.1 71.4 Contracts 115945270 - 226537024 3739415
BHEL 1.2 Ramco Cements 0.3
HDFC Bank 1574.7 0.2 10.8 25.9 25.4 Tata Steel 127.1 3.4 1.2 95.3 11.4
HDFC Std Life 641.4 -0.5 0.8 100.8 97.4 TCS 3379.2 0.7 3.9 28.3 30.2
Open Int.(000)
Shares(In Mn)
146
-
-
-
444033
6433.4
3715003
9509.3
Birlasoft 1.1 Sun Pharma 0.3 MOST TRADED TOP M-CAP TRENDS
United Brew 1.0 Navin Fluo 0.3
Hero MotoCorp 2927.4 0.4 0.4 20.8 18.8 Tech Mahindra 1228.1 2.2 0.9 27.3 33.2 Value(~ crore) 7560044 - 17069802 314407 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 473.3 2.9 0.8 10.5 42.9 Titan Company 3116.8 0.4 1.5 85.1 83.4 BSE+NSE BSE+NSE
1 Reliance Ind 1632575.5 BS200 Dolphin Off. 40.7
HUL 2504.8 0.0 2.6 58.2 58.0 UltraTech 8262.4 -0.4 1.1 46.2 47.1 (~ crore) (Mn shrs)
ICICI Bank 968.7 1.0 7.8 19.9 19.6 UPL 603.0 2.0 0.4 15.8 59.3 ACTIVE CALLS ACTIVE PUTS HDFC Bank 3577.5 22.8
2
3
TCS
HDFC Bank
1236483.1
1191594.5
UP 7 DAYS T.N.Steel Tu 40.6
IndusInd Bank 1416.6 2.8 1.1 - 13.9 Wipro 416.4 1.9 0.7 19.6 23.9 GNFC 11.7 Ganesh Holdings 40.4
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg IDFC First Bank 3366.3 374.9 4 ICICI Bank 678368.9 Guj.Petro 40.1
Infosys 1443.9 0.6 6.0 24.3 24.6 Nifty 50 19435.3 á0.9 100.0 23.7 27.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
BHEL 2698.0 204.3 5 Infosys 598917.7 Atul 8.0
DOWN 7 DAYS
Index Index 6 HUL 588574.8 JK Cement 7.7
INDEX PE SHRS TRDS 1 YR 5-Star Business 2411.1 33.0 Digispice Tech -24.8
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
07/09/23
07/09/23
19400
19300
154.0
118.7
5.1
2.2
-6.0
-28.4
Nifty
Nifty Bank
07/09/23
07/09/23
19300
44000
185.1
123.1
9.4 154.9
3.3 110.5
Reliance Ind 2360.2 9.8
7
8
ITC
SBI
550247.6
508434.5
Dalmia Bharat
UP 3 DAYS
6.9
Bhaskar Agro -20.1
SENSEX 25.1/28.8 21.6 487 26 4 11.3 Datainfra 1956.1 126.2 Sigma Solve -14.1
Asian Paints 3260.0 0.3 2.0 67.4 68.1 Maruti Suzuki 10331.8 3.2 1.8 38.0 32.8 Nifty 07/09/23 19500 116.0 6.7 33.8 Nifty 07/09/23 19400 119.7 5.9 56.8 9 Bharti Airtel 483906.5 RailTel Corp 25.9
NIFTY 50 23.7/27.6 372.5 5910 42 9 10.8 Canopyfin -13.2
Axis Bank 991.4 1.8 3.8 28.2 27.1 Nestle India 21904.5 -0.4 1.1 - 77.3 Nifty Bank 07/09/23 44500 106.9 2.8 30.7 Nifty 07/09/23 19200 104.2 5.1 11.0 Adani Enter 1708.7 7.0 10 Bajaj Fin 443007.8 BHEL 18.7
C = CONSOLIDATED; S = STANDALONE Tirupati Tyres -13.2
Bajaj Fin 7317.0 2.1 2.6 38.5 40.7 NTPC 230.6 4.8 1.5 13.2 12.7 Nifty 07/09/23 19350 97.1 1.0 -21.9 Nifty 07/09/23 19350 102.1 4.5 267.8 ICICI Bank 1634.7 17.0 11 LIC India 408436.9 MCX 13.4
Jet Airways -13.1
Bajaj Finsrv 1513.7 1.7 1.3 34.3 267.5 Power Grid 252.1 3.1 1.1 11.4 11.6 CASH DERIVATIVES Stock Stock MTAR techno 1499.8 5.6 12 L&T 379681.2 IRFC 12.4
TURNOVER BSE NSE BSE NSE
Vardhman Ply -13.1
Bharti Airtel 865.9 1.1 2.9 57.9 900.0 Reliance Ind 2413.1 0.3 11.1 25.2 42.0 Vodafone Idea 28/09/23 11 428.7 82.6 102.0 Vodafone Idea 28/09/23 9 123.8 65.1 23.3 IRFC 1420.7 265.3 13 Kotak Mah Bank 352031.7 Gland Pharma 12.2 UP 3 DAYS
HCL Techno 1185.4 1.1 1.7 21.3 28.3 SBI 569.7 1.5 2.9 7.6 8.3 VALUE(IN ~ CRORE) 13314 86589 7560194 17490344 Vodafone Idea 28/09/23 10 400.2 143.2 20.5 Vodafone Idea 28/09/23 10 71.3 42.1 250.7 14 HCL Techno 321676.1 Jio Financial 10.7
Maruti Suzuki 1296.7 1.3 Shri Venkatesh 49.5
HDFC Bank 1574.9 0.2 12.6 25.9 25.4 SHARES(IN MN) 1511.0 5561.6 - 19224.2 Vodafone Idea 28/09/23 12 214.4 68.3 88.1 Vodafone Idea 28/09/23 8 59.1 58.7 53.6 15 Asian Paints 312694.4 Hind Copper 10.1
Sun Pharma 1108.5 -0.3 1.6 31.5 251.0 RailTel Corp 1273.0 55.1 Adarsh Pt Pr 47.9
HUL 2505.0 0.0 3.0 58.2 58.0 TRADES(000) 3898 27599 - 66122 Vodafone Idea 28/09/23 13 137.3 53.6 86.1 BHEL 28/09/23 120 40.8 8.6 499.3 16 Maruti Suzuki 312103.0 DOWN
Tata Motors 611.2 1.7 1.5 19.1 71.4 Axis Bank 1140.5 11.6 Risha Digha 32.9
ICICI Bank 969.1 1.1 9.1 19.9 19.6 Vodafone Idea 28/09/23 9 130.8 61.8 -13.7 BHEL 28/09/23 130 37.0 8.7 4252.6 17 Axis Bank 305425.0 Torrent Phar -9.0
Tata Steel 127.1 3.3 1.4 95.3 11.4 Take Solut 31.0
IndusInd Bank 1417.3 2.9 1.2 - 13.9 MARKET-CAP (~ CR) TRADED TOTAL SBI 1125.6 19.8 18á Adani Enter 279311.4 Pidilite Ind -3.1
TCS 3379.2 0.7 4.6 28.3 30.2 Scoobee Day Gar 27.0
Infosys 1443.1 0.6 6.9 24.3 24.6 BSE 1101.4 10.0 19â Titan Company 276634.0 IOC -3.0
Tech Mahindra 1227.2 2.1 1.0 27.2 33.2 BSE 31,280,712 31,946,577 Mafatlal Ind 25.9
ITC 441.3 0.4 7.4 28.7 28.2
JSW Steel 806.2 3.4 1.4 34.5 34.3 Titan Company 3116.0 0.3 1.7 85.1 83.3 NSE 30,896,295 31,590,586 SPURT IN VOLUMES Jio Financial
Tata Steel
1081.4
1068.1
44.6
84.1
20
21
Sun Pharma
Avenue Supermar
265962.4
244539.1
Abbott India
Zydus Lifescien
-2.9
-2.9
Flex Foods
DOWN 3 DAYS
25.3
UltraTech 8264.3 -0.6 1.3 46.2 47.1 DERIVATIVES 21,460,981 21,460,981
Kotak Mah Bank 1771.3 0.7 3.5 21.6 28.6 Company Days 2-week Avg Change Close *Price 22á Bajaj Finsrv 241510.8 Dr Reddys -2.6
Rail Vikas Niga 1029.9 75.9 JMJ Fintech -14.2
L&T 2701.3 -0.2 5.1 33.7 43.5 Wipro 416.0 1.8 0.8 19.6 23.9 Volume Volume % price %chg 23â UltraTech 238582.1 Alkem Labs -2.3 V R Films -14.2
Mah & Mah 1591.5 1.0 2.1 19.2 24.9 BSE SENSEX 65387.2 á0.9 100.0 25.1 28.8 TRADING ACTIVITY 5-Star Business 32982119.0 614955.7 5263.3 727.8 -5.9
Adani Ports
Vodafone Idea
975.9
896.1
12.2
907.3
24á ONGC 228520.8 Others Respons Info -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â Wipro 228398.6 UP 7 DAYS
Dcmshriram 2077162.0 65900.2 3052.0 1033.9 11.2 Adani Power 867.5 26.8 Money Master -14.2
Equity Debt Equity Debt 26 NTPC 223605.2
Net Net Net Net Integrated Pers 100000.0 4000.0 2400.0 136.9 19.0 10Agg 94.1 Siel -13.9
PNB 851.8 130.8 27 Nestle India 211203.2
WORLD INDICES On 31 Aug 1258 170 - - Rossell India 1549335.0 62299.0 2386.9 492.5 16.5 Indiabulls Hous 832.5 42.0 28 Tata Motors 203010.1
Tine Agro
Eastern Logica
46.8
42.0
Transindia Real
Sat Inds
-12.4
-11.8
On 30 Aug 10 29 - - Landmark Prp 2222925.0 89939.5 2371.6 7.3 19.0 YES Bank 790.9 457.4 29 Mah & Mah 197906.2
Indices Close % Chg* Indices Close % Chg*
On 29 Aug 793 1380 - - Steel City Secu 213927.0 9696.7 2106.2 66.7 7.8 30 JSW Steel 194874.7 (T+2) cycleStocks which rose/fell continuously
Tata Power 754.8 29.8
Americas (Aug 31,23) Asia/Pacific (Sep 01,23) On 28 Aug 2476 212 - - Bharat Road Net 2464373.0 132973.2 1753.3 38.5 13.5
Nasdaq Composite 14035.0 0.1 Kuala Lumpur Comp 1463.4 0.8 On 25 Aug -1706 163 - - Softtech Engine 185890.0 11398.2 1530.9 153.9 4.2
Aug till date 14246 7645 14479 -21706 Times Gurnty 1009193.0 62490.5 1515.0 69.5 7.4
S&P/ TSX Composite
Dow Jones
20292.6
34721.9
-0.2
-0.5
Shanghai Se Comp
Straits Times (Aug 31)
3133.3
3233.3
0.4
0.4 2023 till date 137261 28415 80108 -24483 ITD Cemnt 16140745.0 1324308.2 1118.8 234.6 7.8
BOARD MEETINGS INTRA-DAY
Europe/Africa (Aug 31,23) Jakarta Composite 6977.7 0.4 Group cial Year 2022- and conditions To consider Approval of the
FTSE 100 7471.2 0.4 Kospi 2563.7 0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company 2023. such as the de- and approve draft notice of
Purpose Adjia Techno: termination of the Draft No- the 41th An-
IBEX 35 9527.1 0.2 Taiwan Taiex 16644.9 0.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock To consider ap- the Rights tice convening nual General
CAC 40 7322.8 0.1 Stock Exchange of Thai 1561.5 -0.3 NET Net Fut OI Opt OI OI SEPTEMBER 02 prove and take Issue price and the 18th An- Meeting (AGM)
HIGH Manapp Finance . . . . . 155.7 *Vindhya Tele . . . . . . 2325.0 LOW
DAX 15930.5 -0.1 Volatility (Aug 31,23) BS 200 *BHEL . . . . . . . . . . . . . . 137.0 *Raymond . . . . . . . . . 2069.3 BS 200 Aditya Ispat: To on record the related pay- nual General including the
On 31 Aug 3776 -4950 0.2 2.3 2.4
Asia/Pacific (Sep 01,23) CBOE Dow Jones 12.2 1.3 *Maruti Suzuki . . . . 10390.0 Tata Steel . . . . . . . . . . . 128.6 *Manorama Inds . . . . 1985.0 NONE consider and following: 1. To ment mecha- Meeting of the date time and
On 30 Aug -15127 2289 0.3 4.6 2.6
Nikkei 225 32710.6 0.3 CBOE S&P 500 13.5 -0.4 *Persistent S . . . . . . . 5572.8 *IRCON Intl . . . . . . . . . 119.8 *TCPL Pack . . . . . . . . 1945.0 Others approve 1. To decide the day nism Rights Company and venue of the
On 29 Aug -1084 1941 0.3 4.4 2.7
Nat Alum . . . . . . . . . . . . . 98.7 *Uni Abex . . . . . . . . . . 1937.5 finalize the date and time Issue size to fix date time meeting. 2. Ap-
Hang Seng (Aug 31) 18382.1 -0.6 * Change over previous close On 28 Aug 393 767 0.2 4.1 2.8 Coforge . . . . . . . . . . 5503.6 Orient Bell . . . . . . . . . . 451.0
SAIL . . . . . . . . . . . . . . . . . 97.5 Angel One . . . . . . . . . . 1936.9 date, time and of 8th Annual Rights Entitle- and venue of proval of Draft
On 25 Aug -2886 865 0.2 3.5 2.7 *Polycab India . . . . . . 5220.8 *TCNS Clothing C . . . . 368.4
*PNB . . . . . . . . . . . . . . . . 66.2 *Phoenix Mill . . . . . . . 1859.8 venue for the General Meet- ment Ratio and the same. 3. To Directors Re-
Dixon Tech . . . . . . . . . 5164.2 *VJTF Eduser . . . . . . . . . 48.5
MAJOR INDICES Aug till date
2023 till date
51168
338231
-18841
-5866
-
-
-
-
-
- Oracle Fin . . . . . . . . . . 4167.5 *SJVN . . . . . . . . . . . . . . . 65.1 *Knowledge Marin . . 1815.0 *Bhaskar Agro . . . . . . . . 33.7
32nd AGM of ing of the Com- other matters fix the date of port for the Fi-
*IRFC . . . . . . . . . . . . . . . . 56.5 *Stylam Inds . . . . . . . 1813.4 the Company pany and in incidental or book closure of nancial Year
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Trent . . . . . . . . . . . . . 2112.4 ST Corporations . . . . . . . 24.7
Vodafone Idea . . . . . . . 10.4 *Cyient . . . . . . . . . . . . 1776.2 2. The Draft this regard to connected Share transfer 2022-23. 3. Any
*Tata Comm . . . . . . . . 1881.3 Bindal Exports . . . . . . . . 17.3
Notice of AGM, approve the therewith. 2. books and reg- other business
S&P BSE Sensex 64,831.4 64,855.5 65,473.3 64,818.4 65,387.2 555.8 0.9 MCX . . . . . . . . . . . . . . . 1845.0 Others Sandur Manganes . . . 1525.0 Integra Cap . . . . . . . . . . 16.4
Director’s Re- Notice of 8th any other ister of with the per-
*APL Apolo Tb . . . . . . 1740.7 *Lakshmi Machine . 15501.0 GSK Pharma . . . . . . . . 1468.0 *Golkonda Alumin . . . . . 12.9
S&P BSE Sensex 50 20,203.2 20,205.9 20,407.6 20,202.6 20,383.0 179.8 0.9 S&P BSE SECTORAL INDICES *Mah & Mah . . . . . . . . 1604.6 *Kama Hold . . . . . . . 15485.0 *Morgantie Cr . . . . . . 1459.0 Bhakti Gems . . . . . . . . . . 11.0
port for the fi-
nancial year
Annual General
Meeting. 2.
item(s) with
the permission
members. 4. To
appoint the
mission of the
Chairman.
S&P BSE-100 19,764.9 19,770.5 19,956.4 19,764.9 19,935.5 170.6 0.9 *TVS Motor . . . . . . . . 1458.7 *ZF Commercial . . . 15107.0 *Garware HT Film . . . 1259.0 Aanchal Isp . . . . . . . . . . . 10.7
Prev cls Close % Chng ended 31st Any other of the Chair. Scrutinizer to Arihant Sec: To financial year for the Annual GG Eng: ments/other se- committees
*KPIT Techno . . . . . . . 1219.5 *Cera Sanitar . . . . . . . 9782.3 *Caplin Point . . . . . . . 1109.9 Lead Fin . . . . . . . . . . . . . . . 9.9
S&P BSE-200 8,429.8 8,431.6 8,509.7 8,428.5 8,502.6 72.8 0.9 March, 2023 agenda as may Agarwal For- scrutinize the consider and 2022-2023. 2. To General meet- Inter-alia to curities or any thereof; c) to in-
Auto 35,513.3 36,075.1 1.6 *Coromndl Int . . . . . . 1117.5 *Maha Scoot . . . . . . . 7259.2 *Empire Ind . . . . . . . . 1077.0 ANS Inds . . . . . . . . . . . . . . 6.1 with all annex- be discussed tune: Meeting voting and re- approve inter finalize the ing. 4. Any transact combination crease the Au-
S&P BSE-500 26,848.8 26,858.2 27,099.3 26,851.2 27,079.5 230.7 0.9 Bankex 49,372.0 49,912.2 1.1 Max Fin Sre . . . . . . . . . 945.2 *Hawkins Cook . . . . . 7015.0 *Agarwal Inds . . . . . . 1060.0 VXL Instru . . . . . . . . . . . . . 5.8 ures. 3. To fi- by Board of Di- of the Board of mote e-voting alia;- 1. To dates of book other matter following busi- thereof and thorized Share
Cons. Durables 44,565.0 44,678.3 0.3 *Voltas . . . . . . . . . . . . . 879.9 *Linde India . . . . . . . . 6602.0 *Mazda . . . . . . . . . . . . 1038.6 Colorchips New . . . . . . . . 4.6 nalize the date rectors of the Directors of process of 18th Adopt and Ap- closure for the with the per- nesses: a) to other material Capital d) to fix
S&P BSE IPO 10,766.7 10,733.6 10,772.3 10,610.5 10,654.0 -112.7 -1.0 Cap. Goods 45,215.7 45,406.6 0.4 *Jindal Steel . . . . . . . . . 713.7 *Bengal Assm . . . . . . 5200.0 Xpro India . . . . . . . . . . 1018.4 *Future Lifesty . . . . . . . . 4.3 of Book Clo- Company. the Company Annual General prove the No- purpose of mission of the augment the agendas related the date time
FMCG 18,464.8 18,515.3 0.3 Birlasoft . . . . . . . . . . . . 530.8 *Bharat Bijle . . . . . . . 4387.0 Tata Metal . . . . . . . . . . 960.5 Croissance . . . . . . . . . . . . 4.0 sure for the Advik Capital: AGI Infra: To Meeting. 5. tice 29th forthcoming chair. long-term fi- to fund- raising venue mode of
S&P Dollex-30 6,435.5 - - - 6,488.1 52.6 0.8
Healthcare 27,894.8 27,726.0 -0.6 *Indian Hotel . . . . . . . . 427.5 *KRL . . . . . . . . . . . . 4033.1 Natco Pharma . . . . . . . 926.6 Kabra Drugs . . . . . . . . . . . 3.6 purpose of To transact the consider and Any other Annual General Annual General To consider and nancial re- program; b) to convening the
Nifty 50 19,253.8 19,258.2 19,458.6 19,255.7 19,435.3 181.5 0.9 Infra 356.0 363.7 2.2 *Kalyan Jeweller . . . . . 262.0 *AIA Engg . . . . . . . . . . 3738.8 *Eimco Elecon . . . . . . . 908.4 *Purple Enter . . . . . . . . . 2.4 32nd AGM. 4. following busi- approve 1. To matters with Meeting and Meeting. 3. To allot 577760 sources of the professionally 17th Annual
IT 31,528.2 31,850.3 1.0 Tata Power . . . . . . . . . . 255.9 Amber Enter Ind . . . . 3086.3 *Elecon Engin . . . . . . . 907.5 *Kome-On Com . . . . . . . . 1.9 The Annual Re- nesses: 1. to consider and the permission Directors Re- Finalize the equity shares of Company via manage the af- General Meet-
Nifty next50 44,415.5 44,493.7 44,836.7 44,403.6 44,799.8 384.3 0.9
Metal 21,817.7 22,542.1 3.3 *RailTel Corp . . . . . . . . 247.0 *MTAR techno . . . . . . 2817.8 *PGIL . . . . . . . . . . . . . . . 846.3 Sri Havisha Hos . . . . . . . . 1.6 port for the F.Y decide the var- approve the of the Chair. port of the cut-off date for face value of funds raising by fairs of the ing (AGM) e)
Nifty 500 16,924.3 16,940.2 17,088.1 16,931.5 17,074.6 150.3 0.9 Oil & Gas 18,446.2 18,788.0 1.9 *NTPC . . . . . . . . . . . . . . 231.5 *BEML . . . . . . . . . . . . . 2549.0 *Carerating . . . . . . . . 839.9 Indo Credit . . . . . . . . . . . . 1.6 2022-23. 5. The ious matters Draft Directors Ambassador: Company e-voting Rs. 10/- each at way of issue of Company Rejig any other
Power 4,352.0 4,470.7 2.7 ONGC . . . . . . . . . . . . . . 184.7 *Data Patterns . . . . . . 2484.0 *Titagarh . . . . . . . . . . 830.0 *11Mpd . . . . . . . . . . . . 1.1 Secretarial relating to the Report along The agenda of along with all Process to be a price of Rs. equity in KMPs Board matter with the
India VIX 12.1 12.1 12.2 10.4 11.4 -0.7 -5.8 Mastek . . . . . . . . . . . . 2399.5 Tata Steel Long . . . . . . 819.4
PSU 11,436.6 11,737.7 2.6 *Hind Copper . . . . . . . . 168.0 *Earum Pharmaceu . . . . 1.0 Audit Report Rights Issue in- with the annex- the meeting is Annexure conducted by 25/- per equity shares/convert- of Directors permission of
Nifty CPSE 3,492.0 3,496.3 3,619.3 3,489.8 3,614.3 122.3 3.5 Realty 4,468.2 4,511.3 1.0 m m w w for the Finan- cluding terms ure thereto. 2. as follows: 1. thereof for the the company share ible instru- and/or various the Chair.

> 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
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 (491.9) (491.8) (4379.8) (4381.5)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 493.0 495.0 4376.0 4381.4
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 498.2 498.4 4390.9 4399.0
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 489.4 490.0 4272.5 4271.0
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 491.0 491.1 4291.1 4291.5
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 150K 1789K 5817 165K
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 37.1 37.1 87.1 87.2
company name is followed by shares traded, and also the 52 Wk H/L 924/445 924/445 4615/2640 4614/2640
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 17799 17801 90928 90936
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 Energy So Adani Enter« Adani Green En Adani PortsH w m H m mH H < « « « « m
(23118.7) (23109.6) (2009.6) (2005.8) (812.2) (812.0) (2418.8) (2419.3) (928.0) (928.7) (791.4) (792.2)
O 23211.3 23120.0 1985.4 2000.0 803.1 803.9 2381.0 2381.0 922.1 928.6 780.0 780.0 O O
23211.3 23237.6 2039.0 2037.7 836.4 835.9 2465.6 2465.6 956.1 957.0 808.0 808.0
w 22541.9 22535.1 1985.4 1990.0 793.5 791.1 2378.7 2380.0 905.3 905.2 779.3 779.7 w w
22714.0 22704.7 2009.3 2011.3 825.3 824.9 2450.1 2450.1 949.6 949.1 799.6 799.5
719 18058 27854 512K 281K 1204K 234K 6764K 147K 4097K 328K 11900K K K K K K K K K K K K K K K K K
46.7 46.7 51.9 51.9 73.9 73.9 104.3 104.3 - - 27.6 27.6
W 24725/17349 24744/17325 2785/1594 2785/1592 4239/630 4237/632 4190/1017 4190/1017 2446/439 2447/439 988/395 988/395 W W
M 48267 48247 37732 37769 92061 92017 279311 279306 150412 150340 172715 172704 M M

Aurob Pharma« Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch
(828.3) (830.0) (974.0) (973.5) (4613.0) (4613.8) (7165.2) (7163.0) (1488.3) (1488.9) (2325.8) (2323.1) (390.0) (390.0) (229.6) (229.6) (187.2) (187.1) (1688.3) (1688.2) (718.5) (718.6) (133.2) (133.2) (1067.1) (1070.3) (856.8) (856.4) (121.3) (121.3) (259.4) (259.4) (509.9) (509.7) (18586.6) (18573.8)
O 833.0 830.0 974.0 974.3 4613.3 4622.4 7170.0 7168.6 1500.0 1494.0 2325.8 2336.0 O 393.6 390.5 229.8 230.5 187.2 187.2 1699.9 1688.0 710.1 719.7 133.3 134.1 O 1077.5 1073.0 856.8 853.2 122.3 122.0 260.0 259.9 511.1 512.9 18320.1 18599.0
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w 820.0 819.4 968.8 969.0 4613.3 4619.0 7154.3 7155.0 1488.3 1487.4 2325.8 2323.2 w 390.2 390.3 229.5 229.4 186.5 186.3 1675.1 1676.6 710.1 711.6 133.3 133.9 w 1056.5 1056.0 852.9 852.8 121.4 121.4 259.2 258.8 507.9 508.0 18320.1 18507.2
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.
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023
CIN - L21012DL1972PLC279773
Registered Office: 4830/24, Prahlad Street, Ansari Road, Darya Ganj, New Delhi -110002
E-mail: info@skpmil.com, Website: www.skpmil.com, Tel: 91-11-46263200
ST
NOTICE TO THE MEMBERS OF 51 ANNUAL GENERAL MEETING
This is in continuation to our earlier communication dated August 25, 2023, whereby Members of
Shree Krishna Paper Mills & Industries Limited ("the Company") were informed that in compliance
with the provisions of the Companies Act, 2013 ("Act") and Rules framed thereunder and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ["SEBI (LODR)
Regulations"] read with previous General Circulars including no. 10/2022 dated December 28,
2022 issued by the Ministry of Corporate Affairs ("MCA Circulars"), the Board of Directors decided
to convene 51st Annual General Meeting ("AGM") of the Company on Tuesday, September 26,
2023 at 11:00 A.M. (IST) through Video Conferencing ("VC")/Other Audio Visual Means ("OAVM")
facility, without the physical presence of Members at a common venue, to transact the business
as set out in Notice of the 51st AGM.
Notice of the 51st AGM and Annual Report of the Company for the Financial Year ended March
31, 2023 has been sent on Friday, September 1, 2023 through e-mail to those Members whose
e-mail address were registered with the Company or Registrar and Share Transfer Agent ("RTA")
or with their respective Depository Participants ("DP"), in accordance with the MCA Circulars and
previous SEBI Circulars including no. SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January 5,
2023. The same are available on Company's website (www.skpmil.com), Stock Exchange
website (www.bseindia.com).
In compliance with the provisions of Section 108 of the Act read with the Companies
(Management and Administration) Rules, 2014, Regulation 44 of SEBI (LODR) Regulations,
Secretarial Standard - 2 issued by the Institute of Company Secretaries of India and MCA
Circulars, Members are provided with the facility to cast their vote electronically through remote e-
voting (prior to AGM) and e-voting (during the AGM) services provided by Link Intime India Private
Limited on all resolutions set forth in Notice of the 51st AGM.
Remote e-voting shall commence on Saturday, September 23, 2023 (9:00 A.M. IST) and end on
Monday, September 25, 2023 (5:00 P.M. IST). During this period, Members may cast their vote
electronically. Thereafter, the remote e-voting module shall be disabled by Link Intime India
Private Limited for voting.
Members who have cast their vote by remote e-voting prior to the AGM may also participate in the
AGM through VC/OAVM facility but shall not be entitled to cast their vote again through
e-voting facility available during the AGM.
Once the Member cast vote on a resolution, Member shall not be allowed to change it
subsequently. Detailed instructions for remote e-voting, joining the AGM, registration of e-mail
address, obtaining login details and e-voting during the AGM are provided in Notice of the
51st AGM.
Mr. Manish Kumar Bansal (Advocate), partner of Globiz Legal, have been appointed as
Scrutinizer by the Company to scrutinize the entire e-voting process in a fair and transparent
manner.
The voting right 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 Tuesday, September 19, 2023 ("Cut-off date").
A person, whose name appears in the Register of Members or list of Beneficial Owners
maintained by the Depositories as on the Cut-off date shall only be entitled to join the AGM, avail
the remote e-voting and e-voting facility during the AGM. A person who ceases to be a Member as
on Cut-off date should treat this Notice for information purposes only.
Any person, who acquire share(s) and become Member of the Company after the date of dispatch
of Notice of the 51st AGM and holding shares as on the Cut-off date, may obtain the Login ID and
Password by following the instructions as mentioned in Notice of the 51st AGM or sending a
request at shamwant.kushwah@linkintime.co.in and instameet@ linkintime.co.in. However, if a
person is already registered with NSDL or Central Depository Services (India) Limited for remote
e-voting, then existing User ID and Password can be used to cast their vote as per instructions
provided in Notice of the 51st AGM.
If you have not registered your e-mail address with the Company/RTA/DP, you may please follow
the below instructions:
Physical Please send a request to Link Intime India Private Limited, RTA at
Holding shamwant.kushwah@linkintime.co.in and instameet@linkintime.co.in. or to the Company
at cs@skpmil.com providing your name, folio number, scanned copy of the share
certificate (front and back) and self-attested scanned copy of PAN and Aadhar
Card, for registering e-mail address
Demat Please contact your DP and register your e-mail address in your demat account, as
Holding per the process advised by your DP.
SEBI has mandated furnishing of PAN, KYC details (i.e. Postal Address with PIN Code, email
address, mobile number, bank account details) and nomination details by holders of securities in
physical form. Any service request or complaint received from the Member will not be processed
until the aforesaid details/documents are provided to RTA and on or after October 1, 2023, in case
any of the above cited documents/details are not available in the Folio(s), RTA shall be
constrained to freeze such Folio(s). Relevant details and prescribed forms in this regard are
available on website of the Company at www.skpmil.com.
Further, pursuant to the provisions of Section 91 of the Act and Rules framed thereunder and
Regulation 42 of SEBI (LODR) Regulations, the Register of Members and Share Transfer Book of
the Company will remain closed from Wednesday, September 20, 2023 to Tuesday, September
26, 2023 (both days inclusive) for the purpose of the 51st AGM.
The result of voting will be declared within 2 working days from the conclusion of AGM and results
so declared along with the consolidated Scrutinizer's Report will be placed on the Company's
website (www.skpmil.com), Stock Exchanges website (www.bseindia.com).
In case of any queries or issues regarding e-voting, members may refer the frequently asked
questions (FAQs) and Instavote e-voting manual available at https://instavote.linkintime.co.in
under Help section or may contact Mr. Shamwant Kushwaha, Link Intime India Private Limited,
Telephone No. 011-49411000, email ID: shamwant.kushwah@linkintime.co.in or Contact Mrs.
Ritika Priyam, Company Secretary & Compliance Officer of the Company at the registered office
on 011-46263200 or email at info@skpmil.com or cs@skpmil.com who will address the member's
grievances connected.
By Order of the Board of Directors
For Shree Krishna Paper Mills & Industries Ltd
Sd/-
Ritika Priyam
Place : New Delhi Company Secretary Cum Compliance Officer
Date : September 01,2023 Mem No: A53502
13
<
ZODIAC - JRD -MKJ LIMITED
DIAMONDS . JEWELLERY . PRECIOUS & SEMI PRECIOUS STONES
Regd Off : 910,Parekh Market, 39 J.S.S Road, Opp, Kennedy Bridge, Opera
House, Mumbai - 400 004 (India) Tel: 022 23869731 CIN : L65910MH1987PLC042107
Website add: www.zodiacjrdmkjltd.com Email id: info@zodiacjrdmkjltd.com
NOTICE
NOTICE is hereby given that the 36th Annual General Meeting (AGM) of the Members of the Company will be held on
Tuesday, 26th September,2023 at 3.00 p.m. through Video Conferencing or Other Audio Visual Means ( “VC/OAVM”)
to transact the businesses as set out in the Notice of AGM in accordance with General Circular No. 20/2020 dated
5th May, 2020 read with General Circular No. 14/2020 dated 8th April, 2020, General Circular No. 17/ 2020 dated
13th April, 2020, General Circular dated 02/2021 dated 13th January, 2021, 03/ 2022 dated 5th May, 2022, 10/ 2022
dated 28th December,2022 issued by the Ministry of Corporate Affairs ("MCA") and SEBI Circular dated 12th May 2020,
22nd June, 2020, 8th October, 2020, 26th February, 2021, 22nd December, 2021, 3rd June,2022, 5th January,2023.
In compliance with the said MCA Circulars and SEBI Circulars, the Company has sent the Notice of the AGM and
Annual Report 2022-23 on 01st September, 2023 through electronic mode only , to those members who have registered
their e-mail addresses with the Company /Registrar and Transfer Agent ("RTA")/ Depository Participants ("DP's). These
documents are also available on Company's website http://zodiacjrdmkjltd.com/ and on website of the Stock Exchange
i.e. BSE Limited ("BSE") at www.bseindia.com and on website of Central Depository Services (India) Limited (CDSL)
https://www.evotingindia.com/ In accordance with Section 108 of the Companies Act, 2013.
Pursuant to the Provision of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and
Administration) Amendment Rules, 2015 and Regulation 44 of the SEBI ( Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Secretarial Standard-2 on General Meetings, the Company is providing facility to
the Members for exercising their right to vote on the items of business set out in the said Notice by remote e-voting as
well as e-voting during the AGM system through platform provided by Central Depository Services (India) Limited (CDSL).
The details pursuant to the Rules are given here under:
1) Date and time of commencement of remote e-voting : From 9:00 a.m. (IST) on Saturday,23rd September, 2023
2) Date and time of end of remote e-voting : Till 5.00 p.m. (IST) on Monday, 25th September, 2023
3) The Members of the Company, holding shares either in physical form or in dematerialized form, as on the cut- off date
which is Wednesday, 20th September,2023, may cast their vote electronically.
4) The remote e-Voting by electronic mode shall not be allowed beyond 5.00 p.m. IST on Monday, 25th September, 2023
5) The Members would be able to cast their votes at the meeting through e-voting if they have not availed the remote
e-voting facility. To cast e-vote during the AGM please refer the instruction mentioned in notes of the AGM Notice. If the
vote is cast through remote e-voting facility then the members would not be permitted to exercise their voting right at
the general meeting.
6) The Members may participate in the general meeting even after exercising their right to vote through remote e-voting
but shall not be allowed to vote again in the meeting.
7) A person whose name is recorded in the register of members or in the register of beneficial owners maintained by the
depositories as on cut-off date only shall be entitled to avail the facility of remote e-voting or voting in the general meeting.
8) The Notice of the 36th AGM along with the procedure of remote e-voting has been sent to all Members by prescribed
mode and the same is also available on the website of the Company at http://zodiacjrdmkjltd.com and Central Depository
Service Limited at www.evotingindia.com
9) Any person who have acquired shares and become member of the Company after the dispatch of Notice may obtain
the login ID and password from person mentioned in point no 12 hereunder.
10) The members who are holding shares in physical form or who have not registered their email addresses with the
Company can cast their vote through remote e-voting or through the e-voting system during the meeting as per the
instruction mentioned note No. 26 in the AGM Notice.
11) The Members who have not registered their email addresses with the company can get the same registered with
the Company at info@zodiacjrdmkjltd.com
12) For any queries / grievances, in relation to e-voting Members may contact the following:
(a)All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi, Manager,
(CDSL) Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M
Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to helpdesk.evoting@cdslindia.com or call on at toll free
no. 1800 22 55 33
(b)All queries or issues regarding attending AGM & e-Voting from the e-Voting System, you may refer the Frequently Asked
Questions (“FAQs”) and e-voting manual available at www.evotingindia.com, under help section or write an email to helpdesk.
evoting@cdslindia.com / Mr. Rakesh Dalvi (022-23058542).
NOTICE pursuant to the provisions of Section 91 of the Companies Act, 2013 and Rule 10 of the Companies (Management
and Administration) Rules, 2014 is also given that the Register of Members & Share Transfer Books of the Company will
remain closed from Wednesday, 20th September, 2023 to Tuesday, 26th September, 2023 (both days inclusive). for the
purpose of Annual General Meeting of the Company. For and on behalf of Board of Directors
ZODIAC JRD MKJ LIMITED
Place: Mumbai S/d-
Date : 01 September 2023 Jayesh Jayantilal Jhaveri (Managing Director)DIN NO. 00020277
LOTUS EYE HOSPITAL AND INSTITUTE LIMITED
CIN: L85110TZ1997PLC007783
Regd.Office: SF No.770/12, Avinashi Road, Civil Aerodrome Post,
Coimbatore – 641 014
Tel: 91 0422 4229900. Fax: 91 0422 4229933.
Web: www.lotuseye.org E-mail: companysecretary@lotuseye.org
Notice of 26th Annual General Meeting
E-voting information and Book closure
NOTICE IS HEREBY given that the 26th Annual General Meeting (AGM) of Lotus Hospital
and Institute Limited is scheduled to be held on Monday 25th September, 2023 at 04:00
PM through Video Conference (VC/Other Audio Visual Means (OAVM) in compliance with
applicable provisions of Companies Act, 2013 and Rules framed thereunder and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended), read with the
applicable MCA and SEBI Circulars, without the physical presence of the shareholders at a
common venue to transact the businesses as set out in the AGM Notice dated 14.08.2023.
In compliance with the aforementioned circulars issued by MCA and SEBI, the Company has
sent the Notice of 26th AGM and Annual Report for the Financial Year 2022-23 through electronic
mode to all the members whose email IDs are registered with the RTA of the Company. The
Notice convening the AGM and Annual Report for the Financial Year 2022-23 are made available
in the website of the Company at https://www.lotuseye.org/about-us/investors/ the Corporate
Announcements section in website of the Stock Exchanges where the shares of the Company
is listed BSE Limited at www.bseindia.com and National Stock Exchange of India Limited at
www.nseindia.com and at the website of Central Depository Services (India) Limited at
http: www.evotingindia.com The Company has completed dispatch of notice of AGM and
Annual Report through e-mails on 01.09.2023
In this regard, the Members are requested to take note of the following:
• The Remote e-voting shall commence from 21.09.2023 (9.00 am) and shall remain open
till on 24.09.2023 (5.00 pm). Members who have cast their votes during the remote
e-voting phase prior to the AGM, can also attend participate in the AGM through VC/
OAVM facility but cannot vote again during AGM. The remote e-voting shall not be allowed
post 05:00 pm of 24.09.2023.
• Cut-off date for the purpose of e-voting shall be 18.09.2023.
• The books of the company shall remain closed from 19.09.2023 to 25.09.2023
• Members holding shares either in physical form or dematerialized form as on
the cut-off date may cast their vote electronically on each of the items of the
business as set forth in the Notice of 26th AGM through the electronic voting
system on CDSL ('remote e-Voting') or e-Voting at the AGM. Detailed procedure
for remote e-Voting / e-Voting at AGM is provided in the notice of the AGM.
For further details in connection with e-Voting members may also visit the website
www.evotingindia.com
• A person whose name is recorded in the register of members or in the register of
beneficial owners maintained by the depositories as on the cut-off date only shall be
entitled to avail of the facility of remote e-voting as well as e-voting during the AGM.
• Any person, who acquires shares of the Company and becomes member after dispatch
of the Notice of the meeting and holds shares as on the cut-off date i.e., may obtain
the User ID and password by sending a request to the e-mail id of helpdesk.evoting@
cdslindia.com.
• Members who are not barred from e-voting and was unable to cast their votes through
remote e-voting, during the e-voting period, will be provided with the electronic voting
facility arranged by CDSL to cast their votes while attending AGM through Audio-Visual
means.
• In case of any queries/grievances regarding e-voting, members may contact
Mr. Rakesh Dalvi, Sr. Manager, (CDSL, ) Central Depository Services (India) Limited, A
Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower
Parel (East), Mumbai - 400013 or send an email to helpdesk.evoting@cdslindia.com or
call toll free no. 1800 22 55 33
• In case, the shareholders Email ID is already registered with the company/ its RTA/
Depositories, login details for e-Voting are being sent on the registered Email ID. However,
if the member is already registered with CDSL/NSDL for a-Voting then such member can
use his/ her existing User ID and password for casting his/ her vote.
• Member are requested to maintain their updated email id registered with the RTA (in case
of physical holding) and your Depository Participant (in case of demat) to receive timely
communications.
By Order of the Board
For LOTUS EYE HOSPITAL AND INSTITUTE LIMITED
Place : Coimbatore (Sd.) Achuth Menon
Date : 02.09.2023 Company Secretary and Compliance Officer
14
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1

AGAR AL GROUP

AGARWAL INDUSTRIAL CORPORATION LIMITED

CIN: L99999MH1995PLC084618
Registered Office: Eastern Court, Unit No. 201-202, Plot No. 12, V.N. Purav Marg, S.T. Road, Chembur, Mumbai – 400071
Phone Nos: +91-22-25291149/50. Fax: +91-22-25291147. BAJAJ HEALTHCARE LIMITED
Website: www.aicltd.in; E-mail: contact@aicltd.in CIN: L99999MH1993PLC072892
Registered Office: 602-606, Bhoomi Velocity Infotech Park, Plot No. B-39, B-39A, B-39 A/1,
CORRIGENDUM TO THE 29TH ANNUAL REPORT FOR F.Y 2022 -23 OF Rd No.23, Wagle Ind. Estate Thane West, Thane- 400 604
AGARWAL INDUSTRIAL CORPORATION LIMITED.
CIN: L99999MH1993PLC072892
Dear Members, Tel.: 022-6617 7400; Fax: 022-66177458 Website: www.bajajhealth.com; Email Id: investors@bajajhealth.com
29th Annual Report For F.Y 2022 -23 of Agarwal Industrial Corporation Limited has been mailed to all eligible Members of the Company
in compliance of all relevant provisions of the Companies Act, 2013 and rules made thereunder and SEBI ( LODR) Regulations, 2015 as NOTICE
amended , on August 23, 2023. Due to printing errors on Page No 5 and Page No 72 of the said Annual Report , the rectification of such
printing errors is carried out as under and the rectified details / statement may kindly be read as under : Notice is hereby given that the 30th Annual General Meeting (“AGM”) of the Members of the Company will be held through
Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”).
(1) On Page No 5 : Under the Heading “Consolidated Financial Highlights FY 23”, Rs 92.25 Crs mentioned as “Total Revenue” should
be read as “Profit After Tax” and Under the Heading Consolidated Financial. Highlights Q4 FY 23, Rs 28.30 Crs mentioned as The Ministry of Corporate Affairs (‘MCA’) has vide its General Circular nos. 2/2022 dated 5th May, 2022, 10/2022 dated
“Total Revenue” should be read as “Profit After Tax”. December 28, 2022 issued by the Ministry of Corporate Affairs (“MCA”) read with relevant circulars issued by the Securities
(2) On Page No 72 : Under the Heading “Our Strengths” under para 3, the statement- Our above overseas WOS owns fleet of and Exchange Board of India (“SEBI”), from time to time (hereinafter collectively referred to as “the Circulars”), companies are
5 ( Five) large Vessels having total capacity of 29,500 MT should be read as - Our above overseas WOS owns fleet of 8 ( Eight ) allowed to hold AGM through Video Conference (“VC”) or Other Audio Visual Means (“OAVM”) upto 30th September, 2023,
large Vessels having total capacity of 48,550 MT. without the physical presence of members at a common venue. In compliance with these circulars and the relevant provisions
This communication forms an integral part of the 29th Annual Report For F.Y 2022 -23 of the Company We thank you for your support in of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the 30th AGM
this green initiative. of the members of the Company will be held through VC/OAVM.
Yours faithfully, The Notice of the AGM along with the Annual Report 2022-23 will be sent only by electronic mode to those Members
For Agarwal Industrial Corporation Limited whose email addresses are registered with the Company/ Registrar & Share Transfer Agent (“R&T Agent”) / Depositories in
Sd/- accordance with the aforesaid MCA circulars and SEBI circulars. The Notice of the AGM and Annual Report of the Company for
Date : 01/09/2023 Dipali Pitale
the financial year 2022-23 will also be available on the Company’s website at www.bajajhealth.com and on the website of BSE
Place : Mumbai Company Secretary & Compliance Officer
Ltd and National Stock Exchange of India Limited.
Members who have not updated their bank account details for receiving the dividends directly in their bank accounts and
who have not yet registered their email addresses are requested to get their details registered/updated with Link Intime India
Private Limited, Registrar and Transfer Agent of the Company, by writing at rnt.helpdesk@linkintime.co.in .
Members can attend and participate in the AGM through the VC/OAVM facility only. The instructions for joining the AGM are
provided in the Notice of the AGM. The Company is providing remote e-Voting facility (“remote e-Voting”) to all its Members
to cast their votes on all resolutions which is set out in the Notice of the AGM. Members have the option to cast their vote on
any of the resolutions using the remote e-Voting before and during the AGM. Detailed procedure for remote e-Voting during
the AGM is provided in the Notice of the AGM.

FOR BAJAJ HEALTHCARE LIMITED

Sd/-
Date: 01/09/2023 Aakashkumar Keshari
Place: Thane Company Secretary

THE COIMBATORE PIONEER MILLS LTD

CIN: U17111TZ1935PLC000026
Regd. Office: Jothipuram Post, Coimbatore - 641047
E-Mail: thecoimbatorepioneermillsltd@gmail.com, Website: www.coimbatorepioneermills.com

NOTICE TO SHAREHOLDERS
Dear Member(s),
1. Notice is hereby given that the 88th Annual General Meeting (“AGM”)
of the Company will be convened at 10.00 AM IST, on Wednesday, the
27th Day of September, 2023 through Video Conference (“VC”) / Other
Audio-Visual Means (“OAVM”) facility to transact the business as set out
in the Notice which will be circulated for convening the AGM.
In compliance with the applicable provisions of the Companies Act, 2013
and rules framed thereunder read with the Ministry of Corporate Affairs
(“MCA”) relevant circulars issued during the years 2020, 2021 and 2022
permitted issued by the Ministry of Corporate Affairs, the Company has
decided to conduct the AGM through VC/ OAVM facility without the
physical presence of the Members at a common venue.
2. The Notice of the 88th AGM and the Annual Report for the year 2023,
including the Financial Statements for the year ended 31st March,
2023 (“Annual Report”) will be sent only by e-mail to all those
members, whose e-mail addresses are registered with the Company/
RTA or with their respective Depository Participants (“Depository”), in
accordance with the MCA Circular(s) as mentioned above. Members can
join and participate in the 88th AGM through VC/OAVM facility only. The
instructions for joining the 88th AGM and the manner of participation in
the remote e-voting or casting vote through the e-voting system during
the 88th AGM are provided in the Notice of the 88th AGM. Members
participating through the VC/OVAM facility shall be counted for the
purpose of reckoning the quorum under section 103 of the Companies
Act, 2013.
3. Notice of the 88th AGM and the Annual Report will be made available on
the website of the Company i.e., www.coimbatorepioneermills.com.
4. Shareholders who wish to register their email address/ bank account
details may follow the below instructions: -
a. Shareholders holding shares in demat form are requested to register /
update the details in their demat account, as per the process advised by
their respective depository participant.
b. Shareholders holding shares in physical form are requested to register
/ update the details in the prescribed Form ISR-1 and other relevant
forms with the Registrar and Transfer Agents of the Company, Link
Intime India Private Limited at https://linkintime.co.in/. Members
may download the prescribed forms from the Company’s website at
www.coimbatorepioneermills.com.
5. Members holding shares in physical form or who have not registered their
e-mail address with the Company / RTA may cast their vote remotely
on the business as set forth in the Notice of the AGM through remote
e-voting or through the e-voting system during the AGM. The manner
of voting remotely for shareholders will be provided in the Notice to the
shareholders.
6. Please note that the email ID thecoimbatorepioneermillsltd@gmail.com
is designated for the purpose of enabling shareholders to obtain Notice
of the 88th AGM, Annual Report and / or login details for joining the
88th AGM through VC/OAVM facility including e-voting.
7. Considering the above, we urge the shareholders to update their e-mail
ID, Bank account details & Permanent Account Number (PAN) with the
Company / RTA/ Depository Participant to ensure receipt of the Annual
Report, and / or any other consideration and other communications from
the company.
The above information is being issued for the information and benefit of all
the Members of the Company and is in compliance with the MCA Circular/s.
For The Coimbatore Pioneer Mills Ltd
Sd/-
E. Mounagurusamy
Date : 02.09.2023 (DIN 01461523)
Place : Coimbatore Whole time Director
.
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023
Public Noce
Notice is hereby given that the certificate(s) for 107
Equity Shares under Certificate No/s 103980, 103981,
194949, 280249, 8203736 having Distinctive Nos.
43794667-43794677, 21311555-21311564,
27941075-27941110, 16427801-16427850 under
Folio No. 8003737 of PHILIPS INDIA LTD. standing in
the name(s) of Kasturi Lal Chadha. I Vijay Chadha S/o
Kasturi Lal Chadha R/o 25/5, Ist Floor, East Patel Nagar,
Delhi-110008 has/have been lost or mislaid and the
undersigned has/ have applied to the company to issue
duplicate Certificate(s) for the aforesaid shares. Any
person who has a claim in respect of the said shares
should lodge such claim with the company at its
Registered office 402, 4th Floor, Worldmark, Sector-65,
Gurugram, Haryana-122018 Tel. No. +91 124 4606000
within 21 days from this date else the company
will proceed to issue duplicate Certificate(s).
Government of Jammu & Kashmir
DIRECTORATE OF FLORICULTURE (G&P)
DEPARTMENT KASHMIR
Tel-0194-2474234 Fax -2482032 – email: - kashflori@rediffmail.com
CANCELLATION OF TENDER NOTICES
Subject :- Outsourcing of Entry Ticketing System of Gardens/Parks of
Floriculture Department Kashmir – Cancellation thereof.
The outsourcing of Entry Ticketing System of following Gardens/Parks of
Floriculture Department floated from time to time are hereby cancelled, due to
no response received from bidders :-
1. Ashmuqam Park, Anantnag invited vide e-NIT No. 08 of 2023
Dated. 30.05.2023 under Tender Id.No.2023_FLOD_214261_1.
2. Shaheed Park, Pulwama invited vide e-NIT No. 13 of 2023
Dated.30.05.2023 under Tender Id. No.2023_FLOD_214265_1.
By Order
Sd/-
Accounts Officer
Member Secretary
No: DFK/GS-683/2987-90
Dated: - 01/09/2023.
DIPK-8177/23
CIN: L29142TN1961PLC004568
Regd. Office: 108, Mount Poonamallee Road, Porur, Chennai - 600 116
Email ID: sectl@wsigroup.com Website: www.wsindustries.in
NOTICE OF THE 60TH ANNUAL GENERAL MEETING, E-VOTING
INFORMATION & NOTICE OF BOOK CLOSURE
Notice is hereby given that
1. The 60th Annual General Meeting (60th AGM) of the Company will be held on Monday,
the 25th September 2023, at 2.30 P.M. through Video Conference (“VC”) or Other Audio
Visual Means (“OAVM”) to transact the Ordinary and Special Business as set out in the
Notice dated 30th August 2023 of the 60th AGM.
2. In view of the massive outbreak of the COVID-19 pandemic, social distancing is a norm
to be followed and pursuant to the Circular No. 14/2020 dated April 08, 2020, Circular
No.17/2020 dated April 13, 2020 issued by the Ministry of Corporate Affairs followed by
Circular No. 20/2020 dated May 05, 2020 and Circular No. 02/2021 dated January 13,
2021 and all other relevant circulars issued from time to time, physical attendance of the
Members to the AGM venue is not required and annual general meeting (AGM) be held
through video conferencing (“VC”) or other audio visual means (OAVM). Hence, Members
can attend and participate in the 60th AGM through VC/OAVM.
3. In compliance with the provisions of Section 108 of the Companies Act, 2013 and Rule
20 of the Companies (Management and Administration) Rules, 2014, as amended by the
Companies (Management and Administration) Amendment Rules, 2015 and Listing
Regulations, the Company is pleased to provide its members holding shares either in
physical form or in dematerialized form, as on the cut-off date being 18th September
2023, with facility of e-voting (“remote e-voting”) for the AGM, through electronic
services provided by National Securities Depository Ltd. (NSDL) to enable them to cast
their vote on all the resolutions as set out in the said Notice. All the members are informed
that:
i) All the Ordinary and Special Business as set out in the Notice dated 30th August 2023
may be transacted through electronic means by remote e-voting.
ii) The Notice convening the 60th AGM was sent in electronic form on 1st September
2023 to those Members of the company whose email addresses are registered with the
company/Depository Participants as on 25th August 2023.
iii) The date and time of commencement of remote e-voting: 22nd September 2023 at
9.00 AM.
iv) The date and time of end of remote e-voting: 24th September 2023 at 5.00 PM.
v) The cut-off date for determining the eligibility to vote by remote e-voting or at the AGM
and determination of e-voting rights: 18th September 2023.
vi) Those persons who have acquired shares and have become members of the Company
after the dispatch of Notice of AGM through electronic form and holding shares as of the
cut-off date i.e. 18th September 2023, may obtain the login ID and password by sending a
request at evoting@nsdl.co.in. or yuvraj@integratedindia.in. However, if you are already
registered with NSDL for remote e-voting then you can use your existing user ID and
password for casting your vote.
vii) Those members holding shares in physical form, whose e-mail addresses are not
registered with the Company, may register their e-mail address by sending scanned copy
of a signed request letter mentioning your name, folio number, complete address, email
address to be registered, scanned copy of the share certificate (front and back), self-
attested scanned copy of PAN; and self-attested scanned copy of Driving Licence/
Passport/ Bank Statement / AADHAR, supporting the registered address of the Member
by e-mail to yuvraj@integratedindia.in. Members holding shares in demat form can
update their mail address with their Depository Participant(s).
viii) The remote e-voting module shall be disabled by NSDL for voting after 5.00 PM on
24th September 2023. Once the vote on a resolution is cast by the member, the member
shall not be allowed to change it subsequently.
ix) Only those Members/Shareholders, who will be present in the AGM through VC/OVAM
facility and have not casted their vote on the Resolutions through remote e-voting and are
not barred from doing so, shall be eligible to vote through e-voting system in the AGM.
x) A member may participate in the AGM even after exercising his right to vote through
remote e-voting but shall not be allowed to vote again at the AGM.
xi) The attendance of the members attending the AGM through VC/OAVM will be counted
for the purpose of reckoning the quorum under section 103 of the Companies Act, 2013.
xii) Members whose name is recorded in the register of members or in the register of
beneficial owners maintained by the depositories as on the cut-off date only shall be
entitled to avail the facility of remote e-voting as well as voting at the AGM.
xiii) Website address of the Company, where Notice of AGM and annual report is
displayed: www.wsindustries.in and also on the website of Stock Exchanges i.e. BSE
Limited and National Stock Exchange of India Limited at www.bseindia.com
and www.nseindia.com respectively and on the website of National Securities
Depository Limited (NSDL), agency for providing the Remote e-Voting facility i.e.
https://vww.evoting.nsdl.com.
xiv) In case of any queries, members may refer the Frequently Asked Questions (FAQs) for
members and remote e-voting user manual for members available at the Downloads
section of www.evoting.nsdl.com or call on: 022 - 4886 7000 and 022 - 2499 7000.
xv) The Company has appointed Mrs.Lakshmmi Subramaniam, Practising Company
Secretary as the scrutinizer for conducting the remote e-voting and also e-voting process
during the AGM in a fair and transparent manner.
xvi) Contact details of the person responsible to address the grievances connected with
remote e-voting.:- Mr. B. Swaminathan, Company Secretary, Address 108, Mount
Poonamallee Road, Porur, Chennai 600 116. Email Id: sectl@wsigroup.in.
xvii) Pursuant to Listing Regulations and Section 91 of the Companies Act, 2013 and the
applicable Rules thereunder, the Register of Members and share Transfer Books for equity
shares of the company will remain closed from 19th September 2023 to 25th September
2023 (both days inclusive).
xviii) Please keep your updated email ID registered with the RTA/ your Depository
Participant to receive timely communication.
By Order of the Board of Directors of
W.S.Industries (India) Limited
Place : Chennai B. Swaminathan
Date : 2nd September, 2023 Company Secretary
15 <
APM INDUSTRIES LIMITED
Registered Office: SP-147, RIICO Industrial Area, Bhiwadi, Dist. Alwar, Rajasthan-301019
Corporate Office: 910, Chiranjiv Tower-43, Nehru Place, New Delhi-110019
Telephone: (011)26441015-18, CIN: L21015RJ1973PLC015819
E-mail: csapmindustriesltd@gmail.com, Website: www.apmindustries.co.in
NOTICE OF THE 49TH ANNUAL GENERAL MEETING, E-VOTING INFORMATION,
BOOK CLOSURE, RECORD DATE AND DIVIDEND INFORMATION
In compliance with applicable provisions of the Companies Act, 2013 (‘Act’) and rules
made thereunder, Securities and Exchange Board of India (‘SEBI’) (Listing Obligations
and Disclosure Requirements) Regulations, 2015 read with Circular No. 10/2022 dated
December 28, 2022 read with Circular No. 14/2020 dated April 08, 2020, Circular No.
17/2020 dated April 13, 2020, Circular No. 20/2020 dated May 05, 2020 and Circular No.
02/2022 dated May 05, 2022 (collectively referred as ‘MCA Circulars’) and
SEBI Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January 5, 2023 and
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 (‘SEBI Circulars’)
(MCA Circulars and SEBI Circulars collectively referred as ‘Circulars’), NOTICE is hereby
given that the Forty-Ninth (49th) Annual General Meeting (‘AGM’) of the Members of
APM Industries Limited (‘Company’) will be held on Monday, September 25, 2023 at
12:30 p.m. (IST) through Video Conferencing /Other Audio Visual Means
(‘VC/OAVM’), without the physical presence of the Members at the AGM, to transact the
business as set out in the Notice convening the 49th AGM (‘AGM Notice’). Members
attending the AGM through VC/OAVM shall be reckoned for the purpose of quorum under
Section 103 of the Act.
In compliance with the Circulars, AGM Notice along with the Annual Report for financial
year 2022-23 (‘Annual Report’) has been sent only through electronic mode to those
Members whose email ids are registered with the Company/Registrar and Transfer Agent
(‘RTA’)/Depository Participant (‘DP’). The emailing of AGM Notice to all members has
been completed on September 01, 2023. The aforesaid documents are also available on
the Company’s website at https://www.apmindustries.co.in/investors/reports-
returns/annual-reports/, website of the Stock Exchange i.e. BSE Limited at
www.bseindia.com, and on the website of National Securities Depository Limited (‘NSDL’)
at www.evoting.nsdl.com.
Manner of registering / updating email address, mobile number and bank account
mandate
Members whose email ids are already registered with the Company/RTA/DP, may follow
the instructions for remote e-Voting as well as e-Voting at AGM as provided in the AGM
Notice.
Members who have not registered their email ids, are requested to register the same for
receiving all communications including Annual Report, Notices etc. from the Company
electronically as per process mentioned below:-
l Members holding equity shares of the Company in physical form may register/update
the details in prescribed Form ISR-1 and other relevant Forms with Company’s RTA,
Skyline Financial Services Private Limited at parveen@skylinerta.com.
Members may download the prescribed Forms from the Company’s website at
https://www.apmindustries.co.in/investors/updation-of-kyc-details-compulsory-issue-
of-shares-in-dematerialized-form/.
l Members holding equity shares of the Company in demat form are requested to
approach their respective DP and follow the process advised by DP.
Instructions for remote E-voting and E-voting during AGM
In compliance with provisions of Section 108 of the Act read with Rule 20 of the
Companies (Management and Administration) Rules, 2014, Secretarial Standards
on General Meetings issued by the Institute of Company Secretaries of India and
Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (‘Listing Regulations’), as amended, read with MCA Circulars, the
Members will be provided with the facility to cast their vote electronically, through the
remote e-Voting facility (prior the AGM) and e-Voting facility (during the AGM), on all the
resolutions set forth in AGM Notice. The facility of casting votes will be provided by NSDL.
Facility for e-Voting at the AGM will be made available to those Members who are present
in the AGM through VC/OAVM facility and have not cast their vote on the resolutions
through remote e-Voting. The Members who have voted through remote e-Voting will be
eligible to attend the AGM. However, they will not be eligible to vote at the AGM. All the
Members are informed that:-
1. The business as set forth in the 49th AGM Notice will be transacted through voting by
electronic means in the form of e-Voting.
2. The voting rights of Member(s) shall be in proportion to their shares in the paid up equity
share capital of the Company as on the cut-off date i.e. Monday, September 18, 2023.
Any person who is a member of the Company as on cut-off date is eligible to cast vote
electronically through remote e-Voting or e-Voting at the AGM on all the resolutions set
forth in the AGM Notice.
3. Any person who acquires shares of the Company and becomes member of the
Company after the Company sends the AGM Notice and holding shares as on cut-off
date i.e. Monday, September 18, 2023, may obtain the User ID and password by
sending an email to evoting@nsdl.co.in or admin@skylinerta.com by mentioning their
Folio No./DP ID and Client ID for casting their vote. However, if a person is already
registered with NSDL for remote e-Voting then existing user ID and password can be
used for casting the votes.
4. The remote e-Voting period commences at 09:00 A.M. (IST) on Friday,
September 22, 2023 and ends at 05:00 P.M. (IST) on Sunday, September 24, 2023.
The remote e-Voting module shall be disabled by NSDL for voting thereafter. Once the
vote on a resolution is cast by the Member, the Member shall not be allowed to change
it subsequently.
5. During this period, Members holding shares either in physical form or in
dematerialized form may cast their vote by remote e-Voting before the AGM.
6. The Members will be provided with the facility for e-Voting at the AGM and those
Members participating at the AGM & who have not already cast their vote by remote
e-Voting before the AGM, will be eligible to vote at the AGM.
7. The Members who have voted through remote e-Voting will be eligible to attend the
AGM. However, they will not be eligible to vote at the AGM.
8. Detailed process and manner of remote e-Voting, e-Voting at the AGM
and instructions for attending the AGM through VC/OAVM is provided in the
AGM Notice and also available on the Company’s website at
https://www.apmindustries.co.in/investors/reports-returns/annual-reports/ and on
the website of NSDL at www.evoting.nsdl.com.
9. Members may send a request to evoting@nsdl.co.in for procuring User id and
password for e-Voting by providing documents as mentioned in the AGM Notice.
10. In case of any queries related to e-voting, please refer the Frequently Asked
Questions and e-voting user manual for shareholders available at the download
section of www.evoting.nsdl.com or call on toll free no.: 022 - 48867000 and
022 - 24997000 or send a request at evoting@nsdl.co.in who will also address the
grievances connected with the voting by electronic means.
11. The Board of Directors of the Company has appointed Mr. Ravi Sharma (FCS No.
4468, C.P. No.: 3666), and/or Ms. Suman Pandey (FCS No. 7606, C.P. No.: 8404)
Partners of M/s. RSM & Co., Company Secretaries, has been appointed as scrutinizer
to scrutinize the process for remote e-Voting and e-Voting at the AGM in a fair and
transparent manner.
12. The Results shall be declared within two working days of the conclusion of the AGM
and the same, along with the consolidated Scrutinizer’s Report, shall be placed on the
website of the Company at www.apmindustries.co.in, NSDL at www.evoting.nsdl.com
and shall be communicated to BSE Limited at www.bseindia.com.
Dividend, Record Date and Book Closure
1. The Board of Directors of the Company in its meeting held on May 16, 2023
recommended dividend of INR 1.60/- (i.e. 80%) per equity share of face value of INR 2/-
each for FY 2022-23, subject to approval of Members in the AGM. The dividend, upon
approval by the Members, will be paid/dispatched to Members holding equity shares of
the Company, either in electronic or in physical form as on the record date, i.e.
September 18, 2023 for determining eligibility of Members to receive the dividend.
Members are requested to update their Bank details as per instructions provided in the
AGM Notice to receive electronic credit of their dividend entitlement.
2. The Register of Members and Share Transfer Books of the Company will remain closed
from Tuesday, September 19, 2023 to Monday, September 25, 2023 (both days
inclusive) for the purpose of AGM and Payment of Dividend.
Important information about tax deduction at source (TDS) on Dividend
1. In terms of the provisions of the Income Tax Act, 1961, (‘IT Act’), dividend income is
taxable in the hands of the Members and the Company is required to deduct tax at
source from dividend paid to Members at the prescribed rate under the IT Act. The
deduction of tax at source will be based on the residential status, category of Members
and subject to fulfilment of conditions as provided under the IT Act. The Members are
therefore, requested to send tax related documents/declarations via e-mail at
csapmindustries@gmail.com on or before September 23, 2023 to enable the
Company to determine the appropriate withholding tax rate applicable.
2. A detailed note providing particulars of rate of tax to be deducted, documents to be
submitted and the procedure to be followed by different categories of shareholders
already e-mailed on August 28, 2023 to members whose email id is registered with the
Company’s RTAor Depository Participants.
For APM Industries Limited
Place: New Delhi Neha Goel
Date: 01.09.2023 Company Secretary
16
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1

(Regd. Office: PSEB Head Office, The Mall, Patiala)

Corporate Identity Number U40109PB2010SGC033813
Website: www.pspcl.in (Contact No. 96461-22219)
E-Tender Enquiry No: QW-317/PO-W Dated:28-08-2023
Chief Engineer/Stores & Workshops Organization, Sarabha Nagar PSPCL Ludhiana. invites
E-tender of 90300 no. Top hamper for PCC Poles 9mtrs manufactured from M S. Flat
(50x6mm) conforming to IS: 2062/1992 (with latest editions) Grade -A quality and section
details as per IS 1730/1971 & tolerances as per IS: 1852/ 1985 with Red Oxide Primer The
seam welding of joints should be continuous and uniform on one side. The edge cutting of
Top Hamper should be smooth and at right angle. For detailed NIT & tender specification
please refer to https://eproc.punjab.gov.in from 30.08 2023 from 02.00 pm onwards.
Note: Corrigendum and addendum, if any will be published online at
https://eproc.punjab.gov.in
76155/12/2121/2023/27312 C606/23
.
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023
(Regd. Office: PSEB Head Office, The Mall, Patiala)
Corporate Identity Number U40109PB2010SGC033813
Website: www.pspcl.in (Contact No. 96461-17606)
E-Tender Enquiry No: 189/MM-I/TGM-336(VII)/O&M/GHTP/2023
Dated:31-08-2023
Dy. Chief Engineer, Mechanical Maintenance Circle-I/GHTP, Lehra Mohabbat invites e-
tender for “Cleaning of tubes of Turbine condenser of 210 MW (KWU) Unit-I and 250 MW
Unit-IV of GHTP, Lehra Mohabbat with Hydro jet and water powered bullet cleaners”.
For detailed NIT & tender specification please refer to https://eproc.punjab.gov.in from
31-08-2023 at 18:00 hrs. onwards.
Note: Corrigendum and addendum, if any will be published online at
https://eproc.punjab.gov.in
76155/12/2128/2023/27408 GHTP 69/23
Form No. INC-25A
Advertisement to be published in the newspaper for conversion of public
company into a private company
Before the Regional Director
Ministry of Corporate Affairs
Northern Region, New Delhi
In the matter of the Companies Act, 2013, section 14 of Companies Act, 2013 and
rule 41 of the Companies (Incorporation) Rules, 2014
AND
In the matter of M/s Western UP Tollway Limited having its registered office at
B-376, Upper Ground Floor, Nirman Vihar, New Delhi - 110092
………..Applicant
Notice is hereby given to the general public that the company intending to make an
application to the Central Government under section 14 of the Companies Act, 2013 read
with aforesaid rules and is desirous of converting into a private limited company in terms of
the special resolution passed at the Annual General Meeting held on August 25, 2023 to
enable the company to give effect for such conversion.
Any person whose interest is likely to be affected by the proposed change/status of the
company may deliver or cause to be delivered or send by registered post of his objections
supported by an affidavit stating the nature of his interest and grounds of opposition to the
concerned Regional Director at B-2 Wing, 2nd Floor, Pt. Deendayal Antyodaya Bhawan,
2nd Floor, CGO Complex, New Delhi-110003, within fourteen days from the date of
publication of this notice with a copy to the applicant company at its registered office at the
address mentioned below:
Western UP Tollway Limited
B-376, Upper Ground Floor, Nirman Vihar, New Delhi - 110092
For and on behalf of the Applicant
Western UP Tollway Limited
Sd/-
Om Prakash
Director
DIN: 07419617
Date: 01/09/2023 B-376, Upper Ground Floor,
Place: New Delhi Nirman Vihar, New Delhi– 110092
PRAKASH STEELAGE LIMITED
CIN- L27106MH1991PLC061595
Regd. Office: 101, 1st Floor, Shatrunjay Apartment, 28,
Sindhi Lane, Nanubhai Desai Road, Mumbai – 400 004
Tel. No. 022 6613 4500, Fax No. 022-6613 4599,
E-mail- cs@prakashsteelage.com, Website-www.prakashsteelage.com
PUBLIC NOTICE – 32ND ANNUAL GENERAL MEETING OF THE COMPANY TO BE HELD
THROUGH VIDEO CONFERENCING (VC)/ OTHER AUDIO-VISUAL MEANS (OAVM)
NOTICE is hereby given that the 32nd Annual General Meeting (AGM) of the member of
the Prakash Steelage Limited (the company) will be held on Wednesday, September 27,
2023 at 3.00 P.M. (IST) through video Conferencing (VC)/ Other Audio Visual Means
(OAVM) facility provided by the Central Depositories Services Limited (‘CDSL’) in
compliance with the applicable provisions of Companies Act, 2013 and the rules made
thereunder, read with Circular No. 14/2020 dated April 08, 2020, Circular No.17/2020
dated April 13, 2020 issued by the Ministry of Corporate Affairs (MCA) followed by
Circular No. 20/2020 dated May 05, 2020, Circular No. 02/2021 dated January 13, 2021,
Circular No. 21/2021 dated December 14, 2021, General Circular No. 2/2022 dated May
05, 2022 and Circular No. 10/2022 , dated December 28, 2022 and all other relevant
circulars issued from time to time (collectively referred to as “MCA Circulars”), and
Circular dated May 12, 2020, January 15, 2021, May 13, 2022 and January 05, 2023
issued by the Securities and Exchange Board of India (SEBI Circular) to transact the
business set out in the Notice convening the AGM.
Notice of the AGM and Annual Report for the Financial Year 2022-23 will be sent in
electronic mode to the shareholders whose e-mail ids are registered with the Company
or the Depository Participant(s). The aforesaid documents will be available on the
website of the Company at www.prakashsteelage.com and on the website of the stock
exchange at www.bseindia.com and www.nseindia.com. As per the MCA Circulars and
SEBI Circular, no physical copies of the notice of AGM and Annual Report will be sent
to any shareholder.
Manner of registering and updating email addresses:
a) Members holding shares in physical mode are requested to send an email to
cs@prakashsteelage.com / charmi@bigshareonline.com along with necessary
documents like Folio No., Name of member (s) and self-attested scanned copy of
PAN Card or Aadhaar card for registering their email addresses
b) Members holding Shares in Demat mode are requested to contact their respective
Depository Participant for registering the email addresses. Manner of remote e-
voting and e- voting during the AGM:
The Company is proving e voting facility (remote e-voting) to its shareholders to cast
their votes on all the resolutions set out in the notice of the AGM. Additionally, the
Company is facility of voting through e-voting during the AGM (e-voting). The procedure
for remote e-voting and e-voting during the AGM by the Shareholders holding shares in
electronic mode/physical mode will be provided in the in the Notice of AGM.
For Prakash Steelage Limited
Sd/-
Place: Mumbai Prakash C. Kanugo
Date: September 02, 2023 Chairman & Managing Director
DIN : 00286366
17 <
BAJAJ HOUSING FINANCE LIMITED Public Noce
CORPORATE OFFICE: Cerebrum IT Park B2 Building 5th floor, Kalyani Nagar, Pune, Maharashtra 411014, Notice is hereby given that the certificate(s) for 3750
(Regd. Office: PSEB Head Office, The Mall, Patiala) Equity Shares under Certificate No/s 5234600 having
Branch Office: Unit No – 804,805,806, 5th floor, Delta Wing, Raheja Towers, 177, Anna Salai,
Chennai – 600002. Corporate Identity Number U40109PB2010SGC033813 Distinctive Nos. 1130204261-1130208010 under Folio
Website: www.pspcl.in (Contact No. 96461-10914) No. HLL2893326 of HINDUSTAN UNILEVER LTD.
E-Tender Enquiry No: 480/P-1/EMPW-12419 Dated:29-08-2023 standing in the name(s) of Kasturi Lal Chadha. I Vijay
Dy Chief Engineer/ Headquarter (Procurement cell-1) GGSSTP, Roopnagar invites E-
Chadha S/o Kasturi Lal Chadha R/o 25/5, Ist Floor, East
Tender ID No. 2023_POWER_108276_1 for the work of Repair of Civil Works i.e RCC
Patel Nagar, Delhi-110008 has/have been lost or mislaid
Chajjas, Facias, Parapets etc and white wash, Snowcem, Distemper and Painting works
and the undersigned has/ have applied to the company to
issue duplicate Certificate(s) for the aforesaid shares.
at High School, Nuhon Colony, GGSSTP, Rupnagar.
Any person who has a claim in respect of the said shares
For detailed NIT & tender specification please refer to https://eproc.punjab.gov.in from
should lodge such claim with the company at its
31.08 2023 from 05.00 pm onwards.
Registered office Hindustan Unilever Limited, Unilever
Note: Corrigendum and addendum, if any will be published online at
House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai
https://eproc.punjab.gov.in
- 400 099. within 21 days from this date else the
76155/12/2127/2023/27406 RTP 100/23 company will proceed to issue duplicate Certificate(s).
BLUE CHIP TEX INDUSTRIES LIMITED
CIN: L17100DN1985PLC005561
Regd Off: Plot No. 63-B, Danudyog Sahakari Sangh Ltd, Village Piparia, Silvassa, U.T. of Dadra & Nagar Haveli – 396230
Tel no.: +91 (0260) 299 1068, Email: bluechiptex@gmail.com, Website: www.bluechiptexindustrieslimited.com
Corp Off: 15-17, Maker Chambers III, Jamnalal Bajaj Road, Nariman Point, Mumbai – 400021, Maharashtra. Tel no: 022 4353 0400
Notice of the 38th Annual General Meeting of the Company to be convened through Video Conferencing
(VC) or Other Audio-Visual Means (OAVM)
1. PUBLIC NOTICE is hereby given that in compliance with the provisions of the Companies Act, 2013 and the requirements of the
General Circular No. 02 / 2022 dated 5th May, 2022 issued by the Ministry of Corporate Affairs (hereinafter referred to as ‘MCA
Circular’), the 38th Annual General Meeting (‘AGM’) of Blue Chip Tex Industries Limited (‘the Company’) will be held through Video
Conferencing (‘VC’) or Other Audio Visual Means (‘OAVM’) on Wednesday, 27th September, 2023 at 12 noon to transact the
Ordinary and Special Businesses in the AGM. The said MCA Circular has allowed the Companies to conduct their AGM through
VC or OAVM in accordance with the requirements provided in paragraphs 3 and 4 of the General Circular No. 20 / 2020 dated
5th May, 2020 and in the manner provided in General Circular No. 14 / 2020 dated 8th April, 2020 and General Circular No. 17 /
2020 dated 13th April, 2020, General Circular No. 10 / 2022 dated 28th December 2022 issued by MCA. Accordingly in compliance
with the requirements of the aforesaid MCA General Circulars, the Company is convening its 38th AGM through VC or OAVM,
without the physical presence of the Members at a common venue.
2. The MCA Circular dated 5th May, 2022 read with MCA General Circular No. 20 / 2020 dated 5th May, 2020 and SEBI Circular No.
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated 13th May, 2022 read with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79
dated 12th May, 2020 has granted relaxations to the Companies, with respect to printing and dispatching of physical copies of
Annual Report to shareholders. Accordingly, the Company will only be sending soft copy of the Notice convening the 38th AGM
and Annual Report 2022-23 to the shareholders whose email ids are registered with the Company / Registrar and Share Transfer
Agent (‘RTA’) / Depository Participants (‘DPs’) as on cut-off date i.e. Thursday, 31st August, 2023. Those shareholders of the
Company whose email ids are not updated with the Company / RTA / DPs can avail soft copy of the 38th AGM Notice and Annual
Report 2022-23 by raising a request to the Company at bluechiptex@gmail.com. Alternatively, the Notice of 38th AGM and Annual
Report 2022-23 will also be made available on the Company’s website i.e., www.bluechiptexindustrieslimited.com, on the
website of CDSL i.e. www.evotingindia.com and on the website of BSE Limited i.e. www.bseindia.com.
3. Further, Members are advised to register/update their address, e-mail address and bank mandates (i.e. bank account number,
name of the bank and the branch, 9 digit MICR Bank/Branch code, IFSC code and account type) to their DPs in case of shares
held in electronic form and to the Company and/or its RTA in case of shares held in physical form for receiving dividend in their
bank accounts and all communications, including Annual Report, Notices, Circulars etc. from the Company in future.
4. Members who are holding shares in physical form or whose email addresses are not registered with the Company can cast
their vote through remote e-voting or through the e-voting at the time of the AGM in the manner and following the instructions
as mentioned below:
A) Manner in which Members whose email addresses are not registered with the Company / RTA / Depositories can obtain
credentials for e-voting:
a. Members holding shares in Physical form are requested to provide necessary details like Folio No., Name of Member,
scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-
attested scanned copy of Aadhar Card) by email at the Company’s email id i.e., bluechiptex@gmail.com / RTA’s email id
i.e., investor@bigshareonline.com.
b. Members holding shares in Demat mode are requested to provide Demat account details (CDSL-16-digit beneficiary ID or
NSDL-16-digit DPID + CLID), Name, client master or copy of Consolidated Account statement, PAN (self-attested scanned
copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email at the Company’s email id i.e.,
bluechiptex@gmail.com / RTA’s email id i.e., investor@bigshareonline.com.
B) Instructions for Members for remote e-voting are as under:
a. The voting period begins on Sunday 24th September, 2023 at 9:00 a.m. and ends on Tuesday 26th September, 2023 at 5:00
p.m. During this period Members of the Company, holding shares either in physical form or in dematerialized form, as on
the cut-off date i.e., 20th September, 2023, may cast their vote electronically. The remote e-voting module shall be disabled
by CDSL for voting thereafter.
b. The Members should log on to the e-voting website www.evotingindia.com.
c. Click on “Shareholders/Members” module.
d. Now enter your User ID
• For CDSL: 16 digits beneficiary ID,
• For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
• Members holding shares in Physical Form should enter Folio Number registered with the Company.
e. Next enter the Image Verification as displayed and Click on Login.
f. If the Member is holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier e-voting
of any company, then your existing password of the Member is to be used.
g. If the Member is a first-time user, then follow the steps given in the Notice convening the 38th AGM.
h. Click on the relevant EVSN of the Company to vote.
i. On the voting page, the Member will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting.
Select the option YES or NO as desired. The option YES implies that the Member assent to the Resolution and option NO
implies that the Member dissent to the Resolution.
j. Click on the “RESOLUTIONS FILE LINK” if the Member wishes to view the entire Resolution details.
k. After selecting the resolution, the Member have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed.
If the Member wish to confirm your vote, click on “OK”, else to change their vote, click on “CANCEL” and accordingly modify
the vote.
l. Once the Member “CONFIRMS” his / her vote on the resolution, the Member will not be allowed to modify his / her vote.
m. If a demat account holder has forgotten the changed login password then Enter the User ID and the image verification code
and click on Forgot Password & enter the details as prompted by the system.
C) Instructions for Members for attending the AGM through VC/OAVM and e-voting during the AGM are as under:
a. The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions mentioned above for
remote e-voting.
b. Only those Members, who are present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions
through remote e-voting and are otherwise not barred from doing so, shall be eligible to vote through e-voting system
available during the AGM.
c. If any Votes are cast by the Members through the e-voting available during the AGM and if the same Members have not
participated in the meeting through VC/OAVM facility, then the votes cast by such Members shall be considered invalid as
the facility of e-voting during the meeting is available only to the Members attending the meeting.
d. Members who have voted through remote e-voting will be eligible to attend the AGM, however, they will not be eligible to
vote at the AGM. In case Members cast their vote both by remote e-voting and e-voting at the time of AGM, then voting done
through remote e-voting shall prevail and voting done by e-voting at the time of AGM will be treated as invalid.
By order of the Board of Directors
For Blue Chip Tex Industries Limited
Sd/-
Place: Mumbai Mr. Durgesh.S. Shirsate
Date: 2nd September, 2023 Company Secretary & Compliance Officer
18
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1

BAJAJ FINANCE LIMITED

CORPORATE OFFICE: 3rd Floor, Panchshil Tech Park, Viman Nagar, Pune-411014, Maharashtra. Branch Office:
11th Floor Off No. 1152 Aggarwal Metro Heights, Plot No.e5, Netaji Subhash Palace Pitampura, New Delhi- 110034
MADHYA PRADESH TOURISM
BOARD (MPTB)
CIN : U75302MP2017NPL043078
6th Floor, Lily Trade Wing, Jahangirabad, Bhopal
Tel. : (0755) 2780600, www.tourism.mp.gov.in
NIT No. : 5659/PUBLICITY/MPTB/2023
SYSTEM No. 2023_MPTB_303864 1st September, 2023
“EOI for Empanelment of National Level Agencies for
Creatives and Brand Management Services and
Media Planning and Buying”
MPTB invites offers for “EOI for Empanelment of National
Level Agencies for Creatives and Brand Management
Services and Media planning and buying”. Terms and
Conditions can be downloaded from website www.tourism.
mp.gov.in and https://www.mptenders.gov.in. For any
other information, contact +91-9407057416 or E-mail at
cs.mptb@mp.gov.in Last date for online submission of EOI is
25th September 2023, 15:00hrs.
M.P. Madhyam/111781/2023 MANAGING DIRECTOR

BHARTIYA INTERNATIONAL LIMITED

Regd. Office: 56/7, Nallambakkam Village (Via Vandalur), Chennai-600 048, Tamil Nadu
CIN- L74899TN1987PLC111744 Tel: +91-9551050418-21
E-mail: shares@bhartiya.com Website: www.bhartiya.com
NOTICE OF 36TH ANNUAL GENERAL MEETING AND
E-VOTING INFORMATION
NOTICE is hereby given that 36th Annual General Meeting (“AGM”) of Bhartiya
International Limited (“the Company”) will be held on Friday, September 29, 2023 at
Branch Office: Alliance School, 11:00 A.M. (IST) through Video Conferencing (“VC”)/ Other Audio-Visual Means
(“OAVM”), to transact the business, as set out in the Notice convening 36th AGM of the
Sec-22, Noida Ph. No-0120 2518190 Company.
Email – bo522210@pnb.co.in In compliance with all the applicable provisions of the Companies Act 2013 (“the Act") and
Rules issued thereunder and the Securities and Exchange Board of India (“SEBI”) (Listing
60 Days’ Notice to Borrower/Guarantor/Mortgagor Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations”)
Annexure-1 (Revised SI-4) read with General Circular Nos. 20/2020 dated 5th May, 2020, 10/2022 dated 28th
1. Mr. Shailendra Kumar S/o Alakh Prasad (Borrower) Date: 30.08.2023 December, 2022 issued by the Ministry of Corporate Affairs ("MCA") and Circular Nos.
(i). Flat no. 476 B, Block –SK, First Floor,Sector-122, Shramik Kunj, Gautam Budh Nagar, Noida, U.P. -201301 SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated 13th May, 2022, SEBI/HO/CFD/PoD-
(ii).Flat -473 B SK Sector-122, Noida U.P. 201301 2/P/CIR/2023/4 dated 5th January, 2023 issued by SEBI, along with other applicable
2. Mrs. Sarika Devi W/O of Shailendra Kumar.(Mortgagor/Co- Borrower), Circulars issued by the MCA and SEBI (hereinafter collectively referred to as "the
(i). Flat no. 476 B, Block –SK, First Floor, Sector-122, Shramik Kunj, Gautam Budh Nagar, Noida, U.P. -201301 Circulars"), the AGM of the Company will be held through VC/OAVM.
(ii).Flat -473 B SK Sector-122, Noida U.P. 201301 Further, in accordance with the aforesaid Circulars, the Notice convening the 36th AGM
Dear Sir/Madam, and Annual Report for the Financial Year 2022-23 has been electronically sent to all the
Notice U/s 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. shareholders whose email addresses are registered with the Company and/or Depository
Reg : Credit facilities availed by MR Shailendra Kumar S/o Alakh Prasad (Borrower) and Mrs. Sarika Devi W/O of Shailendra Kumar (Mortgagor / Co-Borrower) Participant(s) (“DPs”).
from BO: Alliance School Noida (522210) having Account No. 52226015000539 Instructions for remote e-voting and e-voting during the AGM
By MR Shailendra Kumar S/o Alakh Prasad Add: Flat no. 476 B, Block –SK, First Floor,Sector-122, Shramik Kunj, Gautam Budh Nagar, Noida,U.P. -201301 and Mrs. Sarika Devi 1. Pursuant to Section 108 and other applicable provisions, if any, of the Act read with
W/O of Shailendra Kumar. (Add: Flat no. 476 B, Block –SK, First Floor, Sector-122, Shramik Kunj, Gautam Budh Nagar, Noida, U.P. -201301 have availed the following credit facilities:- Rule 20 of the Companies (Management and Administration) Rules, 2014, as
Sr. Facility Limit (in Rs.) Balance outstanding as on date of NPA i.e. Total outstanding as on 29.08.2023 + int. w.e.f 01.12.2022 (until payment in amended from time to time and Regulation 44 of the Listing Regulations and
No. 04.05.2022 (i.e principal + intt) full) + legal & other charges Secretarial Standards on General Meeting (SS-2) issued by the Institute of Company
Secretaries of India, the Company is pleased to provide facility to its members, to
1 Term Loan 490000.00 4,51,381.16 Rs. 4,92,872.18 DR.+ further intt. w.e.f. 31.07.2023 + legal & other charges cast their vote on all the Resolutions set forth in the Notice convening the AGM using
Total 490000.00 Rs. 4,51,381.16 + further intt. w.e.f . Rs. 4,92,872.18 + further intt. w.e.f. 31.07.2023 + legal & other charges electronic voting system (“remote e-Voting”), provided by National Securities
04.05.2022 + legal & other charges(until Depository Limited (“NSDL”). The detailed procedure/instructions in this respect
Due to non-payment of installment/ interest/ principal debt, the account/s has/have been classified as Non Performing Asset on dated 04.05.2022 as per Reserve Bank of India have been provided in notes to the Notice of AGM.
guidelines. We have demanded/recalled the entire outstanding together with interest and other charges due under the above facilities. 2. The members of the Company, holding shares either in physical form or in
The amount due to the Bank as on 30.08.2023 is Rs. 4,92,874.32 + further intt. w.e.f. 31.07.2023 + legal and other charges until payment in full (hereinafter referred to as dematerialised form, as on the Record date/Cut-off date i.e., Friday, September
“secured debt”). 22, 2023, may cast their vote electronically. The remote e-voting period
To secure the outstanding under the above said facilities, you have, inter alia, created security interest in respect of the following properties/assets: commences on Tuesday, September 26, 2023 (09:00 A.M. IST) and ends on
Thursday, September 28, 2023 (05:00 P.M. IST). The e-Voting module shall be
Sr. No. Facility Security
disabled by NSDL for voting after 05:00 P.M. (IST) on Thursday, September 28, 2023.
1 Term Loan Primary Security:- Those who are not Members on the record date/cut-off date should accordingly treat
1. E.M of residential housing property Flat no. 476 B, Block –SK, First Floor, Sector-122, Shramik Kunj, Gautam Budh Nagar, Noida,U.P. -201301 the AGM Notice for information purposes only. Once the vote on a resolution is cast
Covering area 28.19 sq mtr standing in the name of Mrs. Sarika Devi, having market value of Rs. 6.52 Lacs(Realizable Value Rs. 5.80 Lacs) by the member, he/she shall not be allowed to change it subsequently. The voting
Boundaries are as under:- North East: Flat no. 175-B North West: Passage Area rights of Members shall be in proportion to the shares held by them in the total paid-
South East:Gali SouthWest : Flat no-177-B up Equity Share Capital of the Company as on the record date/cut-off date.
Ownership: In the name of Mrs. Sarika Devi W/O of Shailendra Kumar. Members who have already cast their votes through remote e-Voting prior to the
We hereby call upon you to pay the amount of is Rs. 4,92,874.32 + further intt. w.e.f. 31.07.2023 + legal & other charges until payment in full (hereinafter referred to as “secured AGM may also attend the AGM but shall not be entitled to cast their votes again.
debt”). within 60 days (sixty days) from the date of this notice. In default, besides exercising other rights of the Bank as available under Law, the Bank is intending to exercise any or all Members attending the AGM who have not cast their votes through remote e-Voting
of the powers as provided under section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (hereinafter shall be able to exercise their voting rights during the AGM.
referred to as “the Act”). The details of the secured asset/s intended to be enforced by the Bank, in the event of non payment of secured debt by you are as under: 3. Any person, who acquires shares and become member of the Company after
dispatch of the notice and holding shares on the Record date/Cut-off date i.e. Friday,
Sr. No. Facility Security September 22, 2023 may obtain the login ID by referring the AGM notice. However, if
1 Term Loan Primary Security:- you are already registered with NSDL for e-voting then you can use your existing user
1. E.M of residential housing property Flat no. 476 B, Block –SK, First Floor, Sector-122, Shramik Kunj, Gautam Budh Nagar, Noida,U.P. -201301 ID and password to cast your vote.
Covering area 28.19 sq mtr standing in the name of Mrs. Sarika Devi, having market value of Rs. 6.52 Lacs(Realizable Value Rs. 5.80 Lacs) 4. The Board of Directors of the Company have appointed Mr. Ravi Sharma, Partner
Boundaries are as under:- North East: Flat no. 175-B North West: Passage Area RSM & Co., Practicing Company Secretary as the Scrutinizer to scrutinize the
South East:Gali SouthWest : Flat no-177-B remote e-voting process & e-voting during AGM in a fair and transparent manner.
Ownership: In the name of Mrs. Sarika Devi W/O of Shailendra Kumar. 5. Members who need assistance before and during the AGM, can contact Mr. Amit
Your attention is hereby drawn invited to provisions of sub-section (8) of section 13 of the Act in respect of time available to you redeem the secured assets. Vishal, Assistant Vice President, NSDL, or Ms. Pallavi Mhatre, Senior Manager,
Please take notice that in terms of section 13(2) of the said Act, you shall not, after receipt of this notice, transfer by way of sale, lease or otherwise (other than in the ordinary course of NSDL, at evoting@nsdl.co.in or call on toll free nos.: (022) 48867000 or (022)
business) any of the secured assets above referred to, without prior written consent of the Bank. 24997000. Alternatively, Members may also write to the Company Secretary of the
You are also put on notice that any contravention of this statutory injunction/restraint, as provided under the said Act, is an offence.If for any reason, the secured assets are sold or Company at the email ID: shares@bhartiya.com.
leased out in the ordinary course of business, the sale proceeds or income realised shall be deposited/remitted with/to the Bank. You will have to render proper account of such The Notice of the 36th AGM and Annual Report for the financial year 2022-23 along with
realisation/income. further details are made available on Company’s website at www.bhartiya.com, on website
*We reserve our rights to enforce other secured assets of Stock Exchanges where the equity shares of the Company are listed, BSE Limited at
Please comply with this demand under this notice and avoid all unpleasantness. In case of non-compliance, further needful action will be resorted to, holding you liable for all costs and www.bseindia.com, National Stock Exchange of India Limited at www.nseindia.com and
consequences. on the website of NSDL at www.evoting.nsdl.com.
*This notice is issued without prejudice to the bank taking legal action before DRT/Court, as the case may be.*This notice is issued without prejudice to the bank’s rights in the For Bhartiya International Limited
suit/litigation pending before DRT/Court. Sd/-
* Delete, if inapplicable. Yogesh Kumar Gautam
Yours faithfully, Date: 01st September, 2023 Company Secretary and Compliance Officer
For Punjab National Bank, AUTHORISED OFFICER Place: Gurugram, Haryana Membership No. 31119
.
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023
CHARGER
D’AFFAIRES
Apple’s ‘Wonderlust’ event on September 12 has
set the rumour mill buzzing, but the humble
charger may steal the show for Indians
KHALID ANZAR
New Delhi, 1 September
I
t is tempting to dismiss ‘Wonderlust’,
a play on the German-origin word,
wanderlust, meaning a strong desire
to travel, as an attempt to sound
clever. Except, you cannot
dismiss things that come from Apple Inc,
the first company listed on stock exchanges
to close a trading day with a market value
above $3 trillion.
So, when Apple sent
an invitation to its
annual September
event and called it
THE EUROPEAN UNION
Wonderlust, the LAST YEAR
legions of Apple STANDARDISED THE
devotees went into a
tizzy trying to glean CHARGING PORT
what could come on the ON ELECTRONIC ITEMS
twelfth of this month.
Apple event titles AND SELECTED USB-C.
usually carry a INDIA, TOO, HAS CHOSEN
meaning, but may or
may not be directly IT AS THE STANDARD AND
related to the launches. HAS SET MARCH 2025
It is still not clear why
last year’s September AS THE DEADLINE
event, which launched
the iPhone 14 line-up,
was named ‘Far Out’
and the one in 2021
(iPhone 13 Pro), was
called ‘California
Streaming’. It is easier
to understand why the
one in 2020, which
launched the Watch
Series 6, was named
‘Time Flies’.
There is a strong
buzz that Wonderlust is
so named because it is
going to present a new camera system for
the iPhone 15 Pro Max. The 6x optical zoom
camera system will allow users to zoom on
distant objects, about twice what the iPhone
14 Pro can, and capture the frame with
clarity. It is likely to click with those making
travel plans.
The wonder does not stop there.
The iPhone X, pronounced ‘iPhone Ten,’
which came in 2017, was a significant
milestone in Apple’s smartphone history. It
featured a nearly bezel-less display,
marking a departure from the traditional
iPhone design with a physical home button
that needed larger bezels.
The removal of the home button allowed
for a larger screen in a device that was
physically smaller than the iPhone 8 Plus.
Besides, the iPhone X replaced the Touch ID
fingerprint sensor with Face ID. These
innovations had a profound impact on the
smartphone industry and how Apple
approached its product design and
development.
To date, Apple has been building on the
foundations of the iPhone X, with minor
changes in design, such as the redesigned
camera island on the iPhone 11 series, the
flat frame in the iPhone 12 series, and a
redesigned notch cut-out called Dynamic
Island in the iPhone 14 Pro line. The
upgrades have been incremental, largely in
the camera and through newer iOS versions.
Wonderlust could change that (see:
RUMOUR MILL).
“The September event is mostly about
the iPhone. I am expecting the same this
year. This year’s launch comes at a time
when foldables are gaining popularity in the
segment iPhone operates,” says Faisal
Kawoosa, chief analyst, Techarc.
International Data Corporation expects
CEO Tim Cook, seen here at the opening of
Apple’s first store in India, has been trying
to bring the company closer to the country.
Embracing the USB-C charging port can go
a long way in that direction
will support at least USB 3.2 or Thunderbolt
3, and the standard models will support USB
2.0. This means the iPhone 15 Pro and
iPhone 15 Pro Max will feature an enhanced
version of USB-C with faster data transfer
speeds compared to the USB-C port on the
iPhone 15 and iPhone 15 Plus models.
worldwide shipments of foldable phones,
including flip and fold form factors, to reach
21.4 million units in 2023 — an increase of
more than 50 per cent over 2022.
An updated IDC forecast projects
foldable phone shipments to reach 48.1
million units in 2027 — a 3.5 per cent share
of the market.
The market share figure may not sound
too big, but, since foldable phones are
expensive, it matters to Apple, given
the iPhone’s play
at the top end.
“It will be
interesting to see how
Apple satisfies the
inquisitive consumers
about not going for
foldables yet, as it does
not have one.
This also means
there must be
something more in the
iPhone this year than
the normal upgrade,
which has been the
case for the past few
years,” says Kawoosa.
What can that
“something more” be?
Apple is expected to
release four models in
the iPhone 15 series:
the iPhone 15, iPhone
15 Plus, iPhone 15 Pro,
and iPhone 15 Pro Max.
All of them could have
a substantial upgrade
over the current
versions.
Most notably,
though, they are
expected to
incorporate the USB
Type-C port for charging and data transfers.
Apple has used its proprietary Lightning
connector in iPhones since 2012. The
transition follows the European Union’s
announcement last year mandating the
USB-C as the standard for all electronic
devices, in a bid to cut down on
environmental waste and to save
consumers from buying different
chargers for different devices.
All mobile phones, tablets, and cameras
sold in the EU must have a USB-C port by
December 28, 2024. Laptops are part of the
list, but the deadline for them is spring 2026.
Following the EU’s move, India, too,
announced the USB-C as the standard
charging port for electronic products,
setting March 2025 for the rule to kick in.
The government is of the view that India
should move to two types of standard
charging devices, USB-C for smartphones
and other portable devices, such as
laptops and tablets, and another for feature
phones, which have a bigger market share
in the country.
Analysts believe the shift to USB-C
will add to convenience for users since
Apple already has the same port available
on many of its products.
“A potential shift to USB-C will lead to
enhanced user convenience, allowing
iPhone enthusiasts to leverage a unified
charging ecosystem across diverse devices,
spanning from MacBooks to iPads,” says
Prabhu Ram, head, Industry Intelligence
Group, CyberMedia Research.
The buzz is that the USB-C will be
incorporated across the entire iPhone 15
line-up, but Apple may adopt varying
standards for different models. Apple
analyst Ming-Chi Kuo posted on X (formerly
Twitter) that the Pro models in the line-up
TAKE TWO 19 <
RUMOUR
PHOTO: KAMLESH PEDNEKAR
MILL
What they expect
on September 12
appleinsider.com
iPhone 15 Pro, l Titanium body,
>
iPhone 15 Pro instead of steel
iPhone 15 Max and/or l A periscope lens
and iPhone iPhone 15 Ultra that can improve
15 Plus l Perhaps a new optical zoom
l A16 chip naming
l A new multi-
l Slimmer bezel
convention
Among other function ‘action
l Design could be button’ might
enhancements, Apple is l Dynamic Island
expected to replace the current more rounded at replace the
l 48-mega pixel the edges
alert button with a versatile mute switch
action button. Additionally,
wide angle sensor
the Dynamic Island display is
and lens combo for Apple Watch Series 9, l An updated
likely to become a standard the rear cameras Apple Watch Ultra Apple Watch
feature across all models. l USB-C physical l Changes might not be Ultra, but not
In terms of design, the Pro charging major much other than
models in the iPhone 15 series connector the chip upgrade
l The bulk of hardware
could adopt a titanium frame port
instead of stainless steel. There is a updates relate to the
possibility that the highest-tier Apple Watch X
model in the series would be named l The S9 chip is believed
the iPhone 15 Ultra, rather than the to offer a lot more
iPhone 15 Pro Max. performance
Apple could extend the integration of
the USB-C ports to AirPods.
As for the Watch Series, the 2023 macrumors.com
iterations are reported to bring incremental
>
improvements, featuring a new S9
processor for enhanced performance and l iPhone 15, l iPhone 15 Pro models
power efficiency. iPhone 15 Plus, iPhone will have a titanium
According to media reports, the Watch 15 Pro, and iPhone 15 Pro frame rather than a
Series 9 might offer a band option with a Max — all with Dynamic stainless steel one
magnetic buckle. Island, an updated 5G l Apple’s first 3-
However, as anticipation builds up for chip from Qualcomm, and
the new launches at Wonderlust, it is the nanometre chip, the
most notably, a USB-C port
sales of the older iPhone models that are A17, may be included
instead of a Lightning port
driving Apple’s growth in India. in the iPhone 15 Pro
l iPhone 15 Pro and and Pro Max
Data from CMR shows the iPhone 14
FILE PHOTO: KAMLESH PEDNEKAR series constituted 46 per cent to its annual iPhone 15 Pro Max l ‘Action button’
shipments in India since its launch in will see additional
instead of Mute switch
September 2022, with the older models feature updates
claiming the remaining 54 per cent. l iPhone 15 Pro Max
l Minor redesign with
“All said, the growth momentum for expected to get periscope
slimmer bezels and
Apple in India has historically been zoom lens that will allow
slight changes to
predominantly steered by the sales of older for 5x or 6x optical zoom,
generation iPhones,” says Prabhu Ram of
the curves of
up from 3x
CyberMedia Research.
the corners
Wander why. Sorry, wonder why.
POST-OFFER PUBLIC ANNOUNCEMENT TO THE EQUITY SHAREHOLDERS OF
RYAM COMMERCE & PLANTATIONS LIMITED
SRI KANNAPIRAN MILLS LIMITED CIN: L70101WB1957PLC023317
CIN: U17111TZ1946PLC000188
Registered Office: Post Bag No.1, Sowripalayam, Coimbatore 641 028 Registered Office: 1/1A, Vansittart Row, Mezzanine Floor, Room No. 9C, Kolkata-700001,
Phone 0422 -2351111 Fax 0422 – 2351110 Phone No.: 91 33 2231 4715, E-mail: ryamcomm@gmail.com, Website: ryamcommerce.co.in.
Email: csd@kannapiran.co.in Website : www.kannapiran.co.in
This Post Offer Public Announcement ("Post Offer PA") is being issued by M/s. VC Corporate Advisors
TH
NOTICE TO THE SHAREHOLDERS OF 77 ANNUAL GENERAL MEETING Private Limited ("Manager to the Delisting Offer"/ "Manager") for and on behalf of Mr. Prashant Kanoria
NOTICE is hereby given that the 77th Annual General Meeting ("AGM") of ("Acquirer") member of Promoter and Promoter Group of M/s. Ryam Commerce and Plantations Limited
("RCPL"/ "Company") in respect to the proposed acquisition and consequent voluntary delisting of the
Sri Kannapiran Mills Limited will be held on Wednesday, September 27, 2023
equity shares of the Company from the Calcutta Stock Exchange Limited ("CSE"/ "Stock Exchange")
at 11.00 a.m. through Video Conferencing (VC) or Other Audio-Visual Means
i.e., the only Stock Exchange where the equity shares of the Company are listed, pursuant to Regulation
(OAVM), in compliance with the applicable provisions of the Companies Act,
17(4) and other applicable provisions of the Securities and Exchange Board of India (Delisting of Equity
2013, read with General Circular No.14/2020 dated 8th April 2020, General Shares) Regulations, 2021 and subsequent amendments thereto ("Delisting Regulations") ("Delisting
Circular No.17/2020 dated 13th April, 2020, General Circular No.20/2020 dated Offer").
th th
5 May 2020, General Circular No.02/2021 dated 13 January, 2021, Circular
This Post Offer PA should be read in conjunction with the Initial Public Announcement dated 04.01.2023
No.2/2022 dated 05.05.2022 and General Circular No.10/2022 dated ("IPA"), the Detailed Public Announcement ("DPA") dated 12.08.2023 which was published on 14.08.2023
28.12.2022 issued by the Ministry of Corporate Affairs to transact the business in Business Standard (English all editions), Business Standard (Hind all editions) and Arthik Lipi Kolkata
provided in the Notice of 77th AGM of the Company (AGM Notice). Details and
Instructions to attend, vote and view the proceedings of the 77th AGM is
edition ("Newspapers") and Letter of Offer ("LOF") dated 12.08.2023 including Bid Form, dispatched to
provided in the AGM Notice. The Register of Members and the Share Transfer
the public shareholders on 18.08.2023. The capitalized terms used but not defined in this Post Offer PA
shall have the same meaning as assigned to them in the IPA, DPA and LOF.
Books of the Company will remain closed from 21st September 2023 to
27th September 2023 (both days inclusive).
The Acquirer had issued the IPA, DPA and the LOF seeking to acquire, in accordance with the Delisting
Regulations and the terms and conditions set out therein and in the DPA and LOF, upto 20911 equity
The Company will be sending the 77th AGM Notice along with Annual Report shares of face value of Rs. 10/- each representing 2.09% of the fully paid-up equity share capital of the
electronically to those members who have registered their email IDs with the
Company / Depository Participants and or the Company's Registrar and Share
Company that are presently held by public shareholders ("Offer Shares"). The public shareholders holding
equity shares were invited to submit bids pursuant to the reverse book building process conducted through
Transfer Agent in compliance with MCA Circulars. Members holding equity the stock exchange mechanism made available by the BSE Limited during the bid period (i.e., Friday,
shares in physical form who have not registered their email ID may get the
same registered with Company / RTA. Members participating through the
August 25, 2023 to Thursday, August 31, 2023) in accordance with the Delisting Regulations ("Reverse
Book Building Process").
VC/OVAM facility shall be counted for the purpose of reckoning the quorum
under Section 103 of the Companies Act, 2013. Notice of the 77th AGM and
1. DISCOVERED PRICE AND EXIT PRICE
Annual Report will be made available on the website of the Company i.e
In terms of Regulation 20(2) and other applicable provisions of the Delisting Regulations, the Floor Price
for the Delisting Offer was Rs. 291/- (Rupees Two Hundred and Ninety-One only) per equity share
www.kannapiran.co.in
The Company is providing a facility of voting through electronic means i.e
('Exit Price'). As per Regulations 20(1) read with Schedule II of the Delisting Regulation, the Discovered
Price (being the price at which the shareholding of the Acquirer, along with the other member of the
remote e-voting and evoting at the AGM to be held through VC/OVAM, to vote Promoter Group, reaches 90% of the fully paid-up equity share capital of the Company pursuant to the
on the business set out in the AGM Notice. Detailed instructions for attending Reverse Book Building Process in the manner specified in Schedule II of Delisting Regulations) could
the meeting through VC/OVAM or casting vote by remote e-voting or e-voting not be determined as there were no bids by the public shareholders during the bid period.
at the AGM is provided in the AGM Notice. Members who have not registered 2. SUCCESS OF THE DELISTING OFFER
their email ID can procure User ID and password by following the instructions a) In terms of Regulation 21(a) of the Delisting Regulations, the Delisting Offer will be deemed to be
provided in the AGM Notice. successful only if the post offer shareholding of the Acquirer along with equity shares tendered by
By order of the Board the public shareholders reaches 90% of the fully paid-up equity share capital of the Company.
KG Balakrishnan Since the Acquirer together with other Promoter / Promoter Group is already holding more than 90%
Place : Coimbatore Chairman of the fully paid-up equity share capital of the Company, the condition as stipulated under
Date : 22.08.2023 DIN : 00002174 Regulation 21(a) of the Delisting Regulations has already been duly complied with.
b) As no equity shares were tendered during the bid period in the Delisting Offer, the Acquirer will not
be able to acquire any equity share. The post Delisting Offer shareholding of the Acquirer together
TAAL ENTERPRISES LIMITED
with other Promoter / Promoter Group of the Company should reach 90% of the fully paid-up equity
share capital of the Company (i.e.,900000 equity shares) to make the delisting successful in terms
Regd. Office:AKR Tech Park, 3rd Floor, C Block, Sy # 112, Krishna Reddy Industrial Area, of Regulation 21(a) of the Delisting Regulations. The condition is compiled with as the Acquirer
7th Mile, Hosur Road, Singasandra, Bangalore South, Bangalore, Karnataka 560068 India together with the other Promoter /Promoters Group already holds 979089 equity shares constituting
Phone : +91 44 4350 8393, E-mail : secretarial@taalent.co.in, Website : www.taalent.co.in ,
97.91% of fully paid-up equity share capital of the Company and hence Regulation 21(a) of the
CIN : L74110KA2014PLC176836
Delisting Regulations is duly complied with.
NOTICE c) The Company had dispatched the Letter of Offer on 18.08.2023 to all the public shareholders as
th
Notice is hereby given that 9 Annual General Meeting ('AGM') of TAAL on the Specified Date i.e., 11.08.2023 through Registered Post/ Speed Post. The proof of dispatch
Enterprises Limited ('The Company') will be held on Tuesday, September 26, of Letter of Offer has been provided by the Company.
2023 at 12.00 P.M. (IST) through Video Conference (VC) / Other Audio Visual d) After considering aforementioned point no. 2(a) and 2(b) it is considered that the Delisting Offer is
Means (OAVM) without physical presence of the members, in compliance with the thus deemed to be successful in terms of the Delisting Regulations.
applicable provisions of the Companies Act, 2013 read with General Circular No.
e) As no public shareholder has tendered any equity share in the Reverse Book Building Process,the
20/2020 & 02/2022 dt. May 5, 2020 & May 05, 2022, respectively and such other
Circulars issued by the Ministry of Corporate Affairs ('MCA'). Acquirer is not required to make any payment to any public shareholder.
f ) Subsequently, necessary steps shall be taken to delist the equity shares of the Company from the
In compliance with the aforesaid MCA Circulars & SEBI Circulars dt May 12, 2020 &
May 13, 2022, the requirement of dispatching physical copies of the Notice of AGM & CSE. The date of delisting of equity shares shall be announced in the same newspapers in which
Annual Report has been dispensed with & accordingly, the same is being served the DPA and this Post Offer PA have appeared.
through electronic mode to Members whose e-mail IDs are registered with the 3. OUTSTANDING EQUITY SHARES AFTER DELISTING
Company. Members who have not registered their e-mail IDs are requested to In accordance with Regulation 26 of the Delisting Regulations, all public shareholders who did not or
register the same by following the instructions given below: were not able to participate in the Reverse Book Building Process ("Residual Shareholders") will be
1. Members holding Shares in Physical form: able to offer their equity shares to the Acquirer at the Exit Price of Rs. 291/- (Rupees Two Hundred and
Members to write an e-mail to Link Intime India Private Limited, (“RTA”) of the Ninety-One only) per equity share during a period of one year starting from the date of delisting of the
Company at pune@linkintime.co.in or to the Company at secretarial@taalent.co.in Equity Shares from the CSE ("Exit Window"). A separate Exit Offer Letter ("Exit Offer Letter") in this
by mentioning folio number, e-mail ID and mobile number; regard will be sent to such Residual Shareholders which will contain terms and conditions for participation
2. Members holding Shares in Dematerialized form: in Exit Window.
Members to contact their Depository Participant/ Stock Broker for updation of email 4. All other terms and conditions set forth in the DPA and the LOF remain unchanged.
ID mobile number & other details.
If the public shareholders have any query with regards to the Delisting Offer, they should consult the
The Annual Report & AGM Notice is available on the Company's website
Manager to the Delisting Offer or the Registrar to the Delisting Offer (details appearing below):
www.taalent.co.in and on Stock Exchange website www.bseindia.com and also on
the website of NSDL at www.evoting.nsdl.com.
MANAGER TO THE DELISTING OFFER: REGISTRAR TO THE DELISTING OFFER:
The Company is providing e-voting facility in respect of businesses to be transacted
at the AGM. The Company has availed services of NSDL for providing e-voting & VC
facility for shareholders to participate in the AGM. For details on participating in the
AGM via VC & e-voting, please refer to the instructions given in the AGM Notice. The
e-voting facility shall commence on Thursday, September 21, 2023 at 9.00 A.M. IST & VC CORPORATE ADVISORS PRIVATE LIMITED ABS CONSULTANT PRIVATE LIMITED.
ends on Monday, September 25, 2023 at 5.00 P.M. IST. During this period, Members CIN: U67120WB2005PTC106051 CIN: U74140WB1991PTC053081
holding shares as on cut-off date i.e., September 19, 2023 may cast their vote. SEBI REGN No.: INR000001286
SEBI REGN No.: INM000011096
Members present in the AGM through VC & have not cast vote previously & are Validity of Registration: Permanent Validity of Registration: Permanent
otherwise not barred from doing so, shall be eligible to vote through e-voting system (Contact Person: Ms. Urvi Belani / Mr. Premjeet Singh) (Contact Person: Uttam Chand Sharma
of NSDL during the AGM. 31 Ganesh Chandra Avenue, 2nd Floor, 4, B. B. D. Bag (East), Stephen House, R.No.99,
Persons becoming Members of the Company after dispatch of AGM Notice, may Suite No. -2C, Kolkata-700 013 6th Floor, Kolkata-700001
write an e-mail to secretarial@taalent.co.in for obtaining login ID credentials for e- Tel. No.: 033- 2225 3940; Tel No.: (033) 2230 1043
voting & VC. Email Id: mail@vccorporate.com Email: absconsultant99@gmail.com;
In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Website: www.vccorporate.com Website: www.absconsultant.in
Shareholders and e-voting user manual for Shareholders available at the download
section of www.evoting.nsdl.com or call on toll free no.; 1800 1020 990 and 1800 22 On Behalf of Acquirer:
44 30 or send a request at evoting@nsdl.co.in Sd/- Place:Kolkata
For TAAL ENTERPRISES LIMITED Prashant Kanoria Date: 01.09.2023
Priya Chouksey
Pune, September 02, 2023 Company Secretary
20
>
NEW DELHI | SATURDAY, 2 SEPTEMBER 2023 1

LUNCH WITH BS > SMRITI MANDHANA | CRICKETER

IT’S TIME FOR ISRO TO
Evenly matched
screenings across the country for
the Matildas’ games, which shows
you what even some amounts of

After the
BASK IN THE SUNADITYA-L1 SUN MISSION PAYLOAD TO Mandhana, Team India’s vice-captain, opens up on tackling
investment can do.” (The Matildas
is the official nickname of the
Australian women’s national
soccer team.)
Chandrayaan-3 SEND 1,440 IMAGES PER DAY Change is in the air, and
mission’s pressure, a packed calendar and the excitement over competing Mandhana is among the players
successful soft- at the Asian Games, writes VAIBHAV RAGHUNANDAN driving it. Australia’s fandom for the
Women’s World Cup has broken
landing on the ILLUSTRATION: BINAY SINHA

S
moon, India is mriti Mandhana is agitated Indian team, and when it happened, many records. Back in 2020, too,
all set to launch
its first space
1.5 mn km
Distance to be
$46 mn about her new laptop. She’s
trying to turn the zoom screen
it was quite exciting for a brief
moment, but I didn’t attach much
when the Australian team played
India in the final of the Women’s T20
Amount sanctioned into a tile and failing repeatedly. Her significance to it, honestly.” World Cup at the Melbourne Cricket
mission to covered, four times in 2019; actual cost media liaison officer and a colleague There’s a pause and in that pause, Ground, some 86,000 spectators had
study the sun — farther than the moon yet to be revealed get involved. “It’s really easy on the I contemplate the unnecessary turned up. Even the inaugural WPL
Aditya-L1 — on iPad, but somehow I can’t do it here,” attention we pay to the correlation was attended and watched with
Saturday by she says. “Do you think it’s because between money and competence. gusto, the stands filled with fans.
11:50 am. The MISSION TRAJECTORY A spaceship I’m using the website and not the Sport, after all, is not predictable “The demand is definitely there,”
stationed app?” Nobody knows. And science; it’s irrational and in Mandhana gushes. “I mean, during
Indian Space Halo orbit insertion in L1 eventually, after several attempts, its irrationality, is its allure. the WPL, I had to stop replying to
around L1 will
Research have a clear everyone gives up. She makes her Besides, the money franchises messages because there were so
Organisation Cruise phase vision of the peace with it quickly and gets on with spend isn’t just for the player, many people asking for tickets. That
(Isro) started a it — something she has been trained but for the brand value that was a first.” She says for those two
Earth SOI exit sun without to do from childhood. comes as part of the deal. weeks, everyone in India seemed to
23-hour, 40- any occultation At a time when most kids were As it was, on the field, Mandhana be just talking about women’s cricket,
minute 1.5 mn km or eclipses. being chastised by their parents to had an underwhelming WPL “which was amazing”.
countdown on L1 This will help study hard, go to school and then hit campaign, scoring 149 runs in eight This has become the case for
Friday at 12:10 in real-time the tuition circuits, Mandhana was games as her team, the Royal women’s sport globally — a call from
pm. Here is a monitoring expected to do far more. Growing up Challengers Bangalore, finished fifth athletes to fans, and subsequently
look at the key Earth-centered in Sangli, Maharashtra, she was on the table. Her tribulations in the from fans to management to take
Aditya-L1 in halo identified early on as having too league were documented just as hard them more seriously. It is Capitalism
highlights of orbit around L1 point orbit transfer
much talent to be left alone. She as her triumphs had been. 101 — demand creating investment
the observ- Lagrange made her peace with it quickly and “I learnt a lot,” she says, “about for more supply. Mandhana endorses
atory-class
solar mission: LAGRANGE POINTS Point 1 (L1) got on with it. Her first coach was
Shrinivas, her father, who would soon
dealing with the attention, the
pressure… If you’d asked me about
this, while acknowledging that
perhaps when it comes to women’s
Position in Space
put her in the hands of Anant this during the league, you’d have a sport in the country, the Board of
L3 between the sun
Sun Tambwekar, a junior state coach. At different answer. But after three Control for Cricket in India (BCCI)
and the earth. nine, she was picked to play for the months of reflection, I’d say it’s the is ahead of others.
L4 The gravitational Maharashtra U15 state side. Two best thing to have happened to me, to She’s back to form on the pitch too,
forces create an years later, she was fast-tracked into help me understand myself.” and has helped the Southern Brave
Aditya-L1 L1 enhanced region the Maharashtra U19. At 17, she was There’s no pity in her tone, just romp to the title in The Hundred.
L5 of attraction and captaining her state. And at 22, she generous self-reflection. Mandhana After missing out on the title for two
Moon repulsion, which would win the Arjuna Award. has since moved on (training, years in a row, it was a breakthrough
Earth can be used by Mandhana is among the few remember?), and has notched up vegetarian, is not fussy about her for the franchise and for herself. She
a spacecraft to Indian sportswomen whose name runs for the National team in the food, but is always open to trying new will give the Australian league, the
L2 reduce fuel drips off the mainstream tongue with recent series against Bangladesh, nutrition practices to see what works Big Bash, a miss this year, focusing
Four Months consumption ease. Her exploits at the frontline of before shifting focus towards another for her and what doesn’t. “I go instead on taking some time off to
Expected time for India’s mission to reach L1 needed to remain India’s batting line-up, being named franchise league, The Hundred, in through phases, and right now I’m recover and be ready for national
in position. ICC Women’s Cricketer of the Year in the UK where she plays for the trying to be gluten-free,” she says. duty. The next assignment will be at
Lagrange Points 2018, the bucketloads of runs at all Southern Brave. It’s a completely “In the UK, there’re a lot of gluten- the Asian Games, where, in a first, the
PSLV XL rockets: Launch vehicle to be used are named in levels across formats and the huge different kind of cricket — so free, vegan options. And I can always BCCI is sending both its teams, men’s
for the mission which will place the spacecraft in honour of fan following (8 million and counting different that it is not officially dig into dal-rice with glee.” and women’s, to the event.
low-earth orbit. Later using on-board propulsion, Josephy-Louis on Instagram) make her one of Indian recognised. Hundred balls, whoever Mandhana’s presence in England “Going to multi-sport events is a
the spacecraft will be launched towards L1 Lagrange sport’s most keenly watched stars. It wins. The best part: every franchise is comes at a time when conversations completely different experience,”
all culminated with her becoming the required to have a women’s team, and about investment and engagement in she says, the excitement dripping
most expensive player at the the men’s and women’s competitions women’s sport are happening louder from her voice. “We obviously have
SCIENTIFIC OBJECTIVES Parker Solar inaugural Women’s Premier League run alongside each other. than ever before. A day after we experienced it more than the men,
1. Coronal heating distribution and Probe (WPL) auction earlier this year, She is sitting and chatting at speak, the English women’s football having been to the Commonwealth
fetching a whopping Rs 3.4 crore. lunchtime from Southampton, team beat hosts Australia in the semi- Games. You get to see so many
and solar wind temperature Nasa’s mission,
The attention doubled. So perhaps England. In Delhi, if you’re being finals of the Women’s World Cup. world-class sportspersons; you can
acceleration anisotropy launched in 2018, did the pressure. healthy (as I am, with savoury oats), “All the girls in my team are step out of your cricket bubble.” She’s
reached 7.8 mn km “I don’t think that has anything to it’s dinner. A huge part of the talking about it, and there’s a lot of excited to do that again, in China,
2. Coupling and 4. Initiation of Coronal from the Sun’s
dynamics of the solar do with the price tag though,” challenge for athletes travelling the buzz,” she says. “I think the way where she will be part of the Indian
Mass ejection (CME), surface in Dec 2021 — Mandhana, 27, says. “Obviously, we world is being sequestered in hotel people have rallied behind women’s contingent for the Hangzhou Asian
atmosphere flares and near-earth the closest ever by a knew that the tussle for high bids rooms and trying to get tasty and sport is amazing. I read that the Games, which begin on September
3. Solar wind space weather human spacecraft would be among 2-3 players from the nutritious meals. Mandhana, a Australian government had set up 23. “It’ll be really cool.”
Graphic: MANOJIT DATTA; Compiled by SHINE JACOB; Sources: Isro, Nasa

Google AI Search: What

it is and how it works
The AI-enabled search is now available on Chrome desktop if you opt for it.
It will be rolled out on the Google app for Android and iOS over next week
HARSH SHIVAM
New Delhi, 1 September

Google on Thursday announced that it

was opening its artificial intelligence (AI)-
powered Search as an experimental fea-
ture in India. Called Search Generative
Experience (SGE), this experimental fea-
ture adds a layer of generative AI-pow-
ered experiences to Google Search.
The SGE will be made available to
users as an opt-in experiment in Google’s
Search Lab, an initiative for general users
to sign up and test Google’s new experi-
mental features and products.
So what is it and how does it work?
Let’s find out:

What is Google’s SGE?

It is a new experience in Google Search
powered by Generative AI to enhance
the users’ experience by providing rele-
vant information upfront on the search
page, instead of showing links of multi-
ple websites that may have information
related to search queries and keywords.
It essentially means that users with
access to Google Search Generative
Experience would see an AI-powered
overview of key information to consider
along with relevant links that point to
the source of information.
Since it is open for testing in India,
Google has added support for
Hindi and English languages.
It has also integrated its Text-
to-Speech feature, which
would allow users to listen to
the responses generated as
search results.
tion to amplify the visual experience.
SGE also brings the benefits of
contextual information, which is not
possible with the current model of
Google Search since it considers each
search query as a new command. This
essentially means that you can ask
follow-up questions or
queries and Google’s SGE
would carry over the context
from question to question.
Google said SGE will be
able to understand long-form
questions and prompts with-
out the need for breaking it
tively new to the world of technology,
Gen AI has its limitations.
Artificial intelligence is based on tak-
ing a more human-like approach rather
than being completely accurate. Even
though the AI models are trained on
huge data sets, they can still be inaccu-
rate. Google has also put in some restric-
tions on SGE, like limiting the type of
queries that can be raised to prevent
inaccuracy in search results. This is
because, Google said, the SGE may mis-
interpret language that could change the
meaning of the output.
Additionally, since it relies on

How does it work?

DECODED down into a number of small-
er queries, which will signifi-
large language model-based experi-
ences, the information snapshot might
The SGE is a Generative cantly reduce the time taken include misrepresented facts or inaccu-
AI-powered version of SGE brings to reach the desired output. rate identifiers.
Google Search. To know how the benefits Since SGE supports
it works, it is important to of contextual English and Hindi languages, Will SGE show ads like
understand the fundamentals information, Google has made it easy to Google search?
of Google Search. which is not switch from an English Google will continue keeping the
In the traditional sense, possible with the result to Hindi by placing a previously designated slots for ads since
Google Search shows results current model language toggle button right “it helps people find relevant products
in the form of links to web- on the top left side of the and services,” it says. The ads on the
pages that may — or may not — have information screen. Google search result page will appear as
relevant information related to user-gen- Google said it would soon roll out the usual with a ‘Sponsored’ label.
erated keywords and queries. function that would allow users to use
In SGE, the relevant information voice to ask follow-up questions instead When will it be available?
from those links is compiled, organised of typing them in conversational mode. The SGE experiment is available to
and shown upfront. opted-in users on Chrome desktop as
Besides, it provides links to show the Why is SGE in the on August 31. It will be rolled out on
source of information and places photo experimental stage? the Google app for Android and iOS over
results towards the end of the informa- With AI and machine learning still rela- the coming week.