SATURDAY, 20 MAY 2023
24 pages in 2 sections
MUMBAI
~12.00
VOLUME XXVII NUMBER 206
THE MARKETS ON FRIDAY
Sensex 61,729.7
Nifty 18,203.4
Nifty Futures* 18,225.4
Dollar
Euro
Brent crude ($/bbl)
82.7
89.3
75.5##
Gold (10 gm)### ~60,034.0
*(May) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 PM IST;
### Market rate exclusive of VAT; Source: IBJA
CBDT WIDENS
VALUATION NORMS
FOR ANGEL TAX
The Central Board of Direct Taxes (CBDT) on
Friday widened the valuation methods
under the angel tax provision on investment
by foreign investors in start-ups to bring
clarity and end tax disputes. It also exempted
certain categories of investors — such as
those registered with regulatory authorities
and government-owned entities whose
chances of circulating unaccounted money
are low — from the said tax provision.
Q4 RESULTS
ZOMATO LOSSES
NARROW TO ~188 CR
Zomato on Friday reported narrowing
of losses both on a year-on-year and
sequential basis in the March quarter.
The consolidated loss narrowed to
~187.6 crore in the fourth quarter of
fiscal year from ~346.6 crore in the
December quarter, and ~359.7 crore in
the corresponding quarter last fiscal. 2 >
P2 P6
JSW STEEL NET PNB NET JUMPS
UP 13.29% TO FIVEFOLD TO
~3,664 CRORE ~1,159 CRORE
COMPANIES P2
Govt tells airlines to keep
fares at moderate levels
The Ministry of Civil Aviation suggested
airlines keep fares at a moderate level after
it observed that ticket prices on certain
routes are rapidly rising after Go First’s exit,
a senior official stated. “The airfares should
remain moderate” the official added.
DOMESTIC AIR PASSENGER
TRAFFIC ROSE 22% IN APRIL
ON
SPECIALS
SATURDAY
WEEKEND RUMINATIONS
A sustainable
growth rate
Some lowering of sights on the sustainable
rate of growth has to be accepted… the
government’s task is cut out: Raise the
country’s capacity for generating growth and
employment. T N NINAN writes 9>
NATIONAL INTEREST
No, we don’t really care
about Manipur
For most of us, the Manipur crisis is out of
sight, out of mind. The story in a state so
small and so far out is a ‘Big Yawn’ for
many. SHEKHAR GUPTA writes 9>
ECONOMY & PUBLIC AFFAIRS P4
Govt eyeing 1% SAF in all
commercial flights by ’25
India is looking to mandate the blending of 1
per cent of sustainable aviation fuel (SAF) in
all domestic commercial flights within the
next two years, said Petroleum and Natural
Gas Minister Hardeep Singh Puri. On Friday,
Puri attended an event to mark the first such
flight, powered by a 1 per cent blend of
indigenously produced SAF.
Overseas debit, credit card payments
up to ~7 lakh a year out of LRS: Govt
These transactions will not attract tax collected at source
TCS RULES FOR OTHER
REMITTANCES
n If amount for education purposes is a
loan from a financial institution as defined
in Section 80E, 0.5% TCS will apply above a
threshold of ~7 lakh from July 1
n If amount is not a loan from a
financial institution, 5% TCS will
apply
n If remittance is for medical
purposes, 5% TCS will apply above
the ~7 lakh threshold
n If remittance is for the
purchase of a tour package,
20% TCS will apply with zero
threshold
n If the remittance is for
any other purpose (to buy
shares, bonds, real
estate, or gifts), 20%
TCS will apply
ILLUSTRATION: BINAY SINHA
www.business-standard.com
chg#
p 297.9
p 73.5
p 22.0 POLITICS & PUBLIC AFFAIRS P7 WORLD P8
~82.6 **
~89.4 **
75.8 **
MODI TO MEET ZELENSKYY FED CHAIR JEROME POWELL

~198.0
ON SIDELINES OF G7 TODAY SIGNALS RATE PAUSE IN JUNE
P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E
~2,000 note scrapped, ADANI- HINDENBURG SAGA
Found no regulatory
to remain legal tender NOTE THAT!
failure: SC panel
Up to ~20,000 exchange OUT OF FAVOUR Report spells relief for Adani group, Sebi
n ~2,000 notes
allowed at a time Trend in ~2,000 currency note circulation with public can be
until September 30 March-end Volume % of Value % of deposited in bank SHRIMI CHOUDHARY & SAMIE MODAK
New Delhi/Mumbai, 19 May
PANEL’S KEY
(pieces total (in ~ trn) total
in mn)
accounts or
exchanged at banks
OBSERVATIONS
MANOJIT SAHA
2017 3,285 3.3 6.57 50.2 and RBI’s 19
The Supreme Court- n No pattern of artificial trading or
Mumbai, 19 May appointed expert panel wash trades among same parties
2018 3,363 3.3 6.73 37.3 regional offices
from May 23
has said it has not multiple times was found
T
he Reserve Bank of India on 2019 3,291 3.0 6.58 31.2 found any regulatory
nSebi found that some entities
Friday announced the withdra-
wal of the ~2,000 currency note
2020
2021
2,740 2.4 5.48
2,451 2.0 4.90
22.6
17.3
n Exchange of
failure on the part of
the Securities and had taken short positions
— which was introduced during notes allowed up to Exchange Board of prior to Hindenburg report
2022 2,142 1.6 4.28 13.8 a limit of ~20,000 at and profited after price crash
the demonetisation exercise in 2016 — India (Sebi) in rela-
from circulation, citing its ‘Clean Note 2023 3.62 10.8 a time tion to the way it has nSuspicious trading observed
Policy’, which aims to remove Source: RBI dealt with the affairs at
BANK NOTES IN CIRCULATION on part of 13 entities
damaged, counterfeit, or n Deposits can Adani Group.
soiled notes from circulation, be made without Nor has the six-member commit- nOn minimum public shareholding,
102,395
100,293
90,266
and lack of usage. restrictions tee, in its interim report submitted there is a need for an effective
The central bank clarified on May 6, made any adverse obser- enforcement policy
that the ~2,000 denomi- n Non-account vations on the port-to-power con- nSebi has “drawn a blank” in its
108,759
124,367
130,533
115,977
nation banknotes will remain holders also can glomerate, which was attacked by probe into suspected violations
legal tender. Bank customers exchange at any bank US-based short-seller Hindenburg
have been asked to start March-end > 2016 2017 2018 2019 2020 2021 2022 branch Research, which led to a ~12-trillion
depositing or exchanging rout in its group’s market value. ADANI STOCK ROUT
~2,000 notes from May 23 at
bank branches; they can be
‘Won’t have impact on economy’ The report, which came into the
public domain on Friday, triggered
The group's m-cap rose on Friday,
but it's still down by nearly ~10 trn
exchanged at 19 regional Finance Secretary T V Somanathan spoke to Shrimi Choudhary in New Delhi gains of between 1 per cent and 7 since the Hindenburg report
offices of the RBI. Such an on why the step was taken. Edited excerpts: per cent in the 10 Adani Group Total market Decline in m-cap since
exchange or deposit facility
will be available until
Why is ~2,000 note being
withdrawn?
the spread of electronic transactions. stocks, helping them add ~34,000
crore in market cap.
cap of Adani Jan 24: ~9.85 trn
September 30. During the demonetisation It has outlived its purpose, especially What impact will the move have However, the market value of the
group firms as
of May 19: M-cap change on
exercise in 2016, the then ~500 note and with the growth of digital transactions on the economy? Gautam Adani-led companies is still
~1,000 lost legal tender status. at payment systems. It was There will be no impact as these down by close to ~10 trillion since ~9.34 trn Friday: ~0.34 trn
Turn to Page 6 > introduced for a quick notes are not largely used for the short-seller’s attack. Source: Bloomberg/Exchange
Compiled by BS Research Bureau
circulation after the [2016] transactional purposes anyway. Turn to Page 6 >
ONLY GOVT HAS POWER TO WITHDRAW demonetisation, and it has
LEGAL TENDER: EX-DY RBI GUV P4 served its purpose. Now How much is the circulation II, 1
there is no need to have at present?
~1,000 NOTES MAY BE BACK: OPPN a high-denomination I don’t have the nFPI IDENTIFICATION PURSUIT A nPANEL CALLS FOR CENTRALISED
P2 SLAMS JUNKING OF ~2,000 NOTES P7 note keeping in view data. ‘JOURNEY WITHOUT DESTINATION’ DATABASE OF UNCLAIMED PROPERTY
RBI okays ~87K-cr
surplus transfer to
govt for 2022-23
MANOJIT SAHA
Mumbai, 19 May
REVENUE
BOOST Amt (~ cr)
The board of the Reserve Bank of RBI’s surplus transfer
India on Friday approved ~87,416 to govt in past years
crore of surplus transfer to the govern-
ment for 2022-23 and said it main-
1,75,988
99,122
tained the contingency risk buffer
87,416
50 basis points higher at 6 per cent for
50,000
57,128
the year.
30,307
The surplus is almost three times
the amount in 2021-22 (~30,307 crore),
though the figures are not exactly com-
parable as 2021-22 was a nine-month
accounting year for the RBI. ‘17-18 ‘18-19 ‘19-20 ‘20-21 ‘21-22 ‘22-23
The Indian central bank shifted its Source: RBI
accounting year (AY) from July-June
to April-March last year, in sync with the global and domestic economic sit-
the government’s fiscal year. uation and associated challenges,
In AY22, the contingency buffer including the impact of current global
was kept at 5.5 per cent; provision geopolitical developments,” the cen-
towards the contingency fund was tral bank said in a statement.
around ~1.15 trillion. Turn to Page 6 >
The surge in surplus is due
to higher income during AY23, boosted
by selling of foreign exchange reserves. RBI SURPLUS A WELCOME FISCAL
“The board in its meeting reviewed BOOST FOR CENTRE P4 >
SANJAY KUMAR SINGH beneficial TCS treatment of education
New Delhi, 19 May and health payments would continue.
In a step that would come as relief to
The changes to the Foreign
Exchange Management (Current
individuals travelling abroad, the Account Transactions Rules), 2000,
Centre on Friday excluded up to ~7 lakh will be issued separately.
of debit and credit card payments in a The finance ministry had on
financial year from the ambit of the Wednesday notified the Budget 2023
liberalised remittance scheme (LRS). announcement of bringing interna-
These transactions will not attract tax tional credit card transactions under
collected at source LRS by imposing a 20 per cent TCS
(TCS). from 1 July. A concern that had arisen
“To avoid any in the wake of this decision was that
procedural ambi- travellers’ immediate outlay would
guity, it has been increase. Even as the money deducted
decided that any pay- as TCS is set off against the individual’s
ments by individuals tax liabilities, a considerable sum
using their international would get blocked for a significant
debit or credit cards up to ~7 period of time.
lakh per financial year will be Turn to Page 6 >
excluded from the LRS limits
and, hence, not attract any
TCS,” the government said COMPLIANCE WITH TCS NORMS
in a press statement. It A CONCERN: TRAVEL FIRMS P2 >
added that the existing
 2 COMPANIES
>
MUMBAI | SATURDAY, 20 MAY 2023

Govt tells airlines Zomato trims loss to ~188 cr in Q4

Announces three top-level appointments KEY FINANCIALS (~crore)

to keep fares at ARYAMAN GUPTA

New Delhi, 19 May
Zomato’s earnings before inter-
est, taxes, depreciation, and amor-
nLoss nRevenue nExpenses

1,701.7

2,485.3
tisation (EBITDA) loss narrowed to

2,431.0
1,211.8
Food delivery platform Zomato on ~175 crore in Q4 from ~265 crore in

2,056.0
1,948.2
Friday reported narrowing of losses Q3. Excluding its quick commerce,

moderate levels
both on a year-on-year (YoY) and however, the food aggregator

346.6
359.7
sequential basis in the March turned adjusted EBITDA positive

187.6
quarter. The food aggregator’s con- in the March quarter.
solidated loss narrowed to ~187.6 The firm’s cash balance on a
crore in the fourth quarter (Q4) of consolidated basis at the end of the
fiscal year (FY23) from ~346.6 crore March quarter was ~11,323 crore, Q4FY22 Q3FY23 Q4FY23
in the December quarter (Q3), and compared to ~11,463 crore at the
Centre has no plan KEEPING ~359.7 crore in the corresponding end of the December quarter.
Source: Zomato

Blinkit
to regulate prices A CHECK
quarter last fiscal. In FY23, Zomato
trimmed its losses to ~971 crore
“Q4FY23 is the first quarter where
the business generated surplus
Hyperpure, a subsidiary of the
company. The firm’s quick commerce
DEEPAK PATEL from ~1,225.5 crore in the previous cash and we expect that to con- business Blinkit reported an
New Delhi, 19 May financial year. tinue going forward,” said Akshant Food delivery increase in its revenue to ~363
Revenue from operations for Goyal, chief financial officer. Adjusted revenue for the firm’s crore, up from ~301 crore a

T
he Ministry of Civil Aviation
suggested airlines keep fares
at a moderate level after it
observed that ticket prices on cer-
tain routes are rapidly rising after
Go First's exit, a senior government
official stated.
The official said the ministry
has advised the airlines to make
sure the upper ceiling for price
tickets is not too high on routes
where Go First was a major player.
"There should not be a huge gap
between the upper ceiling and
lower ceiling. The airfares should
remain moderate" the official
added.
The official made it clear that
the government has no plan to reg-
ulate airfares. The May-June
period is considered a peak period
for the airlines as a significant
number of people go for leisure
trips amid summer vacations in
schools.
Go First stopped operating
flights from May 3. The top five
routes of the airline, which was
operating about 200 flights per day
in April, were Delhi-Srinagar,
Delhi-Leh, Mumbai-Goa, Delhi-
Mumbai and Delhi-Pune. On these
routes, the ministry has observed
that the spot airfares have rapidly
risen after Go First's exit.
The official observed that the
airlines have been advised to
GROUNDED PLANES 17
AS ON MAY 15 Air India
141
TOTAL GROUNDED
PLANES
increase flights but they are unable
to do much because of paucity of
fresh capacity (new planes). Go
First has blamed Pratt & Whitney
(PW) for the cash crunch, stating it
did not supply engines on time,
due to which almost half of its 54-
aircraft fleet is grounded. Along
with Go First, IndiGo is also facing
similar problems.
IndiGo's 37 planes, powered by
PW engines, are currently
grounded. IndiGo, the country's
largest airline, has about 140 PW-
powered planes in its fleet.
Aviation Minister Jyotiraditya
Scindia on Thursday said the gov-
ernment has told PW to supply
engines so that the grounded
planes of Indian carriers are ‘up
54 37 32
Go First IndiGo SpiceJet
672
TOTAL PLANES WITH INDIAN
CARRIERS AS ON MAY 15
Source: Cirium
and running’,
“We cannot have multiple
planes of one engine manufacturer
on the ground in India, which is the
case today, unfortunately,” Scindia
told reporters after an event.
The minister said the
Directorate General of Civil
Aviation (DGCA) was waiting for
Go First’s plan on resumption of
flights.
“We have very clearly said that
we want a resumption of flights (by
Go First) as soon as possible. They
have to submit their plan to the
DGCA. This plan will cover the
number of planes, the number of
routes. On the basis of this plan,
the DGCA will decide how to take
it forward,” he added.
the company stood at ~2,056 crore
1 for the quarter, up from ~1,948.2
Vistara crore in Q3, and ~1,211.8 in the cor-
responding period a year ago.
The firm’s total expenses fell to
~2,431 crore, down from ~2,485.3
crore in the previous quarter, and
~1,701.7 crore in the same period
last fiscal year.
JSW Steel’s profit up 13% at ~3,664 cr
ISHITA AYAN DUTT
Kolkata, 19 May
Steel major JSW Steel on Friday reported a 13.29
per cent year-on-year (YoY) rise in its consoli-
dated net profit to ~3,664 crore in the March
quarter of 2022-23 (Q4FY23), on higher sales
volume .
The company’s consolidated revenue from
operations at ~46,962 crore in Q4 was 0.14 per
cent higher year-on-year (YoY). The revenue
and profit numbers came in ahead of expecta-
tions. A Bloomberg consensus estimate had
pegged revenue at ~44,205 crore and net income
adjusted at ~2,069 crore. Sequentially, revenue
and net profit were higher by 20 per cent and 647.75
per cent, respectively.
The company recorded its highest ever crude
steel production in Q4 at 6.58 million tonnes
(mt) due to the ramp-up of Dolvi Phase II and
the expansion of Bhushan Power & Steel (BPSL).
Saleable steel sales at 6.53 mt was also the
Zomato also said it has food delivery business came was quarter ago, while its GOV for
appointed Rakesh Ranjan as chief ~1,530 crore for the quarter, down the quarter was reported to be
executive officer (CEO)-food order- from ~1,565 crore a quarter ago, but ~2,046 crore.
ing and delivery business, while up from ~1,284 crore in the year-
Rinshul Chandra has been desig- ago period. The gross order value Hyperpure
nated as chief operating officer-food (GOV) for this business reached The firm’s business-to-business
ordering and delivery business. ~6,569 crore, down slightly on a (B2B) vertical Hyperpure saw its
In addition, Rishi Arora has quarter-on-quarter (QoQ) basis revenue rise to ~478 crore, com-
been appointed as CEO-Zomato from ~6,680 crore. pared to ~194 crore a year ago.
IN NUMBERS
CONSOLIDATED FIGURES CHANGE %
~ crore Q4FY22 Q3FY23 Q4FY23 QoQ YoY
Revenue 46,895 39,134 46,962 20.0 0.1
Other income 233 188 465 147.3 99.6
PBT 5,815 978 4,249 334.5 -26.9
Net profit 3,234 490 3,664 647.8 13.3
Source: Company
Compiled by BS Research Bureau
highest ever. It reflected recovery in exports after crore was 13.38 per cent higher YoY. Net profit
removal of export duties in November 2022 and at ~4,144 crore was down by 79.94 per cent YoY
record domestic and auto grade sales. Supplies as steel spreads across regions took a hit.
to the auto sector were up 19 per cent YoY and The company informed that the board had
sales to the appliances sector were up 50 per elevated Jayant Acharya as joint managing
cent YoY. Total crude steel production in director and chief executive officer of the com-
Q4FY23 was at 6.77 mt and sales at 6.70 mt. pany with effect from May 19, from his current
For the entire FY23, revenue at ~1,65,960 position as deputy managing director.

Litigants’ claims on loan

AIR
REVIVAL IN AIR TRAVEL
7.40

PASSENGER
DOMESTIC PASSENGERS CARRIED IN APRIL
n 2022 (in milllion)
n 2023 (in milllion)
Year-on-year
increase/decrease (in %)
5.95
bewildering, says Byju’s
1.12 PEERZADA ABRAR the raised funds to drive growth and expan-
TRAFFIC ROSE 0.98 1.11 1.10 1.00
0.90
Bengaluru, 19 May sion in its global operations and is free to trans-
fer and use the funds as necessary.
22% IN APRIL 0.82 0.82 0.74 Byju’s, on Friday, said a court in Delaware has Additionally, Byju’s said it has fulfilled all
given an interim order asking the edtech giant its contractual payment obligations as agreed
Domestic air passenger traffic 0.59 to maintain status quo with Byju’s Alpha, an upon in the Term Loan B signed in 2021 and
increased from 10.54 million in inoperative US entity set up to receive a loan, has not missed a single payment.
April last year to 12.88 million this but rejected as “bewildering” claims made by “There have been no monetary defaults
year,registering a rise of over 22 per cent. litigants. under the loan,” said Byju’s. “The lenders' alle-
AirAsia India saw its passenger numbers 0.12 0.14 Lenders have reportedly accused Byju’s gations (which also we dispute) concern
jump 65.71 per cent, recording the highest growth among all major Alpha, which has no employees, of hiding merely insignificant technical and non-mone-
carriers, according to the data released by the Directorate General of Civil $500 million as part of a battle between cred- tary defaults.” The company said the order
Aviation (DGCA). AirAsia India's market share in April 2023 was 7.6 per cent. Alliance Air AirAsia India Air India Go First IndiGo SpiceJet Vistara itors and the edtech giant. The does not have any bearing on
Akasa Air, which started operating its flights in August last year, carried -25.25 -25.97 allegation was made during a any other subsidiary of Byju’s
513,000 domestic passengers in April this year. Meanwhile, IndiGo saw its
18.33 65.71 34.75 24.32 24.23 court hearing on Thursday in
Lenders have
anywhere in the world.
reportedly
domestic passenger traffic jump 24.32 per cent to 7.4 million. DEEPAK PATEL Source: DGCA Delaware, where Alpha faces a “Further, this is a temporary
lawsuit over who should control
accused Byju’s order and the Court has not
the firm. Lenders claim that Alpha, which has made any final determination
because of a default earlier this no employees, of against Byju’s Alpha, including
year, they have the right to put hiding $500 in relation to the transfer,” said
million as part of

Bennett Coleman to merge 5 arms into itself

DEV CHATTERJEE
Mumbai, 19 May
India's largest print media company, Bennett
Coleman & Co, is merging five of its subsidiaries with
itself as part of its plan to clean up the firm's structure,
in accordance with a National Company Law Tribunal
order. The NCLT cleared the merger on May 4, effec-
tive April 2021.
The publisher of The Times of India newspaper
said it is amalgamating its subsidiaries Mind Games
Shows (MGSPL), Ananta Properties (APPL), Amrita
Estates (AEPL), Times Digital (TDL) Times Journal
(TJIL), and Vinabella Media and Entertainment
(VMEPL) into itself. The company had 26 subsidiaries
in March 2021, according to its filings with the gov-
ernment.BCCL's digital news arms, Times Internet
and Global Broadcasting, which operates a slew of
news channels, are not part of the restructuring exer-
cise.
In a court filing, BCCL said the merger would lead
to consolidation of businesses of the group, reduction
in the number of companies and regulatory compli-
ances, streamlining the holding structure, ease of
management, integration and efficiency of opera-
tions, economies of scale and financial position reduc-
tion of expenses, and optimal utilisation of resources,
and reduction in multiplicity of legal/regulatory
compliances. The merger would also provide greater
financial strength and flexibility to the merged entity,
the company said.
BCCL did not reply to e-mailed queries sent by
their representative, Timothy R Byju’s.
Pohl, in charge. a battle between Byju’s Alpha was sued by an
“The litigants have made creditors and the agent for lenders who are owed
bewildering claims that Byju’s edtech giant $1.2 billion after months of
Business Standard on Thursday. 'moved' $500 million from negotiations between creditors
On allegations made by Subramanian Swamy, Byju’s Alpha, insinuating that and the education technology
former Rajya Sabha MP, against the company, the these acts were somehow wrongful,” said firm, according to a Bloomberg report. The
NCLT order quoted the firm saying the complaint is Byju’s legal team. “This is entirely incorrect. lawsuit was filed by Glas Trust Company and
neither against the transferee company nor related We categorically deny these allegations. The investor Timothy R Poh, Tangible Play, and
to the operations. transfers were in full compliance of and did Riju Ravindran. The two companies being
The company further clarified there is no com- not contravene any terms of the parties’ Credit sued are units of Think and Learn Private, the
plaint pending against any of the entities which are Agreement and the agreed-upon rights and edtech giant founded by Byju Raveendran.
party to the proposed merger and none of the share- responsibilities. In fact, even lenders have not The case is Glas Trust Company vs Riju
holders of these companies in these proceedings have alleged that the transfer was not permitted Ravindran, 2023-0488, Delaware Chancery
lodged any complaint/grievance with the ROC, under parties’ existing contractual arrange- Court (Wilmington). Riju Ravindran is a direc-
Mumbai. ment.” As Alpha is a non-operative entity, tor of Think and Learn Private Limited,
It said none of the companies is party or has been Byju’s said the funds were transferred to other according to a regulatory filing. Tangible Play
named in the complaint and the allegations are related operative entities for growth and global expan- is the business behind Osmo, the gaming com-
to other entities having no bearing on the proposed sion. Byju’s said it entered into a Term Loan B pany Byju’s bought in 2019 for $120 million in
merger. agreement with the clear intention of utilising a stock-and-cash deal.

IN BRIEF
Air India, A-I Express have hired Compliance with TCS norms a concern: Travel firms
over 3,900 this year, says Wilson ANEESH PHADNIS
Mumbai, 19 May
“I don’t think people will stop
travelling overseas because of the
which will now be preferred more by
travellers,” said Rikant Pittie, co-
Air India chief Campbell Wilson on Friday said the airline and Air hike in TCS rate. Demand could be founder, EaseMyTrip.
India Express (A-IX) have hired more than 3,900 people, including Travel companies say collecting 20 tepid for one or two months, but The finance ministry on
over 500 pilots and 2,400 cabin crew members, since the start of this per cent income tax on foreign trips people will adjust to it,” said a senior Wednesday had notified the FY24
year. Air India, under the stewardship of Tata Group, is revamping will not adversely impact demand executive of a tour operator. budget announcement to include
the airline group and hiring more people as it expands the fleet as but complying with the rule will be Travel industry executives also international credit card transactions
well as operations."Since the start of the year more than 500 pilots, cumbersome. believe that the government could under the LRS by putting TCS of 20
2,400 cabin crew and 1,000 other staff have been recruited across A- The government hiked the rate of have avoided hiking the TCS rate and per cent from 1 July. This is expected
I and A-IX. We also saw our 1,000th new cabin crew of the year tax collected at source (TCS) on over- instead devised simpler ways to to impose significant compliance bur-
commence operational duties," Wilson said in a message to Air seas tours from 5 per cent to 20 per expand the tax base. den on financial institutions. In the
India employees on Friday. PTI cent in the Union Budget in “Compliance will become a big FY24 Budget, the finance ministry had
February. Earlier in the week, the challenge now. Already many travel increased LRS on remittances for pur-
government notified that foreign companies are short staffed,” said poses for buying overseas tour pack-
Unacademy skips cash appraisal, currency transactions on credit cards
too will attract 20 per cent tax.
Jyoti Mayal of the Travel Agents
Association of India.
ages, bonds, shares, real estates etc to
20 per cent from 5 per cent earlier.
speeds ESOP vesting period by a yr Following public uproar, the govern-
ment has clarified that TCS would
“It is essential for Indian travellers
to factor in the additional financial
For expenses related to travel,
education and medical treatment,
SoftBank-backed Unacademy has decided to expedite the vesting not apply on international card obligation while making payments the finance ministry said a detailed
period of employee stock options (ESOP) by one year for all its transactions up to ~7 lakh. for overseas travel. However, the clarification will be issued later.
employees. There is being done to compensate employees who will “The government should now overall cost of travelling remains The ministry clarified that the
not be getting cash appraisals this year. In March, Unacademy offer the relief to tour packages as unchanged as travellers can claim inclusion of international credit card
announced another round of job cuts — the fourth in the last one well, irrespective of the mode of pay- TCS credit while filing their tax expenses under LRS is to bring parity
year — as it was trimming 12 per cent of its workforce in a bid to Travel industry executives also believe that the government could have ment,” said Mohit Kabra, chief finan- return. This may boost domestic with international debit card expens-
‘meet the goals in current realities' . PEERZADA ABRAR avoided hiking the TCS rate cial officer of MakeMyTrip. travel and Indian destinations, es which are already under LRS.

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 .
MUMBAI | SATURDAY, 20 MAY 2023 COMPANIES 3 <

SHEIN 100% Indian Siemens to sell low-voltage motors, gears biz for ~2,200 cr
Technology firm Siemens' board on Friday approved
the sale of low voltage motors and geared motors
customer service business to Siemens Large Drives
India, an entity wholly owned by Siemens AG, for a
and regulatory approvals, as applicable, it added.
The Board has also decided to consider the dis-

on return: Centre businesses to a Siemens AG subsidiary — Siemens

Large Drives India — for ~2,200 crore.
The Board of Directors of Siemens Limited has
approved the sale and transfer of low voltage motors
and geared motors businesses, including related
consideration of ~2,200 crore with effect from
October 1, 2023, a company statement said.
The transaction is subject to fulfilment of con-
ditions precedents agreed upon between the parties,
including receipt of requisite shareholders, statutory
tribution of 100 per cent of the sale consideration
as reduced by applicable Capital Gains Tax and any
other applicable taxes, if any, on the transaction, as
a special dividend, at the first board meeting after
the completion of the proposed transaction. PTI
No FDI, only tech transfer by Chinese fast-fashion retailer
SHREYA NANDI exclusively within India, and there will be no
New Delhi, 19 May customer data transfer outside India. Apart
from that the fashion retailer will not have any

S
HEIN’s comeback in India will be through access to, or rights over, such data.
a licensing agreement with Reliance Retail “Localisation of infrastructure and platform
Ventures (RRVL), which will primarily data are aimed to ensure that the collaboration
enable transfer of technology by the Chinese with SHEIN will always be compliant with appli-
online fast-fashion retailer. cable Indian laws and strategic interest of the
According to the agreement, RRVL will own country,” the official cited above said. SHEIN,
and operate a separate domestic app — operated by Roadget Business, is a popular
SheinIndia.in — for Indian consumers, which international fashion retailer that operates
will be walled off from the global app, govern- across 125 countries. It has annual revenue of
ment officials said on Friday. over ~2 trillion. Three years ago,
They further said there won’t the government banned its app in
be foreign direct investment (FDI) Reliance Retail India citing security concerns. At
in the country in this connection will own and the moment, as much as 93 per
since there will be no equity operate a cent of SHEIN’s sourcing is from
investment by SHEIN in the separate domestic China. Through this agreement,
Indian company and the opera- app for Indian SHEIN will provide technology
tions will be run by a company 100 consumers and expertise to RRVL to integrate
per cent owned by Reliance Retail. a network of over 25,000 small
Any payment to SHEIN will only be made businesses. This will also get textiles into the
through profits of the Indian company and there global supply chain.
will be “no fixed payment” committed to the This means that the partnership will also
fashion retailer. “Under the agreement, SHEIN create a domestic vendor and supplier ecosys-
has agreed to license its technology and trade- tem that will cater to the demand for SHEIN -
marks to be used by RRVL and to also develop branded products from India in the Indian, as
an indigenous e-commerce retail platform for well as the global market.
Indian consumers to avail of SHEIN-branded “This will create a potential export oppor-
products,” one of the officials cited above said. tunity of approximately ~50,000 crore from
The official further said that the ownership India. Even if only 25 per cent of the existing
and control of the platform will remain with global demand of Shein is sourced from India,
RRVL’s subsidiary – “a 100 per cent Indian com- there is an opportunity of $7-8 billion,” the offi-
pany”. The platform and servers will be hosted, cial said.

Trident Group APPOINTMENTS

buys Shipra Mall
for ~551 crore
Trident Group has acquired
Shipra Mall at Ghaziabad for
~551 crore through an auc-
tion, its CEO Parvinder
Singh said on Friday.
Trident Group, which is
developing projects in
Delhi-NCR, Mumbai, and
Tri-city (Panchkula), has for-
ayed into retail real estate
with the acquisition of
Shipra Mall of size 450,000
square feet. PTI

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 4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | SATURDAY, 20 MAY 2023 1

CBDT widens
valuation norms
Govt eyeing 1% SAF in all RBI surplus
commercial flights by ’25 a welcome
for angel tax fiscal boost
Exempts govt entities, insurance Transition within 2 years, says Puri amid global pressure on Indian carriers
firms, banks, FPIs from provision
for Centre
SUBHAYAN CHAKRABORTY
New Delhi, 19 May
SHRIMI CHOUDHARY

New Delhi, 19 May
The Central Board of Direct
Taxes (CBDT) on Friday wide-
ned the valuation methods
under the angel tax provision
on investment by foreign
investors in start-ups to bring
clarity and end tax disputes.
Further, it exempted cer-
tain categories of investors —
such as those registered with
regulatory authorities and
government-owned entities
whose chances of circulating
unaccounted money are low
— from the said tax provision.
Among the proposed val-
uation norms, it has suggest-
ed valuation by a Securities
and Exchange Board of India-
registered category-I mer-
chant banker using any inter-
nationally accepted pricing
methodology applied on an
arm’s length basis, if it is of a
date not more than 90 days
prior to the date of issue of
shares that are the subject
matter of valuation.
Further, to account for
forex fluctuations, bidding
processes and variations in
other economic indicators,
etc, which may affect the val-
uation of the unquoted equi-
ty shares during multiple
rounds of investment, it pro-
posed providing a safe har-
bour of 10 per cent variation
in value.
The draft rules will be
IN BRIEF
UP government top buyer
from GeM portal in FY23
Uttar Pradesh emerged as the largest buyer of goods and services
among all states and union territories from government portal
GeM in 2022-23, according to the central government data. The
Uttar Pradesh government and its agencies procured goods and
services worth ~12,152 crore from the union commerce ministry's
shared for public comments
for 10 days, after which these
will be notified.
Under Section 56(2)(vii)(b)
of the Income Tax Act, if a
closely held company issues
shares at a price exceeding
fair market value (FMV),
computed in accordance with
the prescribed methodology,
the difference is to be taxed
as income from other
sources.
Notifying the exempted
entities, the CBDT said gov-
ernment and related
investors such as central
banks, sovereign wealth
funds, international or mul-
tilateral organisations or
agencies, including entities
where direct or indirect own-
ership of the government is
75 per cent or more, are
exempted.
It also exempted banks or
entities involved in the insur-
ance business, where such
entity is subject to applicable
regulations in the country
where it is established or
incorporated or is a resident.
More on business-standard.com
I
ndia is looking to mandate the blend-
ing of 1 per cent of sustainable aviation
fuel (SAF) in all domestic commercial
flights within the next two years, said
Petroleum and Natural Gas Minister
Hardeep Singh Puri.
On Friday, Puri attended an event to
mark the first such flight, powered by a 1
per cent blend of indigenously produced
SAF at Delhi’s Indira Gandhi International
Airport. Speaking to reporters after the
Pune-Delhi AirAsia flight landed, Puri said
the government was working to quickly
raise the level of domestic SAF production
and was aiming to make 1 per cent blend-
ing mandatory in all domestic commercial
flights by 2025. This may be extended to 5
per cent in the next few years, he said.
“By 2025, if we target to blend 1 per cent
SAF blending in Jet fuel, India would
require around 140 million litres of SAF
per annum. More ambitiously, if we target
for 5 per cent SAF blend, India requires
around 700 million litres of SAF per
annum”, the Minister said.
Officials said the SAF used on Friday
was produced by Praj Industries, which,
in partnership with Gevo Inc, has devel-
oped a breakthrough in Alcohol-to-Jet
(ATJ) technology for the production of SAF
using bio-based feedstock. The SAF sam-
ples underwent detailed testing at IOCL
laboratories before it was blended for the
special flight.
State-owned-IOCL is currently firming
up plans to establish a plant in Panipat,
Haryana, to make SAF with the same tech-
nology. To come up at IOCL’s Panipat
refinery at a cost of ~3,000 crore over a
period of two-and-a-half years, it will con-
vert corn-based, cellulosic, or sugar-based
ethanol into SAF, officials have confirmed.
It would have an initial capacity to pro-
duce 85,000 tonne of fuel annually.
Business Standard had reported last
month that IOCL may offer minority equi-
ty stakes to domestic airlines for the pro-
duction plant.
Production of SAF using sugarcane
Centre working on rolling out
Union Minister Hardeep Singh Puri at India’s first commercial passenger flight
powered by indigenously produced Sustainable Aviation Fuel, in New Delhi PHOTO: PIB
molasses as indigenous feedstock is a
major step towards self-reliance and de-
carbonisation of the aviation sector in line
with India’s commitment to achieve net
zero by 2070, Puri stressed.
Global changes
Globally, since 2011 more than 450,000
commercial flights have been flown using
SAF. To reduce the carbon footprint of the
industry, the International Civil Aviation
Organization (ICAO) has adopted an aspi-
rational goal of 2 per cent annual fuel effi-
ciency improvement through 2050. It also
wants to hit Carbon Neutral Growth from
2020, and net zero by 2050.
Local production of SAF is critical as
Indian airlines will have to offset carbon
emissions generated from international
flights from 2027. This is part of the global
Carbon Offsetting and Reduction Scheme
for International Aviation (CORSIA)
scheme launched by ICAO.
CORSIA is implemented in three phas-
es, out of which participation is voluntary
in the first two phases (2021-26). While
India has decided not to participate in the
voluntary phases, local carriers would
What is SAF?
SAF refers to waste-derived aviation
fuel. Unlike traditional jet fuels, it is
made from various sources such as
used cooking oil, agricultural waste,
municipal solid waste, fats or non-
food crops, and forestry residues. This
means it has the potential to reduce
greenhouse gas emissions by up to
80 per cent. As on date, Airbus and
Boeing aircraft are capable of flying
with up to a 50 per cent blend of SAF.
Both aim to enable 100 per cent SAF
capability by 2030.
need to follow their international counter-
parts after that date.
European countries such as Norway
and Sweden have made it mandatory for
fuel suppliers to blend conventional fuel
with small quantities of SAF. The
European Commission has proposed a
SAF blending mandate for fuel supplied
at its airports with a minimum share of
SAF increasing from 2 per cent in 2025 to
63 per cent in 2050.
TRACKING THE TRANSACTIONS
Surplus from RBI and state-owned banks
and financial institutions
n Actual n Budget Estimates n Revised Estimates
FY21
57,127
53,511
FY22
73,948
FY23
40,953
FY24 48,000
FY24*
*Surplus announced by RBI
ARUP ROYCHOUDHURY
New Delhi, 19 May
The Reserve Bank of India’s
(RBI’s) decision to transfer
~87,416 crore as surplus for the
current financial year (FY24)
will provide a welcome fiscal
boost to the Centre.
The amount, decided at the
RBI’s board meeting on Friday,
which will be counted as part
of the Centre’s non-tax rev-
enue for FY24, is 82 per cent
more than the combined tar-
get for surplus from the RBI
and state-owned banks and
financial institutions of
~48,000 crore.
Provided all other Budget
assumptions, including tax
revenues, expenditure and
projected nominal GDP,
remain unchanged, just the
surplus from the RBI would
take the Centre’s FY24 fiscal
deficit to ~16.99 trillion or 5.6
per cent of GDP, compared
with ~17.87 trillion or the bud-
geted 5.9 per cent of GDP, our
calculations show.
The main reason why the
(in ~ crore)
89,648
1,01,353
87,416
Source: indiabudget.gov.in
amidst a global slowdown,
officials say there will be an
impact on trade and tax rev-
enues due to recession in
many of India’s western trad-
ing partners.
“There are a lot of known
unknowns and some
unknown unknowns. It is also
too early to say what impact
weather conditions and mon-
soon will have on farm output
and hence on the Centre’s
rural expenditure,” a senior
official told Business Standard.
“From a fiscal perspective
the dividend represents addi-
tional revenue of 0.2 per cent
of GDP. However, it may be too
early to say with certainty that
FY24 fiscal deficit will under-
shoot the 5.9 per cent GDP tar-
get,” Sengupta said, and
explained that this was
because the sharp reduction
in implies that FY24 nominal
GDP growth, and hence tax
collection, could be lesser than
what is assumed in the
Budget. “There is also the risk
that disinvestment proceeds
could undershoot Budget esti-

petrochem policy: Mandaviya

platform Government e-marketplace (GeM) during last fiscal
year, the data showed. PTI
Retail inflation for farm, rural SUBHAYAN CHAKRABORTY
workers eases marginally in Apr New Delhi, 19 May
Chemicals and Fertilizers
Retail inflation for farm workers and rural labourers eased Minister Mansukh Mandaviya
marginally to 6.5 per cent and 6.52 per cent in April compared to has said the government is in
7.01 and 6.94 per cent, respectively, in March this year. the process of incrementally
"Point-to-point rate of inflation based on the CPI-AL (consumer rolling out the revamped
price index for agricultural labourers) and CPI-RL (rural Petroleum, Chemicals, and
labourers) stood at 6.50 per cent & 6.52 per cent in April 2023, Petrochemicals Investment
compared to 7.01 per cent & 6.94 per cent, respectively, in March Region (PCPIR) policy.
2023, and 6.44 per cent and 6.67 per cent, respectively, during Speaking at the Asia
the corresponding month of (April 2022) the previous year," a Petrochemical Industry
Labour Bureau statement said. PTI Conference on Friday,
Mandaviya said reducing the
country’s import dependence
Monsoon advances further across product categories
remains a key goal, he said.
over Bay of Bengal: IMD Currently, India is unable to
meet its domestic require-
The southwest monsoon has advanced into some parts of Bay of ments for all chemicals apart
Bengal, Nicobar Islands and South Andaman Sea as of May 19, the from Benzene. Covering more
India Meteorological Department (IMD) said on Friday. It said condi- than 80,000 commercial prod-
tions are favourable for further advance of southwest monsoon into ucts, India’s chemical industry
some parts of South Bay of Bengal, Andaman Sea and Andaman is extremely diversified and
and Nicobar Islands during the next 3-4 days. BS REPORTER can be broadly classified into
INDIA IS POISED TO BE THE
NEW DESTINATION OF
PETROCHEMICALS, GLOBALLY. DUE
TO OUR BUSINESS-FRIENDLY
POLICIES, THE WORLD VIEWS INDIA
AS A TRUSTED PARTNER AND
PRIORITY DESTINATION FOR
INVESTMENT
MANSUKH MANDAVIYA
Chemicals and Fertilizers Minister
bulk chemicals, specialty policy aims to create multiple
chemicals, agrochemicals,
petrochemicals, polymers, and
chemical hubs geared towards
export and meeting specific
fertilisers. However, demand
has far outstripped supply, gov-
industry needs. However, state
governments had been slow to
ernment officials accepted. adopt the model first proposed
A specific investment in 2007, and the Centre has
region with 250 square kilome- therefore brought out a new
tres planned for the establish- model, a ministry official said.
ment of manufacturing facili- Tamil Nadu had cancelled
ties for the sector, the PCPIR a key PCPIR project in 2020,
Rajasthan has been struggling
to attract investments to the
Barmer PCPIR. Meanwhile,
one of the largest such projects
in Gujarat’s Dahej has faced
technical challenges, accidents
and environmental concerns.
Other states have gone
ahead with their plans, includ-
ing Andhra Pradesh in 2021 in
the Vizag-Kakinada region.
Mandaviya said the govern-
ment was making long-term
policies for the chemicals and
petrochemicals sector to attract
investments from domestic
and foreign companies. He also
stressed domestic industry to
follow the path of reclaim,
reuse and recycle for sustain-
able development. The state-
ment may have come as a
response to manufacturers str-
ongly opposing India’s extend-
ed producer responsibility
norms.
RBI has been able to transfer
such a healthy surplus is
because it raked in a massive
net income gain from foreign
exchange currency sales as a
buffer for the rupee during
tumultuous geopolitical
upheavals last year owing to
Russia’s invasion of Ukraine.
“The outperformance (of
surplus) is supported by large
gross dollar sales of $206.4 bil-
lion in FY23 (till Feb 2023) ver-
sus $96.7 billion in FY22. The
revenues from dollar sales are
likely to be substantial, given
that profits are calculated on
the basis of historical cost of
dollar purchase. The RBI has
likely maintained risk buffers
at the upper-end of the recom-
mended range,” said Gaura
Sengupta, India economist,
IDFC FIRST Bank, on Friday.
However, with the finan-
cial year just begun, it is appar-
ent that the other budgetary
assumptions may not hold
true. While the Indian econo-
my is considered a bright spot
mates,” Sengupta said.
This is not the first time
that the RBI has paid a wind-
fall surplus to the Centre. As
the RBI shifted from a July-
June financial year to an April-
March financial year in 2021,
it transferred ~99,122 crore.
That amount itself was ~45,611
crore higher than the Budget
estimates for revenue from
dividends by the RBI and PSBs
of ~53,510.6 crore for FY22.
But the highest surplus
that the RBI has ever paid to
the government was for
FY2019-20, a record ~1.23 tril-
lion following the recommen-
dations of the Bimal Jalan
Committee on Economic Cap-
ital Framework. In addition to
that, the RBI had also trans-
ferred ~52,637 crore of excess
provisions that very year.
The Jalan panel had rec-
ommended that the RBI, at all
times, keep its “realised equi-
ty” at 5.5-6.5 per cent of the
balance sheet, and the rest can
be transferred to the Centre.

‘Only Centre has the power Non-supply of LNG: GAIL takes

to withdraw legal tender’
R GANDHI, former deputy governor of Reserve Bank of India, who handled the
currency management department during the demonetisation exercise of
2016, says the introduction of the ~2,000 was a tactical one to remonetise the
economy quickly, in an interview to Manojit Saha. Edited excerpts:
What could be the reason for
withdrawing the ~2,000 note
from circulation?
At the time when the ~2,000
denomination note was intro-
duced, it was clear that it was a
tactical decision because it does
not go with the overall theme of
demonetisation. It was for
quickly remonetising the econo-
my such a high denomination was
required. Now that the
requirement is no longer
there and other denomi-
nation notes are available,
it was good to withdraw
these denominations.
R GANDHI
RBI data showed that the Former deputy
circulation of such notes governor,
was coming down… Reserve Bank
Every year the RBI releas- of India
es the data. It was clear
that the RBI had stopped printing
that note. Already half of such
notes [~2,000] have been with-
drawn. So another 50 per cent is
still in the market.
Is it right to call it
demonetisation of ~2,000 note?
We should not call it as demoneti-
sation because it is still a legal ten-
der. Last time during demonetisa-
tion it was clearly announced that
legal tender status was withdrawn.
This time they have clearly said
legal tender continues.
What happens after September
30, 2023 when the exchange/
deposit window closes?
This notification does
not talk about what hap-
pens after September 30.
The RBI may come out
with a clarification clos-
er to the date about what
happens next.
According to your view,
what could happen
after September 30?
Can the RBI withdraw
the legal tender status?
There are many possibilities. The
RBI cannot say it will withdraw the
legal tender status. That power is
only with the government. Only
the government has the power to
do that, not the Reserve Bank.
If by September 30, most of the
ALREADY HALF OF ~2,000 NOTES HAVE
BEEN WITHDRAWN
WE SHOULD NOT CALL IT AS
DEMONETISATION BECAUSE IT IS STILL A
LEGAL TENDER. LAST TIME DURING
DEMONETISATION IT WAS CLEARLY
ANNOUNCED THAT LEGAL TENDER
STATUS WAS WITHDRAWN.
THIS TIME THEY HAVE
CLEARLY SAID LEGAL
TENDER CONTINUES
R GANDHI,
Former deputy
governor, RBI
~2,000 notes come back, the RBI
may then decide to accept it in
specific locations. If a sizable
amount does not come back, the
RBI can further extend the time.
So, the RBI has the power to
extend the period to return the
notes...
Yes, of course. Earlier also we have
done that. In 2013-14, when we
tried to withdraw the pre-2005
notes, we had repeatedly extended
the time.
Was there a concern that the
~2,000 note was hoarded? Was
there a concern on black money?
When the ~2,000 notes were
introduced, it was clearly under-
stood that it does not go with the
overall theme of demonetisation.
That is why we took the decision
of not printing any more. Now,
the RBI is asking people to return
back.
Gazprom to court in London
PRESS TRUST OF INDIA
Mumbai, 19 May
State-owned GAIL India on Friday said it has initiated
legal proceedings against an arm of the Russian energy
giant Gazprom for non-delivery of Liquified Natural
Gas (LNG).
Company’s Chairman and Managing Director
S K Gupta said GAIL is seeking damages from
Gazprom, but declined to spell out the amount being
pressed for.
It has filed for arbitration in London and also
appointed an arbitrator, Gupta said, adding that
Gazprom was yet to appoint its representative.
A September 2022 news report said the Centre was
looking at the issue on a bilateral basis and was against
pursuing arbitration or seeking any damages.
“...we are taking up legally against them to press
for specific performance and to claim the damages.
And our request for arbitration has been filed in a
London arbitration court,” Gupta told reporters.
He explained that the supply of LNG had stopped
in the aftermath of the Russian invasion of Ukraine
and the sanctions imposed on the Vladimir Putin-led
country by the West.
Gail had a tie-up with a German subsidiary of
Gazprom, and a step-down company based in
Singapore to supply the gas. After the invasion, the
German government took over the company and the
supplies got hindered as the German government
debarred the company from picking up any cargo from
Russia, Gupta said, stressing that this was a portfolio
contract, and supplies cannot be stopped this way.
“...this was a portfolio contract, but perhaps as per
their arrangement, the supplies were perhaps to come
from Russia. And that is why this problem arose,” he
said, adding that the onus was on the suppliers to
arrange for the cargo from other destinations.
Gupta reiterated that the normal supplies have
resumed over the last two months, and hoped that the
same will continue.
However, in a double whammy of sorts, Gail is pay-
ing higher than the current spot price for the supplies
because its pricing contract pegs the price at an average
of the last nine months, Gupta said.
GAIL had in 2012 signed a 20-year deal with
Gazprom Marketing and Singapore (GMTS) to buy 2.85
million tonnes per annum of LNG. Supplies started in
2018 and the full volume was to reach in 2023.
GMTS had signed the deal on behalf of Gazprom.
GMTS was moved to Gazprom Germania, now called
Sefe. But in early April last year, Gazprom gave up
the ownership of the German unit without giving a
reason and placed parts of it under Russian sanc-
tions.
This followed the West slapping sanctions on
Russia for its February 24 invasion of Ukraine. It
invoked force majeure and stopped supplies to India
from June 2022. Gupta said on Friday that the force
majeure clause is not acceptable to GAIL.

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 .
MUMBAI | SATURDAY, 20 MAY 2023 5
<

GRASIM INDUSTRIES LIMITED

CIN: L17124MP1947PLC000410
Registered Office: P.O. Birlagram, Nagda - 456 331, Dist. Ujjain, Madhya Pradesh, India
Tel.: +91 7366-246766
Corporate Office: Aditya Birla Centre, “A” Wing, 2nd Floor, S.K. Ahire Marg,
Worli, Mumbai - 400 030, Maharashtra, India
Tel. No.: +91 22 6652 5000 / 2499 5000; Fax No.: + 91 22 6652 5114 / 2499 5114
E-mail: grasim.secretarial@adityabirla.com ; Website: www.grasim.com

PUBLIC NOTICE
Notice is hereby given that requests are received from shareholders or claimants for issuing duplicate share certificate(s) in lieu of the equity share certificates
which are stated to have been lost/ misplaced/stolen.
The Company is in the process of issuing ‘Letter of confirmation’ as per the SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated
25th January 2022 or ‘Entitlement Letter’, as the case may be, in lieu of duplicate share certificate(s) for below mentioned cases:

Sr. Share Certificate Distinctive Numbers Number

Folio Number Name of the Shareholder(s)
No. Number From To of Shares

1 586259 MRS. SHOBHANA VIBHUTI JHA 3120273 449274711 449279960 5,250

2 622357 DHARAMCHAND JOSHI 3093557 444625601 444626745 1,145

Any person(s) who has/have any claim in respect of the aforesaid equity shares should lodge his/her/their claim with all supporting documents
with the Company at its Corporate Office at Grasim Industries Limited, Aditya Birla Centre, ‘A’ Wing, 2nd Floor, S. K. Ahire Marg, Worli,
Mumbai - 400 030, Maharashtra. If no valid and legitimate claim is received within 10 days from the date of publication of this notice, the
Company will proceed to issue Letter of confirmation or Entitlement Letter and no further claim would be entertained from any person(s).

FOR GRASIM INDUSTRIES LIMITED

Sd/-
SAILESH KUMAR DAGA
Place : Mumbai COMPANY SECRETARY
Date : 19th May 2023 FCS - 4164

Abbo� India Limited

CIN : L24239MH1944PLC007330
Regd Office : 3, Corporate Park, Sion-Trombay Road, Mumbai - 400 071
Tel No.: 022-5046 1000/2000/6797 8888 Fax No.: 022-5016 9400
Email Id : investorrela�ons.india@abbo�.com Website : www.abbo�.co.in

Extract of Audited Financial Results for the Quarter and Year ended March 31, 2023
(` in Crores except earnings per share)
Quarter ended Year ended
Sr.
Par�culars March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
No.
Audited Audited Audited Audited
1 Total Income from Opera�ons 1,392.72 1,276.07 5,502.88 4,996.48
2 Net Profit for the period
(before Tax, Excep�onal and/or Extraordinary items) 308.41 292.30 1,273.82 1,079.73
3 Net Profit for the period before tax
(a�er Excep�onal and/or Extraordinary items) 308.41 292.30 1,273.82 1,079.73
4 Net Profit for the period a�er tax
(a�er Excep�onal and/or Extraordinary items) 231.42 211.41 949.41 798.70
5 Total Comprehensive Income for the period
[comprising Profit for the period (a�er tax) and Other
Comprehensive Income (a�er tax)] 233.26 218.65 953.03 801.62
6 Equity Share Capital 21.25 21.25 21.25 21.25
7 Reserves (excluding Revalua�on Reserve) as shown in
the Audited Balance sheet of previous year - - 3,167.29 2,798.54
8 Earnings Per Share ` (Face value of ` 10/- each)
(not annualised except for the year ended March)
Basic : 108.90 99.49 446.78 375.86
Diluted : 108.90 99.49 446.78 375.86
Note : The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchange under Regula�on 33 of
the SEBI (Lis�ng Obliga�ons and Disclosure Requirements) Regula�ons, 2015. The full format of the Quarterly Financial Results is available
on the Stock Exchange website at www.bseindia.com and on the Company’s website at www.abbo�.co.in.
For and on behalf of the Board of Directors of
Abbo� India Limited Registered Office: Plot No. 5, Inside Govind Narayan Singh Gate, Chuna Bhatti, Kolar Road, Bhopal-462016, Madhya Pradesh (CIN: L45201MP2006PLC018689)

VIVEK V KAMATH India’s Largest Road Construction Company

Place : Mumbai Managing Director
Date : May 19, 2023 DIN : 06606777

19 States Rs.25,395 Crores 10,340 26,743

1Union Territory Order Book Equipments Employees

Statement of Audited Standalone and Consolidated Financial Results for the Quarter and Year ended 31st March 2023
(` in lakhs)

Revenue EBITDA PAT

1,011,953 98,844 22,178
(` in lakhs)
Standalone

Sr. Quarter ended Year ended

Particulars
No 31-Mar-23 31-Dec-22 31-Mar-22 31-Mar-23 31-Mar-22
Audited Unaudited Audited Audited Audited

1 Total Income from Operations (net) 2,86,827.32 2,40,724.30 2,51,279.93 10,18,417.43 9,04,017.59

2 Net Profit / (Loss) from ordinary activities after tax 5,830.54 7,951.60 298.60 22,177.51 (8,597.36)

Total Comprehensive income [Comprising Profit / (Loss) for the period (after tax) and
3 10,195.74 8,044.98 1,516.53 26,846.51 (6,724.07)
Other Comprehensive Income (after tax)]

4 Equity share capital 14,621.50 14,621.50 14,621.50 14,621.50 14,621.50

Earnings Per Share (before extraordinary items)(of Rs. 10/- each)(not annualised):
5 (a) Basic 3.99 5.44 0.20 15.17 (5.91)
(b) Diluted 3.99 5.44 0.20 15.17 (5.91)
Earnings Per Share (after extraordinary items)(of Rs. 10/- each)(not annualised):
6 (a) Basic 3.99 5.44 0.20 15.17 (5.91)
(b) Diluted 3.99 5.44 0.20 15.17 (5.91)

Consolidated

Sr. Quarter ended Year ended

Particulars
No 31-Mar-23 31-Dec-22 31-Mar-22 31-Mar-23 31-Mar-22

Audited Unaudited Audited Audited Audited

1 Total Income from Operations (net) 2,85,138.58 2,35,088.64 2,66,889.55 10,71,160.85 9,60,481.56

2 Net Profit / (Loss) from ordinary activities after tax (6,955.03) 11,024.72 (4,109.53) (139.24) (54,967.59)

Total Comprehensive income [Comprising Profit / (Loss) for the period (after tax) and
3 (2,624.27) 11,119.44 (2,891.48) 4,496.31 (53,094.18)
Other Comprehensive Income (after tax)]

4 Equity share capital 14,621.50 14,621.50 14,621.50 14,621.50 14,621.50

Earnings Per Share (before extraordinary items) (of Rs. 10/- each) (not annualised):
5 (a) Basic (4.76) 7.54 (2.81) (0.10) (37.77)
(b) Diluted (4.76) 7.54 (2.81) (0.10) (37.77)
Earnings Per Share (after extraordinary items)(of Rs. 10/- each)(not annualised):
6 (a) Basic (4.76) 7.54 (2.81) (0.10) (37.77)
(b) Diluted (4.76) 7.54 (2.81) (0.10) (37.77)

Notes:

1. The above audited Standalone and Consolidated results were reviewed by the Audit Committee and were approved & taken on record by the Board of Directors at their respective
meetings held on 19 May 2023.

2. The above audited financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013
read with the relevant rules thereunder and other accounting principles generally accepted in India.

3. The above is an extract of the detailed format of Quarterly and Year ended Financial Results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The full format of the Financial Results are available on the Stock Exchanges website www.bseindia.com and www.nseindia.
com and on the Company’s website, www.dilipbuildcon.com.

4. Figures for the earlier periods have been regrouped wherever necessary. For and on behalf of the Board of Directors of
Dilip Buildcon Limited

Dilip Suryavanshi
Place: Bhopal Chairman & Managing Director
Date : 19 May 2023 DIN - 00039944

This PDF was uploade To Telegram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | SATURDAY, 20 MAY 2023 1

PNB net rises 5-fold on In a first, defence production

crosses ~1 trillion this year
strong interest income
Delhi-based lender will raise ~12,000 crore in current fiscal year
AJAI SHUKLA
New Delhi, 19 May

India’s public and private defence pro-

NIKESH SINGH duction units have, for the first time, pro-
New Delhi, 19 May IMPROVED SHOWING duced more than ~1 trillion worth of
goods and services during the current
n Interest earned n Total income n Total expenditure n Net profit

P
unjab National Bank’s
(PNB’s) standalone net
profit jumped 474 per
cent year-on-year (YoY) to
~1,159 crore in the January-
March quarter (Q4) as its net
interest income (difference
between interest earned and
interest expended) went up by
30 per cent to ~9,499 crore and
provisions for non-performing
assets (NPAs) went down by 21
per cent to ~3,625 crore.
Sequentially, the net profit
of the lender jumped 84 per
cent from ~629 crore reported
in the October-December peri-
od. However, the bank reported
a 27 per cent decline in net prof-
it for FY23 to ~2,507 crore as
against ~3,457 crore in FY22.
PNB Managing Director
and Chief Executive Officer
Atul Kumar Goel said the bank
would raise ~12,000 crore
through bonds in FY24 and has
set a recovery target of ~22,000
crore from bad loans.
The bank has no exposure
to airlines Go First and
SpiceJet,” he added.
PNB’s income during the
fourth quarter was ~27,269
crore as against ~21,095 crore a
year ago, the lender said in an
exchange filing. Its interest
income during the quarter was
~23,849 crore as against ~18,645
crore reported last year.
The bank’s global net inter-
est margin (NIM) was 3.24 per
cent in the fourth quarter of
FY23, up from the 2.76 per cent
a year earlier.
The bank’s asset quality
18,645 21,095
15,830
202
Q4FY22
GNPA 11.78% 8.74%
Q4FY22 Q4FY23
Note: GNPA is gross non-performing asset; CAR is capital adequacy ratio
Source: Company
showed an improvement with
gross NPAs as a percentage of
gross advances dropping to 8.74
per cent from 11.78 per cent a
year earlier. Net NPAs stood at
2.72 per cent from 4.80 per cent
a year ago and 3.30 per cent a
quarter ago. Goel said the bank
aimed to bring gross non-per-
forming assets (GNPAs) and
net non-performing assets
(NNPA) below 7 per cent and 2
per cent, respectively, by the
end of FY24.
(Figures in ~ cr)
financial year.
27,269 A Ministry of Defence (MoD) state-
23,849 ment on Friday revealed that the total
21,403
value of defence production in the 2022-
23 financial year has exceeded ~1.07
1,159 trillion.
“As a result of the consistent efforts
Q4FY23 of the MoD, the value of defence produc-
tion in FY23 has crossed the figure of ~1
trillion for the first time ever. The value
CAR 14.5% 15.5% currently stands ~106,800 crore and it
Q4FY22 Q4FY23 will go up further once data is received
from the remaining private defence The MoD said it was continuously working with defence industries to remove
industries,” stated the MoD in a media challenges faced by them and promote defence production in the country
release.
“The current value of defence pro- enterprises (MSMEs) and start-ups into Scorpene submarine, INS Vagsheer,
duction in FY 2022-23 is a rise of more the supply chain,” said the MoD. begins sea trials
On a consolidated basis, than 12 per cent over FY 2021-22, when Due to these policies, the industries, The sixth submarine of Project 75, the
including the financial results the figure was ~95,000 crore,” the MoD including MSMEs and start-ups, are Kalvari-class submarine INS Vagsheer,
of five subsidiaries and 15 asso- stated. forthcoming in defence design, develop- commenced her sea trials on Thursday.
ciates, the bank recorded a net Explaining the rise in output, the ment and manufacturing, said the MoD. The submarine was launched on
profit of ~1,741 crore in January- MoD said it was continuously working “There is almost a 200 per cent April 2020 from the Kanhoji Angre Wet
March FY23 as against a profit with defence industries and their asso- increase in the number of defence Basin in Mazagon Dock Limited (MDL).
of ~245 crore reported in the ciations to remove challenges faced by licenses issued to industries in the last The INS Vaghsheer is scheduled for
same quarter in FY22. them and promote defence production 7-8 years by the government. These delivery to the Indian Navy in early 2024
The lender said the board of in the country. measures have given a boost to the after completion of her sea trials. During
directors had recommended a “A number of policy reforms have defence industrial manufacturing these trials, INS Vagsheer will undergo
dividend of ~0.65 per equity been taken to achieve the objective of ecosystem in the country and generated intense examinations of all its systems
share (32.50 per cent) for the ease of doing business, including the tremendous employment opportuni- at sea, including propulsion systems,
year ended March 31, 2023, integration of micro, small and medium ties,” it said. weapons and sensors.
subject to approval.

NTPC logs 6% growth in Power Grid Forex reserves rise Bank credit grows
Corporation
net profit during FY23 net rises 4% $3.5 bn to $599.5 bn 15.5% till May 5
SHREYA JAI to ~4,320 cr PRESS TRUST OF INDIA NEAR TO $600 BN ABHIJIT LELE year (FY23).
New Delhi, 19 May Mumbai, 19 May Mumbai, 19 May The deposits mobilised
$ billion 900
State-owned Power Grid were ~1.62 trillion higher than
India’s largest power generating company Corporation on Friday posted Rising for the second consec- Credit offtake remained credit offtake till May 5. The
581 600 600
NTPC Limited registered a 5.62 per cent a nearly four per cent rise in utive week, India’s forex kitty robust early at the start of the deposit raise was ~81,000
increase in its profits to ~17,197 crore during consolidated net profit at jumped $3.553 billion to current financial year, with crore more than the credit
the 2022-23 financial year. During the same ~4,320.43 crore in the March $599.529 billion for the week 300 15.5 per cent growth year-on- given in the same period a
period, the company’s total income saw a rise 2023 quarter, mainly on the ended May 12, the RBI said year (YoY) clocked till May 5 year ago.
of 34.45 per cent during FY23. back of higher revenues. on Friday. as against 11.8 per cent a year Early this week, Care
0
The total income of NTPC for FY23 was It had reported a consoli- The overall reserves had ago. Deposit mobilisation Ratings in its review of bank-
~167,724 crore as against previous year’s dated net profit of ~4,156.44 jumped by $7.196 billion to
Dec 25,’20 May 12,’23 also improved, growing 10.4 ing business said the credit
Source: RBI
income of ~124,750 crore. During Q4, NTPC’s crore in the year-ago period, $595.976 billion for the previ- Compiled by BS Research Bureau per cent YoY as against 9.7 per offtake has remained robust
net profit slipped to ~5,672 crore. It was ~4,476 The power giant’s total income of for FY23 was according to a BSE filing. PTI ous reporting week. cent in the same period in in recent months even amid
crore during Q3FY23. ~167,724 crore, as against previous year’s It can be noted that in FY23, showed Reserve Bank the significant rise in interest
NTPC run coal-based power units achieved ~124,750 crore October 2021, the country’s Supplement released by the of India data. rates. The growth has been
a ‘Plant Load Factor’ (PLF), or operating ratio
of 75.9 per cent, as against the national average during FY22.
Bandhan forex kitty had reached an all-
time high of $645 billion.
RBI on Friday.
Expressed in dollar terms,
Credit offtake expanded
by 15 per cent and deposits
broad-based across segments
with personal loans and
of 64.21 per cent during FY23.
Rise in demand due to post-Covid
Domestic coal procurement saw a minimal
rise of 4.6 per cent and total coal requirement Bank’s profit The reserves have been
declining as the central bank
the foreign currency assets
include the effect of appreci-
grew by 9.6 per cent in the
whole of FY23.
NBFCs being key growth driv-
ers. Demand for capex across
rebound, coupled with economic growth,
pushed the demand for power. During the
increased by 10 per cent for the company.
Enhanced cost of coal impacted the power tar- jumps 17x deploys the kitty to defend
the rupee amid pressures
ation or depreciation of non-
US units like the euro, pound
In the current financial
year (FY24), bank credit in
select segments too is expect-
ed to drive industry credit
fourth quarter of FY23, power demand iff charged by NTPC from its customers. caused majorly by global and yen held in the foreign absolute terms grew by ~2.29 growth.
touched a record high of 200 Gw. Average tariff charged by NTPC increased by Bandhan Bank’s net profit for developments. exchange reserves. trillion to ~139.04 trillion. It Meanwhile, credit growth
For meeting the rising demand and tack- 21 per cent during FY23 over year before. the 2022-23 fiscal jumped For the week ended May Gold reserves increased had grown by ~1.49 trillion in is likely to moderate margin-
ling domestic coal supply shortfall, the The company informed exchanges that the more than 17 times to 12, the foreign currency by $38 million to $46.353 bil- the same period in FY23. ally in FY24 compared to
Ministry of Power mandated power genera- board of directors of NTPC has recommended ~2,194.63 crore as compared assets, a major component of lion, the RBI said. Liability mobilisation was FY23. Further, a slowdown in
tors, including NTPC, to import coal up to 6 a final dividend of ~3 per equity share of face to ~126 crore in the previous the reserves, increased by The Special Drawing much better as banks gar- global growth due to elevated
per cent of their total requirement. NTPC’s value of ~10 each for FY23, subject to the year, even though it reported nearly $3.577 billion to Rights (SDRs) were down by nered ~3.91 trillion in deposits interest rates, and inflation
imported coal procurement rose to 14.5 mil- approval of the shareholders in the annual a 57.5 per cent dip in the $529.598 billion, according to $35 million to $18.413 billion, till May 5 as against ~2.3 tril- could impact credit growth,
lion tonnes in FY23 as against 2 million tonnes general meeting. fourth quarter. PTI the Weekly Statistical the apex bank added. lion in the same period last the rating agency added.

> FROM PAGE 1 Economists said the higher

surplus transfer was mainly
due to sale of foreign exchange
LRS... reserves. However, since the
Group companies, the commit-
tee has said there was no pat-
tern of artificial trading or wash
trades and no coherent pattern
ious avenues to ascertain the
same. “It has been a long-stand-
ing suspicion of Sebi that some
and are at the end of their esti-
mated life span of 4-5 years.“It
has also been observed that this
omy unless a much bigger
denomination was used. By
March-April 2017, most of the ‘PNB Housing
of the public shareholders are denomination is not common- cash shortage problem issues

“This has now been addressed,”

said Bankbazaar.com CEO
Adhil Shetty. Deepesh Raghaw,
a Sebi-registered investment
advisor (RIA) and founder of
PersonalFinancePlan, saw the
move as fair. “When they travel
abroad, most individuals carry
foreign currency as well.
Therefore, the ~7 lakh threshold
for imposing TCS appears ade-
quate,” he said. Earlier, experts
had also pointed out that the
deducted amount would not
reflect in individuals’ Form
26AS if their credit card issuer
made a mistake in TCS deduc-
tion or did not deposit the
amount in time. “The rollback
of the measure will protect indi-
viduals from such compliance-
related hassles,” said Abhishek
Kumar, Sebi RIA and founder
of SahajMoney.
Taxmann Deputy General
Manager Naveen Wadhwa,
however, sounded a note of
caution. “This (TCS) relaxation
shall not be available for any
remittances made from India.
Thus, any remittance for
investment, ticket booking,
purchase of goods, payment of
subscription fees, etc, shall con-
tinue to be subject to TCS at 20
per cent,” he said.
RBI...
“The board also discussed the
working of the Reserve Bank
during the year April 2022-
March 2023 and approved the
Annual Report and accounts of
the Reserve Bank for the
accounting year 2022-23. The
board approved the transfer of
₹87,416 crore as surplus to the
central government for the
accounting year 2022-23, while
deciding to keep the contin-
gency risk buffer at 6 per cent,”
the statement added.
RBI has a large investment in
US treasuries, a sharp rise in
yields have dented profits.
“Gains from record gross
foreign exchange sales in 2022-
23 would be the major driver of
bumper surplus, albeit with the
profit being partly offset by
higher provisioning on MTM
(mark-to-market) losses on for-
eign securities. Besides, the
higher contingency buffer at 6
per cent of balance sheet versus
5.5 per cent in the past, also ate
into the profit,” said Madhavi
Arora, lead economist, Emkay
Global. “The dividend could
bring in additional revenue of
around 0.2 per cent of GDP,
which could partly offset pos-
sible losses amid lower tax rev-
enues, divestment, etc,” Arora
said, adding the surplus was in
line with the expectations.
No lapses...
Sebi is investigating allegations
of violations of minimum pub-
lic shareholding (MPS) and
related-party transactions
(RPT) norms. It is expected to
reach a conclusion by August
14, the new deadline set by the
court to complete the probe.
“At this stage, taking into
account the explanations pro-
vided by Sebi, supported by
empirical data, prima facie, it
would not be possible for the
committee to conclude that
there has been a regulatory fail-
ure around the allegation of
price manipulation,” the six-
member panel has said in its
173-page report.
The members of the com-
mittee are Justice A M Sapre, O
P Bhat, Justice J P Devadhar, K
V Kamath, Nandan Nilekani,
and Somasekharan
Sundaresan.
On the allegation of stock
price manipulation at Adani
of abusive trading has come to
light. The expert panel, howev-
er, has noted that some entities
took short positions prior to the
publication of the Hindenburg
report and profited from squar-
ing off their positions as the
stock prices of Adani Group
companies crashed after the
report. These entities are cur-
rently being investigated by
Sebi, the report has revealed.
The panel also observed
intense volatility after the pub-
lication of the report on
January 24 was largely restrict-
ed to the Adani stocks and the
market as a whole was not
unduly affected.
It said the market had re-
priced and re-assessed the
Adani stocks.
“While they may not have
returned to the pre-January 24
levels, they are stable at the
newly re-priced level,” it said,
adding that the measures taken
by Adani Group, including the
move to pare its debt, had
helped rebuild investor confi-
dence.
On MPS compliance, the
panel has said if the outcome
of Sebi’s investigation is able to
establish that foreign portfolio
investors (FPIs) that have
invested in Adani listed firms
are linked to the promoters
then it would mean that the
companies are not compliant
with the MPS requirement.
However, the report said
changes in the regulatory struc-
ture and lack of cooperation
from other regulatory bodies
had thwarted Sebi’s attempts in
finding the contributors who
had an economic interest in
these FPIs.
“This is where it has hit a
wall,” the report has observed.
Sebi has found 42 contribu-
tories to the assets under the
management of the 13 FPI enti-
ties and has been pursuing var-
not truly public shareholders
and could be fronts for the pro-
moters of these companies,” it
ly used for transactions.
Further, the stock of banknotes
in other denominations contin-
said. While the FPIs in question
declared the beneficial owner
by identifying the natural per-
sons controlling their deci-
ues to be adequate to meet the
currency requirement of the
public,” the central bank said,
explaining the rationale behind
sions, a 2018 law had done away its decision.
with the very requirement to It mentioned that a similar
disclose the last natural person exercise was carried out in 2014
owning any economic interest when it decided to completely
in the FPI. withdraw all bank notes from
circulation issued prior to 2005.
After declaring the old ~500
~2,000 note... note and ~1000 note will not be
legal tender from November 8,
Customers can exchange 2016, the ~2000 note was intro-
~20,000 at a time. The RBI has duced, primarily to meet the
not placed any restriction on currency requirement of the
the amount in ~2,000 notes economy in an expeditious
that can be deposited at a time. manner.
A non-account holder also can “The objective of introduc-
exchange ~2,000 banknotes up ing ~2000 banknotes was met
to the limit of ~20,000 at a time once banknotes in other
at any bank branch. denominations became avail-
“Deposit into bank accounts able in adequate quantities.
can be made without restric-
tions subject to compliance
Therefore, the printing of
~2000 banknotes was stopped
with extant Know Your in 2018-19,” the RBI said.
Customer (KYC) norms and RBI typically follows the
other applicable statutory/reg- Renard Series for currency
ulatory requirements,” the RBI denomination, that is 1, 2, 5 or
stated in the frequently asked 10, 20, 50, and alike. From that
question segment on if there is perspective, the ~2000 note
a limit on depositing ~2000 was the odd one. The idea
banknotes in a bank account. behind following the Renard
Banks have been asked not Series is that any transaction
to no longer issue notes of such can be completed using these
denomination. The RBI said it denomination currency notes.
had stopped printing ~2000
note in 2018-19. There has been
A ~200 note was also issued in
2017, which completed the 100,
a continuous decline in the 200 & 500 series.
number of pieces of ~2000 note The move to withdraw
in circulation since 2018-19. ~2000 note will be a boost to
Total value of ~2000 notes in banks’ deposit mobilisation
circulation declined from ~6.73 efforts — as was evident during
trillion at its peak as on March the 2016 demonetisation exer-
31, 2018 (37.3 per cent of notes cise. On the RBI’s move, a top
in circulation) to ₹3.62 trillion government official said: “Since
constituting only 10.8 per cent 2016, it was an urgent impera-
of notes in circulation as on tive to remonetise the econo-
March 31, 2023. my. The feeling was that while
The RBI said that about 89 ~500 is a good denomination,
per cent of these banknotes it would have taken more than
were issued before March 2017, a year to remonetise the econ-
had dissipated. The 2,000
denomination note has served
its purpose.”
Karthik Srinivasan, senior
vice president, financial sector
ratings, ICRA, said: “As wit-
nessed during demonetisation,
we expect the deposit accretion
of banks to improve marginally
in near term. This will ease the
pressure on deposit rate hikes
and may also result in modera-
tion in short-term interest
rates.” Bank deposits have been
lagging credit growth for some
time now. The latest data shows
bank deposits grew 10.4 per
cent year-on-year until May 5,
2023, as compared to credit
growth of 15.5 per cent.
Following the Reserve
Bank’s move, CEOs of leading
Indian companies were expect-
ing not a major impact on their
business because of the with-
drawal of such a high currency
note. Tarun Arora, CEO of
Zydus Wellness, said: “I expect
business as usual, but we will
have to wait and watch. I am
hopeful that the impact won’t
be that hard on the business.”
Vimal Nadar, head,
research, Colliers India, a real
estate advisory firm, said the
withdrawal of ~2,000 denomi-
nation notes was an expected
and timely move towards pru-
dent currency management
within the realm of maintaining
banking and financial disci-
pline. "Such measures further
reduce/eliminate the probable
cash component in high-value
real estate transactions. In the
past few years, the RERA and
demonetisation have brought
in significant levels of trans-
parency in real estate, mainly
contributing to fair market price
determination,” he added.
With inputs from Arup
Roychoudhury & Dev Chatterjee
More on business-standard.com
capitalised to aid
FY24 loan growth’
Housing finance company (HFC) PNB Housing is planning to focus on
reducing delinquencies in 2023-24. Its managing director & chief
executive officer GIRISH KOUSGI tells Nikesh Singh in a conversation
in New Delhi that he sees a huge opportunity for the company in the
prime housing segment in coming years. Edited excerpts:
PNB Housing recently How do you see the
raised ~2,494 crore from its
rights issue. Will the
company’s growth in the
affordable housing sector in
company raise more this financial year?
capital? The HFC recently entered
After the recent raising of the affordable segment, and
capital, the company is well disbursed around ~137 crore
capitalised to support its loan till the end of Q4 of 2022-23.
growth in 2023-24. There is This year, the segment will
no challenge of that aspect contribute 10-11 per cent to
affecting our growth. The the incremental business,
raised capital will be with good growth
used for growth as opportunities. It
the company sees a
huge opportunity in
will help us grow on
the retail side; we
the prime housing are not looking at
segment in years to growing the
come. GIRISH KOUSGI corporate book.
MD & CEO, PNB
PNB Housing’s Housing The corporate side
gross NPA (non- of the book shrank
performing assets) stood at nearly halved in 2022-23.
3.83 per cent at the end of What is your take on that?
2022-23. What is your GNPA The company last year took a
and loan growth targets for conscious call not to grow
this financial year? the corporate side of the
We want to bring down
delinquencies in 2023-24 to
book. This was done in view
of the very high GNPA of
level with industry around 8.35 per cent. The
standards in the next four- company was working
six quarters. We expect aggressively on resolution
disbursement and loan and settlements to bring it
growth of around 22 per cent down to a standard level. We
and 17 per cent, respectively, will restart on that aspect by
on the retail side this the end of 2023-24. The size
financial year. The retail loan of the corporate book is
book was muted in the first around ~3,800 crore at the
and second quarters. With end of last year. Today, we
growth returning in the last have only two NPA
two quarters, it stood at 10 accounts on the corporate
per cent year on year in side, amounting to
2022-23. ~846 crore.

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 >
MUMBAI | SATURDAY, 20 MAY 2023 POLITICS & PUBLIC AFFAIRS 7

Modi to meet Zelenskyy

on sidelines of G7 today
ARCHIS MOHAN & PTI
New Delhi, 19 May
P
rime Minister
Narendra Modi, who
landed in Japan on
Friday, kicking off his three-
nation foreign tour, is set to
hold bilateral talks with
Ukrainian President
Volodymyr Zelenskyy on the
sidelines of the G7 summit in
Hiroshima on Saturday
evening.
The meeting will be the
PM’s first in-person with
Zelenskyy after the Russian
invasion of Ukraine in
February 2022. Ukrainian
First Deputy Foreign Minister
Emine Dzhaparova visited
India in mid-April.
Modi will hold bilateral
talks on Saturday with his
Japanese counterpart Fumio
Kishida, French President
Emmanuel Macron,
Vietnamese Prime Minister
Pham Minh Chinh and oth-
ers. The PM will attend the
third in-person Quad leaders’
meeting in Japan. Apart from
attending G7 and Quad sum-
mits, the PM will visit Papua
New Guinea and Australia.
In an interview with
Japan’s Nikkei, published
Friday, the PM said India’s
position on the Ukraine con-
flict “is clear and unwaver-
ing”. “India stands on the side
of peace and will remain firm-
ly there. We are committed to
supporting those who face
challenges in meeting their
basic needs, especially in the
face of rising costs of food,
fuel, and fertilisers. We main-
tain communication with
PM Narendra Modi arrives in Hiroshima on Friday
both Russia and Ukraine,”
Modi said.
“Cooperation and collab-
oration should define our
times, not conflict,” he said.
Earlier, in his departure state-
ment, the prime minister
said his presence at the G7
summit was significant as
India holds the G20 presiden-
cy this year.
In a bilateral meeting with
Putin on September 16 last
year in the Uzbek city of
Samarkand, Modi said,
“Today's era is not of war”
and nudged the Russian
leader to end the conflict.
However, India is yet to con-
demn the Russian invasion of
Ukraine. It has maintained
that the crisis must be
resolved through diplomacy
and dialogue. In New Delhi,
Dzhaparova said Zelenskyy
would like to address the
PHOTO: PTI
upcoming G20 summit.
In his interview with
Nikkei, the PM also discussed
India’s security challenges.
“The future development of
the India-China relationship
can only be based on mutual
respect, mutual sensitivity
and mutual interests”, Modi
said, noting that “normalis-
ing” the ties would benefit the
wider region and the world.
He stressed India’s respect for
sovereignty, the rule of law
and the peaceful resolution of
disputes.
On Pakistan, the PM said
that India wanted “normal
and neighbourly relations”.
“However, it is incumbent
upon them to create a con-
ducive environment free
from terrorism and hostili-
ties. The onus is on Pakistan
to take necessary steps in this
regard,” he said.
G7 steps up
pressure on
Russia, China
REUTERS
Hiroshima, 19 May
Leaders of the world’s rich-
est democracies agreed on
Friday to stiffen sanctions
against Russia, while a draft
communique to be issued
after their talks in the
Japanese city of Hiroshima
stressed the need to reduce
reliance on trade with
China.
The Group of Seven (G7)
leaders, who will be joined
this weekend by Ukraine’s
President Volodymyr
Zelenskiy, vowed to restrict
any exports to Russia that
could help it in its 15-month
war against Ukraine.
“This includes exports of
industrial machinery, tools,
and other technology that
Russia uses to rebuild its war
machine,” they said in a joint
statement released on
Friday, adding they would
pursue moves to restrict
Russian revenues from trade
in metals and diamonds.
On China, which the G7
powers see increasingly as a
threat to economic security,
they were to agree that its
status as the world’s second-
largest economy meant
there was no alternative to
seeking cooperation, said
an early draft of the final
communique seen by
Reuters.

SIDDARAMAIAH’S
SWEARING IN ~1,000 notes may be EPL LIMITED
Corporate Office: Top Floor, Times Tower, Kamala City, Senapa� Bapat Marg,
Lower Parel, Mumbai 400013.

Shifting back: Opposition slams Tel: +91 22 2481 9000/9200. complianceofficer@eplglobal.com www.eplglobal.com
Regd. Office: P.O. Vasind, Taluka Shahapur, Thane 421604, Maharashtra
Tel: +91 9673333971 CIN: L74950MH1982PLC028947

sands of junking of ~2,000 notes GLOBAL OPERATIONS

EXTRACT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2023
(` in Million, except per share data)

Oppn unity ARCHIS MOHAN

New Delhi, 19 May
Chhattisgarh, Telangana, and Mizoram
are six months away now.
BJP’s national spokesperson on eco-
Sr. No. Particulars Quarter
ended
31-Mar-2023
Quarter
ended
31-Mar-2022
Year
ended
31-Mar-2023
Year
ended
31-Mar-2022
ARCHIS MOHAN The opposition criticised the Narendra nomic issues, Gopal Agarwal, said a
Unaudited Unaudited Audited Audited
New Delhi 19 May Modi government for the Reserve Bank need was being felt to curb the cash flow
1 Total income 9,961 8,824 37,362 34,448
of India’s (RBI’s) withdrawal of ~2,000 of high denomination notes. He said
2 Profit before exceptional items and tax 824 608 2,691 2,888
Nothing better would depict the shifting denomination currency notes on Friday the Friday evening move is further evi-
3 Profit before tax for the period after exceptional items 824 608 2,680 2,888
sands of opposition alliances and unity evening, suggesting that the govern- dence of the PM’s commitment to weed
4 Profit after tax for the period attributable to the owners of the Company 843 487 2,267 2,144
than the list of leaders who attended the ment might soon reintroduce ~1,000 out corruption, which vitiates a level-
5 Total comprehensive income attributable to owners of the Company 867 567 2,653 2,417
H D Kumaraswamy-led Janata Dal notes as it did with the ~500 denomi- playing field. “Curbing corruption can-
6 Paid-up equity share capital (Face Value ` 2/- each) 636 632 636 632
(Secular)-Congress government’s oath nation notes in 2016. not be seen in isolation, but needs a 360
of office five years back on May 23, 2018, Ruling party leaders, however, felt degrees approach which our govern- 7 Other equity (excluding Revaluation reserves) - - 19,256 17,613
and the invitee list of Siddaramaiah-led the step would check unaccounted ment has taken with GST, virtual 8 Earnings per share (EPS) (in `) ^
Congress council of ministers that will money, which has grown over the last assessment, and now the systems to Basic 2.65 1.54 7.15 6.79
take the oath of office Saturday. seven years, and help bring the focus audit trails are much more rigorous,” Diluted 2.65 1.54 7.15 6.77
The highlight of the ceremony five back on the PM’s efforts in his nine-year Agarwal said. (^ Quarterly figures are not annualised)
years back was UPA Chairperson Sonia tenure at curbing corruption. Congress leader P Chidambaram 9 Capital Redemption Reserve - - - -
Gandhi, West Bengal Chief Minister Incidentally, the RBI’s decision said it was expected that the govern- 10 Debenture Redemption Reserve - - - -
Mamata Banerjee and Bahujan Samaj comes on the cusp of the ment would withdraw the 11 Debt Service Coverage Ratio (in times) 2.57 2.48 3.00 4.64
Party chief Mayawati standing side by Modi government marking its ~2,000 note. “We said this in 12 Interest Service Coverage Ratio (in times) 5.00 6.33 4.98 8.17
side on the makeshift stage in front of ninth anniversary, days after Leaders in the November 2016, and we have
Bengaluru’s Vidhan Soudha. Notable the BJP’s Karnataka assembly ruling party say been proved correct. The
INDIA STANDALONE
absentees for Saturday’s event are polls loss, where the central the step would ~2,000 note was a band-aid to EXTRACT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2023
Mayawati and Delhi CM Arvind Kejriwal, election plank of the Congress help bring the cover up the foolish decision (` in Million, except per share data)
who were on the JD(S) invitee list. was the alleged corruption in focus back on of demonetising ~500 and Sr. No. Particulars Quarter Quarter Year Year
Banerjee has deputed three-term MP the BJP-run government and the PM’s efforts ~1,000 notes, which were ended ended ended ended
Kakoli Ghosh Dastidar. Trinamool the day the Supreme Court- in his 9-year popular and widely 31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
sources insisted compulsions of state appointed expert committee tenure at exchanged currencies,” he Unaudited Unaudited Audited Audited
politics were keeping Didi away from the said it found no evidence of curbing said. “A few weeks after 1 Total income 3,217 3,004 13,311 12,086
Bengaluru event. Still, Banerjee’s recent stock price manipulation in corruption demonetisation, the govern- 2 Profit before exceptional items and tax 472 382 2,002 1,972
comments, and Adani Group companies. ment/RBI were forced to rein- 3 Profit / (loss) for the period after exceptional items 472 382 2,002 1,972
While absence from the cer- When Prime Minister troduce the ~500 note. I shall 4 Net Profit / (loss) after tax for the period 587 343 2,059 1,764
Mayawati and emony, suggest she Narendra Modi announced demoneti- not be surprised if the government/RBI 5 Total comprehensive income / (loss) for the period 585 344 2,059 1,764
Arvind Kejriwal wouldn’t surrender sation on November 8, 2016, with elec- reintroduce the ~1,000 note as well. 6 Paid-up equity share capital (Face Value ` 2/- each) 636 632 636 632
will skip the even an inch to the tions to five states, including UP, Demonetisation has come full circle,” 7 Other equity (excluding Revaluation reserves) - - 8,360 7,566
event, Mamata Congress if the latter around the corner, he put corruption at Chidambaram tweeted. 8 Net Worth 8,598 7,800 8,598 7,800
Banerjee will does not reciprocate the centre of India’s political discourse. “They claimed that introducing the 9 Outstanding Redeemable Preference Shares - - - -
send a in Bengal. Samajwadi After winning UP, the BJP said it was a ~2,000 note would curb the flow of 10 Debt Equity Ratio 0.20 0.28 0.20 0.28
representative Party chief Akhilesh referendum on demonetisation. If elec- black money. Seven years later, they are 11 Earnings per share (EPS) (in `) ^
Yadav, who had tions to five states were three months withdrawing it from circulation. Yet Basic 1.84 1.08 6.47 5.55
backed Banerjee’s away seven years back, the polls to another Modinomic masterstroke,” the Diluted 1.84 1.08 6.47 5.53
comment, has also been invited, as has Rajasthan, Madhya Pradesh, Trinamool Congress tweeted. (^ Quarterly figures are not annualised)
his ally Rashtriya Lok Dal’s Jayant 12 Capital Redemption Reserve - - - -
Chaudhary. 13 Debenture Redemption Reserve - - - -
CPM General Secretary Sitaram
Yechury will attend the event. But the
party’s Kerala unit is upset that CM
Move may disturb biz, 14
15
NOTES:
Debt Service Coverage Ratio (in times)
Interest Service Coverage Ratio (in times)
5.60
9.43
4.13
9.68
3.78
10.02
7.83
13.33

but not much: Traders

Pinarayi Vijayan was not invited when
other opposition CMs, including neigh-
bouring Tamil Nadu’s M K Stalin and
Jharkhand’s Hemant Soren, have been.
The move is an indication of the
opposition party’s “immature” politics
and its lack of direction, Left Democratic
Front convenor E P Jayarajan said.
Sources in the CPM and the Congress
said top leaders of other parties had been
invited, which in some cases are also
chief ministers. However, the Congress
has invited Bihar CM Nitish Kumar.
TDP Chief N Chandrababu Naidu is
the other notable absentee from five
years back. In 2018, Mayawati and
Akhilesh sat adjacent to each other two
months after the SP, with the BSP’s help,
defeated the BJP in the Phulpur and
Gorakhpur LS bypolls. Others invited are
RJD’s Tejashwi Yadav, NCP Chief Sharad
Pawar, Maharashtra ex-CM Uddhav
Thackeray, National Conference chief
Farooq Abdullah, PDP president Meh-
booba Mufti, CPI(M) general secretary
Dipankar Bhattacharya and CPI’s D Raja.
SANJEEB MUKHERJEE
New Delhi, 19 May
Commodity and agriculture traders,
who continue to deal in cash — partic-
ularly when post-harvest trading sea-
son is on — feel that the sudden deci-
sion to withdraw ~2,000 note as legal
tender might disturb their business,
though, unlike the last time, the win-
dow of four months is big enough to
return the notes.
Usually, in mandis, though the gov-
ernment has allowed cash payment of
up to ~200,000 to farmers in most cas-
es, the volume of transactions during
peak season is much more.
“In central India mandis, an aver-
age trader does a business of ~10-15
lakh a day during peak season, much
of which is still in cash.
The sudden decision to withdraw
the ~2,000 note will disturb the flow
1 The above audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held
on 19 May 2023.
2 The above is an extract of the detailed format of the standalone and consolidated audited financial results for the quarter and year ended 31 March
and trade. The good part is that unlike 2023 filed with stock exchange pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure
last time, there is time to return the Requirements) Regulations, 2015 (as amended).
notes, but the cap on the return is too 3 The full format of the standalone and consolidated audited financial results for the quarter and year ended 31 March 2023 are available on the Stock
low,” Suresh Agarwal, president, All Exchange websites (www.bseindia.com and www.nseindia.com) and on the Company’s website (www.eplglobal.com).
India Dal Mills Association, told
Business Standard. 4 For the other line items referred in regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertinent disclosures
He said some disruption was have been made to the Stock Exchanges and are available on the Stock Exchange websites (www.bseindia.com and www.nseindia.com) and on the
expected, particularly at a time when Company’s website (www.eplglobal.com).
buying of major rabi crops such as For EPL Limited
wheat, chana and mustard was on in Place: Mumbai Anand Kripalu
northern India. Date : 19 May 2023 Managing Director and Chief Executive Officer
In 2016, when ~500 and ~1,000
notes were demonetised, agriculture
trade was badly hit, as most of the
businesses in the mandis were in
hard cash.
However, a situation similar to
2016 is ruled out as some portion of
the transactions has moved
digitally and moreover, the
circulation of ~2,000 notes was
already low and going down in the last
few years.

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 8 WORLD
>
MUMBAI | SATURDAY, 20 MAY 2023

This year’s El Niño may be $3-trn setback for global economy by 2029
BLOOMBERG & AGENCIES
19 May
Damage from El Niño-related
extreme weather, in crop losses,
flooding, wildfires and civil unrest,
can cost tens of billions of dollars in
direct impacts over a period of
months or a year.
The paper, by Dartmouth Earth
system scientists Christopher
Callahan and Justin Mankin and
published in the journal Science
suggests that the real cost is much
higher — in the trillions.
Why it matters
A rapidly developing El Niño could
result in a worldwide economic loss
of upwards of $3 trillion through the
end of the decade — costing some
nations more than others.
The El Niño predicted for 2023
alone could result in more than $3
trillion of lost income by 2029.
How does climate variability
affect economic growth?
El Niño provided them with a kind
of natural experiment with which to
probe it, a discrete period of change
with a long tail that they could track
through subsequent years of data.
The new analysis uses a model
that combines economic growth and
climate variability from 1960 to 2019
and compares GDP growth around
the world before and after El Niño
events. The output suggests a “per-
sistent” impact on countries’ eco-
nomic growth. They found that a
powerful episode in 1997 and 1998 set
world GDP back $5.7 trillion and a
1982/1983 El Niño reduced growth by
$4.1 trillion. Consistent declines in
growth after events, particularly in
highly affected areas “suggests that
there is a causal relationship between
El Niño and depressions in economic
growth,” Callahan said.
What they found
Looking back, the 1982-83 and
1997-98 El Niño events caused the US
GDP to be roughly 3 per cent lower in
1988 and 2003 than it would have
been otherwise.
The researchers project that global
economic losses for the 21st century
will amount to $84 trillion as climate
change potentially amplifies the
frequency and strength of El Niño— IN PERSPECTIVE
even if current pledges by world
leaders to reduce carbon emissions By 2003, lower-income
come to fruition. tropical nations had
The researchers estimate that the experienced the
El Niño predicted for 2023 alone greatest residual losses
could hold the global economy back on gross domestic
by as much as $3 trillion by 2029. product (GDP) as a
The authors said their findings result of the 1997–98 El
carry several implications. One is new Niño. The color scale
recognition of just how sensitive indicates percentage
countries are to normal climate vari-
shift in GDP as a result
ability, even without considering
global warming.
of the 1997–98 El Niño,
Local extreme weather associated from the highest gain
with El Niño aggregates “into a (blue) to the highest
globally persistent macroeconomic loss (red)
effect, implying large and underesti- -10 -5 0 5 10
CREDIT: CHRIS CALLAHAN
mated costs,” they write. GDP per capita change (%)

IN BRIEF ‘STRUGGLE CONTINUES’, SAYS RUSHDIE IN

Xi announces grand FIRST PUBLIC APPEARANCE SINCE ATTACK
Fed chair signals
plan for Central Asia
“ TERRORISM
rate pause in June
Chinese President Xi Jinping on
Friday unveiled a grand plan
China ‘welcomes’ Taiwan
tourism in symbolic push
Says the American Central Bank can afford to watch data
for Central Asia’s development, for closer ties MUST NOT CRAIG TORRES
from building infrastructure to
boosting trade, taking on a
China said it will reopen its doors
to visits from Taiwan tour
TERRORISE US. 19 May

VIOLENCE
F
new leadership role in a region groups, a symbolic move as ederal Reserve Chair
that has traditionally been a Beijing aims to increase Jerome Powell gave a
Russian sphere of influence. exchanges with the island MUST NOT clear signal he is open to
China is ready to coordinate ahead of a key election next pausing interest-rate increases
development strategies with year. “We warmly welcome DETER US. next month and said that
Kazakhstan, Kyrgyzstan, Taiwan compatriots” to “see the tighter credit conditions could
Tajikistan, Turkmenistan, and beautiful scenery and recent THE STRUGGLE mean the policy peak will be
Uzbekistan, and promote the developments,” Ma Xiaoguang, lower. “We’ve come a long way
modernisation of all, Xi said in a spokesperson for the State
GOES ON “ in policy tightening and the
an address to a China-Central Council’s Taiwan Affairs Office, SALMAN stance of policy is restrictive
Asia Summit. said on Friday. AGENCIES and we face uncertainty about
RUSHDIE the lagged effects of our tight-
ening so far and about the
Morgan Stanley CEO to hand Salman Rushdie attended the 2023 Literary Gala in New York City at the American Museum of
extent of credit tightening from
recent banking stresses,”
reins to successor within year Natural History in Manhattan, his first in-person public appearance since being stabbed and
severely wounded in an attack last year. Rushdie has been honoured with the PEN Centenary
Powell told a Fed conference
Friday in Washington. “Having
US President Joe Biden with other G7 leaders in Hiroshima
on Friday PHOTO: KYODO VIA REUTERS
Morgan Stanley CEO James Gorman plans to step down over the next Courage Award. He said he was accepting the award on behalf of the “heroes” who tackled his come this far we can afford to
year, drawing to a close 13 years at the helm during which he built assailant. “If it had not been for these people, I most certainly would not be standing here today. look at the data and the evolv-
the Wall Street firm into a wealth management powerhouse.
Gorman told shareholders on Friday the bank’s board has identified
The courage, that day, was all theirs. I owe my life to them,” he said. PHOTO: TWITTER VIA @PENAMERICA ing outlook to make careful
assessments,” he added. Republican negotiators
three strong candidates to succeed him, without naming them, Officials raised rates by a
and that he will become executive chairman once a new CEO is quarter percentage point walk out of debt talks
chosen. Morgan Stanley co-presidents Ted Pick and Andy
Saperstein, and head of investment management Dan Simkowitz,
are widely seen as contenders for the top job. REUTERS
Arab leaders, joined by Assad, earlier this month to a target
range of 5 to 5.25 per cent and
signaled they could pause.
REUTERS & BLOOMBERG
Washington, 19 May

at key summit in Saudi Arabia

US consultancy Mintz’s execs
leave HK after raid in Beijing AGENCIES
Jeddah, 19 May
Some Hong Kong-based staff with US consultancy Mintz Group
have left the city after the firm’s Beijing office was raided by Saudi Arabia hosted an Arab League summit
Chinese police in March, according to two sources. Investigations on Friday in which Syrian President Bashar
by Chinese authorities into Mintz, as well as US management Assad was welcomed back after a 12-year sus-
consultancy Bain & Co and mainland consultancy Capvision pension and Ukrainian President Volodymyr
Partners, have sent a chill through companies that deal with China, Zelenskyy made a surprise visit to rally support.
with many unclear where red lines stand as Beijing prepares to Assad was given a warm welcome, winning
introduce stricter anti-espionage laws in July. REUTERS a hug from Saudi Arabia’s Crown Prince,
Mohammed bin Salman, at a meeting of leaders
who had shunned him for years, in a policy shift
Yellen to bank CEOs: More opposed by the US and other Western powers.
“We hope Syria’s return to the Arab League
mergers may be necessary leads to the end of its crisis,” Mohammed said
in his remarks, years after Arab states sus-
US Treasury Secretary Janet Yellen told bank CEOs pended Syria as the country descended into a
that more bank mergers may be necessary after a civil war that has killed over 350,000 people.
series of bank failures, CNN reported on Friday, Washington has objected to any steps
citing sources. Yellen on Thursday met in towards normalisation with Assad, saying there
Washington with JPMorgan Chase CEO Jamie must first be progress towards a political solu-
Dimon, Citigroup CEO Jane Fraser and other board tion to the conflict.
members of the Bank Policy Institute. REUTERS “The Americans are dismayed. We (Gulf
They next meet June 13-14.
“While the financial stabil-
ity tools helped to calm con-
ditions in the banking sector,
developments there on the
other hand are contributing to
tighter credit conditions and
are likely to weigh on eco-
nomic growth, hiring and infla-
tion,” Powell said. “As a result
our policy rate may not need
to rise as much as it would have
otherwise to achieve our goals.
Of course, the extent of that is
highly uncertain,” he said.
The US central bank has
Saudi Arabia’s Crown Prince Mohammed bin
Salman with Syrian President Bashar al-Assad
increased interest rates 5 per-
centage points in little more
at the Arab League Summit in Jeddah REUTERS than a year, undertaking its
most aggressive tightening
states) are people living in this region, we’re try- campaign in decades to quell
ing to solve our problems as much as we can high inflation. The conference,
with the tools available to us in our hands,” said held at the Fed’s headquarters
a Gulf source close to government circles. honors the memory of former
Zelenskyy asked for support to Ukraine’s for- Fed economist Thomas
mula for peace and thanked Riyadh for its role Laubach, who died in 2020 at
in mediating a prisoner release last year. the age of 55. BLOOMBERG
House Speaker Kevin McCarthy’s top debt-ceiling negotiators
abruptly left a closed-door meeting with White House (WH)
representatives soon after it began on Friday morning.
“Look, they’re just unreasonable,” said Representative
Garret Graves, House Speaker Kevin McCarthy’s designated
lead negotiator in talks. Graves said he did not know if the
negotiators would meet again Friday or over the weekend.
“Unless they are willing to have reasonable conversations
about how you can actually move
forward and do the right thing, we’re
“UNLESS THEY (WH)
not going to sit here and talk to
ARE WILLING TO
HAVE REASONABLE
ourselves,” he said. CONVERSATIONS
The White House said a deal ABOUT HOW YOU
remains possible. The two sides have CAN ACTUALLY
little time to agree on a deal to raise the MOVE FORWARD
federal government’s $31.4 trillion AND DO THE RIGHT
borrowing limit or risk a default. The THING, WE’RE
Treasury Department has warned NOT GOING TO SIT
that the government could be unable HERE AND TALK
to pay all its bills by June 1. White TO OURSELVES”
House negotiators Shalanda Young
and Steve Ricchetti said they were going to play it “by ear”.
Republicans have taken a hard line in negotiations, with the
House Freedom Caucus urging the Senate to vote on a
previously passed House bill that would raise the limit through
March in exchange for 10 years of sharp spending cuts.

Pakistan investors brace for thunderbolt as Imran Khan tests army

KARL LESTER M YAP & FASEEH MANGI
19 May
Pakistan investors are bracing for a
sudden jolt as former premier
Imran Khan’s showdown with the
powerful military, and the
government, reaches a tipping
point. Warnings of a massive drop
in the rupee are flaring up, with
some analysts forecasting another
20 per cent decline is possible.
Heightened tensions after Khan’s
arrest last week may push an IMF’s
$6.7 billion bailout further out of
reach, with bond managers
staring at the specter of a
sovereign default. Risks are
rapidly increasing for investors as
the upheaval is a potent reminder
of the nation’s history with coups.
“To be invested in Pakistan
means you should be prepared for
bigger risks,” said Edwin
Gutierrez, head of emerging-
market sovereign debt at abrdn, an
investor in the nation. “Black
swans are a bigger probability.”
Pakistan’s external debt service
is estimated at about $22 billion for
fiscal year 2024, which begins in
July, according to Columbia
Threadneedle Investments, about
five times the nation’s forex
reserves. Bond investors are
growing more nervous, with the
extra yield they demand to hold
Pakistan’s dollar bonds over US
Treasuries climbing above 35
percentage points to a record this
month. Pakistan’s dollar bonds are
trading at distressed levels, with
notes due in 2031 quoted at 34
cents on the dollar.
The rupee slid to a record-low
299 per dollar at close last week
and ended at 285.6 on Thursday.
The currency has lost about 20 per
cent this year, among the worst
performers in the world.
The rupee may slump to as low
as 350 per dollar in June if
Pakistan fails to secure the loan,
said Adil Ghaffar, chief executive
officer at Premier Financial
Services in Karachi. Standard
Chartered, meanwhile, is sticking
to its call for the rupee to decline to
300 by the middle of the year,
according to Farooq Pasha, an
economist in Karachi.
“Politics will remain the key
risk in the near-term until the
elections.” BLOOMBERG
Police end search ops at Imran’s Lahore residence
PTI chief Imran Khan at a Lahore court, on Friday
Punjab Police who visited Imran Khan’s Zaman Park
residence to conduct a search operation to arrest
“terrorists” reportedly hiding in there have returned
with only “water and biscuits”, Khan’s chief security
officer said. The Punjab police have returned from
Zaman Park “empty-handed”, he added. The move
comes hours after Punjab Police obtained warrants
to conduct a detailed search at Khan’s residence.
According to the Punjab Police statement, the
search encompassed a thorough examination of
both the entrance and exit points of the residence,
the Dawn reported. Meanwhile, an anti-terrorism
court in Lahore approved pre-arrest bail till June 2 to
PTI/AP Khan in three terrorism cases. PTI

THE BS CROSSWORD #3472 BS SUDOKU #3976

ACROSS:
1 On Scottish isle, one chewed
a big fish (9)
6 Is ’e included in this month? (5)
9 Ancient Chaldee features
identifying young derelicts
(7)
10 Hex's inclination: going
topless (7)
11 Hung around the doctor and 28With stern shuffling, rips into
copied him (6)
12 Didn't take the opportunity 29Not having expected Russ
when an inferior gave it to
you ? (6,2)
14 Girl seems mean - oddly
deficient (4)
15 Pays a visit, after some
persuasion ? (5,5)
18 Parisian church built on
racecourse ? (5,5)
20 Go down for an audition, in perhaps (6) established on the Hudson (7)
Easy
««
time to be in it (4) 4 In America, the heartless 22 What you have may be worth
23 Organ has to be crook due to teacher used to be behind something to him (6) Solution on Monday
current carrier (4,4) the iron curtain (4) 23 Tragic king takes in hard
24 One making application to 5 Come to a mean conclusion composer (5)
hide old coin (6) (7,3) 25 Serve drinks for Parisian (4)
26Epic crime perpetrated by 6 Cutting teeth (8) SOLUTION #3471
Head Office first (7) 7 Pop stars' ballet for prison
27 There’s no let-up for the rich (7) (7) SOLUTION TO # 3975
8 Add measure of drink during
landlords’ income (5) flight (3,2)
13 Don't remain wholly calm ?
Pride to come round (9) (2,2,6)
16 An extraordinary deed or act HOW TO PLAY
DOWN: may get you this (9) Fill in the grid so that every
1 Sure to get a reduction 17 Source of hug right for row, every column and
without limit (9) American? (4,4) every 3x3 box contains the
2 Bring back the edge round 19 A warning to the race from
the ruffled lace (7) our primitive ancestor (4-3) digits 1 to 9
3 Gotten up like a siren, 21 North-east York’s re-

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 >
OPINION 9
Volume XXVII Number 206

No, we don’t really

MUMBAI | SATURDAY, 20 MAY 2023 instrument of accession with India on August 11,
1947, and subsequently the Merger Agreement on
September 21, 1949, the power remained with the
WEEKEND RUMINATIONS Meiteis. They’ve had a majority, but a slim one.
At this point, they are about 53 per cent com-
T N NINAN

care about Manipur

pared to the tribals’ 45 per cent or so. Of course,

A sustainable growth rate the tribes are divided broadly among the Kuki
group (Kuki-Chin-Zomi-Mizo-Hmar) and Naga
groups (Tangkhul, Mao and some more).

I
n the past four decades and more, the structure of India’s economy has changed The power has traditionally remained with the
quite dramatically. Compared to 1980-81, using current prices, the share of “agri- predominantly Hindu Meiteis. Of all the chief min-
culture and allied activities” has dropped from 38 per cent of GDP to 21 per cent, For most of us, the Manipur crisis is out of sight, out of mind. isters of Manipur since the first in 1963, only two
while that of services has grown from 37 per cent to 53 per cent. That of industry
(including construction and utilities) has remained more or less unchanged at 26 per
The story in a state so small and so far out is a ‘Big Yawn’ for have been tribal.
Yangmaso Shaiza, with two terms between 1974
cent. So agriculture, the slowest-growing segment of the economy, has shrunk relative to many. I try to persuade you to wake up and 1977, served less than three years. Reishang
Keishing’s terms added up to seven years. None of
the others, while the services sector (the fastest-growing) has become the dominant one.
them was Kuki, however. Both were Tangkhul
What does this structural change mean for overall economic growth? Assuming

D
o we, as a nation, care about Manipur, our Meitei in the hill districts or tribals in the Imphal Nagas from Ukhrul district.
the sector-wise growth rates remain unchanged, the dominance acquired by the rapidly easternmost state? It is right now seeing a Valley outside the “refugee camps”. I am struggling The tribe had become particularly powerful
growing services sector means that economic growth as a whole should have accelerated. crisis that no Indian state has faced since to think of another instance of such a total, mutual because its most prominent member, T Muivah,
Given the shifts in weighting among the three sectors, what was 5.5 per cent average the breakdown of Hindu-Sikh relations in Punjab ethnic cleansing in any of our states in the past had risen to be the pre-eminent Naga insurgent
growth in the 1980s should translate into at least 6.3 per cent growth now. in the 1983-93 decade and the violent expulsion of many decades. leader by the late 1970s.
Now factor in other changes, like life expectancy. This was 54 years in 1980, and is the Pandits in the Kashmir Valley. No surprise then that the delegation of 10 Kuki Shaiza was married to Rano, the niece of Zhapu
currently estimated at 70 years. In other words, the average Indian no longer dies while The answer to the question is “yes” and “not MLAs (seven from the ruling BJP and three allied Angami Phizo, the founder of the Naga insurgency.
really” (says the latter with a big yawn). Let us try to it), in a joint memorandum to the Union Home Both played a critical role in the peace process lead-
still in their working age. That should have improved productivity, as should the rapid
and explain this. Minister, used both expressions: Ethnic cleansing ing up to the Shillong peace accord between New
spread of education, including post-school education, where enrolment levels have grown Imagine for a moment that a new insurgent and Partition. They are right. The supposedly dom- Delhi and the Naga underground. Muivah’s National
sharply — although educational quality is an issue. Compound these with the increased group rose in Manipur and launched war on the inant Meiteis will have their counter-arguments Socialist Council of Nagaland stayed out and its
rate of investment in fixed capital (up from 19.7 per cent of GDP in 1980-81 to 28.6 per cent Indian state and security forces, saying they were but not on the two descriptions. It is just that they “boys” assassinated Shaiza on January 30, 1984.
before the pandemic), and efficiency-boosters like the spread of digitisation. fighting for a sovereign state. They will immedi- will argue that they, not the Kukis, are victims. The After Reishang and later the decline of
Some of these would have contributed to the sectoral shift. Adjusting for that, one ately catch our attention. That will explain the fact is, both are. Equally and tragically. the Congress, the tribals have had very limited
could reasonably argue that the Indian economy’s potential for annual growth should “yes” in our answer. l As this article is being written on Friday (May political power.
have become at least 7 per cent — the threshold beyond which a country is assumed to This isn’t that hypothetical or 19) evening, Manipur has had an That is also playing out in the current distrust
have achieved rapid growth. Indeed, in the two decades prior to the pandemic, India far out. The state has had multiple internet shutdown for 15 days. and crisis. It would be tempting to see it through
insurgencies in our lifetime, wag- Today, when our lives are run on the prism of the BJP-Hindu-Christian (tribal) rela-
through many ups and downs averaged annual growth not far short of that magic number.
ing these wars in the Imphal Valley the internet, you know what this tions. But avoid that temptation. It isn’t the full
So it is striking (though perhaps not surprising) that the International Monetary and the hill districts. does to the common people. Prices reality. As the old “law” of good sense goes, never
Fund (IMF) thinks India’s potential for growth has suffered, partly on account of the At one point in the 1980s, so of essential commodities have search for a conspiracy theory for what can be fully
pandemic but also for other reasons. Indeed, Pierre-Olivier Gourinchas, the IMF chief intense was this challenge that it gone through the roof, long lines explained as incompetence.
economist, while commenting last month on global growth prospects, contended that consumed a full, oversized division form in front of the ATMs 4 am, Four decades ago, when I covered the Northeast,
India’s growth in the current year (estimated by the IMF at 5.9 per cent) was near the of the Army (the 23rd, moved from even 3 am onwards and cash is I never wrote one news story on Meghalaya, the
limit of its capacity, and there was no “output gap” between actual and potential Ranchi) to counter it. It was easy filled in late at night. The sun rises state in which I lived. Why? Because there was no
growth. Mr Gourinchas’s word is not gospel; indeed, the growth assessments of the to get Manipur in headlines those early in Manipur — this morning trouble there.
government and the Reserve Bank this year are higher. But domestic commentators days. I should know. I was then
covering the Northeast from my
NATIONAL INTEREST at 4.28 am — for example. Those
who can flee the state have fled.
I might have done the odd story in the category
of exotica: A wonderful man called Dollymoore
need to engage seriously with the issue of the rate of growth at which India will have
base in Shillong for The Indian SHEKHAR GUPTA Does the writ of Bharat Sarkar run? Wankhar who made ashtrays and wall-plates out
no “output gap”. Is it really as modest as 6 per cent, i.e. significantly lower than what Express for three years (1981-83) At this point, nobody’s does. of real butterflies (will be illegal now), on the tra-
was achieved over two decades? and front-page bylines out of Manipur were yours l In the state secretariat, it is nearly impossible dition of the tribal chiefs having their own police,
In addressing that question, one must account for the medium-term economic for the asking, as any active threat or challenge to to find a Kuki officer. The director general of police, the quaint game of ‘Teer” (archery) which was
impact of Covid, with more people falling back on low-productivity agriculture for a India’s sovereignty does. What happens, however, Paotinmang Doungel, a Kuki, is missing in action more about chance and betting than skill.
living, a lower ratio of worker population to total population, damage to small and if the threat is not seen to be a separatist one, but and you can’t blame him. A Khasi IAS officer then had asked me taunt-
medium enterprises and, flowing from all this, a shortage of consumption and (con- one that is purely inter-communal or inter-ethnic? l There is a BJP government with a full majority. ingly: “So how many of your Indians do we have to
sequently) investment demand. Consider also the much higher level of public debt That is precisely what is happening in Manipur Its chief minister, N Biren Singh (a Congress import kill, Shekhar, for you to get a front page headline?”
now. And you know what? We don’t care. It strug- like most key BJP leaders in the Northeast), was Is that why we aren’t bothered about Manipur now?
today, flowing from high fiscal deficits as the government has tried to compensate for
gles to make it to our front pages or the prime time. summoned to New Delhi earlier this week with his Because they aren’t killing any of “our” Indians?
lack of private spending. The global context of slower economic and trade growth is For most of us, it is out of sight, out of mind. four Cabinet colleagues, the BJP state chief, and Then, who were the 74 Indians killed in rioting over
also material. So is the impact of increasing environmental damage; and the more For prime time TV, I suppose, it’s a question of — the titular traditional ruler/maharaja of the state, the past three weeks?
capital-intensive nature of growth when heavy investments have to be made in trans- “but who would watch”? It might be better to talk Leishemba Sanajaoba. All of them, please note, are Manipur is tiny, with no more than 3.3-3.5 mil-
port infrastructure. Add the cost of government policy errors (like staying out of about some Kerala Story again, or a mosque or a Meitei. The Kukis, especially the BJP’s own Kukis, lion diverse people. Such is their talent that today
regional trade agreements), and risk elements like war and its fallout. temple in Varanasi or Mathura. The story in a state came by themselves, demanding a separate admin- we can’t imagine life without them: In civil servic-
All things considered, some lowering of sights on the country’s sustainable rate of so small and so far out is a “Big Yawn”. I am listing istration and freedom from their own state gov- es, armed forces, sports, hospitality, art and culture.
growth has to be accepted. It is of course creditable that India is the fastest-growing here a few facts to persuade you to wake up. ernment. I am sure you haven’t seen this in any Each one who’s fighting, dying, becoming a refugee
large economy, but that is only a relative yardstick. The absolute benchmark that l While we’ve been counting the votes in other Indian state before. I am also equally sure is one of “our” Indians. These are our own brothers,
Karnataka and distributing gyan on political impli- that most of us were not even aware all of this had sisters, children, compatriots. We can’t afford to
matters is whether the economy can qualify as one that is rapidly growing, and it
cations of the election results there, an almighty happened. That again answers the question: Do be so unmindful, ignorant, and insensitive to their
seems clear that India now falls short. Whether you put sustainable growth at 7-minus exchange of population has taken place in we really care? Yawn again. plight. Unless we’ve become so arrogant that we
per cent or 6-plus per cent, the government’s task is cut out: Raise the country’s capacity Manipur. The use of the present perfect tense is The ethnic divisions are not new. Traditionally, think we can afford to lose them.
for generating growth and employment. thoughtful and deliberate. It’s a done deal now. Manipur was ruled by a Meitei king. After the reign-
Over. At this point, it is nearly impossible to find a ing king, Maharaja Budhachandra, signed the By Special Arrangement with ThePrint

The mystery of 20% TCS

it generate a large interest-free float for the
exchequer? The answers all seem to be in
the negative.
First, there is nobody, literally nobody,
who goes abroad with a forex-enabled
credit card and is outside the income-tax
net. Given the floor of ~7 lakh, before the
actually induce people who earn abroad to
repatriate. Nor does it cut back on imports
— the TCS doesn’t apply to ordering Lego
kits off Amazon, for example.
Will the measures generate a large inter-
est-free float for the exchequer? Outward-
bound tourists spent around $7 billion last
One conspiracy theory is that these
measures will somehow block political
parties from round-tripping funds back into Lunar dreams,
powered by atom
India for the 2024 elections. Do political
parties send money out via normal routes,
and let it lie in overseas bank accounts until
such time as it is used to buy electoral
bonds, or converted into cash and repatri-
ated via the hawala route? But then, what
EYE CULTURE the moon’s surface and they’ll need
charging with something.”
is to prevent this money being used to buy KUMAR ABISHEK Nasa believes the first lunar inhab-
US Treasuries, instead of lying in banks? itants will need around 40 kilowatts of

TCS kicks in, this is guaranteed.
There is also literally no credit-card
transaction made anywhere not showing
up in banking and tax records. Any move-
VIEWPOINT ment of money from a rupee-denominated
DEVANGSHU DATTA bank account in India to an overseas
account, or vice versa, is also flagged auto-
matically. Hence, this measure cannot
fiscal year, and Indian students spent
another $5 billion or so.
Much of this will not be on the credit
card, or it will be below the ~7 lakh limit. A
fifth of this total expenditure is about
~20,500 crore — about five days of goods
and services tax (GST) collection. Given the
floor of ~7 lakh, the TCS is likely to be one
Another “behavioural conspiracy”
theory suggests this is an emotional elec-
toral experiment like demonetisation.
Demonetisation was an economic disaster
but there are political analysts who believe
it was a prime factor in winning the UP
Assembly elections that followed in 2017.
Voters were made to suffer; they believed
A
little over 50 years after Apollo
17 astronauts set foot on the
moon, multiple countries and
companies are joining an ever-intensi-
fying race to stake claims to the lunar
surface. At least three countries — the
US, China, and Russia — have
announced plans to put humans there
power. For exploration on the sunlit
side of the lunar surface, we can
depend on solar energy. It is notewor-
thy that 6 trillion kg of frozen water is
estimated on the moon but most of this
section lies in the darkest areas — the
poles, and to study the dark side, which
receives little to no sunlight, fission

T
he imposition of 20 per cent TCS
(tax collected at source) on credit
card usage abroad, along with a ban
on Indians keeping money for more than
six months in overseas bank accounts,
suggests somebody has examined pat-
terns of overseas expenditures and savings
in great detail.
The measures are, however, puzzling at
first glance, and near-incomprehensible at
second glance. Is this in order to curb over-
seas travel? Is it in order to bring tax evaders
within the net? Is it to discourage (or per-
haps to encourage) investing abroad? Will
identify tax evaders.
Will it prevent people travelling? A large
proportion of those going abroad do so to
study or to work. Of the rest, many are
dependent parents with children working
abroad. Their expenses are picked up by
their children. The tourists are a small set
and they can afford the extra expense.
Is it to encourage people to invest abroad
in high-risk assets? If you prevent those who
earn abroad keeping their money in bank
deposits (which is a low-risk investment)
you may induce them to look for higher-
risk/higher-return instruments. This doesn’t
day’s GST collection or less.
If you offset the extra expenses of track-
ing this, and remember, it has to be even-
tually refunded, the amount collected is
really not worth the trouble.
So is there a secret agenda? The most
cynical explanation I’ve come across is
that it will allow income-tax officers to lev-
erage the refunds of the TCS to make some
“chai pani” in expediting them. But that
is hard to believe: The government
proudly trumpets the fact that it believes
itself to be the least corrupt government
India has ever had.
suffering was their patriotic duty and
voted for the government that made them
suffer. Extending that argument, people
who pay the overseas TCS will suffer and
they will therefore consider it their
patriotic duty to vote for the government
that made them suffer.
There is a general principle that fiscal
policies should be transparent and have
obvious motives. If citizens at large are
stretching for unlikely explanations of the
nature given above, the government is fall-
ing down, either in setting the policy, or
in explaining it.
by the end of this decade. India is also
gearing up to launch its Chandrayaan
3 mission comprising three modules,
propulsion, lander and rover, in the
second week of July this year — a step-
ping stone in its quest of sending
humans there.
There are plans to eventually estab-
lish research stations there which may
serve as staging posts to future mis-
sions to Mars — all powered by nuclear
energy. Why? Because, according to
Thomas Zurbuchen, associate admin-
istrator for Nasa’s Science Mission
Directorate, “Future nuclear power and
propulsion systems will help revolu-
tionise our understanding of the solar
reactors can provide constant power.
But how are the US, China, and
Rolls-Royce planning to set up nuclear
reactors? While all these programmes
are in the nascent stage and specifica-
tions remain sketchy, the lab collabo-
rating with Nasa to put a fission reactor
on the moon has suggested it be ura-
nium-powered, weighing no more
than 6,000 kg. It must fit into a rocket
within specified dimensions and have
temperature controls to withstand
over 1000C fluctuations in day and
night temperatures.
The US is not new to sending
nuclear batteries into the space — its
crowning glory being the radioisotope

Ever evolving Sherlock Holmes
approximately 100 actors from more than
a dozen countries have played Holmes in
more than 200 films. No wonder that May
22, Conan Doyle’s birthday, is observed as
“Sherlock Holmes Day”.
One drawback of detective stories is that
they could easily become period pieces
when their style and underlying technol-
ogies become antiquated. Conan Doyle’s
Sherlock, a late 19th and early 20th century
ATANU BISWAS sleuth, for instance, was unfamiliar with
the internet, GPS, smartphones, or cyber-
crime. Again, Holmes cannot continue to
Sherlock Holmes 3 has not yet been con-
firmed. In reality, Mr Ritchie’s distinctive
“rough and tumble” filmmaking style
elevated Holmes into an action hero.
Additionally, the celebrity personas of
Robert Downey Jr and Jude Law added
fresh flavour to the characters of Holmes
and Dr Watson as well as their relationship.
Then, some intriguing TV series on dif-
ferent continents reinvented Holmes for
the 21st century. First, think about the
Steven Moffat and Mark Gatiss-written,
Benedict Cumberbatch-starred, and
deceived Holmes into falling in love with
her so that she could study him, excite-
ment and romance got entwined!
Well, what’s the next stage? A female
sleuth with the surname “Holmes”? While
Elona Holmes (2020) is about Holmes’s 14-
year-old sister, American writer Sherry
Thomas’ Lady Sherlock Series, a
Victorian-set mystery series, is about
Charlotte Holmes, who solves mysteries
as “Sherlock Holmes, consulting detec-
tive”. Beginning with A Study in Scarlet
Women (2016), the seventh book of the
series was published this year.
And Miss Sherlock, an HBO Asia
Japanese series from 2018, portrayed both
Holmes and Dr Watson as female. Here
system and beyond and play a crucial
role in enabling long-term human mis-
sions to the moon and Mars
(www.nasa.gov).”
Last year, Nasa and the US
Department of Energy selected three
concept proposals for a fission power
system design “that could be ready to
launch by the end of the decade for a
demonstration on the moon”. The fis-
sion surface power project focuses on a
10-kilowatt class lunar demonstration.
The US’ biggest rival in space explo-
ration, China, too, is banking on
nuclear energy to power its moon base.
According to Wu Weiren, chief designer
of the Chinese lunar exploration pro-
thermoelectric generator (RTG) units
on Voyager 1 & 2, which have reached
“interstellar space”, and New Horizons,
which conducted a flyby study of Pluto
and its moons in 2015.
Launched in 1965, the US’ SNAP-
10A was the world’s first nuclear
reactor in space. It was operational for
just 43 days and produced 500 watts
of power.
The same cannot be said for China.
The only publicly known nuclear
device it has sent into space is a small
radioactive battery on Yutu 2, the rover
that landed on the moon’s far side in
2019. The battery could generate only
a few watts of heat.

L
iterary critic Edmund Wilson pub-
lished a much-hyped piece in The
New Yorker in 1945, titled “Who
Cares Who Killed Roger Ackroyd?” Well,
although most people no longer recall
Wilson, it appears that Roger Ackroyd’s
murder continues to be a topic of interest,
as was mystified in a landmark Hercule
Poirot adventure penned by Agatha
Christie in 1926.
Yes, detective fiction can sometimes
be immensely popular. When Sir Arthur
Conan Doyle “killed” Sherlock Holmes in
an 1893 story because he felt he “had such
an overdose of” the detective, his admirers
were outraged and inconsolable. Over
20,000 readers left The Strand Magazine,
where the Sherlock Holmes stories were
published. And Conan Doyle had to
orchestrate “The Return of Sherlock
Holmes” 10 years later. Holmes, certainly,
“has enjoyed the most vigorous afterlife
of any fictional character”, as adaptation
scholar Thomas Leitch noted. Since 1900,
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be the same pipe-smoking, violin-playing,
cocaine-injecting Victorian detective in the
modern era. Today’s Holmes, for example,
would never rush to his elder brother
Mycroft for a piece of information; Google
would serve his purpose considerably
better! Therefore, it makes sense that
Holmes could need to change.
More than 50 years ago it started. The
Private Life of Sherlock Holmes, a 1970
Billy Wilder film, presented an affection-
ate, slightly parodic look at the Victorian
sleuth and distinguished between the
“real” Holmes and the persona portrayed
by Dr Watson for his stories for The
Strand Magazine.
But over the past 15 years or so, Holmes
has seen the majority of notable adapta-
tions. Despite being set in Victorian
London, Guy Ritchie’s two previous films,
Sherlock Holmes (2009) and Sherlock
Holmes: A Game of Shadows (2011), are two
fascinating attempts at presenting a new
Holmes, although a release date for
BAFTA and Emmy Award-winning BBC
series Sherlock (2010-17), which is set in
present-day London. Interestingly, The
Private Life of Sherlock Holmes was cited
by Messrs Moffat and Gatiss as an
influence on their television programme.
This “Sherlock”, of course, is constrained
by “the boundaries of television”, yet he
uses scientific analysis in an up-to-the-
minute laboratory, and he is equipped
with text messaging, the internet, and GPS
to solve crimes (alas, no ChatGPT!).
In the novel American adaptation
Elementary on CBS (2012-19), involving a
fresh modern twist detailed throughout
the show’s New York-based adaptation,
Holmes was a recovering drug addict and
former consultant to Scotland Yard. It took
on a new dimension when some of the
main characters, Dr Watson and Prof.
Moriarty, Holmes’s companion and neme-
sis, were gender-swapped to become Dr
Joan Watson and Jamie Moriarty, respec-
tively. Additionally, when Jamie Moriarty
“consulting detective” Sara “Sherlock”
Shelly Futaba is solving various mysteries
in modern-day Tokyo, and she is assisted
by her flatmate, Dr Wato Tachibana. Well,
I could have missed any notable adapta-
tion where Holmes is portrayed as a
female and Dr Watson as a male.
Thus, Holmes is always adapting to
new lifestyles, technologies, geographic
locations, societal practices, norms and
values, styles, and sexual orientations. We
cannot even imagine how the transforma-
tion will occur in the near future.
However, whether the adventures of
Sherlock or Charlotte take place in
London, New York, or Tokyo, the capti-
vating universe of Sherlock Holmes
remains intact. Without a doubt, the
entertainment industry would keep on
capitalising on the mystique contained in
the name “Sherlock Holmes”.
The writer is professor of statistics, Indian
Statistical Institute, Kolkata
gramme, the country’s research station
at the south pole — expected to be up
and running from 2028 — will be pow-
ered by nuclear energy. The reactor will
generate 1 megawatt of electric power.
In March this year, Rolls-Royce
secured £2.9 million, or $3.5 million,
from the UK Space Agency to develop
a nuclear reactor for a moon base.
Rolls-Royce engineers are working
on a micro modular reactor pro-
gramme. If all goes as planned, by 2029,
Rolls-Royce will have a reactor ready
to be launched. “It is a very small reac-
tor which we can absolutely launch
into space. It’s about the size of a car,”
said Abi Clayton, director, future pro-
grammes, Rolls-Royce Submarines, in
a video release. “It absolutely allows
people to live on the moon… you gotta
be able to create oxygen, water for
people to live on, heating, lighting and
then you probably got things like rovers
or machines that you want to use on
Keeping in mind how crucial nuclear
fission power is for the future of space
explorations, the U R Rao Satellite
Centre (Isro’s lead centre for design,
development, fabrication and testing of
all Indian made satellites), two years
ago, invited proposals for the three-
phase development of a 100-watt RTG.
Russia is planning a huge spacecraft
powered by a megawatt-sized nuclear
reactor, before 2030. This will allow the
spacecraft to operate for over a decade
in the Earth’s lower orbit, carrying
out additional missions to the moon
or beyond. The European Space
Agency has launched a similar project,
Democritos, with a 200-kilowatt
space reactor.
It’s ironic that while nuclear power
plant construction is shrinking world-
wide, the power of the atom will be
fuelling our dream to become an extra-
terrestrial species — first Lunar, then
Martian, and so on.
 10 MUMBAI | SATURDAY, 20 MAY 2023 1
.

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 .
MUMBAI | SATURDAY, 20 MAY 2023 11 <

Extract of Audited Consolidated Financial Results for the Quarter and Year ended 31 March 2023
(₹ in Million except per share data)
Quarter Year Quarter Year
Sr. ended ended ended ended
No 31.03.2023 31.03.2023 31.03.2022 31.03.2022
(Audited) (Audited) (Audited) (Audited)
1 Total Income from Operations 29,026.0 1,15,992.6 24,838.6 1,06,341.9
2 Net Profit for the period (before tax and exceptional items) 3,146.4 14,077.5 2,576.4 18,592.4
3 Net Profit for the period before tax (after exceptional items) 2,116.6 13,047.7 2,426.8 18,442.8
4 Net Profit for the period after tax (after exceptional items) attributable to the owners 709.8 9,841.7 1,075.8 16,456.2
of the Company
5 Total Comprehensive Income for the period attributable to the owners of the Company 605.9 10,994.8 1,333.8 16,801.7
6 Paid-up equity Share Capital (Face Value per Share: ₹ 2 ) 239.1 239.1 239.1 239.1
7 Other Equity 90,213.8 86,139.9
8 Earnings Per Share (not annualised for quarters)
a Basic (in ₹) : 5.94 82.31 9.00 137.63
b Diluted (in ₹) : 5.94 82.31 9.00 137.63
Notes:
1 Key numbers of Standalone Financial Results
a. Total Income from Operations 22,379.9 90,545.5 20,063.1 88,298.1
b. Profit Before Tax 3,296.9 13,269.9 1,858.3 17,533.7
c. Profit After Tax 2,547.9 11,344.7 768.8 15,412.5
2 The above audited consolidated financial results of the Company were reviewed and recommended by the Audit Committee on 18 May 2023 and
subsequently approved by the Board of Directors at its meeting held on 19 May 2023. The auditors have expressed an unmodified opinion on the
financial results for the year ended 31 March 2023. The figures for the quarter ended 31 March 2023 and 31 March 2022 are balancing figures
between audited figures in respect of full financial year and the unaudited published year-to-date figures up to 31 December 2022 and 31 December
2021 respectively, which were subjected to limited review.
3 The above is an extract of the detailed format of Quarterly/Year ended Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI
(Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly/Year ended Financial Results are available on the Stock
Exchange websites viz. www.bseindia.com and www.nseindia.com. The same is also available on the company website viz. www.alkemlabs.com
By Order of the Board
For Alkem Laboratories Limited

B. N. Singh
Place: Mumbai Executive Chairman
Date: 19 May 2023 DIN: 00760310

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 12 COMPANIES
>
MUMBAI | SATURDAY, 20 MAY 2023 1

Tesla serious about India

production base: MoS IT
AGENCIES
New Delhi, 19 May
T
esla is “serious” about its plans to
establish a manufacturing base in
India, Union minister Rajeev
Chandrasekhar told Reuters in an inter-
view on Friday, a day after meeting senior
executives of the electric vehicle maker.
The Elon Musk-led US automaker held
talks with Indian officials this week on var-
ious topics including incentives for car and
battery manufacturing, Reuters reported
on Thursday, as Tesla looks anew at enter-
ing the Indian market.
“They are very seriously looking at
India as a production and innovation
base,” Chandrasekhar said in the first pub-
lic comment by a government official on
the talks.
“We have signalled to them that the
government of India is working together
(and) will certainly make whatever
ambitions they have or investment objec-
tive they have in India a success,” said
Chandrasekhar, who is one of the highest-
ranking officials in Prime Minister
Narendra Modi’s administration.
Tesla proposed setting up a factory in
India to build electric vehicles (EVs) and
is also looking at manufacturing EV bat-
teries, Reuters reported.
WE HAVE SIGNALLED TO
THEM THAT THE GOVERNMENT IS
WORKING TOGETHER (AND) WILL
CERTAINLY MAKE WHATEVER
AMBITIONS THEY HAVE OR
INVESTMENT OBJECTIVE THEY
HAVE HERE A SUCCESS
RAJEEV CHANDRASEKHAR
MoS for Electronics and Information
Technology
Asked if talks with Tesla included more
than just making vehicles, Chandrasekhar
said “you don’t talk about cars alone”
when such discussions take place.
“You talk about cars, you talk about
energy, you talk about manufacturing
technology. So all of that figures in the con-
versation. What they will want to do in
India, it’s too far for me (to tell) and it's not
for me to say,” he added.
Tesla did not immediately respond to
request for comment.
The discussions represent a shift in
stance for Tesla, which said late last year
it was focused on seeking lower import
taxes on cars, which can be as much as
100 per cent. Talks became deadlocked as
the government is keen for Tesla to make
cars locally, while the carmaker said it
wanted to export to India first so that it
could test demand.
Meanwhile, Chandrasekhar said Apple
and Samsung were among companies
interested in increasing electronics pro-
duction in India. “We’ve had considerable
success and tailwinds in the smartphone
segment and we have increased interest
from the likes of Apple and Samsung in
expanding and growing here,”
Chandrasekhar said.

Jalan Kalrock moves NCLAT to

stop SBI from invoking guarantee
BHAVINI MISHRA & DEEPAK PATEL
New Delhi, 19 May
The Jalan Kalrock Consortium
(JKC), which won the bid to
revive the grounded Jet
Airways, moved an application
in the National Company Law
Appellate Tribunal (NCLAT) to
stop the State Bank of India
(SBI) from invoking its bank
guarantee of ~150 crore. The
appellate tribunal will hear the
matter on May 22.
The consortium on Friday
urged the tribunal to grant an
interim injunction stopping
SBI from invoking its bank
guarantee. Meanwhile, SBI
told the tribunal that the con-
sortium had to pay certain Tribunal (NCLT) had in (CoC) approve the resolution
dues to it by May 15, but it has December ordered the lenders plan and a second tranche of
not done so yet. Jet Airways’ to hand over Jet Airways to ~102.5 crore on “effective date”
air operator permit (AOP) — JKC. It had also told JKC to sub- when all conditions precedent
which was revali- mit ~185 crore — were fulfilled.
dated by the The National decided under the A refundable earnest
Directorate Company Law resolution plan — deposit of ~15 crore was made
General of Civil Tribunal had in with the lenders by to the lenders in July 2020,
Aviation (DGCA) December May 14, so that the when JKC submitted its res-
on May 20 last year ordered the process of owner- olution plan to lenders. The
— expired on lenders to ship transfer could first performance bank guar-
Friday, indicating hand over Jet begin. The lenders antee tranche of ~47.5 crore
that the airline is Airways to JKC have not received was deposited in October
unlikely to start this amount yet. As 2020, when the CoC approved
flights anytime per the resolution the resolution plan. The
soon. By May last year, JKC plan, JKC was required to remaining ~87.5 crore was
had deposited a total of ~150 deposit with lenders a PBG of deposited in the second PBG
crore with lenders as perform- ~150 crore in two tranches: The tranche on May 20 last year —
ance bank guarantee (PBG). first tranche of ~47.5 crore when called the “effective date” —
The National Company Law the Committee of Creditors when all CPs were fulfilled.

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 .
MUMBAI | SATURDAY, 20 MAY 2023 13 <

KKALPANA INDUSTRIES (INDIA) LIMITED CIN: L19202WB1985PLC039431

Regd Office: New BK Market, 16A, Shakespeare Sarani, 4th Floor, Room No.3, Kolkata-700071
Telephone: +91-033-4064 7843
E-Mail: kolkata@kkalpana.co.in, Website: www.kkalpanagroup.com

EXTRACT OF AUDITED FINANCIAL RESULTS FOR THE 04TH QUARTER AND

YEAR ENDED 31ST MARCH, 2023 Rs. In Lacs (except per share data)
STANDALONE CONSOLIDATED
Sl Quarter ended Year ended Quarter ended Year ended

No. PARTICULARS
31.03.2023 31.03.2022 31.03.2023 31.03.2022 31.03.2023 31.03.2022 31.03.2023 31.03.2022
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited)

1 Total Income from Operations 1663.36 493.80 27220.64 4016.15 1663.36 493.80 27220.64 4016.15

2 Net Profit/(Loss) for the period (before Tax, Exceptional and /or Extraordinary items) 48.37 24.88 240.57 287.61 44.95 17.52 218.94 261.25

3 Net Profit/(Loss) for the period before Tax, (after Exceptional and /or Extraordinary items) 48.37 24.88 240.57 287.61 44.95 17.52 218.94 261.25

4 Net Profit/(Loss) for the period after Tax, (after Exceptional and /or Extraordinary items) 47.60 333.72 190.06 529.94 44.18 326.34 168.43 503.58

5 Total comprehensive income for the period (Comprising profit/(loss) for the period
(after tax) and other comprehensive income (after tax)) 63.08 333.23 205.54 529.44 61.64 326.01 186.41 503.25

6 Net Profit after Tax and Share of Profit of Subsidiary/ Associate 42.25 326.36 151.09 501.51

7 Equity Share Capital 1881.46 1881.46 1881.46 1881.46 1881.46 1881.46 1881.46 1881.46

8 Reserves (excluding Revaluation Reserve) as shown in Audited Balance Sheet of the

previous year 1688.01 1482.47 1645.04 1475.96

9 Earnings per share (of Rs. 2/- each) (for continuing and discontinuing operations)

Basic: 0.05 0.35 0.20 0.56 0.04 0.35 0.16 0.53

Diluted: 0.05 0.35 0.20 0.56 0.04 0.35 0.16 0.53

Notes :
1) The above is an extract of the detailed format of Audited Financial Results (Standalone & Consolidated) for the 04th quarter and year ended 31st March, 2023 filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015. The full format of the Audited Financial Results (Standalone & Consolidated) for the 04th quarter
and year ended 31st March, 2023 are available on the website of BSE Ltd. (www.bseindia.com) & Calcutta Stock Exchange Limited (www.cse-india.com) and that of the Company (www.kkalpanagroup.com)
2) The Audited financial results for the 04th quarter and year ended on 31st March, 2023 have been reviewed by the Audit Committee and have also been approved by the Board of Directors at their
respective meetings held on 19th May, 2023.
3) The Consolidated Results include Results of :- (a) the company's wholly owned subsidiary company viz. "DDev Plastic Ltd." (up to 27.09.2022) (b) the company's wholly owned foreign subsidiary
company viz. "Kkalpana Plastic Reprocess Industries Middleeast FZE" and (c) the Associate Company "Kkalpana Plastick Limited" in which the company holds 36.23% of its paid up Equity Share
capital.
4) The Audit Committee has reviewed the Statutory Auditor's Report and the Board of Directors have approved it, in their respective meetings held on 19th May, 2023. The Statutory Auditor's Report
contains an unmodified opinion.
5) The company is engaged primarily in the business of re-processed plastic compounds which constitute single reporting segment. Accordingly, the company is a single segment company in
accordance with "Indian Accounting Standards 108 Operating Segment".
6) The figures for the corresponding previous period have been re-grouped / re- classified wherever necessary, to conform to the current period figures and to give impact of accounting adjustment
arising pursuant to the scheme of Demerger which has been approved by the Honorable National Company Law Tribunal ("NCLT"), vide its order dated 4th March, 2022 with appointed Appointed
Date 01st April 2021 and effective from 01st April 2022 on filing with the Registrar of Companies.

FOR KKALPANA INDUSTRIES (INDIA) LTD

SD/-
Place : Kolkata NARRINDRA SURANNA (DIN: 00060127)
Date : 19th May, 2023 MANAGING DIRECTOR

Continuous Excellence Through Performance

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 14
>
MUMBAI | SATURDAY, 20 MAY 2023 1

FORM G
INVITATION FOR EXPRESSION OF INTEREST FOR TERRYGOLD (INDIA) LTD.
OPERATING IN TERRY TOWEL MANUFACTURING INDUSTRY AT HYDERABAD
(Under Regulation 36A (1) of the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons) Regulations, 2016)
RELEVANT PARTICULARS
1. Name of the corporate debtor along Terrygold (India) Ltd.
with PAN / CIN / LLP No. CIN : U18100TG1991PLC013446 PAN : AABCT1947R
4th Floor, 6-2-966/5/1, Hill Colony, Khairatabad,
2. Address of the Registered Office
Hyderabad-500 004
3. URL of website NA
4. Details of place where majority of Peddakaparthy Village, Chityal Mandal, Nalgonda
fixed assets are located District, Telangana.
5. Installed capacity of main Products Licensed Capacity : 1125 MT of Terry Towels /annum
/ Services Installed Capacity : 1100 MT of Terry Towels / annum
6. Quantity & Value of main products / NIL
Services sold in Last Financial year The Company was admitted into into BIFR and since
2004 it ceased to have any business operations.
7. Number of Employees / Workmen NIL
8. Further details including last The required details are available at the Registered Office
available financial statements of the Resolution Professional at Old No. 22, New
(with schedules) of two years, No. 28, Menod Street, Purasawalkam, Chennai 600 007.
lists of creditors, relevant dates for Alternatively, the details can also be
subsequent events of the process obtained by requesting through an email at
are available at : terrygold.cirp@gmail.com
The eligibility criteria and Detailed Invitation for
Expression of Interest are available at the Registered
Eligibility for resolution applicants
Office of the Resolution Professional at Old no. 22, New
9. under section 25(2)(h) of the Code
No. 28, Menod Street, Purasawalkam, Chennai 600 007.
is available at:
Alternatively, the details can also be obtained by
requesting through an email at terrygold.cirp@gmail.com
10. Last date for receipt of expression th
5 June, 2023
of interest
11. Date of issue of provisional list of th
7 June, 2023
prospective resolution applicants
12. Last date for submission of th
12 June, 2023
objections to provisional list
13. Process email id to submit EOI terrygold.cirp@gmail.com
Sd/-
Ramakrishnan Sadasivan
Resolution Professional
IBBI/IPA-001/IP-P00108/2017-18/10215
Reg. address : Old No. 22, New No. 28, Menod Street, Purasawalkam, Chennai-600 007
Mobile No. : 94444 55982
For Terrygold (India) Ltd.
20th May, 2023, Chennai



 
 
 
  
   

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THE INDIAN HUME PIPE COMPANY LIMITED
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@-A - & B +9 7  E-mail: info@indianhumepipe.com, Website: www.indianhumepipe.com
;$ C 6 D E >  
E ' B 3543  NOTICE OF THE EXTRA-ORDINARY GENERAL
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 - MEETING AND REMOTE E-VOTING INFORMATION
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  through electronic mode to the Members whose email addresses are registered
    #  $  with the Company/ Depositories in accordance with aforesaid MCA Circulars
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  dispensed with vide the relevant MCA Circulars and SEBI Circulars. Notice
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#"7#9,.7# 7#,;#,#># convening EGM is also available and can be downloaded from the Company’s

Website at www.indianhumepipe.com and the websites of National Securities
     Depository Limited (“NSDL”) https://www.evoting.nsdl.com, BSE Ltd at
   ! 
 
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$%&' ! $ (&!    www.bseindia.com and National Stock Exchange of India Limited at
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In compliance with Section 108 of the Companies Act, 2013 read with rule 20 of
the Companies (Management and Administration) Rules, 2014, as amended
from time to time and Regulation 44 of the Securities and Exchange Board of
India (Listing Obligations and Disclosures Requirements) Regulations, 2015,
the members are provided with the facility to cast their votes on the resolution
set forth in the EGM Notice using the electronic voting system (“Remote e-
voting”) provided by NSDL. The voting rights of the Members shall be in
proportion to the equity shares held by them in the paid-up equity shares capital
of the Company as on Friday, May 12, 2023 (“Cut-off date”).
Mr. J. H. Ranade Membership No.F 4317 & Certificate of Practice No.2520 or
failing him Mr. Sohan J. Ranade Membership No. A 33416 & Certificate of
Practice No.12520 or failing him Ms. Tejaswi P. Jogal, Membership No. A 29608
& Certificate of Practice No.14839 (any one of them), Partners of JHR &
Associates, Company Secretaries have been appointed as the scrutinizer to
scrutinize the e-voting process (remote e-voting before the EGM and during the
EGM) in a fair and transparent manner.
The remote e-voting period will commence on Thursday, 8th June, 2023
(9:00 a.m. IST) and ends on Sunday, 11th June, 2023 (5:00 p.m. IST). During
this period, members may cast their vote electronically. The remote e-voting
module shall be disabled by NSDL thereafter. Those members, who shall be
present in the EGM through VC/OVAM facility and had not cast their votes on
the resolution through remote e-voting and are otherwise not barred from doing
so, shall be eligible to vote through remote e-voting system during the EGM.
The members who have cast their votes by remote e-voting prior to the EGM
may also attend / participate in the EGM through VC/OVAM, but shall not be
entitled to cast their votes again.
Any person, who acquires shares of the Company and becomes a member of
the Company after the notice has been sent electronically by the Company and
holds shares as of the cut-off date may obtain the login ID and password by
sending a request to evoting@nsdl.co.in. However, if he/she is already
registered with NSDL for remote e-voting then he/she can use his/her existing
user ID and password for casting the votes.
If you are holding shares in physical form or if you have not registered your email
address with the Company/Depository, you can cast their vote through remote
e-voting or through the e-voting system during the meeting, you may please
follow below instruction for obtaining login details for e-voting:
Physical Please send a request to the Registrar and Transfer Agent of the
Holding Company- Link intime India Private Limited providing Folio-No.
name of shareholders, scanned copy of the share certificate (front &
back), PAN (Self-attested scanned copy of PAN Card). Aadhar (Self
attested scanned copy of Aadhar card) for registering email
address.
Demat Please contact your Depository Participant (“DP”) and register your
Holding email address in your demat account as per the process advised by
your DP.
For details relating to remote e-voting, please refer to the EGM Notice. If you
have any queries relating to remote e-voting, please refer to the frequently
asked questions (FAQ) and e-voting user manual for shareholders available at
the download section of www.evoting.nsdl.com and contact at toll free no.1800-
222-990 or send a request to evoting@nsdl.co.in.
In case of any grievances connected with facility for voting by electronics
means, please contact Ms. Soni Singh, Assistant Manager, NSDL, 4th Floor, ‘A’
Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower
Parel, Mumbai 400 013 Email:evoting@nsdl.co.in/ sonis@nsdl.co.in, Tel: 91 22
2499 4552/ 1800-222-990.
For any shares related queries/correspondence, the Shareholders are
requested to contact Registrar and Transfer Agent of the Company- Link Intime
India Pvt. Ltd., at C -101, 247 Park, L. B. S. Marg, Vikhroli (West), Mumbai –
400083, Telephone No: 022-49186270 email id rnt.helpdesk@linkintime.co.in.

Date: 19.05.2023 By Order of the Board

Place: Mumbai For The Indian Hume Pipe Company Limited

Sd/-
S M Mandke
Vice President - Company Secretary
FCS 2723
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 .
MUMBAI | SATURDAY, 20 MAY 2023 TAKE TWO 15 <

‘Be careful about excessive

Wheat stocks in
55.53 MT (excluding 22.69 MT of
unmilled paddy). During the same peri-
od last year (May 1, 2022), food grain
stocks were around 63.61 MT, excluding
26.61 MT of unmilled paddy.
In other words, food grain stocks in
the comfort zone
the central pool as on May 1, 2023, were
around 8 MT less than the same period
last year. But, with more than 29 MT of
wheat already in the central kitty as on
May 1, 2023, and procurement still on,
Despite procurement target for the year being missed, the stock is the government might not face the
crunch as it faced last year.
likely to be much better than last year Last year, the annual stock require-
ments for wheat came down after the
STOCK POSITIONS government changed the ratio under the
public distribution system (PDS) last
Wheat procurement (in million tonnes) year. This was done to manage the wheat
n Estimated* n Actual for this year** stocks, which were rapidly falling. Under
the new ratio, more rice is being distrib-
n Figures for same period last year*** n Total for last year#
uted through the PDS than wheat. With
13.20 that, sources said the annual require-
12.07 ment of wheat is around 18 MT, whereas
Punjab
9.57 the rice requirement for the PDS is
9.64 almost 40 MT.
The Central government in early
7.50 May 2022 had replaced around 5.5 MT
6.30 TOTAL of wheat with rice under the Pradhan
Haryana
4.07 Mantri Garib Kalyan Yojana (PMGKAY).
4.18 34.15 Thereafter, it replaced another 6.1 MT
of wheat with rice under the National
8.00 Food Security Act. In doing so, the gov-
Madhya 7.03 ernment freed up around 11 MT of wheat
Pradesh 26.00 to manage its stocks, which had dwin-
4.17
4.60 dled sharply due to low procurement
and production.
3.50 18.06 Under the National Food Security Act
Uttar 0.19 (NFSA), food grains are provided at sub-
Pradesh sidised rates by the Centre via ration
0.23 18.79 shops, also called PDS, to over 800 mil-
0.33 lion beneficiaries.
* For the full season of FY24; ** April 1-May 16, 2023; *** April 1-May 16, 2022; Under the PMGKAY — launched in
#Full season last year.
Note: Total figures include other states as well. Also, peak wheat procurement March 2020 to reduce the hardships of
lasts for just a few months, mostly from April to June people during the Covid-19 pandemic —
Source: Food Corporation of India (FCI) about 5 kg of free grain was distributed
to the NFSA beneficiaries over and above
SANJEEB MUKHERJEE July 1 usually sees peak stock levels mated at 31.5 MT, more than double the the NFSA entitlements.
New Delhi, 19 May of wheat, coming as it does right after requirement of 13.5 MT (excluding However, if the old ratio between
the main procurement months of April, around 23.15 MT of unmilled paddy lying wheat and rice is restored, it would mean
use of booster Covid doses’
The World Health Organization early this month declared that Covid-19 no longer represents a
global health emergency. K SRINATH REDDY, founder (past) president and distinguished professor
at Public Health Foundation of India (PHFI), spoke to Sohini Das about areas where the world must
continue investing for understanding Covid-19. Edited excerpts.
K SRINATH REDDY
Founder (past) president &
distinguished professor, Public
Health Foundation of India
Was this the right time for the
WHO to announce the end of
the pandemic?
It could have been done a little
earlier. However, some parts of
the world had a fairly high num-
ber of daily cases, and even dea-
ths. There was a surge in cases
after the sudden opening up of
China, and there were predicti-
ons through incorrect models as
it appears of a large number of
deaths in China. The World Hea-
lth Organization may have thus
decided to be a bit more cautious
and wait for some more time be-
fore declaring the end of Covid-
19 as a global health emergency.
What kind of investments need
to continue for Covid-19 in
India and globally?
We need to build very robust pri-
mary health systems—both in
urban and rural primary health-
care. Then we need to build ade-
quate primary healthcare work-
be something called T-Cell ex-
haustion. T-Cells are memory
cells of our immune system. The
body’s immune system may not
have the capacity to react to a
new variant, because it is getting
used to generating an immune
response against the vaccine in-
duced antigen only. Also, it can
lower our capabilities to fight
against other pathogens. If most
of the body’s energy is spent in
fighting Covid-19 antigen, then
the body’s immune system may
not have the capacity to fight
other pathogens. We have to do
We may get a new variant due a risk-benefit analysis.
to antigenic shift where in the
body of an immuno-comprom- What are the key lessons learnt
ised person or in the body of an in the last three years?
animal the genetic material of We must protect our ecological
this virus combines with the barriers so that the virus does
genetic material of some other not spill over very easily from
virus and creates a very virulent wildlife to veterinary popula-
form of the virus. We need surv- tions and then spread through
eillance to detect it first. No mass human habitat. We need to
testing is required anymore. maintain this ecological sancti-
All cases of serious respira- ty. If we flout this, then we stand
tory illness admitted in hospitals exposed to many future pan-
need to be tested, and if found demics of the zoonotic nature.
positive, the samples need to be We also need early alert syst-
sent for genomic sequencing. ems globally, so that people can
We need to find out if the emerg- start taking preventive measur-
ing variants are capable of caus- es. Strong surveillance systems
ing serious disease. Wastewater are needed as well, along with
surveillance is also very useful accurate data collection. The al-
to detect new variants. It should erts and data must cross interna-

I
ndia’s wheat procurement in the
2023-24 marketing season, which
started in April, will in all likelihood
be lower than the estimated 34.1 million
tonnes (MT) and could end below 28 MT
owing to heightened private purchases
in some major growing areas of Madhya
Pradesh, Uttar Pradesh, and Haryana to
some extent, together with a drop in pro-
duction due to relentless rains in March
and early April this year.
However, despite being lower than
estimated, the procurement will still be
significantly higher than the multi-year
low of almost 19 MT of wheat last year.
In other words, the Centre will have a
far better cushion in terms of wheat
stocks this year than it did last year.
Plus, with rice procurement being high-
er than estimated, overall food grain
stocks will be far more comfortable in
FY24 than in FY23.
May and June. Last year, wheat stocks
in the central pool as on July 1, 2022,
were around 28.51 MT, around a million
tonnes more than the requirement for
buffer and strategic reserves on the same
date in 2021 (27.58 MT).
The last time, wheat stocks in the cen-
tral pool were lower than this on July 1
was almost 14 years ago in 2008 when
stocks were pegged at 24.91 MT.
The July 1, 2022, stock level was also
the nearest the stocks have reached to
the buffer and strategic reserves on July
1, since the stocking norms were altered
on January 1, 2015, data shows. Before
2015, less wheat and rice were required
to be retained as a buffer but with the
Food Security Act coming into play, these
norms were revised in 2015. A small
change was also made in 2017.
In sharp contrast, rice stocks in the
central pool as on July 1, 2022, were esti-
with millers).
In total (both wheat and rice), the data
showed that as on July 1, 2022, India had
around 83.36 MT of food grain in stock,
the lowest in the last three years (this
doesn’t include coarse cereals, which is
nominal, but includes unmilled paddy).
The Centre’s wheat procurement in
FY23 dropped by almost 59 per cent to
18.78 MT compared to the same period
in FY22 as farmers opted to sell to private
traders outside the official procurement
system due to high prices, while overall
production also suffered.
Wheat production in the 2021-22 crop
season ending in June was initially
pegged at 106.41 MT, according to the
third advance estimate. This was later
revised upward to over 107 MT.
But the situation is better this year.
As on May 1, 2023, India food grain
stocks in the central pool were around
24-25 MT of wheat will be required for
the PDS. That would mean that the
Centre might not have much wheat in
its stocks to make effective interventions
in the market if prices flare up.
Also, with private traders buying
wheat in greater quantities this year,
farmers’ reliance on the Centre’s open
market sales will be much lower this year,
which will put prices under pressure.
But with the Covid-era free food grain
schemes rolled back, the stock position
may be more comfortable, even as
exports have been banned.
Net-net in all its permutations and
combinations, the Centre’s wheat stock
position in the central pool is much bet-
ter in FY24 over the same period last
year. But whether the old ratio between
rice and wheat in the PDS can be
restored immediately is the metric to
watch going forward.
ers, critical care personnel, lab
technicians, frontline workers,
and ensure an equitable distri-
bution. We not only have a short-
age of healthcare workers, they
will also fall sick during a pan-
demic. So, we need to create a
slack capacity of healthcare
workers or additional reserves.
Do you think investments in re-
search for Covid-19 therapy or
vaccines will come down now?
There is no sense of urgency for
Covid-19 as such, as Omicron
has settled down as the domin-
ant variant of the virus. It does
not invade the lungs as often.
Even though it is more infecti-
ous, in terms of illness, it is much
milder than the earlier forms.
This situation may not persist.
be a part of urban Covid-19 sur- tional borders before viruses do.
veillance. Moreover, we need to We need empathetic, effici-
test wastewater from interna- ent and equitable health syst-
tional flights as we cannot test ems that function predictably
every international passenger. during the normal state. Other-
wise we cannot have a swift, eff-
Do we need annual Covid-19 ective surge response when we
vaccines for adults? need it. We also have to ensure
We need more evidence for this. that we have capacities to make
Children are not at high risk. El- drugs and vaccines in case of a
derly and immuno-compromi- need. Every country would not
sed (persons) are at risk. While be able to do that; therefore, we
it’s advisable to boost their im- need to build global solidarity.
munity by giving vaccine boost- The Pandemic Treaty, which
ers, whether annual or not needs is now being negotiated by the
to be seen, but the rest of the po- WHO, along with the revision of
pulation does not need it. More- the International Health regu-
over, we need to be cautious lations to make them stronger.
about excessive use of booster Both these are expected to be
dose — because if these are rep- completed by 2024 and would
eatedly challenging the body’s give us a road map to deal with
immune system then there will future pandemics.

— TENDER CARE — — Advertorial

NABHA POWER BAGS NMDC INVITES ADDITIONAL
PRESTIGIOUS BRITISH SAFETY SECRETARY, CVC, FOR A SESSION ON
COUNCIL AWARDS FOR SAFETY PREVENTIVE VIGILANCE

Nabha Power Limited (NPL), which NMDC organised a session on

operates 2x700MW supercritical
Rajpura Thermal Power Plant, has
achieved a major milestone by
bagging the prestigious Distinction
Award from the British Safety Coun-
cil. (The entire power generated from
this plant is contracted with Punjab State Power Corporation
Limited (PSPCL) for a period of 25 years under a Power Purchase
Agreement (PPA).The award was received by Mr. R.S. Lall, Plant
head of Nabha Power, during the British Safety Council Internation-
al SafetyAwards Ceremony held on May 10, 2023, in Mumbai. The
company was also recognized as the winner for the Power Sector,
alongside NTPC, for their outstanding commitment to health, safe-
ty, and environmental management. NPL’s achievement is a testa-
ment to the company’s unwavering dedication to promoting and main-
taining a culture of safety in the workplace. The company has im-
plemented a range of measures to ensure the well-being of their
employees, including providing regular training and awareness
programs on safety, health, and environmental management.
The CEO of Nabha Power, Mr Suresh Kumar Narang, said, “We are
extremely proud to receive these prestigious awards from the British
Safety Council. This recognition is a testament to our commitment
to maintaining the highest standards of health, safety, and environ-
mental management. We believe that creating a safe and healthy
work environment is essential for the well-being of our employees
and for the continued success of our business.”
HINDUSTAN COPPER WINS
35th CFBP JAMNALAL BAJAJ UCHIT
VYAVAHAR PURASKAR
Hindustan Copper Limited (HCL) has
won the prestigious 35th CFBP
Jamnalal Bajaj Uchit Vyavahar
Puraskar - 2022-23 in the Category of
Manufacturing Enterprises – Large in
recognition of the Company’s highest
ethical standards and fair business practices. The trophy was re-
ceived by Shri Arun Kumar Shukla, Chairman and Managing
Director, HCL, at an Award ceremony in Mumbai on 16.05.2023,
held under the aegis of the Council for Fair Business Practices
(CFBP), a Non-Profit organization that seeks to create an environ-
ment where business confidence is built through best business prac-
tices and trust. The company recorded the highest ever Turnover
of Rs. 1812 Crore in FY 2021-22 .Turnover of the company till Q3
was Rs.1118 Cr and PBT was Rs.222 Cr. Profit Before Tax of Rs.
382 Crore in FY21-22, which is 338% more than that of FY2020-21.
The Dividend paid in FY 2021-22 was Rs. 112.17 Crores which
was also highest ever. The company has started ore production
from underground mines below the existing open pit mine at flag-
ship Unit at MCP, Malanjkhand, M.P. MCP mine was adjudged for
5-star RatingAward for Mining excellence in FY2021-22. The debt
burden of the Company has been reduced from Rs 1650 Crore in
FY 2020 to less than Rs 200 Crore. HCL is the first non-banking
PSU to raise Rs 500 Crore from the Equity market through Qualified
Institutional Placement (QIP) to meet the Company’s Capex
requirements.  Ministry of Finance, Govt. of India, to raise Rs 742
Cr from open domestic market by selling around 6.39 Shares of Govt
through OFS route subsequent to the QIP. The exploration budg-
et has been enhanced significantly to enhance the reserve and
resources of copper ore within its mining leases.
Preventive Vigilance at its head-
quarters in Hyderabad. The
KeynoteAddress was delivered by
Dr. Praveen Kumari Singh, Addi-
tional Secretary, Central Vigilance
Commission. Shri Dilip Kumar Mohanty, Director (Production)
and Shri B. Vishwanath, CVO were present at the event, along
with senior executives and employees of NMDC. Highlighting the
importance of preventive vigilance, Dr. Praveen Kumari Singh
said, “Responsibility and transparency are important tenets of an
organisation. True preventive vigilance, which can be achieved
by raising awareness via conversations to build internal compe-
tence, holds people and processes accountable for their actions.
The senior employees of a company need to proactively engage
their peers and subordinates to understand the organisational
goals and also tackle issues pertaining to ethics and integrity.” Dr.
Praveen Kumari Singh also added that good governance demands
a cultural outcome that makes integrity a way of life.
GAIL REPORTS HIGHEST EVER
ANNUAL REVENUE OF
RS 1,44,302 CRORE (UP 57%) FOR FY23
GAIL (India) Ltd
reported Revenue
from Operations of
Rs 1,44,302 crores
in FY23 as against
Rs 91,646 crores in
FY22. Profit before Tax (PBT) in FY23 stood at Rs 6,584 crores as
against Rs 13,590 crores in FY22. Profit afterTax (PAT) in FY23 stood
at Rs 5,302 crores as against Rs 10,364 crores in FY22.
Quarter on Quarter basis, Revenue from Operations was reported
at Rs 32,858 crores in Q4 FY23 as against Rs 35,380 crores in Q3
FY23. PBT registered a growth of 165% to Rs 591 crore in Q4 FY23
as against Rs223 crore during Q3 FY23. PAT increased by 146% to
Rs604 crore in Q4 FY23 as against Rs246 crore in Q3 FY23.
Shri Sandeep Kumar Gupta, Chairman & Managing Director, GAIL
said that, the Company has incurred its highest ever Capex of about
Rs 9,100 crore during FY 2022-23 mainly on Pipelines, Petrochem-
icals, Equity to JVs, etc. which is 15% higher than annual target of
Rs 7,918 crore. He stated that company has successfully imple-
mented Unified Tariff w.e.f. 1st April 2023 which will help India to
achieve the One Nation One Grid One tariff model and also boost the
gas consumption in distant areas.
GOVERNOR HARYANA HONOURED
MANMOHAN SINGH DY.SECY, PR, PSPCL
Shri Bandaru
Dattatreya gover-
nor Haryana is ho-
nouring Deputy
Secretary Public
Relations,PSPCL
with annual Entre-
preneur and
AchieverAward at
Chandigarh yesterday.The event was organised by Media Federa-
tion of India and Public Relations council of India (Chandigarh
chapter)

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 16
>
MUMBAI | SATURDAY, 20 MAY 2023 1

Bill to protect Domestic travel surge continues

Amid infra glory, documented
dreamers PRESS TRUST OF INDIA summer with 30 per cent of the votes,

Bulandshahr
New Delhi, 19 May followed closely by beaches at 26 per cent,
it added.
tabled in As the summer sizzles, Indians are pre- “India’s favourite mountain destina-
paring for holidays with 82 per cent of tion is Manali, followed by Kashmir,
Congress them intending to travel during this sea- Mcleod Ganj, Ooty and Coorg. OYO hotels

awaits prosperity
PRESS TRUST OF INDIA
Washington, 19 May
A bipartisan group of law-
makers has introduced legis-
Record concrete laying on Ghaziabad-Aligarh lation in the US Congress that
proposes protection to chil-
Expressway speeds up road revamp dren of documented dream-
DHRUVAKSH SAHA
ers, a significant majority of
DHRUVAKSH SAHA whom are Indian Americans,
Bulandshahr, 19 May from self-deportation after
turning 21 years.
son making Manali and Goa as their favou-
rite hill and beach destinations respec-
tively, according to a survey by Hospitality
technology firm, OYO.
According to OYO’s Summer Vacation
Index 2023, the surge in domestic travels
that was induced by Covid restrictions
continues with a staggering 92 per cent of
respondents planning to explore domestic
destinations. The survey, which took
responses of over 15,000 people across
India via OYO app, also found that shorter
trips and “staycations” of 1-3 days continue
Manali and Goa were the favourite hill and
beach destinations of Indians, according
to the survey by OYO
to travel during this summer season. The
Covid travel restriction induced trend of
rediscovery of our own country’s beauty
also continues strong with a staggering 92
per cent planning to explore domestic des-
in Manali continue to see an uptick in
demand as summer travel gains pace,” the
company said. On the other hand, Goa
continues to be India’s preferred choice
for beaches, with 50 per cent people want-
ing to travel there.
“Demand for hotels in Goa has surged
by more than 20 per cent compared to the
same period last year. This was followed
by Andaman Nicobar, Kerala,
Pondicherry, and Gokarna,” said the sur-
vey conducted between May 7 and 14,
2023. OYO said its survey also found that

O
n the edges of a newly
widened, jet-black lay-
er of concrete on the
highway, crossing Bulands-
hahr in Uttar Pradesh, vendors
and small shops went about
their day in the scorching May
heat. The transformation has
impressed those familiar with
the highway, although some
simply fear that they will fall
by the wayside.
“This road used to be ter-
rible earlier,” a truck driver
quipped. “Barely any lane
space, frequent traffic jams and
potholes all around.”
The Ghaziabad-Aligarh Ex-
pressway, touted by Union Mi-
nister of Road Transport and
Highways Nitin Gadkari as the
key to unlocking the region’s
trade and commerce, is being
widened from four to six lanes.
Over the past four days, the
stretch on the outskirts of
Bulandshahr has been a site of
rigorous work, amid a success-
ful attempt to lay bituminous
concrete over 100 lane kilome-
tres of the highway in 100
hours — an effort that earned
concessionaire Cube Highways
and their construction partner
Larsen & Toubro plaudits from
the Ministry of Road Transport
and Highways.
“The Ghaziabad-Aligarh
section of NH-34, spanning 118
kilometres, plays a vital role as
a transportation link between
the densely populated regions
of Ghaziabad and Aligarh. This
project traverses various towns
and cities in Uttar Pradesh,
including Dadri, Gautam
Buddha Nagar, Sikandrabad,
Bulandshahr and Khurja,”
Gadkari said.
“A notable accomplishment
on a very important highway
route. It manifests the impor-
tance given to both speed and
embracing modern methods
for better infrastructure,”
Prime Minister Narendra Modi
tweeted on Friday, after the two
companies were felicitated by
the India Book of Records.
The highway revamp
deployed the Cold Central
Plant Recycling technology,
where 90 per cent of the mate-
rials milled during the plan-
ning of the road were reused.
“Work was undertaken on
a mission mode with materials
being transported from Indian
Oil’s facility in Mathura con-
stantly to achieve this record,”
said an on-site executive of
Cube Highways.
The expressway was earlier
a sore point for both passenger
and commercial riders. The
recent widening and layering
work offered a window of
opportunity for small busi-
nesses in the area.
“Since the highway was in
a bad condition earlier, there
wasn’t the kind of economic
activity that you would see on
a more prominent highway
like Delhi-Chandigarh.
Moreover, parts of the highway
are also new alignments, while
businesses are still on the old
alignment,” said a senior Cube
Highway executive.
Small businesses along the
highway are sparse, with very
few old establishments operat-
ing now. Most of them have
been recently built in the
hopes of a consumption boom.
“We have to complete the
project by November, for whi-
ch we have to lay most of the
groundwork in the coming mo-
nths itself. Once traffic increa-
ses due to the six-laning, we’ll
see increased economic activ-
ity along the highway,” Hariki-
shan Reddy, CEO of Cube Hig-
hways, told Business Standard.
Meanwhile, the past year
has posed greater struggle for
small businesses, as construct-
ion work led to lesser traffic.
While the overhaul is eagerly
anticipated by many, some
vendors aren’t too hopeful.
“With traffic moving at a
moderate pace, people would
stop by at small shops and tea
stalls like ours. When a high-
way achieves high speed, peo-
ple stop at big clusters of way-
side amenities. It’s usually bad
news for small establishmen-
ts,” rued the owner of a dhaba.
Long-term visa holders to be the top preference. tinations,” OYO said in a statement. respondents showed a strong inclination
known as documented “The travel resurgence continues As far as destinations are concerned, towards exploring offbeat and lesser-
dreamers, who are estimated strong with 82 per cent Indians intending mountains are the clear choice this known destinations.
to be about 250,000, grew up
legally in the US but risk
deportation when they turn
21 years old.
The current system forces
documented dreamers to
leave the US and return to
their country of birth, rob-
bing them of their future and
livelihoods in America.
Introduced in the House
of Representatives and the
Senate, America’s CHIL-
DREN Act would allow indi-
viduals to obtain permanent
residency if they were
brought to the US as depend-
ent children of workers
admitted under employ-
ment visas, have maintained
status in the US for 10 years
(including eight years as
dependents), and have grad-
uated from an institution of
higher education.
It would also protect any
child who has been in
the US for an aggregate of
eight years before the age
of 21 as a dependent of an
employment-based non-
immigrant by allowing
them to remain dependent
on their parent’s non-
immigrant visa until they
can find another status.
The Bill, among other
things, establishes age-out
protections that lock in a
child’s age on the date on
which their parents file for a
Green Card and would pro-
vide work authorisation for
individuals qualifying for
age-out protection.

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 QUICK TAKE: NEW LAUNCHES KEY FOR OBEROI REALTY Growing optimism for a resolution

The Smart to the debt ceiling negotiations

Investor
(Stock price in ~) 1,000 The Oberoi Realty stock is down 7 per cent over the last has lifted sentiment, although
914.95 919.20 five trading sessions. Nuvama Research, however, has a the mood was slightly tempered
960 by question marks over the
buy rating on the stock. Recovery in housing demand is
MUMBAI | 920 a key positive for the company, says the brokerage Federal Reserve’s next move
SATURDAY, 20 MAY 2023 on interest rates
880 while adding that launch of new projects and business RICHARD HUNTER, Head of
Apr 28,’23 May 19,’23 development are key triggers going ahead
Markets, Interactive Investor
<

In MFs’ trading expense revamp, AMCs, brokerages see ~3.5K-cr blow

Markets regulator has proposed to bring
trading and brokerage fee within TER limit
ABHISHEK KUMAR
Mumbai, 19 May
The Securities and Exchange Board
of India’s (Sebi’s) proposal to over-
haul the expenses charged by
mutual funds (MFs) is likely to
deliver a combined blow of up to
~3,500 crore to asset management
companies (AMCs) and broking
firms. ~3,500 is the estimated
amount paid by MFs to brokerages
in the 2021-22 financial year and was
charged to investors over and above
the total expense ratio (TER) of MF
schemes, according to Sebi data.
In a consultation paper issued on
Thursday, the markets regulator has
proposed to bring the brokerages
within the TER, a move that will
force MFs to lower their own fees to
accommodate the broking charges
within the permissible TER.
Considering the impact on
AMCs’ revenues, the watchdog has
mooted the idea of AMCs bypassing
brokers and executing trades
directly by obtaining limited pur-
pose membership with stock
exchanges. This option will bring
down the cost for MFs but will lead
to revenue losses for brokerages.
“Institutional brokerage will get
adversely impacted as brokerage
income from mutual funds forms a
substantial part of their revenue. As
per rough estimates, broking indus-
try earned around ~2500 crore from
rimental to unitholders’ interest,” for research. The other being bro-
STATSPHERE said a senior AMC official. kerage charges not ‘coming under
MF payments to brokers in FY22
n No. of AMCs n Brokerage/transaction
In the consultation paper, Sebi
has also recognised this issue. "It has
the radar or attention of boards of
AMCs’, due to it being out of the
expense range (~) l Total expense (~ crore) been represented by industry that TER. Overall, the new TER structure
Large bringing brokerage and related costs is likely to hit profits of most AMCs
AMCs 8 60-524 2,121 within TER limits may discourage but the impact may be limited, said
fund managers from churning of senior MF officials and experts.
Medium portfolios, which otherwise may be Brokerage firm Jefferies has esti-
AMCs 10 76-146 1,066
in the interest of unitholders,” it said, mated the proposed changes to
Small 24 but also highlighted that the posi- impact AMCs’ profits by 13 per cent,
0.03-35 279 tives of the move outweigh the or even lower, if a part of it is passed
AMCs
Source: Sebi potential issues. on to distributors, brokers and reg-
ILLUSTRATION: BINAY SINHA
Sebi sees several problems with istrars and transfer agents.
transactions by AMCs in 2022,” said the churn in portfolios, less will be the current set-up with respect to The other broad effect of the new
Gurpreet Sidana, chief executive the profit margins. “Fund managers transaction cost and brokerage pay- expense structure is likely to reflect
officer, Religare Broking. may have to think twice before ments. The first would be ‘double in the way AMCs use their investor
The inclusion of brokerage or churning portfolios as the expenses charging’ of investors for research education budget, for which they set
trading costs in the TER will put will have to be borne by the AMC. — through fund management fee aside 0.02 per cent of their assets
AMCs in a catch-22 situation as more This conflict of interest may be det- and payment made to brokerages under management.

Journey without an Sapre committee for multi-agency

ending: SC panel on
FPI identification
Sebi has drawn a blank while investigating foreign hand in
Adani firms, says top court-appointed committee report
ON THE TRAIL
Sebi has been attempting to find out contributors who have an economic interest
in these FPIs. “This is where it has hit a wall,” the report pointed out
FPIs with investments
in listed Adani companies
Elara India Opportunities
Fund, Vespera Fund
Marshal Global
Capital Fund
Emerging India Focus Funds,
EM Resurgent Fund
Cresta Fund
Albula Fund
APMS Fund, Asia
Investment Corp
LTS Investment Fund
Polus Global Fund
New Leaina
Investments
Opal Investments
Source: Court panel report
body to investigate complex matters
BHAVINI MISHRA
New Delhi, 19 May
The Supreme Court’s six-member
expert panel, headed by retired SC judge
Justice A M Sapre, has suggested a tem-
porary multi-agency committee, set up
by the Centre, to investigate complex
enforcement matters with the Securities
and Exchange Board of India (Sebi).
The SC-appointed panel said such a
committee would be useful in cases
where the skills and expertise of multi-
ple regulatory and enforcement
agencies are necessary.
“In complex enforcement matters,
Controlling Declared BO where the skillset and expertise of mul-
shareholder (Nationality) tiple regulatory and enforcement
Rajendra Bhat agencies would be necessary, it would
Elara Capital be vital to have a framework by which a
(UK)
multi-agency committee (‘investigating
Nuni Venkata Ramana Murty committee’) with a temporary shelf life
Lumen Capital
(Singapore) (just what is required for investigating
Emerging Trident Trust Co that particular case),” the panel report
Fund Trust (Mauritius) said. The report said the investigating
committee may be set up by the
Dertona Holdings Mark Dangel (Switzerland)
Government of India under the aegis of
Anna Luzia von the Financial Stability and
Connor Investments
Senger Burger (Switzerland) Development Council and at the end of
MIH International Alastair Guggenbuhl-Even, the investigation, with the initiation of
Yonca Even Guggenbuhl (Switzerland) appropriate proceedings, such a com-
mittee must be disbanded.
Helvetic Capital Alastair Guggenbuhl-Even (Switzerland) A case would be referred to such an
Fidelis Global Yajjadeo Lotun (Mauritius) investigating committee by terming it
Stitching for Sustainable a “systematically important investiga-
Andetta PE tion”. The panel clarified that the gov-
Development (Netherlands)
ernment would be able to resort to such
Zenith Commodities Adel Hassan Ahmed Alali (UAE) a framework only when the case
involved has serious cross-sectoral
repercussions and needs multi-disci-
plinary skills in a coordinated manner.
The panel noted that proceedings
initiated by Sebi in 2021-22 skyrocketed
to 7,195, as compared to 562 cases in
2020-21 and 249 cases in 2019-20. It sug-
gested that the regulatory objective of
Sebi may be better served by timely and
sharp action in a few large and complex
cases, as compared with frittering
energy and resources in thousands of
tiny cases. “For the regulator to achieve
its objective, it has to be strategic on how
best it can prosecute cases of serious
significance. Increase in proceedings
WHAT THE PANEL SAID
n No. of proceedings initiated by the
regulator in 2021-22 rose to 7,195
as compared to 562 in 2020-21
and 249 in 2019-20
n Sebi should look at a few large cases
as compared to many tiny ones
n Complete absence of timelines in
Sebi law needs correction
n Creation of a financial redressal
agency that handles investor
grievances across sectors
n Sebi could consider separating its
investigative arm from its
quasi-judicial arm
begs the need to study how settlement
proceedings can be made effective and
viable alternatives,” the report said.
The panel noted that since the mar-
ket regulator has been granted robust
powers from licensing of intermediaries
to legislative, executive, and quasi-judi-
cial powers to discharge its role, it does
not see the need to confer any more
powers to Sebi at this stage.
However, it noted that there was a
need for judicial discipline for the reg-
ulator as sometimes different officials
decide the same cases differently.
The Justice Sapre panel said that
Sebi must also adopt a timeline for ini-
tiation of investigations, completion of
investigations, initiation of proceedings,
disposal of settlement, and disposal of
proceedings. “Some elements of the
timeline may be directional and the
others may be mandatory but a com-
plete absence of timelines in the law is
a stark feature that needs correction,”
the report said. The committee gave
the example of the Competition
Commission of India(CCI), whose inves-
tigative arm is separate from its quasi-
judicial arm. “It would be important for
Sebi to study such practices and adopt
such a framework into subordinate
legislation governing Sebi’s enforce-
ment. Such self-discipline provisions do
not need an amendment by Parliament
to the Sebi Act,” the report said.
The report said that within Sebi (as
any other regulator), the doctrine of sep-
aration of powers must be followed in
letter and spirit. “The quasi-judicial arm
of the regulator has to be necessarily
ring-fenced from the executive arm, so
that it is truly a check and balance. If
the performance of the quasi-judicial
officers is appraised by the executive
arm, the very foundation of separation
of powers will stand nullified,” the
report noted. The committee said that
with regards to surveillance and admin-
istrative actions, such as the inclusion
of stock-specific derivatives, the ele-
ment of human intervention must be
brought down to the bare minimum.
More on business-standard.com

Expert panel calls for centralised

KHUSHBOO TIWARI thereby making it difficult to establish the real
Mumbai, 19 May individuals behind them.
In the report submitted to the SC bench, the

T
he Supreme Court (SC)-constituted panel has observed that though the exercise to

database of unclaimed property

expert panel has noted that the
Securities and Exchange of India (Sebi)
has ‘hit a wall’ in establishing the ultimate
beneficial owners (UBOs) behind the 13 foreign
portfolio investors (FPIs) holding stakes in the
Adani Group listed companies.
In its investigation into possible violations
of minimum public shareholding norms, Sebi
has found 42 contributors, spread across seven
jurisdictions behind the 13 FPIs holding con-
siderable stakes in the Adani Group firms.
The markets regulator has been pursuing
various avenues to ascertain the ownership pat-
tern of these 42 contributors through assistance
from domestic enforcement agencies and over-
seas regulators. However, Sebi has drawn a
blank from regulators in Cayman Islands,
Malta, Curaçao, British Virgin Islands and
Bermuda. The market watchdog is now in the
process of seeking assistance from the interna-
tional body of regulators — International
Organization of Securities Commissions or
IOSCO — through amendments in multilateral
memorandums of understandings, reveals the
173-page report submitted to the apex court.
The six-member committee, headed by
Justice AM Sapre, observed that even if Sebi
was able to get behind the contributing partic-
ipating shareholders of the FPIs, these contrib-
utors could in turn be bodies of other corporate
of funds with multiple classes of shareholders,
look for UBOs of FPIs invested in Adani Group
companies could be a ‘voluminous one, but
potentially a journey without a destination’.
Of the 13 overseas entities, 12 are registered
FPIs while one is a financial institution. As of
March 2020, the shareholding of these 13
entities in Adani Enterprises, Adani
Transmission, Adani Total Gas, Adani Green
Energy, and Adani Power stood at 15.56 per
cent, 18.05 per cent, 17.91 per cent, 20.39 per
cent, and 14.11 per cent, respectively. Often,
these FPIs have come under the eye of the
storm, with some alleging them to be the front
entities for the Adani promoters.
Sebi has been attempting to find out con-
tributors who have an economic interest in
these FPIs, even before the publication of the
Hindenburg report on January 24. “This is
where it has hit a wall”, the committee observes.
Earlier in 2018, Sebi had done away with
prohibition against FPIs with ‘opaque struc-
tures’ on the premise that declarations of bene-
ficial owner flows under PMLA (Prevention of
Money Laundering Act) rules are sufficient for
regulatory purposes. The 13 entities under
investigation have identified beneficial owners
for compliance of PMLA rules but the owner-
ship pattern of the 42 investors to these entities
is being sought.
More on business-standard.com
RUCHIKA CHITRAVANSHI
New Delhi 19 May
The Investor Education and
Protection Fund Authority
(IEPFA) has told the expert
committee formed by the
Supreme Court in the Adani-
Hindenburg matter that it has
been unable to handle the vol-
ume of calls and emails for
refund claims due to a ‘very
rudimentary redressal mecha-
nism.’ The authority also
flagged technical issues such as
non-interoperability of differ-
ent technical platforms, and
rent seeking behaviour of
unscrupulous agents which
have come in its way.
“It is a classic example of
capacity constraints of the State
being visited upon a public fac-
ing service as a result of which
the size of the assets lying with
the IEPFA is evidently large,”
the committee’s report said.
The committee also sug-
gested setting up a centralised
searchable database of
unclaimed property and money
of the general public that gets
transferred to government-
owned repositories such as the
IEPF. The core objective of this
database would be to reunite
unclaimed property— includ-
ing all financial assets — with
the rightful owner. It would also
NEED OF THE HOUR
n Objective of database is
to reunite unclaimed
property with the
rightful owner
n To be effective, a central
authority, backed by
legislation, must be
empowered
enable proven legal heirs to get
a full picture of the investments
and savings of the deceased and
claim their money.
The panel also said that in
order to be effective, a statutory
central authority, backed by
appropriate legislation, must
be empowered to track the
rightful owners, resolve griev-
ances and deal with security
and privacy concerns.
The IEPFA, in a submission
n Flow of data not
seamless, refund takes
more than stipulated time
n IEPFA should create
standard operating
procedures, introduce
PAN-based KYC for
nominees
to the committee, also said that
since there are multiple stake-
holders involved in the process
working on different electronic
platforms, there are issues of
interoperability. It also said that
the flow of data is not seamless
and the process of refund takes
way more than the statutory
stipulated period.
The IEPFA has been estab-
lished under section 125 of the
Companies Act 2013, with the
objective of promoting investor
education, awareness and pro-
tection. Investors can claim
refund by filing an online appli-
cation notification, which then
undergoes a process of reveri-
fication. “The committee
learnt that the uncleaned
shares are to the order of
~47,000 crore and cash to the
extent of nearly ~5200 crore,”
the report said.
“It is only when the data-
bases are interoperable and
integrated that the system
would be effective. This will
involve legal mandate and
organisational structure with
holistic IT based automated
processes,” it said. The com-
mittee asked the IEPFA to
create standard operating
procedures, introduce PAN
based KYC for nominees for
simplifying the process of iden-
tification and transfer of assets.

THE COMPASS
ED, Sebi probes give evidence material inflation is a key

of short-selling in Adani stocks ITC’s stock rally has more legs concern and rupee depreci-
ation continues to be a pain
point. If input costs continue
DEVANGSHU DATTA tion and amortisation (Ebitda) points to an all-time high of to ease, FMCG could sustain
DEV CHATTERJEE gence about potentially vio- the report. to ~6,210 crore, and 20.1 per 10.1 per cent. And, if adjusted its performance, even
Mumbai, 19 May lative and concerted selling by As per the regulator, suspi- ITC’s results for the January- cent in adjusted profit after tax for performance-linked incen- though the PLI benefits will
specific parties just ahead of cious trading has been March quarter (Q4) were (PAT) to ~5,030 crore. The tive (PLI) benefits, margins cease. The outlook for the
The Supreme Court-appointed the publication of the observed on the part of six strong, with robust growth in strong FMCG returns were, should be close to 8.5 per cent hotel segment is positive due
committee has said that Hindenburg Report, and entities which includes four the fast-moving consumer however, offset to an extent by range. The hotels revenue was to the G20 and a revival in
the Securities and this may lead to FPIs, one corporate body, and goods (FMCG) segment and a weaker performance of paper- up over 100 per cent year on business and foreign tourist
Exchange Board of credible charges of one individual, the report said. good performance in hospi- boards due to a planned shut- year (YoY), with an Ebitda travel. The paper and paper-
India (Sebi) and the concerted desta- “Sebi has also found that tality. The tobacco division’s down of pulp mills for capac- margin of 34.8 per cent, com- board segment could see
Enforcement bilisation of the some entities have taken short performance was on expected ity expansion, softening pulp pared to a loss in the year-ago some margin recovery.
Directorate have Indian markets, positions prior to the publica- lines, with double-digit vol- prices, and muted demand in period. The agri business was Cigarettes are likely to
found evidence of and the Sebi tion of the Hindenburg Report ume growth, helped by global markets. helped by a better mix, with remain a cash cow, but the
short selling and ought to be prob- and have profited from squar- reclaiming of market share The volumes for cigarettes strong growth in value-added growth rate will drop to sin-
profiting, following ing such actions ing off their positions after the from the smuggled trade. are estimated to have grown products and leaf-tobacco gle digits.
the Hindenburg This may lead to under securities price crashed upon publication There was 60 per cent growth 12 per cent. FMCG growth of exports, but the top line While most analysts are
Research report on credible charges laws,” the report of the report,” the report said, in non-cigarette earnings 19.4 per cent was towards the dropped 18 per cent due to 56 bps. The ITC Infotech reve- positive and the company has
Adani Group firms of concerted said. The report adding that detailed investiga- before interest and tax (Ebit), higher end of the range. restrictions on wheat and rice nue grew 30.5 per cent YoY to an excellent balance sheet, the
published on destabilisation of said the Sebi tions are being carried out by despite a relatively weak per- Hotels also had a good show- exports. Agri Ebit grew ~880 crore and Ebit grew 33.9 stock saw a steady rise — up
January 24th and the Indian markets found out some the Sebi. formance in paperboards. ing. Ebit for the cigarette busi- however, and Ebit margins per cent YoY to ~160 crore. 57 per cent through last year.
are investigating entities had An email sent to New York- ITC reported 6.1 per cent ness grew 14 per cent, largely expanded 300 bps YoY. Margins improved 46 bps YoY, The current price of ~420
the role of six entities which taken short positions prior to based short seller, Hindenburg growth in sales to ~17,220 due to volumes. The FMCG Paperboards grew just 1.8 per but declined 102 bps on a could still deliver some
indulged in short selling. the Hindenburg Report and Research on Friday, after the crore, 18.9 per cent in earnings Ebit more than doubled, with cent, with a 1 per cent decline sequential basis to 19 per cent. upside, with target valuations
“The Enforcement profited after the price crashed SC report was made public, did before interest, tax, deprecia- Ebit margin rising 445 basis in Ebit and margin declining Continuing high raw in the ~455-500 range.
Directorate has found intelli- after Hindenburg published not elicit any response.

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 2 THE SMART INVESTOR
>
MUMBAI | SATURDAY, 20 MAY 2023 1

After record Q4, SBI stock Sebi plans to restrict borrowing

by AIFs to prevent systemic risk
under ‘wait and watch’
Analysts wary of
Watchdog proposes mandatory renewal of AIF registrations on completion of 5yrs
KHUSHBOO TIWARI gency and as a last resort so the renewal fee, then a late fee
Mumbai, 19 May that they do not miss an invest- KEEPING A CHECK of 2 per cent of the registration
lender's size and ment opportunity due to the Between June 2022 and fee will be charged for each day
exposure at a FAIR SHARE OF ‘BUYS’ The Securities and Exchange
Board of India (Sebi) plans to
shortfall in drawdown from an
investor, Sebi has proposed.
March 2023, AIFs of delay, up to a maximum of
twice the registration fee.
borrowed funds worth
time of macro 800
n Target price (~) bar Category I and Category II
alternative investment funds
Such borrowings, however,
will have to be limited to 10 per
~708 crore Under the proposed
amendments, Sebi will also
uncertainty 770 n Recommendation (AIFs) from borrowing or cent of the investment made in Of this, only ~7.5 crore mandate the appointment of
engaging in leverage for the an investee firm and the cost of was for operational custodians for all AIFs, irre-
NIKITA VASHISHT purpose of investments to pre- borrowing will only be charged expenses spective of the size of the cor-
New Delhi, 19 May vent systemic risk. on the investor who delayed or Funds borrowed by pus. Upon approval, existing
700 695 Between June 2022 and defaulted on the drawdown Category I and II AIFs for AIFs with a corpus of less than

M
ost brokerages have March 2023, AIFs borrowed payment. The funds will have unlisted securities may ~500 crore will be given six
turned cautious 670 funds to the tune of ~708 to maintain a cooling-off
lead to asset-liability months to appoint a custodian.
about State Bank of crore, Sebi observed in a dis- period of two months between The custodians will also be
India’s (SBI) earnings growth, cussion paper on strengthen- any permissible leverage.
mismatches, says Sebi given the responsibility of inde-
citing uncertain macroeco- STATE BANK OF INDIA ing governance mechanisms Sebi is also mulling over the However, AIFs will be pendently monitoring the
nomic conditions. STOCK PRICE IN ~ 590 at AIFs. Of this, only ~7.5 crore idea of preventing AIFs from allowed to borrow investments made by AIFs,
They don't see any signifi- was borrowed to meet opera- holding registration indefi- during emergencies similar to their responsibilities
cant risk for the state-owned Add Buy Buy Outperform Buy tional expenses. The regulator nitely without any commit- for foreign portfolio investors
lender, but its balance sheet 574.15 feels that funds borrowed by ments raised by mandating the Sebi has also sought com-
InCred Prabhudas Nomura Macquarie HSBC
size and systematic impor- Research Lilladher 580 Category I and II AIFs for renewal of registration. There all AIFs will have to pay a ments on the proposal to per-
tance have nudged them to cut 575.05 investing in unlisted secu- are 215 AIFs with registrations, renewal fee equal to 50 per cent mit large value funds (LVFs)
earnings estimates for 39.12 33.90 21.73 20.86 16.51 rities may lead to asset-liabil- which have not raised any of the registration fee within to extend their tenure up to
Financial Years 2023-24 (FY24) ity mismatches. investment commitment for three months before the regis- four years on the approval of
and 2024-25 (FY25) by up to 5 570 However, AIFs will be any of their schemes. tration expires. two-thirds of the unit holders
POTENTIAL UPSIDE (%)
per cent. allowed to borrow in emer- On completing five years, In case the AIFs fail to pay by value.
India’s largest state-owned Total ‘buy’ Tota ‘sell’ Average Chg%
bank on Thursday, reported a
48 calls 1 calls ~721 target price 0.2 560
standalone net profit of
~16,694.51 crore for Q4 FY23.
Net profit stood at ~50,232
crore for full FY23, up 58.58 per
Source: Bloomberg

as concerns have emerged

Compiled by BS Research Bureau

For FY25, Elara Capital

May 18,’23 May 19,’23

ward by 1 per cent, loan growth

cent year-on-year (YoY).
SBI reported a net interest
income (NII) of ~40,393 crore
in Q4 FY23, up 29.5 per cent
YoY. For FY23, NII stood at
~1.44 trillion and net interest
margin (NIM) at 3.58 per cent.
Loan book in Q4 FY23 stood at
~32.69 trillion and deposits at
~44.24 trillion.
FY23 was one of SBI’s best
years as NIM expanded 20 bps,
loan growth accelerated 16 per
cent YoY, gross and net non-
performing assets were at their
lowest, and credit costs
touched an all-time low in two
decades.
Return on equity (RoE)
improved to 16.5 per cent,
which is more than a
decade high.
Shares slip
Yet SBI’s shares have slipped
around 2 per cent in two days
about the sustainability of
underlying earnings. By com-
parison, the benchmark S&P
trimmed estimates for profit
after tax (PAT) by 0.1 per cent,
operating profit by 1.2 per cent,
BSE Sensex is up 0.2 per cent, and NII by 2.2 per cent.
while the BSE Bankex has Analysts at ICICI
added 0.67 per cent. Securities, too, slashed SBI’s
“SBI delivered strong per- net profit estimate for FY24 by
formance in the March quarter 5 per cent, and one-year target
of FY23, led by steady business price to ~ 730 from ~805, amid
and revenue growth. However, concerns around deceleration
while SBI is our preferred stock in credit growth, and higher-
in the PSU basket, macroeco- than-expected credit costs
nomic uncertainty is the big- going forward.
gest risk, given its market size Analysts feel the Street
and exposure,” said Elara seems worried about the
Capital analysts, led by potential reversal in SBI’s
Prakhar Agarwal. earnings amid weakening
The brokerage has cut macro conditions, and higher
SBI’s FY24 net profit estimate cost of equity in this leg of the
by 1.2 per cent to ~53,500 cycle. These are limiting
crore from ~54,100 crore. It upside in the stock.
lowered SBI’s operating profit Kotak Institutional
estimate for the fiscal by 1.1 Equities has kept its target
per cent to ~94,600 crore, and price (~725) and stance (buy)
NII estimate by 0.7 per cent unchanged, while revising the
to ~ 1.57 trillion. PAT estimate for FY24 down-
by 21 bps, RoA and RoE by 3
bps and 42 bps, respectively.
That said, analysts feel
SBI's fundamentals remain
unparalleled and it needs to
deliver growth on guided
lines, sustain NIM near cur-
rent levels, and control asset
quality parameters while
moderating credit costs to
drive incremental re-rating
in stock.
Jefferies has raised earn-
ings estimates by 3-4 per cent
for FY24-25. “We estimate
RoA of 1 per cent/RoE of 17 per
cent in FY24. The manage-
ment has stated that the cap-
ital adequacy ratio for
Common Equity Tier 1 (CET1)
capital of 10.3 per cent is
adequate and the bank
doesn’t plan any capital rais-
ing for now. We, thus, main-
tain ‘buy’ with a price target
of ~760,” said Jefferies.
Foreign VC investment rules set
to be aligned with those for FPIs
KHUSHBOO TIWARI financial health. However, many provisions applicable
Mumbai, 19 May FVCIs are provided with certain bene- on FPIs are proposed to be extended to
fits under the regulations to incentivise FVCIs. These include norms specifying
The Securities and Exchange Board of investments in these sectors. These bene- that the FVCIs or the controlling investors
India (Sebi) is planning to align the regis- fits include exemption from lock-in are only from the permitted foreign juris-
tration process and eligibility criteria for requirements, provisions related to open dictions and from countries that have
Foreign Venture Capital offers, tax reliefs, and classi- strategic anti-money laundering meas-
Investors (FVCIs) with those The new norms also fication as qualified institu- ures. The new norms also prescribe limits
of Foreign Portfolio Investors prescribe limits on tional buyers (QIBs). on investments by NRIs or OCIs along with
(FPIs). investments by NRIs or Sebi noted that it is nec- the introduction of ‘fit and proper’ criteria
The proposals are aimed OCIs, along with the essary to ensure safeguards for FVCIs.
at ensuring adequate due dil- introduction of ‘fit similar to those prescribed Sebi has also proposed to mandate
igence and regulation of and proper’ criteria for other routes of foreign FVCIs to hold their investments only in
money coming through this for FVCIs investment. Under the pro- dematerialised form apart from those
route in India and ensuring posed framework, desig- types of instruments where demateriali-
that the funds are sourced from bona fide nated depository participants (DDPs) will sation is not available.
investors and meet the Prevention of be entrusted with the registration and Further, to remove inactive FVCIs from
Money Laundering Act (PMLA) require- post-registration process for FVCIs—a pro- the ecosystem and ensure periodic review,
ment, and other applicable law. cess akin to that followed by FPIs. Further, Sebi also plans to introduce a renewal fee
FVCIs invest in early-stage startups, the requirement of approval from the of $2,500 for continuing the registration
sunrise sectors, unlisted companies, Reserve Bank of India (RBI) is proposed to for five years. At present, the registrations
Category-I alternative investment funds be removed along with the minimum remain valid unless they are surrendered
(AIFs), and also in companies with weaker commitment requirement of $1 million. or cancelled.

ZODIAC - JRD -MKJ LIMITED

DIAMONDS . JEWELLERY . PRECIOUS & SEMI PRECIOUS STONES
Regd Off : 910,Parekh Market, 39 J.S.S Road, Opp, Kennedy Bridge, Opera House, Mumbai -400 004(India)
Website add: www.zodiacjrdmkjltd.com Email id: info@zodiacjrdmkjltd.com CIN : L65910MH1987PLC042107
Extract of Standalone Audited Financial Result For the Quarter / Year Ended 31st March, 2023
[See Regulation 47(1) (b) of the SEBI (LODR) Regulations,2015]
ANNXURE I In. Lacs
Quarter Ended Year Ended Year Ended
Sr Quarter ending Quarter ending Quarter ending
No Particulars 31-03-2023 31-12-2022 31-03-2022 31-03-2023 31-03-2022
(AUDITED) (UN -AUDITED) (AUDITED) (AUDITED) (AUDITED)
1 Total Income from Operations 154.85 126.58 1225.45 1597.55 1933.17
Net Profit / (Loss) for the period
2 (before Tax, Exceptional and/ or
Extraordinary items) 0.44 19.78 76.76 110.45 103.00
Net Profit /( Loss) for the period
3 before tax (after Exceptional
and/or Extraordinary items) 0.49 20.83 76.76 111.55 103. 00
Net Profit / (Loss) for the period
4 after tax (after Exceptional and/
or Extraordinary items) 10.70 27.61 47.04 98.42 68.26
Total Comprehensive income for
5 the period (Comprising profit for
the period (after tax) and other
Comprehensive Income (after tax) (1.60) 0.57 (0.03) (0.05) 0.85
6 Equity Share Capital 517.72 517.72 517.72 517.72 517.72
Reserves (excluding Revaluation
7 Reserve as shown in the Audited
Balance Sheet of the previous year 6369.23 6270.86
Earings Per Share (of Rs.10 /-
each) (for continuing and
8 discontinued operations)-
1. Basic: 0.21 0.53 0.91 1.90 1.32
2. Diluted: 0.21 0.53 0.91 1.90 1.32
Notes to Financial Results -
1. The Company is primarily engaged in the business of diamonds and accordingly there are no separate reportable segments pursuant to IND AS-108.
2. Ind AS 116 “Leases” is not applicable to the Company.
3. The figures for the earlier periods have been regrouped / reclassified wherever necessary to make them comparable with those of the current period.
4. The Trade Payables of the Company includes a vendor having outstanding for more than 3 years amount of Rs. 49.32 Lakhs as at March 31, 2023. The vendor is
under Corporate Insolvency Resolution Process from January 2018. The management of the Company is making all efforts to quantify the amount payable to the
vendor. Based on the information with the management, the matter is pending before various statutory investigating authorities. However, the company has not received
any claim. Hence, in the opinion of management no impact has been given in the financial statements In absence of the confirmation of the vendor.
5 The figures for the quarter ended 31/03/2023 & 31/03/2022 are the balancing figures between the audited figures in respect of the full financial year 2022-23 &
2021-22 and the published unaudited year to date figures up to the third quarter ended 31/12/2022 &31/12/2021 respectively.
6. The Statutory Auditors of the Company have conducted audit of the financial results for the year ended 31/03/2023 pursuant to the requirement of Regulation 33 of
the SEBI (LODR) Regulations, 2015 and have given an unmodified opinion in their report.
7. The financial results for the year ended 31/03/2023 have been extracted from the audited financial statements prepared in accordance with the Indian Accounting
Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and
relevant amendment rules thereafter. These financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their
respective meetings held on 19/05/2023.
For and Behalf of Board of Directors
PLACE : MUMBAI ZODIAC JRD MKJ LIMITED
DATE: 19.05.2023 Mr. Jayesh Jhaveri (Managing Director) DIN NO 00020277
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 l
MUMBAI | SATURDAY, 20 MAY 2023 STOCKS 3 <

> OFSTOCK
IN THE > KEC International > Hitachi Energy India > Gland Pharma

NEWS Top gainer

among A-group
Hits new all-time
high at ~4,068
Hits lower circuit
at 20 per cent THE DAY
companies on BSE on BSE CreditAccess Grameen
~481.1 PREVIOUS CLOSE ~3,962.1 PREVIOUS CLOSE ~1,332.0 PREVIOUS CLOSE Hits new all-time high
~537.9 CLOSE ~4,036.6 CLOSE ~1,065.6 CLOSE at ~1,234; Up 33 per cent
p 11.8% UP p 1.9% UP q 20.0% DOWN FYTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
19 May ’23 Chg (%) Con Std 19 May ’23 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 1956.1 3.5 0.8 90.2 137.4 Infosys 1268.9 1.8 5.5 21.9 22.6 price price (%) price price (%)
Adani Ports 688.1 3.5 0.7 29.2 - ITC 419.9 0.0 6.3 34.2 27.8 Ramco Cements 849.1 843.3 7.8 849.1 849.1 Gland Pharma 1070.8 1070.8 -20.0 1070.8 1070.8
MOST BULLISH MOST BEARISH
Apollo Hosp 4447.2 0.1 0.5 60.6 63.2 JSW Steel 693.9 0.3 1.1 45.2 35.4 Adani Wilmar 412.0 404.0 6.9 484.2 841.9 Rail Vikas Niga 115.5 116.2 -3.8 56.2 29.0
Asian Paints 3084.5 -0.8 1.7 72.0 72.2 PNB 49.5 49.3 0.4 Glenmark 612.2 624.3 -1.9 Birlasoft 337.2 334.7 5.0 337.2 395.3 Siemens 3620.0 3708.9 -3.2 3120.2 2253.4
Kotak Mah Bank 1941.7 0.7 3.4 25.8 35.3
Axis Bank 924.1 1.0 3.1 26.3 29.7 Bharat Forge 759.8 757.3 0.3 Berge Paint 620.0 625.3 -0.8 Adani Power 236.4 236.2 4.9 247.8 432.8 Honeywell A 38396.0 39016.7 -2.8 34383.0 30162.0
L&T 2190.1 0.1 3.7 29.4 39.2
LIC Hsg Fin 374.0 372.8 0.3 Tata Chem 976.5 984.2 -0.8 Adani Trans 788.9 786.1 4.6 1168.3 4238.6 Macrotech Devlp 959.4 963.8 -2.6 711.0 711.0
Bajaj Auto 4483.2 -0.8 0.7 20.9 22.5 Mah & Mah 1260.4 1.2 1.5 23.8 24.7 Delta Corp 220.0 219.3 0.3 Manapp Finance 109.4 110.3 -0.8 Adani Green En 904.6 897.6 4.2 1076.0 2574.1 Zydus Lifescien 491.5 494.3 -2.6 452.2 329.6
Bajaj Fin 6784.2 -0.1 2.2 35.7 39.9 Maruti Suzuki 9106.0 0.6 1.4 33.5 34.2 JK Cement 3032.1 3023.1 0.3 Au Small Fin 748.2 753.8 -0.7 Adani Ports 694.0 688.2 3.7 722.8 987.9 Bandhan Bank 236.3 238.0 -2.5 182.2 182.2
Bajaj Finsrv 1415.1 0.0 1.1 35.1 307.7 Nestle India 21690.2 0.0 0.9 - 82.1
Bharti Airtel 805.8 0.8 2.4 53.8 - Adani Enter 1982.4 1956.9 3.6 2135.0 4189.6 Astral 1644.2 1651.5 -2.0 1297.9 1188.0
NTPC 173.3 -1.0 1.0 10.1 9.8
BPCL 360.3 -0.1 0.4 6.7 - BSE NSE Glenmark 630.0 624.2 3.5 630.0 630.0 Indus Towers 144.6 145.0 -1.9 135.8 135.2
Britannia 4499.9 -1.4 0.6 46.7 50.7
ONGC 164.9 -0.9 1.0 4.6 4.3 Index Stock Index Stock PUT-CALL RATIO Oberoi Relty 924.0 919.2 3.3 1002.2 1088.4 GNFC 581.3 590.4 -1.9 484.5 484.5
Power Grid 233.7 -0.8 1.0 9.7 10.6 Tata Motors 526.5 524.8 3.2 537.2 537.2 Balkrishna I 2144.4 2149.5 -1.9 1912.3 1801.0
Cipla 916.3 0.2 0.6 26.4 29.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2442.0 0.3 10.1 24.8 37.4 Adani Total Gas 700.0 687.0 3.1 1038.8 3998.4 Dr Lal PathLabs 1934.1 1939.8 -1.9 1762.7 1762.7
Coal India 239.9 0.1 0.6 5.2 10.0 Contracts - - 302061 1227077
SBI 575.2 0.2 2.6 9.2 10.2 Market 1882.5 3273.7 0.6 Persistent S 4895.0 4887.6 2.9 5131.2 5131.2 BHEL 79.6 80.1 -1.9 66.3 41.4
Divis Lab 3098.3 -1.8 0.5 27.8 34.7 Open Int.(000) - - 15945 5493651
SBI Life Ins 1154.2 0.1 0.6 - 67.1 Sona BLW Precis 544.7 535.7 2.7 573.0 608.7 Divis Lab 3085.2 3097.8 -1.9 2730.0 2730.0
Dr Reddys 4392.0 -0.7 0.6 16.2 28.0 Shares(In Mn) - - 11.5 1858.9 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 925.9 -0.4 1.2 52.7 155.9 Mphasis 1926.4 1907.9 2.6 2289.0 2700.0 Indraprst Gs 465.5 471.4 -1.7 407.1 335.1
Eicher Motor 3570.9 -0.1 0.6 33.5 37.2 Value(~ crore) - - 29878 85146
Tata Consumer P 765.5 -1.4 0.6 59.1 74.8 IndusInd Bank 1.5 Bosch 0.2
Grasim Ind 1716.1 0.6 0.8 15.0 36.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 525.0 3.2 1.1 72.2 63.9 Au Small Fin 1.2 Sun TV Net 0.2
HCL Techno 1095.4 1.4 1.4 20.0 25.9 Contracts - - 160857235 5119106
Tata Steel 104.7 -0.5 1.0 14.6 8.3 ABB India 1.2 SBI Life Ins 0.3
HDFC 2711.0 -0.2 6.0 22.1 30.8
HDFC Bank 1646.9 0.1 8.7 20.0 20.9 TCS 3222.9 0.7 3.9 28.0 30.2
Open Int.(000)
Shares(In Mn)
-
-
-
-
393544
5935.1
4762659
6144.8
Chola Inv 1.2 Abbott India 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1072.2 2.2 0.8 21.6 26.6 Bajaj Auto 1.1 SRF 0.3
HDFC Std Life 557.6 -0.7 0.7 87.6 87.8 Value(~ crore) - - 15653607 359267 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2713.0 -0.8 0.4 23.4 18.6 Titan Company 2701.7 -0.7 1.4 110.4 71.9 BSE+NSE BSE+NSE
UltraTech 7681.3 1.0 1.1 43.8 45.1 1 Reliance Ind 1652703.2 BS200 Exhicon Events 44.7
Hindalco 406.8 0.1 0.7 6.7 22.3 (~ crore) (Mn shrs)
HUL 2641.5 0.5 2.8 61.3 62.3 UPL 668.0 -0.8 0.4 14.0 51.4 ACTIVE CALLS ACTIVE PUTS HDFC Bank 2525.9 15.4
2
3
TCS
HDFC Bank
1178870.5
920567.1
UP 7 DAYS Hemadri Cem 40.8
ICICI Bank 954.3 0.8 8.0 19.6 20.9 Wipro 386.2 0.9 0.7 18.7 23.1 Au Small Fin 8.7 Soma Text 40.8
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg SBI 2499.3 43.4 4 ICICI Bank 667270.2 Nat Agro Prod 40.7
IndusInd Bank 1248.0 0.7 1.0 - 13.1 Nifty 50 18203.4 á0.4 100.0 23.3 25.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Adani Enter 1545.9 8.0 5 HUL 620623.3 IndusInd Bank 6.4
Last Mile Enter 40.7
Index Index 6á Infosys 526557.5 KPIT Techno 5.2
INDEX PE SHRS TRDS 1 YR ICICI Bank 1474.0 15.5 Kapil Cotex 40.7
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
25/05/23
25/05/23
18200
18100
223.7
147.0
8.5
3.0
2.5
10.9
Nifty
Nifty
25/05/23
25/05/23
18100
18000
231.5
158.2
6.5 38.1
7.7 42.2
Infosys 1439.2 11.4
7â
8
ITC
SBI
521851.7
513209.1
DOWN
Granules -8.2
DOWN 7 DAYS
SENSEX 25.0/27.1 6.1 138 22 8 16.9 ITC 1093.7 26.2 U H Zaveri -30.1
Asian Paints 3084.0 -0.8 1.9 72.0 72.1 Maruti Suzuki 9106.7 0.6 1.6 33.5 34.2 Nifty 25/05/23 18300 137.2 7.6 -6.3 Nifty 25/05/23 18200 144.9 8.1 17.9 9 HDFC 499853.1 Tata Consumer P -3.3
NIFTY 50 23.3/25.6 260.9 4390 30 20 15.1 Sera Inves -30.1
Axis Bank 924.5 1.1 3.6 26.3 29.7 Nestle India 21698.8 0.1 1.1 - 82.1 Nifty 25/05/23 18150 124.0 1.7 35.2 Nifty 25/05/23 18150 133.2 2.8 102.7 Tata Motors 1043.5 20.2 10 Bharti Airtel 449050.3 UP 3 DAYS
C = CONSOLIDATED; S = STANDALONE Goyal Aluminium -30.1
Bajaj Fin 6784.2 -0.1 2.5 35.7 39.9 NTPC 173.3 -1.0 1.1 10.1 9.8 Nifty Bank 25/05/23 44000 114.0 3.4 26.5 Nifty 25/05/23 18050 99.4 2.3 129.5 Reliance Ind 917.2 3.8 11 Bajaj Fin 410749.4 Max Health 7.5
Lakhotia Polyes -30.1
Bajaj Finsrv 1415.9 0.1 1.2 35.1 307.9 Power Grid 233.8 -0.6 1.1 9.7 10.6 CASH DERIVATIVES Stock Stock Adani Total Gas 816.6 12.3 12 Kotak Mah Bank 385553.3 Dixon Tech 4.2
TURNOVER BSE NSE BSE NSE
Quasar I -29.9
Bharti Airtel 805.4 0.7 2.8 53.8 - Reliance Ind 2442.8 0.4 11.6 24.8 37.4 SBI 25/05/23 580 65.3 13.3 13.9 SBI 25/05/23 570 38.8 4.1 -5.8 Axis Bank 775.0 8.5 13 LIC India 357330.9 Zomato 2.6 Paragon Fin -26.6
HCL Techno 1095.6 1.5 1.6 20.0 25.9 SBI 575.1 0.2 3.0 9.2 10.2 VALUE(IN ~ CRORE) 3271 54583 -16127899 SBI 25/05/23 600 57.5 23.3 -1.5 SBI 25/05/23 580 31.2 4.5 -24.0 14 L&T 307857.6 Balram Chini 2.5
Kotak Mah Bank 769.7 4.0 Transpact Enter -22.5
HDFC 2712.0 -0.2 6.9 22.1 30.8 SHARES(IN MN) 385.4 2095.4 - 13950.3 SBI 25/05/23 590 52.0 16.2 -3.5 Bank of Baroda 25/05/23 180 26.6 6.7 -13.0 15á HCL Techno 297293.9 Bharti Airtel 2.2
Sun Pharma 926.1 -0.4 1.4 52.8 155.9 HDFC 630.1 2.3 UP 3 DAYS
HDFC Bank 1647.4 0.1 10.0 20.0 20.9 TRADES(000) 2222 18038 - 59328 Bank of Baroda 25/05/23 190 41.6 22.2 -12.3 ITC 25/05/23 410 24.1 4.0 -2.7 16â Asian Paints 295812.5 Berger Paints 2.1
Tata Motors 524.8 3.2 1.3 72.2 63.9 KEC Intl 578.9 11.0 Shree Stl Wr 42.8
HUL 2641.4 0.6 3.3 61.3 62.3 Bank of Baroda 25/05/23 185 37.0 13.7 -6.4 Tata Motors 25/05/23 500 22.7 6.1 39.5 17 Axis Bank 284621.2 SBI Card & Pay 1.6
Tata Steel 104.7 -0.5 1.2 14.6 8.3 Simplex Pprs 33.0
ICICI Bank 954.6 0.9 9.2 19.6 20.9 MARKET-CAP (~ CR) TRADED TOTAL Ramco Cements 577.7 7.0 18 Maruti Suzuki 275095.2 DOWN
TCS 3221.8 0.7 4.5 28.0 30.1 Bemco Hydrau 27.4
IndusInd Bank 1248.3 0.8 1.1 - 13.1 Maruti Suzuki 496.3 0.6 19 Titan Company 239936.8 Aurob Pharma -8.2
Tech Mahindra 1072.0 2.3 0.9 21.6 26.6 BSE 27,671,017 27,823,550 CIFL 27.4
Infosys 1268.9 1.8 6.3 21.9 22.6
ITC 419.9 0.1 7.2 34.2 27.8 Titan Company 2702.6 -0.7 1.6 110.4 71.9 NSE 27,391,695 27,546,175 SPURT IN VOLUMES Zomato
Adani Ports
492.5
449.2
76.9
6.6
20
21á
Bajaj Finsrv
Adani Enter
225516.6
223086.6
Jindal Steel
Metropolis Heal
-6.8
-6.5
Jyoti
GKB Ophth
27.2
27.0
UltraTech 7680.2 0.9 1.2 43.8 45.1 DERIVATIVES 20,021,557 20,021,557
Kotak Mah Bank 1940.8 0.7 3.9 25.8 35.2 Company Days 2-week Avg Change Close *Price 22â Sun Pharma 222187.2 Indus Towers -6.2
Tata Elxsi 449.1 0.6 Trejhara Sol 25.9
L&T 2190.3 0.1 4.2 29.4 39.2 Wipro 386.0 0.9 0.8 18.7 23.1 Volume Volume % price %chg 23â UltraTech 221719.7 GAIL -6.1 DOWN 3 DAYS
Mah & Mah 1260.2 1.2 1.8 23.8 24.7 BSE SENSEX 61729.7 á0.5 100.0 25.0 27.1 TRADING ACTIVITY Motilalamc - G5 692691.0 7555.8 9067.7 52.2 0.1
Bajaj Fin
Adani Power
412.2
407.4
0.6
17.9
24â Avenue Supermar 220513.4 Divis Lab -5.5 Shreyas Ship -21.9
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Wipro 211860.0 Mazagon Dock -4.6
Cords Cable 3504079.0 122997.7 2748.9 93.6 15.5 DLF 407.2 8.8 Permanent Mg -15.6
Equity Debt Equity Debt 26á Nestle India 209219.3
Net Net Net Net Mindteck (I) 470943.0 17173.6 2642.2 131.4 9.5 Others Suryalta Spg -14.3
L&T 390.4 1.8 27â ONGC 207323.0
WORLD INDICES On 18 May 1805 -170 - - Vishwaraj Sugar 14831625.0 571263.9 2496.3 18.1 15.0 TCS 383.5 1.2 28á Tata Motors 174290.5
UP 7 DAYS
R T Exports 54.3
IB Infotech
Crestchem
-14.2
-14.2
On 17 May 806 1504 - - Shanti Overseas 1099702.0 47554.5 2212.5 21.9 19.4 Max Health 376.6 6.9 29â NTPC 167994.8
Indices Close % Chg* Indices Close % Chg*
On 16 May 1716 1162 - - Sharda Motor 619550.0 28070.5 2107.1 796.5 -0.7 30 JSW Steel 167524.0 (T+2) cycleStocks which rose/fell continuously
InterGlobe Avia 372.5 1.6
Americas (May 18,23) Asia/Pacific (May 19,23) On 15 May 1880 -355 - - Ramco Cements 7005885.0 336047.3 1984.8 843.3 7.8
Nasdaq Composite 12688.8 1.5 Kospi 2537.8 0.9 On 12 May 1587 -1152 -613 -1033 Shree Ram Prote 2654192.0 132120.0 1908.9 5.2 -89.1
May till date 24477 1341 -1883 -8400 Wheels India 216346.0 11808.5 1732.1 557.5 1.2
Dow Jones
S&P/ TSX Composite
33535.9
20297.1
0.3
-
Straits Times
Jakarta Composite
3202.6
6700.6
0.6
0.6 2023 till date 19926 5217 47928 -18067 Arham Technolog 249000.0 15000.0 1560.0 69.6 19.3
BOARD MEETINGS INTRA-DAY
Europe/Africa (May 18,23) Taiwan Taiex 16174.9 0.5 Quarterly Tourism Fin Vivid Ind Garware Fibres Bothra Metals
CAC 40 7499.8 0.7 Kuala Lumpur Comp 1428.5 0.0 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Vardhmn Hold WEP Solutions Guj Alkalies Chandra Bhagat
MAY 20 Wonder Electric Group XT HEG Insolation Ener
DAX 16263.9 0.6 Shanghai Se Comp 3283.5 -0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Zuari Agro Abhifin Fin Rolex Rings PECOS Hot & Pub
IBEX 35 9252.6 0.4 Stock Exchange of Thai 1514.9 -0.8 NET Net Fut OI Opt OI OI Bharat Elctn Group M Apt Pack Sansera Enginee Quality RO Ind
HIGH *NDR Auto Co . . . . . . . 744.7 Raghuvir Syn . . . . . . . . 199.1 LOW
FTSE 100 7774.8 0.4 Volatility (May 18,23) BS 200 *Linc . . . . . . . . . . . . 727.5 Precision Camsh . . . . . 182.2 BS 200 Divis Lab Bhatia Col Dynavision SJVN Sun Retail
On 18 May 12397 -969 0.2 2.3 2.6
Asia/Pacific (May 19,23) CBOE S&P 500 16.1 0.6 On 17 May -1419 -1274 0.2 3.3 2.6 *Chola Inv . . . . . . . . . 1049.0 *Bectors Food Sp . . . . 668.1 *Bansw Syntex . . . . . . 174.9 *Gland Pharma . . . . . 1070.8 MCX Concord Control Gowra Leasng Group B Supershakti Met
Nikkei 225 30808.4 0.8 CBOE Dow Jones 14.8 -2.4 On 16 May -17761 297 0.2 3.2 2.6 Ramco Cements . . . . . 849.1 *Aurionpro Sl . . . . . . . . 652.9 *Charterd Cap . . . . . . . 166.5 *Ipca Labs . . . . . . . . . . 672.0 Group A Macfos Gujchem Dist Arih Superst Group M
On 15 May 2744 521 0.2 3.4 2.6 *Au Small Fin . . . . . . . . 755.9 Newgen Soft Tec . . . . . 624.3 *Tilaknagar I . . . . . . . . 157.3 *Adani Total Gas . . . . . 633.4 Balaji Amine Markolines Pav IEL Asian Hot-E WAA tech
Hang Seng 19450.6 -1.4 * Change over previous close
On 12 May -500 18 0.2 2.8 2.6 Glenmark . . . . . . . . . . . 630.0 *Agi Gree . . . . . . . . . 623.5 *Uv Der Horst . . . . . . . . 149.8 Aditya Bir Fa . . . . . . . . 188.1 Dodla Dairy PlatinumOne B JMJ Fintech BEML Land Group MS
*Max Health . . . . . . . . . 551.9 Repro India . . . . . . . . . . 619.9 *Nat Agro Prod . . . . . . 134.3 Others Fineotex Chm Group MS Karan Woosin Camlin Fine Sci Net Pix Shorts
MAJOR INDICES May till date
2023 till date
-24471
192391
216
8278
-
-
-
-
-
- Firstsource . . . . . . . . . . 136.6 *Diamines Chm . . . . . . 601.0 *Kapil Cotex . . . . . . . . . 133.2 Butterf Gandh . . . . . . . 980.7 Godawari Pwr Niks Techno Mefcom Cap Compucom Sft Group P
Others *Kir’skar Bro . . . . . . . . 581.0 *Star Cement . . . . . . . . 133.0 Sumitomo Che . . . . . . 382.5 Swan Energy Group P Prime Prop Dhanlaxmi Bk Coastal Road
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*ABB Power India . . . 4067.5 *Elecon Engin . . . . . . . 565.8 Arvind . . . . . . . . . . . . . . 124.2 *Dilip Build . . . . . . . . . . 159.7 VRL Logistics Ashoka Refin Shricon Ind Federal-Mog Group P
S&P BSE Sensex 61,431.7 61,556.3 61,784.6 61,251.7 61,729.7 297.9 0.5 *Foseco . . . . . . . . . . . 2727.0 *Datamatics . . . . . . . . . 511.0 *Swarna Sec . . . . . . . . 121.1 SEL Mfg . . . . . . . . . . . . . 132.8 Group B Group X Group Z Fusion Micro Jattashankar in
*Vindhya Tele . . . . . . 2284.8 *Nitin Castings . . . . . . 510.0 MOS NAD100 ETF . . . . 111.5 Lyka Labs . . . . . . . . . . . . 96.3 AMJLAND Andhra Petro Coventry Cl Gpt Infra Oswal Leasing
S&P BSE Sensex 50 19,058.1 19,093.6 19,154.0 18,989.6 19,137.5 79.4 0.4 S&P BSE SECTORAL INDICES *Indus & Prud . . . . . . 2250.0 *Aptech . . . . . . . . . . . . . 490.4 *Ok Play . . . . . . . . . . . . 105.5 Cineline India . . . . . . . . . 78.0 Arihant Cap Bharat Paranter MAY 21 HCL Info Group T
*Keltech Enrgy . . . . . 1647.7 *Fusion Micro . . . . . . . 482.0 *Loyal Equipment . . . . 101.2 Artson Engg . . . . . . . . . . 62.0 Atul Auto Emmessar Bio Group A JETK India Guj St Fin Empire Ind Nile Swad.Polytex Muller Phip Dixon Tech
S&P BSE-100 18,458.0 18,487.7 18,545.0 18,384.3 18,529.7 71.7 0.4 Prev cls Close % Chng
*Stylam Inds . . . . . . . 1618.5 *BANK BEES . . . . . . . . 452.1 *Kokuyo Camlin . . . . . . . 99.0 Bheema Cements . . . . . 61.9 Banco Prod Finkurve Bhansli Engg Jindal Photo Prabhat Tech Genesis IB Nirav Commer Swagtam Rungta Irrig NMDC
S&P BSE-200 7,765.4 7,774.3 7,799.1 7,728.4 7,793.0 27.6 0.4 Auto 31,721.8 31,881.2 0.5 Expleo Solution . . . . . 1538.4 *Kirloskar Oil . . . . . . . . 443.3 *Integ Tech . . . . . . . . . . . 97.9 S.I.Capital . . . . . . . . . . . 27.1 Chembond Chm Guj Craft I Group M Kakatiya Cem Standard Ind Golkunda Dmd Odyssey Corp Uni Abex Sagar Prod Group A
Bankex 49,642.6 49,922.3 0.6 *Polychem . . . . . . . . . 1359.0 *Shanthi Gear . . . . . . . 436.0 *Vapi Paper . . . . . . . . . . 97.5 Sainik Fin . . . . . . . . . . . . 21.6 Chemcrux Enter Inani Marble Sunrise EM Keystone Realto Group X GSB Finance Otco Internalt Upsurge Inv Suryo Foods AKZO Noble I
S&P BSE-500 24,429.4 24,456.9 24,522.9 24,302.3 24,504.1 74.7 0.3
Cons. Durables 39,101.3 38,944.4 -0.4 *Cyient . . . . . . . . . . . . 1317.6 *Sanghvi Mov . . . . . . . 429.0 Ganga papers . . . . . . . . . 97.2 Peeti Sec . . . . . . . . . . . . . 20.4 Cords Cable Jasch Ind MAY 22 Moschip Tech. Acrow India Haryana Cap P H Capital VB Desai Fin T Spirit W Amara Raja
S&P BSE IPO 8,429.9 8,446.1 8,474.9 8,368.7 8,427.4 -2.5 0.0 Cap. Goods 36,472.1 36,423.0 -0.1 *CreditAccess Gr . . . 1233.6 *Refex Inds . . . . . . . . . . 426.3 *Cords Cable . . . . . . . . . 94.9 *Jayatma Ent . . . . . . . . 15.5 Donear Ind Menon Piston BS 200 Orient Abras Agio Paper Hind Alum Prime Urban Veer Energy Transoce. Pr Bajaj Elect
FMCG 17,569.9 17,581.3 0.1 *Carborundm . . . . . . 1222.0 *eMudhra . . . . . . . . . . . 415.0 Shree DigCem . . . . . . . . 82.0 *Ultracab (I) . . . . . . . . . . 15.4 Eurotex Ind Panchm Steel Aditya Bir Fa Radiant CMS Arcee Ind Hit Kit Glb Raclgear Veerhealth Care Unick Fix-A-For CMS Info System
S&P Dollex-30 6,103.8 - - - 6,126.4 22.6 0.4 Goldiam Intl Polymch Mach BPCL Ramco Ind Arfin India
Healthcare 22,914.6 22,783.5 -0.6 *KRL . . . . . . . . . . . . 1136.5 *Cochin Min . . . . . . . . . 374.6 *SVP Housing . . . . . . . . 81.4 White Organic . . . . . . . . 15.2 India Gelat Rajath Finan Group XT Group Z Dishman Carboge
Nifty 50 18,130.0 18,186.2 18,218.1 18,060.4 18,203.4 73.5 0.4 Infra 297.7 298.3 0.2 *Bbetf0432 . . . . . . . . 1079.0 *Ramkrshn Frg . . . . . . . 371.0 *Andhra Cements . . . . . 81.1 *Voltair Leasing . . . . . . . 12.9 Malu Paper Prithvi Exch Indiabulls Hous Ritco Logistics Bharat Agri Fer Indian Toner Ravalgaon S Bhudevi Infra Easy Fincorp Fortis Health
IT 27,837.6 28,228.4 1.4 *Raclgear . . . . . . . . 1055.0 *Josts Engg . . . . . . . . . 329.9 Walchand Ind . . . . . . . . . 80.6 *Northlink Fisca . . . . . . 11.3 Nilkamal Ras Resorts Shree Cement Spencers Retail Bridge Sec Indokem Sadhna Broadcas Colorchips New Group Z Galaxy Surfacta
Nifty next50 40,415.4 40,453.4 40,630.5 40,090.3 40,546.2 130.8 0.3 Pritika Auto In Rudra Glo Group A SPL Ind Brilliant Port
Metal 19,454.2 19,435.1 -0.1 *Ksolves India . . . . . . . 955.4 Axtel Ind . . . . . . . . . . . . 315.0 *Regis Ind . . . . . . . . . . 79.0 Kenvi Jewels . . . . . . . . . . 10.0 Jetking Inf Sicagen Ind Daikaffil Ch RTFL Genus Power
Nifty 500 15,361.6 15,399.5 15,418.8 15,278.7 15,407.6 46.0 0.3 Oil & Gas 18,042.0 18,002.6 -0.2 *Centum Elec . . . . . . . . 847.0 Huhtamaki India . . . . . 272.7 *Prime Inds . . . . . . . . . . 60.6 SSPN Fin . . . . . . . . . . . . . . 7.2 Pudmjee Paper Samrat Forgings Borosil Thangamyil J CG-Vak Soft Lotus Choco Span Divergent Deccan Bear MAY 23 Johnson Cont
Power 3,722.9 3,732.8 0.3 *Chola Holding . . . . . . 840.1 Ugro Cap . . . . . . . . . . . 227.0 Mafang . . . . . . . . . . . . 56.2 *Cerebra Int . . . . . . . . . . . 6.6 Shaily Engg Smruthi Organic CESC Vaswani Inds Confidence Fin Makers Labs Stanros Maf Gujarat Inject BS 200 JSW Energy
India VIX 12.8 12.8 12.8 11.7 12.3 -0.5 -3.9 *Vantage Knowled . . . 220.1 *Shah Foods . . . . . . . . . . 54.6 Tejnaksh Health Solitair Mac EIH Xpro India Danube Inds. Narendr Prop Suryavnsh Sp Likhami Cons Ashok Leyland Kaveri Seed
PSU 10,258.7 10,224.6 -0.3 Tega Inds . . . . . . . . . . . 754.9 *Shukr Bullions . . . . . . . . 6.5
Nifty CPSE 3,129.9 3,130.6 3,137.8 3,099.5 3,110.5 -19.4 -0.6 Realty 3,643.2 3,672.0 0.8 TGB Hotels Trishkt Elct Finolex Ind Group M Ditco National Fittin SV Global Mishka Ex Biocon Linde India
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (495.7) (495.6) (3895.0) (3897.5)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 495.8 496.2 3870.1 3890.1
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 499.0 498.8 3922.9 3925.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 489.3 489.1 3846.9 3845.6
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 494.3 494.7 3898.3 3894.8
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 69289 738K 3636 154K
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 30.1 30.2 93.0 92.9
company name is followed by shares traded, and also the 52 Wk H/L 924/482 924/482 3955/2121 3956/2120
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 17917 17933 82605 82530
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 Green En Adani PortsH Adani Power m H m mH H < « « « « m m «
(20963.8) (20970.6) (1712.4) (1712.4) (1888.1) (1890.0) (861.5) (860.5) (663.9) (665.0) (225.1) (225.1)
O 21015.3 21087.5 1728.0 1720.0 1892.0 1888.0 842.1 839.0 662.6 664.0 220.2 223.9 O O
21062.7 21091.6 1741.0 1741.4 1982.4 1983.0 904.6 903.6 694.0 694.2 236.4 236.3
w 20594.3 20605.1 1704.5 1705.0 1873.6 1872.1 819.0 818.6 659.9 659.5 214.0 214.0 w w
20884.9 20898.5 1729.6 1729.1 1956.9 1956.1 897.6 897.0 688.2 688.1 236.2 236.1
548 17558 23200 493K 454K 7541K 589K 2850K 288K 6340K 2553K 15387K K K K K K K K K K K K K K K K
47.8 47.8 66.5 66.4 90.2 90.2 - - 29.2 29.2 8.5 8.5
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M 44380 44409 32480 32470 223087 222990 142175 142080 148651 148640 91101 91062 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
(914.7) (914.7) (4517.0) (4518.6) (6788.8) (6789.4) (1415.0) (1415.4) (2190.9) (2190.1) (384.4) (384.6) (244.0) (244.0) (180.4) (180.4) (1525.6) (1525.6) (622.8) (622.8) (107.7) (107.8) (766.0) (765.5) (799.7) (799.3) (81.6) (81.7) (245.0) (245.1) (318.9) (319.0) (19012.8) (19014.6) (360.5) (360.7)
O 919.6 920.9 4515.1 4534.0 6792.0 6800.0 1415.1 1422.1 2190.1 2190.1 385.0 386.1 O 244.1 245.4 181.5 181.0 1551.2 1553.0 624.0 625.0 108.0 107.8 769.9 768.0 O 799.2 799.4 82.0 81.9 242.7 245.0 318.9 321.0 19154.5 19160.0 360.7 360.1
927.0 927.0 4550.0 4550.2 6820.0 6820.0 1421.8 1422.7 2203.4 2230.0 389.8 389.6 245.8 246.1 182.3 182.4 1596.1 1596.4 629.3 629.8 108.0 107.9 769.9 768.0 808.0 808.4 82.0 81.9 246.5 246.7 337.2 337.4 19158.5 19160.0 362.2 362.5
w 909.5 909.0 4472.1 4464.1 6713.3 6712.0 1397.2 1397.1 2144.4 2142.2 383.8 384.0 w 236.3 236.2 178.0 178.0 1520.2 1518.5 616.9 617.0 105.8 105.7 753.1 752.9 w 793.2 793.3 79.6 79.5 240.8 240.6 318.9 320.1 18745.0 18716.1 357.6 357.6
924.5 924.1 4481.9 4483.2 6784.2 6784.2 1415.9 1415.1 2149.5 2149.0 388.5 388.2 238.0 238.0 181.9 181.9 1533.1 1534.2 625.2 625.3 107.1 107.0 757.5 757.3 805.4 805.8 80.1 80.1 241.8 241.8 334.7 334.7 18845.1 18884.2 360.3 360.3
59285 8393K 57540 399K 15635 593K 29595 755K 6444 230K 44789 988K 401K 7504K 1000K 18644K 64075 1293K 143K 865K 352K 9255K 26047 1096K 118K 3432K 2759K 14458K 49199 2390K 393K 10245K 609 25164 47437 1158K
29.7 29.7 20.9 20.9 39.9 39.9 35.1 35.1 34.7 34.7 28.5 28.5 11.7 11.7 6.7 6.7 61.7 61.8 73.3 73.3 28.1 28.1 33.7 33.7 53.8 53.8 36.8 36.8 74.8 74.8 27.8 27.8 39.0 39.1 - -
W 970/618 970/618 4629/3462 4629/3461 7777/5236 7778/5220 1846/1078 1844/1073 2451/1801 2450/1796 431/307 431/307 W 336/182 336/182 197/90 197/90 2004/1381 2005/1381 710/528 710/527 228/87 228/87 920/615 919/615 W 877/629 861/629 91/41 92/41 344/192 344/192 395/250 393/250 19854/13167 19850/13165 375/288 375/288
M 284621 284483 126820 126857 410749 410749 225517 225397 41550 41539 7847 7842 M 38330 38330 94067 94067 19703 19717 60727 60737 78251 78215 35267 35260 M 449050 449273 27888 27874 29025 29025 9209 9208 55574 55690 78158 78158

Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH Delta Corp«
(4566.5) (4564.4) (675.8) (675.5) (295.1) (295.1) (253.9) (253.9) (295.1) (294.9) (1042.2) (1042.3) (914.3) (914.5) (139.1) (139.1) (239.6) (239.6) (4205.4) (4206.1) (1635.8) (1635.6) (631.7) (631.4) (935.3) (943.0) (1644.9) (1644.1) (522.8) (523.5) (2062.8) (2062.6) (1965.7) (1966.5) (222.0) (222.1)
O 4576.9 4588.0 676.1 679.0 296.4 297.0 255.5 254.6 296.3 295.0 1043.0 1043.0 O 915.0 917.0 138.4 139.1 239.7 240.0 4221.6 4228.0 1612.1 1619.8 628.0 625.0 O 960.8 945.0 1620.1 1645.1 521.2 525.9 2068.1 2062.6 1965.8 1972.0 223.6 222.1
4594.9 4593.1 677.4 679.0 298.5 298.9 255.5 255.6 296.3 296.2 1049.0 1049.2 922.2 922.0 141.1 141.2 241.6 241.6 4303.6 4303.5 1622.4 1622.3 630.0 630.4 960.8 946.5 1644.3 1646.3 524.7 525.9 2080.8 2081.4 1985.4 1984.7 223.6 222.7
w 4486.0 4484.2 650.9 651.0 291.3 291.4 252.1 252.1 287.0 287.1 1026.1 1025.9 w 913.2 913.0 138.2 138.1 236.3 236.3 4210.0 4206.1 1602.5 1602.1 609.9 610.0 w 916.9 917.2 1613.0 1613.1 517.2 517.0 2031.6 2030.4 1935.0 1934.0 217.1 217.0
4501.0 4499.9 666.3 666.4 297.9 297.8 254.1 254.5 290.6 290.6 1042.8 1043.4 916.2 916.3 140.5 140.5 239.8 239.9 4274.8 4278.2 XD1608.9 1608.8 626.4 626.4 926.5 927.0 1640.7 1639.7 519.2 519.1 2056.9 2057.7 1941.3 1941.1 219.3 219.3
7366 368K 43227 901K 247K 6344K 79470 1778K 203K 2399K 287K 1114K 231K 1168K 440K 1897K 247K 3811K 5502 344K 8371 257K 52613 2513K 13647 344K 13525 349K 13629 1402K 5822 124K 8022 221K 67614 1450K
46.7 46.7 14.3 14.3 5.1 5.1 30.8 30.8 10.4 10.4 32.1 32.2 26.4 26.4 11.2 11.2 5.2 5.2 37.6 37.7 41.8 41.8 32.6 32.6 13.5 13.5 45.5 45.4 53.9 53.9 37.3 37.3 56.4 56.4 22.4 22.5
W 4700/3272 4700/3271 698/408 699/407 342/172 342/172 429/251 429/251 420/249 420/248 1049/594 1050/600 W 1185/852 1185/852 205/120 205/120 263/175 263/175 4513/3210 4512/3210 1713/1435 1714/1435 829/554 829/554 W 1094/839 1094/838 1715/952 1707/951 610/482 611/482 2168/1213 2129/1213 2356/1682 2357/1681 242/162 242/162
M 108429 108401 8871 8872 54043 54025 16161 16190 12095 12095 85704 85757 M 73947 73955 10399 10399 147782 147844 26119 26139 43761 43758 38164 38164 M 27238 27252 45479 45452 91983 91974 38566 38581 26479 26477 5867 5868

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(44.9) (45.0) (602.0) (602.3) (1008.5) (1008.8) (1308.7) (1309.2) (277.6) (277.8)
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This PDF was uploade To Telegram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 4 MUMBAI | SATURDAY, 20 MAY 2023 1
>.l

AgeasFederal
Ageas Federal
Life Life Insurance
Insurance CompanyCompany
Limited Limited
(Formerly known as IDBI Federal Life Insurance Company Limited)
22ndndFloor,
22 Floor, A Wing,
A Wing, Marathon
Marathon Futurex,
Futurex, N. M.
N. M. Joshi Joshi
Marg, Marg,
Lower ParelLower
- East, Parel-East,
Mumbai - 400Mumbai-400
013. 013.
[IRDAI Registration No. 135 dated December 19, 2007] CIN: U66010MH2007PLC167164
[IRDAI Registration No.135 dated December 19, 2007] CIN: U66010MH2007PLC167164
TollFree
Toll FreeNo: No.: 1800
1800 209 209
05020502 | www.ageasfederal.com
| www.ageasfederal.com

FORM L-2A-A-P&L As at March As at March b) Annuity Not Applicable Not Applicable

Particulars
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31, 2023 31, 2022 c) Pension
d) Health
Not Applicable
Not Applicable
Not Applicable
Not Applicable
MARCH 31, 2023 CURRENT ASSETS
e) Variable Insurance Not Applicable Not Applicable
Cash and Bank Balances 11,262 17,299
Shareholders’ Account (Non-technical Account) Non Participating:
Advances and Other Assets 59,498 57,671 a) Life 1.37% 1.30%
(` in Lakhs)
Sub-Total (A) 70,760 74,970 b) Annuity 0.78% NIL
For the year For the year c) Pension 4.22% 47.55%
ended on ended on CURRENT LIABILITIES 26,463 31,902
Particulars d) Health NIL 137.46%
March March PROVISIONS 1,684 1,263
e) Variable Insurance 2.78% NIL
31, 2023 31, 2022
Sub-Total (B) 28,147 33,165 14 Profit after tax / Total Income 3.58% 2.71%
Amounts transferred from the Policyholders Account (Technical Account) 8,111 5,881 (Total Real Estate + Loans)/(Cash & Invested Assets) 0.88% 0.91%
NET CURRENT ASSETS (C) = (A – B) 42,613 41,805 15
Income From Investments 16 Total Investments/(Capital + Reserves and Surplus) 1,318.20% 1,314.98%
(a) Interest, Dividends & Rent – Gross 5,005 4,839 Miscellaneous Expenditure (to the extent not written off or adjusted) - - 17 Total Affiliated Investments/(Capital+ Reserves and Surplus) Nil 0.03%
(b) Profit on sale/redemption of investments 183 260 Debit Balance in Profit & Loss Account (Shareholders’ Account) - - Investment Yield - (Gross and Net) -Fund wise and With/Without
18
(c) (Loss on sale/ redemption of investments) (3) (1) realised gain #
Deficit in the Revenue Account (Policyholders' Account) - -
(d) (Amortisation of premium) / discount on investments (net) 503 236 a) With Realised Gains
TOTAL 1,528,278 1,408,806
Other Income Shareholder's Funds 7.55% 8.11%
(a) Fees and Charges 1 1 FORM L-22A Policyholders' funds - non-linked non participating 8.10% 8.30%
(b) Miscellaneous Income 40 149 ANALYTICAL RATIOS Policyholders' funds - non-linked participating 7.37% 7.65%
TOTAL (A) 13,840 11,365 Policyholders' funds - linked non participating 8.96% 9.45%
Sr. For the year ended For the year ended
Expense other than those directly related to the insurance business 431 361 Particulars
No on March 31, 2023 on March 31, 2022 Policyholders' funds - linked participating Not Applicable Not Applicable
MD and CEO's remuneration in excess of regulatory limits 262 224 1 New business premium income growth rate - segment wise b) Without Realised Gains
Contribution to the Policyholders' Account (Technical Account) towards (i) Linked Business:
118 134
Excess EoM Shareholder's Funds 7.57% 7.63%
a) Life (18.04%) 21.91%
Interest on subordinated debt - - b) Pension Not Applicable Not Applicable Policyholders' funds - non-linked non participating 7.98% 7.90%
Expenses towards CSR activities 261 281 c) Health Not Applicable Not Applicable Policyholders' funds - non-linked participating 7.49% 7.38%
Penalties - - d) Variable Insurance Not Applicable Not Applicable Policyholders' funds - linked non participating 3.16% 3.13%
Bad debts written off - - (ii) Non-Linked Business: Policyholders' funds - linked participating Not Applicable Not Applicable
Provisions (Other than taxation) Participating: Persistency Ratio - Premium Basis ( Regular Premium/Limited
19
a) Life 14.25% 38.42% Premium Payment under Individual category)*
(a) For diminution in the value of investments (Net) 195 (62)
b) Annuity Not Applicable Not Applicable For 13th month 78.05% 78.92%
(b) Provision for doubtful debts - -
c) Pension Not Applicable Not Applicable For 25th month 67.39% 70.37%
TOTAL (B) 1,267 938
d) Health Not Applicable Not Applicable For 37th month 63.76% 59.16%
Profit/(Loss) before tax = (A) - (B) 12,573 10,427
e) Variable Insurance Not Applicable Not Applicable For 49th Month 55.43% 55.18%
Provision for Taxation 1,138 993
Non Participating: For 61st month 38.80% 41.75%
Profit / (Loss) after tax 11,435 9,434
a) Life 52.46% 52.79% Persistency Ratio - Premium Basis ( Single Premium/Fully paid-up
APPROPRIATIONS b) Annuity (37.71%) (29.72%) under Individual category)*
(a) Balance at the beginning of the year 22,895 23,861 c) Pension Not Applicable Not Applicable For 13th month 99.94% 99.86%
(b) Interim dividends paid during the year - - d) Health 475.00% (75.00%)
For 25th month 99.50% 99.83%
(c) Final dividend (2,800) (10,400) e) Variable Insurance (98.35%) 7.37%
For 37th month 99.81% 100.00%
(d) Dividend distribution tax - - Percentage of Single Premium (Individual Business) to Total New
2 32.83% 42.52% For 49th Month 100.00% 100.00%
(e) Transfer to reserves/ other accounts - - Business Premium (Individual Business)
Percentage of Linked New Business Premium (Individual For 61st month 87.47% 88.52%
Profit / (Loss) carried to the Balance Sheet 31,530 22,895
3 46.12% 60.08% Persistency Ratio - Number of Policy Basis ( Regular Premium/
Business) to Total New Business Premium (Individual Business)
FORM L-3A-A-BS Limited Premium Payment under Individual category)*
4 Net Retention Ratio 98.80% 99.00%
BALANCE SHEET AS AT MARCH 31, 2023 5 Conservation Ratio (Segment wise) For 13th month 69.08% 66.13%
(` in Lakhs) (i) Linked Business: For 25th month 56.79% 62.38%
a) Life 68.61% 82.21% For 37th month 55.99% 54.42%
As at March As at March
Particulars b) Pension 91.04% 94.37% For 49th Month 50.84% 51.95%
31, 2023 31, 2022
c) Health Not Applicable Not Applicable For 61st month 36.53% 37.06%
SOURCES OF FUNDS
d) Variable Insurance Not Applicable Not Applicable Persistency Ratio - Number of Policy Basis ( Single Premium/Fully
SHAREHOLDERS’ FUNDS:
(ii) Non-Linked Business: paid-up under Individual category)*
Share Capital 80,000 80,000
Participating: For 13th month 99.92% 99.87%
Reserves and Surplus 31,530 22,895 a) Life 88.08% 89.53% For 25th month 99.66% 99.96%
Credit / [Debit] Fair Value Change Account 581 273 b) Annuity Not Applicable Not Applicable
For 37th month 99.93% 99.99%
Sub-Total 112,111 103,168 c) Pension Not Applicable Not Applicable
BORROWINGS - - d) Health Not Applicable Not Applicable For 49th Month 99.98% 99.99%
e) Variable Insurance Not Applicable Not Applicable For 61st month 88.18% 90.12%
POLICYHOLDERS’ FUNDS:
Non Participating: 20 NPA Ratio 0 0
Credit / [Debit] Fair Value Change Account 4,867 3,184 a) Life 78.02% 88.71% Gross NPA 00 00
Policy Liabilities 994,942 873,927 b) Annuity Not Applicable Not Applicable Shareholder's Funds 1.34% 1.40%
Funds for discountinued policies c) Pension 91.30% 51.11%
Policyholders' Funds - Non participating 0.09% 0.11%
Discontinued on account of non-payment of premium 19,079 21,078 d) Health 65.00% 51.61%
e) Variable Insurance Not Applicable Not Applicable Policyholders' Funds - Participating 0.14% 0.16%
Others - -
6 Expense of Management to Gross Direct Premium Ratio 20.38% 15.79% Policyholders' Funds - Linked 0.38% 0.36%
Insurance Reserves - -
Provision for Linked Liabilities 377,302 393,293 Commission Ratio (Gross commission and Rewards paid to Net NPA
7 4.72% 3.71%
Gross Premium) Shareholder's Funds NIL NIL
Sub-Total 1,396,190 1,291,482
Business Development and Sales Promotion Expenses to New Policyholders' Funds - Non participating NIL NIL
Funds for Future Appropriations 8 1.91% 1.05%
Business Premium
Linked - - Policyholders' Funds - Participating NIL NIL
9 Brand/Trade Mark usage fee/charges to New Business Premium NIL NIL
Non-Linked (Non-PAR) - - 10 Ratio of Policyholders' Fund to Shareholders' funds 1,263.18% 1,265.56% Policyholders' Funds - Linked NIL NIL
Non-Linked (PAR) 19,977 14,156 11 Change in net worth (Amount in ` Lakhs) 8,943.00 (888.00) 21 Solvency Ratio 324.46% 312.06%
TOTAL 1,528,278 1,408,806 12 Growth in Networth 8.67% (0.85%) 22 Debt Equity Ratio Not Applicable Not Applicable
APPLICATION OF FUNDS 13 Ratio of Surplus to Policyholders' Fund 23 Debt Service Coverage Ratio Not Applicable Not Applicable
INVESTMENTS (i) Linked Business: 24 Interest Service Coverage Ratio Not Applicable Not Applicable
Shareholders’ 74,904 71,515 a) Life NIL NIL 25 Average ticket size in ` - Individual premium (Non-Single) 106,392.01 93,570.25
b) Pension 0.63% 1.31%
Policyholders’ 996,857 865,767
c) Health Not Applicable Not Applicable # (1) Annualized.
ASSETS HELD TO COVER LINKED LIABILITIES 396,383 414,373 d) Variable Insurance Not Applicable Not Applicable (2) Investment Yields are calculated as per the IRDA circular dated April 9, 2010.
LOANS 2,048 1,395 (ii) Non-Linked Business: (3) The yield on Policyholder’s fund - Linked Non-participating includes that of Unit Fund and Non-Unit Fund
FIXED ASSETS 15,473 13,951 * Persistency ratio for current as well as the corresponding periods of the last year have been calculated
Participating:
Sub-Total 1,485,665 1,367,001 a) Life 1.79% 1.78% in line with the Public Disclosures by Insurers circular issued on 30th September 2021.

FORM L-1A-A-RA
REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2023
Policyholders’ Account (Technical Account)
(` in Lakhs)
For the year ended on March 31, 2023 For the year ended on March 31, 2022
Non-linked Linked Non-linked Linked
Particulars
Total Individual Individual Total Individual Individual
Group Group Group Group
Life Pension Life Pension Life Pension Life Pension
PREMIUMS EARNED - Net
(a) Premium 228,899 137,742 2,296 23,199 64,633 61 968 220,733 126,570 3,675 17,278 72,662 67 481
(b) Reinsurance ceded (2,752) (905) - (1,791) (56) - - (2,202) (885) - (1,267) (50) - -
(c) Reinsurance accepted - - - - - - - - - - - - - -
SUB-TOTAL 226,147 136,837 2,296 21,408 64,577 61 968 218,531 125,685 3,675 16,011 72,612 67 481
INCOME FROM INVESTMENTS
(a) Interest, Dividend & Rent - Gross 81,562 63,630 809 5,001 11,732 71 319 72,420 56,157 663 3,800 11,443 63 294
(b) Profit on sale / redemption of investments 31,135 1,960 - - 28,830 210 135 27,028 2,147 92 164 24,144 295 186
(c) (Loss on sale / redemption of investments) (5,431) (13) - (21) (5,339) (33) (25) (1,912) (7) - (3) (1,872) (18) (12)
(d) Transfer/Gain on revaluation/ change in fair value (31,429) - - - (30,976) (225) (228) 20,174 - - - 19,991 163 20
(e) Amortisation of (premium)/discount on investments (net) 3,709 1,846 37 160 1,627 3 36 683 367 12 1 283 5 15
(f) Appropriation/Expropriation Adjustment Account - - - - - - - - - - - - - -
OTHER INCOME 58 - - - 58 - - - - - - - - -
Contribution from the Shareholders' account towards Excess EoM 118 49 51 - - 18 - 134 28 93 - - 13 -
SUB-TOTAL 79,722 67,472 897 5,140 5,932 44 237 118,527 58,692 860 3,962 53,989 521 503
TOTAL (A) 305,869 204,309 3,193 26,548 70,509 105 1,205 337,058 184,377 4,535 19,973 126,601 588 984
COMMISSION 10,806 8,597 36 1,109 1,064 - - 8,191 5,959 57 705 1,474 (4) -
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS 35,831 21,106 136 3,938 10,610 18 23 26,652 14,028 223 2,611 9,750 21 19
Goods and Services Tax on ULIP Charges 1,942 - - - 1,927 8 7 1,905 - - - 1,891 8 6
Provision for doubtful debts (5) - - (1) (4) - - (8) (8) - - - - -
Bad Debts written off 16 8 - 2 6 - - 9 5 - 1 3 - -
Provisions (other than taxation)
(a) For diminution in the value of investments (net) 1,567 1,567 - - - - - (422) (422) - - - - -
(b) Others - - - - - - - - - - - - - -
TOTAL (B) 50,157 31,278 172 5,048 13,603 26 30 36,327 19,562 280 3,317 13,118 25 25
BENEFIT PAID (Net) 136,078 51,627 663 5,819 77,549 273 147 111,597 47,887 1,605 6,960 54,478 368 299
Interim & Terminal bonuses paid 76 76 - - - - - 119 119 - - - - -
Change in valuation of liability in respect of life policies
(a) Gross 118,134 103,841 2,213 12,312 (261) 26 3 113,672 97,944 2,480 13,242 6 1 (1)
(b) Amount ceded in Re-insurance 2,882 460 - 2,422 - - - 87 36 - 51 - - -
(c) Amount accepted in Re-insurance - - - - - - - - - - - - - -
(d) Fund Reserve for Linked Policies (15,991) - - - (16,765) (239) 1,013 58,934 - - - 58,139 152 643
(e) Fund for Discontinued Policies (1,999) - - - (1,999) - - 3,264 - - - 3,264 - -
TOTAL (C) 239,180 156,004 2,876 20,553 58,524 60 1,163 287,673 145,986 4,085 20,253 115,887 521 941
SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) 16,532 17,027 145 947 (1,618) 19 12 13,058 18,829 170 (3,597) (2,404) 42 18
Provision for taxation - Tax charge 2,600 2,600 - - - - - 2,317 2,317 - - - - -
Surplus / (Deficit) after Tax 13,932 14,427 145 947 (1,618) 19 12 10,741 16,512 170 (3,597) (2,404) 42 18
APPROPRIATIONS
Transfer to Shareholders' account 8,111 8,606 145 947 (1,618) 19 12 5,881 11,652 170 (3,597) (2,404) 42 18
Transfer to Balance Sheet being "Deficit in Revenue Account
- - - - - - - - - - - - - -
(Policyholders' Account)"
Transfer to other reserves - - - - - - - - - - - - - -
Balance being funds for future appropriations 5,821 5,821 - - - - - 4,860 4,860 - - - - -
Total (D) 13,932 14,427 145 947 (1,618) 19 12 10,741 16,512 170 (3,597) (2,404) 42 18

EXPLANATORY NOTE TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED MARCH 31, 2023
1 The above financial statements are reviewed by the Audit Committee on April 27, 2023 and approved by the Board of Directors at the meeting held on April 27, 2023.
2 The disclosure is made with and as per the IRDAI Circular No. IRDAI/F&A/CIR/MISC/256/09/2021 dated September 30, 2021 and classifications thereon.
3 During the year Ageas Insurance International NV, one of the promoters of the Company purchased 25% holding (entire stake) of IDBI Bank and have increased their shareholding in the Company from 49% to 74% and consequently, the Company has became the subsidiary
of Ageas Insurance International NV effective from September 21, 2022.
Place: Mumbai Vighnesh Shahane Shivank Chandra Mathivanan B
Date: 27 April, 2023 Managing Director & Chief Executive Officer Appointed Actuary Chief Financial Officer

This PDF was uploade To Telegram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 .l
MUMBAI | SATURDAY, 20 MAY 2023 5 <

PUBLIC NOTICE SKY GOLD LIMITED

Notice is hereby given on behalf of my client viz. Mr. Nasruddin Badshah Sayyed is CIN NO. L36911MH2008PLC181989
the owner of Room No. 304, area adm 225 Sq. Mtrs. in the Building No. 14 in the Regd. Office : Gala no 101,102,103, 1st Floor, Raja Indl Estate, Sarvoday Nagar, Jain Mandir Road,
Society known as “JAI MAHARASHTRA CHSL”, constructed on the Land bearing
C.T.S. Nos. 2B/40 lying, being & situate at Village – Mankhurd, Taluka – Kurla, Mulund (West) Mumbai City 400080.
District – Mumbai Suburban and further intended to mortgage the captioned flat with Statement of Audited Standalone Financial Results For the Quarter and Financial Year ended March 31, 2023
Piramal Capital and Housing Finance Limited. (Rs. In Lacs)
Whereas previously the captioned Flat was allotted by MMRDA to Rashida Sayyed Sr. Quarter Quarter Quarter Year Year
Basha vide Allotment Letter dated 04/03/2005, in lieu of her old hutment acquired by No. Particulars ended ended ended ended ended
MMRDA. (31/03/2023) (31/12/2022) (31/03/2022) (31/03/2023) (31/03/2022)
Whereas, Rashida Sayyed Basha died on 11/10/2020 leaving behind 1. Jilani Sayyed (Audited) (Unaudited) (Audited) (Audited) (Audited)
Basha, 2. Nuri Begum Shaikh, 3. Shahin Khan & 4. Nasruddin Badshah Sayyed as her
legal heirs. 1 Total Income from operations 26,991.89 26,743.38 21,772.43 115,380.07 78,570.20
Whereas, Jilani Sayyed Basha, Nuri Begum Shaikh and Shahin Khan issued NOC on 2 Net Profit/(Loss) for the period
05/01/2023 to the society stating that they do not have any objection to transfer the (before tax, Exceptional and/or Extraordinary items) 789.91 881.25 479.95 2,503.22 2,171.15
share certificate of the flat in favour of Nasruddin Badshaha Sayyed and the said
Society has transferred Society Share Certificate No. 115 to Nasruddin Badshaha 3 Net Profit/(Loss) for the period before tax
Sayyed on 09/10/2023. (after Exceptional and/or Extraordinary Items) 789.91 881.25 479.95 2,503.22 2,171.15
If any person / anybody is having legal heirship, objection, claim, interest, dispute in 4 Net Profit/(Loss) for the period after tax
the above said property/Flat, he/she/they may call on Mobile No. 9890943555 or (after Exceptional and/or Extraordinary items) 608.04 634.48 389.15 1,860.88 1,695.11
contact the undersigned with the documentary proof substantiating his/her/their 5 Total Comprehensive Income for the period
objection/claims/details of disputes within 07 days from the date of this publication.
Failing which it shall be presumed that there is no claim over the said property. [Comprising Profit/(Loss) for the period (after tax) and
Sd/- Other Comprehensive Income (after tax)] 557.02 1,167.41 375.73 2,247.18 1,772.71
Dr. Suryakant Sambhu Bhosale (Advocate) 6 Paid up Equity Share Capital (Face value ` 10/-) 1,074.39 1,074.39 537.19 1,074.39 537.19
Office Address:- 301, 3rd Floor, Matoshree Bldg., Opp. Chintamani Jewellers, 7 Reserves 8,739.06 8,289.45 7,136.51 8,739.06 7,136.51
Jambhali Naka, Talaopali, Thane (West), Pin – 400 602. 8 Securities Premium Account 2,098.61 2,098.61 2,635.80 2,098.61 2,635.80
9 Net Worth 9,813.45 9,363.84 7,673.70 9,813.45 7,673.70
10 Outstanding Debt 14,592.64 12,791.26 9,127.17 14,592.64 9,127.17
11 Outstanding Redeemable Preference Shares - - - - -
12 Debt Equity Ratio 1.49 1.37 1.19 1.49 1.19
13 Earning Per Share (EPS) on Face Value ` 10/-
(a) Basic 5.66 5.91 3.62 17.32 15.78
(b) Diluted 5.66 5.91 3.62 17.32 15.78
14 Capital Redemption Reserve - - - - -
15 Debenture Redemption Reserve - - - - -
16 Debt Service Coverage Ratio 10.87 10.81 7.95 8.53 19.06
17 Interest Service Coverage Ratio 3.7 4.26 3.54 3.68 4.16
Notes:
(a) The above is an extract of the detailed format of Audited Standalone Financial Results filed with the Stock Exchanges under Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Audited Financial Results
are available on the websites of the Stock Exchanges NSE website (URL: https://www.nseindia.com), BSE Limited website (URL:
https://www.bseindia.com) and on the website of the Company (URL: https://www.skygold.in/).
(b) In compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the above Audited
standalone financial results for the quarter and Year ended March 31, 2023, have been reviewed by the Audit Committee and
subsequently approved by the Board of Directors at their meeting held on May 18, 2023, and have been subjected to review by the
statutory auditors of the Company.
Statement of Audited Consolidated Financial Results For the Quarter and Financial Year ended March 31, 2023
(Rs. In Lacs)
Sr. Quarter Quarter Quarter Year Year
No. Particulars ended ended ended ended ended
(31/03/2023) (31/12/2022) (31/03/2022) (31/03/2023) (31/03/2022)
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1 Total Income from operations 26,991.89 26,743.38 21,772.43 115,380.07 78,570.20
2 Net Profit/(Loss) for the period
(before tax, Exceptional and/or Extraordinary items) 789.91 881.25 479.95 2,503.22 2,171.15
3 Net Profit/(Loss) for the period before tax
(after Exceptional and/or Extraordinary Items) 789.91 881.25 479.95 2,503.22 2,171.15
4 Net Profit/(Loss) for the period after tax
(after Exceptional and/or Extraordinary items) 608.04 634.48 389.15 1,860.88 1,695.11
5 Total Comprehensive Income for the period
[Comprising Profit/(Loss) for the period (after tax) and
Other Comprehensive Income (after tax)] 557.02 1,167.41 375.73 2,247.18 1,772.71
6 Paid up Equity Share Capital (Face value ` 10/-) 1,074.39 1,074.39 537.19 1,074.39 537.19
7 Reserves 8,739.06 8,289.45 7,136.51 8,739.06 7,136.51
8 Securities Premium Account 2,098.61 2,098.61 2,635.80 2,098.61 2,635.80
9 Net Worth 9,813.45 9,363.84 7,673.70 9,813.45 7,673.70
10 Outstanding Debt 14,592.64 12,791.26 9,127.17 14,592.64 9,127.17
11 Outstanding Redeemable Preference Shares - - - - -
12 Debt Equity Ratio 1.49 1.37 1.19 1.49 1.19
13 Earning Per Share (EPS) on Face Value ` 10/-
(a) Basic 5.66 5.91 3.62 17.32 15.78
(b) Diluted 5.66 5.91 3.62 17.32 15.78
14 Capital Redemption Reserve - - - - -
15 Debenture Redemption Reserve - - - - -
16 Debt Service Coverage Ratio 10.87 10.81 7.95 8.53 19.06
17 Interest Service Coverage Ratio 3.7 4.26 3.54 3.68 4.16
Notes:
(a) The above is an extract of the detailed format of Audited Consolidated Financial Results filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Audited Financial
Results are available on the websites of the Stock Exchanges NSE website (URL: https://www.nseindia.com), BSE Limited website
(URL: https://www.bseindia.com) and on the website of the Company (URL: https://www.skygold.in/).
(b) In compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the above Audited
Consolidated financial results for the quarter and Year ended March 31, 2023, have been reviewed by the Audit Committee and
DAHISAR BRANCH : Suyog Apartment, Laxman Mhatre Road, Navagaon, subsequently approved by the Board of Directors at their meeting held on May 18, 2023, and have been subjected to review by the
Dahisar (West), Mumbai - 400068. statutory auditors of the Company. For and on behalf of the Board
POSSESSION NOTICE Sd/-
Whereas the undersigned being the Authorized Officer of Bank of India, Dahisar Branch, Mangesh Ramesh Chauhan
under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Place : Mumbai Managing Director & CFO
Interest Act, 2002 and in exercise of powers conferred under section 13(12) read with rules [rule Date : May 19, 2023 DIN No: 02138048
3] of the Security Interest (Enforcement) Rules, 2002 issued a Demand Notice dated 13.10.2021
calling upon the borrower Mr. Ganesh Harishchandra Salvo and Mr. Harishchandra
Pandurang Salvi to repay the amount mentioned in the notice being Rs. 12,92,711.72 (Rupees
Twelve Lakhs Ninety Two Thousand Seven Hundred Eleven And Paise Seventy Two Only)
plus interest thereon within 60 days from the date of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower,
guarantors 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 section (4) of section
13 of the said Act read with rules 8 of the Security Interest Enforcement Rules, 2002 on this
16th Day of May 2023.
The borrower in particular and the public in general are hereby cautioned not to deal with the
property and any dealings with the properties will be subject to the charge of Bank of India,
Dahisar Branch for present amount of Rs. 12,56,282.72 (Rupees Twelve Lakhs Fifty Six
Thousand Two Hundred Eighty Two And Paise Seventy Two Only) plus interest thereon.,
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the said Act,
in respect of time available, to redeem the secured assets.
Description of Immovable Property:
All that Part and Parcel of Flat No. 302, 3rd Floor, A Wing, Siddharth Avenue Building, Palghar,
Boisar Road, Palghar West, Palghar- 401404, Maharastra. Bounded By : In the North :
Prathmesh Avenue, In the South : Open Plot, In the East : B Wing, In the West : Open Plot. PUBLIC NOTICE
Date : 16.05.2023 Sd/-
Place : Palghar Boisar Road (Sribhagwan Gupta) Authorized Officer This is to inform the Public that Auction of pledged Gold Ornaments will be conducted by SBFC Finance Ltd. On
27.05.2023 at 10.30 AM at SBFC Finance Ltd .
The Gold Ornaments to be auctioned belong to Loan Accounts of our various Customers who have failed to pay
their dues. Our notices of auction have been duly issued to these borrowers.
DAHISAR BRANCH : Suyog Apartment, Laxman Mhatre Road, Navagaon, The Gold Ornaments to be auctioned belong to Overdue Loan Accounts of our various customers mentioned
Dahisar (West), Mumbai - 400068.
POSSESSION NOTICE below with branch name.
Whereas the undersigned being the Authorized Officer of Bank of India, Dahisar Branch,
under the Securitization and Reconstruction of Financial Assets and Enforcement of Security
Sakinaka Branch Auction will be conducted on 27.05.2023 at 10.30 am at SBFC Finance Limited, Branch
Interest Act, 2002 and in exercise of powers conferred under section 13(12) read with rules [rule
3] of the Security Interest (Enforcement) Rules, 2002 issued a Demand Notice dated 13.12.2021
Address : 25, Sagar Pallazio, Sakinaka Junction, Andheri Kurla Road, Andheri (E), Mumbai-400072
calling upon the Borrower Mr. Ravindra Kutty Shetty and Mrs. Prathima Ravindra Shetty Branch: MUMBAI, AP00018719,AP00044640,AP00167202,AP00170750,AP00326984,AP00327196,
to repay the amount mentioned in the notice being Rs.16,94,176.18 (Rupees Sixteen Lacs
Ninety Four Thousand One Hundred Seventy Six And Paise Eighteen Only) plus interest AP00328559, AP00332041,AP00334757,AP00356238,AP00379374,AP00386409, Ap00407530,
thereon within 60 days from the date of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower, AP00415178, Ap00448151, AP00502923,AP00510983,AP00511740,AP00511806, Ap00512211,
guarantors 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 section (4) of AP00528431
section 13 of the said Act read with rules 8 of the Security Interest Enforcement Rules, 2002 on
this16th Day of May 2023. Vashi Branch Auction will be conducted on 27.05.2023 at 10.30 am at SBFC Finance Limited, Branch
The borrower in particular and the public in general are hereby cautioned not to deal with the
property and any dealings with the properties will be subject to the charge of Bank of India, Address : F-2 / A-4, Aditi Apartment, Sec-9, Near Motimala Jeweler, Vashi, Navi Mumbai, 400703
Dahisar Branch for an amount of being Rs.15,72,917.03 (Rupees Fifteen Lacs Seventy Two
Thousand Nine Hundred Seventeen And Paise Three Only) interest thereon., Branch: THANE,AP00014285,AP00019028,AP00038991,AP00039886,AP00045068,AP00063043,
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the said Act,
in respect of time available, to redeem the secured assets. AP00066779,AP00074309,AP00083509,AP00117489,AP00117606,AP00123244,AP00147901,
Description of Immovable Property:
All that Part and Parcel of Flat No. 202, 2nd Floor, Bldg. No. B-3, Mira Sangeet CHSL, MIG AP00159837,AP00164395,AP00167473,AP00175282,AP00188959,AP00191862,AP00193389,
Complex, Opp. S. K. Stone, Police Compound, Near Poonam Garden, Mira Bhayander Road,
Mira Road East Thane 401107. Maharastra. Bounded By : In the North : Mira Arpan Bldg., In AP00195886,AP00197345,AP00198435,AP00199316,AP00200758,AP00206482,AP00277101,
the South : Poonam Garden, In the East : Church, In the West : Internal Road.
Date : 16.05.2023 Sd/- AP00277937,AP00315092,AP00320506,AP00322725,AP00327894,AP00329440,AP00338874,
Place : Palghar Boisar Road (Sribhagwan Gupta) Authorized Officer
AP00340339,AP00345885,AP00346031,AP00351830,AP00353750,AP00354484,AP00354756,
  
   AP00354933,AP00355788,AP00355826,AP00356591,AP00359895,AP00363842,AP00364612,
(formerly known as Edelweiss Housing Finance Limited)
Regd Office: 5th Floor,Tower 3, Wing B, Kohinoor City Mall, Kohinoor City,Kirol Road, Kurla(W), Mumbai-4000 70 AP00370717,AP00378245,AP00378264,AP00383917,AP00384689,AP00384690,AP00391152,
E-AUCTION – STATUTORY 15 DAYS SALE NOTICE
Sale by E-Auction under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and The Security Interest (Enforcement) Rules, 2002. AP00392205,AP00392610,AP00397708,AP00407232,AP00408129,AP00409704,AP00410454,
Notice is hereby given to public in general and in particular to borrower and guarantor that below mentioned property will be sold on on “As is where is “, “As is what is” and “Whatever there
is” for the recovery of amount as mentioned in appended table till the recovery of loan dues. The said property is mortgaged to M/s Nido Home Finance Limited (formerly known as Edelweiss AP00413093,AP00413110,AP00413588,AP00414537,AP00414813,AP00414817,AP00418116,
Housing Finance Limited) for the loan availed by Borrower(s), Co borrower(s) and Guarantor(s). The secured creditor is having physical possession of the below mentioned Secured Asset.
Sl. Name of Borrower(s)/Co Amount of Recovery Reserve Price and EMD
Date & Time of the Date & Time of Physical AP00420727,AP00420851,AP00421671,AP00422152,AP00422625,AP00425671,AP00426856,
No. Borrower(s)/ Guarantor(s) Auction the Inspection Possession date
1 Vipul Sadanand Rs.23,59,976.53/-(Rupees Twenty Three Lakhs Rs.18,99,167/-(Rupees Eighteen LakhsNinety 13-06-2023 Between
27-05-2023
AP00431320,AP00438391,AP00438468,AP00440085,AP00440504,AP00446741,AP00447051,
Nine Thousand One Hundred Sixty Seven 11.am to 12 Noon
Kutty (Borrower) & Fifty Nine ThousandNineHundred Seventy
Sadanand Krishnan Sixand Fifty ThreePaisaOnly) under LAN No. Only).Earnest Money Deposit Rs.1,89,917/- (With 5 Minutes between 11.00 11-01-2023 AP00447632,AP00448884,AP00451462,AP00454911,AP00457149,AP00458647,AP00458650,
LMUMSTH0000089568as on 17/05/2023 + fur- (Rupees One LakhsEighty NineThousand Nine Unlimited Auto am to 3.00 pm
Kutty (Co-borrower)
ther Interest thereon + Legal Expenses Hundred Seventeen Only) Extensions)
Description Of The Secured Asset: All that piece and parcel of Flat No.604, on 6th Floor, “B” Wing in the building known as “SHRUTIKA COMPLEX” having area about 453 Sq.ft Carpet Area =to
AP00466668,AP00467067,AP00467392,AP00470757,AP00471618,AP00475849,AP00476907,
42.10 Sq.Metrs at Survey No.7, Hissa No.1, Admeasuring area 0H-60R-0P out of saleable area 0H-42R-5P Asst 0.36, Village- Kharval, Tal. Ambernath, Dist- Thane, within the limits of Kulgaon-
Badlapur Municipal Council, Kulgaon and Bounded as under On or Toward the East: Survey No.3 On or Towards the West: Survey No.7 On or Towards the South: Juveli Border On or Towards
AP00478075,AP00481682,AP00486522,AP00487096,AP00487256,AP00493653,AP00493831,
the North: Survey No.7.
Note:- 1) The auction sale will be conducted online through the website https://sarfaesi.auctiontiger.net and Only those bidders holding valid Email, ID PROOF & PHOTO PROOF, PAN CARD
AP00493896,AP00495269,AP00496034,AP00496910,AP00498058,AP00501868,AP00502019,
and have duly remitted payment of EMD through DEMAND DRAFT/ NEFT/RTGS shall be eligible to participate in this “online e-Auction”.
2) The intending bidders have to submit their EMD by way of remittance by DEMAND DRAFT / RTGS/NEFT to:
AP00503703,AP00505169,AP00506765,AP00510613,AP00510847,AP00512007,AP00512108,
Beneficiary Name: EDELWEISS HOUSING FINANCE LIMITED,
Bank: STATE BANK OF INDIA, Account No.65226845199, SARFAESI- Auction, EDELWEISS HOUSING FINANCE LIMITED, IFSC code: SBIN0001593. AP00512126,AP00513767,AP00519957,AP00526895,AP00538962,AP00539401
3) Last date for submission of online application BID form along with EMD is 12-06-2023.
4) For detailed terms and condition of the sale, please visit the website https://sarfaesi.auctiontiger.net or Pleasecontact Mr. Maulik Shrimali Ph. +91- 6351896643/9173528727, Help Line For more details, please contact SBFC FINANCE LIMITED Contact Number(s): 1800-102-80 12 (SBFC
e-mail ID: Support@auctiontiger.net.
Mobile No. 9768746624/9167026816 Sd/- Authorized Officer FINANCE LIMITED reserves the right to alter the number of accounts to be auctioned &/ postpone/
Date: 20-05-2023 Nido Home Finance Limited
(formerly known as Edelweiss Housing Finance Limited) cancel the auction without any prior notice.)
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 6
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MUMBAI | SATURDAY, 20 MAY 2023 1
JANAKALYAN SAHAKARI BANK LTD. GANARAJ SAHAKARI PATSANSTHA MARYADIT, MUMBAI
VIVEK DARSHAN, 140, SINDHI SOC.CHEMBUR, MUMBAI 400 071. Admin. Office : New B.D.D. Chawl No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon,
022- 25264130/ 25264131 / 25264137 Mob. No. 8108066255/7039004202 Dadar (East), Mumbai - 400 014. Tel.No. : 24162462
mrrajak@jksbl.com arsingh@jksbl.com PUBLIC AUCTION SALE OF MOVABLE / IMMOVABLE PROPERTY
POSSESSION NOTICE (Under Section 156 of Maharashtra Co-operative Societies Act, 1960 and Rule 107 of
Maharashtra Co-operative Societies Rules, 1961)
Whereas O.W.No. Ganaraj/Seized-Possession/157/2023-24 Date: 20/05/2023
The undersigned being the Authorised Officer of The Janakalyan Sahakari Bank Ltd. under the Securitisation and Whereas, Ganaraj Sahakari Patsanstha Maryadit Mumbai having it's at Admin. Office : New B.D.D. Chawl
Reconstruction of Financial Assets and Enforcement of Security Interest (second) Ordinance, 2002 (Ord. 3 of 2002) and No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon, Dadar (East), Mumbai - 400 014 have obtained
in exercise of powers conferred under Section 13(12) read with Rule 9 of the Security Interest (Enforcement) Rules, 2002 recovery certificate under section 101 of Maharashtra Co-op. Societies Act, 1960 against the outstanding
issued Demand Notices to the borrowers/Mortgagors/ Guarantors calling upon the borrowers to repay the amount dues mentioned herein and have duly serviced demand notice and notice of attachment on them. Since
mentioned in the notice within 60 days from the date of receipt of the said notice. borrowers failed to comply with the demand and have not paid their dues, Shri. B. N. Gaikwad, Special
The borrowers/Mortgagors/ Guarantors having failed to repay the amount, notice is hereby given to the borrowers, Recovery and Sales Officer announcing the sale of under mentioned property by auction on the date,
mortgagors guarantors and the public in general that the undersigned has taken symbolic possession of the property venue and time mentioned below under the powers conferred by Rule 107 and Section 156 of Maharashtra
described herein below in exercise of powers conferred on me under Section 13(4) of the said Ordinance read with rule 8 Co-op. Societies Act, 1960.
of the said Rule on 17.05.2023. Borrower/Guarantor Resi. Address : Smt. Shruti Sandip Singasane, A-501, Malwani Savli Hsg.
Society, Plot No. 1, Samta Complex, Malad, Mumbai-400095.
Name of Borrower Date of Demand Date of Description of Property Amount claimed Recovery Certificate No. and Amount : CC(P.S.)/101/1311/2017 Claim No. 395/17, Dtd. 11.09.2017 -
& Guarantors Notice Possession in demand Notice. Rs.29,62,249/- alongwith interest @16% P.A. recovery cost and other charges from 01.05.2017 thereon.
Mr. Nandlal Baldev 03.02.2023 17.05.2023 Flat No. E/1/109, Building No.2, Malvani, Rs.12,90,741.00 Description of Property : Office No. 701, Thakkar Towers, Plot No. 86, Sector No. 17, Vashi, Navi
Mumbai-400703.
Awatarmani Malad (West), Mumbai - 400 095
Details of Property to be sold auction are as under :-
M/s. Masterji & Co. 18.11.2022 17.05.2023 Chandresh Niwas, Plot bearing Gut No. Rs. 15,08,889.00
Name and Address of Borrower/ Details of Property Reserve Earnest Money
137, Survey No. 837, Hissa No. 1 (PT) Guarantor/ Owner of Property Price Rs. Deposit Rs.
(C/O Chief Engineer/Commercial, Patiala, Ph.No.0175-2214495) Hiranwadi, Village Mahim, Taluka -
Corporate Identity No. 440109PB2010SGC033813 Website:www.pspcl.in Palghar, Dist. Palghar Smt. Shruti Sandip Singasane Office No. 701, Thakkar Towers, Rs. Rs.
(Regd. Office: PSEB Head Office, The Mall, Patiala - 147001) Plot No. 86, Sector No. 17, Vashi, 1,07,80,000/- 1,00,000/-
The borrowers, guarantors in particular and the public in general are hereby cautioned not to deal with the above Navi Mumbai-400703.
email: ce-commercial@papelin sereaviationmal.com
sesalestwo@gmail.com Website:www.pspel.in mentioned property and any dealing with the property will be subject to the charge of the Janakalyan Sahakari Bank Builtup 314 Sq.Ft.
Ltd for an amount in below and interest thereon as mentioned in the demand notice. Salebale 392 Sq.Ft.
Expression of Interest
Date: 20.05.2023 FOR JANAKALYAN SAHAKARI BANK LTD Place of Auction : Ganaraj Sahakari Patsanstha Maryadit Mumbai having it's at Admin. Office : New B.D.D.
Chief Engineer/ Commercial, PSPCL invites Expression of Interest (EOI) from Place: Mumbai Sd/- Chawl No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon, Dadar (East), Mumbai - 400 014
interested parties for proposal regarding offering HT/LT Poles of PSPCL on hiring M. R. RAJAK Date of Auction : 20/06/2023 Time of Auction : 11.00 AM
basis for putting up of Advertisements. Brief detail of the scheme is available at our Authorised Officer Notes:-
website www.pspel.in. The EOI may be submitted on or before 06-06-2023 in this 1. Terms and conditions of auction and blank tender form can be obtained from 22/05/2023 upto 17/06/2023
office. The copy of the EOI must be sent on email: ce-commercial@pspcl.in on or (excluding Second, Fourth Saturday, Sunday and Official Holidays) in office hours between 11.00 A.M.
before 06-06-2023. Office of the Executive Engineer to 4.00 P.M. in the Loan Recovery Dept. in Head Office of Society.
2. The inspection of the property to be auctioned can be availed on 05/06/2023 upto 11.00 A.M. to 4.00 P.M.
Note:- Corrigendum and addendum, if any will only be published on official website Drinking Water
Water and Sanitation Division, Latehar 3. Last date of submitting sealed tenders is 17/06/2023 upto 11.00 A.M. to 4.00 P.M.
of PSPCL: www.pspel.in 4. Special Recovery and Sales Officer reserves the right of canceling or postponing auction.
Chief Engineer Commercial, E-Procurement Tender Notice 5. In the event of no participation in the auction sale of immovable property mentioned herein the rights are
PSPCL, Paitala. Tender Reference No. DWSD/LTR/SVS-15/2022-23 (2nd Call) Date – 19.05.2023 reserved to incorporate said property in Ganaraj Sahakari Patsanstha Maryadit Mumbai or resale it under
76155/12/1687/2023/24213 C 262/23 Rule 85 of Rules, 1961 and section 100 or Maharashtra Co-operative Societies Act, 1960.
01 Name of Department ;- Drinking Water & Sanitation Department. Jharkhand 6. Tender form and conditions, for condition form Rs. 1000/- will be levied on a non-refundable basis.
02 Date & Time of Tender uploading in Web site ;- 22.05.2023 at 04.00 P.M Said Public Notice is being published under my Signature and Seal on 20/05/2023
03 Last date of Receipt of Bid ;- 29.05.2023 05.00 P.M
04 Last date of Submission Cost of BoQ and Earnest Money ;-30.05.2023 at 05.00 P.M Sd/-
1. Executive Engineer D W & S Div Latehar Seal B. N. GAIKWAD
2. Suprintending Engineer D W & S Circle Medininagar (Special Recovery And Sales Officer)
3. RCE D W & S Dept Ranchi Zone Ranchi
05 Date of Opening Tender ;- 31.05.2023 at 03.30 P.M
06 Name & Address of Tender Inviting Authority ;- Executive Engineer D W & S Div Latehar
07 Contact No of Procurement Office ;- 9430725642 & 6201242103
Detail of work;-
Sl No of No of Estimated Earnest Cost of Time of
Name of work Group No
No Scheme FHTC Cost Money Boq Completion
01 Construction of SVS Chetar 28 428 21006556.00 421000.00 10000.00 03 month
Rural Water
Supply For SVS
under JJM in
different Village
of Latehar SVS
02 20 301 14677840.00 294000.00 10000.00 03 month
District with Turhamu
FHTC work
under D W & S
Div latehar for
FY 2022-23
1. Estimated Cost & EMD coat may Be Changed
2. Further details can be seen on website http://jharkhandtender.gov.in
3. Only Registerd Contractor in this Department in (Appropritate Class) Participate in said Tender.
Executive Engineer
PR 297799 Drinking Water and Sanitation(23-24).D D.W & S Division Latehar

GANARAJ SAHAKARI PATSANSTHA MARYADIT, MUMBAI

Admin. Office : New B.D.D. Chawl No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon,
Dadar (East), Mumbai - 400 014. Tel.No. : 24162462
PUBLIC AUCTION SALE OF MOVABLE / IMMOVABLE PROPERTY
(Under Section 156 of Maharashtra Co-operative Societies Act, 1960 and Rule 107 of
Maharashtra Co-operative Societies Rules, 1961)
O.W.No. Ganaraj/Seized-Possession/156/2023-24 Date: 20/05/2023
Whereas, Ganaraj Sahakari Patsanstha Maryadit Mumbai having it's at Admin. Office : New B.D.D. Chawl
No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon, Dadar (East), Mumbai - 400 014 have obtained
recovery certificate under section 101 of Maharashtra Co-op. Societies Act, 1960 against the outstanding
dues mentioned herein and have duly serviced demand notice and notice of attachment on them. Since
borrowers failed to comply with the demand and have not paid their dues, Shri. B. N. Gaikwad, Special
Recovery and Sales Officer announcing the sale of under mentioned property by auction on the date,
venue and time mentioned below under the powers conferred by Rule 107 and Section 156 of Maharashtra
Co-op. Societies Act, 1960.
Borrower/Guarantor Resi. Address : Shri. Sandip Rajaram Singasane, A-501, Malwani Savli Hsg.
Society, Plot No. 1, Samta Complex, Malad, Mumbai-400095.
Recovery Certificate No. and Amount : CC(P.S.)/101/1312/2017 Claim No. 396/17, Dtd. 11.09.2017 -
Rs.29,61,797/- alongwith interest @16% P.A. recovery cost and other charges from 01.05.2017 thereon.
Description of Property : Office No. 701, Thakkar Towers, Plot No. 86, Sector No. 17, Vashi, Navi
Mumbai-400703.
Details of Property to be sold auction are as under :-
Name and Address of Borrower/ Details of Property Reserve Earnest Money
Guarantor/ Owner of Property Price Rs. Deposit Rs.
Shri. Sandip Rajaram Office No. 701, Thakkar Towers, Rs. Rs.
Singasane Plot No. 86, Sector No. 17, Vashi, 1,07,80,000/- 1,00,000/-
Navi Mumbai-400703.
Builtup 314 Sq.Ft.
Salebale 392 Sq.Ft.
Place of Auction : Ganaraj Sahakari Patsanstha Maryadit Mumbai having it's at Admin. Office : New B.D.D.
Chawl No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon, Dadar (East), Mumbai - 400 014
Date of Auction : 20/06/2023 Time of Auction : 11.00 AM
Notes:-
1. Terms and conditions of auction and blank tender form can be obtained from 22/05/2023 upto 17/06/2023
(excluding Second, Fourth Saturday, Sunday and Official Holidays) in office hours between 11.00 A.M.
to 4.00 P.M. in the Loan Recovery Dept. in Head Office of Society.
2. The inspection of the property to be auctioned can be availed on 05/06/2023 upto 11.00 A.M. to 4.00 P.M.
3. Last date of submitting sealed tenders is 17/06/2023 upto 11.00 A.M. to 4.00 P.M.
4. Special Recovery and Sales Officer reserves the right of canceling or postponing auction.
5. In the event of no participation in the auction sale of immovable property mentioned herein the rights are
reserved to incorporate said property in Ganaraj Sahakari Patsanstha Maryadit Mumbai or resale it under
Rule 85 of Rules, 1961 and section 100 or Maharashtra Co-operative Societies Act, 1960.
6. Tender form and conditions, for condition form Rs. 1000/- will be levied on a non-refundable basis.
Said Public Notice is being published under my Signature and Seal on 20/05/2023
Sd/-
Seal B. N. GAIKWAD
(Special Recovery And Sales Officer)

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 .l
MUMBAI | SATURDAY, 20 MAY 2023
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op. Bank Building, 2nd floor, P. L. Kale Guruji Marg, Dadar (W), Mumbai-400028.
No.DDR-4/Mum./deemed conveyance/Notice/1267/2023 Date: 15/05/2023
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of
construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 106 of 2023
Shaktinagar Swami CHS Ltd., Through its Secretary/ Chairman, and having its address
at Shaktinagar, Chhatrapati Shivaji Complex Road No. 6, Dahisar (East), Mumbai -
400068, Applicant Versus 1) Shaktinagar Association, 2) M Roy, 3) J N Visvas 4) B M
Dubey, 5) K M Parvatima, 6) Bhanuprasad S Thakur, 7) Kuwarji Umarshi Hansora, 8)
Chhogibadsingh Gurubaksh Singh, 9) Umapad Bhupatinath Ghosal, 10) Harbindsingh
Lalsingh, 11) Devjibhai Jayrajbhai Umraliya, 12) Mithubhai Kanji Makwana, 13)
Rajendranath Bholanath Gautam, 14) Narendra Sohanlal Bhovar, 15) Dayaram
Amirasidh Guleria, 16) Kuldeepaksingh Birbalsingh Guleria, 17) Subashchandra C
Sharma, 18) Shanti Mukund Mandal, 19) Chaganlal Narayandas Surti, 20) Dwarkadas
Kanji Thakkar, 21) Shamsundar Shivlal Yadav, 22) Chimanlal Dayabhai Rathod, 23)
Ishwarbhai Kanjibhai Patel, 24) Fakirchand Bedi, 25) Shakuntala Gyandev Narkhade,
26) Mangalji Vajabhuj Bhanushali, 27) Jagjeevan Jijabhai Kothariya, 28) Jivanji
Hansaji Waghela, 29) Vinod Dayabhai Kothariya, 30) Jeevanbhai Devjibhai Kosambia,
31) Maneklal Khushalbhai Gohil, 32) Haji Ali Muhammad, 33) Central Bank Of India,
Employees Swedit CHSL, All having last Known Address at: on land bearing Survey No.
318, Hissa No. 4/1/1, 4/A/1, 4/B, 4/B/1, 4/B/(P),CTS No. 1403/40, 1403/41, of Village:
Dahisar, Taluka- Borivali, Mumbai-400068, 34) Mr. Gopal Vijay Raghavan and others,
Last Known Address at: on land bearing Survey No. 318, Hissa No. 4/1/1, 4/A/1, 4/B,
4/B/1, 4/B/(P), CTS No. 1403/40, 1403/41, of Village: Dahisar, Taluka- Borivali, Mumbai -
400068, 35) M/s. Vishal Developers, A Partnership firm Through its partner A) Sahayog
Development Corporation, B) Shri Vinod Thakkar, Last known Address at: Rolex
House, S.V. Road, Near Police station, Malad (West), Mumbai- 400064, 36) Additional
Collector - Mumbai Suburban (ULC), Having address at 5th Floor, administrative Building,
Near Chetna College, Government Colony, Bandra (East), Mumbai, Maharashtra - 400
051....Opponents, and those, whose interests have been vested in the said property may
submit their say at the time of hearing at the venue mentioned above. Failure to submit any
say shall be presumed that nobody has any objection in this regard and further action will
be taken accordingly.
Description of the Property :-
Claimed Area
Unilateral conveyance of Plot No. 41 admeasuring 407 sq. mtrs., and Plot No. 42
admeasuring 346.50 sq. mtrs., along with conveyance of the building namely Shaktinagar
Swami Co-operative Housing Society Ltd., situated at Shaktinagar, Chhatrapati Shivaji
Complex Road No. 6, Dahisar (East), Mumbai-400068 on land bearing Survey No. 318,
Hissa No. 4/1/1, 4/A/1, 4/B, 4/B/1, 4/B/(P), corresponding to CTS No. 1403/40, 1403/41
of Village: Dahisar, Taluka- Borivali together known as Suit Premises in favor of the
Applicant Society.
The hearing in the above address case has been fixed on 06/06/2023 at 02:00 p.m.
Sd/-
District Deputy Registrar,
SEAL Co-operative Societies, Mumbai City (4)
Competent Authority
U/s 5A of the MOFA, 1963.
GANARAJ SAHAKARI PATSANSTHA MARYADIT, MUMBAI
Admin. Office : New B.D.D. Chawl No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon,
Dadar (East), Mumbai - 400 014. Tel.No. : 24162462
PUBLIC AUCTION SALE OF MOVABLE / IMMOVABLE PROPERTY
(Under Section 156 of Maharashtra Co-operative Societies Act, 1960 and Rule 107 of
Maharashtra Co-operative Societies Rules, 1961)
O.W.No. Ganaraj/Seized-Possession/158/2023-24 Date: 20/05/2023
Whereas, Ganaraj Sahakari Patsanstha Maryadit Mumbai having it's at Admin. Office : New B.D.D. Chawl
No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon, Dadar (East), Mumbai - 400 014 have obtained
recovery certificate under section 101 of Maharashtra Co-op. Societies Act, 1960 against the outstanding
dues mentioned herein and have duly serviced demand notice and notice of attachment on them. Since
borrowers failed to comply with the demand and have not paid their dues, Shri. B. N. Gaikwad, Special
Recovery and Sales Officer announcing the sale of under mentioned property by auction on the date,
venue and time mentioned below under the powers conferred by Rule 107 and Section 156 of Maharashtra
Co-op. Societies Act, 1960.
Borrower/Guarantor Resi. Address : Shri. Samir Dattatray Zemse, Dattatray Zemse, Near Datta
Mandir, Dev Ali Pen, Raigad, Maharashtra-402107
Recovery Certificate No. and Amount : CC(P.S.)/101/1313/2017 Claim No. 397/17, Dtd. 11.09.2017 -
Rs.29,61,797/- alongwith interest @16% P.A. recovery cost and other charges from 01.05.2017 thereon.
Description of Property : Office No. 701, Thakkar Towers, Plot No. 86, Sector No. 17, Vashi, Navi
Mumbai-400703.
Details of Property to be sold auction are as under :-
Name and Address of Borrower/ Details of Property Reserve Earnest Money
Guarantor/ Owner of Property Price Rs. Deposit Rs.
Shri. Samir Dattatray Zemse Office No. 701, Thakkar Towers, Rs.
Plot No. 86, Sector No. 17, Vashi, 1,07,80,000/- 1,00,000/-
Navi Mumbai-400703.
Builtup 314 Sq.Ft.
Salebale 392 Sq.Ft.
Place of Auction : Ganaraj Sahakari Patsanstha Maryadit Mumbai having it's at Admin. Office : New B.D.D.
Chawl No.1, Shop No. 1,2,3, B.J. Devrukhkar Marg, Naigaon, Dadar (East), Mumbai - 400 014
Date of Auction : 20/06/2023 Time of Auction : 11.00 AM
Notes:-
1. Terms and conditions of auction and blank tender form can be obtained from 22/05/2023 upto 17/06/2023
(excluding Second, Fourth Saturday, Sunday and Official Holidays) in office hours between 11.00 A.M.
to 4.00 P.M. in the Loan Recovery Dept. in Head Office of Society.
2. The inspection of the property to be auctioned can be availed on 05/06/2023 upto 11.00 A.M. to 4.00 P.M.
3. Last date of submitting sealed tenders is 17/06/2023 upto 11.00 A.M. to 4.00 P.M.
4. Special Recovery and Sales Officer reserves the right of canceling or postponing auction.
5. In the event of no participation in the auction sale of immovable property mentioned herein the rights are
reserved to incorporate said property in Ganaraj Sahakari Patsanstha Maryadit Mumbai or resale it under
Rule 85 of Rules, 1961 and section 100 or Maharashtra Co-operative Societies Act, 1960.
6. Tender form and conditions, for condition form Rs. 1000/- will be levied on a non-refundable basis.
Said Public Notice is being published under my Signature and Seal on 20/05/2023
Sd/-
Seal B. N. GAIKWAD
(Special Recovery And Sales Officer)
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7 <
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (3) District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Competent Authority Bhandari Co-op. Bank Building, 2nd floor, P. L. Kale Guruji Marg, Dadar (W), Mumbai-400028.
under section 5A of the Maharashtra Ownership Flats Act, 1963 No.DDR-4/Mum./deemed conveyance/Notice/1265/2023 Date: 15/05/2023
MHADA Building, Ground Floor, Room No. 69, Bandra (E), Mumbai-400051. Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of
construction, Sale, Management and Transfer) Act, 1963
No.DDR-3/Mum./deemed conveyance/Notice/1573/2023 Date: 19/05/2023
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of Public Notice
construction, Sale, Management and Transfer) Act, 1963 Application No. 105 of 2023
Public Notice Vasant Aradhana Tower Co-operative Housing Society Ltd., Through its Secretary/Chairman
Deemed Conveyance Application No. 42 of 2023 and having its address at Building No. 5, Mahavir Nagar, Panchsheel Enclave, Dahanukar Wadi,
Kandivali (West), Mumbai - 400 067, Applicant Versus 1) Smt. Juliana Monica Pereira, Last
Deepak Jyoti Daffodils Co-op.Hsg. Society Ltd., Having their address at The Chairman/ Known address: CTS No. 128/A/40, 128/A/40/1, 128/A/40/2, Village: Kandivali, Taluka Borivali,
Secretaty, Deepak Jyoti Daffodils CHSL.,Plot Z-3, Bhawani Nagar, Marol Maroshi Road, Mahavir Nagar, Panchsheel Enclave, Kandivali (West), Mumbai - 400 067, 2) Mr. Anthony Winin
Andheri (East), Mumbai - 400 059 (Through Mrs. Alifya Hakim Secretary)... (Applicant/s) Pereira, (Since Deceased), Through legal heirs a) Mrs. Melini Leo Pereira, b) Mrs. Aruna
Versus 1. M/s. Kapadia Developers Co-Op. Hsg. Soc.Ltd., Ground Floor, Building Chetan Bhatt, c) Mrs. Vinita Anne Rodrigues, d) Mr. Ashok Leo Pereira, e) Mr. Nikhil Keath
No.2, Plot No.16, Bhavani Nagar, Marol Maroshi Road, Andheri (E),Mumbai - 400 059 Pereira, f) Mr. Ravi Joseph Pereira, (Legal heirs of Mr. Anthony Winin Pereira), Having Last
2. M/s. Deepak Builders Private Limited B/709, Sagar tech Plaza, Andheri Kurla Road, Known address at : CTS No. 128/A/40, 128/A/40/1, 128/A/40/2, Village Kandivali, Taluka Borivali,
Sakinaka Junction, Andehri (East), Mumbai- 400 072 3. M/s. Jyoti Reality Plot No.68, Mahavir Nagar, Panchsheel Enclave, Kandivali (West), Mumbai - 400 067, 3) Rev. Father Joseph
Jyoti Dwelling, Dr. Charat Singh Colony, Chakala Link Road, Andheri (East), Mumbai- 400 Praxedes Pereira, 4) Miss. Laura Mary Pereira, 5) Mrs. Mary Pilomina Rodrigues, Having
093...Opponents, and those, whose interest have been vested in the said property may Last Known address at CTS No. 128/A/40, 128/A/40/1, 128/A/40/2, Village : Kandivali, Taluka
submit their say at the time of hearing at the venue mentioned above. Failure to submit any Borivali, Mahavir Nagar, Panchsheel Enclave, Kandivali (West), Mumbai - 400 067, 6) Conwood
say shall he presumed that nobody has any objection to this regard and further action will Agencies Pvt. Ltd., Last Known Address: 210, Mittal Tower, A-Wing, 3rd Floor, Nariman Point,
be taken accordingly. Mumbai - 400021, 7) Renuka Builders and Developers Pvt. Ltd., Last Known Address: 11, Vora
Description of the Property :- Palace, Next to Dena Bank, M.G. Road, Kandivali (West), Mumbai - 400 067, 8) Anamika Avenue
Claimed Area CHSL, Address at Building No. 03, Pancholia, High School Road, Near Arpit Enclave, Mahavir
Nagar, Kandivali (West), Mumbai - 400 067, 9) Vasant Aradhna B C D CHS Ltd., Address at
Unilateral deemed Conveyance of land admeasuring 449 Yards equivalent to 2725.60 Building No. 04, Pancholia, High School Road, Near Arpit Enclave, Mahavir Nagar, Kandivali
sq.mtrs or thereabout bearing CTS No.109/12C Plot No.Z-3, situated and lying and (West), Mumbai - 400 067, 10) Raj Garden CHS Ltd., Address at Building No. 06, Pancholia,
being in the revenue village of Marol, Taluka Andheri Registration sub-district of Bandra, High School Road, Near Arpit Enclave, Mahavir Nagar, Kandivali (West), Mumbai - 400 067, 11)
Mumbai Suburban District in favour of the Applicant. Highland Harmony CHS Ltd., Address at Building No. 07, Pancholia High School Road, Near
The hearing is fixed on 08/06/2023 at 03:00 p.m. Arpit Enclave, Mahavir Nagar, Kandivali (West), Mumbai - 400 067, 12) Bhoomi Apartment CHS
Ltd., Address at Building No. 08, Pancholia High School Road, Near Arpit Enclave, Mahavir Nagar,
Sd/- Kandivali (West), Mumbai - 400 067, 13) Vishwadeep CHS Ltd., Address at Building No. 09,
(Rajendra Veer) Pancholia, High School Road, Near Arpit Enclave, Mahavir Nagar, Kandivali (West), Mumbai - 400
District Deputy Registrar,
SEAL Co-operative Societies, Mumbai City (3) 067, 14) Arpit Enclave CHS Ltd., Address at Building No. 01, Pancholia High School Road, Near
Arpit Enclave, Mahavir Nagar, Kandivali (West), Mumbai - 400 067, 15) Apeksha Enclave CHS
Competent Authority
U/s 5A of the MOFA, 1963. Ltd., Address at Building No. 02, Pancholia High School Road, Near Arpit Enclave, Mahavir Nagar,
Kandivali (West), Mumbai - 400 067, 16) Additional Collector - Mumbai Suburban (ULC),
Having address at: 5th Floor, Administrative Building, Near Chetna College, Government Colony,
Bandra (East), Mumbai - 400 051....Opponents, and those, whose interests have been vested in the
said property may submit their say at the time of hearing at the venue mentioned above. Failure to
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) submit any say shall be presumed that nobody has any objection in this regard and further action
District Deputy Registrar, Co-operative Societies, will be taken accordingly.
Mumbai City (3) Competent Authority Description of the Property :-
under section 5A of the Maharashtra Ownership Flats Act, 1963 Claimed Area
MHADA Building, Ground Floor, Room No. 69, Bandra (E), Mumbai-400051. Unilateral conveyance of land admeasuring 2357.60 Sq. mtrs., (i.e. Undivided Rights in Balance
No.DDR-3/Mum./deemed conveyance/Notice/1563/2023 Date: 18/05/2023 Plot Area) and 416.05 Sq. Mtrs., (i.e. Undivided share R.G. Share) aggregate total 2773.65 Sq.
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of Mtrs., from land bearing CTS No. 128/A/40, 128/A/40/1, 128/A/40/2, Plot No.. M-2 of Sector
construction, Sale, Management and Transfer) Act, 1963 No. IV of Village: Kandivali, Taluka Borivali, Plus 13.56% of proportionate undivided rights in
Public Notice FSI advantage of D. P. Road area admeasuring 942.34 Sq. Mtrs., out of 6950.00 Sq. Mtrs., and
FSI advantage of Layout Reservation area admeasuring 705.06 Sq. Mtrs., out of 5200.00 Sq.
Application No. 47 of 2023 Mtrs., as per FSI Consumption More particularly as 2766.68 Sq. Mtrs., from CTS No. 128/A/40,
Irolette co-op. Housing Society Ltd., Juhu Tara Road, Plot C bearing Survey No. 16 Hissa No. 1.90 Sq. Mtrs., from CTS No. 128/A/40/1, 5.07 Sq. mtrs., from CTS No. 128/A/40/2 (as per
4 CTS No. 976, Near Bombay Flying Club, Juhu, Mumbai-400049.... Applicant Versus 1. M/S. Architect Certificate) with Conveyance of the building namely Vasant Aradhana Tower CHS
Irolette Enterprises, 69, Alli Chambers, Tamarind Lane, Fort, Mumbai-400023 2. Mr. Ronald Ltd., situated at Building No. 5, Mahavir Nagar, Panchsheel Enclave, Dahanukar Wadi, Kandivali
Nicholas Fernandes (Deceased) 3. Mrs. Irene Mary Fernandes (Deceased) 4. Mr. Royce A. S. (West), Mumbai - 400 067, together known as Suit Premises in favour of the Applicant Society.
Fernandes, A/01, Irolette chsl, CTS No. 976, Near Bombay Flying Club, Juhu Mumbai - 400049 The hearing in the above address case has been fixed on 06/06/2023 at 02:00 p.m.
5. Mr. Rufus A. Fernandes 101/102, Irolette chsl, CTS No.976, Near Bombay Flying Club, Juhu Sd/-
Mumbai-400049 6. Randolph L. Fernandes 301, Irolette chsl, CTS No.976, Near Bombay Flying District Deputy Registrar,
Club, Juhu Mumbai- 400049 (Opponents No.4 to 6 are the Legal Heirs of the Opponents No.2 & SEAL Co-operative Societies, Mumbai City (4)
3) Opponent/s Respondents ... Opponents, and those, whose interest have been vested in the said Competent Authority
property may submit their say at the time of hearing at the venue mentioned above. Failure to submit U/s 5A of the MOFA, 1963.
any say shall he presumed that nobody has any objection to this regard and further action will be
taken accordingly.
Description of the Property :-
Claimed Area
Land admeasuring 829.4 sq.mtrs area from Survey No. 16, Hissa No.4, and CTS No. 976 of
Village juhu, Taluka, Andheri in the Jurisdiction of Registration District and Sub-District of UNITY SMALL FINANCE BANK LIMITED
Mumbai City and Mumbai Suburban (the suit plot for short) together with the building / Structures Registered office at Basant Lok, Vasant Vihar, New Delhi-110057 POSSESSION
standing thereon know as Irolette in favour of the Applicant society Corporate Office at 5th Floor, Centrum House, Vidyanagari Marg, NOTICE
Kalina, Santacruz (E), Mumbai – 400 098
The hearing is fixed on 01/06/2023 at 03:00 p.m. (For Immovable Property)
Sd/- (Under Rule 8 (1) of the Security Interest (Enforcement) Rules, 2002)
(Rajendra Veer) Whereas the undersigned being the authorized officer of Unity Small Finance Bank Limited, having its registered office at Basant
District Deputy Registrar, Lok, Vasant Vihar ,New Delhi,India-110057 and corporate office at 5th Floor, Centrum House, Vidyanagari Marg, Kalina,,
SEAL Co-operative Societies, Mumbai City (3) Santacruz (E), Mumbai – 400 098, under Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Competent Authority Interest Act, 2002 (54 of 2002), and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the Security
U/s 5A of the MOFA, 1963. Interest (Enforcement) Rules, 2002 issued Demand Notice dated mentioned hereunder calling upon the following borrowers to
repay the amount mentioned in the notice being also mentioned hereunder within 60 days from the date of receipt of the said
notice.
The following borrowers having failed to repay the amount, notice is hereby given to the following borrowers and the public in
general that undersigned has taken possession of the properties described herein below in exercise of powers conferred on him
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) under sub section (4) of section 13 of the Act read with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on the date
District Deputy Registrar, Co-operative Societies, Mumbai City (3) mentioned hereunder :
Sr Name of the Borrower/ Date of Demand Description of the Immovable Property Date of
Competent Authority No Co-Borrowers/ Notice and Possession
under section 5A of the Maharashtra Ownership Flats Act, 1963 Mortgagor/Guarantor & Outstanding Type of
Loan Account Number possession
MHADA Building, Ground Floor, Room No. 69, Bandra (E), Mumbai-400051. 1 a. Mr. Jagraj Singh 23.12.2022 All that part and parcel of the property bearing Flat No.C- 16.05.2023
No.DDR-3/Mum./deemed conveyance/Notice/1562/2023 Date: 18/05/2023 Mangal Singh Sandhu 601, 6th Floor, C Wing, Shakuntala Shrishti, Loadha
(Borrower / Mortgagor) Rs.7,04,532.00 Symbolic
Heaven, Survey No.107, Hissa No.10, Village Nilje,
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of b.Mrs. Sukraj Kaur Jagraj (Rupees Seven Lakh Dombivali East, Taluka - Kalyan, District - Thane, Possession
construction, Sale, Management and Transfer) Act, 1963 Singh Sandhu Four Thousand Five Maharashtra - 421204; admeasuring 811 Square Feet
(Guarantor) Hundred Thirty Two Built Up Area Owned by Mr. Jagraj Singh Mangal Singh
Public Notice (Loan Account No. Only)
Sandhu. The Plot is situated as bounded by: On or
Deemed Conveyance Application No. 59 of 2023 020304200000004) towards East: Survey No.130, On or towards West:
Palash Tower C Wing co-op. Housing Society Ltd. CTS No.720/D and 720/E Oshiwara Kanchan Building, On or towards North: Survey No.
107/11, On or towards South: Survey No. 107/8
Village, Prathmesh Complex, Veera Desai Road, Andheri (West), Mumbai 400053
2 a. Mr. Chandrakant Bhau 23.12.2022 All that part and parcel of the property bearing Flat No.10, 16.05.2023
Applicant Versus 1. M/S. Palash Corporation, 217, Commerce House, 140 Nagindas Kamble (Borrower / 3rd Floor, Harsh Deep Co.-Op. Housing Society, Survey
Master Road, Fort, Mumbai-400023 2. Prathmesh Developers Pvt. Ltd., 66 Tamrind Mortgagor) Rs.1,90,254.11 Symbolic
No.289, Hissa No.2, N S Road, Near Samrat Hotel,
Lane, Fort, Mumbai-400023 3(a) Shri. Bhupendra Chunilal Shas 3(b) Shri. Jittendra Mrs. Shubha Chandrakant (Rupees One Lakh Vishnunagar, Mouje - Thakurli, Dombivali West, Taluka - Possession
Kamble (Guarantor) Ninety Thousand Two Kalyan, District - Thane, Maharashtra - 421201;
Chunilal Shas 3(c) Shri. Bharat Chunilal Shas 4. Palash Tower A and B wing co-op.
(Loan Account No. Hundred Fifty Four & admeasuring 422 Square Feet Built Up area owned by Mr.
Housing Society Ltd., Prathmesh Complex, Veera Desai Road, Andheri (West), Mumbai 073301100000001) Paise Eleven Only) Chandrakant Bhau Kamble. The Plot is situated as
400053 Opponent/s Respondents and those, whose interest have been vested in the bounded by: On or towards East: Avdut Co Operative
said property may submit their say at the time of hearing at the venue mentioned above. Housing Society. On or towards West: Property
Failure to submit any say shall he presumed that nobody has any objection to this regard belonging to Shashikant Mahajan, On or towards North:
and further action will be taken accordingly. Property belonging to B M Choudhari, On or towards
Description of the Property :- South : Property bearing Survey No.288
3 a. Late Mr. Vijay Shripati 12.10.2022 Flat No 303, 3rd Floor, Sitaram Smruti C.H.S. Ltd., S 16.05.2023
Claimed Area Ghatage (Borrower / No.104, H N 4, Omkar Nagar, Village Azde, Dombivali
Mortgagor) Since Rs.3.70,791.81 Symbolic
East, Taluka Kalyan, District - Thane, Maharashtra -
Plot of Land admeasuring about 1996.23 and Proportionate undivided share admeasuring deceased through its (Rupees Three Lakh 421203; admeasuring 365 sq.ft. (33.92 sq.mtrs) built up Possession
352.28 Sq. meters (30.75%) in RG area aggregate total 2348.51 sq. meters out of total Legal Heirs Seventy Thousand area; owned by Late Mr Vijay Shripati Ghatage.
area 7636.60 sq.meters bearing Survey No.47 (Part) and Survey No. 48 Hissa No.4 b. Late Mrs. Lata Vijay Seven Hundred Ninety The property is bounded by (as per Site Visit) : East : Sita
(Part) corresponding CTS NO. 720/D/1/1 of Village Oshiwara, Taluka Andheri, Mumbai Ghatage (Guarantor) One & Paise Eighty Mai Smruti CHSL, West : Road, South : Mayuresh
Since deceased through
Suburban District with building Palash Tower C belongs to Palash Tower C wing Co-op. One Only) Darshan CHSL, North : Pandurang Smruti CHSL
its Legal Heirs
Housing Society ltd situated at Prathmesh Complex, Veera Desai Road, Andheri (West), (Loan Account No.
Mumbai-400053 in favour of the Applicant society 034301100000007 )
4 a. Mr. Gurmail Singh Labh 23.12.2022 Flat No.C/504 along with Terrace area, 5th Floor, 16.05.2023
The hearing is fixed on 01/06/2023 at 03:00 p.m. Singh Pabla (Borrower / Rs.5,39,876.00 Shakuntala Shrishti, Lodha Heaven, Survey No.107,
Mortgagor) Symbolic
Sd/- [Rupees Five Lakh Hissa No.10, Village Nilje, Dombivali, Taluka Kalyan, Possession
b. Mrs Narinder Gurmail
(Rajendra Veer) Thirty Nine Thousand District Thane - 421204; admeasuring 811 + 130
Singh Pabla (Guarantor) (terrace) sq. ft built up area owned by Mr Gurmail Singh
SEAL District Deputy Registrar, (Loan Account No. Eight Hundred Seventy
Labh Singh Pabla. The Plot is situated as bounded by
020304200000003 ) Six Only]
Co-operative Societies, Mumbai City (3) On or towards East : Survey No.130, On or towards West
Competent Authority : Kanchan Building, On or towards North : Survey No.
U/s 5A of the MOFA, 1963. 107/11, On or towards South : Survey No. 107/8
5 a. Mr. Chandraprakash 27.09.2022 All that piece and parcel of property at Flat No. 23, B 16.05.2023
Sakal Narayan Dube Wing, 2nd Floor, Saibaba Co-Op Housing Society Ltd.,
(Borrower / Mortgagor) Rs.16,96,597.33 Symbolic
Survey No. 242, Hissa No. 2/1, 2/2, 11/2, 9, Survey No.
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) b. Mrs.Shobha (Rupees Sixteen Lakh 243 Hissa No. 8, 7, 6, 5/3, 5/2, Deslepada, Bhopar Road, Possession
District Deputy Registrar, Co-operative Societies, Chandraprakash Dube Ninety Six Thousand Dombivli (E), Taluka - Kalyan, District - Thane - 421204,
(Guarantor) Five Hundred Ninety Maharashtra; Admeasuring 403 Sq Ft Carpet Area Owned
Mumbai City (3) Competent Authority (Loan Account Seven & Paise Thirty By Mr Chandraprakash Sakal Narayan Dube.
under section 5A of the Maharashtra Ownership Flats Act, 1963 No.010301100000052) Three Only) The Property is Bounded By (As Per Site ): East: Wing C
MHADA Building, Ground Floor, Room No. 69, Bandra (E), Mumbai-400051. Of Saibaba CHS, West: Wing A Of Saibaba CHS., North :
Bhopar Road, South : Garden Area Of Society
No.DDR-3/Mum./deemed conveyance/Notice/1569/2023 Date: 19/05/2023
6 a. Mr. Manjeet Singh 20.02.2023 Flat No 402, 4th Floor, D Wing, Chandresh Avenue (C & D) 16.05.2023
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of Kundan Singh Randhawa C.H.S. Ltd., Survey No. 126, Hissa No. 1P(All), 2P (All),
construction, Sale, Management and Transfer) Act, 1963 (Borrower / Mortgagor) Rs.4.04,969.39 Symbolic
Survey No. 128, HIssa No.2, Survey No.151, Hissa No.2,
(Rupees Four Lakh Survey No. 153, Survey No.155, Hissa No. 2P(All), Possession
Public Notice b. Mrs. Paramjit Kaur
Four Thousand Nine
Manjeet Singh Randhawa 4/1P(All), 4/2P(All), 4/3, 4/4, 5P(All), 6, 7/1, 7/2, Survey
Application No. 78 of 2020 (Guarantor) Hundred Sixty Nine No.156, Hissa No. 1/1, Survey No.207, Hissa No. 1P, 2P,
(Loan Account No.
New Pratap Palace 'C' Wing CHS Ltd., CTS No,3903 to 3928, Chhatrapati Shivaji Maharaj Paise Thirty Nine 3P, 4, Village Nilje, Dombivali East, Taluka - Kalyan,
003305100000008 )
Marg, Vakola Bridge, Village- Kolekalyan, Santacruz (East), Mumbai- 400 054..Applicant Versus Only) District - Thane, Maharashtra - 421204; admeasuring
area 740 sq.ft. built up area; owned by Mr Manjeet Singh
1) Karshetji Pestmaji Wadia 2) Adresar Jamshetji Wadia 3) Adresar Karshetji Pestmaji
Wadia 4) Merry C.P. Wadia 5) Rati C.P. Wadia 6) Sheru A.S. Wadia 7) Jahangir A.S. Wadia, Kundan Singh Randhawa. The property is bounded by
(as per Site) : On or towards the North by : Road, On or
IBID No. 1 to 7 are Owner as per 7/12 Extract Having address at-Survey No. 378/C,of Village, towards the South by : Open Space / Garden, On or
Kolekalyan, Taluka Andheri, Chhatrapati Shivaji Maharaj Marg, Vakola Bridge, Santacruz (East), towards the East by : Chandresh Kunj Apartment, On or
Mumbai- 400 055. 8) Kurla Estate - (Owner- As per Property Card) A.H. Wadia (Kurla Estate) towards the West by : Wing C & Road
Trust Having address at- 70, Dr. V.B. Gandhi Marg, Fort, Mumbai - 400 023. 9) Pratap CHS Ltd - 7 a. Mr. Suresh Narayan 30.08.2022 Flat No 103, 1st Floor, Varad Vinayak Apartment, Sector 17.05.2023
(Owner - As per Sale Deed dated 23/03/1984) Having its registered address at - CTS No,3903 to Salve (Borrower / 21, Plot No 58, Ghansoli Navi Mumbai - 400701; ad-
Mortgagor) Rs.11,30,150.88 measuring 267 Sq Ft Carpet area or 350 Sq Ft Built Up Symbolic
3928, Village - Kolekalyan, Chhatrapati Shivaji Maharaj Marg, Vakola Bridge, Santacruz (East), (Rupees Eleven Lakhs
b. Mrs Rekha Suresh area Owned By Mr Suresh Narayan Salve and Mrs Rekha Possession
Mumbai- 400 055. 10) Pratap Pvt Ltd., (Lease - As per Property Cart) Having residency office Salve (Co-borrower / Thirty Thousand One Suresh Salve. The Property is bounded by (as pe site) :
Rs.
at, 87, Stock Exchange Building, Apolo Street Fort, Mumbai- 400 001. 11) M/S Bajaj Developers A Mortgagor) Hundred Fifty and North : Road , South : Open Plot , East: Open Space , West
Proprietary Firm- Proprietor: Govind Bakarimal Bajaj Having office at, 3, Motimahal, Ground (Loan Account No. Paise Eighty Eight : Plot No 59/ 60
056330200000008 )
Floor, 3rd Road, Khar (West), Mumbai - 400 052. Residing at, 70, Parimal, 7th Floor, Khar (West), Only)
Mumbai- 400 052... Opponents, and those, whose interest have been vested in the said property 8 1.Mr. Bhushan Madhukar 28.10.2022 All that part and parcel of the property bearing Flat 17.05.2023
may submit their say at the time of hearing at the venue mentioned above. Failure to submit any Mali (Borrower / No.103, First Floor, Rajhans CHS Ltd., Rajdeep Complex,
Mortgagor) Rs.26,57,087.66 Survey No. 273, Hissa No.1 & 2/1, Village - Kalher, Symbolic
say shall he presumed that nobody has any objection to this regard and further action will be taken
accordingly. 2.Mr. Kishor Shankar Patil (Rupees Twenty Six Bhiwandi - 421302, District - Thane, State – Possession
(Guarantor) Lakh Fifty Seven Maharashtra; ad measuring 635 Sq Ft Built Up area
Description of the Property :- 3. Mr. Mahesh Shankar Thousand Eighty owned by Mr. Bhushan Madhukar Mali.
Patil (Guarantor) Seven & Paise Sixty The Property is bounded by : East: Sai Leela Building,
Claimed Area (Loan Account No. Six Only) West: Rajdeep Complex "C" Wing, North: Open Space
066301100000001)
Unilateral conveyance of land as per 7/12 Extract bearing Khata No. 1123, Survey No. 378/C and Road, South: Durgesh Deep Complex.
admeasuring area 869.54 Sq Mtrs out of Total admeasuring area 75548 Sq Mtrs and its includes 9 1. Mr. Kaustubh 10.10.2022 All that part and parcel of the property bearing Flat No. 10, 17.05.2023
Ravindranath Devasthale Ground Floor, B Wing, Tridal Building, Greater Bombay
right, title, interest of the Apllicant Society. Similarly as per Property Card bearing Corresponding Rs.43,95,924.50
(Borrower / Mortgagor) Middle Class C.H.S. Ltd., Survey No. 112 (Hissa No.1) & Symbolic
C.T.S. No. 3903 to 3928 admeasuring area 869.54 Sq Mtrs. which is to be considered 52.30% 2. Mrs. Meena Kaustubh [Rupees Forty Three Survey No.113 (Hissa No.2), Mithagar Road, Mulund Possession
on pro-rata basis, being forming part of land admeasuring area 1662.60 Sq Mtrs and its includes Devasthale (Guarantor) Lakh Ninety Five East - 400081, Maharashtra; admeasuring area 535 Sq Ft
right, title, interest of the Applicant Society. (Loan Account No. Thousand Nine carpet area owned by Mr. Kaustubh Ravindranath
007301100008652 ) Hundred Twenty Four Devasthale. The Property bounded by (as per site)
The hearing is fixed on 08/06/2023 at 03:00 p.m. and Paise Fifty Only] East: Flat No. 1 to 8 of B Wing, West: Open Space / Trees,
North: Open Space, South: Open Space / Trees
Sd/-
The borrower in particular and the public in general are hereby cautioned not to deal with the property and any dealings with the
(Rajendra Veer)
property shall be subject to the Charge of Unity Small Finance Bank Limited for an amount mentioned herein above and interest
SEAL District Deputy Registrar, thereon.
Co-operative Societies, Mumbai City (3) The borrower's attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available, to
Competent Authority redeem the secured assets.
U/s 5A of the MOFA, 1963. Date: 20.05.2023 Place: Mumbai Authorized Officer, Unity Small Finance Bank Limited
 8
>.l
MUMBAI | SATURDAY, 20 MAY 2023 1

UJJAIN SAHAKARI DUGDH SANGH MARYADIT

PUBLIC NOTICE MAKSI ROAD UJJAIN
E-mail : purchaseuds@gmail.com
Regarding Lost of Sale Deeds Ref No: USDS/PUR/1927/2023 Date : 19.05.2023
I, Bipin Ramchandra Patane, resident of Khed, lost
my Sale Deed Document in Gaon Bharane, Taluka Khed "NOTICE INVITING SHORT TERM E –TENDER 2ND CALL FOR PLASTIC JARS"
in Heavy Rains on 22/07/2021. Ujjain Sahakari Dugdh Sangh Maryadit, Ujjain in Madhya Pradesh, invites tender from reputed
Their details are as follows - manufacturers/Suppliers for supply of 5 Liters and 15 kg 'IML' printed plastic (PPCP) Food Grade
1) Gaon Bharane, S. NO.2522/A/7, Sale deed jars for packing of ghee, strictly adhering to the details prescribed in the tender document.
No.1223/2007, Date- 06/11/2007 The cost of tender document is Rs.1000/- (Rupees One thousand Only). The tender document
2)Gaon Bharane, S. NO.252/A, can be obtained and uploaded on the site of M.P. e-tenders (www.mptenders.gov.in) by
Saledeed No.452/1993, Date- 22/10/1993 remitting online payment. The details relating to the tender can also be seen at USDS website
As mentioned above the Sale deeds are missing from www.sanchidairy.com
Khed in heavy rains. However, if anyone finds it, please
submit it to the Khed police station. Pre-Bid Meeting Date, Tender Tender Tender Tender Financial EMD
Sign/- Time & Venue Download submission Technical Bid Open Date & required to be
Shri. Bipin Ramchandra Patane Start Date & Last Date & Bid Opening Time submitted online
Time Time Date & Time only
Khed
25.05.2023 at 03:00 20.05.2023 27.05.2023 29.05.2023 Shall be Open Rs. 55 thousand
PM Meeting Hall 01:00 PM 02:00 PM 02:00 PM after the for 05 Ltr. Jar
of Ujjain Sahakari finalization of
Dugdh Sangh Maksi Technical Bid Rs. 1.00 Lakhs
Road Ujjain for 15 Kg. Jar

M.P. Madhyam/109983/2023 CHIEF EXECUTIVE OFFICER

(Regd. Office: PSEB Head Office, The Mall, Patiala - 147001)

Corporate Identity No. 440109PB2010SGC033813 Website:www.pspcl.in
(Contact no. 96461-17659)
Tender Enquiry no. 1528/MAMC/O&M/PC-2425 Dated: 19.05.23
Chief Engineer / O&M (P&P Cell-II), GHTP. Lehra Mohabbat. invites E-tender
for the Procurement of 01 No. 30 M3 capacity MSRL tank for storage of HCL
acid in DM plant stage-II and 01 No. 15 M3 capacity MSRL tank for storage of
HCL acid in DM plant stage-I at GHTP, Lehra Mohabbat. Quantity as per NIT.
For detailed NIT & tender Specification please refer to
https://eproc.punjab.gov.in from 19-05-2023 from 17:00 hrs onwards.
Note:- Corrigendum & addendum, if any will be published online at
https://eproc.punjab.gov.in
76155/12/1684/2023/24191 GHTP 28/23

Public Notice in Form XIII of MOFA (Rule 11(9) (e))

District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op.Bank building, 2nd floor, P.L. kale Guruji Marg, Dadar (West), Mumbai-400028.
No.DDR-4/Mum./Deemed Conveyance/Notice/1306/2023 Date:16/05/2023
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the
Promotion of construction, Sale, Management and Transfer) Act, 1963
PUBLIC NOTICE
Deemed Conveyance Application No. 93 of 2023
Suryamukhi Co-operative Housing Society Ltd., having its registered office at Plot No.5,
Zaveri Baug, S. V. Road, Kandivali (West), Mumbai-400067, Applicant Versus 1) Smt
Sumatiben Motichand Jhaveri (owner), Last known address: Plot No.5, Zaveri Baug, S. V.
Road, Kandivali(West), Mumbai-400067,2)M/s Vivek Construction Company (Developer),
Last known address: Plot No.5, Zaveri Baug, S. V. Road, Kandivali (West), Mumbai-400067,
....Opponents and those, whose interests have been vested in the said property may submit
their say at the time of hearing at the venue mentioned above. Failure to submit any say shall be
presumed that nobody has any objection in this regard and further action will be taken
accordingly.
Description of the Property :-
Claimed Area
Unilateral Conveyance of all that piece and parcel of land or ground area admeasuring 1107
sq. mtrs., or thereabouts (hereafter referred to as said land) together with Suryamukhi CHS
Ltd., consisting of Ground plus 4 upper floors, having 20 flats and having an aggregate built-
up area of 12043 Sq.ft Structures thereon in the Property bearing all that piece and parcel of
land portion of plot No.5, portion of Survey No.82 B corresponding CTS Nos.197, 197/1 to 5
and 193B all together admeasuring 1324 Sq. yards equallent to 1107 Sq. Mtrs., in Village
Poisar, Taluka Borivali, Mumbai Suburban within the Registration District of Mumbai
Suburban in favour of the Applicant Society.
The hearing in the above case has been fixed on 30/05/2023 at 2.00 p.m.
Sd/-
For District Deputy Registrar,
Seal Co-operative Societies, Mumbai City (4)
Competent Authority
U/s 5A of the MOFA, 1963.
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies,
Mumbai City (3) Competent Authority
under section 5A of the Maharashtra Ownership Flats Act, 1963
MHADA Building, Ground Floor, Room No. 69, Bandra (E), Mumbai-400051.
No.DDR-3/Mum./deemed conveyance/Notice/1568/2023 Date: 19/05/2023
Application u/s 11 of Maharashtra Ownership Flats (Regulation of the Promotion of
construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 54 of 2023
Jay Suvarna Deep Co-op. Hsg. Soc. Ltd., Suvarna Deep, Opp Dena Bank, 34, S. V. Road, Santacruz
(West), Mumbai - 400 054. (Applicant/s) Versus 1) M/S. Vishwabharti Builders Corporation,
Block No. 306/307, Harganga Mahal, Dadar, Mumbai- 400 014. 2) M/S. Jhalawar Co. Pvt. Ltd.,
Plot No. 34, 34A, S.V. Road, Santacruz (West), Mumbai- 400 054. 3) Frim of Anandial Podar &
Co., Plot No. 34, 34A, S.V. Road, Santacruz (West), Mumbai- 400 054 ... Opponents, and those,
whose interest have been vested in the said property may submit their say at the time of hearing
at the venue mentioned above. Failure to submit any say shall he presumed that nobody has any
objection to this regard and further action will be taken accordingly.
Description of the Property :-
Claimed Area
Unilateral conveyance of Plot of Land bearing Plot No. 34 and 34A of Santacruz Town Planning
Scheme No.I, CTS No. H/75 area admeasuring 2003.40 square meters and H/76 area admeasuring
694.80 Square Meters, aggregate Total area admeasuring 2698.20 Square Meters of H- Ward,
Taluka Bandra, Mumbai Suburban District along along with the building namely Jay Suvarna
Co- operative Housing Society Ltd., situated at Suvarna Deep, Opp. Dena Bank, 34, S.V. Road,
Santacruz (West), Mumbai- 400 054.
The hearing is fixed on 01/06/2023 at 03:00 p.m.
Sd/-
(Rajendra Veer)
District Deputy Registrar,
SEAL Co-operative Societies, Mumbai City (3)
Competent Authority
U/s 5A of the MOFA, 1963.

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Hindustan Times, Business Standard, First India, Mint, Greater Kashmir, Greater Jammu, The Himalayan,
The Tribune, Brill Express, The Sikh Times, Avenue Mail, Western Times, Millennium Post, The Statesman,
State Times, The Pioneer, Hans India, Free Press, Orissa Post, Mumbai Mirror, Mid-Day, Deccan Chronicle,
Deccan Herald, Telangana Today, Financial Times, The Asian Age, The Telegraph, Oheraldo, Gulf of Times,
The New York Times, The Washington Post, Los Angeles Times, USA Today, The Wall Street Journal,
The Guardian, The Times

Hindi Newspapers»»
दै निक जागरण, राजस्थाि पत्रिका, दै निक भास्कर, ह द
िं स्
ु ताि, िवभारत टाइम्स, त्रिज़िस स्टैंडडड, अमर उजाला,पिंजाि
केसरी, उत्तम ह न्द,ू जिसत्ता, लोकसत्ता, ररभूमम, द पायिीयर,जागरूक टाइम्स, राष्ट्रीय स ारा, दै निक हरब्यूि, युवा
गोरव, भारतीय स ारा, स्विंतिंि वाताड, सीमा सिंदेश, दै निक सवेरा,एक्शि इिंडडया, मदरलैंड वॉइस, दे शििंध,ु ह माचल दस्तक,

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