THE ECONOMIC TIMES -...
Transcript of THE ECONOMIC TIMES -...
TUESDAY, 7 MARCH 2017
COMPANIES: PURSUIT OF PROFIT��12 SPORTS: THE GREAT GAMES��20AROUND THE WORLD��17
BENNETT, COLEMAN & CO. LTD.THE ECONOMIC TIMES
WWW.ECONOMICTIMES.COM
Tata Cos to Rejig SupplyChains to Leverage GST
Trump Signs Revised TravelRestrictions, Exempts Iraq
Pujara, Rahul Give India a 126-run lead Against Aussies
Special Purpose Vehicle to Free Air India of Debt in the WorksAir India may soon become a debt-free company
with the government looking at an option to
transfer all its debt and assets into a special
purpose vehicle (SPV). This idea was discussed
in a meeting called by minister of state for
aviation Jayant Sinha with bank and Air India
officials in Mumbai last month and the airline is
working on the modalities.
Companies: Pursuit of Profit��13
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Punjab National Bank Looks to Sell7% Stake in PNB Housing FinanceState-run Punjab National Bank is looking to sell
around 7% stake in mortgage lender PNB Hou-
sing Finance. The New Delhi-based bank has
already received interest from some players,
including private equity investors. At current
price, a 7% stake in the newly listed company
will fetch nearly .̀1,200 crore.
Economy: Macro, Micro & More��15
Inside story
Do you think the H-1B plan has beenreduced to a cheap labour move?
www.economictimes.com
Should banks be allowed to charge cashtransactions in the name of digital push?
TODAY’S QUESTION
73%YES
20%NO
7%CAN’T SAY
0.74
0.75
0.57
0.37
0.13
-0.17
-0.47
-0.69
% CHANGE
Re/US $
Gold Std*
Silver (`/kg)
Brent ($)
*(`/10gm) Compiled by ETIG Database
Nifty
Sensex
BSE Midcap
BSE Smallcap
LAST
8,963.45
29,048.19
13,485.27
13,670.73
66.72
29,550.00
42,800.00
54.62
Market Tracker
Petitioners don’t have
required 10% stake;
NCLT to decide today
if it will grant waiver
Mistry’s ouster as chairman ofholding company Tata Sons onOctober 24. Ratan Tata took thehelm as interim chairman befo-re N Chandrasekaran assumedfull-time duties on February 21.
The Mistry family’s Shapoor-ji Pallonji Group holds an18.4% stake in Tata Sons.
Legal Battle Looms��19
Our Bureau
Mumbai: Cyrus Mistry’s chal-lenge against Ratan Tata in theNational Company Law Tribu-nal (NCLT) seemed to fizzle outafter it said on Monday that theMistry family’s firms aren’tqualified to file a petition alle-ging mismanagement of TataSons and oppression of mino-rity shareholders.
“The petitioners have failed toconvince the court that the app-lication is maintainable,” saidBSV Kumar, presiding memberof NCLT. A shareholder needs astake of at least 10% to file a peti-tion in NCLT, according to theCompanies Act, 2013. However,the quasi-judicial body will de-cide on Tuesday whether therequirement can be waived.
Tata Sons argued that CyrusInvestments and Sterling In-vestment Corporation hold only2.17% of the total share capitalin the form of equity and prefe-rence shares of Tata Sons. Mist-ry’s office declined to comment.
Filed in December last year,the main petition alleged opp-ression of minority sharehol-der rights and mismanagementat the Tata Group in the wake ofthe row that erupted following
SETBACK FOR CYRUS MISTRY CAMP
Fizzling Out?
NCLT SAYS MISTRY PETITION NOT MAINTAINABLE
MARCH 6
Mistry fi rms move NCLTalleging oppression ofminority rights at Tata Sons
DEC 20, 2016
NCLT refuses interim reliefto Mistry, demands proof
DEC 22
Mistry moves NCLAT to protectboard seat
FEB 2NCLAT rejects petition, but rules to hear case maintain-ability fi rst
FEB 3
Mistry fi les contempt of court petition, says Tata Sons can’t remove him from board
JAN 11, 2017
NCLT dismisses Mistry’spetition on contempt of court
JAN 18
NCLT Says MistryCos not Qualifiedto Challenge Tatas
The central government wants to turn the milk cooper-
ative system cashless, with awards to help make the
churn smoother, reports Aman Sharma. ��PAGE 19
Milk Co-ops Urged to Go Cashless
Our Bureau
New Delhi:The Delhi High Courttold former Ranbaxy promotersMalvinder and Shivinder Singhthat they will have to seek its per-mission before selling any of the-ir unencumbered assets. That co-uld complicate reported plans tosell stakes in companies such asFortis Healthcare and their Reli-gare units, although the courtdidn’t pass any outright injunc-tion against such an exercise.
The Singhs, engaged in a courtbattle against Daiichi Sankyo, ha-ve also been directed to furnishdetails of all unencumbered as-sets to ascertain that they will ha-ve enough funds to cover an arbit-ration award of more than .̀ 2,500crore granted to the Japanesedrug maker by a Singapore tribu-nal last year.
The Court of Arbitration inSingapore had granted the awardto Daiichi as damages for not dis-closing relevant information to
the Japanese company during thesale of Ranbaxy Laboratories.The Singh brothers are contes-ting this arbitration award in theDelhi High Court.
Justice S Muralidhar told thebrothers and 17 other respon-dents in the case that they had notcorrectly followed his previousorder on January 23 to disclose a
detailed list of unencumbered as-sets that could be considered du-ring the enforcement trial. Thejudge was hearing an applicationby Daiichi to block the Singhs’ re-ported stake-sale plan becausethey had not disclosed these par-ticulars.
Details Within a Week��19
Singh Bros Must SeekHC Nod to Sell AssetsCourt directs duo to furnish details of unencumbered assets in order
to ascertain they have enough funds to cover Daiichi Sankyo award
India has emerged as one of
Netflix's three largest mo-
bile phone markets around
the world, the video stream-
ing service's CEO Reed
Hastings said, adding that
the US company wants to
set up a full-fledged office here, invest in creating
content and open up more payment platforms for
consumers, as it steps up its presence in the coun-
try, reports Gulveen Aulakh. The company wants
to be the first to eliminate buffering while at the
same time working on technology that enables
content to stream on speeds of 100 kbps.��5
India Among Top ThreeMobile Mkts for Netflix
India’s top tech entrepre-
neurs are teaming up to back
an early-stage venture fund
—pi Ventures — that will
invest exclusively in star-
tups using artificial intelli-
gence, machine learning and
the Internet-of-things, reports J Vignesh. Flip-
kart’s Binny Bansal, Deep Kalra of MakeMyTrip,
Hero Corporate Services’ Sunil Munjal and Info
Edge’s Sanjeev Bikhchandani are among those
backing the fund as it raises the first $13 million
from a targetted corpus of $30 million. The new
fund has also received capital from SIDBI.��6
Tech Titans PourMoney into AI Fund
A Lot At StakeFortis Healthcare Market Cap
`9,417.83CRORE
Religare Enterprises Market Cap
`4,018.77CRORE
Singh brothers hold 62.9% stake; 77.4% pledged
In talks withTPG, Bain to sell controlling stake
Singh Broshold 50.93%stake; 77.6% pledged
In talks with several financial/strategic investors to sell parts of business
RHC Holdings had debt of `4,700 crore as on March 31, 2016
PM Narendra
Modi left no stone
unturned to win
over voters with an unprec-
edented reachout to the
masses through road
shows, public meetings,
visits to temples and ash-
rams as well as promises to
various sections like farm-
ers and the poor.��2
PM Modi, BJPGo All Out to Woo Masses
Pure Politics
By visiting the Lal
Bahadur Shastri
Memorial at Ramna-
gar, PM Modi delivered two
messages in one stroke: first,
an election eve message to the
people of Varanasi by playing
on Shastri’s legacy; second, a
googly at Congress leadership,
reports CL Manoj.��2
Modi’s Visit toShastri MemorialA Masterstroke
The SC has hinted
that the case of
criminal conspiracy
in the Babri Masjid demoli-
tion case against the then BJP
brass could be revived and
there could be a joint trial. A
court bench said it would not
accept any discharge on
technical grounds and could
ask CBI to file a supplemen-
tary chargesheet.��4
Babri CriminalConspiracy Casemay be Revived
THE MAN BEHIND TAMO’SDRIVE INTO SPORTS CARS ��PAGE 18
MUMBAI | 22 + 4 PAGES OF ET PANACHE | .̀ 3.00 OR .̀ 7.00 ALONG WITH THE TIMES OF INDIA