SATURDAY, 24 FEBRUARY 2024
22 pages in 1 section
NEW DELHI
~13.00
VOLUME XXX NUMBER 268
THE MARKETS ON FRIDAY
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PAY PENDING ROYALTIES
OR FACE BAN: DELHI
HIGH COURT TO OPPO
The Delhi High Court
has directed Oppo to
deposit all pending
royalties to
InterDigital running
into millions of dollars.
And, if it does not do so,
the sale of Oppo devices in
India could be restrained. The court also
imposed a penalty of ~500,000 ($6,000) on
Oppo for delaying the proceedings. The plea
was filed by InterDigital, which is a company
that provides wireless and video technologies
for mobile devices, networks, and services
worldwide. It said that the Chinese handset
maker had infringed upon its 3G, 4G, and 5G
Standard Essential Patents (SEPs). “The
amount shall be kept in an interest-bearing
fixed deposit on auto-renewal mode,”
Justice Prathiba Singh said.
Zurich Insurance to buy
70% stake in Kotak arm
Private-sector lender Kotak Mahindra Bank
on Friday informed the exchanges that
Zurich Insurance would acquire 70 per cent
stake in Kotak Mahindra General Insurance
for ~5,560 crore in a single tranche. In
November 2023, the bank had announced
the sale of 51 per cent stake in Kotak
Mahindra General Insurance to Zurich
Insurance for ~4,051 crore through a
combination of fresh capital infusion and
share purchase, followed by 19 per cent sale
within a period of three years. The lender
also added that other terms of stake
acquisition remain the same.
ON
SPECIAL
SATURDAY
NATIONAL INTEREST
To-do list for Modi 3.0
AfinalviewonwhoisOBC,agricultural
reforms,andtheabolitionofanti-defection
lawandUPSCareamongthekeygoalsPrime
MinisterNarendraModishouldpursueifhe
winsa3rdterm
SHEKHAR GUPTA writes 9>
ECONOMY & PUBLIC AFFAIRS P4
India to stand ground on
key issues at WTO meet
Trade ministers from 164 member countries
of the World Trade Organization (WTO) are set
to gather in Abu Dhabi next week for the 13th
Ministerial (MC13), finding solutions to key
issues in global trade. India is expected to
stand its ground on key issues including
global rules to protect fish stock, food
security and the WTO’s reforms related to
dispute settlement. The ministerial will take
place from February 26 to 29.
COMPANIES P2
GQG’s stake in Adani
group touches $10 bn
The total value of GQG Partners LLC’s stake in
Adani group firms has grown about fivefold,
as the stocks extend their recovery from
short-seller Hindenburg Research’s scathing
report. The firm’s initial investment of $1.9
billion in March has ballooned to $10 billion
in value, helped by market gains and
additional stakes.
Then and now: Farmers want their voice to reach Delhi
SARTHAK CHOUDHURY
Shambhu, 23 February
A farmer leader breaks the
calm at the Shambhu Highway
as he speaks into the
microphone asking his fellow
protesters to be careful about
sharing information with the
media. The highway at the
Punjab-Haryana border, some
200 km away from Delhi, has
been home for thousands of
protesting farmers for close to
two weeks now.
While the unrest is a
reminder of the yearlong
agitation in 2020-21, there’s
expectation of a better
tomorrow. As this reporter
arrives at the scene of action,
protesters appear restrained
as they observe Black Friday
to mourn the death of a 21-
year-old farmer, Shubhkaran
Singh. He was killed at the
Khinauri border three days
ago amid clashes.
chg#
q 15.4
q 4.8
p 16.2
~82.9 **
~89.9 **
83.7**
q
~146.0
P UB L I S HE D S I M UL T A N E O US LY FR OM AHM ED AB AD , B ENG AL URU, B HO PAL , B HUB ANE SW AR , CHA ND I GAR H, CHE NNAI , HY DE R AB A D, K OC HI , K O L K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E
Byju’s investors vote to
remove CEO from board
Company calls resolutions at EGM ‘invalid’; shareholders move NCLT
PEERZADA ABRAR
Bengaluru, 23 February
I
nvestors of Byju’s, during the
extraordinary general meeting
(EGM) on Friday, voted and
passed resolutions including the
removal of founder Byju Raveendran
as chief executive officer (CEO), accord-
ing to Prosus, which too has put money
in the edtech firm.
They passed resolutions to change
the board, which includes Byju
3> Raveendran’s wife and cofounder,
Divya Gokulnath, and his brother Riju
Raveendran.
The Raveendran family didn’t join
the meeting. Byju’s said the resolutions
were invalid and ineffective. Their
passing challenged the rule of law at
worst, it added.
Prosus said: “At today’s extraordi-
nary general meeting, shareholders
unanimously passed all resolutions put
forward for vote. These included a
request for the resolution of the out-
standing governance, financial mis-
management and compliance issues at
Byju’s; the reconstitution of the Board
of Directors, so that it is no longer con-
trolled by the founders of Think &
Learn, (Byju’s parent); and a change in
leadership of the company.”
According to investor sources,
holders of over 60 per cent of the cap
table voted in favour. Byju’s founders
hold 23-25 per cent of the cap table.
Meanwhile, a group of four inves-
tors have filed an oppression and mis-
management suit against the com-
pany’s management in the National
Company Law Tribunal (NCLT),
Bengaluru Bench, to declare the
founders unfit to run the company. The
group has also asked for the appoint-
ment of a new board, declaring the
May not need foreign tech partner for
future bullet train projects: Vaishnaw
DHRUVAKSH SAHA
Mumbai, 23 February
There would soon come a time when
high-speed rail (HSR) or bullet train
projects might become fully indige-
nous, Union Railway Minister Ashwini
Vaishnaw on Friday said after oversee-
ing a triggered blast in Vikhroli here
as part of the Mumbai-Ahmedabad
bullet train project which is expected
to be completed by 2028.
The minister inspected the pro-
gress of the terminal
station of the cor-
ridor at Bandra
Kurla Complex
in Mumbai,
which is being
constructed with
a “depth equaling
Farmers on Friday listen to a speaker at a protest site during the
march towards New Delhi, at Shambhu border, between Punjab
and Haryana
‘’We had a lot of martyrs protests with the farmers’ stir
back then as well but not in 2020-21.
because of direct action,” says
Jagtar Singh, sarpanch of
Bapraur, a district in Patiala,
then that our issues will be
looked at. But what
while comparing the ongoing happened? They set up a panel
www.business-standard.com
WORLD P8 THE SMART INVESTOR P10
US CLINCHES FIRST MOON NVIDIA’S STELLAR RESULT SHIFTS
TOUCHDOWN IN 50 YEARS FOCUSTO INDIANAI-LINKED STOCKS
@PaytmUPIhandles
tobemigrated:RBI
NPCI asked to help Paytm
app continue operations
MANOJIT SAHA & AJINKYA KAWALE
ALL IN A DAY n Founder CEO Byju Raveendran
(pictured), his wife and brother —
Mumbai, 23 February
the only three members on The Reserve Bank of India (RBI) on Friday
company board as of now — said Paytm’s Unified Payments Interface
give the meeting a miss (UPI) handle, @paytm, would be smoothly
migrated from Paytm Payments Bank to a set
n Attendees n Unauthorised of newly identified banks to minimise dis-
receive random people
notification impersonating
ruptions after March 15.
The RBI has barred Paytm Payments Bank TOP UPI APPs
that the as investors from accepting fresh credits in its customer Transaction data for January 2024
meeting was attempt to join accounts or mobile wallets after March 15. It
has also ordered termination of nodal nValue(in~crore)
cancelled the meeting
accounts of One 97 Communications Ltd
n Byju’s said the resolutions (OCL) and Paytm Payments Services Ltd.
passed were invalid and In the latest action, the RBI has advised
1,92,615
n Over 60% of the shareholders
ineffective. the National Payments Corporation of India
(NPCI) to consider the request of OCL, which
9,06,794
6,35,946
38,230
voted in favour of all the seven n Group of four investors move NCLT
owns the brand Paytm, to become a Third-
5,722
resolutions, which included seeking declaration that founders Party Application Provider (TPAP) for con-
changing the Byju’s board are unfit to run the company tinued UPI operation of the app.
“No new users are to be added by the said
PhonePe Google Paytm Cred Axis
Pay Payments Bank
TPAP until the existing users are migrated
Bankapp apps
satisfactorily to a new handle,” the RBI said.
PAGE 22
As of January 2024, Paytm Payments 5,735 4,443 1,570 109 80
EDTECH FIRM’S EMPLOYEES SHARE STORIES OF ORDEAL Bank was the third-largest platform
The spate of layoffs by crisis-ridden Byju’s has upended the lives of several for UPI payments market share of around Volume(inmillion)
people who worked at what was once the poster child of the Indian edtech 15 per cent. Turn to Page 6 > Source: National Payments Corporation of India (NPCI)
industry. ANUSHKA BHARDWAJ & OJASVI GUPTA write
RBI ALLOWS BANKS, NON-BANKS TO ISSUE PPIs FOR PUBLIC TRANSPORT SYSTEMS P6
rights issue as void. registered shareholders and not for
The petition has been signed by Byju’s employees, according to investor
Prosus, General Atlantic, Sofina, and sources.
Peak XV (formerly Sequoia), along with The EGM kicked off as scheduled at ‘ECONOMY STILL GROWING MCD REMOVES ‘CHEESE’
support from other shareholders 9 am. Several unauthorised persons
including Tiger Global and Owl sympathetic to Byju’s tried to join and BELOW ITS POTENTIAL’ FROM ITS MENUS
Ventures, according to sources. There ambush the meeting. They used back- The average growth rate of the Westlife Foodworld, which runs
was high drama at the EGM. The day
started with a phishing attack to
ground whistles and sharp noises to
sabotage the event.
Indian economy, which is
4.25 percent from the
McDonald’s stores in west and south
India, has changed the names of eight
attempt to disrupt the meeting, accord- “Some users said ‘we need our CEO, pre-pandemic period, is products after the Maharashtra Food &
ing to people familiar with the matter. Byju sir’,” according to a person. inadequate, says MPC’s Drug Administration (FDA) suspended the
Attendees received a random notifica- “Unidentified people with fake names external member licence of its Ahmednagar outlet and
tion from an unidentified source, say- like Natalia Cruz, Kevin Pietersen and JAYANTH RVARMA in accused the quick-service restaurant chain
ing that the meeting was cancelled. Sir Michael Knight attempted to join an interview with of using substitutes in burgers and nuggets
The EGM was for authorised and the video conference.” Turn to Page 6 > ManojitSaha. 4> instead of real cheese. 2>
Goldilocks era
over for lenders:
10 storeys”. The station will also have
Goldman Sachs
provisions for possible vertical expan-
sion of up to 30 storeys, the minister
DowngradesSBI,ICICI,YESBank
said while blaming the Uddhav ANJALI KUMARI
Thackeray-led previous state govern- Mumbai, 23 February
ment for the project’s delays in
Maharashtra. The Goldilocks era, characterised by robust growth
Vikhroli would be the point of entry and strong profitability, has come to a close for
for a tunnel boring machine to be used Indian banks due to multiple headwinds in the near
for the construction of a seven-km long term, Goldman Sachs said in a report on Friday.
undersea bridge for the project. The The brokerage downgraded State Bank of India
bridge will connect underground sta- and ICICI Bank to “neutral” from “buy”, while it
tions in Mumbai to the elevated sec- upgraded Bajaj Finance to “neutral” from “sell”. It
tion in Thane. The shaft at the Vikhroli also downgraded
site of the National High Speed Rail
Corridor is one among the four to be Excavation at Bandra Kurla Complex, where the underground Mumbai station
YES Bank to “sell”
from “neutral”.
built for the entire 21-km-long under-
ground stretch of the project.
of Mumbai–Ahmedabad high-speed rail is being built PHOTO: DHRUVAKSH SAHA HDFC Bank, which
was under selling
Responding to a question from for self-reliance would ensure that did not indicate a timeframe. India pressure since the
Business Standard post the review, the eventual bullet train projects might not does not have indigenous capabilities announcement of
minister said the Centre’s current push need a foreign technology partner. He to build HSR projects, and the the third-quarter
Mumbai-Ahmedabad HSR (MAHSR) (Q3) results, man-
INDIA’SABILITYTOUNDERTAKECOMPLEXMETROANDRRTSPROJECTSHASINCREASED corridor is being built in collaboration aged to keep a “buy”
with Japan, with an overseas loan from rating with the brok-
NOW.WEARETAKINGTHEHSRPROJECTASATECHNOLOGY-LEARNINGOPPORTUNITY" the Japan International Cooperation ing firm expecting a
ASHWINI VAISHNAW, Railway Minister
Agency (JICA). Turn to Page 6 > 33 per cent upside.
HDFC Bank’s stock HEADWINDS
had declined 17.5 per
cent after declaring
AHEAD
the Q3 results on nGoldman Sachs says
January 16. It recov- margin compression,
ered 2.7 per cent. stretched credit-deposit
Goldman Sachs rate to impact loan
which had their people. MSP the neighbouring villages. Delhi. Thousands cannot be said Indian banks, growth
(minimum support price) has They understand the cause held responsible for trouble which reported a
nPotential challenges to
still not been legalised,’’ he behind the protest. Even if created by maybe one or two sharp expansion in
adds. “We only want to ask someone is not able to come miscreants,” says Chaukaur return on assets asset quality, particularly
what is the need for a fifth and join us for the protest, Singh, a farmer from Sangrur. since 2019-20, might in unsecured lending,
meeting? An amicable they are supporting us by “Be it stubble burning or face moderation leading to increased
solution could have been cooking and sending food.” He protests, it is a common ahead due to head- credit costs
reached in the first four itself,” adds: “Imagine, a smoke bomb perception that only the winds like margin nSector needs to repair
his brother interjects while was thrown at our langar as people staying in cities are compression and a balance-sheet mix,
getting ready to serve at the well.” being inconvenienced,” he stretched credit- build capacity, keep
langar (community kitchen). Similar langar set-ups are adds. And then there’s another deposit rate. It would cost-to-income levels
Points out Amarinder placed every 500 metres side. “We are also sons of this impact loan growth,
elevated
Singh Malwa, a farmer leader across the protest site soil. We don’t like to act it said.
from Amritsar, that the protest spreading up to 8 km. Tractors against them (farmers) . But I “The sector will nIf RBI implements a
back then was for repealing and trucks are lined up on the also have to feed my family,” a have to repair its bal- rate cut sooner than
the three laws. ‘’The laws were stretch, leaving a bylane for rifleman placed inside ance-sheet mix and anticipated, it could
repealed and we were told that daily or emergency commute. Sajjanpur village, adjoining this, coupled with the address liquidity issues
MSP for certain crops would Even as farmers have the highway, says. Near the need of building in the system
be legalised. Here we are after announced a tractor march on stage where the leaders make capacity, should keep
PHOTO: REUTERS four years. Nothing has February 26, the mood here is announcements, a father-son cost-to-income levels
happened,” he says. far from violent. “We don’t duo could be seen arguing elevated,” the report said.
While the aroma of lentils, want to cause any about the better crop to grow “We believe all players face the dilemma of
potato curry, ladyfinger and inconvenience to anyone. We that would pay better. maintaining market share or compromising mar-
mixed vegetables fills up the just want our voice to reach Turn to Page 6 > gins amid the backdrop of stronger balance sheets
“We were promised back air, Jagtar Singh talks to across the system.” It said the challenges included
Business Standard about the
langar. “The food being served
FARMERS CHALK FRESH AGITATION PLANS, mounting pressure on the cost of funds driven by
structural funding issues, and escalating concern
here is being brought from all
MOVE SC ALLEGING VIOLATION OF RIGHTS 7>
regarding rising consumer leverage. Turn to Page 6 >
 2 COMPANIES
>
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1

‘Cheese’ slips from McDonald’s menu

IN BRIEF
Infosys CEO Salil Parekh
joins USISPF Board MovecomesafterMaharashtra
ILLUSTRATION: BINAY SINHA
the issue surfaced in the
Salil Parekh (pictured), chief executive
officer (CEO) and managing director at FDAaccusedchainofusingcheese WHO October-December quarter and
the outlet at Ahmednagar is
Infosys, has joined US India Strategic
and Partnership Forum (USISPF) as its substitutesinburgersandnuggets MOVED n McCheese Veg
Burger has been
still operational.
“We have changed the
board of directors. An industry veteran MY renamed name of our products which
with nearly three decades in the IT
services industry, executing business
SHARLEEN D'SOUZA
Mumbai, 23 February
McCheese Non-Veg Burger to
Cheddar Delight Non-Veg CHEESE? Cheddar Delight
Veg Burger
have cheese a month ago and
we are working with the author-
turnarounds and managing successful Burger, Corn & Cheeseburger to ities and with FSSAI (Food

W
acquisitions, Parekh in his capacity as Infosys CEO sets the strategic estlife Foodworld,
direction of one of India's most notable IT giants, while nurturing a which runs
strong leadership team to drive its execution. “Salil's recent McDonald’s stores in
addition to the USISPF Board accentuates the success story of Indian west and south India, has
IT giants in the US For years. Infosys has been a household name in changed the names of eight
India, and IT services are one of India's biggest exports to the products after the Maharashtra
United States,” said USISPF president and CEO Mukesh Aghi. PTI Food & Drug Administration
(FDA) suspended the licence of
its Ahmednagar outlet and
Kia recalls 4,358 units of Seltos accused the quick-service
restaurant chain of using sub-
to replace e-oil pump controller stitutes in burgers and nuggets
instead of real cheese.
KiaIndiaonFridaysaiditisvoluntarilyrecalling4,358unitsofapetrol The outlet’s licence was sus-
variantofitsmid-sizedsportsutilityvehicleSeltostoreplacethe pended in November and a sus-
electronicoilpumpcontroller.ThecompanyisrecallingSmartstream pension order followed,
G1.5PetrolSeltoswithIVTtransmission,manufacturedbetween prompting the chain to remove
February28andJuly13,2023,theSouthKoreanautomakersaidina the word “cheese” from various
statement.Therecallhasbeenpromptedbyapotentialerrorinthe items on the menu.
electronicoilpumpcontroller,whichmayimpacttheperformanceof It has changed the names of
theelectronicoilpumpinthespecifiedtransmissionvariant,it Cheesy Nuggets to Veg
added.ThecompanysaidithasinformedtheMinistryofRoad Nuggets, McCheese Veg Burger
Transport&Highwaysaboutthevoluntaryrecallinitiative. PTI to Cheddar Delight Veg Burger,
American Veg Burger, Grilled
Chicken and Cheeseburger to
American Non-Veg Burger,
Blueberry Cheesecake to
Blueberry cake, Cheese Italian
Veg Burger to Italian Veg
Burger, and Cheese Italian
Chicken Burger to Italian
Chicken Burger.
These changes have been
made in the last one month
across its
Maharashtra.
stores in
The Confederation of All
India Traders (CAIT) has asked
the Ministry of Consumer
Affairs to take immediate
action and ban McDonald’s
operations. CAIT Secretary
General Praveen Khandelwal,
in a letter to the Consumer
Affairs Secretary, Rohit Kumar
Singh, said it is imperative to
halt McDonald’s activities
nationwide as there is a possi-
bility of similar counterfeit raw
materials being used in other
locations, posing a risk to pub-
lic health. According to a
source from the Maharashtra
FDA, a regular inspection is
going on at other quick-service
restaurant outlets and a report
will be submitted to authori-
ties in due course.
In a stock exchange filing,
n Cheese Nuggets now
called Veg Nuggets, Cheese and
Corn Burger is rechrishtened
American Veg Burger
n Blueberry Cheesecake is called
Blueberry Cake
Westlife Foodworld said, “Amid always been adhering to strin-
recent reports about the
removal of ‘cheese’ from our
gent food standards and are ful-
ly compliant with all applicable
menu at McDonald's locations food laws. Our commitment to
in Maharashtra, we want to transparency in our ingredients
assure our valued customers and dedication to providing
that only genuine, high-quality delicious, high-quality meals to
cheese is used in all our cheese- our customers remain unwa-
containing products.” vering," it said.
“We are actively engaging In a conversation with
with the competent authorities Business Standard, Saurabh
on this issue and awaiting their Kalra, managing director
final clarification. We have Westlife Foodworld, said that
Safety and Standards Authority
of India). From our standpoint,
we are in the right, but to make
sure the business is continuing
we have changed the name of
our products from the
Maharashtra FDA standpoint,”
Kalra said. Westlife
Development is awaiting con-
firmation from the FSSAI and
will then go back to the state
FDA.
“We are a global player and
source from the best suppliers,”
Kalra said, rejecting claims that
the company uses vegetable
oil-based cheese. The company
has decided to name some of
its products Cheddar Delight as
per the cheese it uses. “We are
abiding by all the rules and
norms by the government,”
Kalra added.

Toyota Kirloskar Motor recalls

269 units of Land Cruiser 300
ToyotaKirloskarMotorisrecalling269unitsofitssportsutilityvehicle
‘Fintechfirmswillgoglobal GQG’s stake value
ToyotaLandCruiser300toreprogrammetheautomatictransmission
ECUsoftware.Thecompanyisrecallingthemodelmanufactured
betweenFebruary12,2021andFeb1,2023,theautomakersaidina withgovt’sclearthinking’ in Adani Group
touches $10 bn
statement.Therecall,involving269units,aimstoreprogramthe
automatictransmissionECUsoftware,itadded.Asofnow,therehave AJINKYA KAWALE large market,” he elucidated.
beennoreportedcasesrelatedtotheaffectedpart,thefirmsaid.For
allinvolvedvehicles,Toyotadealerrepresentativeswillcontact
Mumbai, 23 February
Razorpay’s latest Mathur from Razorpay concurred
with Asbe’s views. He said Indian fin-
individualcustomersfornecessaryservicecampaign,itadded. PTI Indian financial technology (fintech)
companies will go global on the back of
offerings: PoS device, tech companies should do what tech-
nology firms from the US did to position
BLOOMBERG
23 February
accounting fraud — charges
that the conglomerate has
support from the government and the marketing stack themselves as dominant corporations repeatedly denied.
Reserve Bank of India (RBI), Dilip Asbe, on the internet. The total value of GQG The Gautam Adani-led
Zee forms panel to curb MD and CEO, National Payments
Corporation of India (NPCI) said.
FintechmajorRazorpayonFriday
madeaseriesofproduct
“One of the things that we have seen
play out with US companies is that since
Partners LLC’s stake in Adani
Group companies has grown
group has recovered more
than two-thirds of the market
erosion of investor wealth Asbe was in conversation with
Harshil Mathur, chief executive officer
announcementswhichincludesan
upgradedpaymentgateway,apoint-
technology companies came from that
country, these companies became dom-
about fivefold, as the stocks
extend their recovery from
capitalisation that it lost fol-
lowing the report, after it
Zee Entertainment Enterprises on Friday said its board has and co-founder, Razorpay, at the com- of-sale(PoS)device,amarketing inant firms on the internet. We should short-seller Hindenburg wooed investors and bankers.
constituted an independent advisory committee headed by pany’s annual event in Bengaluru. stack,andanAI(artificialintelligence) do that on fintechs,” Mathur added. Research’s scathing report. India’s top court has also
Satish Chandra, retired judge of Allahabad High Court, to curb “Creating an acquiring footprint, cre- assistantforpaymentsandpayrolls. NPCI’s flagship instant payment sys- The firm’s initial invest- rejected a high-level probe into
erosion of its investor wealth in the wake of speculations, ating value-added services over that, I Thecompanyalsosaidthatit tem, the Unified Payments Interface ment of $1.9 billion in March Hindenburg’s
leading to negative public opinion of the company. think it is very logical for fintechs in recordedatotalpaymentvolumeof (UPI) is currently live in other countries has ballooned to $10 billion in allegations. Shares of flagship
Earlier this week, media reports said market regulator Sebi India. I would be really surprised if we $150billionin2023. Thecompanysaid apart from India. value, helped by market gains firm Adani Enterprises have
has found financial discrepancies in the accounts of the lose that game. With the clear thinking itspaymentgateway(PG)3.0is UPI services are used in countries and additional stakes, accord- more than doubled since a
company, although it asserted that the reports-related of the government and RBI, Indian fin- anticipatedtocaterover600million such as Sri Lanka, Mauritius, United ing to fund manager trough last February, and are
accounting issues are "incorrect and false". PTI techs will go global, as simple as that,” onlineshoppersinthenext10years. Arab Emirates, France, among others. Sudarshan Murthy. less than 5 per cent away from
he said. Asbe explained that Indian fin- Similarly,itannouncedthelaunchof Meanwhile, on compliance, Asbe This marks a big win for the levels seen before the report.
tech companies will have to take the aDynamicQuick-Response(DQR) cautioned fintech founders to avoid ven- contrarian bet by veteran Rajiv The GQG Partners
lead to explain the country’s payment device,whichsupportsQR-based turing into products that the regulator Jain’s firm after Hindenburg Emerging Markets Equity
Biocon slapped ~3 cr penalty standards to the world before exporting
them globally.
paymentsandcontactlesstapcard
paymentsusingthenear-field
has not given a go-ahead.
“What is not written in the regula-
accused the Adani Group of
stock-price manipulation and
Fund has about $2.23 billion
invested in seven Adani com-
over GST-related issues “If we are going to supply the pay-
ment standards to the world, companies
communication(NFC)technology. tion, the answer is a ‘no’. This is the
dilemma many fintech founders keep
panies, of which $1.06 billion
is in Adani’s energy and utility
BiocononFridaysaidithasbeenimposedapenaltyofover~3crore will have to take the lead to take these asking. (They say) if something has not CLIMBING BACK companies.
overGST-relatedissues.Thecompanyhasreceivedanorderof standards and explain it to the other The dilemma that you (fintechs) must been prohibited, let’s do it. So, what Adani Group “Adani Power is the coun-
adjudicationimposingapenaltyof ~3,03,78,465datedFebruary22, countries. It will need investments, but be having is how do we focus on the is not given an approval is a ‘no’,” mcap (in $ bn) try’s largest private thermal
2024,fromtheofficeofDeputyCommissionerofCommercialTaxes, payment startups are fairly well-funded. global markets since India itself is a he said. power producer,” and may
DivisionalGSTOffice,Bangalore,Bioconsaidinaregulatoryfiling.
199.55 double its capacity through
ThedemandisrelatedtoinputtaxcreditreportingerrorinGST 182.57 2029, Murthy said.
monthlyreturns,denialofinputtaxcreditonsalesandpromotional Meanwhile, Adani Green
expenditures,valuationissueGSTundercorporateguarantee,and
denialofexemptiononexportofservices,itadded.Thereisno
materialimpactonthefinancials,operationsorotheractivitiesof
Pernod Ricard to infuse ~1,800 cr for malt distillery Energy Ltd has secured land
“that gives them a clear run-
way where they can build in
thecompany,thefilingsaid. PTI AKSHARA SHRIVASTAVA capacity of up to 60,0000 Nagpur. This initiative is in force of up to 700 to 800. the next five years,” he added.
New Delhi, 23 February litres per day and 13 million continuation of our dedicated “The foundation of this
litres annually. With this proj- efforts to Make and Innovate distillery will assist in creat-
Vellayan Subbiah named
Source: Bloomberg
Spirits company Pernod ect, the company even- in India and we are ing strong avenues for
Ricard India on Friday signed tually aims to procure confident that it will employment and aid in Rajiv Jain is the
EY Entrepreneur of the Year a Memorandum
Understanding (MoU) with
of up to 50,000 tonnes
of barley on an
elevate India's
standing on the
spurring growth of ancillary
industries and services. And
CEO, executive
chairman &
Vellayan Subbiah, Chairman, Cholamandalam Finance and the government of annual basis from global map, as a most importantly this would executive
Executive Vice Chairman of Tube Investments of India was declared Maharashtra to establish a farmers nationwide key player in the serve as a platform of oppor- director of
the EY Entrepreneur of the Year 2023 on Friday. malt distillery in Nagpur. to produce malt spir- production of high- tunities for thousands of GQG
A nine-member independent jury led by K V Kamath, Former The company said that it its Longitude 77, quality malt,” said farmers of the region to attain Partners
Chairman of ICICI Bank, selected Subbiah as the winner “for his plans to invest up to ~1,800 Blender’s Pride and Royal Jean Touboul, chief steady income and bring agri-
bold strategies to transform existing businesses while seizing new crore (€ 200 million) for this Stag. “We are excited to executive officer, Pernod cultural diversity and stabili-
opportunities through acquisitions and diversification.” in the decade. announce the launch of one Ricard India, in a press ty,” said Devendra Fadnavis,
Subbiah will represent India at the EY World Entrepreneur of the The distillery, one of the of India’s biggest malt spirit release. The company aims to deputy chief minister of
Year Award in Monte Carlo from June 4 to 7. BS REPORTER biggest in India, will have a distilleries, to be set up in ultimately employ a work- Maharashtra.

Preventive and wellness tests drive growth for diagnostic companies

SOHINI DAS
Mumbai, 23 February
Diagnostic players are focusing
on preventive and wellness tests
along with bundled test packages
to grow their top lines. For many
industry players, these tests now
constitute around 10-20 per cent
of their turnovers.
Arvind Lal, executive
chairman of Dr Lal PathLabs said
in the December quarter analysts
call that, “India’s diagnostic
sector is undergoing a rapid
transformation. The increasing
burden of non-communicable
diseases, as well as new emerging
and existing communicable
diseases, increased adoption of
evidence-based treatment and a
growing emphasis on preventive
healthcare diagnostics are
expected to sustain the growth
momentum.” Dr Lal PathLabs
already draws around 20 per cent
of their top line from Swasthfit
(full body check-up packages).
Om Manchanda, MD, Dr Lal
PathLabs told Business Standard
that, “Bundled tests are more
common these days as these offer
benefits to the patient (by
offering a holistic view of his
health parameters) and it also
helps the diagnostic players to
run a bunch of tests at the same
time on a machine, thereby
giving economies of scale.”
“Our Swasthfit packages are
doing well. Bundled tests are
around 20 per cent of our top line
at the moment and we see this
growing,” he said.
“The overall market for
wellness and preventive
diagnostics, estimated at around
19 per cent of the total pathology
diagnostics segment as of FY23, is
expected to grow at a healthy rate
of 13.5-15.5 per cent between FY23
and FY28, led by major factors
which include rising disposable
incomes, increase in
urbanisation and increasing
awareness about prevention and
wellness following Covid-19,” said
Anand K, CEO, Agilus
Diagnostics. A significant growth
in the demand of preventive
health check-up in India in recent
years, and the Covid-19 pandemic
has resulted in an increased
awareness of self-testing,
particularly in relation to
preventive and wellness services.
These health packages help to
identify pre-existing diseases and
TESTING REPORT
assess the risk of a particular
disease before the onset of actual
symptoms, he said.
India’s diagnostic services
industry is estimated to be
around $16.2 billion in 2023,
according to Polaris Market
Research. Of this, pathology tests
account for around 60 per cent of
the market, while imaging tests
form the rest.
The revenue share of
preventive health check-ups has
Diagnostic players are trying preventive health check-up tests,
to up-sell their products to said that the growth in this
nDr Lal Path Labs draws 20% of top line from
patients as bundled packages, segment in the third quarter was
‘Swasthfit’ full body health check-up
feel analysts. around 50 per cent.
nMetropolis Healthcare draws 15% of top “There has been some growth “Our strategic corporate
line from premium wellness tests in the share of preventive check- partnerships have played a
ups or bundled test packages in pivotal role in facilitating greater
nMetropolis is eyeing 20% of turnover from
recent years. Their contribution awareness and uptake of
such tests in near future to the top line has inched up post- preventive healthcare services.
nOverall market for wellness and Covid. We have seen growth in Our proactive engagement in
preventive diagnostics estimated at 19% bundled test packages as digital marketing initiatives has
of the total pathology segment as of FY23 diagnostic players up-sell their effectively amplified our
products to the patients. This outreach efforts, contributing to
nMarket is expected to grow at a rate of trend is likely to continue,” said the observed growth trajectory,”
13.5-15.5% between FY23 and FY28 Aashita Jain, Assistant Vice Chauhan added.
nRising disposable incomes, urbanisation President - Equity Research, The preventive or wellness or
and increasing awareness about wellness Nuvama Institutional Equities. bundled tests segment initially
following Covid-19 are leading to the Up-selling helps not only with was driven by online players. But
top lines but also with economies of late online players have
growth in this segment
of scale, said an industry insider. reduced discounting, while
“If one machine is running offline players have raised prices.
been steadily increasing diverse demographics and several tests at the same time, Nuvama Institutional Equities
over the last few years, said wellness profiles. then we can offer the same noted in a recent report:
Ameera Shah, Promoter and MD, “Through a mix of up-selling test at an affordable rate to the “Metropolis has rebranded its
Metropolis Healthcare. strategies and targeted patient. This is a win-win for TruHealth packages by adding
“At Metropolis, the Premium initiatives, we have achieved both, and thus up-selling or additional parameters at a higher
Wellness Tests category currently noteworthy revenue growth in bundling health package tests price. Tata 1mg has reduced the
contributes 15 per cent of the the premium wellness segment. help,” said the MD of a leading price of its Good Health Platinum
total revenue, a significant Looking ahead, we envision diagnostic chain. package by 21 per cent without
increase from the 8-9 per cent wellness as a robust growth pillar Corporate tie-ups are also any change in parameters while
seen in 2019-20,” she said. for Metropolis, with aspirations helping to boost the segment. Netmeds has raised its Swasthya
Metropolis has been strategically to elevate our contribution to our Dinesh Chauhan, CEO of CORE package rate by 14 per cent. Apart
focusing on this segment through overall turnover to 20 per cent in Diagnostics, which now draws 10- from this, the package prices
tailored packages catering to the near future,” Shah said. 15 per cent of its turnover from remain largely stable.”

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
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NEW DELHI | SATURDAY, 24 FEBRUARY 2024 COMPANIES 3 <

Pay pending royalties or Mohandas Pai to chair panel

to boost direct listing at GIFT

face ban: Delhi HC to Oppo

The International Financial
Services Centres Authority
(IFSCA) has formed a com-
mittee for the development of
primary market and direct
listings at GIFT City. The
committee will be chaired by
BHAVINI MISHRA TV Mohandas Pai, former
New Delhi, 23 February CFO and board member
of Infosys.
new financial instruments for
capital raising, scaling up
global debt market in the
IFSC, among others.
In January, the govern-
ment permitted direct listing
of domestic companies on
the exchanges in Gift-IFSC.
The step is expected to give a
push to startups and new-age

T
he Delhi High Court has directed
Oppo to deposit all pending roy-
alties to InterDigital running into
millions of dollars. And, if it does not do
so, the sale of Oppo devices in India could
be restrained.
The court also imposed a penalty of
~500,000 ($6,000) on Oppo for delaying
the proceedings.
The plea was filed by InterDigital,
which is a company that provides wireless
and video technologies for mobile devices,
networks, and services worldwide. It said
that the Chinese handset maker had
infringed upon its 3G, 4G, and 5G Standard
Essential Patents (SEPs).
“The defendants shall deposit a sum
covering all past sales for the years 2021-
22, 2022-23, 2023-24 (not disclosed), with
the worthy registrar general of this court,
within a period of three months. The said
amount shall be kept in an interest-bearing
fixed deposit on auto-renewal mode,”
Justice Prathiba Singh said.
The court said that failure to do so
would entitle InterDigital to move an appli-
cation before the court seeking an injunc-
tion/restraint on the sale of further devices
by Oppo in India, due to non-compliance
of court orders. The court ordered that the
trial should be completed by the end of this
year or else Oppo will be liable to pay an
additional sum. “The trial in the suits shall
now be concluded in 2024 itself.
Should the trial not conclude for any
reason, by December, 2024, the defen-
dants shall deposit an additional sum (not
disclosed) with the worthy registrar gen-
eral by 31st March 2025,” said Justice
Singh. The court has also set up a confi-
dentiality club, which will comprise des-
ignated experts, internal representatives
of both the parties, and their lawyers.
Trai asks telcos to
The 21-member commit- companies to access the
tee has representatives from global capital.
the Finance Ministry, invest- The move will enable
ment banking, mutual funds, startups and other domestic
IFSC exchange, and legal companies to raise capital in
players.The committee has foreign currency, seek better
been tasked with helping in valuation at global standards
the roadmap for direct listing and increase the investor
of Indian companies on the base with foreign inflow.
IFSC exchanges, introducing KHUSHBOO TIWARI
Maruti bets on strong hybrids to
drive growth in green vehicles
Only members of this club The high The court had reserved it for
will have access to the doc- court judgment on December 13, 2023,
uments exchanged during the imposed a after extensive hearings.
trial. This judgment comes in a penalty of Both InterDigital and Oppo NITIN KUMAR suggests a growing preference 2020, in contrast to 130,000 with the establishment of a
litigation relating to cellular tech- ~500,000 on have been embroiled in long-run- New Delhi, 23 February among consumers, outpacing electric cars. new panel to assess whether
nology (3G, 4G and 5G) as well as Oppo for ning disputes globally over the the growth rate of EVs. Maruti A mild hybrid vehicle is strong hybrid cars merit similar
video coding technology (HEVC) delaying the amount of royalty to be paid to Maruti Suzuki, the largest car Suzuki has established itself as equipped with a compact 48- policy backing through
that is implemented in handsets proceedings InterDigital for its SEPs. This is for manufacturer in the country, a leader in the hybrid vehicle volt battery and an electric reduced taxation. This shift,
under the Oppo, RealMe and a range of technology, including will be betting on strong market with the introduction motor that enhances the per- experts suggest, is a potential
OnePlus brands. cellular, HEVC. Last year, Oppo had been hybrids for growth in the green of six mild hybrid models, formance of the internal com- win-win scenario for cus-
InterDigital was negotiating with the directed to pay up interim security in its vehicles’ segment. labeled as 'smart hybrid bustion engine (ICE). tomers. It will create a level-
Oppo group for a number of years for a dispute with Nokia. That case, however, The company anticipates cars'— including the The vehicle primarily playing field for both strong
licence agreement on Fair, Reasonable and was settled as part of a cross-licensing that 25 per cent of its sales will Ertiga, Brezza, Ciaz, operates using the hybrids and EVs.
Non-Discriminatory (FRAND) terms. agreement reached between Nokia and come from strong hybrids in XL6, Grand Vitara, ICE, with Industry experts believe
When the parties could not find com- Oppo last month. Nokia withdrew the case the foreseeable future. and the Fronx. But additional support that while mild hybrids have
mon ground, InterDigital initiated a multi- from the Delhi High Court. “The total industry volume it's the 'strong from the battery, their place, it’s the strong
jurisdictional campaign against the Oppo In this case, Justice Prathiba Singh is expected to reach 6 million hybrid' segment resulting in hybrids that truly serve the pur-
Group in the UK, Germany and India in relied upon Oppo’s last counteroffer to units by financial year 2030-31. that is poised for improved overall pose of environmentally-
December 2021. Before the Delhi High InterDigital as the benchmark for deter- From this, 3 million units will significant growth efficiency. In con- friendly vehicles. They empha-
Court, InterDigital was represented by mining the interim security amount. come from Maruti Suzuki. And, in the future. trast, strong sise that original equipment
Team Anand and Anand comprising This is different from the suit that was we expect 15 per cent of our The firm has Hybrid cars hybrids operate manufacturers should prior-
Pravin Anand, Vaishali Mittal, Siddhant between Nokia and Oppo since in that sales to consist of electric sold 24,047 strong accounted for 0.5% with two power itise increasing sales of strong
Chamola and Pallavi Bhatnagar. case, the two parties had a previous licen- vehicles (EVs) and 25 per cent hybrid models to market share in sources: ICE and hybrids.
The exact sum that Oppo must deposit sing agreement, which was used as the from strong hybrids,” said date, with 16,268 2022, but it surged electric motors, “Strong hybrids will play a
is not to be made public according to the benchmark by the high court for calculat- Shashank Srivastava, senior units sold in 2023 to 2% by 2023 typically with a crucial role in the interim. Any
order of the high court. ing the interim security deposit. executive officer of marketing alone. It offers the capacity of 1 kilo- support from the government
and sales, Maruti Suzuki. most extensive watt hour. The ICE will be a win-win situation for
This shift towards strong range of strong hybrids, which powers the vehicle and simul- the country,” said Preetesh
Nokia, IISc
team up to
hybrids is notable given recent
market trends. In 2022, hybrid
cars held a mere 0.5 per cent
market share, but by 2023, this
includes models like the Grand taneously recharges the bat-
Vitara and Invicto, termed as tery. When the battery is suffi-
'intelligent electric hybrid cars.' ciently charged, the electric
However, currently the motor propels the car for a lim-
Singh, specialist CASE and
alternate powertrains, NRI
Consulting & Solutions.
Achieving the projected

speed up roll out research 6G figure surged to 2 per cent. In domestic automotive market is ited distance before the engine decline in petrol’s market share
contrast, EVs experienced dominated by mild hybrid cars resumes control, and this cycle from 80 per cent in FY23 to just

use cases
growth from 1.3 per cent mar- in the hybrid category. repeats. 10 per cent by 2040 will require
ket share in 2022 to 2.2 per cent According to Vahan data, While government policies alignment between govern-

of anti-spam tech
in 2023. The rapid increase in approximately 760,000 hybrid have historically favoured pure ment policies and industry per-
PRESS TRUST OF INDIA market share for hybrid cars vehicles have been sold since EVs, the landscape is evolving spectives, Singh added.
New Delhi, 23 February

Nokia on Friday said it is part-

SUBHAYAN CHAKRABORTY
New Delhi, 23 February
Months after the mandated
roll out of the new Digital
Consent Acquisition (DCA)
technology to curb spam, the
Telecom Regulatory Authority
of India (Trai) has told telecom
operators that its impact is
being affected by the slow
induction process, people in
the know said.
At a recent meeting on the
issue of rising incidences of
spam, Trai flagged the slow
pace exhibited by operators
such as Reliance Jio, Bharti
Airtel, Vodafone Idea, and
BSNL in onboarding private
businesses onto the system.
However, the operators have
blamed the sluggish response
from the industry.
A unified platform to seek,
maintain, and revoke the con-
sent given by customers
towards receiving commercial
communication from busi-
nesses, the DCA was first man-
dated by the sector regulator
in June 2023 to rein in expo-
nentially rising cases of spam
and excessive tele-calling in
the country. Finally issued
under Trai’s Telecom
Commercial Communication
Customer Preference
Regulations, 2018 (TCCCPR-
2018) in June, DCA was set to
be implemented in a phased
manner within 2-months.
In the earlier system, cus-
tomer consent is obtained and
maintained by Principal
Entities (PEs) such as banks,
financial institutions, insur-
ance companies, trading com-
panies, business entities,
and real estate companies,
among others.
The problem often starts
when these businesses pur-
chase bulk short messaging
services (SMS) from a telemar-
keter to send SMS texts to its
What is DCA?
DCA will take customers’
consent for the brands or
companies they would like
to receive communication
from. It will also expedite the
process of receiving
consumer consent on Digital
Ledger Technology (DLT). DLT
platforms are digital
clients and customers.
Telemarketers have to be
registered on the Digital
Ledger Technology (DLT)
platforms run by telecom serv-
ice providers.
As a result, telecom service
providers such as Reliance Jio,
Bharti Airtel, Vodafone Idea,
and BSNL, classified as Access
Providers (APs), could not
check the veracity of consent.
Importantly, there is no unified
system for customers to pro-
vide or revoke consent. But
now, once a customer launches
a complaint against a particu-
lar business, a telecom com-
pany can easily check the con-
sent data and scrub the
consent provided by said cus-
tomer earlier.
Telco officials said PEs
need to agree to the new norms
systems for keeping
and managing the
record of sender IDs and
templates run by telecom
companies. Businesses need
to register on DLTs by
submitting relevant
details. Those who
don't will be marked as
unregistered telemarketers,
and barred.
and begin the process for them
to be signed up to the new sys-
tem. “A reason behind this may
be that many PEs are unhappy
with the new system which is
widely expected to see many
users revoking their consent
for all kinds of business com-
munication,” another official
said.
“We keep on intimating the
PEs, but many are slow to
respond. They know the gov-
ernment guidelines are already
in place,” an official with a pub-
lic sector TSP said.
After implementing DCA,
the existing consents,
acquired through alternative
means, shall be rendered null
and void, and fresh consents
will have to be sought by all
PEs through digital
means only.
nering with the Indian
Institute of Science (IISc) to
jointly research 6G technol-
ogies and 6G use cases that
will have a direct societal
impact in India.
According to a release,
Nokia and IISc will work
together in Nokia’s newly
opened 6G Lab in Bengaluru,
where they will pursue three
key areas of research. These
are 6G radio technologies, 6G
architecture, and the appli-
cation of machine learning
into the 6G air interface.
“Nokia announced that it
is expanding its 6G commit-
ment to India by partnering
with the Indian Institute of
Science (IISc) to jointly
research 6G technologies and
6G use cases that will have a
direct societal impact in
India,” the release said.
RAIN INDUSTRIES LIMITED
The collaboration will
CIN: L26942TG1974PLC001693
develop reference architec- Regd. Office : “Rain Center”, 34, Srinagar Colony, Hyderabad-500 073, Telangana State, India.
tures, software frameworks Ph.No.: 040-40401234; Fax: 040-40401214; Email: secretarial@rain-industries.com; www.rain-industries.com
and algorithms, with the aim
of contributing their joint Statement of Audited Standalone and Consolidated Financial Results (Extract)
research to the 6G technol- for the Quarter and Year ended December 31, 2023
ogy and standards ecosys- (Rupees in Millions except per share data)
tem. The nature of the Consolidated
research is global, but Nokia Quarter ended Current Year ended Previous Year ended
and IISc will place special Dec.31, 2023 Sept. 30, 2023 Dec. 31, 2022 Dec.31, 2023 Dec.31, 2022
focus on 6G use cases that Particulars
Audited Un-Audited Audited Audited Audited
address areas of particular See Note 3 below See Note 3 below
importance to India. Revenue from operations 41,005.80 41,602.64 54,568.11 1,81,414.85 2,10,109.97
These include creating Net profit/(loss) for the period/year
(Attributable to Owners of the Company) (11,187.52) (901.71) 895.21 (9,379.06) 14,386.45
more sustainable and energy- Total comprehensive income/(loss) for the period/year
efficient communications [Comprising net profit/(loss) and other comprehensive
systems, improving resiliency income/(loss) net of tax]
(Attributable to Owners of the Company) (10,149.70) (1,637.99) 6,621.00 (10,506.66) 23,512.59
and reliability of networks for Paid-up equity share capital
critical communications, and (Face value of INR 2/- per share) 672.69 672.69 672.69 672.69 672.69
Reserves (excluding Revaluation Reserve as
using AI and developing shown in the Balance Sheet of previous year) 72,752.68 83,595.68
‘Network as Sensor’ technol- Earnings/(loss) Per Share
ogies to improve transporta- - Basic and Diluted (of INR 2/- each) (33.26) (2.68) 2.66 (27.89) 42.77
tion safety, augment health- (Rupees in Millions except per share data)
care and increase access to Standalone
education. By focusing on Quarter ended Current Year ended Previous Year ended
Particulars
these use cases, Nokia and Dec.31, 2023 Sept. 30,2023 Dec. 31, 2022 Dec.31, 2023 Dec.31, 2022
IISc will help shape the Audited Un-Audited Audited Audited Audited
evolution of cellular See Note 3 below See Note 3 below
infrastructure to meet the Revenue from operations 347.79 475.17 190.78 1,241.48 540.74
societal needs of developing Net Profit/(loss) for the period/year (45.51) 233.76 0.60 530.57 277.47
countries like India. Total comprehensive income/(loss) for the period/year
(Comprising net profit/(loss) and other comprehensive
income/(loss), net of tax) (47.21) 233.90 0.59 528.74 277.46
Paid-up equity share capital

Regulator recommends introduction of CNAP (Face value of INR 2/- per share)
Reserves (excluding Revaluation Reserve
as shown in the Balance Sheet of previous year)
672.69 672.69 672.69 672.69

8,552.99
672.69

8,360.60

Supplementary Service for caller name display

Trai on Friday recommended that Calling
Name Presentation (CNAP) Supplem-
entary Service be introduced in telecom
network and that the service involving dis-
play of caller names on phones be offered
by all telcos to subscribers on request — a
move that is expected to curb spam.
The government should issue suitable
instructions for making CNAP feature
available in all devices sold in India after a
suitable cut-off date, once recommenda-
tions are accepted, the Telecom
Regulatory Authority of India (Trai) said.
The name identity information pro-
vided by the telephone subscriber in the
Customer Application Form (CAF) should
be used for the purpose of the service, Trai
said in its recommendations.
“Calling Name Presentation (CNAP)
Supplementary Service should be intro-
duced in the Indian telecommunication
network,” Trai said.Put simply, CNAP is a
supplementary service that enables the
caller's name to flash on phone screens
when someone calls.
While native smartphone tools and
third-party apps like Truecaller and Bharat
Caller ID & Anti-Spam also provide calling
party name identification and spam iden-
tification facilities, these services are based
on crowd-sourced data, which may not be
reliable, Trai noted. It suggested that all
access service providers provide Calling
NamePresentation(CNAP)supplementary
service to their telephone subscribers upon
their request.
Earnings/(loss) Per Share
- Basic and Diluted (of INR 2/- each) (0.14) 0.69 - 1.58 0.82
Notes:
1 The above is an extract of the detailed format of Quarterly/Annual audited Financial Results filed with the Stock Exchanges under Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of audited Standalone and Consolidated Financial Results of
the Company are available on the Company’s website www.rain-industries.com, on the BSE Limited’s website www.bseindia.com and on the National
Stock Exchange of India Limited’s website www.nseindia.com.
2 The Audited Standalone and Consolidated Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at their
meeting held on February 22, 2024 and February 23, 2024 respectively.
3 The figures for the quarter ended December 31 are the balancing figures between the audited figures in respect of the full financial year ended
December 31 and the unaudited figures for the nine months ended September 30.
For and on behalf of the Board of Directors
Rain Industries Limited
N. Radha Krishna Reddy
Place : Hyderabad Managing Director
Date : February 23, 2024 DIN: 00021052
PTI

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 4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1

IN BRIEF
Forex reserves at two-month
low of $616 bn in February
WTO ministerial: India to RBIgetsbids
of ~2trnat
India’s foreign exchange reserves dropped for a second straight
week and stood at a two-month low of $616.10 billion as of
February 16, the Reserve Bank of India data showed on Friday. The
reserves fell by $1.13 billion in the reporting week, after having
fallen by $5.3 billion in the prior week. RBI intervenes in the
stand ground on key issues 13-dayVRR
WISH LIST
foreign exchange market to curb excess volatility in the rupee. SHREYA NANDI ANJALI KUMARI
Changes in foreign currency assets are caused by the RBI's New Delhi, 23 February ELECTRONIC Mumbai, 23 February
intervention as well as the appreciation or depreciation of foreign TRANSMISSIONS
assets held in the reserves. PTI Trade ministers from 164 member countries of AGRICULTURE FISHERIES The Reserve Bank of India (RBI) received bids
the World Trade Organization (WTO) are set to worth ~2.08 trillion at the 13-day variable rate

Finmin asks depts to surrender gather in Abu Dhabi next week for the 13th
Ministerial (MC13), finding solutions to key
repo auction (VRR) on Friday against the noti-
fied amount of ~1 trillion.

unspent allocation by March 8 issues in global trade.

The issues include global rules to protect fish
The liquidity deficit in the banking system
stood at ~2.37 trillion as on February 22, accord-
Finance Ministry has asked other ministries and departments to stock, agriculture, food security, a temporary ing to the latest RBI data. The RBI will conduct
surrender unspent Budgetary allocation for 2023-24 by March 8. absence of customs duties on electronic trans- >What India wants: India a 3-day VRR auction
The last date for accepting the Surrender of Savings anticipated in actions, as well the WTO’s reforms related to dis- wants policy space to on February 26 to
the grants for 2023-24 has been fixed as March 8, 2024, an office pute settlement. impose Customs duties on infuse ~1.5 trillion
memorandum issued by the Department of Economic Affairs The ministerial will take place from February >What India wants: electronic transmissions into the banking sys-
dated February 22 said. It is requested that the details of surrender 26 to 29. Here are the key issues and India’s stand Getting a permanent and believes that the tem.
of savings under each unit of appropriation may be sent to the on them. solution to the issue of moratorium on Despite a slew of
Budget Division. PTI >What India wants: VRR auctions being
public stockholding for Permanent carve-out Customs duty has
Food security & agri reforms conducted by the
food security for low income fishing adversely impacted
On top of the agenda is to fast-track its long- RBI since February
revenue collections
World Bank needs to reinvent, pending demand for a “permanent solution” to
the issue of public stockholding, agreed upon
>Countries supporting
India: G33 nations, which
nations; continuation of
subsidies to their poor >Countries supporting
8, the persistent
liquidity deficit in
attract pvt capital: N K Singh over a decade ago.
The clause aimed at shielding developing
is a coalition of
developing nations
fishermen to catch fish up
to 200 nautical
India: Indonesia,
South Africa RBI will conduct a
the banking system
has been largely
The World Bank needs to reinvent and restructure itself so as to countries from being legally challenged over the 3-day VRR auction around ~2 trillion.
>Those opposing India: US, miles beyond the >Those opposing India:
become 'better, bolder and bigger’ and harness private capital on so-called subsidies. on February 26 to In February,
the strength of its own balance sheet, said N K Singh, and 19-member Cairns territorial waters Developed nations such
Through its public stockholding, the Indian infuse ~1.5 trillion when the liquidity
co-convenor, Expert Group on MDB Reforms. The World Bank government procures food grains at predeter- group including Brazil, >Those opposing India: United Kingdom, Canada, into the system deficit eased to ~1
should also look at the possibility of tapping pension funds to mined prices and distributes them through the Peru Australia, Canada European Union, Norway European Union, Australia trillion, overnight
increase its capital base and its capacity to fund development public distribution system. The policy tool is money market rates
projects in developing nations. PTI used by the government to preserve food secu- INDIA’S OTHER PRIORITIES had dipped below the repo rate. In response,
rity. India has found support from a group of the central bank initiated a series of variable
developing nations, including African ones, on >Two-tierdisputeresolution >India is against any work >India is also against rate reverse repo auctions to realign the rates

India, US bilateral: Extradition, this matter. However, developed countries view

this as a subsidy for farmers and a distortion to
systemattheWTO,
continuationofconsensus-
programme or a negotiation
mandate on the non-trade
the move led by China
to push a proposal
with the repo rate.
The weighted average call rate settled at 6.68

migration & mobility discussed trade. A permanent solution is crucial since

India and the US on Friday discussed ways of enhancing
cooperation on a wide range of issues such as extradition,
mobility of students and professionals, safe and legal migration
and protection of vulnerable women and children, according to
officials. The discussions took place during the 11th bilateral
Consular Dialogue.
Jaishankar holds talks
some developed countries have been raising
questions over India’s minimum support price
(MSP) programme for food grains, particularly
rice, since the subsidy has breached the sug-
gested limit under WTO trade norms thrice.
India has invoked the “peace clause” under
PTI WTO norms to protect its food procurement pro-
gramme against any action from member
nations in case the limit is breached. The coun-
try has always maintained its priority to protect
the interests of poor and vulnerable farmers,
baseddecision-making
principlesoftheWTO
issues such as environment,
gender and MSMEs
on investment
facilitation at WTO
per cent on Friday against 6.55 per cent on
Thursday.
RBI Governor Shaktikanta Das had elabo-
rated on liquidity conditions in his monetary
policy statement, ascribing them to external
Will take up EU's carbon Pacts with UK, Oman, EFTA factors and expecting them to rectify in the fore-
seeable future, bolstered by market interven-
tax issue strongly: Goyal bloc positive signal: GTRI tions by the central bank.
The RBI, he said, is agile and adaptable in
CommerceandIndustryMinisterPiyushGoyal SuccessfulconclusionofIndia’sproposedtrade its liquidity management, employing both repo
onFridaysaidthatIndiawilltake
upthecarbontaxissue"very"
agreementswiththeUK,Omanandfour
EuropeannationblocEFTAwillreflectits
and reverse repo operations. He said the RBI
would utilise a judicious mix of instruments to

with Czech counterpart
External Affairs Minister S Jaishankar on
Friday held talks with his Czech counterpart
Jan Lipavsky focusing on various bilateral
and regional issues. The talks took place
on the sidelines of the Raisina Dialogue.
“The meeting with FM @JanLipavsky of
Czech Republic on #RaisinaDialogue2024
sidelines was a good stock taking,”
Jaishankar said on 'X'. PTI
Rajnath holds talks with
Dutch defence minister
Defence Minister Rajnath Singh on Friday held
talks with his Dutch counterpart Kajsa
Ollongren with a focus on boosting industrial
defence cooperation. In the meeting, Singh
said Dutch original equipment manufacturers
could be encouraged to integrate Indian
vendors into their supply chains. "Both
ministers discussed the possibilities for
expanding their bilateral defence cooperation
" the defence ministry said. PTI
Indian firm faces EU curbs over
besides taking care of the food security needs of
a large section of the population.
Fisheries subsidies
During the previous ministerial conference in
2022, WTO member nations adopted an agree-
ment to stop government subsidies for illegal,
unreported and unregulated fishing, seen as
responsible for the depletion of the world’s fish
stocks.
At MC13, the priority will be to ratify the
agreement on fisheries subsidies, which will
require acceptance by two-thirds of the 164 WTO
members. The WTO expects as many as 70 coun-
tries to ratify the agreement before the ministe-
rial. India has not yet ratified the pact.
Completing the second wave of negotiations
on outstanding issues, including subsidies that
result in overfishing, will also be the focus.
India will continue to argue that the
subsidies given by the country are substantially
less than by developed nations and will oppose
any move to scrap the payouts for its fishing
community.
India says developing countries should be
allowed to continue subsidies for catching fish
within exclusive economic zones (EEZs) — up
to 200 nautical miles beyond territorial
waters. With about 9 million people dependent
on the sector, India has 25 per cent of the world’s
fishermen.
stronglywiththeEuropean
Union.Healsosaidthat Indiawill
strengthenandprepareitselfto
converttheissueintoan
opportunity. PTI
E-commerce
Under a WTO moratorium, countries do not
impose customs duties on cross-border e-com-
merce transactions.
Since 1998, WTO member nations have peri-
odically agreed to extend the moratorium. The
last extension was agreed upon during the pre-
vious MC. The moratorium is set to lapse at
MC13, unless a decision is taken to extend it.
WTO member nations have been divided on
the matter. Developing countries, including
India, have been battling for policy space to
impose customs duties on electronic transmis-
sions, holding that the moratorium has
adversely impacted their revenue collection.
On the other hand, developed jurisdictions
such as the United Kingdom, Canada, the
European Union, and Australia do not want
imposition of customs duties on electronic
transmission until the next MC. Most developed
countries say the exemption of customs duty
has supported a “stable and predictable envi-
ronment” for digital trade to thrive.
At the upcoming ministerial, India will con-
commitmenttotradeliberalisationand
economicintegrationatatimewhenthe
worldisturningprotectionist,accordingtoa
report publishesbytheGlobalTrade
ResearchInitiative. PTI
Dispute settlement and other issues
India is not only pushing for the two-tier dis-
pute resolution system at the WTO but also for
the restoration of a rule-based and independent
dispute settlement body.
It also wants to retain the consensus-based
decision-making principles. Reforming the dis-
pute settlement system, including the restora-
tion of the appellate body, the highest dispute
settlement authority, is also one of the key pri-
orities for India.
Developed countries have been advocating
changes in the dispute system, citing the “inef-
ficiencies and rigidity” of the WTO’s judiciary.
While for the first time at any ministerial
trade ministers will engage in a dedicated ses-
sion on sustainable development, Indian offi-
cials said they would oppose any work pro-
gramme or a negotiation mandate on non-trade
issues such as the environment, gender and
micro, small and medium enterprises.
India will continue to maintain its stand that
labour and the environment are non-trade
issues and they should not be discussed at the
regulate both short-term and long-term liquid-
ity, ensuring that money market interest rates
evolved systematically while upholding finan-
cial stability.
BoB sees FY25
GDP growth
at 6.75 -6.8%
RUCHIKA CHITRAVANSHI
New Delhi, 23 February
The Bank of Baroda (BoB), in a report released
on Friday, has projected India’s gross domestic
product (GDP) to grow at 6.75 - 6.8 per cent in
FY25 and 6.8 per cent for this financial year.
“The Indian economy is (better off com-
pared to) its global counterparts on the back of
resilience reflected through domestic demand
and sustained government thrust on capital
expenditure,” the report said.
The International
Monetary Fund (IMF) The International
has projected the Monetary Fund

dual-use exports to Russia Besides, developed countries engaged in fish-

A company registered in India along with others registered in
Russia, China, Kazakhstan, Serbia, Thailand, Sri Lanka and Turkey
are among those facing export restrictions under new European
Union (EU) sanctions announced on Friday. The latest sanctions
were announced to mark two years of the Russia-Ukraine
conflict, the second anniversary of which falls on Saturday.
Ex LS Speaker and Maharashtra
ing beyond this zone should stop providing any
kind of subsidies for the next 25 years, according
to Indian government officials.
PTI
NPSadoptionbycompaniesrises9%inDec:NSO
SHIVA RAJORA
New Delhi, 23 February
tinue to oppose the continuation of exemption,
and will point out the lack of clarity with respect
to the definition of electronic transmission, as
well as the potential loss of customs revenue.
COMING ON BOARD
WTO. Trade barriers in the guise of sustainable
development should not be erected.
India says these can be discussed at different
multilateral forums.
This slight uptick in new corpo-
rate subscribers comes as Pension
Indian economy to has projected
grow at 6.7 per cent for the Indian
the current fiscal, economy to
upgrading the esti- grow at 6.7%
mates by 40 basis
points from its previous forecast in October
2023. The World Bank expects the Indian econ-
omy to clock a growth of 6.3 per cent in FY24
and 6.4 per cent in FY25, led by strong domestic
demand, growing infrastructure spending,
along with robust private sector credit growth.
The Reserve Bank of India (RBI) has pegged the

CM Manohar Joshi passes away The adoption of the National

Former Lok Sabha Speaker Manohar Joshi and
Shiv Sena's suave face at a time when the
party was known for its rustic and street
politics, passed away at a Mumbai hospital
on Friday. Joshi (86) was admitted to
Hinduja Hospital in the Intensive Care Unit
(ICU) on February 21.
Jana SFB Q3 net profit rises
Pension System (NPS) by employ-
ees in companies rose by 9 per cent
in December as compared with the
previous month, according to the
data released by the National
Statistical Office (NSO) on Friday.
PTI The addition of new monthly sub-
scribers under the corporate seg-
ment stood at 8,420 in December
from a 34-month low of 7,728 sub-
scribers in November.
NPS new subscribers — n Central govt n State govt
n Corporate 1,08,057
Fund Regulatory and Development
Authority (PFRDA) chairman
country’s growth at 7 per cent in FY24.
BoB expects the growth for the third quarter
7,728 Deepak Mohanty prodded banks to of the current financial year to moderate to 6.4
70,947 77,656
71,228 73,318 shore up fresh enrolments to per cent against an increase of 7.6 per cent in
11,421 10,341 8,420
13,829 83,592 achieve the ambitious target of the previous quarter due to subdued growth in
40,307 42,960 41,826 51,096 enrolling 1.3 million new sub- agriculture and industry sectors.
17,092 18,937 18,780 16,737 18,140 scribers under the private sector of The report projected a growth of 2.1 per cent
Aug Sep Oct Nov Dec the NPS in the current financial for the agriculture sector in the third quarter of
Source: NSO year (FY 24). FY24, which is slower than initially anticipated,
The cumulative number of fresh after the first Advance Estimates for kharif
public sector organisations, private regime, unlike the old scheme, does subscribers that adopted NPS – crops showed lower food grain production this
limited companies or public sector
banks, among others.
not provide incentives to invest in
the pension scheme. Employees in
comprising central and state gov-
ernments’ employees, as well as cor-
year. “Rural demand is likely to be slower as
has been reflected by some moderation in trac-

12.82% to ~134.64 crore The corporate component of

the scheme is voluntary in nature
The corporate segment of the
scheme has witnessed a decline in
the corporate sector, who earned
up to ~7 lakh, could save taxes by
porate sector employees - declined
to 77,656 in December from 108,057
tor and two-wheeler sales. Uptick in e-way bill
generations in January 2024 will provide some
Jana Small Finance Bank has posted a 12.82 per cent year-on- and includes people working in recent months as the new tax investing in the NPS. in the previous month. support to services,” the BoB report said.
year (Y-o-Y) growth in the third quarter ended December 2023
(Q3 FY24) at ~ 134.64 crore, up from ~119.34 crore a year ago. Its
net interest income rose by 24.4 per cent Y-o-Y to ~548.5 crore
in Q3, up from ~440.8 crore in Q3 FY23. The other income stood at
~139.5 crore in Q3 FY24, down from ~170.21 crore in Q3 FY23,
according to a filing with BSE. ABHIJIT LELE
‘Indian economy still growing below its potential’
The average growth rate of the Indian economy, which is 4.25 per cent RBI takes a neutral stance? that 8 per cent is the potential

Delhi HC rejects Mahua Moitra's from the pre-pandemic period, is inadequate, given the potential,
says JAYANTH R VARMA, member of the Reserve Bank of India’s (RBI’s)
I agree that it is absolutely
important not to declare
FALLINGINFLATION
growth rate of the country?
In the last few years, there

plea alleging media leakage Monetary Policy Committee (MPC). In an email interview with Manojit
Saha, he says if the economy is not overheating, there is no need of a
victory prematurely in the
war against inflation. It is MEANSTHATKEEPING
have been significant
economic reforms as well as
The Delhi High Court on Friday dismissed Trinamool Congress
(TMC) leader Mahua Moitra’s plea against the alleged leakage of
high real interest rate, which can choke growth. Edited excerpts: essential to ensure that the
last mile of disinflation is
THEREPORATEAT infrastructure investments.
These coupled with
“confidential” information from the ED to the media in relation You voted for a 25 basis that keeping the repo rate at successfully accomplished. 6.5%ISTHESAME digitalisation of the economy
to a probe against her under the Foreign Exchange points (bps) rate cut along 6.5 per cent is the same as This does require a high real ASSTEADILYRAISING have in my view boosted its
Management Act (FEMA) and the consequent press reports steadily raising rates. Such a interest rate to be potential growth rate.
“violating” her rights to privacy and fair investigation. PTI
with a change of stance to
neutral. Why do you think it policy of ever maintained for a
RATES.SUCHAPOLICY
is not premature to start rising rates is protracted period. OFEVERRISINGRATES You were the one who
cutting the policy repo rate uncalled for. My only point is ISUNCALLEDFOR advocated rate hikes from

Govt calls for ‘release’ of Indian when inflation is yet to reach

the 4 per cent target?
Are you not
that the required
high real interest
August 2021 much before the
rates were actually hiked. RBI

staff working for Russian Army The real rate of interest has to
be kept high (1-1.5 per cent in
India on Friday said it was in touch with Moscow for early my view) until inflation is
“discharge” of Indians working as support staff to Russian Army projected to remain close to
and urged its nationals to stay away from the conflict zone in the target of 4 per cent on a
Ukraine. The comments by External Affairs Ministry sustainable basis. But that
spokesperson Randhir Jaiswal came following a report that does not mean that the
some Indians are working as support staff to the Russian army nominal rate should not be
in the conflict zone. PTI cut. Falling inflation means
worried about the
last mile JAYANTH R VARMA
rate is only 1-1.5 per
cent and not 2 per
failed in its inflation
mandate and faced criticism
disinflation, External member, cent. in comparison to the rest of our aspirations. If the then for falling behind the
which others are Monetary Policy Committee the world, the Indian economy is not overheating, curve. Are you worried that
concerned about Why do you think economy is still growing there is no need for a punitive the MPC will fall behind the
while advocating status quo the 2 per cent real interest below its potential. The 4.25 real interest rate to choke curve again by postponing
on both rate and stance? Are rate is high in the Indian per cent average growth rates economic growth. rate cuts?
you not concerned that context? from the pre-pandemic I sincerely hope that this does
markets will turn euphoric if I think while growth is robust period are inadequate, given What gives you confidence not happen.

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 .
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 5
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NA/12/22281/2023/32797 Managing Director, PIDB

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 6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1

Makes sense to give RBI allows banks, non-banks to

issue PPIs for public transport
Russia multiple AJINKYA KAWALE
Mumbai, 23 February FINE PRINT
n Prepaid payment instruments will
services, toll collection, and parking.
The outstanding amount will not
exceed ~3,000, the regulator said. While

options: Jaishankar The Reserve Bank of India (RBI) on

Friday allowed banks and non-banks to
issue prepaid payment instruments
(PPIs) for public transit services
contain automated fare collection
application related to transit services,
toll collection and parking
n These can be issued without a know
these instruments can be reloaded, with-
drawing cash, refund, or fund transfer
will not be permitted in PPIs.
Before the Friday amendment, a PPI-
Krishnamurthy Subramanian,
executive director, India, IMF

‘Railroading it into a single

such as metro, buses, rail, waterways,
tolls, and parking.
The regulator amended the guide-
option and criticising lines for PPIs for mass transit systems
it would be like a (MTS). It said such PPIs could be issued
your customer verification of the holders
n The outstanding amount will not
exceed more than ~3,000
MTS was issued by operators of the MTS
after receiving authorisation.
“Earlier, the option to issue a PPI-MTS
Use of AI can
was allowed to MTS operators. For exam-
limit stressed
ple, the Delhi Metro Rail Corporation

self-fulfilling prophecy’
without a “know your customer” (KYC)
verification of the holder.
“Public transport systems
(DMRC) was an MTS operator and could
issue a PPI for its metro transit services.
However, now, banks and non-banks can
assets, says
SUBHAYAN CHAKRABORTY
New Delhi, 23 February
across the country cater to a multi-
tude of commuters on a daily basis.
issue them,” said an official of a pay-
ments organisation. Subramanian
To provide convenience, speed, “This is a welcome move. It marks a

I
t's important for Asian countries to engage
with Russia at a time when the West has
shut its doors on Moscow, External Affairs
Minister S Jaishankar said on Friday.
“Russia is turning more towards Asia and
other parts of the world. It makes sense to give
Russia multiple options,” Jaishankar said at a
panel discussion at the ongoing Raisina
Dialogues. He said Russia was a power with
an enormous tradition of statecraft. “If we rail-
road Russia into a single option, and say that's
the outcome, then you are making it a kind of
a self-fulfilling prophecy."
As the world prepares to mark the second
anniversary of Russia’s Ukraine invasion this
affordability, and safety of digital
modes of payment to commuters
for transit services, it has been
decided to permit authorised bank and
non-bank PPI issuers to issue PPIs for
making payments across various public
transport systems,” the central bank said.
“RUSSIA IS A POWER WITH AN PPIs are instruments that facilitate
ENORMOUS TRADITION OF purchases of goods and services, finan-
STATECRAFT. SUCH POWERS
WOULD NEVER PUT THEMSELVES
Govt to construct
INTO A SINGLE RELATIONSHIP OF
AN OVERWHELMING NATURE”
cial services, remittance facilities, among
others, against the value stored in them.
In the latest amendment, the RBI said
PPIs for the “Mass Transit System” (MTS)
would contain the “Automated Fare
Collection” application related to transit
Irdai retains
pivotal moment in our journey towards AATHIRA VARIER
modernising transit systems. By embrac- Mumbai, 23 February
ing digital payment solutions, we not
only enhance convenience but also pave The use of data and Artificial
the way for a more efficient, accessible, Intelligence (AI) by banks
and forward-looking transportation would help avert moral hazard
experience for all,” said Bipin Preet and adverse selection. These,
Singh, co-founder and chief executive coupled with disclosure of
officer, MobiKwik. default, would help in the pre-
vention of stressed assets, said
Krishnamurthy Subramanian,
executive director, India,
International
Fund (IMF).
Monetary

Speaking at the 7th National

week, Moscow has become the largest supplier
of crude oil to India, up from the ninth spot.
In the first nine months of the current finan-
cial year (FY24), 34 per cent of India's crude
oil imports came from Russia, up from 19.2
per cent in FY23. This comes even as Western
powers have persuaded New Delhi to desist
purchases from Russia. "Such powers would
never put themselves into a single relationship
of an overwhelming nature," Jaishankar said,
when asked about Russia's perceived close-
ness to China, and whether that would work
against India's interests going forward.
Jaishankar also spoke about how arriving
at and maintaining an equilibrium with China
was going to be one of the biggest challenges
for India-China ties. "Since the late 1980s we
S JAISHANKAR
External Affairs Minister
have had an understanding on the
border precisely because it suited both of us.
There was a departure on their side after 30
years," he said.
On the economic front, Jaishankar said the
economies of both nations were predicted to
reach $50 trillion by around 2075, quoting JP
Morgan data. "Both of us (China and India)
are rising, obviously at different paces, with
different starting points. The Chinese started
off earlier, and much more intensely than we
did. But it's in the nature of things that at some
stage everybody flattens out," he said.
over 12,000 km of
highways in FY24
SHREYA JAI
New Delhi, 23 February
The overall highway construction in
the country would be around 12,000-
13,000 kilometres by the end of this
financial year (FY24), a senior
official at the Ministry of Road
Transport and Highways (MoRTH)
said here on Friday.
Anurag Jain, secretary MoRTH said
while the overall construction is lower
obligatory Summit for Stressed Assets,
Subramanian said, “The disclo-
sure requirement is very impor-
cession of biz tant, which is the first. The sec-
ond is the onus actually needs
to be on banks. Our banks need
STATUS UPDATE to GIC at 4% to get far more intensive on data,
artificial intelligence, and
machine learning in addressing
n 6/8 lane n 4 lane n 2 lane AATHIRA VARIER both the adverse selection and
nStrengthening* (in km) Mumbai, 23 February the moral hazard problems.”
Total Subramanian said India
The Insurance Regulatory and should follow the global practice
10,856 13,327 7,658 Development Authority (Irdai) on Friday where the bourses and the reg-
said that it has maintained the status quo ulator need to be informed
on obligatory cession of business for the when there is a violation of a
4,907 financial year 2024-25 at 4 per cent in technical covenant, irrespective
1,719 favour of General Insurance Corporation of whether the company has
of India (GIC Re), except for terrorism and sold equity or debt securities.

ARCs’ bad loan portfolio to than what was targeted at the begin-
ning of the financial year, the capacity
augmentation and widening of exist-
6,033
4,408
1,556
nuclear pool related premium.
In the order dated February 16, 2024,
released on Friday, the insurance regulator
“So adverse selection is the
right kind of borrowers not
being given loans and the moral

touch ~1.6 trn by FY25: CRISIL ing highways to four lanes would touch
a record high. The ministry had set a
target of 13,800 km of road construc-
2,913
2,805

ABHIJIT LELE
Mumbai, 23 February
The assets under management (AUMs) of asset recon-
struction companies (ARCs) are expected to grow at 8
to 9 per cent to touch the ~1.5 trillion mark by March
2024, according to the CRISIL-Assocham report.
The report added, AUMs may expand at a slower
pace of 5 to 8 per cent in the next financial year (FY25),
where the asset base could reach the ~1.6 trillion level.
AUM stood at ~1.38 trillion at the end of March 2023.
In FY23, the industry growth was at 17 per cent,
driven by a large transaction of stressed assets being
acquired from a bank by an ARC. However, excluding
the same, growth was modest at 7 per cent. The report
said the growth in the future would largely be driven
by higher acquisitions, though capped by quicker res-
olutions expected in retail assets.
New portal for PSBs
to check borrower
background
The Central Economic Intelligence
Bureau and the State Bank of India
have developed a portal to help
public sector banks to promptly
obtain intelligence clearance from
the bureau to facilitate timely
disbursement of funds. The
“automated search portal” for
antecedent verification of prospec–
tive borrowers and non-performing
assets aims to streamline the
intelligence clearance process
for banks. ABHIJIT LELE
tion for 2023-24.
Jain said the monthly road con-
struction is showing positive signs
despite extended monsoons. He said
a stricter review process of the projects,
and follow-up meetings with the state
governments might have slowed down
the construction but has improved the
quality of the roads across the country.
“Since December 2023, the pick-up in
construction happened which is now
evident in January. Like every year,
these last three months will witness
bulk construction. We are expecting
close to 4,500-5,000 km of construc-
tion in these two months (February-
March, 2024),” Jain said.
He said in an optimistic scenario, it
can touch 13,300 kms but the model
2,503
2,517
587 1,099
2018-19 2020-21 2023-24
Note: Figures till January 2024
*includes road improvement work
Source: Ministry of Road Transport and Highways
code of conduct before the general
elections might also impact the overall
construction activity.
“This is the year we will have the
highest ever four-lane and high-speed
access control road construction. So
even if the total construction is not
the highest ever, the quality of the
roads if you measure in terms of wide-
ning and speed, this is the highest
ever,” Jain said.
said, “The percentage cession of the sum
insured on each general insurance policy
to be reinsured with the Indian Re-
insurer(s) shall be 4 per cent in respect of
insurance attaching during the financial
794
year beginning from 1st April 2024 to 31st
March 2025.” “The entire obligatory ces-
sion is to be placed with GIC Re only,” Irdai
notification added.
Obligatory cession refers to the part of
the business that general insurance com-
panies have to mandatorily cede to the
national reinsurer.
The regulator has been gradually
reducing the obligatory cession from 20-
4 per cent in FY24. The regulator further
added that there will be no limit on sum
insured during the FY25. The re-insurer
may require the ceding insurer to give
immediate notice of underwriting infor-
mation of any cession exceeding an
amount as specified by GIC Re.
hazard is after having taken the
loan, the borrower actually does
not pay properly. So, I think con-
tinuous monitoring, using data,
artificial intelligence, and
machine learning are incredibly
important. Now, there is enough
research that can enable banks
to assess using data or objective
measures, not just the ability of
the borrower to repay, or even
their willingness to repay,”
Subramanian said.
He also noted that after the
implementation of the
Insolvency and Bankruptcy
Code (IBC), the phenomenon of
super equity where the pro-
moter remained in control has
changed. The threat of losing
the company has made a big dif-
ference to the promoters.

> FROM PAGE 1

Vaishnaw said.
Officials working on the
migrated: RBI actions initiated by the RBI
against Paytm Payments
It said such measures
could provide some relief for
directors,” said the company.
Byju’s said the Karnataka
PHOTO: SARTHAK CHOUDHURY

project who participated in
May not need the review exercise said the
cost of the project had
PhonePe and Google Pay con-
trol 80 per cent of such trans-
actions. It processed 1,570
Bank.
Last week, Paytm inked a
pact with Axis Bank — the
non-banking financial com-
panies (NBFCs), which are
experiencing elevated fund-
High Court had granted
interim relief, clearly stating
that any decisions made dur-

foreign tech exceeded the sanctioned

amount of ~1.08 trillion, but a
million transactions amount-
ing to ~1.92 trillion during the
third largest private sector
bank in the country — to
ing costs amid tight liquidity
conditions.
ing the meeting would not take
effect until the next hearing.

partner for complete estimate could only

be established once tenders
month.
For seamless migration of
transfer the nodal accounts.
At least one more bank is Byju’s
This order, coupled with
numerous procedural irregu-

future bullet for train sets and other rolling

train projects:
Vaishnaw
The agency is funding 81 per
cent of the project, based on
the initial cost estimates of
stock equipment are awarded
in Japan.
Reports have pegged the
current cost of the project to
be upwards of ~1.7 trillion. The
project has 465 km of viaduct,
10 km of bridges, and five km
of mountain tunnels. The
508-km corridor is expected
@paytm handles to other
banks, the NPCI may facili-
tate certification of four to
five banks as payment service
provider (PSP) banks with
demonstrated capabilities to
process high volume UPI
transactions, the RBI said.
“This is in line with NPCI
norms for minimising con-
likely to partner for the nodal
accounts. investors vote
larities and deficiencies, invali-
dates the resolutions passed by
a select, narrow group of share-
Goldilocks to remove CEO holders.
It also said the resolutions
era over for from board were voted upon without the
valid constitution of a quorum,
as stipulated in the Byju’s
lenders: Articles of Association (AoA).

~1.08 trillion
On a question of approvals
for future bullet train corri-
dors, the minister indicated
that a number of initiatives
would be taken in the direc-
tion of a developed India, but
did not respond on specific
such corridors.
Vaishnaw drew parallels
with the semi high-speed
train technology, which was
indigenised through the
Vande Bharat train, and said
the time-taking process of
building infrastructure with
foreign partners also entails a
lengthy process of technology
absorption, which helps to
indigenise them in the com-
ing future.
Officials, however, said it
was premature to expect that
corridors in the immediate
future would have possibil-
ities of full indigenization.
They, however, said India
could definitely undertake
more individual segments of
newer corridors than the
MAHSR corridor, where the
country has only looked at the
infrastructure of the project.
“The technology we learn
today will have a multi-fac-
eted scope for implementa-
tion later. For example, India’s
ability to undertake complex
Metro and RRTS (regional
rapid transit system) projects
has increased now. We are tak-
ing the HSR project as a tech-
nology-learning opportunity,”
to bring travel time between
the two cities down to under
three hours, with an opera-
tional speed of 320 kmph.
Senior executives of the
National High Speed Rail
Corporation, the agency
tasked with the implementa-
tion of the project, said it was
targeting full completion of
the Mumbai-Ahmedabad
high-speed rail (MAHSR) cor-
ridor by 2028.
The Centre’s deadline for
the completion of the entire
project lapsed in 2022 on
account of delays in various
clearances and land acqui-
sition.
The section from Thane to
Vapi is seeing good progress
on the elevated corridor,
Vaishnaw said. Meanwhile,
284 kilometres of elevated
corridor has been constructed
and bridges have been con-
structed over eight rivers in
the state, he added.
Elaborating on the delay
caused by the Thackeray-led
previous state government,
Vaishnaw said several key
permissions had been with-
held before the current state
government came into power.
However, the Gujarat sec-
tion of the corridor has also
witnessed delays in the past.
@Paytm UPI
handles to be
centration risk,” it said.
Axis Bank, HDFC, and Yes
Bank have jointly applied
with Paytm to be a TPAP with
NPCI, a person close to the
development said. The per-
son added that other lenders
such as SBI and Canara are
also involved in a similar dis-
cussion with the company.
A PSP bank, either
through its own application
or a TPAP, onboards and reg-
isters customers on UPI, link-
ing customers’ bank accounts
to their respective UPI iden-
tifications. A TPAP is a service
provider that participates in
UPI through a PSP bank,
according to the NPCI. NPCI
runs the UPI ecosystem in
India.
For the merchants using
Paytm QR codes, OCL may
open the settlement accounts
with one or more PSP banks
other than Paytm Payments
Bank, the regulator said.
The RBI reiterated that the
customers, whose underlying
account/wallet is currently
with Paytm Payments Bank,
are advised to make alter-
native arrangements with
other banks well before
March 15.
It said actions were under-
taken in the sole interest of
protecting the customers and
payment system from any
possible disruptions and are
without any prejudice to the
regulatory or supervisory
Goldman
Sachs
These factors posed signif-
icant potential challenges to
asset quality, particularly in
unsecured lending, poten-
tially leading to increased
credit costs, it said.
In November, the Reserve
Bank of India had increased
the risk weighting for unse-
cured loans, which could
increase the cost for the
lenders.
The brokerage said finan-
cial institutions were likely to
experience heightened pres-
sure on operating costs due to
elevated wage inflation.
Additionally, there was a
pressing need for banks to
expand their distribution net-
works to facilitate future
deposit growth, it said.
The report said if the cen-
tral bank were to implement
a rate cut sooner than antici-
pated, it could address liquid-
ity issues in the system.
Alternatively, measures
such as adjusting the cash
reserve ratio (CRR) or stat-
utory liquidity ratio (SLR)
could also support deposit
growth. This would be par-
ticularly beneficial for private
banks currently facing chal-
lenges due to high loan-to-
deposit ratios and limited
liquidity coverage ratios, the
report added.
The person said unauthorised
persons sympathetic to Byju’s
also impersonated investors.
“The right investors were
identified to avert any such
attempts of impersonation
and the meeting proceeded in
accordance with the law,” said
a person.
The unauthorised persons
were removed.
All investors who had con-
firmed attendance were
allowed to attend. Auditors
MSKA and Associates (BDO)
were present at the EGM
throughout, according to
sources.
‘Resolutions invalid’
Byju’s said these resolutions
merely requested the board to
“consider” the recommenda-
tions passed at the EGM. They
are not binding on the com-
pany or its decision-making
processes.
“The resolutions lack the
necessary authority to impose
any obligations on Byju’s or its
Taking Byju’s to NCLT
According to investor sources,
the concern raised in the suit
at the NCLT includes alleged
financial mismanagement by
the founders, which led to los-
ing control of test-prep subsid-
iary Aakash and defaulting on
a $1.2 billion term loan B (TLB).
The suit also highlighted mul-
tiple insolvency petitions filed
by the Board of Control for
Cricket in India, TLB lenders
and Surfer Technologies Pvt
Ltd.
“The relief sought includes
declaring the present manage-
ment as unfit to run the com-
pany and appointment of a
new CEO and board,” said a
person familiar with the devel-
opment.
The suit includes directing
the management to share
information with the investors
and conducting a forensic
audit of the company.
The company has raised
$5.08 billion from investors.
The cash-strapped firm is now
looking to raise $200 million
via the rights issue.
If that goes through, its
post-money valuation will be
between $230 million and
$250 million, a 99 per cent
drop from the $22 billion val-
uation the firm had in 2022,
according to sources.
A Byju’s spokesperson
said the firm had not received
any formal intimation of the
petition.
Then and now:
Farmers want their
voice to reach Delhi
When asked about the crops the government had
assured to buy at minimum support price (MSP), the
father says: “We don’t even know the contours of the
agreement. Do we know if they will set a time limit? Do
we know if they would give a private firm the contract
to buy the produce? How can we agree without knowing
the details of the agreement?”
After the barrage of uncomfortable questions is a
lassi stall for a brief respite. Soon enough, a farmer from
Bihar is heard ranting about the lack of mandis in the
state. “If we don’t have mandis, where do we sell our
produce? It is become increasingly difficult to sustain
our life,” he says.
When asked about why farmers from other states
have not participated in this protest, he simply says:
“Because most couldn’t afford to. We live on a day-to-
day basis. Very few can leave everything and come. The
parties don’t do anything for them.”
Amid all this, a gender issue surfaces. There are
hardly any women, unlike the previous time. Harman,
a 20-year-old farmer, who seems to be the voice of
many here, says: “The agitation takes a violent turn at
times. It’s been fine since the past two days but there is
no guarantee. So our mothers and sisters don’t partici-
pate actively.”
Harman’s parting shot exudes confidence about the
farmers making it to Delhi soon. ‘’They (women) will
be in Delhi for sure,” he says with a smirk.

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NEW DELHI | SATURDAY, 24 FEBRUARY 2024 POLITICS & PUBLIC AFFAIRS 7

Farmers draw up fresh PNB INVESTMENT SERVICES LTD.

PNB Pragati Tower, 2nd Floor, C-9, G- Block, Bandra Kurla Complex, Bandra (East),

stir plans; plea filed in SC

Mumbai - 400051.
INVITATION FOR EXPRESSION OF INTEREST FOR SALE/ASSIGNMENT OF
OUTSTANDING DEBT/ FINANCIAL ASSETS ARISING OUT OF SUCH DEBT OF
ROHTAK-PANIPAT TOLLWAY PRIVATE LIMITED
PNB Investment Services Limited (“PNBISL” or “Transaction Advisor”), has been mandated by
Punjab National Bank (“PNB” or “Lead Bank”) on behalf of more than 75% of consortium of
lenders (the “Lenders”), for assisting & advising the Lenders on the bid process & matters
Haryana waives crop loan interest in Budget; will discuss farmer issues: BKS incidental thereto in connection with sale/ assignment of outstanding debt/ financial assets
arising out of such debt of Rohtak- Panipat Tollway Private Limited under Swiss Challenge
PHOTO: PTI Method to eligible ARCs/ Banks/ NBFCs/ FIs/ any other permitted Transferees, in accordance
with the regulatory guidelines issued by Reserve Bank of India, including the RBI guidelines on
SANJEEB MUKHERJEE & AGENCIES Shubhkaran Singh, who died Transfer of Stressed Loan Exposures (the "Guidelines”). It is hereby clarified that as on the date
New Delhi/Chandigarh, 23 February in clashes between the of this Advertisement, approval from more than 75% of the Lenders have been obtained for price
Haryana Police and farmers discovery/ running of Swiss Challenge Method and the efforts are being made for obtaining

A
s thousands of farmers
continued their pro-
tests on the borders of
Punjab and Haryana, the
Samyukta Kisan Morcha (Non-
political), which is spearhead-
ing the current round of agita-
tion demanding the legalising
of minimum support price,
announced fresh protests start-
ing from Saturday. The stir will
culminate in a meeting on
February 29, when further
plans will be announced.
On Saturday, the protesting
farmers will hold a candle
march in memory of those who
died allegedly in police action.
The protesters had not yet
decided whether to come back
to the negotiating table till the
time this report was filed.
Meanwhile, in a related
development, a PIL (public
interest litigation) petition was
filed in the Supreme Court with
the allegation that the rights of
the “peacefully protesting”
farmers had been violated by
the Centre and some states.
The petition said the Centre
and some states had given
“threats” and fortified Delhi’s
borders after several farmer
unions called protests seeking
a legal guarantee for MSP for
their crops and implementing
the Swaminathan committee’s
recommendations.
Farmers burn effigies during the ‘Black Day’ protest at the
Punjab-Haryana Shambhu border, in Patiala district, on Friday
The petition was filed by from Punjab, have been camp-
Agnostos Theos, managing ing since last week after their
director of the Sikh Chamber “Delhi Chalo” march was
of Commerce. Earlier, Haryana halted by security forces.
Chief Minister Manohar Lal A few protesters threw
Khattar, in his Budget speech, stones at the police when
announced waiving interest farmers from Kheri Chopta vil-
and the penalty on certain crop lage were stopped from going
loans. He said the state’s price to Khanauri. A clash between
deficiency payment scheme the police and the farmers
(Bhawantar Bharpai Yojana) ensued, forcing Haryana Police
now covered 21 fruits and vege- to fire tear gas shells.
tables. Elsewhere, the Haryana Some police persons and
Police said it was withdrawing farmers were injured in the
its earlier decision to invoke the clash, officials said, adding
National Security Act (NSA) some of them had been
against some farmer leaders detained. In Punjab, the
who were part of the agitation Samyukta Kisan Morcha (SKM)
even as protests continued on observed a “black day” and
the Khanauri side of the burnt effigies of BJP leaders in
Punjab-Haryana border. protest against the Haryana
Police used tear gas to dis- Police’s action against agitating
perse farmers heading towards farmers. The call was given by
Khanauri on the Punjab bor- the SKM on Thursday to
der, where farmers, mostly mourn the death of
from Punjab. Punjab Chief
Minister Bhagwant Mann
announced a compensation of
~1 crore and a government job
for Shubhkaran’s sister.
The Bharti Kisan Union
(Ekta Ugrahan), which is part
of the SKM, said it held dem-
onstrations at 47 places in 17
Punjab districts in protest
against Singh’s death.
In Delhi, central ministers
continued their effort to high-
light the steps being taken to
support the farmers by the
Centre while at the same time
appealing to them to come to
the negotiating table. The
Bhartiya Kisan Sangh (BKS),
affiliated to the Rashtriya
Swayamsevak Sangh, in its all
India conference being orga-
nised in Rajasthan on Saturday,
will take up the need for ensur-
ing remunerative prices.
Participants will discuss how
the government should handle
such protests. According to
PTI, a senior official said the
central government had allo-
cated nearly ~6,500 crore for
mechanisation in the farm sec-
tor since 2014-15 as part of
efforts to reduce input cost and
boost farmers’ income.
The Centre has also pro-
vided more than 1.5 million
machines and equipment to
farmers on subsidy.
approval from remainder of the Lenders.
PNBISL, on behalf of Lead Bank invites Expressions of Interest (“EOI”) from ARCs/ NBFCs/ FIs/
Banks/ any other permitted transferee under the Guidelines, to acquire the debt/ financial assets
arising out of such debt of Rohtak-Panipat Tollway Private Limited. The Lenders are proposing to
undertake a Swiss Challenge Bid Process (the “Bid Process”) on “All Cash” or/ and “Cash-
Security Receipts (“SR”) structure”. Transfer of outstanding debt/ financial assets arising out of
such debt shall be on “As is where is”, “As is what is” “As is how is”, “Whatever is there is” and
“without recourse basis” without any representation, warranty or indemnity by the Lenders,
based on existing offer in hand (“Anchor Bid”). Considering that the auction is under the 'Swiss
Challenge Method', on the Anchor Bid, the anchor bidder shall have specific preferential rights as
set out in the Bid Process Document and further have the right to match the highest bid in the
manner as elaborated in the Bid Process Document.
The format of EOI with Annexure A to D, brief summary of the Company and eligibility criteria are
available on the Transaction Advisor's website (www.pnbisl.com) under “Latest on PNBISL”.
Interested bidders should submit the EOI and Annexure A to D electronically vide email to
projectroot@pnbisl.com or physically at “PNB Investment Services Limited, PNB Pragati
Towers, 2nd Floor, C-9, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051”. The
deadline for submission of EOI and Annexure A to D is 29th February, 2024 by 5.00pm.
Upon submission of EOI (including the Annexures A to D thereto) along with supporting
documents, the shortlisted eligible bidders would be allowed access to the Bid Process
Document and virtual data room containing further information for commencing due diligence
in the account of Rohtak-Panipat Tollway Private Limited and making their irrevocable binding
bids. The timelines for the due diligence, eligibility criteria, terms of Anchor Bid etc., shall be as
provided in the Bid Process Document.
Any of the terms & conditions of the EOI may be amended or changed or the entire bidding
process may be terminated at any stage by Transaction Advisor on the instructions of Lenders.
Bid applicants must, at all times, keep themselves apprised of the latest updates (including the
process documents) in this regard as uploaded on the Transaction Advisor's website/ Virtual
Data Room or shared through email with shortlisted eligible bidders who have submitted the EOI
and Annexures A to D. PNBISL, Lead Bank or any other Lender shall not be held liable for any
failure on part of the shortlisted eligible bidders to keep themselves updated of such
modifications.
For any clarifications, please contact the following:
Contact Person Designation Telephone Number Email ID
Mr. G K Singh DGM,PNB +91-9325272828 gajendra.singh4@pnb.co.in
Mr. Atul Nawalkha AVP,PNBISL +91-9819096229
projectroot@pnbisl.com
Mr. Saurabh Tripathi MANAGER,PNBISL +91-8806213601
Note: Please note that Swiss Challenge Process envisaged in this advertisement shall be
subject to final approval of the Competent Authority of the Lenders PNB/ PNBISL (on
instructions of Lenders) reserves the right to cancel or modify the process and / or disqualify
any interested party without assigning any reason and without any liability. This is not an offer
document and nothing contained herein shall constitute a binding offer or a commitment to sell
any debt/ asset. Applicants should regularly visit the above website to keep themselves updated
regarding clarifications/ amendments/ time-extensions, if any. The Lenders reserve the right to
amend and/ or annul this invitation including any timelines or the process therein, at any time,
without giving or assigning any reasons or assuming any liability or costs. Any such amendment
shall be available on the Transaction Advisor's website (www.pnbisl.com)/ Virtual Data Room or
shared through email with shortlisted eligible bidders

ASAHI INDIAGLASS LIMITED

SHARE OF CROP INCOME STATUS CHECK For agriculture households CIN: L26102DL1984PLC019542
st
Registered Office: A-2/10, 1 Floor, WHS DDA Marble Market, Kirti Nagar,

DIPS FOR AGRI HOUSEHOLDS Avg monthly income

2013* 2019** (in ~)
Share in monthly income
2013 2019 (in %)
New Delhi – 110 015, Phone: (011) 49454900
Corporate Office: 3rd Floor, Tower-D, Global Business Park, Mehrauli-
Gurugram Road, Gurugram- 122 002 (Haryana)
Thousands of farmers are 2,071 Phone: (0124) 4062212-19, Fax: (0124) 4062244/88
Wages 32.2 40.3 Email: investorrelations@aisglass.com, Website: www.aisglass.com
protesting along the Punjab- 4,063
Haryana border over their 3,081 NOTICE OF POSTAL BALLOT AND REMOTE E-VOTING INFORMATION
demand for legalising the Crop cultivation 47.9 37.7 Notice is hereby given pursuant to the provisions of Section 108 & Section 110
3,798
minimum support price. The and other applicable provisions, if any, of the Companies Act, 2013 (including any
763 statutory modification or re-enactment thereof for the time being in force)
Source

Centre’s three-member Animal farming 11.9 15.4 (“the Act”), read with Rule 20 & Rule 22 of the Companies (Management and
panel had offered them a 1,582 Administration) Rules, 2014 (including any statutory modification(s) or
proposal of guaranteed 512
re-enactment thereof for the time being in force) (the “Rules”), read with MCA
th

purchase of five crops at MSP Non-farm business 8.0 6.4 General Circular Nos. 14/2020, 03/2022, 11/2022 and 09/2023 dated 8 April, 2020,
641 5th May, 2022, 28th December, 2022 and 25th September, 2023, respectively, issued
to break the imbroglio. by the Ministry of Corporate Affairs, Government of India (the “MCA Circulars”),
However, the farmers rejected it. Income from 0 NA NA Securities and Exchange Board of India (Listing Obligations and Disclosure
leased land 134 Requirements) Regulations, 2015 (the “Listing Regulations”), as amended,
Data shows how crop cultivation has Secretarial Standards – 2 on General Meeting (SS-2) issued by the Institute of
seen the slowest rise in an average monthly income of Company Secretaries of India (ICSI) and pursuant to other applicable laws and
Indebtedness
10,218
6,426

agriculture households between 2013 and 2019. The share
of crops has come down in the monthly incomes of
agriculture households while that of wages has gone up.
In the same period, indebtedness has remained almost
constant. SANJEEB MUKHERJEE
regulations, the Company has on Friday, 23rd February, 2024 completed the
Total circulation of Postal Ballot Notice along with Explanatory Statement through
52.0% 50.2% email to the Members whose e-mail IDs are registered in the Depositories, RTA
st
and Company’s records as on Wednesday, 21 February, 2024 (“Cut-off Date”), for
*Situation of Agricultural Households in India (Key Indicators) - NSS 70th seeking the consent of Members of the Company through remote e-voting as set
out in the Postal Ballot Notice. The Board of Directors of the Company have
Round (Jan-Dec 2013); **Situation Assessment of Agriculture Households
(NSS-77th Round)-Jan- Dec 2019; ***In percentages of total household appointed Mr. Sanjeev Pandey, Partner of SSPK & Co., Company Secretaries, to act
Source: MOSPI as the Scrutinizer for conducting the Postal Ballot only through the remote
e-voting process, in a fair and transparent manner.
The facility of casting the votes by the members using remote e-voting facility
will be provided by Central Depository Services (India) Limited ("CDSL").

Modi the ambassador of small farmers: PM
VIRENDRA SINGH RAWAT stituency of Varanasi. Modi
Lucknow, 23 February launched 35 development
projects totalling more
Prime Minister Narendra Modi than ~13,000 crore in his
on Friday pitched himself constituency.
as the ambassador of India’s He underlined his ‘Make in
small farmers and small entre- India’ theme, providing heft to
preneurs in order to protect the small and cottage indus-
their interests. tries, and micro, small
He was addressing a gath- and medium enter-
ering in his parliamentary con- prises (MSMEs).
“India cannot become
developed by importing all its
requirements,” he said, adding
that a developed India will be
built only when the smaller
constituents such as small
farmers, artisans are revived
and supported.
The PM also talked about
the recent hike by the Centre
of sugarcane’s fair and remu-
nerative price (FRP) to ~340
per quintal for the next sugar
season (October-September)
2024-25. “Earlier, farmers had
to beg for sugarcane payments.
However, under the current
BJP regime, not only are the
payments prompt, but the
government is making
them remunerative as well,”
said Modi.
The Postal Ballot Notice is also available on the website of the Company
www.aisglass.com and on the website of CDSL at www.evotingindia.com. The
aforesaid Notice is also available 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.
The Voting rights of Members shall be reckoned on the cut-off date i.e.
Wednesday, 21st February, 2024. Voting process only through e-voting shall
commence from 9:00 a.m. IST on Sunday, 25th February, 2024 and will remain
open up to 5:00 p.m. IST on Monday, 25th March, 2024. Voting by electronic
means shall not be allowed beyond the said date. Vote once casted cannot be
changed subsequently. Resolutions passed by the Members through this
Postal Ballot (through remote e-voting) shall be deemed to have been passed
as if it has been passed at a General Meeting of the Members.
Helpdesk for Individual Shareholders holding securities in demat mode for
any technical issues related to login through Depository i.e. CDSL and NSDL
Login type Helpdesk details
Individual Shareholders Members facing any technical issue in login
holding securities in can contact CDSL helpdesk by sending a request
Demat mode with CDSL at helpdesk.evoting@cdslindia.com or contact

ACCENT REGION toll free no. 1800 22 55 33

Individual Shareholders Members facing any technical issue in login
holding securities in can contact NSDL helpdesk by sending a request
Demat mode with NSDL at evoting@nsdl.co.in or call at toll free no.:

UTTAR PRADESH CHHATTISGARH 022 – 4886 7000 and 022 – 2499 7000
After completion of scrutiny of the votes, the Scrutinizer will submit their
Report to the Chairman of the Company. The results of the voting conducted

State to use CSR funds Aluminium through postal ballot (through the remote e-voting process) will be
announced by the Chairman / Company Secretary within 2 (Two) working
days from the conclusion of remote e-voting process i.e. on or before

park revival
th
Wednesday, 27 March, 2024. The said results along with the Scrutinizer’s
Report will also be displayed on the website of AIS (www.aisglass.com) and

for development plans plan on

communicated to the Stock Exchanges and CDSL. The proposed resolutions,
if approved, shall be deemed to have been passed on the last date specified
by the Company for receipt of vote.
In terms of the MCA Circulars, the Company has sent Postal Ballot Notice in
VIRENDRA SINGH RAWAT
Lucknow, 23 February
in Lucknow. The state has also acknowledged
the contribution of leading private sector
companies-Vedanta Group, HCL, NCL,
the cards electronic form only and hard copy of Postal Ballot Notice along with Postal
Ballot forms and pre-paid business envelope is not sent to the members for
this Postal Ballot. Accordingly, the communication of the assent or dissent of
the members would take place through the remote e-voting system only.
The state government will turn towards cor- Reliance Foundation, Shiv Nadar R KRISHNA DAS Therefore, those members who have not yet registered their e-mail address
porates to enlarge the state’s corporate social Foundation, ITC Limited and NTPC in a large Raipur, 23 February are requested to get their e-mail addresses registered by following the
responsibility (CSR) reserves for socioeco- scale through CSR funds. In 2022-24, UP col- procedure given below:
nomic development. lected around ~1,500 crore in its CSR cor- The Chhattisgarh government i. In light of the MCA Circulars, members who have not registered their
Uttar Pradesh is among the top five pus, which were used in projects per- led by the Bharatiya Janata Party e-mail address and in consequence could not receive the Postal ballot /
states who corner most of the CSR taining to women and child (BJP) has decided to revive an e-voting notice may temporarily get their email registered at Company’s
e-mail ID investorrelations@aisglass.com, on or before 5:00 p.m. IST on
funds from companies. Others on development, education, voca- aluminum park proposal origi- Monday, 18th March, 2024. Post successful registration of the e-mail address,
the list are Maharashtra, tional education, etc. nally mooted in 2021 to promote the members would get soft copy of the notice and the procedure for
Karnataka, Gujarat and Tamil In 2014-15, UP garnered only small-scale industries in Korba, remote e-voting along with the login ID and password for remote e-voting.
Nadu. Section 135 of the about ~148 crore that grew to about 250 kilometres from here. ii. It is clarified that for permanent registration of e-mail address, the
Companies Act, 2013 (Act) man- ~435 crore in 2017-18. In 2021-22, The Chhattisgarh govern- members are however requested to register their e-mail address, in
respect of electronic holdings with the Depository through the concerned
dates certain firms to allocate 2 per UP saw a CSR spending of ~1,321 ment had entered an agreement Depository Participants and in respect of physical holdings with the
cent of their average profits from crore that surged to around with Bharat Aluminium Company’s Registrar and Share Transfer Agent, Link Intime India Private
the preceding three financial years ~1,500 crore in 2022-23. Company Ltd (Balco), a subsidi- Limited.
towards CSR activities. UP’s Chief In 2022-24, UP “There is no better place ary of Vedanta Limited to supply For Asahi India Glass Limited
Sd/-
Secretary Durga Shankar Mishra collected around than UP for effective utlisation raw aluminum to small-scale Gopal Ganatra
said the state will organise a ‘UP ~1,500 crore in of CSR funds. The presence of industries at a subsidised rate. Executive Director
CSR Summit’ to script a new chap- its CSR corpus 83.9 million registered workers Balco, in which the Indian gov- Date: 23rd February, 2024 General Counsel & Company Secretary
ter in the process of collaborative offers a significant opportunity ernment has a 49 per cent stake, Place: Gurugram Membership No. F7090
socioeconomic development. for utilising the CSR kitty,” UP can produce 570,000 tonnes of
The state is counting on its large consumer Cabinet Minister Anil Rajbhar told CSR wing’s aluminium.
market and growing heft to impress the pri- national heads of leading companies at After taking over the control
vate sector to loosen their CSR purse strings. the conference. with a 51 per cent stake in 2001,
“The core idea of CSR lies in the ancient ideo- The cumulative CSR spent in India is esti- Vedanta Limited has planned to
logy of collectivism. During the pandemic, mated to be more than ~2 trillion. Even enhance the capacity to 1 million
we witnessed a demonstration of the coun- though UP has witnessed a sustained increase tonnes per annum. The state gov-
try’s collective strength,” Mishra said, in its CSR kitty, the amount collected is small ernment eyes to explore the
addressing CSR heads of prominent compared to its geographical size and opportunity and plans to set up
companies at a recent CSR conference population base. an aluminum park.

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>
NEW DELHI | SATURDAY, 24 FEBRUARY 2024

Odysseus makes first US lunar landing in over 50 years

PRESS TRUST OF INDIA
Washington, 23 February
A private American company has scripted
history by landing the first commercial
spacecraft on the Moon as well as the first
US vehicle on the Earth’s only natural sat-
ellite in more than 50 years, joining earlier
feats by India, Russia, the US and China.
Built by Intuitive Machines, the lander
— named Odysseus — touched down on
the Moon at around 6:23 pm ET on
Thursday, making it the first American
spacecraft on the Moon since the Apollo
17 mission in 1972.
“Today, for the first time in half a cen-
tury, America has returned to the Moon,”
Bill Nelson, National Aeronautics and
Space Administration (Nasa)
Administrator said after Intuitive
Machines, a Houston-based company,
landed its Odysseus robot near the lunar
south pole.
The lander carries a bounty of Nasa
scientific instruments, “and bearing the
dream of a new adventure in science,
innovation and American leadership in
space, well, all of that aced the landing of
the lifetime,” Nelson said.
“What we can confirm, without a
doubt, is our equipment is on the surface
of the Moon, and we are transmitting,”
Flight Director and Chief Technology
Officer Tim Crain announced amidst
cheers among his colleagues and others
across the country as there were some
tense moments before the landing
on the Moon.
As the spacecraft made its final des-
cent, mission controllers lost contact with
it, as was expected to occur, NBC News
reported.
“After troubleshooting communica-
tions, flight controllers have confirmed
Odysseus is upright and starting to send
data. Right now, we are working to down-
link the first images from the lunar sur-
face,” Intuitive Machines said, announc-
ing the historic feat.
“I know this was a nail-biter, but we
are on the surface, and we are transmit-
ting. Welcome to the Moon,” Intuitive
Machines Chief Executive Officer Stephen
Altemus said during the livestream.
The lander will have seven days before
darkness descends on the landing site,
preventing the spacecraft's solar panels
from gathering energy from sunlight and
WHY THE US TOOK SO LONG TO GET BACK ON THE MOON
Navigation It’s difficult to design spacecraft that can Unskilled
navigate its surface and recreate those
issue: situations on Earth for testing team:
Mission mode: Nasa had turned
attention away from the Moon
after the last Apollo mission in
1972. In 2017, former President
Donald Trump spurred Nasa to
launch Artemis initiative to
send humans back
Ispace issue: This Moon lander
suffered a software glitch and
misjudged the height of the
terrain below, causing it to run
out of fuel and crash
Odysseus spacecraft passes over the near side of the NASA HOPES TO LAND FUTURE ARTEMIS ASTRONAUTS IN THIS REGION
Moon following lunar orbit insertion PHOTO: REUTERS
bringing freezing temperatures, ABC became the first to land in the uncharted
News reported. south pole of the Earth’s only natural sat-
In August last year, India made history ellite and became the fourth country to
as its moon mission Chandrayaan-3 master the technology of soft-landing on
21st century engineers and
companies with little or no
moonshot experience
Fear of hardware failures: In
January, the Japan Aerospace
Exploration Agency landed its
Smart Lander within 55 metres,
its mission ended early as it
couldnotrechargeitssolarpanels
The South Pole: Originally, the
Intuitive Machines hoped to
land near the Moon’s equator.
But Nasa asked the company to
change its landing site to the
moon’s south pole region
the Moon, propelling it into an elite
group of nations.
“What a feat for IM, SpaceX and Nasa.
What a triumph for humanity. Odysseus
has taken the Moon,” Nelson said.
“Today, for the first time in the history
of humanity, a commercial company, an
American company, launched and led the
voyage up there. And today is a day that
shows the power and promise of Nasa's
Commercial partnerships,” Nelson said.
Intuitive Machines was one of several
companies approved by Nasa under
Commercial Lunar Payload Services
(CLPS) programme contracts to build pri-
vate lunar landers that the federal space
agency, among others, would use to send
instruments into space, the report said.
“Congratulations to everyone involved
in this great and daring quest at Intuitive
Machines, SpaceX and right here at Nasa.
What a triumph. Odysseus is taking the
Moon. This feat is a giant leap forward for
all of humanity,” Nelson said.
Intuitive Machines CEO Steve Altemus
said that the company’s employees’
names are engraved into the footer to
stamp their names permanently on the
lunar surface. “I had everyone's name
etched on the bottom of the landing gear
so that their names will be indelibly
printed on the moon when we touch
down softly," he told ABC News.

IN BRIEF SECOND ANNIVERSARY OF RUSSIA’S INVASION OF UKRAINE StanChart unveils

Chinese developer’s creditors
plantosueshareholderfordues US unleashes new curbs $1 billion buyback,
shares surge
A group of offshore creditors of China South City is set to file a

on Russia, its ‘helpers’

lawsuit against the debt-laden developer's biggest state-
owned shareholder for dues, four sources said, in what would
be the first such case in the crisis-hit property sector. China
South City earlier this month missed a principal payment of Bank raises full-year dividend by
$11.25 million on a dollar bond due on February 9, and is
deemed by creditors to be in default on offshore debts worth ASSOCIATED PRESS 50%, targets higher returns
$1.3 billion, two bondholder sources said. The group of creditors 23 February
is preparing to file the lawsuit in a Hong Kong court against HARRY WILSON & DENISE WEE

T
state-owned Shenzhen SEZ Construction and Development he Biden administration said on Friday 23 February
Group, which owns 29 per cent of the company. REUTERS it has imposed new trade restrictions
on 93 entities from Russia, China, Standard Chartered pledged to
Turkey, the United Arab Emirates, Kyrgyzstan, hand back more money to share-
Altman listed as major Reddit India and South Korea for supporting Russia’s
war effort in Ukraine.
holders as it outlined efforts to
improve returns and reduce com-
shareholder in IPO filing The action, one day before the second
anniversary of Russia's invasion of Ukraine,
plexity at the emerging markets-
focused lender.
OpenAI Chief Executive Officer Sam Altman is one of the biggest essentially bans U.S. shipments to the tar- Reporting fourth-quarter
shareholders in Reddit, according to the regulatory filing hailing geted entities, including 63 from Russia, 16 profits that beat analyst estimates,
the social media company’s plans for an initial from Turkey, eight from China and four from the London-headquartered bank
public offering. Entities affiliated with Altman hold the UAE. said it would kick off a fresh $1 bil-
8.7 per cent of Reddit’s outstanding shares, Our hearts are heavy that Russia senseless An apartment damaged by a Russian drone strike in Dnipro, Ukraine, lion buyback. The firm said a new
according to the S-1. That includes 789,456 Class A and bloodthirsty war of choice is ongoing and on Friday PHOTO: REUTERS “Fit for Growth” program will save
shares and 11.4 million Class B shares. Reddit’s we have to continue to show resolve and sup- about $1.5 billion in expenses over WE’RENOTHAPPYWITHTHE
largest shareholder is Advance Magazine port the Ukrainian people, Alan Estevez, a US the next three years, but also add SHAREPRICEATALL.THEMARKET
Publishers, part of the Newhouse family
publishing empire, with about a third of
Commerce Department under secretary who
oversees export policy, said in a statement.
Netanyahu seeks open-ended a similar amount to costs for
the permanent organisational
HASASENSETHATIT’SHARDTO
the voting power. BLOOMBERG The move, which brings the total number control over security in Gaza changes.
GETTHINGSDONEATSTANDARD
of those entity listed over Russia’s invasion of Chief Executive Officer Bill CHARTEREDANDTHISFITFOR
Ukraine to 900, is one element of the latest Israel seeks open-ended control Cabinet late Thursday for Winters, has been looking for ways GROWTHPROGRAMISGOINGTO
Stournaras sees first ECB cut round of sanctions by the United States, part-
ners and allies in response to Russia's ongoing
over security and civilian affairs
in the Gaza Strip, according to a
approval. Deep disagreements
over Gaza's future have led to
to bolster returns for investors and
galvanise the stock, which has
TACKLETHATHEADON
in June despite 2% target war in Ukraine, which began on February 24,
2022. The US also imposed sanctions on over
long-awaited postwar plan by
Prime Minister Benjamin
increasingly public friction
between Israel and the United
sunk more than 15 per cent in the
past year. “We’re not happy with
BILL WINTERS
CEO, Standard Chartered
The European Central Bank won’t have enough information to 500 targets over the war and the death of Netanyahu. It was swiftly States, its closest ally. The Biden the share price at all,” Winters said
decide on interest-rate cuts until June — even as inflation seems Russian opposition leader Alexei Navalny. rejected Friday by Palestinian administration seeks eventual on Bloomberg Television. The $1.06 billion in the three months
to be on track to reach the 2 per cent target this year, according to Earlier this week, the European Union leaders and runs counter to Palestinian governance in Gaza market has “a sense that it’s hard through December, beating an
Governing Council member Yannis Stournaras. Already moving approved a 13th package of Ukraine-related Washington's vision for the and the Israeli-occupied West to get things done at Standard estimate of $989.6 million. The
in April is an option only if data surprise, Stournaras said in an sanctions against Russia, banning nearly 200 war-ravaged enclave. Bank as a precursor to Palestin- Chartered and this Fit for Growth lender declared a final dividend of
interview in Ghent, Belgium, where he’s attending a meeting of entities and individuals accused of helping Prime Minister Benjamin ian statehood, an outcome program is going to tackle that 21 cents a share, raising the full-
European finance ministers. Policymakers will make absolutely Moscow procure weapons. Of the 93 entities Netanyahu presented the two- vehemently opposed by head on.” year payout by 50 per cent .Shares
sure they don’t act prematurely and jeopardise the progress listed on Friday, some were companies added page document to his security Netanyahu government. AP Standard Chartered’s adjusted jumped as much as 10 per cent in
they’ve achieved to date, he added. BLOOMBERG for diverting controlled microelectronics. pretax profit rose 63 per cent to London on Friday. BLOOMBERG

Pakistan to seek $6 billion

in new IMF loan programme Xi seeks to boost consumer goods sales to aid economy
Pakistan plans to seek a new loan of at least $6 billion from
the International Monetary Fund to help the incoming
government repay billions of dollars in debt due this year,
BLOOMBERG
23 February
according to a Pakistani official. The South Asian nation will
seek to negotiate an Extended Fund Facility with the IMF,
the official said, asking not to be identified as the
The Chinese government
seeks to boost the sales of
traditional consumer pro-
discussions are private. Talks with the Washington-based ducts including cars and
lender are expected to start in March or April, the person home appliances, state
said.Pakistan is trying to avert an economic crisis after a broadcaster CCTV reported,
contentious election. BLOOMBERG citing a meeting hosted by
President Xi Jinping.
“Accelerating product
renewal and replacement is
France makes urgent pitch to an important measure to
promote high-quality
unchain growth of EU markets development,” Xi said in
the central financial and
French Finance Minister Bruno Le Maire called for a small group economic meeting held on
of countries to kickstart near-dormant efforts to bolster European Friday, according to CCTV.
capital markets as the continent risks being mired in economic “We must encourage and
stagnation. “I’m fed up with discussions,” he said at the start of guide a new round of large-
a two-day meeting of EU finance chiefs in Ghent on Friday. “I’m scale equipment upgrades
fed up with empty statements. Do you really think that China and the replacement of old
and the US will be impressed with our statements?” BLOOMBERG consumer goods with
new ones.”
The Chinese leader also
called for efforts to reduce
the logistics costs of the
whole society. He called
logistics the “veins” of the
real economy connecting
production and consump-
tion as well as internal and
external trade.
Xi’s exhortations could
boost car sales in the world’s
second-largest economy,
ACCELERATINGPRODUCT
RENEWALANDREPLACEMENTIS
ANIMPORTANTMEASURETO
PROMOTEHIGH-QUALITY
DEVELOPMENT
XI JINPING
President of China
which is projected to drop
15.7 per cent in February
compared to the same
period last year due to dis-
ruption from the Lunar New
Year holiday and customers
delaying purchases in
anticipation of more price
cuts.
State Council vows measures to
attract foreign investment
China’s Premier Li Qiang led a environment for fair competition 300 extended its gains to a ninth
cabinet meeting urging to boost the confidence of foreign session on Friday after a painful
authorities to boost foreign inves- investors in the world’s second- run of losses, with the longest
tors’ confidence in the country largest economy. ever streak of monthly outflows
and study measures to attract The meeting cited inconven- from mainland equities appear-
more global capital, state broad- ience for visiting foreigners to ing set to come to an end in
caster CCTV pay in China as one February. Calls are growing for
reported
Friday.
on Council pledged
to continue
problem to be
addressed.
investors to consider picking up
undervalued Chinese stocks,
The State
Council said sta-
expanding market
access and optimising
Officials called for
measures to pro-
with market veterans such as
Mark Mobius growing more opti-
bilising foreign an environment for mote the parallel mistic due to valuations and
investment fair competition use of mobile, card improving return ratios.
should be an and cash pay- Separately, the Chinese gov-
important focus ments. The ernment is seeking to boost the
of this year’s economic work. It authority also vowed to defuse sales of cars, home appliances
pledged to continue expanding local debt risks in the meeting. and other consumer products,
market access and optimising an China’s benchmark index CSI state CCTV reported. BLOOMBERG

THE BS CROSSWORD #3511 BS SUDOKU #4213

ACROSS:
1 It gives a certain sharpness to
what one writes (3-3)
5 American material round a girl (8)
9 The very thing for a quick change
of focus (4,4)
10 Gain the impression a woman is
after a gun (6)
11 Cowboy feeder making Charles go
pale outside (5,5)
12 Food served in here at
suppertime (4)
13 Organs of communication (8)
16 You may be euphoric to shout it !
(6)
17 Extra skin moisture giving a
friend a turn (6)
19 Fed up with getting in the 4 Workers spread wood polish (4-3) 23Exhausted ? Fifty left and five Very hard:
knotted tie, and that's for sure (8) came in, man ! (5)
5 One may have them on what one «««««
21 Oceania pact group ? (4) wants (7) 24General's upsetting leer masks Solution on Monday
22 A film character who will not 6 Agitated e.g. run little Cyrus in a trace of enigma (1,1,3)
come clean ? (5,5) haste (7)
25 Ahem, that's a fringe activity (6) 7 Might he ope this if it's all out?
26 How one's stomach may feel with (2,3,4) SOLUTION #3510
liver not in order ? (2,6) 8 Stay in bed and scoff about
27 German nobleman to spoil splitting tip (3,2,4) SOLUTION TO #4212
resting place (8) 14 Man and painter depicting a
28 Those in this box may mix with princess (9)
the cream at Wimbledon (6) 15 Cry due to having symptoms of
DOWN: jaundice? (9) HOW TO PLAY
2 Religious bookman one up on the 18 Rap a dog and give it gout ! (7) Fill in the grid so that every
church (5) 19 Place you might see students kill row, every column and
3 Customary microbe thus rodents (7) every 3x3 box contains the
achieving ceremonial garb (5) 20 Head of flower, partly developed, digits 1 to 9
that catches insects (7)

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NEW DELHI | SATURDAY, 24 FEBRUARY 2024 OPINION 9

Putin has already lost from, even antipathy toward, Russia.

And yet, for all that, Mr Putin’s war has
failed. As Carl von Clausewitz famously
stressed, war is not ultimately about killing
people and destroying things: It’s a means
to achieve specific political ends. Those
who start wars expect to be in a better
strategic position once the gunfire stops.
But even if this war ends with Russia
retaining all the Ukrainian land it now
holds, Moscow’s position will be worse. No
RAJAN MENON matter what, Ukraine will go its own way.
For Mr Putin, more concerned by Ukraine
visitor to Ukraine will fail to be struck by
its many daily manifestations.
Everywhere you go, Ukrainians speak
Western languages, particularly English,
in seemingly ever greater numbers.
Ukraine tends to be depicted as an
uneasy amalgam of two national commu-
nities: one in the country’s western
regions, defined by Ukrainian ethnicity
and language, the other in its Russophone
east and south. If this was ever wholly
accurate, it is no longer. To take one exam-
Indeed, Mr Putin may go down in history
as one of its main, if unwitting, catalysts.
Given his conviction that Russians and
Ukrainians are really one people, such a
result is especially ironic.
His war has backfired not only in
Ukraine but also in Europe. The European
Union, jolted into action by the invasion,
summoned a common spirit in its support
for Ukraine. Previously somewhat divided
in its approach to Russia, the bloc has acted
in near unanimity — Prime Minister Viktor
Orban of Hungary being the only excep-
tion — to oppose Mr Putin’s act of aggres-
sion. Equally important, Ukraine’s journey
before the invasion and both have first-
rate armies. With their addition, Russia
will be even more hemmed in, not least in
the Baltic Sea and by the 830-mile land
border it shares with Finland.
What’s more, Russia’s attack jolted
non-US Nato countries into rethinking
their longstanding aversion to boosting
military expenditure. According to Nato
estimates, the combined annual military
spending of Canada and the European
members of the alliance increased to 8.3
per cent in 2023, from 2 per cent in 2022.
This year, 18 member states are reportedly
set to meet the goal of spending 2 per cent
of their gross domestic product on their
and building modern defence industries
by signing agreements for technology
transfers and joint production. Even a
non-Nato Ukraine will not quite be non-
aligned because of its substantial and
increasing defence ties with the West.
The pessimists may be right: If
American military assistance were to
cease, Ukraine would find it far harder,
perhaps even impossible, to reclaim more
of its land and may even lose additional
territory. Yet even a smaller Ukraine will
remain strategically important. When it
became independent in 1991 it ranked —
Russia aside — first in Europe in size and
fifth in population. Even a truncated

A
s the second anniversary of
Russia’s invasion of Ukraine
approaches, it has become a com-
monplace that time favours President
Vladimir Putin. With Ukraine running
low on weaponry and ammunition,
American military assistance in doubt
and Russia determined to fight on,
Ukrainian victory now seems out of reach.
Some influential experts go further, insist-
ing that Kyiv will suffer only more death
and destruction by persisting and should
seek a political settlement with Moscow
— even if it requires sacrificing territory.
than any other country that arose from the
wreckage of the Soviet Union, that alone
is tantamount to defeat.
If the fundamental purpose of Mr
Putin’s war was to keep Ukraine within
Russia’s orbit — politically, culturally and
economically — it has had the opposite
effect. Ukraine’s leaders and citizens, par-
ticularly those from younger generations,
have decided that their future lies with
the West, not Russia. The prevalence of
this mind-set became increasingly pal-
pable over the course of four trips I have
taken to Ukraine since the invasion; no
ple, any visitor to Ukraine’s eastern and
southern front lines will encounter soldiers
who speak to one another in Russian and
may not even know Ukrainian. But they
see themselves as citizens of Ukraine com-
mitted to preventing Russia from subor-
dinating their homeland — a cause for
which they are prepared to die.
More than any other event, Russia’s
full-scale invasion in 2022 has contrib-
uted to this sentiment. Ukrainian nation-
alism today, transcending region and lan-
guage, reflects a deep determination to
forge an identity defined by separation
toward EU membership, for years fiercely
opposed in Moscow, is now very much in
train, even if it won’t be a short ride. One
sign of progress: Along with Moldova,
Ukraine officially began negotiations to
join the bloc late last year.
Then there’s Nato. Russia’s invasion
was undeniably an attempt to forestall the
alliance’s eastern encroachment, which Mr
Putin has long regarded as a threat. In the
event, Russia’s assault on Ukraine impelled
two more countries, Finland and Sweden,
to seek Nato membership. Neither had
shown the slightest inclination to sign up
militaries — a sixfold increase in a decade.
Even in Germany, historically sensitive to
Russia’s security interests and an advocate
of engagement with Moscow, the mood
has shifted. Its defence minister now
warns that Russia has become a serious,
growing threat.
Ukraine, of course, is keen to join the
alliance: A nightmare scenario for the
Kremlin. But even if that desire remains
unfulfilled — as seems likely, at least in
the near term — Ukraine will continue
looking to Nato countries for help in train-
ing its soldiers, equipping its armed forces
Ukraine would be among Europe’s big-
gest countries, its heft added to by a bat-
tle-tested army of 500,000 that is already
far larger than that of any European Nato
country and that will only become
stronger and more modern.
Mr Putin sees Ukraine as a peerless
prize, even a Russian entitlement. But
the war he started to possess it has guar-
anteed that it will never be his.
The writer is the director of the grand strategy
programme at Defence Priorities.
©The New York Times News Service

ILLUSTRATION: BINAY SINHA

To-do list for Modi 3.0

A final view on who is OBC, agricultural reforms, and the Agniveers replace military recruitment in the
second, we can set the bar higher in the third.
abolition of anti-defection law and UPSC are among the 6. Now, let’s delve into some political reforms.
key goals PM should pursue if he wins a third term End the anti-defection law. After all the cor-
ruption and shenanigans we have seen, it is

F
or the question asked most these days
— “So who’s winning the general elec-
tion and by how much?”— let us, for
now, take Prime Minister Narendra Modi at
his word. We can then offer him a 10-point
rity reserves, it should buy in the open market
and compete with private trade. Trade should
be freed so the challenges of seasonal boom-
and-bust cycles, shortages and hoarding can
be met through exports and imports.
evident that the law is irrelevant and pro-
motes horse-trading rather than curbing it.
It should be up to the parties to keep their
coherence. At the same time, the whip system
must go and be restricted only to finance Bills

Byju’s spectacular meltdown
$200 million. That rights
issue was at an implied val-
uation of between $225 and
250 million.
This is a far cry from
Byju’s peak valuation of $22
billion in March 2022.
Byju’s has spent at least
$2.5 billion in an acqui-
sition and expansion spree,
VIEWPOINT and now it’s finding it dif-
ficult to pay salaries!
DEVANGSHU DATTA The marque investors
who had pumped in cash
lier, when Educomp, a
listed edtech company,
soared to heights before
going bankrupt.
What is unusual is the
industry that Byju’s (and
Educomp) occupied.
Education is not an indus-
try in the normal sense —
indeed schools and col-
leges are non-profits.
Edtech delivers education
using digital technology, so
while edtech is for profit, it
the popularity of private
tuition and the mushroom-
ing coaching centres.
Every Indian family,
regardless of religious affil-
iation, worships at the altar
of education. Every lower-
income family knows it is
the only honest way to
climb the ladder.
Byju’s exploited that
genuine need and that
insecurity to sell courses.
Parents scraped together
wish list of what he could — and, in our view,
should — do in his third term.
Not only does he think and repeatedly
assert that 2024 is a done deal, he is also act-
ing as if the coming election is a mere cam-
paigning interregnum between his second
and third terms, which he takes for granted.
This week’s Cabinet meeting, for example,
was unusually long. He announced an impor-
tant policy change, opening up the space sec-
tor to 100 per cent foreign direct investment.
He also asked his ministers to start preparing
the agenda for the first 100
days of his next term.
It is a good time, there-
fore, for us to list our wishes
for his third term. The first
3. Only a small percentage of Indian farmers
produce surpluses in procurable volumes. All
landowning farmers get PM Kisan now, then
trillions of rupees is spent on fertiliser, power
and water subsidies. All of these must go, and
be replaced by one, sizable farming support
in cash, even if the cost increases. Pricing for
all inputs should be determined by the market.
That will dismantle so many agencies, bring
efficiencies and, most importantly, save the
environment — especially water tables — from
ongoing destruction.
4. All of the other support
schemes to the poor should
go too and be replaced by one
Universal Basic Income.
These include MGNREGA,
and confidence motions.
7. Electoral reforms should follow, and some
of these will undo what was seen as reform in
the past. The ceiling on election expenses by
candidates while their parties can spend
unlimited amounts is nonsensical. As is the
Model Code of Conduct, since nobody cares
for it. The Prime Minister, for example,
announced a nationwide free foodgrain
scheme extension during the Chhattisgarh
state poll campaign. The other totally wasted
idea is to stop campaigning 48 hours before
polling. Everybody violates it and in any case,
digital and social media make it utterly out-
dated. Trying to enforce it is a case of too
much government, zero governance.
8. In the two terms so far, Mr Modi has gone

T
he latest shenanigan
at edtech giant
Byju’s is an extraor-
dinary general meeting
(EGM) where sundry share-
holders try to oust founder
chief executive officer Byju
Raveendran and his family.
That power struggle is
hardly the only issue with
the company.
Byju’s faces an
Enforcement Directorate
probe for alleged forex vio-
lations. It filed FY22 (year
ended March 2022) finan-
cials late, in November 2023,
reporting losses of ~8,245
crore on revenues of ~5,298
crore. This follows losses of
~4,558 crore on revenues of
~2,298 crore in FY21.
It faces litigation in the
US from lenders suing to
recover $1.2 billion, and its
US subsidiary has declared
bankruptcy. It has
reportedly sacked over half
its employees — at its
peak, it had 60,000. It has
problems paying those
who remain.
In January 2024, it
floated a rights issue to raise
earlier have pulled their rep-
resentatives from the board.
The auditor, Deloitte, has
also quit. There are allega-
tions the Raveendran family
sold large stakes, in off-mar-
ket deals, while the going
was good.
That’s quite a train
wreck — from being the
world’s most highly valued
edtech unicorn to losing 99
per cent of that value in less
than two years.
These things happen in
the tech and startup eco-
system, though they are
rarely as spectacular. But
Byju’s spent enormous
sums to build a brand —
including sponsoring the
Indian Premier League
and the football World
Cup. It’s no exaggeration to
say it’s a household name.
So the collapse is equally
high-profile.
The tech ecosystem has
had its share of scams and
scandals — think Satyam,
or Theranos — so that too
is not unusual. We’ve seen
a less spectacular version
of this sort of collapse ear-
services a non-profit sector.
Byju’s was, by far, the
largest and best funded
edtech in India, maybe the
world. The implosion will
bury edtech, so far as
investor funding is con-
cerned, for years, if not
permanently.
That is heartbreaking
and it has policy implica-
tions that go beyond the
negative externalities that
result when a large busi-
ness collapses. Byju’s posi-
tioned itself as the solution
to a huge, unmet need.
India has an under-edu-
cated population strug-
gling for access to better
education.
Conventional schools
and colleges lack the capac-
ity to fill that gap. Hence, the
desperate competition to
get into engineering and
medical courses. On aver-
age, most of India’s work-
force has 10 years of school-
ing or less. The average
school student has very
poor reading or numeracy
skills, according to
Pratham’s surveys. Hence,
the resources to sign up
their children. But
because Byju’s did not
deliver what it promised,
the users have lost years
of their lives learning lit-
tle, while parents have lost
hard-earned money and,
in many cases, they’re
struggling to repay loans.
Edtech offered hope
that under-educated youth
could leverage it to learn
skills they did not acquire
in classrooms. This is in
analogy to the way fintech
has pulled unbanked mil-
lions into the formal
financial system.
A valuation of any busi-
ness is based on projec-
tions of future earnings.
The collapse of Byju’s val-
uation and the impact on
edtech funding pulls down
the “valuation” of the
demographic dividend.
An under-educated pop-
ulation will earn less, which
means lower gross domestic
product growth through
coming decades. That cold
equation will translate into
misery for millions.
three emanate from ongoing
political issues right now.
l. A final view on Other
Backward Class (OBC) reser-
vations must be taken. One
option is for him to draw the
line and declare that the
status quo is final, and the
NATIONAL INTEREST
50 per cent limit won’t be SHEKHAR GUPTA
breached. For this, even his
party and allies have to stop tossing about
issues such as Marathas or Jats, or further
messing up Karnataka’s ridiculous algebraic
formula. On the contrary, he could hold a
nationwide caste census, determine who the
OBCs are and close the issue. If this means
taking reservations beyond 50 per cent, so be
it. Just put an end to the matter that keeps
holding our politics to ransom.
2. He tried serious agriculture reforms in his
second term but failed. In the third, he should
invest real political capital and time in build-
ing the environment for the reform India
needs most of all. Aligning the farm and
farmers with the market is far more challeng-
ing than P V Narasimha Rao’s junking of the
old industrial policy (licence-quota raj)
because farming has political power.
Remember, Rao brought about his reforms
with a minority government. Mr Modi should
now have the courage to end the MSP regime.
It was a reform 60 years ago, but is market
destructive, distortionary and anti-farmer now.
If the government needs grain for its food secu-
free grain under NFSA, the
cooking gas subsidy and so
on. A third-term majority
government can and should
do it. Remember the spirit of
minimum government/max-
imum governance.
5. You might scream if I say
abolish UPSC as it exists
today. It has become a
mechanical compete-by-rote government
recruitment system at the top. The competi-
tion is fair. But the system is gamed by dozens
of multiple-hundred crore — now some even
unicorn-strength — coaching academies.
Families from the middle, lower-middle
and what Modi calls the neo-middle classes
beg-steal-borrow to send their kids to sweaty,
slummy dormitories in big cities, slogging in
the face of near-impossible odds. Millions of
families are ruined or driven into debt as only
a couple of thousands — if that many — make
it. Fundamentally, it’s a giant transfer of beg-
borrowed wealth from lower-middle India to
the now increasingly private equity-addled
coaching business. This reform isn’t just about
family economics. It is about a deeply calcified
system of preparing by rote and killing inno-
vation. A new recruitment system must be
found, and ultimately a similar philosophy
should reform other competitions by rote,
including JEE and NEET. If Mr Modi could
abolish the Planning Commission and the
Railway Budget in his first term and have
back on three reforms: Land acquisition, agri-
culture reforms, and labour reforms. He erred
gravely in pushing them through without a
real debate, and the first two through the
ordinance route. The first is partly resolved
with the government offering a lot more and
making the sale of land lucrative, and by
exempting defence. The other two must
return to the agenda.
9. Theaterisation is an epochal military reform
and four decades delayed. It’s a pity that the
two Modi terms have failed to accomplish this.
The result is the kind of band aid/patchwork
change we just saw with the creation of a new
Army Corps facing the Chinese in the Middle
Sector. A third term, or 15 years in power with
majorities, leaves no excuses.
The 10th and the last item on our list is the
most challenging. For six and a half decades
now, India’s external security has struggled
with a two-front challenge. China uses
Pakistan as a cheap instrument to triangulate
India. Mr Modi has achieved much in India’s
foreign relations and strategic repositioning.
Can he now rid India of the two-front curse?
It will involve settling India’s disputes with
at least one of our two nuclear neighbours. It
will be tough and fraught with political risks.
But if Mr Modi wants to leave a real legacy,
breaking India’s strategic triangulation would
be the real gift. Temples, he can keep building
and rebuilding en passant.
By special arrangement with ThePrint

Are you not entertained by Bazball? Startup & family business governance
EYE CULTURE and moves forward with a no-fear-of-
failure mentality. Since then, Bazball has
ATANU BISWAS completely transformed Test cricket,
which hasn’t always been suitable for
Ashes series, several commentators
labelled their “Bazball at all costs”
generation, and exports, the
small and medium sectors are
a challenge to the management.
It is not the board’s role to design
were founded around 2005, and
have built an enterprise track
strategy “risky” at best and “reckless” at crucial. Several companies in or execute strategies and inno- record of almost two decades,
worst. But can we really evaluate Bazball India and overseas have been in vation, though individual direc- and the average age of these six

A
fter only 78 overs of batting,
England declared at 393/8 on the
opening day of the Edgbaston
Test of the 2023 Ashes series and ulti-
mately lost! Well, this wilful ignorance of
established facts surrounding Test
cricket doesn’t fully capture the essence
of the “Bazball” revolution. You’ll not
hear anybody on the English side
expressing regret. That’s where Bazball
today’s attention-challenged, time-
constrained audiences.
The T20 cricket revolution may have
had an influence on Bazball. Former
Australian cricketer Kerry O’Keefe,
however, linked it to Phillip Hughes’ on-
field death in 2014. McCullum, then
captain of New Zealand, declared at the
time that they would play carelessly and
without consequence because they’d
based on only a few results? It’s an
identity, a philosophy, and a mindset
that create this powerful brand, termed
a radically different approach or a nice
surprise strategy, where playing for a
draw is the gravest sin.
The Bazball approach’s applicability
to businesses and lifestyles is a hot topic
of debate. Specifically, people are
debating whether adopting the
the news for governance rea-
sons in recent times: Unlisted
startups (Byju’s and Paytm),
listed companies (Zee and
Religare), and foreign entities
Tesla and Toyota Motors. Stuart
BUSINESS & PURPOSE Kirk wrote a piece in the
Financial Times on January 27,
R GOPALAKRISHNAN 2024, wondering whether there
was any correlation between
tors may contribute through
experience and debate.
Private-equity (PE) com-
panies try to achieve the same
effect. Since several PE execu-
tives have no hands-on business
experience, the firms rely on
experienced leaders as advisors.
Why do some startup founders
behave as though the PE pro-
founders was 57 when they
began. Startups often manage
business for valuation. Family-
managed businesses and start-
ups have been combined in this
piece about governance, though
there are differences. For exam-
ple, families manage businesses
for legacy, with valuation as an
outcome. An example of this,

can truly be considered unique and,
arguably, inimitable.
Numerous lifestyle keywords have
been influenced by sport. “Moneyball”, a
recent example, shows how objective
analyses are used in decision-making.
The Collins dictionary now lists
“Bazball” as one of the top 10 significant
words of 2023.
By the start of summer 2022, England
had only won one of the previous 17 Test
matches. Then, Ben Stokes was named
Test captain, while Brendon McCullum
became head coach. Together, they
created the exciting revolution known as
“Bazball”. Suddenly, a ridiculed team’s
lacklustre play turned into the talking
point, with England winning 14 of the
next 19 Tests. Before England’s June 2022
series against New Zealand,
ESPNcricinfo’s UK editor Andrew Miller
used the term “Bazball”, “Baz” being the
nickname of McCullum. Interestingly,
McCullum, however, felt the usage was
rather “silly”.
Cricket and accelerationism collide in
Bazball, where it hardly matters if
someone wins or loses. One plays with a
positive, aggressive, and attractive
playstyle; embraces freedom and fun;
This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
play each day as if it were their last and to
hell with judgement.
Apparently, Bazball’s fundamental
principle is that no established narrative
or axiom can remain unchallenged. For
example, “nightwatchman” has been
redesignated “nighthawk,” with the
explicit goal of not squandering a single
ball. It suddenly makes so much sense.
English wicketkeeper Jonny
Bairstow provided perhaps the finest
description of Bazball when he
discussed the newfound “freedom” in
terms of both sport and physicality.
“Sometimes you look back over the last
couple of years,” he remarked.
“Everyone’s been through it with Covid,
some pretty dark moments. Isolation,
bubbles, being away from family ... But
hopefully we’re through the worst:
putting smiles back on faces and bums
on seats.” The apparent laughing-crying
emoji of Bazball may therefore indicate
an emotional response to an
unprecedented civilisational crisis.
The Indian team’s thumping victory
against England in Rajkot last week
drew criticism for England’s Bazball
rhetoric. Even earlier, after England’s
loss in the opening two Tests of the 2023
Statistical Institute, Kolkata
principles of Bazball can lead to
improved market penetration, faster
product innovation, and increased
competitiveness through the creation of
a supportive environment, acceptance
of change, and risk-taking.
Not easy, though. While encouraging
players to take risks, the fundamental
tenet of Bazball instils in them the
assurance that they won’t be dropped no
matter what. In business and lifestyle,
how is it feasible to have that type of
immunity? So, if combined with
objective analyses, would it then
become a better lifestyle mantra? Will
Bazball eventually undergo
Moneyballisation?
Bazball is a transformative idea. “We
want to create a legacy in Test cricket,”
stated Stokes. It’s possible he’s already
done that. In the post-pandemic world,
is Bazball the biggest push in society’s
mindset? Similar to Maximus in the film
Gladiator, it puts on a show for the crowd
and poses the question: “Are You Not
Entertained?” What’s more, Stokes’
squad is entertaining themselves as well.
The writer is professor of statistics, Indian
S
ome people hold a view
that ideas on neeyat and
governance are relevant
only for well-established and
listed companies. While the sub-
ject is relevant for them, govern-
ance is relevant also in startups
and family-managed busi-
nesses. A metaphor might help
to make the point succinctly —
just as values and ethics must be
addressed early on within fam-
ilies and schools, governance
and business neeyat must be
addressed early in startups and
family businesses.
Enterprise is essential for
national growth. Family busi-
nesses and small companies are
the backbone of enterprise;
sometimes I wonder whether
they themselves realise how
important they are. There are
about 63 million enterprises reg-
istered with the government. Of
these, a minuscule 20,000 have
capital of more than ~10 crore.
The media focuses on listed
companies and startups. In
terms of employment, income
better governance and com-
pany results. I responded by
emphasising the obvious about
the distinct and separate roles
of the management and boards.
The kinetic energy of a com-
pany rests with the manage-
ment, led by the chief executive
officer (CEO). The manage-
ment’s role is akin to the raw
energy generated by the firing of
fuel in the engine compartment
of an automobile — innovative
ideas pulsating with calorie-
loads of human energy. To be
effective, this energy needs
channelising to the wheels of the
automobile through the trans-
mission: This is the role of the
board. Boards and leadership
groups are essential in channel-
ising management ideas and
energy for effective delivery to
customer and community. A
pleasurable car must have both
a great engine and a matching
transmission system. So too, an
enterprise must have fine man-
agement with a great board. The
board collaborates, yet provides
viders should provide them
money and let the founder do
whatever he or she wants —
BharatPe, Zilingo, Housing.com?
Equally, the greed of some PE-
executives may pressure
founders to grow exponentially.
Sequoia is a respected and value-
based PE firm, yet it considered
ousting its former CEO Michael
Moritz from the board chair-
manship of a troubled fintech
startup, Klarna, which it itself
financed. Enterprise sans gov-
ernance is prone to crashing.
Public markets provide a test
of governance. Though imper-
fect, they are better than no test.
India is proud that it has pro-
duced about 110 startup
unicorns. Bravo. However, only
13 have faced the test of the pub-
lic markets, accounting for just
$1.5 billion out of a total of
$4,200 billion; of the 13, only six
are reported to generate positive
operating cash flows, which is
the most basic test of business
acumen and success. All of these
six positive-cash flow unicorns
Beit Binzagr in Saudi Arabia, in
a future column.
The innovative ideas in start-
ups and family businesses
would benefit by challenge and
debate. Such action does not
mean that the board is adver-
sarial to management. As stated
in my recent book (Inside the
Boardroom), behavioural
aberrations beyond the bound-
aries of business sanity and
neeyat must engage the atten-
tion of boards. If not, the ques-
tion will continue to remain,
what was the board doing?
In closing, a potentially con-
troversial view. Courts rely on
near-perfect proof and regu-
lators rely on substantive
evidence, but boards must rely
on and act upon early warning
signals. It is common that direc-
tors can hear the canary in the
coalmine first.
The writer is an author. His new book,
Embrace the Future: the soft science
of business transformation, is due in
February. rgopal@themindworks.me

Investor
NEW DELHI | offerings in derma segment, opportunities in cardio
SATURDAY, 24 FEBRUARY 2024
Nvidia’s stellar result
shifts focus to Indian
AI-linked stocks
Shares that have
gained include
Happiest Minds,
Tata Elxsi, Persistent
Systems, and LTTS
SAMIE MODAK
Mumbai, 23 February
A
rtificial intelligence (AI)
titan Nvidia’s bumper
results have put into focus
domestic companies offering AI-
linked services. Shares of Happiest
Minds Technologies, Tata Elxsi,
Persistent Systems and L&T
Technology Services (LLTS) posted
sharp gains on Friday in an other-
wise dull market.
Nasdaq-listed AI chip maker’s
fourth quarter sales and profitabil-
ity in the financial year beat Street’s
elevated expectations, posting mas-
sive growth.
In its commentary, Nvidia said,
“Strong demand was driven by
enterprise software and consumer
internet applications, as well as
multiple industry verticals, includ-
ing automotive, financial services
and health care.”
Nvidia chief executive Jensen
Huang said accelerated computing
and generative AI have hit the tip-
ping point.
Shares of Nvidia rose 16 per cent
after its result, adding $277 billion
in market cap to its $1.96 trillion,
making it the third-most valuable
company in the US, ahead of
Amazon. Most domestic stocks,
however, came off from their day’s
high as investors tried to cash in on
the positive sentiment.
After gaining 4.2 per cent,
Happiest Minds finished with a
gain of 3.2 per cent, LTTS ended 1.7
per cent higher, Persistent Systems
rose 0.7 per cent and Tata Elxsi
closed 0.3 per cent higher. All the
stocks outperformed the Nifty IT
index which fell 0.22 per cent.
Already, stocks in the AI space
have seen a tremendous run over
the past one year. According to a
recent report by Morgan Stanley,
AI-enablers gained $6 trillion of
market cap globally in 2023.
The study of 2,500 companies
across Asia and emerging markets
(EMs) showed that Indian com-
Jio Fin mcap
tops ~2 trillion
Mukesh Ambani-led Jio Financial Services has become
the latest entrant to the ~2-trillion market cap (mcap) club.
The company’s shares on Friday climbed 10.2 per cent to
close at ~334, valuing the unit spun off from Reliance
Industries (RIL) last year, at ~2.12 trillion.
Shares of Jio Fin are up 34.5 per cent so far this month.
The gains come amid troubles at digital payments major
Paytm following the
Reserve Bank of India
(RBI) action against
its payments bank’s
unit. Shares of One 97
Communications, Pay-
tm’s parent, are down
46 per cent this month.
Market players
expect Jio Financial,
which also operates a
payments bank and
voice box, and other
fintech players to bene-
fit as Paytm will strug-
gle to retain its
BIG GUNS
merchants and cus- Top 10 BFSI stocks in terms of
tomers. The extended market capitalisation
deadline provided by
RBI for usage of Paytm
(As on Feb ‘23)
HDFC Bank
Payments Bank ends on
ICICI Bank
March 15.
Jio Financial State Bank of India
Services was demerged
from RIL in July 2023
LIC
and got listed sep- Bajaj Finance
arately on August 21 last Kotak Mahindra Bank
year. During its initial
price discovery session Axis Bank
on July 20, the compa- Bajaj Finserv
ny’s stock was valued Jio Financial Services
at ~261.85 apiece,
implying a market cap Indian Railway Fin Corp
of ~1.66 trillion. Compiled by BS Research Bureau
Sources: Bloomberg, Capitaline
The company is ven-
turing into a variety of
businesses, including secured and unsecured lending, digital
equipment leasing, supply chain financing, and expanding
its reach in insurance broking. Jio fin is also in the process
of setting up an asset management company in a joint
venture with Blackrock. They have applied for a registration
with the market regulator.
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QUICK TAKE: GROWTH LEVERS FOR ERIS LIFESCIENCES “The speed of the tech rally has left investors
The Smart wondering whether to take profits. While we
(Share price in ~) The stock of Eris Lifesciences is down 7 per cent since its see merit in rebalancing portfolios, we believe
that retaining strategic exposure to
high this month. Prabhudas Lilladher has a ‘buy’ rating US largecap technology is important,
citing multiple growth levers such as broad-based and the rise in tech stocks could go
further still”
metabolic market with patent expirations, and benefits of
operating leverage, as revenue scales up from acquisitions MARK HAEFELE, Chief Investment Officer,
UBS Global Wealth Management
Sebi proposes easing investment
guidelines for passive funds
ABHISHEK KUMAR & KHUSHBOO TIWARI ing a nominee or opting out if the
Mumbai, 23 February
EASING THE WAY account is jointly held.
Sebi said that the risk of fraud
The Securities and Exchange Board n Index funds, ETFs may be allowed to or account remaining unclaimed is
of India (Sebi) has proposed to invest over 25% in group firms in order lower in such accounts as the "sur-
exclude equity-oriented passive to efficiently track the underlying index viving holder(s) in a jointly held
funds from the 25 per cent invest- folio takes precedence over nomi-
n Sebi may do away with the requirement
ment limit in group companies. nee during transmission of units.”
ON AN The regulator said the move will
allow exchange-traded funds
of having dedicated fund managers for
commodity and overseas investments
Sebi said it was working to ease
and reduce the cost of compliance
UPSWING (ETFs) and index funds to track the
underlying index without any unin-
n Joint accounts may be exempted
from compulsory opting in or
for participants in the financial
sector. This was nudged by
tended tracking error.
At present, all equity schemes,
opting out of nominations the announcements made by
finance minister Nirmala
be it active or passive, have to Sitharaman in the Budget.
comply with the 25 per cent limit consultation paper that looks to ment with respect to mandatory Earlier this month, the
while investing in group com- enhance the ease of doing business appointment of dedicated fund market regulator proposed man-
panies. for mutual funds (MFs). managers for commodity and over- dating registration of portfolio
The cap on group company The other proposal is to allow seas investments may be made management services (PMS)
investments can be a hindrance for fund houses to have a single fund optional,” the regulator stated in the distributors with the association of
sectoral passive offerings, where manager for commodity and over- paper, adding that the fund man- portfolio managers (APMI).
the index may have over 25 per cent seas investments. ager should have adequate expert- Another set of measures
to a single company. Sebi plans to At present, MFs are mandated ise in both the asset classes. towards ease of doing business has
ease the regulation only for widely- to have dedicated fund managers For investors, the regulator been proposed for alternative
AI enablers gained $6 trillion in mcap globally in 2023 tracked and non-bespoke indices. for commodities and overseas plans to do away with the man- investment funds (AIFs) and initial
n AI adopters n AI enablers (%) The proposal is part of a Sebi investments. “The current require- datory requirement of either declar- public offerings (IPO).
43 38 35 36
32
28 27
Select fund houses opt out of SADHNA BROADCAST CASE
23
10 11
transaction fees to distributors Sebi issues new
7 6 5
4 4
1
North Europe
America
Japan India China/ Taiwan South Australia
HK Korea
Source: Morgan Stanley Research
ABHISHEK KUMAR ment plan (SIP), provided the who indulge in ‘splitting of
showcause to
INDIAN PLAYERS
Mumbai, 23 February
Some fund houses are opting
investment amount is above transactions’ for higher trans-
~10,000. Fund houses make action fees.
the payment by The markets reg-
actor Arshad
(As on Feb 23)
Persistent Systems 8,652.25
Share
price (~)
Change (%)
1-day
1.09
YTD
74.50
to stop payment of transac-
tion charges to distributors
over operational issues and
deducting from
the investors’
investment
ulator said it had
identified several
instances when MF
Warsi, wife
customer dissatisfaction. amount, impact- distributors invested KHUSHBOO TIWARI
Tata Elxsi 7,812.00 0.32 20.50
The largest fund house ing the number of clients' money in Mumbai, 23 February
L&T Technology Services 5,440.85 1.67 46.78 SBI Mutual Fund (MF) units allotted to MFs through more
Happiest Minds Tech 848.30 3.16 -2.30 recently joined the likes of the investor. than one application The Securities and Exchange Board of India
DSP MF, PGIM India MF and According to SBI, DSP, PGIM when it could have (Sebi) has issued a fresh showcause notice to
Quantum MF to discontinue MF officials, while India are among been done in one go. actor Arshad Warsi (pictured), wife Maria
panies were among the top AI models are deployed,” Daniel Blake, the payment. only a small set of fund houses that For example, Goretti, brother Iqbal Warsi, and manager
adopters. equity strategist at Morgan Stanley, “The payment was discon- distributors opt to have stopped ~30,000 invested Aahuti Mistry in the pump and dump scheme
Association of Southeast Asian said in a note. tined keeping the operational avail the transac- paying the fee through three in the scrip of Sadhna Broadcast (SBL)
Nations (Asean) (40 per cent), India Morgan Stanley says the largest challenges and customer dis- tion fee, the applications of through YouTube Channels.
(36 per cent) and Japan (35 per cent) AI beneficiaries will be in IT com- satisfaction in mind,” said DP option opens the scope for ~10,000 each to earn ~450 as In the fresh notice, seen by Business
have the highest shares, while panies, communication services Singh, Deputy MD and Joint ‘splitting of transactions’ and a transaction charge. As a Standard, Sebi has named a total of 61 entities,
Europe, the West Asia and Africa and financial sectors. In contrast, CEO, SBI MF. customer dissatisfaction. result, the net investment including promoter
(EEMEA) (18 per cent), South Korea the real estate and materials sector MF regulations give MF In September 2022, the amount would come down group entities of SBL,
(23 per cent) and Australia (27 per lagged in AI adoption. distributors the option to Securities and Exchange to ~29,550. alleging wrongful gains
cent) were lagging in AI adoption, The Morgan Stanley survey also charge a transaction fee of Board of India (Sebi) asked Post the Sebi letter, Amfi of ~59.77 crore.
the US-based brokerage said in a revealed that AI enablers and ~100 to ~150 for every lump- the Association of Mutual gave Asset Management Through the show-
report. adopters have been the strongest sum investment or registra- Funds in India (Amfi) to iden- Companies (AMCs) the option cause notice, issued in
Interestingly, Taiwan (10 per performers in all regions. tion of a systematic invest- tify and block MF distributors to discontinue the payment. December 2023, the
cent) was low on the AI adoption However, companies in the Asia market regulator has
metric but its companies lead the (ex-Japan) pack have lagged their revised the amount of
global charts as AI enablers.
“AI-accelerated tech disruption
peers in Japan and America.
Screen run by the brokerage on
N IPO CORNERN unlawful gains made
by Warsi to ~41.7 lakh
will remain a central theme in 2024.
AI enablers gained $6 trillion of
AI enablers and adopters in Asia
and EM was dominated by Chinese, Juniper Hotels booked Day 2: GPT Healthcare from ~29.43 lakh in the interim order. The
amount of wrongful gains by his wife has been
market cap globally in 2023, but
looking ahead, we see potential dif-
Taiwanese and South Korean com-
panies. There was no Indian com-
2.07 times on final day subscribed 85% revised to ~50.35 lakh while that for his man-
ager Mistry are around ~57.83 lakh.
ferentiation among AI adopters as pany, though. The initial public offering (IPO) of Juniper Hotels was The initial share sale of GPT Healthcare The watchdog has submitted WhatsApp
subscribed 2.07 times on Friday, the concluding day of Ltd, which operates and manages mid- chats with Manish Mishra, who operated the
the issue. The institutional investor portion was sized multi-specialty hospitals under the YouTube channels, along with details of
subscribed 2.9 times, the high networth individual ILS Hospitals brand, received 85 per cent trades. “The initial amount of ~25 lakh each
Benchmarks portion by 85 per cent and the retail investor portion by
1.2 times. Market players said the lukewarm response
was on account of poor post-listing performance of
subscription on the second day of the
offer on Friday. The Initial Public Offering
(IPO) received 1,67,51,920 bids for shares
in the bank accounts of Arshad Warsi, Maria
Goretti, and Iqbal Warsi was deposited by
Manish Mishra. Thereafter, Manish used to
end choppy
stocks listed this month. The company's ~1,800-crore against 1,97,63,327 shares on offer, as per instruct Arshad Warsi (who was also acting
IPO was entirely a fresh issue and was priced between
~342 and ~360 per share. At the top-end of the price
band, Juniper is valued at around ~8,000 crore. The
NSE data. The category for Retail
Individual Investors (RIIs) got subscribed
1.24 times, while the quota for non-
on behalf of Maria and Iqbal) on trades to be
executed, including those in the scrip of SBL,”
notes the showcause.
session in red company plans to utilise the net proceeds of the
issue to repay its debts. Juniper is a luxury hotel
development and ownership company and operates
institutional investors received 79 per
cent subscription. The portion for
Qualified Institutional Buyers (QIBs)
Emailed queries sent to
remained unanswered. Messages sent to
Warsi did not elicit any response till the
Sebi
NIFTY 50 INTRADAY the Hyatt branded hotels. BS REPORTER received 19 per cent subscription. PTI time of going to press.
22,300
22,212.7
22,260 THE COMPASS
22,220
22,217.5
Feb 22,’24 Feb 23,’24
22,180 Analysts positive on Grasim’s prospects
DEVANGSHU DATTA respectively rising 3 per cent, 10 4.3 per cent Y-o-Y to 9.4 per cent. basis. Each location has a
Benchmark stock indices Sensex and Nifty per cent, and 47 per cent Y-o-Y. Adjusted profit was down 31 per capacity of 200 million litres per
edged lower in a volatile trade on Friday, Although Grasim’s Q3FY24 VSF sales volume rose 32 per cent Y-o-Y to ~1,390 crore during annum (mlpa) and one facility
reversing early gains due to selling in IT and results were not exceptional, cent Y-o-Y, while blended the period. also has a capacity of 30 mlpa of
select banking shares. The 30-share BSE analysts are interested in the realisation The solvent paints. The plan is to roll
Sensex slipped 15.44 points or 0.02 per cent to stock due to the imminent launch dropped 11 per management out the paints business gradually,
close at 73,142.80 points with 17 of its constit- of the paints division. Grasim’s cent Y-o-Y. Lower Base=100 commentary starting with North and a few
140
uents closing in Q3FY24 operating profit was costs led to mentioned that areas of South, and gradually
the red and 13 in Voda shares lower than estimates due to operating profit Grasim Inds Grasim doubled going nationwide.
the green.
The index up 7.8% on
higher losses (up ~47 crore
quarter-on-quarter or Q-o-Q to
growth of 6.4
times Y-o-Y (on a
its capacity of
120 specialty
The brand architecture of
“Birla Opus” paints is complete,
opened higher
but later slipped fundraising ~90 crore) in the new segments of
Birla Pivot and Paints.
low base) to ~400
crore. The
chemicals
(Epoxy) to 246
and the full range is to be
available by Q4FY24 end or
Mcap (~ trn)
10.79
into losses due to
profit-taking by proposal The operating profit for the
viscose staple fibre (VSF) and
operating profit
margin rose 9
100
KTPA from
123KTPA earlier.
Q1FY25. It would offer a full range
across the premium, midrange,
investors. The Shares of Vodafone Idea chemical segments was in line. percent Y-o-Y to This will meet the and mass markets and the dealer
7.45 Sensex
barometer oscil- (VIL) gained 7.8 per cent a The VSF segment posted an 10.8 per cent. The growing demand network is in place. The total
6.78 lated between a day after the telecom operating profit per kg of ~18.7, operating 80 in value-added capex is around ~6,000 crore.
high of 73,413.93 operator announced that while the chemical segment profit/kg was at Jan 31,‘23 Feb 23,’24 products. Epoxy Birla Pivot, the B2B
6.75 and a low of 73,022 its board is considering a had an operating profit margin of ~19, lower than Source: Exchange margins are also E-commerce division, has a
4.14 during the day. fundraising proposal. 13.2 per cent. A lower tax rate ~21/kg in Q2FY24. Compiled by BS Research Bureau better than monthly revenue run-rate of
3.43 The broader Shares of VIL ended resulted in 47 per cent year-on- The chemical caustic soda. ~120 crore in December 2023.
Nifty closed lower at ~17.55, up ~1.27, or year or Y-o-Y growth in adjusted segment’s volumes rose 5 per International Caustic Soda The private label ‘Birla pivot tiles’
3.39 by 4.75 points or 7.8 per cent over its profit to ~240 crore. cent Y-o-Y, but realisation was spot prices increased 6 per cent are gaining good responses.
2.58 0.02 per cent at previous close. Management guidance was down 27 per cent Y-o-Y. Operating Q-o-Q to $444 per tonne in The rights issue has been
2.12 22,212.70 points as VIL’s board will meet that the VSF margin is stable. profit declined 23 per cent Y-o-Y Q3FY24 but this is lower than successful, raising ~4,000 crore
gains in FMCG, on Tuesday to approve Even though caustic soda price is to ~200 crore. The margin $488 per tonne in October 2023. with an oversubscription of
2.00 pharma and fundraising. BS REPORTER down, global prices are likely to reduced 5.7 per cent Y-o-Y to 13.2 Caustic prices may have nearly two times.
financial shares bottom soon. The losses in the per cent. bottomed out but there is still Valuation is a complex
were offset by losses in IT and private bank paints and business-to-business In 9MFY24, revenue declined oversupply. VSF margins were exercise, since holdings in
shares. The 50-share barometer scaled a record were higher due to a rise in 6 per cent Y-o-Y, while operating hurt by cheap imports from subsidiary companies have to be
high of 22,297.50 in intraday trade. employee strength. profit dropped 35 per cent Y-o-Y China. Viscose filament yarn assessed and the new paint
“Nifty opened higher but failed to sustain Grasim’s standalone revenue, to ~1,790 crore with the chemical (VFY) sales witnessed lower division is not yet fully
the morning momentum, leading to a closing operating profit, and adjusted net segment’s operating profit down demand in Q3FY24. operational. But most analysts
at the day’s low due to profit booking,” profit stood at ~6,400 crore, ~520 55 per cent. The production of paints has seemed to be positive and the
Rupak De, Senior Technical Analyst, crore, and ~240 crore, The operating margin dipped started at three plants on a trial consensus is mostly ‘buy’.
KHUSHBOO TIWARI LKP Securities, said. PTI
 >
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 THE SMART INVESTOR 11

Domestic biz, US launches PSU FUNDS

Optimal time to book profits

to drive gains for Zydus High valuations, limited earnings upgrade prospects warrant caution
SANJAY KUMAR SINGH & KARTHIK JEROME
Q3 results better than estimates on the back of higher gross margins RETURNS UPSURGE OVER PAST YEAR
Public Sector Undertaking
RAM PRASAD SAHU (PSU) funds have run up by Returns (%)
Fund AUM (~ crore) 1-year 3-year 5-year 10-year
Mumbai, 23 Feburary 93.6 per cent on average over the
past year. Experts say investors need CPSE ETF 33,635 110.2 53.6 27.8 NA

T
he stock of pharma major Zydus to tread with caution after this ABSL PSU Equity 2,679 103.6 45.4 NA NA
Lifesciences hit lifetime highs this humongous run-up.
week and has gained 40 per cent ICICI Pru PSU Equity 2,136 93 NA NA NA
over the last three months. More than half Improved fundamentals SBI PSU 1,432 100.4 42.1 27.2 16.6
the gains for the stock came in the last In the past three years, business
Invesco India PSU Equity 775 93.7 40.2 31 22.8
one month. cycles improved in many of the
Returns are of direct plans Source: Navigation RA
The company’s December quarter sectors where PSUs have a presence.
results earlier this month were better “As market leaders or dominant
than Street estimates on the back of entities in them, PSUs benefited earnings of sectors such as railways, points out that project execution and
higher gross margins and a strong show- directly from the improvements in defence, banking, and power. He payment cycles are common pain
ing in the domestic formulations seg- the fundamentals of those sectors,” emphasises that valuations are still points within the PSU universe.
ment. This, coupled with a strong US says Anand Sharma, fund manager, cheap in sectors such as banks and According to Kapur, many PSUs
pipeline and investments in multiple ICICI Prudential Asset Management oil and gas, compared to past levels. cannot be regarded as high-quality
medium-term opportunities, has kept Company (AMC). Sharma is optimistic about the companies. “They are characterised
investor sentiment positive for the stock. Financials, too, have taken a turn power sector’s prospects. by low return on invested capital
Consolidated revenues for the for the better. “Return on equity “Cycles tend to last for a few years (ROIC),” he says.
company were up by 6 per cent and was (RoE) of PSUs had dipped from 14-15 in the power sector since fresh One motivation for investing in
led by India, emerging markets and per cent in 2013-14 to 4-6 per cent, capacity addition takes time. With select PSU stocks is the prospect of
Europe. The major push to revenues primarily due to the drag from PSU power demand likely to be high dividend payouts.
came from the India business which rose expenses were offset partially by higher
16 per cent year-on-year (Y-o-Y) led by an employee costs.
ZYDUS VS SENSEX banks. The overall RoE has improved
to 12-13 per cent with profitability
reasonably strong over the next
few years, we may see some
“After the recent price surge,
however, dividend yields have also
innovation portfolio, higher volumes Post the results, brokerages have a Zydus Lifesciences Sensex recovering. Most PSUs have amount of peak power declined,” says Kapur.
160
and chronic share of the portfolio. The mixed view on the stock. 144.26 also seen large upgrades in deficit in the near to According to him, government
domestic consumer wellness franchise JM Financial Research, has a ‘buy’ earnings per share,” says medium term,” he says. control over these companies means
140
declined 3.5 per cent Y-o-Y due to rating as analysts led by Amey Chalke Mahesh Patil, chief According to Ankur decisions can, at times, be
subdued demand as the rural segment is believe that US launches, domestic investment officer, Aditya Kapur, investment advisor, influenced by considerations other
yet to pick up. market outperformance, and high- 120 Birla Sun Life AMC. Plutus Capital, “If project than purely business-focused.
Sales in the US disappointed, falling 4 margin sustenance places the company Accelerated capital approvals and fresh orders Bala does not see any
per cent Y-o-Y to $221 million, and were on a sustainable growth path ahead. 100 expenditure by the keep coming in, fundamental factors that could drive
lower than the $226 Prabhudas Lilladher
BASE = 100
108.39 government, according YOUR infrastructure and defence this rally forward. “If at all the PSU
million achieved in second
quarter of financial year Concerns persist
Research has increased its
earnings per share (EPS) of Dec 1,’23 Feb 23,’24
80 to him, has bolstered
this theme.
MONEY could perform.” theme performs, it will be due to the
continuing momentum within the
2023-24 (Q2FY24). The about the firm’s the company by 12 per cent Strong and stable Beware valuation market,” she says.
Source: Bloomberg
decline was on account of consumer for FY25 and FY26. Param dividend yields have also and other risks In a diverse theme like PSU, where
inventory restocking in wellness business Desai and Kushal Shah of positively impacted sentiment. Political instability, resulting in some sectors (financials, logistics,
the quarter and had in the domestic the brokerage believe that cent each to factor in the delay in In every rally, as valuations turn policy changes, could create power, and railways) are domestic-
negligible sales of the market due the company’s steady competition and India recovery, expensive, investor focus shifts to uncertainty for PSUs. Divergence oriented and others (oil and gas and
generic version of cancer to slow rural domestic franchise, strong they are cautious as they await consistent less expensive options. from the intended capex deployment metals) are influenced by global
drug, Revlimid. The base demand balance sheet, and India performance and early “This pattern was observed in programme could also pose a risk. factors as well, investors would be
business in the US, potential new launches in competition for Asacol. The brokerage PSU stocks, where many stocks were Experts say valuations for select better off trying to take a narrower
however, was steady as the US will help negate has a ‘reduce’ rating, given limited cost undervalued. Consequently, stocks sectors seem stretched while the (sector or stock-specific) view.
volume expansion and new product pricing pressure and likely competition levers and the fact that earnings are particularly in defence, power, and scope for earnings upgrades, already
launches improved profitability. Active in some key products like the generic unlikely to surprise. railways, performed well,” says Vidya at record highs, appears limited. Book profits
pharmaceutical ingredient sales too, saw version of ulcerative colitis drug Asacol. Nirmal Bang Research also remains Bala, co-founder, PrimeInvestor. Profit booking by investors could Kapur warns that entering PSU
a decline of 24 per cent Y-o-Y while Further, the company is also working on cautious on Zydus. This is on the back of also limit these stocks’ prospects. funds at the current elevated
emerging markets growth grew by a a robust pipeline of complex products its substantial investment in biosimilars, Will the rally continue? In many parts of the PSU space, valuations could lead to moderate or
healthy 30 per cent as most key markets including injectables, transdermals, new complex generics, vaccines, and While near-term performance is the expected wealth creation has not negative returns. Bala suggests
posted strong sales. Gross margins were chemical entities, biosimilars, and specialty businesses in the US, where difficult to predict after a huge run- materialised in the past. “Many investors book profits in these funds
up 80 basis points and were aided by a vaccines which are expected to financial visibility is low. Additionally, up, fund managers believe the PSU poorly performing banks were while they can. As for new investors,
better product mix while operating profit materialise over the next three years. concerns persist about the consumer theme’s prospects remain sound merged with the ones that were she says, the optimal time to invest is
margins were higher by 40 basis points as While Nuvama Research has also wellness business in the domestic over the medium to long term. Patil doing well leading to a drag on the when valuations are significantly
lower raw material costs and other raised its FY24 and FY25 EPS by 14 per market due to slow rural demand. points to visibility in revenue and latter’s performance,” says Bala. She depressed, a phase that is behind us.


 
  
    
    
     
    

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This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 12 STOCKS
>
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1
IN THE
> STOCK
> Usha Martin > SBI Life Insurance Co > Aditya Birla Capital

NEWS Top gainer

among BSE500
Hits new all-time
high at ~1,536
Volume jumps 63x
over 2-wk average OF THE DAY
companies on BSE on BSE Thermax
~303.4 PREVIOUS CLOSE ~1,511.8 PREVIOUS CLOSE ~184.4 PREVIOUS CLOSE Hits new all-time high at
~333.6 CLOSE ~1,528.1 CLOSE ~187.2 CLOSE ~3,772 Surged 43 per cent
p 10.0% UP p 1.1% UP p 1.5% UP in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
23 Feb ’24 Chg (%) Con Std 23 Feb ’24 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 3273.3 0.3 1.0 106.2 148.8 ITC 411.4 -0.7 5.1 26.8 25.1 price price (%) price price (%)
Adani Ports 1320.7 0.7 1.0 39.5 218.2 JSW Steel 821.0 -0.9 1.1 18.0 20.3 Jio Financial 347.0 333.9 10.2 347.0 347.0 IREDA 159.4 159.4 -5.0 50.0 50.0
MOST BULLISH MOST BEARISH
Apollo Hosp 6774.1 0.1 0.7 118.9 97.5 Kotak Mah Bank 1724.0 0.0 2.5 19.6 26.1 Indiabulls Hous 208.9 207.0 9.6 209.6 209.6 YES Bank 26.1 26.2 -3.4 19.2 14.1
Asian Paints 2986.0 -1.0 1.3 52.7 53.6 Bandhan Bank 209.0 208.3 0.4 Berge Paint 556.8 571.9 -2.6 RailTel Corp 413.1 408.6 7.5 459.3 459.3 Olectra Greente 2020.0 2033.5 -3.3 1178.0 425.6
L&T 3388.0 0.7 4.6 36.8 48.3
Axis Bank 1096.8 -0.4 3.1 31.3 28.2 Colgate 2554.5 2546.4 0.3 Bajaj Auto 8335.2 8437.0 -1.2 Indus Towers 245.4 241.1 7.1 245.4 245.4 HFCL 111.2 112.2 -2.6 66.0 55.8
LTIMind 5542.7 1.0 0.5 35.7 36.6
Zee Enter 174.0 173.5 0.3 Ashok Leyland 172.7 174.0 -0.7 Astral 2095.0 2075.3 5.6 2095.0 2095.0 Bank of Baroda 265.5 268.9 -2.5 192.7 153.6
Bajaj Auto 8437.0 -0.7 1.1 32.3 34.3 Mah & Mah 1930.0 1.0 1.9 23.3 23.5 HDFC Bank 1425.1 1420.6 0.3 Bata India 1419.9 1426.5 -0.5 Bharat Elctn 207.0 205.5 5.4 207.0 207.0 NHPC 91.1 91.8 -2.4 53.6 37.8
Bajaj Fin 6697.9 0.3 1.9 36.0 34.3 Maruti Suzuki 11535.6 -1.0 1.5 44.2 30.3 Page Inds 36215.0 36101.0 0.3 PNB 127.4 128.0 -0.4 PAYTM 407.6 407.6 5.0 922.8 998.3 IOC 175.1 175.6 -2.3 103.1 75.8
Bajaj Finsrv 1616.6 1.5 1.0 33.1 220.1 Nestle India 2579.0 0.6 0.9 - 82.9
Bharti Airtel 1125.8 -0.9 2.8 75.4 140.2 Godrej Prpty 2483.4 2470.4 3.5 2483.4 2483.4 HPCL 522.2 527.4 -2.2 315.0 211.7
NTPC 337.8 -0.5 1.6 19.4 18.0 BSE NSE Zee Enter 177.0 173.3 3.1 299.5 299.5 SJVN 117.5 119.0 -2.1 80.2 30.4
BPCL
Britannia
618.0
4936.4
-1.3 0.6 62.9 4.6
-0.4 0.6 55.0 56.4
ONGC 272.2 -0.9 1.4 9.7 11.6 Index Stock Index Stock PUT-CALL RATIO IRCTC 970.0 964.7 3.1 1049.8 1049.8 Max Fin Sre 921.4 929.9 -2.1 855.1 599.3
Power Grid 282.0 -0.2 1.3 17.0 16.9 Cochin Ship 863.7 858.9 2.7 944.7 944.7 NBCC 142.3 143.4 -1.9 63.8 31.0
Cipla 1466.4 0.9 0.8 31.9 34.9
Reliance Ind 2987.3 0.8 10.2 28.9 45.2 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 443.9 -0.3 1.0 9.3 17.6 Contracts - - 416561 1612709 Indian Hotel 602.8 594.1 2.6 602.8 602.8 Coromndl Int 1078.0 1081.5 -1.8 1035.0 842.0
SBI 759.1 -0.9 2.9 10.6 11.9 Market 2855.0 5035.6 0.6 Delta Corp 147.1 146.6 2.6 159.8 260.0 Bank of India 136.4 136.8 -1.7 102.9 66.1
Divis Lab 3648.1 0.1 0.5 53.1 71.0 Open Int.(000) - - 18818 8825257
SBI Life Ins 1529.2 1.3 0.7 - 82.3 Mazagon Dock 2138.0 2109.7 2.4 2490.0 2490.0 Nat Alum 158.4 159.0 -1.7 91.0 75.7
Dr Reddys 6442.2 1.2 0.8 20.6 27.0 Shares(In Mn) - - 12.7 6355.7 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1561.3 0.2 1.7 42.1 386.3 Bandhan Bank 209.4 208.4 2.4 263.2 272.0 Trent 3870.0 3886.3 -1.7 2640.0 1272.4
Eicher Motor 3927.1 -0.6 0.5 28.0 30.6 Value(~ crore) - - 36095 142350
Tata Consumer P 1160.3 0.1 0.7 92.0 101.9 Cadila Healt 1.3 Shree Cement 0.2
Grasim Ind 2194.4 -0.3 0.8 21.2 97.6 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 937.4 0.5 1.7 16.1 36.8 MRF 1.2 Britannia 0.3
HCL Techno 1665.8 -1.2 1.8 28.8 38.5 Contracts - - 149330914 6687285
Tata Steel 145.5 -0.3 1.2 - 41.1 ABB India 1.1 Chambal Fert 0.3
HDFC Bank
HDFC Std Life
1420.6
580.7
0.1 10.7 23.5 19.1
1.1 0.6 91.3 82.4 TCS 4052.1 -0.9 4.0 32.7 34.9
Open Int.(000)
Shares(In Mn)
-
-
-
-
444880
4838.8
7445756
14015.6
Mah & Mah 1.1 Balkrishna I 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1322.3 -0.4 0.8 45.9 56.7 Alkem Labs 1.0 Ramco Cements 0.3
Hero MotoCorp 4519.3 0.5 0.6 32.1 23.7 Value(~ crore) - - 12408335 603877 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 518.4 -0.5 0.8 11.5 37.4 Titan Company 3692.0 1.1 1.5 100.9 93.9 BSE+NSE BSE+NSE
UltraTech 10000.9 0.4 1.1 45.0 46.1 1 Reliance Ind 2020471.8 BS200 Bhatia Communic 43.3
HUL 2394.1 0.3 2.1 55.6 54.8 (~ crore) (Mn shrs)
ICICI Bank 1061.3 -0.1 7.4 21.9 19.0 UPL 488.7 -0.7 0.2 - 34.7 ACTIVE CALLS ACTIVE PUTS Jio Financial 9734.0 294.4
2
3
TCS
HDFC Bank
1466036.0
1079287.2 UP 7 DAYS Jubilant Ind 41.3
IndusInd Bank 1480.3 -0.6 1.0 - 13.3 Wipro 536.2 1.0 0.8 24.8 31.3 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Mah & Mah 16.4 DOWN 7 DAYS
Vodafone Idea 3543.6 2002.4 4 ICICI Bank 744776.7
Infosys 1676.9 -0.3 6.0 28.5 28.2 Nifty 50 22212.7 0.0 100.0 25.4 30.0 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Reliance Ind 2348.4 7.9 5 Infosys 696045.6 UP 3 DAYS PLANTER POLYSAC -30.1
Index Index 6 SBI 677734.1 Jio Financial 18.6 Unifinz Capital -29.8
INDEX PE SHRS TRDS 1 YR HDFC Bank 2283.2 16.0
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty Midcap
29/02/24
26/02/24
22300
11100
98.3
76.5
5.5 110.9
2.0 164.0
Nifty
Nifty
29/02/24
29/02/24
22200 112.9
22250 73.4
4.0 60.5
1.6 155.9
Indus Towers 1916.4 80.3
7
8
LIC India
Bharti Airtel
674656.1
634196.9
Indian Hotel
Godrej Prpty
8.3
7.4
TechIndia Nirma
Anna Infra
-13.2
-13.2
Asian Paints 2984.8 -1.1 1.6 52.7 53.6 Maruti Suzuki 11539.2 -1.2 1.8 44.2 30.3 SENSEX 26.1/30.6 11.9 399 13 17 22.7 Bharat Elctn 1665.9 82.3
NIFTY 50 25.4/30.0 226.0 5964 24 26 26.8 Nifty 29/02/24 22200 76.1 3.8 15.7 Nifty 29/02/24 22300 69.7 2.0 168.0 9 HUL 562576.5 Varun Bever 5.4 Indl Inv Trs -13.2
Axis Bank 1097.5 -0.3 3.6 31.3 28.2 Nestle India 2580.8 0.7 1.1 - 83.0 Nifty 29/02/24 22250 72.1 2.5 131.0 Nifty Bank 29/02/24 47000 69.5 2.1 38.7 ICICI Bank 1469.0 13.8 10 ITC 513639.8 DLF 4.2
C = CONSOLIDATED; S = STANDALONE Star Delta Tran -13.2
Bajaj Fin 6698.3 0.4 2.2 36.0 34.3 NTPC 337.7 -0.5 1.9 19.4 18.0 Nifty Bank 29/02/24 47000 67.4 3.3 39.3 Nifty 29/02/24 22000 66.8 7.5 14.2 SBI 1165.6 15.3 11 L&T 465978.9 Jindal Steel 3.4 Bombay Wire Rop -13.2
Bajaj Finsrv 1616.6 1.4 1.2 33.1 220.1 Power Grid 282.2 -0.1 1.5 17.0 16.9 CASH DERIVATIVES Stock Stock Indiabulls Hous 1115.7 55.7 12 HCL Techno 452012.7
TURNOVER BSE NSE BSE NSE
JK Cement 3.2 UP 3 DAYS
Bharti Airtel 1126.7 -0.8 3.3 75.5 140.4 Reliance Ind 2986.4 0.8 11.9 28.9 45.2 Vodafone Idea 29/02/24 18 1166.2 95.9 -20.3 Vodafone Idea 29/02/24 17 252.4 38.2 137.3 13 Bajaj Fin 413954.9
TCS 1107.0 2.7 DOWN
HCL Techno 1665.7 -1.2 2.1 28.8 38.5 Vodafone Idea 29/02/24 19 996.6 109.0 68.9 Vodafone Idea 29/02/24 16 224.8 53.3 -2.9 Tarmat 72.7
SBI 759.4 -0.9 3.4 10.6 11.9 VALUE(IN ~ CRORE) 8803 104599 -13190657 YES Bank 1106.0 414.5 14 Sun Pharma 374566.7 IOC -7.1
HDFC Bank 1420.9 0.1 12.5 23.5 19.2 Vodafone Idea 29/02/24 20 679.3 98.9 34.1 Vodafone Idea 29/02/24 18 160.6 34.1 313.6 15 Adani Enter 372341.1 Khaitan Ind 45.0
Sun Pharma 1561.2 0.2 2.0 42.1 386.2 SHARES(IN MN) 1309.2 5864.6 - 25222.7 Canara Bank 1039.4 17.7 HPCL -6.3
HUL 2394.4 0.3 2.5 55.6 54.8 TRADES(000) 4274 34811 - 53034 Vodafone Idea 29/02/24 17 512.7 90.7 -34.0 Vodafone Idea 28/03/24 15 92.3 39.6 50.9 16 Maruti Suzuki 362790.9 Oxygentaph 44.4
Tata Motors 937.2 0.5 1.9 16.1 36.8 Infosys 940.0 5.6 BPCL -6.1
ICICI Bank 1061.2 -0.2 8.6 21.9 18.9 Vodafone Idea 29/02/24 21 295.8 50.6 69.4 Vodafone Idea 28/03/24 16 85.0 35.1 27.6 17 Kotak Mah Bank 342831.6 Mkventures Cap 33.1
Tata Steel 145.5 -0.2 1.4 - 41.1 Adani Wilmar 926.5 24.0 Aarti Inds -4.4
IndusInd Bank 1481.6 -0.5 1.1 - 13.3 MARKET-CAP (~ CR) TRADED TOTAL 18 ONGC 342183.6 Veerhealth Care 28.0
Infosys 1677.0 -0.2 7.0 28.5 28.2 TCS 4052.0 -0.8 4.7 32.7 34.9 IndiaMART Int -3.9
ABB India 896.3 1.7 19 Axis Bank 338622.7 Lancor Hold 27.1
Tech Mahindra 1321.8 -0.4 1.0 45.9 56.7 BSE 39,324,437 39,962,246 Bank of India -3.7
ITC 411.6 -0.7 6.0 26.8 25.1
JSW Steel 821.0 -0.9 1.3 18.0 20.3 Titan Company 3693.0 1.1 1.8 100.9 93.9 NSE 38,871,305 39,539,737 SPURT IN VOLUMES Bajaj Fin
Olectra Greente
877.8
853.0
1.3
4.1
20
21
Titan Company
NTPC
327860.1
327456.5 Max Fin Sre -3.6
Spel Semi 27.1
UltraTech 10005.7 0.5 1.3 45.0 46.2 DERIVATIVES 25,870,538 25,870,538 DOWN 3 DAYS
Kotak Mah Bank 1724.8 -0.1 2.9 19.7 26.1 Company Days 2-week Avg Change Close *Price 22 Tata Motors 311438.4 Others
NHPC 853.0 92.2 BGR Energy -24.8
L&T 3389.8 0.8 5.4 36.8 48.3 Wipro 536.1 0.9 0.9 24.8 31.3 Volume Volume % price %chg 23 Adani Green En 304688.2 UP 7 DAYS
Mah & Mah 1930.2 1.1 2.3 23.3 23.5 BSE SENSEX 73142.8 0.0 100.0 26.1 30.6 TRADING ACTIVITY Khaitan Ind 1559734.0 36728.1 4146.7 95.5 20.0
IRCTC
L&T
816.1
810.6
8.5
2.4
24 UltraTech 288854.6 Accelerate 102.5 Jaipan Inds -16.9
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Asian Paints 286302.0 Reliable Vnt 74.0 Betex India -14.2
United Polyfab 532268.0 15014.4 3445.1 111.6 13.5 Bharti Airtel 794.5 7.1
Equity Debt Equity Debt 26 Adani Ports 285161.4 Arihant Fond 61.7 Vibhor St -14.2
Net Net Net Net Jullundur Motor 2538684.0 78215.0 3145.8 134.1 14.4 Axis Bank 744.3 6.8 27 Wipro 280086.1
WORLD INDICES On 22 Feb -188 497 - - Osia Hyper Reta 8955175.0 516394.1 1634.2 49.2 -4.9 Adani Enter 742.4 2.3 28 Coal India 273502.0
Aananda Lak Spg
Panabyte Tec
54.1
46.8
S P Cap Fin
Pee Cee Cos
-14.2
-14.0
On 21 Feb 394 -497 - - Capital Trst 1146693.0 76109.5 1406.6 142.9 19.5 Tata Motors 693.7 7.4 29 Power Grid 262462.9
Indices Close % Chg* Indices Close % Chg*
On 20 Feb 2974 1839 1491 411 Sundaram Mlt 143396759.0 9898727.3 1348.6 3.7 4.0 30 Bajaj Finsrv 257928.5 (T+2) cycleStocks which rose/fell continuously
PNB 668.7 52.0
Americas (Feb 22,24) Asia/Pacific (Feb 23,24) On 19 Feb 173 191 751 -38 Chemfab Alkl 1817985.0 126950.5 1332.0 583.5 15.2
Nasdaq Composite 16041.6 3.0 Shanghai Se Comp 3004.9 0.6 On 15 Feb 1143 858 1563 -3465 Kolte Patil 2147922.0 175552.1 1123.5 487.3 -1.0
Feb till date -2164 15997 13746 -28913
Dow Jones
S&P/ TSX Composite
39069.1
21318.1
1.2
0.7
Kuala Lumpur Comp
Taiwan Taiex
1549.1
18889.2
0.2
0.2 2024 till date -28275 37060 36816 -50419
Yasho Inds
V R Films
285514.0
293629.0
23969.6
25335.2
1091.1
1059.0
2145.4
36.3
20.0
15.3
BOARD MEETINGS INTRA-DAY
Europe/Africa (Feb 22,24) Kospi 2667.7 0.1 Group to accelerate quired includ- basis above intima-
CAC 40 7931.2 0.3 Stock Exchange of Thai 1398.1 -0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company business ing the ap- Tarmat: To con- tion on the
Purpose growth and to proval of the sider the pro- record.
FTSE 100 7690.5 0.1 Jakarta Composite 7295.1 -0.6 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock augment the shareholders of posal for
DAX 17381.9 0.1 Straits Times 3184.9 -1.2 NET Net Fut OI Opt OI OI FEBRUARY 24 long-term fi- the Company. raising funds FEBRUARY 26
HIGH *Jio Financial . . . . . . . . 347.0 *Jupiter Life . . . . . . . 1648.6 *Rolcon Engg. . . . . . . . 877.1
IBEX 35 10098.6 -0.4 Volatility (Feb 22,24) BS 200 *Indus Towers . . . . . . . 245.4 *Algoquant Fin . . . . . . 1606.4 Guj Alkalies . . . . . . . . . 869.6 Arih Superst: nancial re- Jasch Gauging: by way of issue Asso Alcohols:
On 22 Feb -1052 -429 0.3 2.9 3.7
Asia/Pacific (Feb 23,24) CBOE Dow Jones 13.5 -0.7 *MRF . . . . . . . . . . . . 151283.4 Bharat Elctn . . . . . . . . . 207.0 *U.P.Hotels . . . . . . . . 1485.1 *Cyient DLM . . . . . . . . 843.0 To consider sources of the To consider and of fresh Equity To consider
On 21 Feb -14165 -176 0.3 3.3 3.6
Nikkei 225 (Feb 22) 39098.7 2.2 CBOE S&P 500 14.1 -2.9 *Maruti Suzuki . . . . 11715.0 *HFCL . . . . . . . . . . . . . . 116.7 *Paul Mercha . . . . . . . 1479.9 *Panorama Studio . . . 812.3 and approve Company by approve unau- Shares/Con- and approve 1.
On 20 Feb -17150 -1538 0.3 4.8 3.6
Others *NIBE . . . . . . . . . . . . . 1393.9 *Archean Chem . . . . . . 799.0 Notice is way of inter dited stand- vertible War- To consider
Hang Seng 16725.9 -0.1 * Change over previous close On 19 Feb -24704 -2536 0.3 4.5 3.6 *Oracle Fin . . . . . . . . . 8198.5
*Sanofi India . . . . . . . 9370.4 *Assoc.Cerami . . . . . . 1388.7 *Ajmera Rlty . . . . . . . . . 787.5 hereby given alia issue of alone financial rants through and approve all
On 16 Feb -4857 1411 0.3 4.1 3.6 *Dr Reddys . . . . . . . . . 6495.0
*Neuland Lab . . . . . . . 7342.0 *Blue Star . . . . . . . . . . 1299.0 *VA Tech Wbag . . . . . . 752.0 that a meeting equity shares 3. results of the preferential the matters re-
MAJOR INDICES Feb till date
2024 till date
-249905
-916046
-11716
-18112
-
-
-
-
-
-
*ABB India . . . . . . . . . 5523.1
*Siemens . . . . . . . . . . 4590.0 *Inox Wind Energ . . . 7199.8 *Orchid Pharma . . . . 1264.4 *Lincoln Pha . . . . . . . . . 744.5 of the Board of To seek Company for basis along- lated to pro-
*GRP . . . . . . . . . . . . . . 6411.3 *Jubilant Ind . . . . . . . 1236.6 *Veritas . . . . . . . . . . . . 732.5 Directors of members ap- the quarter with other posal of fund
Previous Close Open High Low Close Change % chng OI in number of contracts(million) Adani Enter . . . . . . . . 3318.8
*Indus & Prud . . . . . . 5741.9 *Carerating . . . . . . . 1210.5 *Thacker & Co . . . . . . . 728.0 the company proval ended on 31st matter raising by issu-
*Reliance Ind . . . . . . . 2996.2
Bhatia Commu- wherever appli- December 2023 Wardwizard ance of such
S&P BSE Sensex 73,158.2 73,394.4 73,413.9 73,022.0 73,142.8 -15.4 0.0 *Cummins (I) . . . . . . . 2828.4 *Waaree Renewabl . . 5383.1 *Ahluwalia Co . . . . . . 1209.0 *KFin Technologi . . . . . 710.0
nic: To consider cable by means RTFL: To con- Inno: To con- number of war-
*Godrej Prpty . . . . . . 2483.4 *Nuvama . . . . . . . . 4588.0 *Ebbetf0431 . . . . . . . 1202.0 *Enkei Wheel . . . . . . . . 695.0
S&P BSE Sensex 50 23,300.3 23,375.4 23,381.4 23,271.4 23,305.6 5.3 0.0 S&P BSE SECTORAL INDICES *Astral . . . . . . . . . . 2095.0 *Sundaram Fin . . . . . . 4243.1 *Jai Balaji . . . . . . . . . . 1197.2 *Salzer Elec . . . . . . . . . 675.0
and approve 1. of passing the
To increase the requisite res-
sider and ap-
prove the
sider and ap-
prove the
rants which
will be convert- 2018 2. To de- Equity Shares Company. 2. the SEBI (Listing Bank
S&P BSE-100 23,134.3 23,212.5 23,215.5 23,112.4 23,141.9 7.5 0.0 *Mah & Mah . . . . . . . . 1947.9 *Kovai Medicl . . . . . . 4228.7 Ebbetf0425 . . . . . . . . 1189.9 *Kamdhenu . . . . . . . . . 636.6
Prev cls Close % Chng Authorized olution(s) issuance of Un- following ible into equity cide Date and on preferential appointment of Obligation and Grauer Weil: To
*HCL Techno . . . . . . . 1696.5 *Thermax . . . . . . . . . . 3772.4 *ADC India . . . . . . . . . 1125.1
S&P BSE-200 10,044.8 10,081.7 10,083.3 10,039.7 10,054.6 9.8 0.1 LOW Share Capital Integrated listed Unse- matters: (i) To shares on Time to con- basis. Other de- Ms. Swati So- Disclosure Re- consider and
Auto 47,426.8 47,451.4 0.1 *Sun Pharma . . . . . . . 1568.3 *Kesar India . . . . . . . . 3225.7 *Policy Bazar . . . . . . . 1053.3
BS 200 of the Com- Inds: To con- cured re-constitute preferential vene Extra ordi- tails as at- mani (Member- quirements) approve Meet-
S&P BSE-500 32,072.1 32,196.4 32,200.7 32,064.1 32,115.4 43.3 0.1 Bankex 53,351.3 53,195.4 -0.3 *SBI Life Ins . . . . . . . . 1535.8 *CAMS . . . . . . . . . . . . 3144.0 *TechNVision Ven . . . 1023.1
NONE pany and the sider the pro- Redeemable various Com- basis through nary General tached ship No. ACS Regulations ing of the Board
Cons. Durables 51,047.5 51,437.6 0.8 *Varun Bever . . . . . . . 1522.5 *Godfrey Ph . . . . . . . . 2801.6 *Gulf Oil Lub . . . . . . . 1010.0
consequent posal for Bonus Non-Convert- mittees of the public or pri- Meeting Betex India: To 68472) as Com- 2015. 4. Any of Directors of
S&P BSE IPO 13,962.8 14,005.6 14,095.7 13,980.7 14,079.5 116.7 0.8 Cap. Goods 56,071.1 56,732.1 1.2 *Adani Ports . . . . . . . . 1332.0 *Ethos . . . . . . . . . . . . 2768.7 *Mirae -ET . . . . . . . 1000.0 Others
amendments in Issue along- ible Debentures Company. (ii) vate placement through Video consider and pany Secretary other business the Company is
FMCG 19,622.9 19,607.1 -0.1 *United Spirt . . . . . . . 1180.0 *Yasho Inds . . . . . . . . 2145.5 *Remsons Ind . . . . . . . 988.4 *TCI Exp . . . . . . . . . . . 1194.1
S&P Dollex-30 7,243.7 - - - 7,242.6 -1.1 0.0 Memorandum with other in the nature of To take note of in accordance Conferencing approve 1. the and Compliance with the per- scheduled to be
Healthcare 35,715.3 35,752.4 0.1 *ICICI Bank . . . . . . . . 1069.8 *SML Isuzu . . . . . . . . . 2098.0 *Eyantra Ve . . . . . . . 954.4 Hinduja Glb . . . . . . . . . 908.1
of Association matter if any subordinated the resignation with the Secu- (VC) /Other resignation of officer of the mission of the held on Monday
Nifty 50 22,217.5 22,290.0 22,297.5 22,186.1 22,212.7 -4.8 0.0 Infra 572.1 574.1 0.4 *Containr Crp . . . . . . 1035.5 *Mkventures Cap . . . 2079.8 *Just Dial . . . . . . . . . . . 950.4 *Polyplex Crp . . . . . . . . 883.0
of the Com- as may be per- debt aggregat- letters given by rities and Ex- Audio-Visual Ms. Priyanka Company. 3. To chair. February 26
IT 38,685.7 38,628.3 -0.1 *Zydus Lifescien . . . . . 937.0 *Share India Sec . . . . 2040.0 *Bondada . . . . . . . . . 950.0 *HDFC Nifty Bank . . . . . 39.1
Nifty next50 58,999.0 59,173.0 59,331.5 58,812.0 59,153.8 154.8 0.3 pany; 2. To con- mitted under ing upto the Directors. change Board Means (OAVM) Gohel (Mem- change the Canara Bank: 2024 interalia to
Metal 27,486.8 27,396.6 -0.3 *DLF . . . . . . . . . . . . . . . 904.9 *Sasken Comm . . . . 1826.0 *BF Utilities . . . . . . . . . 948.2 *IGC Inds. . . . . . . . . . . . . 25.1
sider and applicable laws Rs.20,00,00,000 (iii) Any other of India (Issue for approval of bership No. ACS Structure of To consider and consider Issue
Nifty 500 20,284.0 20,358.7 20,365.7 20,280.2 20,313.5 29.6 0.1 Oil & Gas 28,593.1 28,360.3 -0.8 *Ambuja Cem . . . . . . . . 608.6 *KPI Green Energ . . . 1805.7 *Kirloskar Oil . . . . . . . . 947.8 *HDFC Infra 100 . . . . . . . 18.5
evaluate the subject to such /- (Rupees matter with the of Capital and Shareholders 47931) as Com- Key Managerial approve Sub-Di- of Bonus Shares
Power 6,609.6 6,613.0 0.1 *Indian Hotel . . . . . . . . 602.8 *WAA tech . . . . . . . . . 1761.1 Forbes & Co . . . . . . . . . 935.0 Shashijit Infra . . . . . . . . . 5.1
India VIX 15.2 15.2 15.4 14.8 15.0 -0.2 -1.5 proposal to regulatory/stat Twenty Crores permission of Disclosure Re- for issue of pany Secretary Personnel pur- vision/Split of to the share-
PSU 18,781.7 18,710.6 -0.4 *Canara Bank . . . . . . . 598.8 *Netweb Technolo . . 1651.8 *Kalyani Stl . . . . . . . . . 888.0 *Nouveau Global . . . . . . . 0.5
raise funds by utory approvals only) on private the Chair. quirements) Warrants con- and Compliance suant to Regula- the Equity holders of the
Nifty CPSE 5,855.9 5,875.1 5,881.2 5,822.7 5,861.6 5.6 0.1 Realty 7,187.9 7,254.7 0.9 m m w w the Company as may be re- placement Kindly take the Regulations vertible into officer of the tion 30(5) of the Shares of the Company

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (683.2) (683.3) (5431.5) (5425.0)
m ~50 H ~2 Open 684.1 685.5 5429.0 5420.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 689.2 689.5 5523.1 5518.1
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 670.0 671.0 5321.5 5320.7
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 673.5 674.3 5389.6 5392.1
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 22987 898K 78176 1578K
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 56.3 56.3 94.5 94.5
company name is followed by shares traded, and also the 52 Wk H/L 712/438 712/438 5523/3056 5518/3053
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 24413 24443 114206 114258
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Adani Power Adani Total Gas« m H m mH H  « « « « m m «
(28876.0) (28855.8) (2680.3) (2680.1) (3263.1) (3263.1) (1311.6) (1310.9) (560.0) (562.3) (1017.3) (1018.2)
O 28917.6 28855.8 2666.1 2677.1 3263.0 3263.1 1313.7 1312.1 565.0 562.0 1013.4 1018.2 O O
28954.1 28989.2 2717.0 2718.0 3318.8 3320.0 1332.0 1332.0 565.0 566.0 1035.0 1035.0
w 28531.1 28557.0 2666.1 2665.0 3225.1 3225.1 1297.7 1298.0 555.0 555.1 1012.1 1015.1 w w
28686.2 28707.8 2678.1 2679.6 3266.2 3273.3 1320.1 1320.7 559.3 559.1 1029.4 1029.4
371 8697 28994 420K 288K 1975K 224K 2925K 66746 802K 74840 4204K
53.2 53.3 30.9 30.9 106.0 106.2 39.4 39.5 9.2 9.2 - -
W 29628/19909 29639/19906 2760/1594 2746/1592 3319/1103 3320/1104 1332/544 1332/543 589/133 589/132 1260/522 1259/522 W W
M 60958 61004 50292 50319 372341 373156 285161 285291 215699 215622 113208 113213 M M

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 BPCL
(1100.7) (1100.9) (8505.3) (8498.5) (6674.0) (6675.0) (1593.8) (1592.6) (2279.8) (2280.4) (381.3) (381.5) (203.6) (203.6) (275.7) (275.6) (1418.4) (1417.6) (571.5) (571.7) (194.9) (194.8) (1132.8) (1133.1) (1135.3) (1135.6) (228.6) (228.5) (271.1) (270.8) (818.3) (817.6) (28465.4) (28444.1) (626.3) (625.9)
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 .
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 13 <

POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
27.12.2021 calling upon the Borrower(s) JATINDER SETH AND SHALU SETH
to repay the amount mentioned in the Notice being Rs. 42,77,512.12 (Rupees
Forty Two Lakh Seventy Seven Thousand Five Hundred Twelve and Twelve
Paise Only) against Loan Account No. HHLDCP00210580 as on 20.12.2021 and
interest thereon within 60 days from the date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of powers
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of
theSecurity Interest (Enforcement) Rules, 2002 on 21.02.2024
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. 42,77,512.12 (Rupees Forty Two Lakh Seventy Seven Thousand Five
Hundred Twelve and Twelve Paise Only) as on 20.12.2021 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
UNIT NO-0601, 6TH FLOOR, TOWER J1, ECO VILLAGE-4, PLOT NO-GH-01,
SECTOR-16B, GREATER NOIDA, UTTAR PRADESH-201308. Quarterly unaudited Financial Result (Consolidated) of
Sd/-
Date : 21.02.2024 Authorized Officer M/S Meghalaya Energy Corporation Limited for the
Place : NOIDA INDIABULLS HOUSING FINANCE LIMITED period ended 31st December, 2023
[Regulation 52 (80), read with Regulation 52 (4), of the SEBI (LODR) Regulations, 2015]
Rs in lakhs
Consolidated
Quarterly ended Quarterly ended Year ended
Sl No Particulars 31st December, 31st December, 31st March, 2023
2023 2022
(un-audited) (un-audited) (Audited)
1 Total Income from Operations 43992.97 31042.37 145151.56
Net Profit / (Loss) for the period (before
2 Tax, Exceptional and / or Extraordinary -40.78 -17593.22 -35830.08
items)
Net Profit / (Loss) for the period before
3 Tax (after Exceptional and / or -40.78 -17593.22 -35830.08
Extraordinary items)
Net Profit / (Loss) for the period after Tax,
4 (after Exceptional and / or Extraordinary -40.78 -17593.22 -35830.08
items)
Total Comprehensive Income for the
period [Comprising Profit / (Loss) for the
5 period (after tax) and Other -40.78 -17594.22 -279968.72
Comprehensive Income (after tax)]
6 Paid up Equity Share Capital 291411.73 219848.19 219848.19
Share Application Money Pending
Allotment 18547.35 3110.89 59110.89
Reserves (excluding Revaluation
7 Reserve) -686246.98 -398329.13 -666884.00
8 Security Premium Account 192.76 0.00 0.00
9 Net Worth -376095.14 -175370.05 -387924.92
10 Paid up Debt Capital / Outstanding Debt 326490.05 320686.95 295766.72
Outstanding Redeemable Preference
11 Shares NIL NIL NIL
12 Debt Equity Ratio -0.87 -1.83 -0.76
Earnings Per Share (of Rs. 10/- each) (for
13 continuing and discontinued operations) -
1. Basic -0.0015 -0.81 -1.65
2. Diluted -0.0015 -0.81 -1.65
14 Capital Redemption Reserve
15 Debenture Redemption Reserve 17807.36 7773.36 9568.40
16 Debt Services Coverage Ratio 0.52 0.33 0.31
17 Interest Service Coverage Ratio 1.67 1.15 0.50
Note :
1. The above is an extract of the detailed format of Quarterly Financial Results filed with the
Stock Exchanges under Regulation 52 of the SEBI (Listing and Other Disclosure
Requirements) Regulations, 2015. The full format of the quarterly financial results are
available on the websites of the Stock Exchange(s) and the listed entity at
www.meecl.nic.in.
2. For the items referred in sub-clauses (a), (b), (d) and (e) of the Regulation 52 (4) of the SEBI
(Listing and Other Disclosure Requirements) Regulations, 2015, the pertinent disclosures
have been made to the BSE and can be accessed of the URL.
3. The Board of Directors in their meeting held on the 22nd February, 2024 has approved the
quarterly financial results as on 31-12-2023. Further the results has also been reviewed by
the Statutory Auditors of the Company.
4. MeECL is the holding company of power generation utility, power distribution utility and power
transmission utility of the Government of Meghalaya.
5. The Corporation has power stations located within the State of Meghalaya.
6. Sale of energy is accounted for based on tariff approved by the Meghalaya State Electricity
Regulatory Commission.
7. Income from operations includes Other Income amounting to Rs. 9684.16 lakhs.
8. Formula used for computation of Ratio :
a. “Debt Service Coverage Ratio” (DSCR) = [Profit before interest, Depreciation and Tax]/
(Principal repayment + Interest )
b. “Interest Service Coverage Ratio” (ISCR) = [Profit before interest, Depreciation and Tax]/
Interest
Amount of Interest considered pertains to loans taken for Operational Power Stations only.
For Meghalaya Energy Corporation Ltd
Sd/-
rd
Dated : 23 February, 2024 ( Shri. R. Chitturi, IAS )
Place : Shillong Chief Financial Officer
M.I.P.R. No : 1759 Dated : 23-02-2024

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 14
>
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 and in exercise of powers conferred under Section 13 (12) read
with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand
Notice dated 15.02.2023 calling upon the Borrower(s) BUKKARAYA SAMUDRAM
PRAKASH And MAHATHI PRAKASH to repay the amount mentioned in the
Notice being Rs.70,46,487.56 (Rupees Seventy Lakh Forty Six Thousand Four
Hundred Eighty Seven and Paise Fifty Six Only) against Loan Account No.
HHLNOI00205714 as on 13.02.2023 and interest thereon within 60 days from the
date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of powers
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of
theSecurity Interest (Enforcement) Rules, 2002 on 21.02.2024
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.70,46,487.56 (Rupees Seventy Lakh Forty Six Thousand Four Hundred
Eighty Seven and Paise Fifty Six Only) as on 13.02.2023 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 1203 HAVING SUPER AREA 1705 SQUARE FEET ON 12TH FLOOR,
TOWER-F1, IN THE PROJECT KNOWN AS “SUPERTECH ROMANO”, PLOT
NO. 001, SITUATED IN SEC-118/GHP, GAUTAM BUDDHA NAGAR, NOIDA –
201301, UTTAR PRADESH ALONGWITH ONE COVERED CAR PARKING
SPACE. Sd/-
Date : 21.02.2024 Authorized Officer
Place : NOIDA INDIABULLS HOUSING FINANCE LIMITED

Form INC-26
[Pursuant to rule 30 the Companies
(Incorporation) Rules, 2014]
Advertisement to be published in the
newspaper for change of registered office
of the company from one state to another
Before the Central Government
Regional Director (Northern Region)
In the matter of the Companies
Act, 2013, Section 13(4) of Companies
Act, 2013 and Rule 30(6) (a) of the
Companies (Incorporation) Rules, 2014
AND
In the matter of Samak Landscape
Private Limited having its registered office
at 130A, Ground Floor, Kh. No. 412, Min.
Sultanpur, New Delhi-110030
……Petitioner
Notice is hereby given to the General
Public that the company proposes to
ma ke application to the Ce ntral
Government under section 13 of the
Companies Act, 2013 seeking confirmation
of alteration of the Memorandum of
Association of the Company in terms
of the special resolution passed at the
Extra ordinary general meeting held
on Thursday, 18th January 2024 to
enable the company to change its
Registered office from “State of Delhi”
to “State of Haryana”.
Any person whose interest is likely to be
affected by the proposed change of the
registered office of the company may
deliver either on the MCA-21 portal
(www.mca.gov.in) by filing investor
complaint form or cause to be delivered
or send by registered post of his/her
objections supported by an affidavit
stating the nature of his/her interest and
grounds of opposition to the Regional
Director, Northern Region, B-2 wing,
2nd Floor, Pt. Deendayal Antyodaya
Bhawan, CGO Complex, New Delhi-
110003 within Fourteen days from the
date of publication of this notice with a
copy of the applicant company at its
registered office at the address
mentioned below:
Registered office: 130A, Ground Floor,
Kh. No. 412, Min. Sultanpur,
New Delhi-110030
For and on behalf of the Samak
Landscape Private Limited
Atul Vashisth (Director)
DIN 01176439
Date: 23-02-2024
Place: New Delhi

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 .
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 15 <

PUBLIC NOTICE Registered Office:

601 & 602, Peninsula Business Park,
JEWELLERY AUCTION CUM INVITATION NOTICE 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
The below mentioned Borrowers have been issued notices to pay the entire dues in the facilities availed by them from DCB Bank Ltd. against Jewellery pledged with DCB Bank Ltd. (DCB Bank). We are constrained to conduct auction of the pledged Jewellery as they have failed to pay the entire dues. DCB Bank Ltd. has the authority to remove account(s) / change the auction
date(s) without any prior notice. The auction will be conducted online through https://egold.auctiontiger.net on 06.03.2024 & 07.03.2024 from 12:00 Pm to 03:00 Pm
No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name
AGRA LOCATION 61 105107903 SONU 123 105484772 MD YUNUS 188 100773879 SANJAY YADAV 250 103010924 GUNJAN DOGRA 310 102431963 VARUN SHARMA PANCHKULA LOCATION
1 105599625 ANUJ KUMAR YADAV 62 102928653 SURYA PRATAP SINGH 124 102851885 MD NASEEM 189 104327060 SANJEET 251 102922715 KULDEEP CHAUDHARY MEERUT LOCATION 371 102887821 AJAY PAWAN
2 104339966 BABLU 63 101918553 TAHIR ALI KHAN 125 102831560 MEENAKSHI SAINI 190 102917720 SANTOSH KUMAR KOCHAR 252 101634801 MAHMOOD 311 103824477 ANKIT MITTAL 372 105895106 HEENA
3 105406610 CHRISTINE MIRIAM 64 105424138 VINOD KUMAR GANGWAR 126 102871918 MOHAMMAD ASFAQUE 191 103207851 SARASWATI 253 105147550 MOHDASIF 312 101692804 ASHISH KUMAR 373 102040151 NITESH KUMAR
LAZARUS CHEEK LOCATION 127 102935877 MOHAN 192 105144621 SARITA DEVI 254 102905226 MUNNA PASWAN 313 101622875 CHOUDHARY AJAD 374 104460989 YOGESH JINDAL
4 102796333 FIROJ ANSARI 65 101405874 BALWINDER SINGH 128 105559879 MOHD JAVED 193 103540686 SARTHAK JAIN 255 102915820 PANKAJ KUMAR 314 103542224 PRASHANT TYAGI PANIPAT LOCATION
5 103448002 GAURAV BHASIN 66 101271421 GADH SINGH 129 105424144 MOHD KASHIF 194 101974617 SATISH SATISH 256 102796344 PRAVEEN KUMAR 315 103409520 RAJVEER KUMAR 375 102883492 GAYYUR KHAN
6 101769873 IMRAN KHAN 67 102817925 JASPAL KAUR 130 104294010 MOHD WAJID 195 102104788 SATISH KUMAR VERMA 257 103021694 SANJAY KUMAR YADAV 316 102800790 SAPNA DEVI 376 102625087 ISLAM IKBAL
7 104291846 JITENDRA SINGH 68 102917462 LAXMAN RAM 131 101789232 MOHD ALI 196 104163400 SATYA NARAYAN PASWAN 258 102911926 SANJU DEVI 317 103352584 SONIYA RANA 377 104763291 JISHAN
8 104726712 JITENDRA SINGH 69 101538062 NEERAJ KUMAR 132 101205549 MOHD DILSHAD 197 102811943 SAURABH SHUKLA 259 102794102 SHANTANU KUMAR MORADABAD LOCATION 378 104196361 KALAVTI
9 102903397 KAPIL SHARMA 70 101628459 NISHAN SINGH 133 104315614 MOHD FAIZAN SAIFI 198 105180224 SAVISTA 260 102335753 SHASHI BHUSHAN KUMAR 318 102879111 ADNAN ALI 379 103174849 KAPIL CHHABRA
10 103388037 KHETPAL SINGH 71 102888957 SATBIR 134 102343999 MOHD JAVED 199 102866921 SEEBA 261 101205606 SHIV PRATAP SINGH 319 105486641 DEVDATT SAINI 380 102169019 KULDEEP
11 102874691 KRISHNA KUMAR SHARMA DELHI LOCATION 135 103862929 MOHD WASEEM SAIFI 200 105016145 SEEMA 262 105673104 SHOAIB KHAN 320 103150221 FURKAN HUSAIN 381 101663215 MAHABIR SHARMA
12 103014994 LAKHAN SINGH 72 105520105 AFTAB 136 102800203 MOHD. IMRAN 201 105413598 SEEMA SHARMA 263 101750880 SURAJ MISHRA 321 102831046 MOHD NAZIM 382 103172404 NITISH LAKHINA
13 103400794 MANISHA SHARMA 73 101541567 ALPNA SHARMA 137 104259534 MOHD. ALI 202 103668158 SHABU KHAN GURUGRAM LOCATION 322 102896951 MOHD SAEED 383 102908421 PARDEEP SHARMA
14 104638361 MOHD FURKAN 74 105776953 AMIT SAHAY 138 105823704 MOHDWASEEM MALIK 203 103779136 SHALU 264 103842009 AJAY KUMAR 323 104148178 MOHD SAMEER 384 101536602 SANDEEP
15 104896735 MOHD IMRAN 75 102929701 ANANT PANDEY 139 101480508 MONI GUPTA 204 105776334 SHARMILA DEVI 265 102882885 DEEPALI DUGGAL 324 105239522 MUSHAHID PEHOWA LOCATION
16 102807106 MOHD SHARIQ 76 105075384 ANIKET NARAYAN 140 101606087 MUNISH 205 102808838 SHEHNAZ 266 105225747 GOPAL TOMAR 325 105567676 PHOOL JAHAN 385 104218908 ANITA
17 102797566 NAGEENA 77 103030480 ANITA 141 102904990 NAEEM SAIFI 206 104561583 SHEKHAR 267 101014669 HITESH DESHWAL 326 104749096 SANJAY KUMAR 386 104386498 DIVYA
18 102928135 NITIN KATARA 78 103024942 ANJU KAUSHAL 142 103011644 NAGENDER KUMAR PASWAN 207 102259246 SHILENDRA SINGH 268 101209184 MAHESH KUMAR 327 105031709 SEEMA SINGH RAGHAV 387 102730847 KULBIR SINGH
19 103313972 PARVENDRA SINGH 79 102706090 ANJU KUMAWAT 143 102668627 NAINA MIGLANI 208 102774683 SHIV KUMAR 269 105141292 MUKUL 328 105573002 UMA 388 104282804 KULDEEP SINGH
20 102869470 PRAMOD KUMAR SHARMA 80 101558345 ANUJ SHARMA 144 101206101 NAND LAL 209 102875833 SITARA 270 104984969 PRAMOD KUMAR GUPTA 329 105025526 ZUBAIR ALAM 389 102840277 PARTAP SINGH
21 104146264 PREM SINGH 81 104208569 ANURAG KARNALIYA 145 102874820 NARENDRA 210 105902693 SONALI 271 103406444 RAKESH MUZAFFARNAGAR LOCATION 390 103522126 SEEMA KAPOOR
22 102856626 PUSHKAR SINGH 82 102827944 ARUN SHAKKARWAL 146 104197574 NASREEN 211 103082082 SONIYA KUMARI 272 105476601 SOVA RANI MOHAPATRA 330 103398243 AMEER HAMZA 391 103601456 SUBHASH CHANDER
23 102874763 RAHUL 83 101556956 ARUN PAL 147 101892936 NAVEEN ARYA 212 105921622 SONU KUMAR 273 101677296 TARUN SHARMA 331 105599621 AMEER SHER 392 102765556 TARA CHNAD
24 104882737 RAHUL DUBEY 84 105226096 ASHA 148 102435595 NAWAZ SHAREEF 213 102611445 SUHAIL 274 105935818 YOGESH 332 102183970 ANKUR KUMAR RAIPUR VIRAN LOCATION
25 104167151 RAMESHWAR SINGH 85 102763376 ASHISH 149 104928942 NAZMA 214 102852562 SUNIL KAPOOR HISAR LOCATION 333 104996180 GAURAV BATHLA 393 103215694 NISHA RANI
26 105597278 ROHIT KUMAR YADAV 86 101472759 ASHISH GARG 150 104304235 NAZMEEN 215 103828428 SUNITA 275 104676839 AJIT SINGH 334 104965759 MAHATAB ALI 394 102779505 RAM KUMAR
27 104454063 ROOPENDRA SINGH 87 102915704 AZHARUDDIN 151 105354656 NEERAJ MAHESHWARI 216 104062170 SURENDER KUMAR 276 103100625 ANIL KUMAR 335 104144589 MAHFOOZ AHMED SALMANI 395 102187982 RAM NIWAS
28 105481222 SANJEEV AGARWAL 88 102873488 BALBEER 152 104964990 NEHA KHOSLA MAHESHWARI 277 102767371 DHARMBIR 336 104200730 MOHAMMAD AZAM 396 104284035 SHUBHAM
29 105806591 SATYA PRAKASH 89 102042257 CHANDRA KALA DEVI 153 105163800 NITIN AGGARWAL 217 105532699 SUSHEEL 278 102806898 HARPAL SINGH 337 102901466 MOHD SAJID 397 104312174 SUNIL DUTT
30 103313973 SEETA 90 105850263 DARSHAN SINGH 154 104795875 NOOR JAHAN 218 100541289 SYED JAMIL AKHTER 279 102903117 ISHWAR SINGH 338 103343520 MOHD AMJAD SAHARANPUR LOCATION
31 102839508 SHILPI GAUTAM 91 103011719 DEEPAK AGGARWAL 155 101462066 OM PRAKASH KHERA 219 103247503 TABASSUM 280 105674850 JAGMOHAN 339 101985090 MOHIT KUMAR 398 101648955 AFTAB ALAM
32 102884116 SUMIT SINGH 92 105136301 DEEPAK KUMAR 156 105325143 PARWATI 220 102488132 TAHMIM KHAN 281 102826820 JYOTI DHINGRA 340 105916812 NIGAR ALAM 399 104265373 ARUN KUMAR
33 105560295 SURYANSH KATARA 93 100107755 DEEPAK MITTAL 157 101208424 PAWAN KUMAR 221 105185362 TARANNUM USMANI 282 105749541 MALKA 341 102184061 RAJAT RAGHUVANSHI 400 103193426 ASIF
34 103179580 TRIVENDRA 94 105850819 DIVESH KUMAR 158 105553473 PINKI 222 103098801 TUSHAR GUPTA 283 101743734 MANIRAM 342 104226621 SHEEBAN KHAN 401 104363496 BHAVYA DHIMAN
35 105568866 UMESH KUMAR 95 101577283 FAIJAN 159 103296147 PIYUSH PANDEY 223 105641497 UJJWAL DEY 284 104360687 MEENAXI 343 104347332 TASLEEM 402 104326222 DILNAWAZ
ALIGARH LOCATION 96 102919182 FAIZA YUNUS 160 105592300 POOJA 224 102250846 VAIBHAV VOHRA 285 102866422 MEGHA GOYAL 344 103701685 TIRTH GOEL 403 103703608 JAHID
36 103243049 BHIM BAHADUR 97 105159748 FARAZ HUSSAIN 161 105236767 POOJA 225 103639296 VIKAS 286 102783155 MONU BHAGANIYAN NOIDA LOCATION 404 102931373 KAPIL
37 105127125 DANIYA SHAHID 98 105396476 GAURAV KUMAR 162 105697388 PRATIBHA SHARMA 226 105189230 VIKASH KHATANA 287 102798359 MUKESH KUMAR 345 102780995 AASHI SHARMA 405 104262623 MOHD JUNAID
38 104417044 JAMAL NASIR 99 104489952 GAURAV KUMAR 163 105128276 PRAVESH YADAV 227 102790694 VIPIN KUMAR 288 105490740 RAJENDER 346 102090534 ADESH BHATI 406 105530420 MOHD RAISH
39 102789272 SURBHI SANGHI 100 101463670 GAURAV JAIN 164 102902766 PREETI 228 103814379 VISHAL THAKUR 289 102806500 RAJESH KUMAR 347 105732018 AMAR JEET SINGH 407 103323347 MUKESH GARG
40 104909915 TALIB HUSAIN 101 101560161 GYATRI RASTOGI 165 105128064 PRITI GUPTA GHOSH 229 101212939 YOGENDER SINGH 290 102402299 RAM LAL 348 105202758 ANIKET KASANA 408 102850510 MUSHARRAF MALIK
AMBALA LOCATION 102 101964047 HARI OM SHARMA 166 100952987 PRIYANK JAIN 230 105123122 ZAHEER 291 102924241 REKHA 349 102091806 ANKUSH ANKUSH 409 104162153 MUZAMMIL
41 102794936 CHARU 103 102820669 HEENA RANI 167 101305863 PUNEET JAIN 231 105142667 ZISHAN 292 102222861 RITU RAJ 350 101622907 ANUJ SINGH 410 102392522 SAHABAN
42 103975550 GURINDER SINGH 104 105481269 INDERJEET KUMAR 168 103136724 RAHUL SHARMA 232 101867357 KABALJEET SINGH SANDHU 293 102759766 ROCKEY 351 102808295 ARPIT MUNDRA 411 103888093 SARAVAR
43 102284719 GURJINDER SINGH 105 103814158 ISHA YADAV 169 103211673 RAHUL SHARMA 233 102911920 SAHIL KUMAR 294 104345337 SANDEEP 352 101305318 DEEPAK KUMAR 412 102899342 SHADAR
44 103078683 JAGDEEP SINGH 106 105287231 JAVED MALIK 170 101571726 RAJ NARAYAN 234 104305190 VICKY DEVI 295 102822058 SANJAY 353 101437037 GITA MANSHANI 413 104297713 SHAILEDER KUMAR
45 102872024 JITESH BHARTI 107 105163494 JITENDER 171 104584220 RAJAT KUMAR FARIDABAD LOCATION 296 102782270 SHALU 354 100976420 JEEWAN PRASHAD 414 104309886 SOM PAL
46 103215704 RAJWANT KAUR 108 103338948 JITENDER SHOKEEN 172 102188104 RAJESH ANAND 235 102819770 HEM CHAND 297 102792350 SURESH KUMAR 355 102896533 JITENDRA KUMAR SHARMA 415 103225163 SUBHAN ALI
47 104320785 RITU 109 101654888 JITENDRA SINGH 173 103438865 RAJESH SINGH 236 105435619 JOTI KUSHWAHA INDERGARH LOCATION 356 102307816 JONNY YAMUNA NAGAR LOCATION
BAREILLY LOCATION SHEKHAWAT 174 102824439 RAJESH KUMAR GUPTA 237 104878199 NAVEEN KUMAR 298 104363781 PANKAJ KUMAR 357 102098405 KAPIL KUMAR 416 102934156 AMRISH KUMAR
48 102843642 ABRAR ALI KHAN 110 104968719 JUBEDA 175 105588446 RAJNI S KUMARI 238 102798118 RITESH 299 104290632 VARIENDER SINGH 358 101305011 KAVITA SHARMA 417 102124822 DEEPAK SAINI
49 105177030 ANAMIKA 111 102802154 JYOTI PANDHI 176 102815605 RAKESH JAGGI 239 104539397 SANJU MISHRA KARNAL LOCATION 359 102802006 NIDHI BHATNAGAR 418 102447584 DHANAK RAM
50 105616897 ANSHU SAXENA 112 102825349 KAMLESH KUMAR 177 105025499 RAMKHILAWAN 240 105655622 SATISH KUMAR 300 102865282 AMIT KUMAR 360 101305181 NIRMAL SINGH 419 103256128 KSHITIZ MEHTA
51 102872614 AZADAR HUSSAIN 113 104950715 KULDEEP SINGH 178 103058288 RAZIA BEGUM 241 105166631 SUMIT NAGAR 301 104319981 ISHWAR 361 101207661 PARVEEN KUMAR 420 102795721 PARVEEN KUMAR
52 105500594 BABALI DEVI 114 102796872 KULDEEP YADAV 179 104967641 REKHA 242 103295441 TEJBIR SINGH 302 105277400 NIRMAL SHARMA 362 103490746 RAHUL KUMAR CHAUDHARY 421 103298709 RAMAN
53 105209579 JUBAIDA KHATOON 115 105170824 KURBAN 180 102807449 REVETHI 243 103009395 UMA SHARMA 303 102816854 RAVINDER SINGH 363 101418284 RAKESH BHATI 422 101707270 RANJOT SINGH
54 104156121 MOHD RAZA 116 105638804 LATA 181 102831193 RIMA KUMARI 244 103162788 VIKRAM KURUKSHETRA LOCATION 364 102814149 SHARAFAT 423 102930254 VISHU NAGPAL
55 105370774 MOHD SALEEM 117 101209245 LAVISH MADHOK 182 105493891 RIMPI KUMARI 245 105551884 VIPIN KUMAR 304 103340986 ATUL 365 101594825 SUNITA DEVI
56 105013381 MOHD SHAHALAM 118 101562600 LOKESH KUMAR KOTECHA 183 103110739 RITU SEJWAL GHAZIABAD LOCATION 305 103354970 CHETNA MEHTA 366 102153214 TINKU BHATI
57 102847354 RAHUL BHATNAGAR 119 102851859 MAFIYA 184 105408863 ROHIT MEHTA 246 105428454 ABHISHEK PARMAR 306 102917331 CHIMAN LAL SEHGAL 367 105406596 URMILA
58 105594596 RAKESH KUMAR 120 105497200 MAHENDI HASAN 185 105805665 ROHIT KUMAR SINGH 247 104160137 AMIT KUMAR 307 103575799 GURDEEP SINGH 368 101305923 VIKAS CHAUHAN
59 105362146 SAIF ANSARI 121 105872184 MANJU PANDEY 186 101379552 SABINA KAPOOR 248 102822031 ANJU TYAGI 308 102905584 RAJBIR 369 102845509 VINAY KUMAR SINGH
60 103460831 SAJID 122 105176288 MANSI DESHWAL 187 102346280 SACHIN 249 104888646 ARYAM GUPTA 309 103116187 RAMESH KUMAR 370 105293566 VINITA
By way of this publication, the concerned Borrowers/Pledgers are hereby given final notice and last opportunity to pay the facility recalled amount in full, with all interest and charges forthwith or anyhow before the scheduled auction date failing which the Jewellery will be auctioned. Items not auctioned to the highest bidder on the scheduled auctioned date shall be auctioned on
any other day(s) without further notice. Participation in the auction and acceptance of bids shall be at the sole discretion of DCB Bank.
Please note that the auction shall be on an “as is where is basis”, “as is what is basis”, “whatever there is basis” and “no recourse basis” and DCB Bank shall not be responsible and liable in any manner for any claims, disputes, objections related to the Jewellery or the auction thereof. Bidders may kindly visit https://egold.auctiontiger.net for detailed terms & conditions for
participation in the auctions.
Sd/-
Authorised Officer
Date: 24.02.2024 DCB Bank Limited
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NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1

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NEW DELHI | SATURDAY, 24 FEBRUARY 2024 17 <

POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
dated 14.09.2021 calling upon the Borrower(s) SANJEEV AND SANGEETA
ANAND to repay the amount mentioned in the Notice being Rs. 19,31,450.82
(Rupees Nineteen Lakhs Thirty One Thousand Four Hundred Fifty and Paise
Eighty Two Only) against Loan Account No. HHLDMT00330855 as on 26.06.2021
and interest thereon within 60 days from the date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
possession of the property described herein below in exercise of powers
conferred on him under Sub-Section (4) of Section 13 of the Act read with Rule 8 of
theSecurity Interest (Enforcement) Rules, 2002 on 21.02.2024
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. 19,31,450.82 (Rupees Nineteen Lakhs Thirty One Thousand Four Hundred
Fifty and Paise Eighty Two Only) as on 26.06.2021 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO-G-2, GROUND FLOOR,, REAR RHS, PLOT NO-398, SHALIMAR,
GARDEN EXT-1,, GHAZIABAD, UTTAR PRADESH – 201101.
Sd/-
Date : 21.02.2024 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED

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NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1

Sector 12 Dwarka Branch: Plot No. 43, Sector 12 B, New Delhi 110075. SALE NOTICE
Phone No: 011-28032553, 28032554 FOR MOVABLE
Email: vjdwnd@bankofbaroda.com PROPERTIES
Sale Notice for Sale of Immovable Properties
“APPENDIX- IV-A [See proviso to Rule 6(2) & 8(6)]
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002 read with proviso to Rule 6 (2) & 8 (6) of the Security Interest (Enforcement) Rules, 2002.
Notice is hereby given to the public in general and in particular to the Borrower (s), Mortgagor (s) and Guarantor (s) that the below described immovable property
mortgaged/charged to the Secured Creditor, possession of which has been taken by theAuthorised Officer of Bank of Baroda, Secured Creditor, will be sold on “As is where
is”, “As is what is”, and “Whatever there is” basis for recovery of dues in below mentioned account/s. The details of Borrower/s/Mortgagor/Guarantor/s/Secured
Asset/s/Dues/Reserve Price/e-Auction date & Time, EMD and Bid IncreaseAmount are mentioned below -
Sr. Name & address of Borrower/s / Detailed description of the Total Dues Date & Time of Reserve price (Rs.) Status of Property
No./ Guarantor/Mortgagors movable property with known E-auction EMD Possession - Inspection
Lot Date & Time.
encumbrances, if any Minimum Bid (Constructive
No.
increase amount / Physical)
1. 1. M/S Lalit Polyplast Pvt Ltd, Address: Flat No 2, Gangotri Flat No. E-304, 3rd Floor in Tower E, Situated in the Rs.7,13,89,877.11 + 28.03.2024 Rs. 1,45,00,000/- Physical 25-02-2024
Apartment, Pocket 1, Sec-12, Dwarka, Delhi-110078 Layout Plan of Ispat CGHS Limited, at Plot No. 29, Interest & Charges from to 27-03-2024
Godown Address: 3-E/17, D9, Sub Division No D Western- Sector 04, Dwarka, New Delhi 110075 admeasuring w.e.f. 09.09.2023 Rs. 14,50,000/- during office
2.00 p.m. to
Southern Corner, BP NIIT Tehsil & Distt Faridabad, Haryana- 95.64 Sq. Mtrs. In the name of Mr. Lalit Kumar Jha S/o Rs. 10,000/- hours only
6.00 p.m.
121001 Also at: E-304, Ispatika Apartments, Plot No 29, Sh. Shesh Narayan Jha. Bounded as hereunder:
Sec – 4, Dwarka, New Delhi-110078 North: Entry and flat no 301 & 302, South: Open to sky,
2. Mr. Lalit Kumar Jha S/o Shesh Narayan Jha East : Flat No. 303, West : Open to sky
(Guarantor & Director M/S Lalit Polyplast Pvt Ltd)
2. 3. Mrs. Anubha Jha W/o Lalit Kumar Jha DDA LIG Flat No. 02, Ground Floor, Phase I, Sector Rs.7,13,89,877.11 + 28.03.2024 Rs. 60,00,000/- Physical 25-02-2024
(Guarantor & Director M/S Lalit Polyplast Pvt Ltd) 12, Dwarka, New Delhi 110078 admeasuring 42 Sq. Interest & Charges from to 27-03-2024
Both 2 & 3 Address: • Flat No 2, Gangotri Apartment, Pocket 1, Mtrs. In the name of Mr. Lalit kumar Jha s/o Sh. Shesh w.e.f. 09.09.2023 Rs. 6,00,000/- during office
2.00 p.m. to
Sec-12, Dwarka, Delhi-110078 • E-304, ISpatika Apartments, Narayan Jha. Bounded as hereunder: 6.00 p.m. Rs. 10,000/- hours only
Plot No 29, Sector 4, Dwarka, New Delhi-110075. • B 101, New North: Road, South: Service Lane
Rajput CGHS, Plot No 23, Sec 12, Dwarka, New Delhi-110075 East: Flat No. 7, West: Flat No. 01/Stairs
For detailed terms and conditions of sale, please refer/visit to the website link https://www.bankofbaroda.in/e-auction.htm and https://ibapi.in.
Also, prospective bidders may contact theAuthorised officer on Mobile No 8658300258.
Date: 24.02.2024, Place: New Delhi Authorised Officer, Bank of Baroda

Regional Office-Delhi Gurugram

2nd Floor, Agarwal Corporate Tower, 23,
Rajendra Place, New Delhi-110008
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable/Moveable Assets under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rule, 2002
Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor (s) that the below described immovable property mortgaged/ charged to the Secured
Creditor, the constructive/ physical possession of which has been taken by theAuthorized Officer of Union Bank of India (secured creditor), will be sold on “As is where is”, “As is what is”
and “Whatever there is” on the date mentioned below, for recovery of dues as mentioned hereunder to Union Bank of India from the below mentioned Borrower(s) & Guarantor(s).
The Reserve Price and the Earnest Money Deposit are also mentioned hereunder:
S.No. Branch name and address Union Bank of India, Old Station Road Gurgoan Branch SCO-5, JAIL LAND, SOHNA CHOWK, Amount due:
GURGOAN, HARYANA-122001
1. Name of the Borrower & Shri Deepak Thareja S/o Ramesh Kumar Thareja Rs. 17,43,918.05/- (As per the demand
Guarantor/s House No. 234, LIG Housing Board Colony, Sector-7, Extn, Gurgaon, Haryana- 122001 notice dated 16.10.2023) + other expense
Property: Free Hold Residential Property having Basement+GF+FF, House No. 234/LIG, Housing Board Colony, Sector- 7 Extn, Gurgaon, Haryana- 122001, having land
admeasuring 39.98 Sq. yards or 360 Sq.ft Bounded as: North:- Road, South:- House no. 231/LIG, East:- House no. 235/LIG, West:- House no. 233/LIG
Date & Time of E-Auction: 27.03.2024 between 12.00 Noon to 5.00 PM (with 10 min unlimited auto extensions) E-auction website-www.mstcecommerce.com
Reserve Price Rs. 34,32,000/- (Rupees Thirty Four Lakhs Thirty Two Thousand Only), EMD – Rs. 3,43,200/- (Three Lakhs Forty Three Thousand Two Hundred only),
Bid Increment Value-34,320/- (Rupees Thirty Four Thousand Only)
S.No. Branch name and address Union Bank of India Amount due:-
Old Station Road Gurgoan Branch SCO-5, JAIL LAND, SOHNACHOWK, GURGOAN, HARYANA-122001
2. Name of the Borrower & Mr. Vinod Khanna S/o Harbans Lal Khanna, H.No- 68/5, New No. 591/7, Jacubpura, Gurgaon, Haryana, Pin-122006 Rs. 35,21,243.44/- (As per the
Guarantor/s Mrs. Pushpa Khanna W/o Harbans Lal Khanna, H.No- 68/5, New No. 591/7, Jacubpura, Gurgaon, Haryana, demand notice dated
Pin- 122006 30.09.2023) + other expense
Mr. Rajiv Khanna S/o Harbans Lal Khanna, H.No- 68/5, New No. 591/7, Jacubpura, Gurgaon, Haryana, Pin- 122006
Property: Free Hold Residential Property having four storied with stilt floor, situated at property no. 68/5(old), New No. 591/7, Near Krishna Mandir Jacubpura, Gurugram, Haryana,
Pin - 122006 having land admeasuring 187.00 Sq. yards. Property in the name of Shri Vinod Khanna S/o Harbans Lal Khanna, Mrs Pushpa Khanna w/o Harbans Lal Khanna, Mr Rajiv
Khanna S/o Harbans Lal Khanna
Bounded as: North:- 60’, House of Sh. Brij Mohan Gupta, South:- 60’, Open Land of Bihari Lal, East:- 28’, House of other, West:- 28’, Road 20’ wide
Date & Time of E-Auction: 27.03.2024 between 11.00 AM to 04:00 PM with 10 minutes unlimited auto extension. Reserve Price Rs. 2,59,00,000/- (Two Crores Fifty Nine Lakhs
Only) Earnest money to be deposited - Rs. 25,90,000/- (Twenty Five Lakhs Ninety Thousand Only) @ 10 % Bid Increment Value-Rs.100000/- (Rs. One lakhs Only).
TERMS & CONDITIONS:
1. The e-Auction is being held on “AS IS WHERE IS” and “AS IS WHAT IS BASIS”.
2. The successful bidder shall at the end of the auction pay 25% of the bid amount which shall be inclusive of the bid amount immediately on the sale being knocked down in his favor
and the balance within 15 days from the date of sale confirmation. Payment is to be made by RTGS/NEFT to the account of–Authorized officer, on or before 27-03-2024 on default
in such payment the property shall be resold and the defaulting purchaser shall not have any claim whatsoever and the amount already paid shall be forfeited.
3. Any statutory and other dues payable either accrued or arisen already shall be borne by the purchaser of the property.
4. To the best of knowledge and information of the Authorized Officer, there is no encumbrance on the property. However, the intending bidders should make their own independent
inquiries regarding the encumbrances, title of property/ies & to inspect & satisfy themselves. Property can be inspected from 10:30 AM to 5:00 PM after consultation with
Authorized Officer.
5. “In the event of failure of the successful bidder to tender 25% of the sale price then and there, the EMD deposited by him shall be forfeited to secured creditor and the bid accepted
shall stand cancelled automatically”
6. The intended bidders who have deposited the EMD and require assistance in creating Login ID & Password, uploading data, submitting bid, training on e-bidding process etc.,
may contact www.mstcecommerce.com. The intending bidders / purchasers required to register through https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp by using
their mobile number and valid email-id. They are further required to upload KYC documents and Bank Details.
7. For Registration related queries e-mail to ibapiop@mstcecommerce.com
8. For EMD payment/refund related queries e-mail to ibapifin@mstcecommerce.com
9. For Registration and Login and Bidding Rules visit https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp and Click “Buyer Guide for Login and Registration”
10. For any property related query may contact the Branch Head.
11. As per the Income Tax Rule, TDS @ rate of 1% ofAuction Price is payable by the successful auction purchaser.
(FOR DETAILED TERM AND CONDITIONS PLEASE REFER TO https://www.ibapi.in, www.unionbankofindia.co.in)
STATUTORY 30 DAYS SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT 2002
The borrower / guarantor are hereby notified to pay the sum as mentioned above along with up to date interest and ancillary expenses before the date of
e-auction failing which the property will be auctioned / sold and balance dues if any will be recovered with interest and cost.
DATE: 23.02.2024, PLACE: Gurgaon AUTHORISED OFFICER, UNION BANK OF INDIA

CIRCLE SASTRA : GHAZIABAD

KJ-13 KAVI NAGAR GHAZIABAD 201001,
PHONE NO :- 8295961765, 8283810870 EMAIL ID :- cs8228@pnb.co.in
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8 (6) of the Security Interest (Enforcement) Rules, 2002.
Notice is hereby given to the public in general and in particular to the Borrower (s) and Guarantor (s) that the below described immovable property mortgaged/charged to the Secured Creditor, the constructive/physical/ symbolic possession of which has been taken
by the Authorised Officer of the Bank/ Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on the date as mentioned in the table herein below, for recovery of its dues due to the Bank/ Secured Creditor from the respective borrower
(s) and guarantor (s). The reserve price and the earnest money deposit will be as mentioned in the table below against the respective properties.
SCHEDULE OF SALE OF THE SECURED ASSETS
Lot. Name of the Branch A) Dt. Of Demand Notice u/s 13(2) of SARFAESI ACT 2002 E) Reserve Price Date/ Time of Details of the
Description of the Immovable Properties Mortgaged/ Owner's Name encumbrances
No. Name of the Account D) Outstanding Amount (Rs. in Lacs) E-Auction
(mortgagers of property) known to the
C) Possession Date u/s 13(4) of SARFAESI ACT 2002 F) EMD secured creditors
Name & addresses of the Borrower/Guarantors Account
D) Nature of Possession Symbolic/Physical/ Constructive G) Bid Increase Amount Authorised Officer
1. BO: Loha Mandi (613300) All the part and parcel of the Property, consisting Res.House no.316,1st floor (with roof right) Khasra no.515 A) 28.06.2023 E) Rs. 51.00 Lakh 19.03.2024 Not Known to us
Sh. Gurvinder Laute S/o-Sh.Hakim Laute R/o - H. No-316 A,1st Floor (without roof right) having total area 183.66 sqm covered area 27.87 sq mtr.at Moh.Ramgarh Gali no.1, patel Marg, Village B) Rs. 20,61,079.79/- + Interest & Charges thereon F) Rs. 5.10 Lakh From 11.00 Mr. R P Yadav
Mohalla Ramgarh Gali no-1 Patel Marg Ghaziabad U.P Bonjha Pargana Loni, Tehsil and District Ghaziabad in the name of Sh. Gurvinder Laute with in Sub less recoveries A.M to 04.00
Also at: Sh. Surinder Singh Laute S/o-Sh.Hakim Singh (Guarantor) G) Rs 0.25 Lakh Mob.: 9971720088
Register III Ghaziabad. Bounded as under: - C) 13.09.2023 P.M
R/o-316AGround floor Ramgarh Patel Marg Ghaziabad U.P. East: - Property Gurbaksh Singh, West: -Jute mill, North: -Rasta 12’ wide, South: Jute Mill
D) Symbolic Possession
2. BO: Loha Mandi (613300) All the part and parcel of property consisting Plot No. 316, Ground Floor, (Khasra No. 515 MI, Vill. Bounjha), A) 28.06.2023 E) Rs. 55.90 Lakh 19.03.2024 Not Known to us
Mr. Surinder Singh S/o Hakam Singh & Mrs. Rupinder Kaur w/o-Mr. Surinder Singh Gali No. 1, Mohalla Ram Garh, Patel Marg, Hadbast Vill.Baunjha Pargana Loni Tehsil & Distt. Ghaziabad. B) Rs. 57,05,844.65/- + Interest & Charges thereon F) Rs. 5.59 Lakh From 11.00 Mr. R P Yadav
(Co-Borrower) R/o-at: 316-A, Ramgarh SH No-1, Patel Nagar, Ghaziabad -201301 Area Measuring 183.66 Sq. Mtrs. Covered area 100 Sq. Mtrs. less recoveries A.M to 04.00
Sh. Gurvinder Laute S/o-Hakam Laute (Guarantor) R/o-316-A 1st Floor, Mohalla Ram G) Rs 0.25 Lakh Mob.: 9971720088
Bounded as follows: East: Property Gurbax Singh, West: Jute Mill, C) 19.10.2023 P.M
Garh, Patel Marg, Ghaziabad-201001 North: Road 12’feet Wide, South: Jute Mill
D) Symbolic Possession
3. BO: Loha Mandi (613300) All the part and parcel of the Property, consisting of Plot no-5/538, FIRST FLOOR PLOT NO-538, (without A) 03.08.2018 E) Rs. 23.24 Lakh 19.03.2024 Not Known to us
Sh. Avdesh Kumar S/o Shri Sadashiv Chaurasiya–House-Plot no-5/538, First Floor roof right) SECTOR-5 VASUNDHARAGHAZIABAD-201010 B) Rs. 25,93,821/- + Interest & Charges thereon F) Rs. 2.33 Lakh From 11.00 Mr. R P Yadav
sector-5 Vasundhara Ghaziabad Measuring – CoveredArea: 45Sq.Mtrs standing in the name ofAvdesh Kumar less recoveries A.M to 04.00
Sh. Anil kumar Tiwari S/o-Sh. Ram Murti Tiwari (Guarantor) G) Rs 0.25 Lakh Mob.: 9971720088
Bounded as under - C) 15.12.2018 P.M
R/o-404, Block-Y,3rd Floor, EWS DLFAnkur Vihar Sadullabad, Ghaziabad-UP
East: - Plot no-5/537 West: - Plot no-5/539 D) Physical Possession
North: - Road 6 mtr wide South: - Plot no.5/541
4. BO: Loha Mandi (613300) All the part and parcel of the Property, consisting of H. No-5/129, Ground Floor, Mohan Meakin Society A) 18.04.2017 E) Rs. 21.46 Lakh 19.03.2024 Not Known to us
Lokendra Kumar S/o- Sh.Harveer Singh R/o H. No-5/129, Ground Floor, Mohan Meakin Sector-5 Vasundhara Ghaziabad UP. Measuring – Covered Area: 41.45 Sq Mtrs standing in the name of B) Rs. 22,28,021.21/- + Interest & Charges thereon F) Rs. 2.15 Lakh From 11.00 Mr. R P Yadav
Society Sector-5 Vasundhara Ghaziabad UP. Lokendra Kumar. Bounded as under: - less recoveries A.M to 04.00
Also at: Sh. Shiv Shankar Prasad (Guarantor) R/o-6/637, G 3 Sector-6 Vaishali Ghaziabad East: - Plot no-5/130, West: -Plot no-5/128, North: -Plot no-5/106, South: -Road 6 Mtr Wide G) Rs 0.25 Lakh Mob.: 9971720088
C) 29.07.2017 P.M
UP.
D) Symbolic Possession
5. BO: Loha Mandi (613300) All the part and parcel of the Property, consisting of Flat No-7(without roof right)3rd floor (4 storey building) A) 18.03.2019 E) Rs. 13.05 Lakh 19.03.2024 Not Known to us
M/s Rakhi Enterprises (Prop.) Smt.Rakhi w/o-Sh.Anil Kumar situated on plot no-b-144 block b khasra no-43, Panchwati Hadbast Gram Mahma saray urf Kot Ghaziabad B) Rs. 15,38,100.46/- + Interest & Charges thereon F) Rs. 1.31 Lakh From 11.00 Mr. R P Yadav
R/o-Plot No-B-144 3rd Floor Flat no-7New Panchwati Ghaziabad UP. UP. Measuring – CoveredArea:42.00SqMtrs standing in the name of Smt.Rakhi W/o-Sh.Anil Kumar less recoveries A.M to 04.00
Also at: Sh. Anil Kumar S/o- Sh. Wakeel Chand Sharma (Guarantor) G) Rs 0.25 Lakh Mob.: 9971720088
Bounded as under: - East: - Plot no-B 107 C West: - Plot no-B 145 C) 18.07.2019 P.M
R/o- Plot No-B-144 3rd Floor Flat no-7 New Panchwati Ghaziabad UP North: - 24 ft. Wide Road South: - Plot no B 143
D) Symbolic Possession
TERMS AND CONDITIONS: 1. The sale shall be subject to the Terms & Conditions prescribed in the Security Interest (Enforcement) Rules 2002 and to the following further conditions:
2. The properties are being sold on “AS IS WHERE IS BASIS” and “AS IS WHAT IS BASIS” and “WHATEVER THERE IS BASIS”. 3. The particulars of Secured Assets specified in the Schedule here in above have been stated to the best of the information of the Authorised Officer, but the Authorised Officer shall not be
answerable for any error, misstatement or omission in this proclamation. 4. The Sale will be done by the undersigned through e-auction platform provided at the Website https://www.mstcecommerce.com
5. For detailed term and conditions of the sale, please refer www.ibapi.in, www.mstcecommerce.com, https://eprocure.gov.in/epublish/app & www.pnbindia.in 6. All statutory dues/attandent charges /other dues including registration charges , stamp duty, Tax etc shall have to be borne by the Purchaser and also the
authorised officer or the bank shall not be responsible for any charges, lien in encumbrance are any other dues to govt or any one else in respect of Property (e-auctioned) not known to the bank the intending bidder is advised to make there on independent inquiries regarding the encumbrance on the property including
statutory liabilities,arrears of Property tax, electricity dues etc.
(STATUTORY SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT, 2002)
DATE: 23.02.2024, PLACE: GHAZIABAD AUTHORISED OFFICER, PUNJAB NATIONAL BANK

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 .
NEW DELHI | SATURDAY, 24 FEBRUARY 2024
ATTAUL MUNIM ZAHID
New Delhi, 23 February
N
ext to the spacious stalls of
publishing giants Penguin
and Bloomsbury at this
month’s World Book Fair, a
modest outlet of Blue Rose Publishers
beckoned aspiring writers with a board at
its entrance that said, “Book Idea”. Inside,
another board announced, “Expert
Consultation”.
Blue Rose was among several self-
publishing firms that put up stalls at the
World Book Fair 2024, which ran from
February 10 to 18 at Pragati Maidan in
NewDelhi.
“Our business is growing at 20 to 25 per
cent each year,” says Syed Arshad, who
founded Blue Rose in 2015. “Our total
revenueisclosingat$1.4millionthisyear.”
Self-publishing is not new. Some
notable authors, including a few who
changedthecourseofliterature,haveself-
published. However, it received a big
boost during the pandemic, especially in
India. Stuck indoors, several took to
writing,butnotallcouldfindapublisher.
“That year (2021), we published more
than1,000books,”saysArshad.Nextyear,
2022,BlueRosepublished1,700titles,and
in2023itbroughtout2,500.“Thisyear,we
are projected to publish around 4,000
titleswith2,000alreadyinhand,”hesays.
Notion Press, which, according to its
CEO, Naveen Valsakumar, is the “pioneer
of the self-publishing industry in India”,
wasalsothefair.Thewoodenshelvesinits
stall were packed with freshly printed
copies of self-published books. A board
insideflashed:“EveryStoryMatters.”
Notion Press publishes 30,000 to
35,000 books a year – “around 100 per day
on an average,” says Valsakumar. It
derives 85 per cent of its revenues from
book sales and 15 per cent from services
such as editing and designing. In 2016, it
raised an investment of $1 million from
high-net-worthindividuals.
With business booming, some self-
publishing firms are exploring foreign
markets.In2017,BlueRosesetupanoffice
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With business booming, some self-publishing firms are exploring foreign markets. In 2017,
Notion Press entered Singapore. Blue Rose set up an office in London in the same year
A NEW LEAF
Self-publishing is adding a new chapter to the books
business. Is it lit haste, or does it fill an important breach?
in London. The same year, Notion Press
entered Singapore; it also has a presence
inCalifornia.
DIYanotherday
Notion follows a do-it-yourself model,
where authors sign in on its website and
use its tools for typesetting, designing,
and proofing their books. Then they
submit their manuscript for to the Notion
Press team for a review. “Once the book is
reviewed (for legal issues), it is sent to the
printers,”Valsakumarsays.
Seventy per cent of a book’s revenue
goestothe author,the publisherkeeps the
rest30percent.
BlueRose,too,usestheDIYmodel."We
generally have two packages: A
conventionalone,whichprovidessupport
and services to the author, as traditional
publishersdo,andtheDIYpackage,where
authors can use our book creation tools
SELF-HELP,PARTICULARLYBUSINESSSELF-HELPBOOKS,ANDTHOSE
AROUNDHEALTHANDFITNESSMAKEUP45PERCENTOFOURSALES”
NAVEEN VALSAKUMAR, CEO, Notion Press
and publish instantly,” says Shivam, who
usually uses one name only and is the DIY
ProjectManagerforBlueRose.
Though self-publishing companies
help authors of every genre, self-help
books rule. “Self-help, particularly
business self-help books, and those
around health and fitness make up 45 per
cent of our sales,” says Valsakumar.
Fiction, particularly romance and
whodunnit, follow with 30 per cent.
Poetry (10 per cent) sells extremely well if
the author has a good following on social
media,particularlyInstagram.
At Evince Publication, which says it
helpsself-publishabout1,000titlesayear,
academic books sell the most. “Books for
UPSC(UnionPublicServiceCommission)
or government job exams sell well,” says
Vikas Singh, co-founder of the Bilaspur,
Chattisgarh-basedpublisher.
Those aged 25 to 45 dominate among
PHOTO: ATTAUL MUNIM ZAHID
OURBUSINESSISGROWINGAT20
TO25PERCENTEACHYEAR...THIS
YEAR,WEAREPROJECTEDTO
PUBLISHAROUND4,000TITLES
WITH2,000ALREADYINHAND"
SYED ARSHAD
Founder, Blue Rose Publishers
authors who self-publish with these
companies, though, according to Arshad,
seven- to 90-year-olds have published
withBlueRose.
All bets are off
Bharti Taneja, a marketing professional
who has worked with Simon & Schuster
India and Pan Macmillan India, says
several factors are contributing to the
growth of self-publishing in India. The
support provided by self-publishing
companies is a big reason. “With their
help,authorscanrefinetheircontent,and
the advent of online marketing has
provided them with direct channels to
TAKE TWO 19
connectwiththeirreaders,”shesays.
That several authors, who are now
well-known, started out by self-
publishing helped in no small measure.
“Several bestselling authors in the
publishing industry initially self-
published their works,” Taneja adds,
listing Savi Sharma, Amish Tripathi, and
RupiKaurasnotableexamples.
That said, it is not that every self-
publishing author is destined to become
an Amish or a Rupi. Some stumble at the
first hurdle. Not all manuscripts that
cometothesepublishersendupasabook.
“About 2,000 books are rejected every
month on grounds of libel, blasphemy, or
something we deem has no legal grounds
to be published,” Valsakumar says. At
Evince, the rejection rate per year is 5 per
centofthenumberofbookspublished.
Lit haste?
Therapidityofself-publishinghassparked
concerns about the quality of the literature
it churns out. With minimal oversight and
allure of instant gratification, authors may
be tempted to skip editing and revision
processes, leading to the proliferation of
subparcontent.
Shabir Ahmad Mir, author of The
Plague Upon Us (Hachette, 2020), says
there needs to be a distinction between
vanity-publishing and self-publishing.
“Vanity publishing is an extension of
Instagram posts and Tik Tok videos,” he
says. “It hardly matters whether anyone
readsorbuyssuchbooks.”
Some however say self-publishing fills
a breach. “It is a parallel industry that
caters to many talented first-time writers
whose manuscripts often go unnoticed in
the overwhelming submissions
traditional publishing houses receive,”
says Ronjini Bora, former publicity and
marketingmanager,HarperCollins.
It used to be a means of publishing
works that could not find a traditional
publisher due to factors that had nothing
to do with the merit or quality of the
writing, Mir explains. These were books
that were rejected for lack of commercial
appeal,orbecausetheywerethoughtofas
too experimental, or on moral, political or
religious grounds, or simply because they
werenotinfashion.
“You have examples where self-
published works changed the course of
literature,”Mirsays.
Charles Dickens, dissatisfied with his
payout, self-published AChristmasCarol.
James Joyce self-published his seminal
work, Ulysses, considered the best novel
ever written, because publishers at the
time did not understand his stream-of-
consciousness technique. Marcel Proust
started with self-publishing his first book,
Swann’sWay.
Thatisnotabadlitlisttobeon.
<
FAMOUS INDIAN
AUTHORS WHO
SELF-PUBLISHED
1
Rupi Kaur, a Punjabi-
Canadian poet, initially self-
published her collection
Milk and Honey in 2015 due
to her struggles with
traditional publishers. Her
immense following on
Instagram, exceeding four
million, propelled her to
success, ultimately leading to
a publishing deal with
Andrews McMeel Publishing
2
Ashwin Sanghi, known
for bestselling novels such as
The Rozabal Line, faced
rejection from more than 100
literary agents and publishers
before self-publishing his
debut book in 2007 under the
pseudonym Shawn Haigins.
Despite initial challenges,
Sanghi’s perseverance paid
off, and his self-published
work paved the way for a
successful writing career
3
Amish Tripathi, a
prominent Indian author,
self-published his first book,
The Immortals of Meluha,
after enduring rejections from
more than 20 publishers.
Despite doubts about the
book’s success, his
investment in marketing
paid off, leading to a highly
successful trilogy
4
Savi Sharma, recognising
the limitations of traditional
publishing, self-published
her debut book, Everyone Has
a Story. Its rapid success on
platforms such as Amazon
attracted multiple traditional
publishers, ultimately leading
to a bidding war and a deal
with Westland
5
Devika Das, author of
7 Vows of Marriage, opted to
self-publish through Notion
Press in 2016. Her book’s
sales surpassed 50,000 copies
and it was translated into
multiple languages
 20
>
NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1

UTTAR PRADESH: INVESTING IN THE

1 TRILLION-DOLLAR VISION
I am happy that UP and its people have worked
shoulder-to-shoulder to increase the potential of the
country. The speed at which projects like highways,
expressways, dedicated freight corridors and defence corridors
are progressing in UP is a testimony to that. Today, UP is
becoming a hub for investments — mega infrastructure
projects and industrial corridors are being built — new
employment opportunities are being created.”
Narendra Modi, Prime Minister
Remarkably, in just seven years, we managed to
double the state’s economy. We also achieved
success in doubling the per capita income of UP. A
conducive investment climate has been fostered in Uttar
Pradesh. As a result, investments exceeding Rs 10 lakh
crore will be implemented in the state through a
Groundbreaking Ceremony on February 19.”
Yogi Adityanath, Chief Minister
PICS: DIPR, GOVT. OF UTTAR PRADESH

UP: Where aspirations

are becoming a reality
UP has become the preferred destination for investors. Backed by
INVESTMENTS COMING UP 'double-engine' growth, the state is becoming a model for improved
IN SUNRISE SECTOR law and order and Ease of Doing Business, and a rich resource for
Housing 19.24% skilled manpower and robust infrastructure and policies
Renewable Energy 15%
Manufacturing 13% Adityanath, has actively followed a development
Food Processing 6.01% agenda with significant emphasis on industrial
growth, bolstered by impactful governance
Electronics Manufacturing 5.27% reforms, commendable law and order, progress- MAJOR INVESTMENTS
Education 2.96% driven policies and establishment of state-of-the- PROJECT PLACE VALUE PROJECT TYPE
art greenfield infrastructure encompassing
airports, expressways, metro rails, industrial Rajas Aerosports & Adventures Varanasi Rs 5,000 crore PPP heliport
corridors, and more. Pvt Ltd
REGION-WISE INVESTMENTS BREAKING NEW GROUNDS PKH Ventures Ltd Ayodhya Rs 600 crore PPP Ayodhya
Pashchimanchal 52% • A massive leap — from projects worth TFC
Poorvanchal 29% The benchmark set by Uttar Pradesh Global Rs 60,000 crore in GBC 1.0 to Rs 10 lakh
Shaurya Naturopathy & Resorts Prayagraj Rs 500 crore Hotel
crore in GBC 4.0
Madhyanchal 14% Investors Summit (UPGIS) 2023 is one for the
history books — an achievement that has • Under the GBC 4.0, there are a total of 300 PDI India Agra Rs 400 crore Theme Park
Bundelkhand 5% catapulted UP closer towards its 1 trillion-dollar projects exceeding Rs 500 crore, while 895
Capable Buildwell Gautam Buddha Rs 325 crore Hotel
vision. The vision inspired by PM Narendra industrial projects ranging from Rs 100 to
Modi’s ‘Reform, Perform, Transform’ mantra, Rs 500 crore planned for implementation Nagar
UP’s TOURISM SECTOR has put the Yogi Adityanath-led UP government • All 75 districts will benefit from GBC 4.0 PROJECTS OF UPDIC LAUNCHING Ghaziabad, Siddharthnagar, Meerut, Agra,
ATTRACTS INVESTMENTS at an apex position and transformed it into a
AT GBC 4.0 Barabanki and Basti
dream destination for investors and business
• 819 projects worth fraternity, both nationally and internationally. Uttar Pradesh Defence Industrial Corridor • Noida Data Centre Park being set up in
Rs 33,137.47 crore to be is helping UP transform into a major hub of Noida by NIDP Developers Pvt Ltd with an
PM Narendra Modi is inaugurating the
launched in UP defence and aerospace manufacturing. The investment of Rs 30,000 crore on 20 acres
fourth Groundbreaking Ceremony (GBC) on
current surge in investors lining up to invest of leased land of Greater Noida Industrial
• Of the total, Ayodhya, Kashi, February 19, 2024, under which the foundation
in UP has aligned with government’s Development Authority, giving jobs to
Mathura and Prayagraj have stone of investment projects worth more than
indigenisation policy, placing focus on 2,160 people
projects worth Rs 15,434 crore Rs 10 lakh crore are being laid, through which
34 lakh people will receive employment. The manufacturing of 509 items on its positive • TARQ Semiconductors Pvt Ltd launching
• Ventures include hotels, resorts, event will also witness the participation of list and 4,666 line-replaceable units that will project worth Rs 28,440 crore in Gautam
spas, theme parks, etc leading industrialists, global and Indian Fortune be compulsorily manufactured in India, Buddha Nagar that will create 1,000 new jobs
500 companies, foreign investor-partners, translating into a home grown business
worth Rs 1,75,000 crore. • Sify Infiniti Space Ltd setting up 2 projects
VARANASI 34 projects worth ambassadors/ high commissioners of multiple with an investment of Rs 19,000 crore in
Rs 6,730 crore countries and important functionaries from the • 34 new projects worth Rs 3,585.85 crore Gautam Buddha Nagar
central and the state government. Since UPGIS • More than 3,500 investors expected to added to Uttar Pradesh Defence Industrial
AYODHYA 114 projects worth 2023, UP has been able to implement more Corridor (UPDIC) DRIVEN BY PROGRESS
attend GBC 4.0
Rs 4,318 crore than 14,000 projects with estimated investment • Projects spread across Aligarh, Jhansi, • Second edition of UP International
of approximately Rs 10 lakh crore, generating • Sectoral sessions covering various topics Trade show will be organised between
scheduled for February 20 and 21. Kanpur and Lucknow nodes. Will generate
MATHURA 74 projects worth 34 lakh employment opportunities in a short 8,530 job opportunities September 25 to 29, 2024, at Greater
span of one year. Students from technical, technological, Noida, showcasing UP’s growing
Rs 3,278 crore and management institutes invited to this potential
A crucial aspect of the UPGIS edition was, that informative event to facilitate learning and
PRAYAGRAJ 21 projects worth for the first time, special attention was given to promote awareness Leading investments in Defence • Under the industrial estates and ‘One
Rs 1,108.18 crore tapping investments through dedicated outreach Industrial Corridor include: District One Product’ scheme, inauguration
programmes. Roadshows and meetings were PROJECTS LAUNCHING IN GBC 4.0: and foundation stone laid of 13 projects
held ahead of the UPGIS so that a foundation for • BrahMos Aerospace and Aerolloy of Common Facility Centres
CHITRAKOOT 8 projects worth • NIDP (Hiranandani Group), Sify Technologies @Lucknow
attracting investments was laid. Uttar Pradesh Technologies, STT Global, Jackson Limited
Rs 118 crore government, under the leadership of CM Yogi establishing Data Centres across UP • Global Engineers Limited and WB
• Toolkit distributed to beneficiaries of Tool
Kit Distribution Scheme under the
• Ashok Leyland and Yamaha setting up Electronics India Limited @Jhansi Vishwakarma Shram Samman Yojana
automobile and EV projects across UP • Ananth Technologies, Genser and ODOP training programme
• NTPC, Greenko Group, Torrent Power, Aerospace IT Pvt Ltd and Adani • Budget allocated for Chief Minister Youth
ACME Group, JSW Energy PSP Six and Defence Systems and Technologies Entrepreneur Development Scheme to
Tusco setting up thermal, hydro-power Ltd @Kanpur provide interest free loans to new
and solar projects across UP • Anchor Research Labs LLP and entrepreneurs
• M3M India, INGKA, The House of Amitec Electronics @Aligarh • 10 pledge parks being set up in UP to
Abhinandan Lodha constructing residential • Bharat Dynamics Limited encourage industrial establishments.
and retail properties in UP Under this mission,10 lakh units will
• Armoured Vehicles Nigam Limited benefit directly in the next 10 years,
• Tata Technologies upgrading 150
• Tata Technologies Limited with funding to 1 lakh units every year
government ITI’s
• UP’s exports have increased from Rs 86,000
• Air India SATS Airport Services and the
crore to approximately Rs 2 lakh crore
Sharaf Group, respectively, establishing an
air cargo terminal, cold storages and
IT & ITeS PROJECTS TAKE • UP’s Vishwakarma Shram Samman Yojana
logistics park
CENTRESTAGE has become a national scheme in the form
• 60 projects worth Rs 91,000 crore to be of PM Vishwakarma Yojana
• Tarq Semiconductors, Dixon Technologies,
launched during GBC 4.0. Will create • Foundation stone laid for Trade Promotion
Haier, Addverb Technologies and Kent RO
81,424 job opportunities Centre in Lucknow
Systems to manufacture electronics
products across the state • Of these, nearly 39 projects based in • Foundation stone laid for state industrial
NCR district hubs in Raebareli, Mau, Prayagraj,
• Sharda Group of Institutions, Yashoda
Hospitals and Apollo Hospitals establishing • 76,000 new job creation in Gautam Pratapgarh and Mahoba
super-speciality hospitals Buddha Nagar • Upgradation of state industrial hubs in
• Mathura receives 4 new projects, Bilhaur, Kanpur, Bachhrawan Raebareli
• AB Mauri & Varun Beverages setting up
worth Rs 120.79 crore, creating 290 and Ayodhya
food processing plants in UP
employment avenues • Foundation stone laid for State Finance
• Banas Dairy and CP Milk and Food Products Corporations (SFCs) in Kaushambi and
to invest in the dairy industry of UP • Bulandshahr, Lucknow and Amroha bag 2
Gonda
projects each
• Century Pulp and Paper, Dalmia Cement • A new SFC inaugurated in Varanasi under
Bharat, M/S Indorama India, Rimjhim Ispat • One IT sector project each in Kanpur the ‘One District One Product’ scheme
and Fun Zoo Toys setting up various Nagar, Varanasi, Kaushambi, Ayodhya,
manufacturing units
CONSUMER CONNECT INITIATIVE
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 .
NEW DELHI | SATURDAY, 24 FEBRUARY 2024
Kashi Vishwanth Corridor, Kashi
Maharishi Valmiki International Airport, Ayodhya
Lata Mageshkar Chowk, Ayodhya
Police Control Room - 112
Khelo India University Games 2023
Uttar Pradesh government has made considerable strides in the last few years that have culminated in cumulative
growth projections for the state in 2023. As a pioneer in setting new benchmarks, UP has emerged at the top on several fronts
and made significant progress in development-based projects and undertakings
• Leading in the country as the ‘Expressway
Capital’ of India with 6 operational expressways
and 7 under construction
• Approval granted for development of 94 road
routes along international and interstate border
• UP has the highest number of airports — 5
international and 16 domestic airports
• Noida’s Jewar airport, poised to be the largest
airport in Asia
• Maharishi Valmiki International Airport at
Ayodhya Dham inaugurated by PM Narendra
Modi
• Largest MSME hub in the country with more than
96 lakh units
• Organised the UP Global Investors Summit 2023
that garnered investment proposals worth more
than Rs 40 lakh crore with employment potential
for more than 1.10 crore youth
• Achiever State in ‘Ease of Doing Business’
• Contribution of nearly 60% in total mobile
manufacturing in the country
• India's first inland waterway developed in the state
• India’s first freight village developed in Varanasi
spread across 100 acres
• Country’s first rapid rail service connecting
Meerut to Delhi operational
• Rapidly moving towards becoming the state with
the highest number of 'Safe Cities' in the country
— 17 Municipal Corporations and Gautam
Buddha Nagar
• UP ranks third in the country in 'India Smart
Cities Award' contest. State emerges as Achiever
State in 10 categories at India Smart Cities
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TURNING
ASPIRATIONS INTO INSPIRATION
DREAMS INTO A VISION
HOPES INTO REALITY
With ‘Modi’s Guarantee’ backed by the endeavours of the
UP government, a new Uttar Pradesh has emerged
under the ‘double engine’ model of growth and governance
After 7 years of selfless and determined
governance, and under the visionary
leadership of PM Narendra Modi,
Yogi Adityanath-led UP government is
steadily making progress across key
sectors that are directly impacting and
improving ‘Ease of Living’, ‘Ease of Doing
Business’, connectivity, healthcare,
agriculture, education, and employment in
Uttar Pradesh. Relentless to make UP the
fulcrum of growth, the UP CM earmarked
2023 with one of the biggest Global
Investors Summit, creating new
opportunities for progress, and prosperity.
Keeping a robust law and order and
security as one of the key cornerstones of
its regime, the state government also
undertook key initiatives in the last one
TORCHBEARERS OF PROGRESS
Conclave 2023
• India’s first public transport ropeway system is
being developed in Varanasi
• Honoured as the ‘Best State in Skill
Development’ by ASSOCHAM
• First state in the country to implement skill-
development policy
• First state in the country to make maximum
purchases under e-market place (GeM)
• Leading state in raising funds from banks and
other financial institutions during fiscal year
2022-23, capturing a 16.2% share
• Called the ‘Food Basket’ of India, leading in the
production of wheat, milk, sugarcane, sugar,
ethanol, potato, mango, guava, mint and
gooseberry
• License issued to 284 new khandsari units for
the first time in 25 years
• First in Pradhan Mantri Awas Yojana (rural and
urban). As a result, 55.50 lakh houses have been
constructed in the state under the scheme. The
Centre additionally sanctioned 1.44 lakh
additional housing units under the Pradhan
Mantri Awas Yojana - Rural (PMAY-R) for UP for
2023-24
• First in the country in the implementation of
Pradhan Mantri Kisan Samman Nidhi Yojana.
Over 2.63 crore farmers in UP have benefitted
from this scheme. More than Rs 64,694 crore
has been disbursed to UP farmers under the
scheme
• First in the country to construct 2.61 crore toilets
and to announce all its 75 districts ODF under the
Swachh Bharat Mission
year to build a sustainable and all-inclusive
welfare paradigm, taking its people and
stakeholders closer to the
1 trillion-dollar vision. As a result, UP has
emerged as the second largest economy
according to the online blogging platform
— soic.in.
With the robust backing of ‘Modi’s
Guarantee’ and rock-solid governance and
vision of CM Yogi Adityanath, Uttar
Pradesh has broken away from its old
'bimaru' image and risen as the 'sunrise'
state of India. Buoyant with the hopes and
aspirations of its people, the state is
committed to become the largest
economy of ‘New Bharat’ — a juggernaut
of enormous resources and limitless
potential.
• First in the country in implementation of
MGNREGA. The state has generated 190 crore
man days under MGNREGA, giving employment
to 4.85 crore workers
• Excels in inland fisheries. State awarded at the
prestigious at the Global Fisheries Conference
India - 2023
• North India’s first hyper-scale Data Centre Yotta
D1 inaugurated in Greater Noida
• Gautam Buddha Nagar to become one of India’s
biggest data centre hubs
• Topmost state in E-tendering system
• Ranks first in the country in conviction rate for
crimes against women under the POCSO Act
• UP has the highest number of medical colleges
— 65 operational and 22 under construction
• Ayodhya to become a pioneer in North India with
the establishment of the first plant dedicated to
fuel production from plastic waste with a
capacity of 30 tonnes
• Ayodhya to be modelled as the first ‘Solar City’
• With 16.2% share of investment, UP is now the
number 1 state in attracting funds for projects
from banks/ financial institutions. UP’s share
increased from 1.1% in FY 2013-14 to 16.2% in
FY 2022-23, a growth of 15 times
• UP added 1,26,000 investors in April 2023 as per
National Stock Exchange disclosure — highest
in the country
• With 18.4% share, UP has become number 1
destination for domestic tourists as per data
shared by Ministry of Tourism for 2022. More
than 32 crore domestic tourists visited UP in
2023
21 <
PM Narendra Modi & CM Yogi Adityanath at UPGIS 2023
Namo Ghat, Kashi
Bundelkhand Expressway
Schools under the Operation 'Kayakalp'
Youth skilling mission in full swing
• UP is now at number two spot in filing Income
Tax Return. In June 2014, Uttar Pradesh reported
a modest 1.65 lakh ITR filings. By June 2023, this
figure skyrocketed to an impressive 11.92 lakh
• In the last 6 years, special emphasis laid on
increasing exports. UP exported worth Rs 1.74
lakh crore in financial year 2022-23. The target
has been set to Rs 3 lakh crore in the next five
years
• Revenue worth Rs 1,07,407 crore generated
from GST in 2022-23, marking a growth of
20.8%
• UP, under the PM Street Vendor's AtmaNirbhar
Nidhi (PM SVANidhi), leads in the country, and
over 19.45 lakh eligible street vendors'
applications received, of which more than
17.32 lakh applications have successfully
been disbursed
• Holds 6th position in software exports in the
country with total software export from STPI
registered IT/ITEs units for FY 22-23 standing at
Rs 36,937 crore
• Under Operation 'Kayakalp', 1.40 lakh schools
rejuvenated in the state
• Under 'School Chalo' campaign, the number of
students enrolled in state-run schools has risen
from 1.34 crore in 2017 to 1.92 crore in 2023
• Effective mitigation of AES/JE disease through
‘Dastak’ campaign
• Freed Purvanchal from encephalitis with a
reduction in mortality rate by 98%
• UP government developing 17 cities
comprising 10 lakh households as ‘Solar
Cities’ over the next five years
CONSUMER CONNECT INITIATIVE
 22
>
Byju’s crisis: Employees The bigotry of the victim
share stories of ordeal
Some have moved to other firms at lower pay, others have exited the sector
ANUSHKA BHARDWAJ & OJASVI GUPTA
New Delhi, 23 February
T
he spate of layoffs at the crisis-rid-
den Byju’s has upended the lives of
several people who worked at what
was once the poster child of the Indian
edtech industry.
While some have moved to other
edtech platforms at lower salaries, there
are those who have left the sector alto-
gether, opting instead to take up jobs in
potentially stable industries.
Byju’s, grappling with a liquidity
crunch and pending lender repayments,
has claimed to have initiated a salary set-
tlement process for those who were laid
off. However, several employees that
Business Standard spoke with said they
are yet to get any confirmation on this.
With officials at Byju’s allegedly unap-
proachable, some former employees are
making their plight known through social
media posts. “My last working day at
Byju’s was October 8 (2023). Even after four
months of departure, the final payment is
yet to be settled. No communication has
been received so far,” a teacher posted on
X (formerly Twitter) on February 12, 2024.
At its peak in 2022, Byju's had about
50,000 employees, which included the
edtech firm's various subsidiaries. Since
last year, it has initiated restructuring exer-
cises and multiple rounds of layoffs, reduc-
ing its workforce to about 15,000.
Shikha Kuthiala, a mathematics
teacher who was given the pink slip during
Byju’s August-September 2023 layoff
round, said the stress of losing the job was
as much emotional as financial. “Although
I was not the sole earner in my family, my
portion of income was suddenly cut, and
more than financial, it took a mental toll,”
she said. Talking about the discomfort
that was majorly caused by the sudden-
ness of the process, she said, “You get used
to a certain style of spending, and then
overnight, you become dependent on
somebody else. It leaves you helpless and
confused.”
‘Google Gemini’s response to
question on Modi a violation’
Google’s AI tool Gemini’s response (IT rules) of the IT act and violations
to a question around Prime of several provisions of the Criminal
Minister Narendra Modi is in direct code,” Chandrasekhar said on
violation of IT rules as well as social media platform X.
several provisions of the criminal The minister marked the post to
code, minister of state for Google and the Ministry of
electronics and IT Rajeev
Chandrasekhar said
on Friday. When asked
The minister took about the PM,
cognisance of the issue the AI tool had
raised by verified responded
accounts of a journalist with
alleging bias in Google uncharitable
Gemini in response to a comments
question on Modi while
it gave no clear answer
when a similar question was tossed Minister Modi but was circumspect
for Trump and Zelenskyy. when the same query was posed
“These are direct violations of about Trump and Zelenskyy.
Rule 3(1)(b) of Intermediary Rules
H100: The chip that added more
than $1 trillion to Nvidia’s value
IAN KING
23 February
Computercomponentsarenotusually
expectedtotransformentirebusinesses
andindustries,butagraphicsprocessing
unitNvidiaCorpreleasedin2023has
donejustthat.TheH100datacenterchip
hasaddedmorethan$1trillionto
Nvidia’svalueandturnedthecompany
intoanAIkingmakerovernight.It’s
showninvestorsthatthebuzzaround
generativeartificialintelligenceis
translatingintorealrevenue,atleastfor
Nvidiaanditsmostessentialsuppliers.
DemandfortheH100issogreatthat
somecustomersarehavingtowaitas
longassixmonthstoreceiveit.
What is Nvidia’s H100 chip?
TheH100,whosenameisanodto
computersciencepioneerGraceHopper,
isagraphicsprocessor.It’sabeefier
versionofatypeofchipthatnormally
livesinPCsandhelpsgamersgetthe
mostrealisticvisualexperience.Butit’s
beenoptimisedtoprocessvastvolumes
ofdataandcomputationathighspeeds,
makingitaperfectfitforthepower-
intensivetaskoftrainingAImodels.
Nvidia,foundedin1993,pioneeredthis
marketwithinvestmentsdatingback
almosttwodecades,whenitbetthatthe
abilitytodoworkinparallelwouldone
daymakeitschipsvaluablein
applicationsoutsideofgaming.
Why is the H100 so special?
GenerativeAIplatformslearnto
completetaskssuchastranslatingtext,
summarisingreportsandsynthesising
imagesbytrainingonhugetomesof
preexistingmaterial.Themoretheysee,
thebettertheybecomeatthingslike
recognisinghumanspeechorwritingjob
coverletters.Theydevelopthroughtrial
This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
EXIT DOOR Layoffs in Byju’s
2,500
1,500
1,000
Oct ‘22 Feb ‘23 Jun ‘23
Source: layoffs.fyi
Kuthila now works with another edtech
platform, earning less than she did at
Byju’s. “The layoff period was tough,” said
a former employee who left Byju’s in July
2023 after working in the video depart-
ment for five years.
As the layoffs became frequent and the
worry of losing the job set in, others too
started exiting the company, said this per-
son asking not to be named. “Due to the
fear caused by the Byju’s crisis, several
employees have chosen to take up entry-
level jobs in firms other than edtech,” this
person said. “They are ready to work at
lower salaries if that industry is stable.”
Electronics and IT
indicating further action
in the matter. The
journalist has shared a
screenshot in which a
question was asked to
Google Gemini
about Modi.
In response, Gemini
made uncharitable
comments about Prime
PTI
US FIRM HITS $2 TRILLION VALUATION
Nvidiahit$2trillioninmarketvalueonFriday,ridingonaninsatiabledemandfor
itschipsthatmadetheSiliconValleyfirmthepioneerofthegenerativeartificial
intelligenceboom.
Themilestonefollowedanotherbumperrevenueforecastfromthechip
designerthatdroveupitsmarketvalueby$277billiononThursday—Wall
Street’slargestone-daygainonrecord.Itsrapidascentinthepastyearhasled
analyststodrawparallelstothepicksandshovelsprovidersduringthegoldrush
of1800sasNvidia’schipsareusedbyalmostallgenerativeAIplayersfrom
chatGPT-makerOpenAItoGoogle.Nvidia’ssharesweretradingmorethan4 per
centhigheratarecordhighof$818onFriday.
anderror,makingbillionsofattemptsto
achieveproficiencyandsuckinguphuge
amountsofcomputingpowerinthe
process.NvidiasaystheH100isfour
timesfasterthanthechip’spredecessor,
theA100,attrainingtheseso-calledlarge
languagemodels,orLLMs,andis30
timesfasterreplyingtouserprompts.For
companiesracingtotrainLLMsto
performnewtasks,thatperformance
edgecanbecritical.
How did Nvidia become a leader
in AI?
TheSantaClara,Californiacompanyis
theworldleaderingraphicschips,the
ILLUSTRATION: BINAY SINHA
Business Standard’s email to Byju’s did
not elicit a response.
Meanwhile, with employees looking for
safer choices, gig work and freelancing
platforms have seen a push in an already
booming sector — coaching. Kajal Malik,
co-founder and chief business officer,
PickMyWork, a New Delhi-based gig plat-
form, said, “Amid the recent layoffs at
prominent edtech companies and the sub-
400
sequent surge of teachers turning to gig
work, it’s clear that the gig economy model
presents an appealing alternative to those
Aug ‘23 affected.”
An employee who left Byju’s last week
after working as a product manager and
then in the sales department, told Business
Standard that they used to be paid nearly
~5.5 lakh per annum. However, now, the
firm is sacking employees like her and hir-
ing fresh talent at almost half the pay, she
alleged. Workdays had also started becom-
ing difficult, she said. “Our shift time was
extended, taking breaks was tough and
micromanagement began.” This person is
now working on her YouTube channel.
Meanwhile, Byju’s Founder and Chief
Executive Officer Byju Raveendran
recently said that the employees had
received the salary for January and that he
was “moving mountains” to make payroll.
Kalyani to invest ~11.7K cr in
Odisha to set up steel plant
Kalyani Steels Ltd on Friday signed an MoU with the
Odisha government to set up a manufacturing facility
with an investment of ~11,750 crore.
The project for manufacturing titanium metal,
aerospace and automotive components and
advanced speciality steel at Gajamara in Dhenkanal
district will create 10,000 job opportunities, the com-
pany said in a statement.
Chief Minister Naveen Patnaik said the collabo-
ration will harness opportunities for the state to
emerge as a high-skill job creator. “By welcoming
Kalyani Steels’ project, including a titanium metal
and alloy mill, an aerospace components facility, and
an integrated automotive component unit, Odisha
marks its grand entry into a highly advanced and
precision manufacturing sector,” he said. Patnaik
also said the project is a “perfect match for our aspi-
rations for creating an ecosystem conducive to new-
age industries”. He said the project would catalyze
the growth of micro, small and medium enterprises,
spurring the development of a vibrant ecosystem of
ancillary industries and OEM. PTI
REUTERS
bitsofacomputerthatgeneratethe
imagesyouseeonthescreen.Themost
powerfulofthosearebuiltwith
hundredsofprocessingcoresthat
performmultiplesimultaneousthreads
ofcomputation,modellingcomplex
physicslikeshadowsandreflections.
Nvidia’sengineersrealisedintheearly
2000sthattheycouldretoolgraphics
acceleratorsforotherapplications,by
dividingtasksupintosmallerlumpsand
thenworkingonthematthesametime.
Justoveradecadeago,AIresearchers
discoveredthattheirworkcouldfinally
bemadepracticalbyusingthis
typeofchip. BLOOMBERG
CHINTAN GIRISH MODI
Whatwasitliketobeagaymanbornto
Chinese-CambodianparentsinFrancein
theearly1980s?Howdidanti-Asian
racismplayoutinthepredominantly
whiteworldofgaydating?Whatwerethe
psychologicalimplicationsofbeing
reducedtoastereotypeandnotseenas
anindividual,ofbeingrepeatedlytold
thatonewasinherentlyunattractive
becauseofone’srace?Howdidsomeone
atthereceivingenddealwiththis
humiliation?Readfinancialanalyst-
turned-actorJean-BaptistePhou’s
memoir,ComingOutofMySkin,to
knowmore.
Thisslimvolumethrowslightonthe
experiencesofmenwhoaremarginalised
inheteronormativespacesbecauseof
theirsexualorientation,andexcluded
fromgayspacesonaccountoftheirracial
identityorethnicorigin.Itshowsthat
peoplewhofacediscriminationarenot
necessarilyfreeofbigotrythemselves.
Whilethisiscommonsense,perhapsit
needstobearticulatedexplicitlyinanage
wherepeoplethinkthattheirlackof
privilegeinoneaspectoftheirlives
makesthemimmunetocriticismor
accountabilityfortheirbehaviour.
Theauthornotes,“Suchbehaviour
(racism)isverycommonamong
homosexuals,someofwhomgoeven
fartherbyprotesting:ButIcan’tberacist!
I’mgay…Withoutnoticing,wecanall
haveracistthoughtsandexhibitracist
tendencieswhilestoppingshortof
outrightracism.”
Readersmightfeelthatheis
belabouringthepoint,butthereisasolid
reasonbehindthis.Accordingtohim,
Frenchsocietyclaimsnottoseecolour
becauseallcitizensareequal
beforethelaw.People’slived
realitiesareoftendramatically
differentfromlegalprovisions.
“Iwasbeingrebuffedsolely
becauseIwasofAsiandescent,
soconsistentlythatitwas
becomingapattern,”hewrites.
“Thiswasn’taboutindividual
tastesexpressedbyjusta
handfulofpeople,butinfacta
widespreadattitude,akindof
conditioningwithcollectiveroots.”He
begantowonderwhyAsianmenwere
consideredrepulsive,evenundesirable,
andeventuallydiscoveredthatsuch
ideaswerebasedonrepresentationsin
popularculturewhereAsianmenare
depictedaspossessingsmallerpenises
andbeinglessvirilethanwhitemen.
“Themainstreammediagoeson
Chander Mukhi, Nariman Point Mumbai – 400 021
Tel. 022-66387680, FAX 022-22044336,
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NEW DELHI | SATURDAY, 24 FEBRUARY 2024 1
spewingforthmoreorlessthesame whichpeopleofcolourinflictharm.
representationsofAsianbodies,”he Hopefully,thisbookwillmakegaymenin
adds.“IntheWest,it’swellunderstood Indiathinkaboutthedamagingeffectsof
thatimagesareapotentweaponinthe thehatethatisnormalisedongaydating
arsenalofsoftpower.Thefeelingofbeing appslikeGrindr,PlanetRomeo,and
economically
threatenedbyFar
Scruff.Itisnot
uncommonforgay
Easterncountries menusingtheseapps
contributestothe toflaunttheir
perpetuationofsuch aversiontodark-
dehumanizing,even skinned,fat,
demonizing differentlyabledand
depictions.” effeminatebodies.
Growingupinthis Someusersare
toxicenvironment, particularaboutthe
theauthortriedto religiousandcaste
avoidallcontactwith identitiesoftheir
fellowAsiansinpublic prospectivepartners.
spacesandsawthem Ifthiswasn’t
behavingsimilarly enough,thetopicof
duetotheir sexualposition
internalisedsenseof complicatesmatters
shame.Itmusthave evenfurtherbecause
takentheauthoralot gaymenoftendefine
ofcouragetorevisit themselvesstrictlyas
thoseunpleasant toporbottom.Based
memoriesandmake onhisexperiencesin
himselfvulnerablein
print.Hedoesan COMING OUT OF MY SKIN
France,theauthor
says,“Deeplyrooted
excellentjobofgiving Author: Jean-Baptiste Phou inthegay
usaglimpseintohis Publisher: Seagull Books imaginationisthe
troubledmindscape. ideathatAsianscan
Atatimewhenhewas Translator: Edward Gauvin onlybepassive,a
hungryfor Price: ~599 Pages: 124 bottom.Andsince
connection,hehadto twobottomswon’tdo,
disconnectfromparts theyneedtoseek
ofhimselfthatwereconsidered partnersoutsidetheirethnicgroup.”Over
unwelcome.Hehatedhowhelookedand aperiodoftime,beliefsmasqueradeas
howotherssawhim. truths.Thosewhoarekeentochallenge
Theauthorconfesses,“Foralong themgetentangledinnewertraps
time,myskinhorrifiedmewithitspallor, insteadofgettingliberated.
myeyeswiththeirshape,mynosewith He writes, “That’s what one of my
itsflatness,myfingerswiththeir friends of Cambodian descent did: to
slenderness,myhairwithits escape the cliché of the Asian bottom, he
stiffness.”Allthephysical only ever topped. Alas, in seeking to free
characteristicsthatreminded ourselves from others’ perception, we
himofhisAsianidentity,and continue to define ourselves in relation
whatitstoodforinFrance,made to it.” The author’s self-awareness and
himrecoilwithdisgust.He candour are refreshing. The book strikes
begantoidolisewhiteness.“I a chord because he opens up about his
BOOKS dreamedoflettingmyskinroast own irresponsible behaviour, including
inthesun,gettingimplantstobe unprotected sexual encounters that
& IDEAS hairier,goingunderthescalpel
—anythingtostoplookingso
exposed him and his partners to the risk
of sexually transmitted infections.
yellow,” This book is fiercely honest and
herecalls. unwaveringly gloomy. But it has the
Thisisadisturbingbook,andamuch- potential to ruffle feathers and get
neededone,becausetheobsessionwith people in LGBTQIA+ communities
appearancecontinuestothriveinspaces worldwide to look within and clean
wheregaymenseekromance,sex up the rot.
andcompanionship.
Callingoutwhitepeoplefortheir
racismdoesnottakemucheffort;itis
The reviewer is an independent journalist and
educator based in Mumbai. He is
morechallengingtoconfrontthewaysin @chintanwriting on Instagram and X
Sector 12 Dwarka Branch: Plot No. 43, Sector 12 B, New Delhi
110075. Phone No: 011-28032553, 28032554
Email: vjdwnd@bankofbaroda.com
POSSESSION NOTICE (For Immovable Property) [See rule 8(1)]
Whereas the undersigned being the Authorized officer of the Bank of Baroda, Branch
Dwarka Sector 12, under the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 and in exercise of the power conferred under
Section 13 (12) read with Rule 8 of the Security Interest (Enforcement) Rules 2002 issued
a demand notice dated 15.09.2023 calling upon the borrower M/s Lalit Polyplast Private
Limited through its directors Mr. Lalit Kumar Jha and Mrs. Anubha Jha residing at Flat
No. 02, Gangotri Apartments, Pocket 1, Sector 12, Dwarka, New Delhi 110078 to repay the
amount mentioned in the notice being Rs. 7,13,89,877.11/- (Rupees Seven Crore
Thirteen Lakhs Eighty-nine Thousand Eight Hundred seventy seven and eleven
GENERAL MANAGER (HCM) Paise only) as on 08.09.2023 together with further interest thereon at the contractual rate
plus costs, charges and expenses till date of the payment within 60 days from the date of
the receipt of notice.
The Borrower/ Guarantor having failed to repay the amount, notice is hereby given to the
Borrower/ Guarantor and the public in general that the undersigned has taken possession
of the properties/ assets described herein below in exercise of powers conferred on him
under Section (4) of Section 13 of the Act read with rule 8 of the Security Interest
(Enforcement) Rules, 2002 on this 19th day of February 2024.
The Borrower/ Guarantor in particular and the public in general is hereby cautioned not to
deal with the said Property/ assets and any dealings with the property/ assets will be
subject to the charge of the Bank of Baroda, Branch Dwarka Sector 12 for an amount of
Rs. 7,13,89,877.11/- (Rupees Seven Crore Thirteen Lakhs Eighty-nine Thousand
Eight Hundred seventy seven and eleven Paise only) as on 08.09.2023 together with
further interest thereon at the contractual rate plus costs, charges and expenses till date of
the payment.
The borrower’s attention is invited to provisions of Sub-Section (8) of section 13 of the Act,
in respect of time available, to redeem the secured assets.
Described of the Immovable Property:
Equitable mortgage property of Property DDA LIG Flat No. 02, Ground Floor, Phase I,
Sector 12, Dwarka, New Delhi 110078 admeasuring 42 Sq. Mtrs. In the name of Mr. Lalit
kumar Jha s/o Sh. Shesh Narayan Jha.
Bounded as:
North : Road, South: Service Lane
East : Flat No. 7, West: Flat No. 01/stair
DATE: 19.02.2024 Authorized Officer,
PLACE: New Delhi Bank of Baroda
Sector 12 Dwarka Branch: Plot No. 43, Sector 12 B, New Delhi
110075. Phone No: 011-28032553, 28032554
Email: vjdwnd@bankofbaroda.com
POSSESSION NOTICE (For Immovable Property) [See rule 8(1)]
Whereas the undersigned being the Authorized officer of the Bank of Baroda, Branch
Dwarka Sector 12, under the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 and in exercise of the power conferred under
Section 13 (12) read with Rule 8 of the Security Interest (Enforcement) Rules 2002 issued
a demand notice dated 15.09.2023 calling upon the borrower M/s Lalit Polyplast Private
Limited through its directors Mr. Lalit Kumar Jha and Mrs. Anubha Jha residing at Flat
No. 02, Gangotri Apartments, Pocket 1, Sector 12, Dwarka, New Delhi 110078 to repay the
amount mentioned in the notice being Rs. 7,13,89,877.11 /- (Rupees Seven Crore
Thirteen Lakhs Eighty-nine Thousand Eight Hundred seventy seven and eleven
Paise only) as on 08.09.2023 together with further interest thereon at the contractual rate
plus costs, charges and expenses till date of the payment within 60 days from the date of
the receipt of notice.
The Borrower/ Guarantor having failed to repay the amount, notice is hereby given to the
Borrower/ Guarantor and the public in general that the undersigned has taken possession
of the properties/ assets described herein below in exercise of powers conferred on him
under Section (4) of Section 13 of the Act read with rule 8 of the Security Interest
(Enforcement) Rules, 2002 on this 19th day of February 2024.
The Borrower/ Guarantor in particular and the public in general is hereby cautioned not to
deal with the said Property/ assets and any dealings with the property/ assets will be
subject to the charge of the Bank of Baroda, Branch Dwarka Sector 12 for an amount of
Rs. 7,13,89,877.11/- (Rupees Seven Crore Thirteen Lakhs Eighty-nine Thousand
Eight Hundred seventy seven and eleven Paise only) as on 08.09.2023 together with
further interest thereon at the contractual rate plus costs, charges and expenses till date of
the payment.
The borrower’s attention is invited to provisions of Sub- Section (8) of section 13 of the Act,
in respect of time available, to redeem the secured assets.
Described of the Immovable Property:
Equitable mortgage of Flat No. E-304, 3rd Floor, Tower –E Situated in the Layout Plan of
Ispat CGHS Limited, at Plot No. 29, Sector 04, Dwarka, New Delhi 110075 admeasuring
95.64 Sq. Mtrs. In the name of Mr. Lalit Kumar Jha S/o Sh. Shesh Narayan Jha vide Reg.
No. 10954 dated 28.09.2012.
Bounded as:
North : Entry & Flat no 301 & 302, South: Open to Space
East : Flat No. 303, West : Open to Space
DATE: 19.02.2024 Authorized Officer,
PLACE: New Delhi Bank of Baroda