WEDNESDAY, 13 DECEMBER 2023

30 pages in 2 sections www.business-standard.com

NEW DELHI
~13.00
VOLUME XXX NUMBER 205

THE MARKETS ON TUESDAY chg#

Sensex 69,551.0 q 377.5

Nifty 20,906.4 q 90.7

INDUSTRIAL GROWTH AI MISSION TO HELP STARTUPS

Nifty Futures* 21,022.9 p 116.5
Dollar ~83.4 ~83.4 **
Euro ~90.0 ~89.8 **
Brent crude ($/bbl)
Gold (10 gm)###
74.15##
~61,032.0 q
*(December) Premium on Nifty Spot; **Previous close;
76.1**
~174.0 BACKS GDP OUTLOOK WITH COMPUTING POWER: PM
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I M UL T A N E OU SL Y FR OM AHM ED AB AD , BE NG AL URU, B HO PAL , B HUB ANE SW AR , CHA NDI GAR H, CHE NNAI , HY D E R AB A D, K OC HI , K OL K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E

THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION AND DISTRIBUTION, DIRECTLY OR
INDIRECTLY, OUTSIDE INDIA. THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON MAIN BOARD PLATFORM OF THE STOCK EXCHANGES IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2018, AS AMENDED (“SEBI ICDR REGULATIONS”)

(Please scan this QR

Code to view the RHP)
Our Company was incorporated under the name “Satyaprakash Housing Finance India Limited” on October 26, 1998, as a public limited company under the Companies Act, 1956, pursuant to a certiicate of incorporation dated October 26, 1998, issued by the Registrar of Companies, Madhya Pradesh at Gwalior. A certiicate for commencement
of business dated November 18, 1998, was granted to “Satyaprakash Housing Finance India Limited” by the Registrar of Companies, Madhya Pradesh at Gwalior. Further, a certiicate of registration dated December 31, 2002, was granted to “Satyaprakash Housing Finance India Limited” by the National Housing Bank (“NHB”) bearing registration
number 02.0034.02 to carry on the business of a housing inance institution without accepting public deposits. Pursuant to the change of the name of our Company from “Satyaprakash Housing Finance India Limited” to “India Shelter Finance Corporation Limited”, as approved by our Shareholders pursuant to a special resolution dated May 13,
2010, our Company was issued a fresh certiicate of incorporation dated July 8, 2010, by the Registrar of Companies, Madhya Pradesh and Chhattisgarh at Gwalior. A certiicate of registration dated September 14, 2010 was granted to our Company by the NHB bearing the registration number 09.0087.10 to carry on the business of a housing
inance institution without accepting public deposits. For details of changes in our name and Registered Ofice, see “History and Certain Corporate Matters – Brief history of our Company” and “History and Certain Corporate Matters – Changes in the registered office of our Company” on page 273 of the red herring prospectus of our Company dated
December 7, 2023 iled with the Registrar of Companies, Delhi and Haryana at New Delhi (“RHP” or “Red Herring Prospectus”).
Corporate Identity Number: U65922HR1998PLC042782, Registered Ofice: 6th Floor, Plot No. 15, Sector 44, Institutional Area, Gurugram 122 002, Haryana, India, Corporate Ofice: 3rd Floor, Upper Ground Floor and Lower Ground Floor, Plot No. 15, Institutional Area, Sector 44, Gurugram 122 002, Haryana, India
Contact Person: Mukti Chaplot, Company Secretary and Chief Compliance Oficer; Tel.: +91 124 413 1800; E-mail: [email protected]; Website: www.indiashelter.in

PROMOTERS OF OUR COMPANY: ANIL MEHTA, WESTBRIDGE CROSSOVER FUND, LLC AND ARAVALI INVESTMENT HOLDINGS
INITIAL PUBLIC OFFERING OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `5 EACH (“EQUITY SHARES”) OF INDIA SHELTER FINANCE CORPORATION LIMITED (OUR “COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ` [●] PER EQUITY SHARE OF FACE VALUE OF `5 EACH INCLUDING A SECURITIES PREMIUM
OF ` [●] PER EQUITY SHARE (THE “OFFER PRICE”) AGGREGATING UP TO ` 12,000 MILLION (THE “OFFER”). THE OFFER COMPRISES OF A FRESH ISSUE OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `5 EACH BY OUR COMPANY AGGREGATING UP TO ` 8,000 MILLION (THE “FRESH ISSUE”) AND AN OFFER FOR
SALE BY CATALYST TRUSTEESHIP LIMITED (AS TRUSTEE OF MICP TRUST) OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `5 EACH AGGREGATING UP TO ` 0.20 MILLION, BY CATALYST TRUSTEESHIP LIMITED (AS TRUSTEE OF MADISON INDIA OPPORTUNITIES TRUST FUND) OF UP TO [●] EQUITY SHARES OF
FACE VALUE OF `5 EACH AGGREGATING UP TO ` 1,712.90 MILLION, BY MADISON INDIA OPPORTUNITIES IV OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `5 EACH AGGREGATING UP TO ` 544.30 MILLION, BY MIO STARROCK OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `5 EACH AGGREGATING UP TO `
317.60 MILLION AND BY NEXUS VENTURES III, LTD. OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `5 EACH AGGREGATING UP TO ` 1,425.00 MILLION (COLLECTIVELY, THE “INVESTOR SELLING SHAREHOLDERS” OR THE “SELLING SHAREHOLDERS”) (“THE OFFER FOR SALE”).
DETAILS OF THE SELLING SHAREHOLDERS, OFFER FOR SALE AND WEIGHTED AVERAGE COST OF ACQUISITION PER EQUITY SHARE
Name of the Selling Shareholder TYPE Number of Equity Shares Offered/ Amount (` in million) Weighted Average Cost of Acquisition per Equity Share (in `)*
Catalyst Trusteeship Limited (as trustee of MICP Trust) Investor Selling Shareholder Up to [●] Equity Shares of face value of `5 each aggregating up to ` 0.20 million 236.37
Catalyst Trusteeship Limited (as trustee of Madison India Opportunities Trust Fund) Investor Selling Shareholder Up to [●] Equity Shares of face value of `5 each aggregating up to ` 1,712.90 million 126.46
Madison India Opportunities IV Investor Selling Shareholder Up to [●] Equity Shares of face value of `5 each aggregating up to ` 544.30 million 173.90
MIO Starrock Investor Selling Shareholder Up to [●] Equity Shares of face value of `5 each aggregating up to ` 317.60 million 237.21
Nexus Ventures III, Ltd. Investor Selling Shareholder Up to [●] Equity Shares of face value of `5 each aggregating up to ` 1,425.00 million 52.41
*As certified by B. B. & Associates, Chartered Accountants, by way of their certificate dated December 7, 2023.

We are a retail focused affordable housing inance company. Our target segment is the self-employed customer with a focus on irst time home loan takers in the low and middle income group in Tier II and Tier III cities in India.
The Offer is being made through the Book Building Process pursuant to Regulation 6(1) of the SEBI ICDR Regulations.
QIB Portion: Not more than 50% of the Offer | Non-Institutional Portion: Not less than 15% of the Offer | Retail Portion: Not less than 35% of the Offer.
PRICE BAND: `469 TO `493 PER EQUITY SHARE OF FACE VALUE OF `5 EACH.
THE FLOOR PRICE IS 93.80 TIMES THE FACE VALUE OF THE EQUITY SHARES AND THE CAP PRICE IS 98.60 TIMES THE FACE VALUE OF THE EQUITY SHARES.
THE PRICE TO EARNING RATIO BASED ON DILUTED EPS FOR FISCAL 2023 AT THE FLOOR PRICE IS 26.85 TIMES AND AT THE CAP PRICE IS 28.22 TIMES.
BIDS CAN BE MADE FOR A MINIMUM OF 30 EQUITY SHARES AND IN MULTIPLES OF 30 EQUITY SHARES THEREAFTER.
IN MAKING AN INVESTMENT DECISION, POTENTIAL INVESTORS MUST ONLY RELY ON THE INFORMATION INCLUDED IN THE RED HERRING PROSPECTUS AND THE TERMS OF THE OFFER, INCLUDING THE RISKS INVOLVED AND NOT RELY ON ANY OTHER EXTERNAL
SOURCES OF INFORMATION ABOUT THE OFFER AVAILABLE IN ANY MANNER.
In accordance with the recommendation of the Independent Directors of our Company, pursuant to their resolution dated December 7, 2023, the above provided price band is justified based on quantitative factors/ KPIs disclosed in the “Basis for Offer Price” section of the RHP
vis-à-vis the weighted average cost of acquisition of primary and secondary transaction(s) disclosed in the “Basis for Offer Price” section on page 143 of the RHP and provided below in the advertisement.
RISKS TO INVESTORS
Business Risks
1. As on September 30, 2023, March 31, 2023, March 31, 2022 and March 31, 2021, the total outstanding borrowing of our Company was `32,724.77 million, `29,734.28 million, `20,593.95 million and `14,807.18 million, respectively. Our business and results of operations depend
on our ability to raise both, debt and equity from various external sources on suitable terms and in a timely manner, along with the costs associated therewith and any disruption in our sources of inancing could have an adverse effect on our business, results of operations
and inancial condition.
2. As of September 30, 2023 and September 30, 2022, and March 31, 2023, March 31, 2022 and March 31, 2021, our stage 3 assets (gross) representing the gross carrying amount pertaining to loans which are non-performing assets aggregated to `439.27 million and `880.96
million, and `418.96 million, `570.39 million and `391.67 million, respectively, constituting 1.00% and 2.79%, and 1.13%, 2.12% and 1.92% of the gross carrying amount as of the last day of the relevant period, respectively. The credit quality of our loan book may deteriorate,
and if we are unable to implement effective monitoring and collection methods, our results of operation may be adversely affected.
3. We focus on irst-time home loan takers in Tier II and Tier III cities in India, and serve low and middle income self-employed customers who are often considered high risk due to their increased exposure to fluctuations in cash flows on account of adverse economic conditions.
The risk of non-payment or default by our customers may adversely affect our business, results of operations and inancial condition. The table below sets forth the break-up of our AUM from our customers based on their employment status.
As of
September 30, 2023 September 30, 2022 March 31, 2023 March 31, 2022 March 31, 2021
Particulars (1)
(in ` million, except percentage)
Amount % contribution to AUM Amount % contribution to AUM Amount % contribution to AUM Amount % contribution to AUM Amount % contribution to AUM
Salaried 15,224.69 29.4 11,278.77 31.2 13,231.43 30.4 9,949.88 32.4 7,872.96 35.8
Self employed 36,582.20 70.6 24,869.97 68.8 30,362.88 69.6 20,783.05 67.6 14,112.31 64.2
Total 51,806.89 100.0 36,148.74 100.0 43,594.31 100.0 30,732.93 100.0 21,985.27 100.0
(1)
Loan accounts are classified as salaried and self-employed at the time of sanction of loans.
4. Our inability to recover the full value of collateral or amounts outstanding under defaulted loans in a timely manner, or at all, could housing inance or any change in the tax incentives that the Government currently provides to Housing Finance Companies may
adversely affect our business, results of operations and inancial condition. As of September 30, 2023, our loan to value ratio on our have an adverse effect on our business, results of operations and inancial condition.
gross assets under management on an outstanding basis was 50.9%. Risks related to the Offer
5. We may face asset-liability mismatches and any such instances in the future may lead to a liquidity risk and have an adverse effect 15. We have, in the last 12 months, issued Equity Shares at a price that could be lower than the Offer Price.
on our business and results of operations. The contractual maturity periods of our assets and liabilities categorized on the basis of
the number of years in which they mature is set forth below: 16. Weighted average cost of acquisition compared to Floor Price and Cap Price:
Weighted average cost of Cap Floor
Asset liability framework as of September 30, 2023 Past Transactions
Years Liabilities Assets Gap acquisition (in `) Price Price
(in ` million) Weighted average cost of acquisition of primary issuance by the Company 90.34 5.46 5.19
Up to 1 year 8,434.20 9,943.27 1,509.07 Weighted average cost of acquisition of secondary transactions (sale or
302.04 1.63 1.55
1 to 3 years 12,841.97 13,336.51 494.53 acquisition) of Equity Shares of the Company
3 to 5 years 9,228.56 9,627.78 399.22 17. Weighted Average Return on Net Worth for Fiscals 2023, 2022 & 2021 is 12.6%.
5 to 7 years 1,790.74 6,843.98 5,053.24 18. The average cost of acquisition of Equity Shares by the Selling Shareholders ranges from 52.41 to 237.21 and will be less than the
7 to 10 years 981.24 6,044.13 5,062.89
Offer Price.
Over 10 years 407.28 1,258.29 851.01
6. We may not be able to sustain growth in the future as our business is subject to factors such as competition and customer 19. A portion of the proceeds from this Offer will not be available to us. The proceeds from the Offer for Sale will be remitted to the
requirements. Our lack of success in our growth strategy or the sub-optimal performance of our new branches could adversely Selling Shareholders and our Company will not beneit from such proceeds.
affect our business, results of operations, inancial condition and cash flows. 20. Weighted average cost of acquisition of all shares transacted during the previous year, 18 months and three years preceding the
7. Our business is affected by volatility in interest rates for both our lending and treasury operations, which could cause our net date of the RHP.
interest income to vary and consequently affect our proitability. As of September 30, 2023, March 31, 2023, March 31, 2022 and Weighted average cost of Cap Price is ‘x’ times the weighted Range of acquisition price: lowest
Period
March 31, 2021, our floating interest-bearing liabilities aggregated to `24,726.38 million, `23,631.40 million, `17,489.35 million and acquisition (in `)# average cost of acquisition price – highest price (in `)
`11,848.31 million, respectively. One year 108.69 4.54 10.16 - 210.00
8. We have had negative cash flows in the past and our net cash used in operating activities for the six months ended September 30, 18 months 156.19 3.16 10.16 - 280.58
Three years 239.90 2.06 6.64 - 307.23
2023 and September 30, 2022 and the Financial Years 2023, 2022 and 2021 was `5,636.91 million, `4,101.46 million, `8,521.82 million,
`4,952.82 million and `4,208.51 million, respectively.
#
As certified by B. B. & Associates, Chartered Accountants, by way of their certificate dated December 7, 2023.
9. As of September 30, 2023, our assigned assets aggregated to 16.4% of our receivables, and any deterioration in the performance of 21. The Equity Shares have never been publicly traded and the Equity Shares may experience price and volume fluctuations. Further,
any pool of receivables assigned or securitized to banks and other institutions may adversely impact our business. an active trading market for the Equity Shares may not develop. The Offer Price, market capitalization to revenue from operations
10. We may face dificulties and incur additional expenses in operating in Tier II and Tier III cities in India where infrastructure may be multiple, price to revenue from operations ratio and price to earnings ratio based on the Offer Price of our Company, may not be
limited. As of September 30, 2023, 89.8% of our AUM was generated from Tier II and Tier III cities in India. indicative of the market price of the Equity Shares on listing. The details of the ratios basis the FY 2023 inancials is as follows:
Concentration Risk Particulars Number of times of Cap Price (`493) Number of times of Floor Price (`469)
11. The states of Rajasthan, Maharashtra and Madhya Pradesh contributed to 62.7% and 63.4% of our assets under management for the Market capitalisation to Revenue from operations 9.03 times 8.66 times
six months ended September 30, 2023 and the Financial Year 2023, respectively. Any adverse developments in these states could Price to Earning (Diluted) 28.22 times 26.85 times
have an adverse effect on our business, results of operations and inancial condition. 22. The 4 BRLMs associated with the issue have handled 72 public issues in the past three inancial years, out of which 20 issues closed
Financing Risk below the issue price on listing date:
12. Our inability to comply with the covenants under our debt inancing arrangements could adversely affect our business, results Name of the BRLMs Total Public Issues Issues Closed below the issue price on listing date
of operations and inancial condition. This could lead to relevant lenders declaring us to be in default under the terms of our ICICI Securities Limited 26 8
agreements or accelerating the maturity of our obligations. Citigroup Global Markets India Private Limited 1 0
Regulatory Risks Kotak Mahindra Capital Company Limited 15 3
13. We are subject to periodic inspections by the NHB and the RBI and non-compliance with observations made during any such
Ambit Private Limited 3 0
inspections could result in penalties and ines, and could adversely affect our reputation, business, inancial condition, results of
operations and cash flows. Common issues handled by the BRLMs 27 9
14. Signiicant changes by the Government, the RBI or the NHB in their policy initiatives facilitating the provision of housing and Total 72 20

BID/OFFER PERIOD
BID/OFFER OPENS TODAY BID/OFFER CLOSES ON: FRIDAY, DECEMBER 15, 2023#
#
UPI mandate end time and date shall be at 5:00 pm on the Bid/Offer Closing Date.
An indicative timetable in respect of the Offer is set out below:
FINALISATION OF BASIS OF ALLOTMENT WITH THE DESIGNATED STOCK EXCHANGE On or about Monday, December 18, 2023 CREDIT OF EQUITY SHARES TO DEPOSITORY ACCOUNTS On or about Tuesday, December 19, 2023
INITIATION OF REFUNDS FOR ANCHOR INVESTORS/ UNBLOCKING OF FUNDS FROM ASBA ACCOUNT On or about Tuesday, December 19, 2023 COMMENCEMENT OF TRADING OF THE EQUITY SHARES ON THE STOCK EXCHANGE On or about Wednesday, December 20, 2023

Continued on next page...

2 COMMERCIAL
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1
...continued from previous page.

THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON MAIN BOARD PLATFORM OF BSE AND NSE.

ASBA
# *Applications Supported by Blocked Amount (“ASBA”) is a better way of applying to offers by simply blocking the fund in the bank
Simple, Safe, Smart way of Application!!! account. For further details, check section on ASBA. Mandatory in public issues. No cheque will be accepted.
UPl-Now available in ASBA for all individual investors applying in public issues where the application amount is up to `500,000, applying through Registered Brokers, Syndicate, CDPs & RTAs. Retail Individual Bidders and Non-Institutional
Bidders also have the option to submit the application directly to the ASBA Bank (SCSBs) or to use the facility of linked online trading, demat and bank account. Investors are required to ensure that the bank account used for bidding is
linked to their PAN. Bidders must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notiication dated February 13, 2020 and read with press release dated September 17, 2021.
ASBA has to be availed by all the investors except Anchor Investors. UPI may be availed by UPI Bidders. For details on the ASBA and UPI process, please refer to the details given in the Bid Cum Application Form and abridged prospectus and also please refer to the section “Offer Procedure” on page 471 of the RHP. The process is also
available on the website of Association of Investment Bankers of India (“AIBI”) and Stock Exchanges and in the General Information Document. The Bid Cum Application Form and the Abridged Prospectus can be downloaded from the websites of BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, and together with
BSE, the “Stock Exchanges”) and can be obtained from the list of banks that is displayed on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 and https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43, respectively as updated from time to time. For the
list of UPI apps and banks live on IPO, please refer to the link: www.sebi.gov.in. UPI Bidders Bidding using the UPI Mechanism may apply through the SCSBs and mobile applications whose names appear on the website of SEBI, as updated from time to time. Kotak Mahindra Bank Limited, HDFC Bank Limited and Axis Bank Limited have been
appointed as the Sponsor Banks for the Issue, in accordance with the requirements of SEBI circular dated November 1, 2018 as amended. For Issue related queries, please contact the Book Running Lead Managers (“BRLMs”) on their respective email IDs as mentioned below. For UPI related queries, investors can contact NPCI at the toll
free number: 18001201740 and mail Id: [email protected].

In case of any revision in the Price Band, the Bid/ Offer Period shall be extended for at least three additional Working Days after such revision of the Price Band, subject to the CONTENTS OF THE MEMORANDUM OF ASSOCIATION OF THE COMPANY AS REGARDS ITS OBJECTS: For information on the main objects of the Company, please
total Bid/ Offer Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar circumstances, our Company may, for reasons to be recorded in see the section “History and Certain Corporate Matters” on page 273 of the RHP. The Memorandum of Association of the Company is a material document for inspection in
writing, extend the Bid/ Offer Period for a minimum of three Working Days, subject to the Bid/ Offer Period not exceeding 10 Working Days. Any revision in the Price Band, and relation to the Offer. For further details, please see the section titled “Material Contracts and Documents for Inspection” on page 515 of the RHP.
the revised Bid/ Offer Period, if applicable, shall be widely disseminated by notiication to the Stock Exchanges, by issuing a public notice and also by indicating the change LIABILITY OF THE MEMBERS OF THE COMPANY: Limited by shares.
on the websites of the BRLMs and at the terminals of the Members of the Syndicate and by intimation to Designated Intermediaries and Sponsor Banks, as applicable. AMOUNT OF SHARE CAPITAL OF THE COMPANY AND CAPITAL STRUCTURE: As on the date of the RHP, the authorised share capital of the Company is `810,000,000
The Offer is being made in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building divided into 162,000,000 Equity Shares of face value of `5 each. The issued, subscribed and paid-up share capital of the Company is `451,174,780 divided into 90,234,956
Process, in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate Equity Shares of face value of `5 each. For details, please see the section titled “Capital Structure” beginning on page 94 of the RHP.
basis to Qualiied Institutional Buyers (“QIBs” and such portion, the “QIB Portion”), provided that our Company in consultation with the BRLMs, may allocate up to 60% of NAMES OF SIGNATORIES TO THE MEMORANDUM OF ASSOCIATION OF THE COMPANY AND THE NUMBER OF EQUITY SHARES SUBSCRIBED BY THEM: The
the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis by our Company in consultation with the BRLMs (the “Anchor Investor initial signatories to the Memorandum of Association are Naresh Grover, Ajay Grover, Anil Grover, Kamal Grover, Sharad Chandra Nanda, Gourav Grover and Diptee Grover
Portion”), of which one-third shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at who subscribed to 1,000 equity share each, bearing face value of `10. For details of the share capital history and capital structure of our Company, please see the section
which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”) in accordance with the SEBI ICDR Regulations. In the event of under-subscription or entitled “Capital Structure” beginning on page 94 of the RHP.
non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).
LISTING: The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received in-principle
Further, 5% of the Net QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid
approvals from the BSE and the NSE for listing of the Equity Shares pursuant to their letters each dated October 3, 2023. For the purposes of the Offer, NSE shall be the
Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than
Designated Stock Exchange. A signed copy of the Red Herring Prospectus has been iled with the Registrar of Companies, Delhi and Haryana at New Delhi, Delhi (“RoC”)
Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less
and the signed copy of the Prospectus shall be iled with the RoC in accordance with Section 26(4) and Section 32 of the Companies Act, 2013. For details of the material
than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate
contracts and documents available for inspection from the date of the Red Herring Prospectus until the Bid/ Offer Closing Date, see “Material Contracts and Documents for
allocation to QIBs. Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors (“Non-Institutional Portion”) (out of which one-third
Inspection” beginning on page 515 of the RHP.
of the portion available to Non-Institutional Investors will be available for allocation to Bidders with an application size of more than ` 200,000 and up to ` 1,000,000 and
two-thirds of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more than ` 1,000,000 and under-subscription in either of these DISCLAIMER CLAUSE OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”): SEBI only gives its observations on the offer documents and this does
two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion). Further, not less than 35% of the Offer shall not constitute approval of either the Offer or the speciied securities or the offer document. The investors are advised to refer to page 446 of the RHP for the full text of the
be available for allocation to Retail Individual Investors (“Retail Portion”), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at disclaimer clause of SEBI.
or above the Offer Price. All Bidders (except Anchor Investors) shall mandatorily participate in the Offer only through the Application Supported by Blocked Amount (“ASBA”) DISCLAIMER CLAUSE OF NSE (DESIGNATED STOCK EXCHANGE): It is to be distinctly understood that the permission given by NSE should not in any way be deemed
process and shall provide details of their respective bank account (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document.
Self Certiied Syndicate Banks (“SCSBs”) or the Sponsor Banks, as applicable. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the The investors are advised to refer to page 449 of the RHP for the full text of the disclaimer clause of NSE.
ASBA process. See “Offer Procedure” beginning on page 471 of the RHP. DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the RHP has been
Bidders/ Applicants should ensure that DP ID, PAN, Client ID and UPI ID are correctly illed in the Bid cum Application Form. The DP ID, PAN and Client ID cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to page 449 of the RHP
provided in the Bid cum Application Form should match with the DP ID, PAN, Client ID available in the Depository database, otherwise, the Bid cum Application for the full text of the disclaimer clause of BSE.
Form is liable to be rejected. Bidders/ Applicants should ensure that the beneiciary account provided in the Bid cum Application Form is active. Bidders/ DISCLAIMER CLAUSE OF NHB: The disclaimer clause of the NHB as included in the certiicate of registration dated September 14, 2010 granted to our Company is set out
Applicants should note that on the basis of the PAN, DP ID, Client ID and UPI ID (for RIBs bidding through the UPI mechanism) as provided in the Bid cum below: The Company is having a valid Certiicate of Registration dated September 14, 2010 issued by the National Housing Bank (NHB) under Section 29A of the National
Application Form, the Bidder/Applicant may be deemed to have authorised the Depositories to provide to the Registrar to the Offer, any requested Demographic Housing Bank Act, 1987. However, the NHB does not accept any responsibility or guarantee about the present position as to the inancial soundness of the company or for the
Details of the Bidder/Applicant as available on the records of the depositories. These Demographic Details may be used, among other things, for giving correctness of any of the statements or representations made or opinion expressed by the company and for repayment of deposits/ discharge of liabilities by the company.”
Allotment Advice or unblocking of ASBA Account or for other correspondence(s) related to the Offer. Bidders/Applicants are advised to update any changes to GENERAL RISKS: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Offer unless they can afford to
their Demographic Details as available in the records of the Depository Participant to ensure accuracy of records. Any delay resulting from failure to update the take the risk of losing their entire investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Offer. For taking an investment
Demographic Details would be at the Bidders’/Applicants’ sole risk. Investors must ensure that their PAN is linked with Aadhaar and are in compliance with the decision, investors must rely on their own examination of our Company and the Offer, including the risks involved. The Equity Shares have not been recommended or
notiication issued by Central Board of Direct Taxes notiication dated February 13, 2020 and read with press releases dated June 25, 2021, September 17, 2021 approved by the SEBI, nor does SEBI guarantee the accuracy or adequacy of the contents of the Red Herring Prospectus. Speciic attention of the investors is invited to
and March 28, 2023 and any subsequent press releases in this regard. “Risk Factors” beginning on page 29 of the RHP.

BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER COMPANY SECRETARY AND CHIEF COMPLIANCE OFFICER
Mukti Chaplot
6th Floor, Plot No. 15, Sector 44, Institutional Area
Gurugram 122 002, Haryana, India
ICICI Securities Limited Citigroup Global Markets India Private Limited Kotak Mahindra Capital Company Limited Ambit Private Limited KFin Technologies Limited Tel: + 91 124 413 1800 E-mail: [email protected]
ICICI Venture House 1202, 12th Floor, First International Financial Center 27BKC, 1st Floor, Plot No. C – 27 Ambit House, 449, Senapati Bapat Marg Selenium Tower B, Plot No.31-32
Appasaheb Marathe Marg, Prabhadevi G-Block, C54 & 55, Bandra Kurla Complex “G” Block, Bandra Kurla Complex Lower Parel, Mumbai 400 013 Gachibowli, Financial District
Mumbai 400 025, Maharashtra, India Bandra (East), Mumbai 400 098, Maharashtra, India Bandra (East), Mumbai 400 051 Maharashtra, India Nanakramguda, Serilingampally Investors may contact the Company Secretary and Chief Compliance
Tel: + 91 22 6807 7100 Tel: +91 22 6175 9999 Maharashtra, India Tel: + 91 22 6623 3030 Hyderabad 500 032, Telangana, India Oficer or the Registrar to the Offer in case of any pre-Offer or post-Offer
E-mail: [email protected] E-mail: [email protected] Tel: +91 22 4336 0000 E-mail: [email protected] Tel: +91 40 6716 2222/ 1800 309 4001 related grievances including non-receipt of letters of Allotment, non-
Website: www.icicisecurities.com Website: www.online.citibank.co.in/rhtm/ E-mail: [email protected] Website: www.ambit.co E-mail: [email protected] credit of Allotted Equity Shares in the respective beneiciary account,
Investor Grievance ID: customercare@ citigroupglobalscreen1.htm Website: https://investmentbank.kotak.com Investor Grievance E-mail: customerservicemb@ Website: www.kintech.com non-receipt of refund orders or non-receipt of funds by electronic
icicisecurities.com Investor Grievance ID: [email protected] Investor Grievance ID: [email protected] ambit.co Investor grievance e-mail: [email protected] mode, etc. For all Offer related queries and for redressal of complaints,
Contact Person: Rupesh Khant/ Sumit Singh Contact Person: Dylan Fernandes Contact Person: Ganesh Rane Contact person: Jitendra Adwani/ Devanshi Shah Contact Person: M Murali Krishna investors may also write to the BRLMs.
SEBI Registration Number: INM000011179 SEBI Registration Number: INM000010718 SEBI Registration Number: INM000008704 SEBI registration number: INM000010585 SEBI Registration No.: INR000000221

Availability of the RHP: Investors are advised to refer to the RHP and the “Risk Availability of Bid-cum-Application Forms: Bid-cum-Application Forms can be Dalal & Broacha Stock Broking Private Limited, DB (International) Stock Brokers Ltd., Account Bank: Kotak Mahindra Bank Limited, HDFC Bank Limited and Axis Bank
Factors” beginning on page 29 of the RHP, before applying in the Offer. A copy of obtained from the Registered Ofice of the Company INDIA SHELTER FINANCE Eureka Stock & Share Broking Services Ltd., Finwizard Technology private Limited, Limited.
the RHP shall be available on website of SEBI at www.sebi.gov.in and is available on CORPORATION LIMITED, Tel: +91 124 413 1800 the BRLMs: ICICI Securities HDFC Securities Limited, IIFL Securities Limited, J M Financial Services Ltd., Sponsor Banks: Kotak Mahindra Bank Limited, HDFC Bank Limited and Axis Bank
the websites of the BRLMs, i.e. ICICI Securities Limited at www.icicisecurities.com, Limited, Tel.: + 91 22 6807 7100, Citigroup Global Markets India Private Limited, Jobanputra Fiscal Services Private Limited, KJMC Capital Market Services Limited, Limited
Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/ Tel: +91 22 6175 9999, Kotak Mahindra Capital Company Limited, Tel.: +91 LKP Securities Limited, lnventure Growth & Securities Ltd., Motilal Oswal Securities UPI: UPI Bidders can also bid through UPI Mechanism.
citigroupglobalscreen1.htm, Kotak Mahindra Capital Company Limited at https:// 22 4336 0000, Ambit Private Limited, Tel: + 91 22 6623 3030 and at the select Limited, Nuvama Wealth and Investment Limited (Edelweiss Broking Limited),
investmentbank.kotak.com and Ambit Private Limited at www.ambit.co respectively All capitalized terms used herein and not speciically deined shall have the same
locations of the Sub-syndicate Members (as given below), SCSBs, Registered Prabhudas Liladhar Pvt Ltd., Pravin Ratilal Share & Stock Brokers Limited, RKSV
and on the websites of BSE and NSE at www.bseindia.com and www.nseindia.com, meaning as ascribed to them in the RHP.
Brokers, RTAs and CDPs participating in the Offer. ASBA Forms will also be available Securities India Pvt. Ltd. RR Equity Brokers Private Limited, SBICAP Securities
respectively. on the websites of BSE and NSE and the Designated Branches of SCSBs, the list of Limited, Sharekhan Ltd., SMC Global Securities Ltd., Systematix Shares and Stocks For INDIA SHELTER FINANCE CORPORATION LIMITED
Availability of the Abridged Prospectus: A copy of the abridged prospectus is which is available at websites of the Stock Exchanges and SEBI. (India) Limited, Trade Bulls Securities (P) Ltd., Way2wealth brokers Pvt Ltd., Yes On behalf of the Board of Directors
available on the website of the Company, the BRLMs and the Registrar to the offer Sub-syndicate members: Almondz Global Securities Ltd., Anand Rathi Share & Securities (India) Ltd. Sd/-
at www.indiashelter.in, www.icicisecurities.com, www.online.citibank.co.in/rhtm/ Stock Brokers Ltd., Axis Capital Limited, Bonanza Portfolio Limited, Centrum Borking Syndicate members: Kotak Securities Limited and Ambit Capital Private Limited Place: Delhi Mukti Chaplot
citigroupglobalscreen1.htm, https://investmentbank.kotak.com, www.ambit.co and Limited, Centrum Wealth Management Ltd., Choice Equity Broking Private Limited, Date: December 12, 2023 Company Secretary and Chief Compliance Oficer
Bankers to the Offer/Escrow Collection Bank and Refund Bank/Public Offer
www.kintech.com

INDIA SHELTER FINANCE CORPORATION LIMITED, is proposing, subject to applicable statutory and regulatory requirements and receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offer of its Equity Shares and has iled the RHP with the RoC, SEBI and the Stock Exchanges. The RHP shall
be available on the website of the Company at www.indiashelter.in, the website of the SEBI at www.sebi.gov.in, the websites of the Stock Exchanges, i.e., the BSE Limited and the National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and websites of the BRLMs, i.e., ICICI Securities Limited, Citigroup
Global Markets India Private Limited, Kotak Mahindra Capital Company Limited and Ambit Private Limited at www.icicisecurities.com, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, https://investmentbank.kotak.com and www.ambit.co, respectively. Any potential investor should note that investment in equity shares involves a high degree
of risk and for details relating to such risk, please see the section entitled “Risk Factors” of the RHP on page 29. Potential investors should not rely on the DRHP for making any investment decision instead investors shall rely on RHP iled with the RoC.
The Equity Shares offered in the Offer have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws in the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, and applicable state securities laws in the United States. Accordingly, the Equity Shares are being offered and sold (i) within the United States solely to persons who are reasonably believed to be “qualiied institutional buyers” (as deined in Rule 144A under the Securities Act) under Section 4(a) of the Securities
Act, or (ii) outside the United States in “offshore transactions” as deined in and in compliance with Regulation S under the Securities Act and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering of Equity Shares in the United States.
Adfactors
WEDNESDAY, 13 DECEMBER 2023
30 pages in 2 sections www.business-standard.com
NEW DELHI
~13.00
VOLUME XXX NUMBER 205

THE MARKETS ON TUESDAY chg#

Sensex 69,551.0 q 377.5

Nifty 20,906.4 q 90.7
Nifty Futures* 21,022.9 p 116.5 FRONTPAGE TAKE TWO P11
Dollar
Euro
Brent crude ($/bbl)
~83.4
~90.0
74.15##
~83.4 **
~89.8 **
76.1**
EPIC WIN HAS DARKNESS TO LIGHT: HOW EFFECTIVE
Gold (10 gm)### ~61,032.0 q
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~174.0
BACKERS IN INDIA ARE DARK PATTERN RULES
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I M UL T A N E O USL Y FRO M AHM ED AB AD , B EN GAL UR U, B HO PAL , BH UBA NESW AR, CHAND I G ARH, C HENN AI , H Y DE R AB A D, K OC H I, K O L K AT A, L U C K N O W , MU M B AI , N E W DE LH I A N D P U N E
4 COMMERCIAL
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1
WEDNESDAY, 13 DECEMBER 2023
30 pages in 2 sections www.business-standard.com
NEW DELHI
~13.00
VOLUME XXX NUMBER 205

THE MARKETS ON TUESDAY chg#

Sensex 69,551.0 q 377.5

Nifty 20,906.4 q 90.7
Nifty Futures* 21,022.9 p 116.5 COMPANIES P2 BACK PAGE P12
Dollar
Euro
Brent crude ($/bbl)
~83.4
~90.0
74.15##
~83.4 **
~89.8 **
76.1**
VAX KING POONAWALLA SHELLS OUT BLOCKBUSTER YEAR SET TO END
Gold (10 gm)### ~61,032.0 q
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~174.0
~1,400 CR TO SNAP UP LONDON VILLA WITH RECORD BO COLLECTION
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM ED AB AD , B ENG AL URU, B HO PAL , B HUB ANE SW AR , CHA ND I GAR H, CHE NNAI , HY DE R AB A D, K OC HI , K O L K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E

FISCAL PRUDENCE GOVT’S

TOP PRIORITY, SAYS FM Industrial growth AI Mission to help startups
with computing power: PM
backs GDP outlook
The Union government has
kept fiscal prudence as its
top priority without denying
funds for welfare activities,
Finance Minister Nirmala ASHUTOSH MISHRA Bharat Mandapam here.
Sitharaman said. “We are on New Delhi, 12 December “As part of this mission, the ...WEHAVETO
the right track when it comes to
macroeconomic fundamentals. This is why IIP surges 11.7% in Oct; uptick in food IIP: 16-MTH HIGH India will soon launch an AI Mission
application of artificial intelli-
gence technologies will be
CREATEAGLOBAL
we are the fastest-growing economy in the pricesliftsretailinflationto5.55%inNov Production growth (Y-o-Y in %) to build artificial intelligence- promoted in sectors, such as agri- FRAMEWORKFORTHE
world. Our GDP growth in the second
quarter of 7.6 per cent is the highest in the
related computing capabilities
across the country, Prime Minister
culture, healthcare and educa- ETHICALUSEOFAI.THIS
tion,” Modi said.
world,” Sitharaman said in the Lok Sabha. SHIVA RAJORA Narendra Modi He noted that the existing net- WILLINCLUDEA
The Lok Sabha approved the additional New Delhi, 12 December
P9
announced work of Industrial Training PROTOCOLFORTESTING
gross spending of ~1.29 trillion, which EDIT on Tuesday. Institutes (ITIs) across the ANDDEPLOYMENT

I
includes net cash outgo of ~58,378 crore. 6 > ndia’s industrial production hit a 16-month
high in October, aided by a favourable
INTELLIGENT “We
going
are
to
country will be used to pro-
mote AI skills and learnings OFHIGH-RISK
base effect. Retail inflation in
REGULATION launch an AI in tier-II and tier-III cities. ANDFRONTIER
‘Economic security’ set to November, on the other hand, Mission in The prime minister in
AITOOLS”
bucked the downward trend, reach- India soon. The objective of this mis- his address acknowledged
be part of terror definition ing a three-month high partly sion will be to maximise the the negative impact and NARENDRA
ThegovernmentonTuesdayintroducedthree because of a seasonal spike in potential of AI computing in India unethical use of AI, MODI,
redraftedBillstoreplacetheexistingcriminal vegetable prices. and provide Indian startups and and called for a Prime Minister
laws.IntheBharatiyaNyaya(Second)Sanhita The high print of the Index innovators with better opportuni- global framework
Bill,thedefinitionofterrorismnowincludes of Industrial Production (IIP) will ties,” he said, after inaugurating the on artificial
theword“economicsecurity”. 7> contribute to the first advance esti- *Provisional Source: NSO Global Partnership on Artificial intelligence.
mates of gross domestic product (GDP) data Intelligence (GPAI) Summit at Turn to Page 6 >
for 2023-24, set to be released on January 5 — RETAIL INFLATION:
COP28 runs into overtime ahead of the Interim Budget for FY25, which will be presented
3-MTH HIGH (Y-o-Y in%)
on February 1.
over fossil fuel divisions SPICEJET BOARD NOD TO
TheCOP28climatetalkswentintoovertime
onTuesdayandcountriesengagedin
The Reserve Bank of India (RBI), in its latest monetary
policy, revised the economic growth projection for FY24
upward by 50 basis points to 7 per cent, while expecting a
EpicwinhasbackersinIndia ~2,250 CR FUNDRAISE
shuttle-diplomacytoseekanewdraft 6.5 per cent GDP expansion in the December quarter. SHIVANI SHINDE tered search engine major has faced SpiceJet’s board on Tuesday
agreementandtrytocloseariftover Data from the National Statistical Office (NSO) released Mumbai, 12 December backlash in India as well. Last October, approved the raising of
endingtheworld'suseoffossilfuels. 8> on Tuesday showed 11.7 per cent growth year-on-year the Competition Commission of India ~2,250 crore in fresh capital
(Y-o-Y) in the IIP in October, up from 6.8 per cent in The verdict in the Google versus Epic (CCI) had imposed a penalty of from 64 entities through the
September. This was driven by double-digit growth in the Games antitrust case in the US ~1,338 crore on Google for abus- issuance of equity shares and
In Rajasthan, first-timer electricity (20.4 per cent), mining (13.1 per cent), and man- has spread cheer among the ing its dominant position in warrants. The airline reported
ufacturing (10.4 per cent) sectors, surpassing Bloomberg’s Indian gaming and app devel- multiple markets in the a consolidated net loss of
Sharma is BJP’s CM pick forecast of 10.5 per cent. opers. Ending a three-year legal Android mobile device eco- ~449.04 crore for Q2FY24,
Inanoutreachtotheupper Separately, the Consumer Price Index (CPI)-based inflation battle, the San Francisco jury system. It had also issued a reflecting a 46 per cent Y-o-Y
castes,especiallyBrahmins,in rose to 5.55 per cent Y-o-Y in November, up from 4.87 per cent found that Google turned its Play cease and desist order. fall. But this was its return to
theHindiheartland,theBJP in October. This was due to an acceleration in the prices of app store and billing service into an In the latest case, the jury also loss after posting a profit of
onTuesdaypickedBhajan vegetables, fruits, pulses, and sugar. Turn to Page 6 > *Provisional Source: NSO illegal monopoly. American video observed that the company hurt com- ~197.6 crore in Q1. 3>
LalSharma,afirst- game maker Epic Games, best known petition by tying Google Play store
timelegislator,as II,1 PAGE 4 PAGE 8 for Fortnite, had sued Google in 2020. with its payment services. FOXCONN TO INVEST
itschiefminister- nSENSEX TAKES BREATHER nNINE STATES RECORD nEYES ON FED AS US INFLATION The Mountain View-headquar- Turn to Page 6 >
~13,911 CR MORE P2
designatein AFTER SCALING 70K PEAK HIGHER INFLATION RATES EDGES UP IN NOVEMBER IN KARNATAKA
Rajasthan. 7 > GOOGLE’S ‘EPIC’ DEFEAT THREATENS $200 BN APP STORE INDUSTRY P8
2 COMPANIES NEW DELHI | WEDNESDAY, 13 DECEMBER 2023

STOCKS > Thermax

2,730 Secures orders exceeding
> Mishra Dhatu Nigam
405
Secures
> BLS International Services
325 Securescontractfor
> L&T Technology Services
4,948
5,010
Secures multi-year
> Tata Communications
1,739
1,750
To deploy digital
IN THE NEWS 2,724
~500 crore to establish
402
orderof
317
310 outsourcingconsular, 4,890 engineering services 1,720 fabric technology
395
2,710
297 1,707
2,675 bio-CNG plants 394 385 ~357crore passport,andvisaservices 4,943
4,770 partnership with bp 1,690 at all JLR sites
2,690 295
377 282 4,676
~2,723.7 CLOSE 375 ~402.0 CLOSE ~317.0 CLOSE 4,650 ~4,947.9 CLOSE 1,679 1,660 ~1,738.7 CLOSE
2,679 2,670 Dec 2023 Dec Dec 280
2023 Dec Dec Dec 2023 Dec Dec Dec 2023 Dec Dec
Dec 2023 Dec Dec p1.7% UP* 11 12 p4.2% UP* Dec p0.1% UP* p1.9% UP*
5 11 12
5
5 11 12 p7.0% UP* 5 11 12 5 11 12
*OVER PREVIOUS CLOSE

>

Foxconntoinvest
$1.7bnmoreinK’taka PVs cruise to a record, small FOR EV BATTERY INFRA

Gogoro open to
PEERZADA ABRAR & AGENCIES
Bengaluru, 12 December

Apple supplier Foxconn plans

Industries, and Infrastructure
Development, MB Patil at the
conclusion of the 62nd meet-
ing of the SHLCC held at
car sales skid 21% in Nov commitbillions
GROWTH
to India story
to invest an additional ~13,911 Suvarna Vidhana Soudha in SOHINI DAS Total passenger
crore ($1.67 billion) in Belagavi. The Taiwan-based Mumbai, 12 December vehicles
Karnataka, the state govern- company, which assembles MISMATCH 276,231
E
nNov ‘22
ment said in a statement on around 70 per cent of iPhones ven as sales of passenger
Domestic auto sales
Tuesday. The state also
approved 14 projects worth
and is the world's largest con-
tract manufacturer, has been
vehicles (PVs) in the wholesale
market in November (the
nNov ‘23 288,062 Taiwan’s electric vehicle giant

138,780
102,558

175,278
130,142

10,226
unveils first e-scooter in India

7,309
~34,115 crore, with the poten- diversifying production away Diwali month) grew, those of small
tial to create 13,308 jobs across from China following Covid- passenger cars showed a decline
the state. Of the 14 proposals 19 disruptions and geopoliti- of 21.5 per cent, the data from Passenger Utility Vans DEEPAK PATEL
that received the nod, 10 are cal tensions. It has rapidly the Society of Indian cars vehicles New Delhi, 12 December
new projects worth ~19,452.40 expanded its presence in Automobile Manufacturers
crore, while the remaining India over the past year by (Siam) showed. Note: Data for BMW, Gogoro is open to making a
Mercedes, JLR, Tata Motors,
four are additional investment investing heavily in manufac- Including Tata Motors’ and Volvo Auto is not multi-billion dollar invest-
projects of investment worth turing facilities in the south wholesale numbers, PV sales available ment to establish a battery
~14,662.59 crore. of the country. Foxconn is come in at 334,130 units, a Source: Siam swapping infrastructure
The company has already also expected to start man- growth rate of 3.7 per cent. across India by 2032.
received approval to invest ufacturing iPhones in the Tata Motors does not give a Espresso fall by This comes as the demand
~8,000 crore in the state. This state by April 2024 — a proj- break-up of its monthly sales and 45 per cent to only 9,959 for electric two-wheelers
was revealed by the Minister ect expected to create around hence the segment-wise data for units. Sales of the Renault surges in India, Horace Luke,
for Large and Medium 50,000 jobs. November does not include its breakup Kwid fell by almost 60 per cent to chief executive officer (CEO)
of cars and utility vehicles. TaMoseeshighest 610 units. and co-founder of Gogoro
Rajesh Menon, director general, Siam,
said: “Three-wheelers reported signifi-
monthlyretailsales Wholesale refers to sales by the original
equipment manufacturer to the dealer.
said on Tuesday.
The company received
IN BRIEF cant growth of 30.8 per cent compared Tata Motors recorded its highest Overall mini segment sales were down by approval from the
to the previous year, posting sales of monthly retail sales in November on 46 per cent. Maharashtra government in
Adanitoinvest$100bn about 60,000 units in November, just
below the peak of November 2017. Two-
the back of robust demand for its
sports utility vehicles amid the festive
In two-wheelers, there has been an
overall growth rate of 31 per cent to more
June this year to invest $1.5
billion — $500 million for

in10yrsforenergyshift wheelers also reported sales of about

1.623 million units with high growth of
31.3 per cent compared to November
period, according to a firm official. In
an interaction with PTI, Tata Motors
Passenger Vehicles Managing Director
than 1.62 million units in November, led
by the motorcycle segment. Industry
insiders say election-bound states have
vehicle manufacturing and $1
billion for battery swapping
infrastructure — over the
AMRITHA PILLAY folio to 45 Gw. 2022 and are also slightly below the peak Shailesh Chandra said the automaker done better in two-wheeler sales. next eight years.
Mumbai,12December The group has set a target in November 2018.” retailed around 53,000 units in Motorcycles grew by almost 36 per “Pan Indian, I see a lot
to become net zero by 2050 or PV growth was spurred by an increase November, which was 8 per cent cent in November as against 23 per cent more money going into other
Adani portfolio companies earlier for five of its portfolio in utility vehicles, which witnessed a higher as compared to October this growth in scooters. gigantic markets such as
will invest $100 billion over the companies — Adani Green nearly 27 per cent jump Y-o-Y to 175,278 year and 30 per cent up as compared Three-wheelers grew by 31 per cent to Bengaluru and Delhi-NCR.
next decade towards achieving Energy, Adani Energy units. The improved production to sales in November 2022. PTI 59,738 units, driven primarily by the pas- They will require a lot of cap-
energy transition, the Solutions, Adani Ports & resulting from better semiconductor senger carrier segment. ital as well. There is no “THEREISNONUMBER
group said in a media Special Economic availability, combined with festival sea- “For the month, sales of passenger number I probably should
statement on Zone (SEZ), ACC, son sales in the first 15 days of November, turers) have likely reduced inventories, vehicles grew moderately and two- put on the table other than it
ISHOULDPUTONTHE
Tuesday. Of the and Ambuja contributed to this. given wholesale growth was lower than wheelers and three-wheelers posted high will be more than $1 billion TABLEOTHERTHANITWILL
planned $100 bil- Cements. Himanshu Singh, research analyst, retail. Production and, to some extent, double-digit growth. Sales of commercial on the network side of the BEMORETHAN$1BILLION
lion, 70 per cent is The company Prabhudas Lilladher, had earlier said this wholesales (for sport utility vehicles) were vehicles matched last year’s levels. business,” he told reporters. ONTHENETWORKSIDEOF
intended to be spent said Adani portfolio month Y-o-Y growth for PV makers was impacted by a higher number of festival Supported by strong economic growth, On Tuesday, the company THEBUSINESS”
towards clean energy. businesses have an slightly below expectations with strong holidays during the month,” Singh added. industry is optimistic about ending the unveiled its first electric two-
Adani Group is building active strategy to decar- outperformance by the sport utility Maruti Suzuki India (MSIL), market year 2023 on a high note and expects the wheeler in India. The
Horace Luke
three giga factories with plans bonise, pledge to plant 100 vehicle segment continuing. leader in the passenger car category in the trend to continue into 2024,” said Vinod two-wheeler called CrossOver CEO & co-founder, Gogoro
to develop 10 gigawatts (Gw) million trees by 2030, and “OEMs (original equipment manufac- domestic market, saw sales of its Alto and Aggarwal, president, Siam. GX250 is being manufactured
solar panel, 10 Gw wind tur- undertake innovative pilot at its plant in Chhatrapati Gogoro doing a multi-billion
bine, and 5 Gw hydrogen elec- projects, including the devel- Sambhaji Nagar, dollar investment to establish
trolyser. The group is also opment of a hydrogen fuel cell AMID OVERALL EV BOOM Maharashtra. a battery swapping infras-
expanding its renewables port- electric truck. Initially, it will be available tructure across the country,

IPO-bound Oyo elevates E-bus mkt share falls to under 3% to business-to-business (B2B)
customers in Delhi and
Goa, with plans for a Mumbai
and Pune roll out in
he replied: “Of course. For us
to be successful, I do see that
kind of investment needs to
come.”
Rakesh Kumar as CFO NITIN KUMAR
NewDelhi,12December MISSING THE BUS TaMofirsttogetnod
the first half of 2024. By the
second quarter of 2024,
He added that Foxconn is
a manufacturing partner of
IPO-bound hospitality major Oyo on Tuesday elevated Rakesh 2022 Figures in bracket represent sales tally forH2FCEVbuses the two-wheeler will be avail- Gogoro for two-wheelers as
Kumar to its new chief financial officer (CFO). Before this, he was The electric vehicle (EV) industry is experi- able to all. well as batteries. However, a
working as the firm's Deputy CFO. Kumar will replace Abhishek encing a boom in sales this year, crossing Others 0.4 TataMotorsbecamethecountry'sfirst The company on Tuesday specific number of parts are
Gupta, who will continue with Oyo in “an advisory and the one-million mark in just the first nine (169) busmanufacturertoreceivetheCentral also unveiled its battery being manufactured by
mentorship capacity.” In his previous role, Kumar oversaw key months of 2023. Electric 4.2 MotorVehiclesRulestypeapproval swapping stations that it has Foxconn.
financial functions at the company, including business finance for But larger e-mobility penetration, in% (1,988) certificateforitshydrogenfuelcell established in these cities. “The first wave of invest-
all markets, treasury, controllership, shared services, financial and which is public transport, has lagged electric(FCEV)buses.Thelargest The company has a goal of ment to India has been
CNG 10.9
investor reporting, taxation, and financial planning and analysis, behind for EVs. The share of e-buses
(5,183) commercialvehiclemanufacturerin building 120 such stations brought by us. For the auto-
the company said. ARYAMAN GUPTA within the overall bus market segment IndiaobtainedtheapprovalforitsTata across India by mid-2024. It motive factory we are putting
decreased to 2.8 per cent in 2023, as of Diesel 84.6 Starbus4/12FCEVmodelalongwithits will also establish a battery here (in Maharashtra), the
December 10, from 4.1 per cent in 2022, (40,193) variations.FCEVisatypeofelectric manufacturing plant in Pune. investment has been done.
Swiggy disbursed ~102 cr according to the Ministry of Road
Transport and Highways’ Vahan
2023 Figures in bracket represent sales tally vehiclethatuseshydrogenfuelcellsto
generateelectricityinsteadofrelying
“We’ve invested tens of
millions of dollars to set up
We are not shy of invest-
ment,” Luke said.
Others 4.1
loan in last 12 months Dashboard data.
Industry experts attribute the decline
(3,181)
solelyonbatteries. NITIN KUMAR our manufacturing plants
and will continue to invest as
He emphasised that the
government should strike a
Swiggy has said that it facilitated the disbursement of loans to delays in bus supply by original equip- Electric 2.8 necessary based on market balance in subsidies between
worth ~102 crore to delivery partners in the last 12 months. Of this, ment manufacturers (OEMs) and the lack in% (2,186) overall bus market segment from the pre- demand,” Luke added. consumers purchasing elec-
~10.1 crore was disbursed in November alone. Swiggy first started of state government efforts in enforcing CNG 6.3 vious year, the total number of e-buses In Taiwan, the company tric vehicles with batteries
enabling delivery partners with loans in 2019. It has partnered timely procurement. (4,851) sold this year was higher. has 1.3 million batteries in cir- and companies developing
with Betterplace and Refyne to enable loans. There is no limit to “The primary cause of the low penetra- In 2023, e-bus sales saw an approx- culation at its 12,000-13,000 battery-related infrastruc-
the number of loans delivery partners can apply for, provided tion is delayed delivery of buses by OEMs.
Diesel 86.8 imately 10 per cent increase, rising to 2,186 battery swapping stations. ture.
(67,227)
they maintain a good repayment history. PEERZADA ABRAR This stems from their constrained produc- Source: VAHAN Portal units from 1,988 units in the preceding cal- “That has taken an invest- Currently, under the
tion capacity and frequent supply chain endar year. ment of $650-700 million. FAME scheme, the Centre
bottlenecks,” said Preetesh Singh, special- The decline in e-bus penetration could India is 24 times that of provides subsidies to con-
NCLAT reserves order on ist CASE and alternate powertrains, NRI
Consulting & Solutions.
Manufacturing of Electric Vehicles in India
(FAME-II) initiative.
also be attributed to the overall surge in
bus sales. It soared 62 per cent, reaching
Taiwan in terms of volume
sales,” he said.
sumers, who are buying elec-
tric vehicles with batteries.
Jalan plea in Jet case Government data indicates that despite
the Centre’s approval for over 5,000 elec-
However, according to ministry data,
only 2,435 e-buses have been deployed so
77,445 units this year compared to 47,533
units in 2022.
“I am not expecting to
deploy it (battery swapping
“The government should
subsidise infrastructure
TheNationalCompanyLawAppellateTribunal(NCLAT)onTuesday tric buses, the procurement process has far. Additionally, the tender issued by Out of the total of 288,046 buses sold stations) pan Indian, in every builders. People build battery
reserveditsorderonanappealfiledbythesuccessfulbidderofJet been lacklustre. CESL for 4,675 e-buses on a dry-lease basis in the country since 2019, only 5,944, or 2 nook and cranny. If I can charging stations and bat-
AirwaysJalanKalrockConsortium,againsttheNationalCompany The ministry of heavy industries has was also cancelled due to a lukewarm per cent, were electric. The majority, deploy in the top 10 cities, I teries for swapping and this
LawTribunalorderaskingtheairline'smonitoringcommitteeto sanctioned 7,210 e-buses as part of its response from OEMs. Despite a decrease approximately 88 per cent, were diesel- will be happy,” he clarified. infra allows anybody to use
concludethesaleoftheJetaircraft. BHAVINI MISHRA ambitious Faster Adoption and in the proportion of e-buses within the powered. When asked if he sees it,” he stated.

Vax king Poonawalla shells out ~1,400 crore to snap up London villa
Aberconway House second-most expensive home ever sold in London PURSUITS OF THE RICH London is home to over a dozen Indian billionaires

RIMJHIM SINGH partners,andithashelpedSerumgroupinaccessing

New Delhi, 12 December globalopportunitiesthatwerenotpossibletodofrom
India,”accordingtoaCNBCTV18report.
SerumInstituteofIndiachiefAdarPoonawalla willpay Accordingtosources,thefamilyhasnoplansto
£138million(about~1,444crore)foraMayfairmansion movetotheUKand“thehousewillserveasabasefor
inLondoninoneofthecity’smostexpensivehome thecompanyandfamilywhentheyareintheUK".
salesoftheyear,theFinancialTimesreportedon Thisdealfollowsmultimillion-poundinvestments
Tuesday.AberconwayHouse,a1920shomenearHyde invaccineresearchandmanufacturingfacilitiesnear
Park,belongedtoDominikaKulczyk,thedaughterof Oxford.In2021,thePoonawallafamilycommitteda£50
JanKulczyk,whowasoncePoland'srichestman. million($62.8millioninpresentvalue)funding
AberconwayHouseisthesecond-mostexpensivehome commitmenttoOxfordUniversityforanewPoonawalla
eversoldinLondon,andthisisthebiggestdealofthe VaccinesResearchBuilding.
yearforthecity.Sourcessaidthatthemansionwillbe Poonawalla,whotookovertheSerumInstitutefrom
acquiredbySerumLifeSciences,aUKsubsidiaryofthe hisfatherin2011,rentedtheGradeII-listedpropertyin GPHinduja : £350 mn for the LNMittal : £117 mn for mansion RaviRuia : £113 mn for Hanover
Poonawallafamily'sSerumInstituteofIndia. 2021formorethan£50,000($62,825)aweek. Old War Office in Whitehall in Kensington Palace Gardens Lodge in Regent’s Park
PoonawallahasnoplanstomovetoLondon.The ThemansionisnamedafterHenryDuncan
purchaseissaidtobethesecond-most McLaren,BaronAberconway,anindustrialistwhobuilt
expensivehouseinLondon. theGrosvenorSquaremansion. includingGPHinduja,LakshmiMittal,andSriPrakash AndreyGoncharenkofor£113million($141.99million).
“Itisacompanyguesthouse,whichis Thenextlargestsaleof2023wasthe£113million Lohia,eachofwhomhasacquiredvastmansionsatthe SteeltycoonLakshmiMittalboughtamansionin
usefulforhostingevents,donors,tech ($141.99million)purchaseofHanoverLodge.Soldin verytopendofthescale. Hindujapaid£350millionfor leafyKensingtonPalaceGardensfor£117million
January2020,London'smostexpensivehousesalewas theOldWarOfficeinWhitehallandlaterspent£900 ($147.01million).Mittalboughtthispropertyfrom
2-8aRutlandGatetotheestateoftheformerSaudi million($1,130million)renovatingthebuildingand Israeli-AmericanfinancierNoamGottesmanforhis
Adar Poonawalla has no plans to move to ArabiancrownprinceSultanbinAbdulazizforarecord- convertingitintoasumptuoushotelandapartments. son,Aditya.
London, and the mansion will be bought breaking£210million($263.87million). IndianbillionaireRaviRuia,ownerofEssarGroup,
by Serum India’s subsidiary LondonishometooveradozenIndianbillionaires, boughtHanoverLodgeinRegent'sParkfromRussia's With inputs from Aneeka Chatterjee

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
Editor : Shailesh Dobhal RNI NO. 57376/1994 Readers should write their feedback at [email protected] Ph. 011-23720202, Fax :+91-11-23720201
For Subscription and Circulation enquiries please contact:Ms. Mansi Singh Head-Customer Relations. Business Standard Private Limited. H/4, Building H,Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai - 400013 E-mail: [email protected] “or sms, REACHBS TO 57575. NO AIR SURCHARGE
.
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 COMPANIES 3 <

SpiceJet to raise ~2.2K cr capital Adani Ports to raise

Airline slips back to loss in second qtr
FACING HEADWINDS
come to an agreement.
In March this year, Credit
Suisse initiated a contempt case
$600 mn via NCDs
DEEPAK PATEL the airline’s chairman and man- SpiceJet key financials against Singh and the airline. It REUTERS
New Delhi, 12 December aging director Ajay Singh said.
In a statement to BSE, the
asserted that they had not hon-
oured their payment obligations
Bengaluru, 12 December
Adani contractor
S behind Deloitte
piceJet’s board on airline said it will issue 320 mil- as outlined in the settlement The country’s largest private port operator
Tuesday approved the lion shares and 130 million war- terms. In September, the airline Adani Ports and Special Economic Zone
raising of ~2,250 crore in
fresh capital from 64 entities,
rants to the 64 investors.
They include Elara India
Net profit/loss (~ cr)
paid $1.5 million to Credit Suisse
following a Supreme Court
said on Tuesday it will raise ~5,000 crore
($599.8 million) by issuing non-convert- red flag resurfaces
including financial institutions, Opportunities Fund, Aries directive. Singh’s dispute with ible debentures and ~250 crore through
foreign institutional investors, Opportunities Fund, Mahapatra -833.2 < Q2FY23 Maran began in 2015 when the non-cumulative redeemable preference The Adani group has been maintain-
high-net-worth individuals, and Universal Limited, Nexus latter sold his 58.46 per cent shares. The company, which operates 13 ing its relationship with a controver-
private investors, through the Global Fund, Prabhudas Q1FY24 > 197.6 stake in SpiceJet for a meagre ports and terminals in the country sial contracting firm controlled by a
issuance of equity shares and Lilladher and Resonance ~2. In 2016, Maran took the including its largest Taiwanese family. The contracting
warrants. The airline has been Opportunities Fund for raising
Source: SpiceJet
-449.4 < Q2FY24 matter to the Delhi High Court, container handling firm — Howe Engineering Projects
facing a cash crunch for the past ~2,250 crore. The issue price will alleging that the airline had port, Mundra in (India) — contains the core opera-
several quarters. be ~50 per equity share/warrant. breached its sale agreement by Gujarat, said a tions of a business called PMC
It is also dealing with multi- Singh stated that this fund- airline has received an line and his entities were issued failing to issue him share war- majority of the Projects that the government alleged
ple court cases regarding money raise will strengthen the air- additional ~541.3 crore under fresh equity and warrants in rants and preference shares. funds issued will in 2014 was being used by Gautam
owed to former owner Kalanithi line’s financial position, the ECLGS in 2023-24, it said on return. A few days later, aircraft In response, the court, in be used for refi- Adani’s empire to siphon money
Maran, Credit Suisse, aircraft enhance its operational capabil- Tuesday. The carrier also lessor Carlyle Aviation Partners 2017, directed the airline to nancing of exist- overseas. Adani denied all wrongdo-
lessors and engine lessors. ities and help it settle outstand- informed that it has received a acquired 5.91 per cent stake in deposit ~579 crore and told both ing debt. ing and the probe’s findings were
On Tuesday, the airline ing dues. On Tuesday evening, non-binding term sheet from a the airline at ~48 a share. The parties to resolve the matter Adani group com- dismissed in 2017 by an adjudicating
reported a consolidated net loss the airline had a market cap of potential investor and the air- lessor got the shares after con- through arbitration. panies are starting to raise funds for cap- body. In April 2016, PMC’s engineer-
of ~449.04 crore for the second ~3,971 crore. line is considering this avenue, verting its existing outstanding In 2018, an arbitration tribu- ital expenditure, and have plans to spend ing business was folded into Howe,
quarter of 2023-24, reflecting a Singh and his related entities too, to raise fresh capital. dues of $28.16 million. nal ruled in Maran’s favour, ~7 trillion over the next decade on infras- according to court filings. Deloitte’s
46 per cent year-on-year (Y-o- own 56.53 per cent shares in It is currently operating Various aircraft and engine awarding him ~579 crore plus tructure projects. inability to determine whether Howe
Y) fall. But this was the airline’s SpiceJet. And, it is unclear how about 1,430 flights per week, lessors have filed an insolvency interest. On May 29 this year, Meanwhile, the company in early talks should be labeled a related party was
return to loss after posting a their shareholding will change which are 23 per cent fewer application against SpiceJet at the high court ordered SpiceJet to acquire real-estate conglomerate why the auditor raised red flag about
profit of ~197.6 crore during the once the equity/warrant issu- services compared to a year ago, the National Company Law to pay the interest of ~380 crore Shapoorji Pallonji Group’s (SP group) payments by Adani’s ports company
previous quarter. ance to 64 entities is approved according to aviation analytics Tribunal (NCLT) over non-pay- to Maran. On July 7, the Gopalpur port in Odisha for about 11-12 to the contracting firm in May. The
“The July-September by the airline’s existing share- firm Cirium. SpiceJet has been ment of dues. Credit Suisse and SCrejected SpiceJet’s request for billion rupees ($132-$144 mln), The accounting giant then resigned as
quarter has historically been a holders. The airline has been posting annual losses since SpiceJet have been embroiled an extension to make the pay- Economic Times reported last week. the auditor. Howe has remained an
challenging period for the avia- using various avenues to raise 2018-19. Last year, the airline in a legal conflict since 2015, ment of ~380 crore to Maran and Shares in Adani Ports have more than Adani contractor for some of the
tion industry. This year, the cash. In 2022-23, it raised ~449.8 saw a consolidated net loss of concerning outstanding debt of his company, Kal Airways. On doubled from the multi-year lows hit after largest ports and railway lines pre-
challenges were further com- crore under the central govern- ~1,513 crore. around $24 million. In August July 10, Kal Airways firmly the Hindenburg report. They were last up sently under construction in India,
pounded by elevated fuel prices, ment's emergency credit line In August, Singh himself 2022, both parties informed the stated there was no possibility nearly 1 per cent taking their year-to-date recent filings show. BLOOMBERG
impacting operational costs,” guarantee scheme (ECLGS). The infused ~494.1 crore in the air- Supreme Court that they had of an “amicable” settlement. gains to 27 per cent.

Ashneer moves
NCLT, seeks
reinstatement
as BharatPe MD
BS REPORTER
12 December

Ashneer Grover has approached the National Company

Law Tribunal (NCLT) seeking his reinstatement as man-
aging director of fintech firm BharatPe, according to a
report by online legal news portal Bar and Bench. Grover
has also requested for a declaration that the changes
made to the company’s management since his departure
are illegal. He further sought the revocation of the ter-
mination of his wife,
Madhuri Jain Grover, and
directions to revert any new
shares issued by the firm
since his resignation on
March 1, 2022.
A quorum of judicial
member Mahendra
Khandelwal and technical
member Rahul Bhatnagar
heard the matter on
December 6.
The counsel appearing
for BharatPe challenged the
maintainability of the plea,
arguing that only a member
Ashneer Grover has also who held more than 10 per
sought a declaration that cent of the issued share cap-
the changes made to the ital of the company could
firm’s management since file a petition under Section
his departure are illegal 241 of the Companies Act,
2013 (application to
Tribunal for relief in cases of oppression). He stated that
this was not met in the current situation.
Grover’s lawyer countered that according to
BharatPe’s own annual report for the financial year 2021-
22, the total equity shares of the company were 101,925,
of which Grover’s shareholding was 43,877 (43 per cent).
BharatPe contended that the 101,925 shares only consti-
tuted the equity shares issued by the company and that
Grover’s shareholding in the issued shared capital was
only 0.00013 per cent.
The tribunal deferred the matter till January 11, 2024,
when Grover’s counsel will make further submissions
on the issue of maintainability.

Consumertech
Inc may reach
$300 bn by ’27
PEERZADA ABRAR
Bengaluru, 12 December

The Indian consumer technology (consumertech) indus-

try is set to rise as the total addressable market will reach
$300 billion by 2027, growing at a compound annual
growth rate (CAGR) of 25 per cent, according to a report
by Chiratae Ventures, in collaboration with 1Lattice and
powered by Google. The report, ‘Cracking the Code:
Unveiling India’s Consumer Landscape’, the first instal-
ment of a three-part annual report, provides ianalyses of
gaming, e-commerce, financial technology (fintech),
entertainment, and health care sectors. Around 880 mil-
lion people in India aspire to spend on fashion and apparel,
and 220 million people aspire to spend on on-demand
services. This has resulted in an increased focus on per-
sonalisation, a rise in experiential retail, and a growing
influence of social media. Supported by an increase in
disposable income and significant digital adoption, they
provided additional tailwinds to solve the above needs.
“It focuses on pillars that will help an entrepreneur who’s
starting up today succeed in this particular space. They
revolve around building population-scale solutions and
services, especially in today’s world, which is backed by
DPI. This also includes your ability to access and reach
almost 350 million people and probably another 700 mil-
lion people in three to four years through the public infras-
tructure as it extends itself,” said Anoop N Menon, princi-
pal-investments, Chiratae Ventures, in an interview.
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1

Lopsided COP28 boon for India’s India-Oman FTA

growing coal and oil appetite talks on fast track
Commerce dept sets December-end deadline for deal
SHREYA NANDI
SHREYA JAI & SUBHAYAN CHAKRABORTY TOP EMITTERS below the US’ and China. However, it New Delhi, 12 December
BUILDING TIES India-Omantrade
30.7
New Delhi, 12 December is rising at a fast clip and is set to hit
27.8
25.8 Share of global CO2 emissions (In %) nExports nImports ($bn)
6.6 per cent over the next five years. A proposed comprehensive

23.6
E
ven as the majority of countries, n2000 n2005 n2010n2015 n2022 Coal, which is the main driver of free trade agreement (FTA) Trade balance
20.7
19.8

ranging from rich to developing India’s electricity supply, will also between India and Oman is on -0.09 -3.43 -3.69

13.6
islands, strongly condemn the 17.0 remain a mainstay in the energy basket. a fast-track mode, with a team
15.1

14.1
14.3

3.15
weak language around fossil fuel phase- India signed for a tripling of renewable of officials from the depart-

12.6

2.01
7.6

2.1
out in the penultimate draft of the energy at the Group of Twenty (G20) ment of commerce in Muscat

10.0

6.84
4.48
7.91
Global Stocktake at 28th Conference of but abstained on the same at COP28 as for negotiations, people aware
6.3

8.7
7.4
the Parties of the United Nations (UN) 5.0 it involved committing to the expiry of the matter said. FY24* FY23 FY22
4.0

1.9
1.2
1.5

1.4
3.8

1.1
1.6
Framework Convention on Climate date of coal. After China, India is the It is learnt that the depart-

1.9

1.2

1.4
*(Apr-Sep)

2.2
2.2

1.5
1.6

1.3

0.8
1.4
1.5

1.3
1.3
1.3
Change (COP28), India would stand to world’s largest coal consumer. India’s ment of commerce has set an Source: Department
of Commerce
benefit from the fine print around annual coal demand is due to cross the internal deadline of finalising
brown and green fuels. China United India European Canada Brazil South United 1-billion mark soon. Thermal power the deal by month-end.
The draft text released on Monday States Union Africa Kingdom accounts for close to 75 per cent of The development assumes
has remained silent on the phase-out Source: Our World in Data India’s electricity generation despite significance since India
of fossil fuels, which is a crucial negoti- rapid growth in renewable energy and the six-member Gulf
ation point for the first time at COP. sources. “India’s RE push does not Cooperation Council (GCC) —
mean the end of coal. Rich countries Bahrain, Kuwait, Oman, Qatar,
Climate justice and energy security have left little carbon space for us. We Saudi Arabia and the United
The draft’s language around fossil fuel South, including India, said the country, growth, but the energy security of 120 need a fair share of the carbon budget Arab Emirates (UAE) — has
is extremely lopsided towards oil-pro- along with Group of 77 (G77) and BASIC billion people requires coal and oil,” said and meet our energy needs,” said a sen- not been able to begin negoti- on-year (Y-o- Y). During the already entering duty free. So,
ducing nations, including the host (Brazil, South Africa, India, and China) a senior official. ior negotiator representing G77. ations for more than a year. previous financial year, petro- they will not see additional
United Arab Emirates (UAE). India has groups, has objected to singling out coal The Ministry of Petroleum and This is due to differences per- leum products, primarily benefits from the FTA.
been vociferously demanding that the in the draft. “The Global South is united Natural Gas had been keen that the New green economy taining to the terms of refer- motor gasoline, accounted for Imports from West Asian
phase-out should cover all fossil fuels, in its demand that the Global Stocktake Indian delegation at COP should stick The language around green fuels is also ence, especially with Saudi close to half of India’s exports. nations are greater than
including oil and gas, and not just coal. cannot be outside the purview of the to its position that further investment a plus for India and its plan on biofuels. Arabia. If the trade works out, Delhi-based think tank exports and saw 15.6 per cent
“Reducing both consumption and Paris Agreement and CBDR-RC (com- in developing and extracting oil and gas India has been crucial in drumming up Oman will be the second GCC Global Trade Research increase to $7.91 billion in
production of fossil fuels, in a just, mon but differentiated responsibilities resources is needed in tandem with the support for biofuels and has pitched the member after the UAE to ink Initiative (GTRI) said that FY23. Top inbound shipments
orderly, and equitable manner to and respective capabilities) principles,” exploration of carbon-free alternatives. Global Biofuel Alliance (GBA), on the an FTA with India. That apart, India can hope to radically include petroleum products
achieve net zero by, before, or around said an official. “The economic realities of develop- sidelines of COP28. the proposed agreement is increase its exports to post and urea, which comprise
2050 in keeping with the science,” says CBDR-RC calls for climate action ing countries like India and least devel- The draft text has also called for also expected to further FTA, as currently over 80 per close to three-fourth of
the draft. But for coal, it says, “Rapidly and financing according to the econom- oped nations have to be evaluated care- adoption of carbon removal technolo- strengthen India’s economic cent of its goods enter Oman imports.
phasing down unabated coal and limi- ic status and emission levels of the fully. A blanket push to phase out fossil gies, including carbon capture, energy ties with West Asia. at average 5 per cent import “The India-Oman CEPA,
tations on permitting new and unabat- nations. “UAE as a host is not capable fuels at this point may not be the best storage, and low carbon hydrogen pro- India and the UAE had duties, and there are not many while offering direct economic
ed coal power generation.” of attacking the fossil fuel industry. For approach,” a senior official said. duction, to substitute fossil fuel. Both signed a comprehensive eco- trade barriers. benefits through import duty
The draft does not have a single India, this is a chance. We have always According to the International technologies are finding investment nomic partnership agreement “Over 83.5 per cent of reductions, also serves a larger
mention of oil/natural gas separately. supported CBDR–RC. Under that, we Energy Agency, India’s share in global lately in India. It also signed a global (CEPA) in February 2022. India’s goods exports, valued strategic role in India’s foreign
Negotiators representing the Global continue to accelerate green energy-led oil demand is 5.5 per cent in 2023, much deal for the growth of battery storage. “The India-UAE agreement at $3.7 billion, currently face a policy. While acknowledging
is expected to be replicated in 5 per cent import duty in the limitations set by Oman's
the case of the trade pact with Oman. With the new FTA, smaller economic size and
Oman,” one of the persons cit- these products, including population, the agreement’s
IN BRIEF
Resolve Kashmir issue with INFLATION BITES 9 STATES ed above told Business
Standard. Oman is India’s 29th
largest trading partner.
Bilateral trade has been
major exports like motor gaso-
line, iron and steel, electron-
ics, machinery and textiles,
among other items, will bene-
true value lies in its potential
to open doors for India in the
Middle East, fostering eco-
nomic and strategic ties in a
Asmanyasninestateshaverecordedahigherrateof STATES WITH
India-Pak dialogue: China inflationcomparedtothenationalaveragein
November.WhiletheaverageIndianconsumer’scost
HIGHER INFLATION
witnessing robust growth,
increasing from $3.15 billion
fit from the duty elimination,”
GTRI said in a report. It added
region of critical importance,”
the GTRI report, authored by
TheKashmirissueshouldberesolvedthroughdialogueand Inflation rate (Y-o-Y in %) in FY22 to $4.48 billion during that about 16.5 per cent of former trade ministry official
consultationbetweenIndiaandPakistan,ChinasaidonTuesday oflivingroseby5.55percentcomparedtothesame FY23, up 42 per cent year- India’s exports to Oman are Ajay Srivastava said.
Odisha 7.65
whilereactingtoIndia’sSupremeCourtjudgmentonArticle370 timelastyear,itincreasedby7.65percentinOdisha,
6.99percentinRajasthan,and6.78percentin Rajasthan 6.99
upholdingthecentralgovernment'sdecisionontheerstwhilestate
ofJammuandKashmir.“OntheKashmirissue,China’spositionis Haryana.StateslikeBihar,Karnataka,Punjab, Haryana 6.78
consistentandclearcut,”ChineseForeignMinistryspokesperson Telangana,Gujarat,andUttarPradesh—whichhavea Punjab 6.54
MaoNingsaid.“TheKashmirissue,leftfromthepast,needstobe higherinflationratethanthenationalaverage— Karnataka 6.52 HIRING SENTIMENT POSITIVE FOR Q4
resolvedappropriatelyinaccordancewiththeUNCharter,Security recordedarisebetween5.56percentto6.54percent. Telangana 6.46

4 in 5 employers looking to
Councilresolutionsandbilateralagreements,”Maosaid. PTI India’soverallinflationrateishigherthanallthe Gujarat 6.30
advancedeconomies.WhiletheUKreportedan Bihar 6.11

1st Indian astronaut on moon inflationrateof4.6percentin Uttar Pradesh 5.56

by 2040, says Isro chairman

October,andtheUS3.1per
centinNovember,it
was3.3percentin
India
Maharashtra
Andhra Pradesh
5.55
5.48
5.41
sustain or raise workforce
AfterthehistoricsuccessofitsChandrayaan-3lunarmission,Indian
SpaceResearchOrganisation(Isro)isplanningtosendIndian
Japan.Pricesroseby
2.3percentin Uttarakhand 5.34
SHIVA RAJORA,
New Delhi, 12 December
Job creation most vital
astronautsforthefirsttimeonthemoonby2040.Fourtestpilots
fromtheIndianAirForcehavebeenselectedasastronaut-
Germanyand
3.8percentin
Jharkhand
Assam
5.23
5.16 Nearly four out of five employers intend to
pressure point: Rajan
designatesforthemission,Isrochief SSomanathhassaid.“Looking France.InflationinSouth Himachal Pradesh 5.16 maintain or increase their workforce in the sec- Indian economy,
ahead,Isroaimstotakethenextstepinspaceexplorationwiththe AfricaandRussia,twokey Tamil Nadu 4.97 ond half of financial year 2023-24, according to dubbed the fastest
Gaganyaanprogramme,planningtolaunchacrewof2to3Indian ILLUSTRATION: AJAY MOHANTY a TeamLease report released on Tuesday. growing major economy
emergingmarketpeersin Madhya Pradesh 4.88
astronautsintoLowEarthOrbit foruptothreedays,”hedivulgedin The report titled EmploymentoutlookReport in the world, is faced
anexclusivearticleforManoramaYearbook2024. PTI
theBricsgroupingofnations(Brazil,Russia,China, Kerala 4.80 attributes the upswing to government policies with the single most
andSouthAfrica)remainedhigherthaninIndia. West Bengal 4.65 and initiatives which aimed at bolstering important pressure
Pricesroseby5.9percentinSouthAfricaandby Jammu & Kashmir* 3.80 employment and fostering a conducive busi- point of job creation,
DU, OP Jindal to host 74th All 7.5percentinRussia.Chinaontheotherhand
recordedanegativeinflationof-0.5percent
Chhattisgarh
Delhi
3.56
3.10
ness environment — the post-covid Aatmani-
rbhar Bharat package, PLI schemes, Pradhan
says former RBI governor
Raghuram G Rajan as he
India Commerce Conference comparedtothesameperiodlastyear,anindication
ofweakeconomicrecoverysincethepandemic.
* Figures and weights pertain to the prices
and weights of the combined Union
Territories of Jammu & Kashmir and Ladakh
Mantri Gati Shakti scheme, Prime Minister’s
Employment Generation Programme, and
makes a strong case for improvement of
human capital through skill development.
DelhiUniversityandOPJindalGlobalUniversityaresettoorganise SAMREENWANI Source: MOSPI Mahatma Gandhi National Rural Employment Talking about the book 'Breaking the
the74thAnnualAllIndiaCommerceConference(AICC)oftheIndian Guarantee Scheme, among others. mould: Reimagining India's economic
CommerceAssociationfromDecember13-15.Theconference, future', written jointly by him and Rohit
scheduledtobeheldonthecampusesofboththeorganising RETAIL INFLATION (in%) BRICS INFLATION RATE (Y-o-Yin%) “Moreover, India witnessed a 7.8 per cent
growth in its gross domestic product (GDP) in Lamba, assistant professor of economics at
universities,isexpectedtoseeparticipationfrom 4 of 5 advanced economies record a decline Higher inflation in South Africa and Russia the first quarter of the fiscal year 2023- 24, indi- Pennsylvania State University, Rajan said one
morethan2,500delegatesfromdifferent cating a vigorous economic rebound, which in of the greatest strength of India is its human
partsofIndiaandabroad.Themaintheme turn is propelling the momentum in incremen- capital of 1.4 billion and the question is "how
ofthe74thAICCis‘OneEarth-OneFamily- tal hiring,” the report adds. do you make it strong?" The nation needs to
OneFuture’anditwillseediscussionson The report also mentions economic condi- create jobs at every level going along the path
theNewEducationPolicy2020and tions (69 per cent), business growth (53 per of development, said Rajan, presently
businesstransformationanddigital cent), and skill shortages (31 per cent) have as Katherine Dusak Miller Distinguished Service
economy,amongothers.Theconferenceis top factors affecting employment. Professor of Finance at Chicago Booth, US. PTI
sponsoredbytheMinistryofCommerceand The report surveyed 1,820 companies across
Industry,IndianCouncilofSocialScienceResearch,Ministryof 14 cities and offers a comprehensive analysis employers surveyed expect an increase in work-
Education,NationalStockExchange,GasAuthorityofIndiaLtd,and of anticipated employment trends across force in their respective industries over the next
IndianFarmersFertilizerCooperativeLimited. BS REPORTER *Oct ‘23 Sources: Bloomberg, respective central bank websites
22 industries. A striking 84 per cent of the six months.

Is MGNREGA work demand a real sign of distress? Experts differ

Work demand under the Mahatma Gandhi National Rural Employment Guarantee agriculture increased by 22 million! they have declined in real terms).
Act/Scheme (MGNREGA/S) has dropped after increasing when the pandemic was at its peak. What this points to is that males are So there is distress in the economy.
AMIT BASOLE, professor of economics and head of the Centre for Sustainable Employment, moving to non-agricultural activities But it is also true that a substantial
Azim Premji University, Bengaluru, and C S C SEKHAR, professor of economics, Institute of and females are taking up the space part of the economy, comprising
Economic Growth, University of Delhi, tells Sanjeeb Mukherjee how the employment vacated by them in agriculture. well-to-do sections in both rural and
scheme is doing. Edited excerpts from an e-mail interview. Edited excerpts: urban areas, is doing well and has
The budget for the scheme has recovered completely.
Monthly work demand under the MGNREGS has seen a spike since consistently been around ~1 trillion Savings have increased substantially.
MGNREGS has remained high since November 2021 — after falling to its per annum, which wasn’t the case So the picture is a mixed one. But also,
the pandemic came compared to levels lowest since the pandemic in before Covid. Do you think this is the there needs to be a renewed and
before. There is moderation, but it is September-October 2021. However, new normal and the Centre should concerted effort to create productive
still higher than in the years since June 2023, there has brace itself for such high demand? employment.
before the pandemic. What is been a clear downward trend. Basole:The government has been trying
the reason for this? The number of households to do its part via increased capex (capital Sekhar:The picture is not that bleak and
Basole:The main reason is demanding work has fallen expenditure) but private investment has there are positive indicators. However,
that the economy has not from 33.7 million in June 2023 not responded to the same extent. It is the long-term solution is Amartya Sen’s
entirely recovered from the to 17.7 million in November not clear why. capability approach. That is the only way
pandemic shock. The formal
AMIT BASOLE
Professor of economics
2023. In terms of persons, the AMIT BASOLE C S C SEKHAR Sekhar:The increase in demand for to improve the literacy, health and skill
economy did relatively well and head of the Centre number has come down from MGNREGA employment is here to stay sets of rural labour.
during the pandemic, but it for Sustainable 44.2 million to 21.1 million. may need to be cut back, further significant fall in real rural wages for some time, irrespective of whether it
was not the case in the case of Employment, However, these numbers are delaying economic recovery. It is worth (deflated by consumer price index – is linked to distress or not. Therefore, The government says there is some
the informal economy. Though Azim Premji University still high but I am not sure we looking at what FMCG (fast-moving rural labour) after 2019. It even rose budgetary provisions need to be misappropriation and faulty counting
agricultural production was C S C SEKHAR can attribute this to rural consumer goods) companies are saying slightly between Q42019 and Q42022. enhanced. This is the new normal. of workers. Do you think this is a correct
not as badly affected as Professor of economics, distress alone. about rural demand. The second reason is that if the increase assessment of the situation on ground?
manufacturing or services, Institute of Economic in demand is due to distress, then the What is the situation when it comes to Basole:I am not sure if this can explain
workers who lost jobs in other Growth, Do you think this reflects a Sekhar: We need to look at the data increase should be there for both males the rural job market in particular and the high demand unless there is reason
sectors ended up in agriculture University of Delhi continuing crisis in the rural carefully before drawing such and females. the broader rural economy? to believe that corruption in the
or took up self-employment. job market after Covid? conclusions. There are a few reasons why But if you look at the data from the Basole: As mentioned above, the programme has increased. I have not
The fallback option includes the Basole: I think this is the case. It is not I do not think this is only due to rural Periodic Labour Force Survey (PLFS), relatively poor households in both rural seen much systematic evidence for this
MGNREGS. Hence, the share of that recovery is not happening, but it is distress. First is the trend in rural wages. between 2019-20 and 2022-23, the and urban areas were worst hit by the (corruption has always been there).
agriculture and self-employment in the much slower than we would like it to be. If there is an increase in demand only employment of rural males in pandemic. There is enough evidence for
workforce increased during the Many poor households had to borrow due to distress, which, in turn, leads to agriculture fell by about 13.3 million this. Their recovery has also been Sekhar: I don’t have much knowledge
pandemic and for women, it is still money informally during the pandemic. excess supply in rural labour while their employment in non- slower. For example, the PLFS data about this. But if true, the social audits,
higher than it was before Covid. Repaying that means incomes need to be (agricultural) markets, the first effect agricultural activities increased by about shows that earnings from self- PFMS and all the monitoring and
supplemented (here again, the should be on rural wages. But, the data 18 million. employment have mainly been stagnant surveillance mechanisms need to be
Sekhar: The demand for work under the MGNREGA comes in), and consumption on rural wages shows that there was no Only female employment in since 2019 (or, in the case of women, strengthened.
.
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 COMPANIES 5 <

AI to Cloud: With eye on future, Hindalco plans ~800 cr

unit to tap EV ecosystem
smart office boom grows louder Will make battery foil, which is used in Li-ion cells
AMRITHA PILLAY global markets grow, we will evaluate
ANEEKA CHATTERJEE & AYUSHMAN BARUAH environmental design)-certified. Mumbai, 12 December further investments,” said Satish Pai, man-
Bengaluru, 12 December Stakeholders within the commercial aging director of Hindalco, in an e-mail
space ecosystem are actively advocating Aditya Birla group’s Hindalco Industries said response. The target market will be abroad

S
mart offices, equipped with top- the advancement of smart buildings.” on Tuesday it will invest ~800 crore to set up and domestically.
notch facilities for employee well- Brigade Group, through its property a battery aluminium foil plant in Odisha as it Hindalco is in the process of qualifying
being and collaboration, are gain- technology (proptech) accelerator evaluates opportunities in the electric mobil- as a supplier with lithium-ion cell manufac-
ing ground in India. They offer a Brigade REAP (Real Estate Accelerator ity value chain. turers in India, Europe and the United
superior work experience for employ- Programme), has invested in and incu- The 25,000-tonne plant will be commis- States. “In the EV value chain, we are focus-
ees, allowing developers to attract ten- bated around 70 proptech startups, sioned by July 2025. “The company is invest- ing on battery enclosures, bus bars, cooling
ants faster and command a premium many of which are innovating in smart ing ~800 crore to build a plant near plates and other EV parts which are made
over traditional options. building solutions. Sambalpur in Odisha that will initially pro- of aluminium,” Pai said. On participating
Smart office buildings incorporate “We pilot them in our portfolio. So, duce 25,000 tonnes of the resilient product in critical minerals auctions, Pai said, “We
features such as smart desks and con- for us, pushing the envelope in this which forms the backbone of Lithium-ion will evaluate.”
ference rooms, motion sensors, auto- space has become a way of life. Even and Sodium-ion cells,” said the company in Hindalco has signed a memorandum of
mated attendance systems, advanced for operational buildings, we are look- a statement. understanding (MoU) with Phinergy, a
video monitoring, and indoor digital ing to smarten them in various ways,” Hindalco expects metal-air battery technology firm, and IOC
maps, utilising emerging technologies Rao added. national demand Phinergy, a joint venture between
like the Internet of Things (IoT), artifi- Smart office buildings, which incorporate features such as smart desks, motion Mumbai-based Hiranandani Group for battery-grade Phinergy and the Indian Oil Corporation. The
cial intelligence, Cloud, and other sensors, and indoor digital maps, may grow up to 30% in five years expects significant growth in smart aluminium foil MoU commits to research, development
advanced collaboration tools. buildings in the coming years, primarily will touch and pilot production of plates for
Real estate consultancy Anarock ing leasing time and vacancy periods. “The premium on developing a driven by the growing demand for res- 40,000 tonnes aluminium-air batteries, and recycling of alu-
forecasts a rise in demand for Additionally, smart workplaces help smart workplace is only 3-5 per cent cur- idential, commercial, and retail spaces. by 2030. The minium after usage in batteries. Pai said this
smart workplaces. developers differentiate themselves and rently. So, the return on investment is Commercial real estate constitutes unit “will begin project is in the development stage and in
“While there is rapidly growing stay ahead of competition. very compelling,” he added. nearly 40 per cent of Hiranandani’s real with a dominant line with MoU timelines and independent of
interest, smart workplaces are still in a “Developing a smart workplace can Leading companies in the Indian estate development portfolio. export mix. As Tuesday’s announcement.
nascent stage in India. However, the make good business sense for future- commercial real estate market, such as “As demand for real estate space
market for them could grow at a 25-30 focused real estate developers. Such Hiranandani Group and Brigade soars and more floor plates are under
per cent compound annual growth rate workplaces can command a 10-15 per Enterprises, are actively embracing development, the need for integrating “INTHEEVVALUECHAIN,WEAREFOCUSINGON
over the next five years,” said cent premium on rents over conven- smart technologies.
Bappaditya Basu, chief business officer, tional spaces due to the value Arvind Rao, vice-president-commer-
IoT and utility monitoring systems is
pivotal for achieving cost efficiency and
BATTERYENCLOSURES,BUSBARS,COOLING
Anarock Commercial. additions and flexibility they provide. cial at Brigade, said, “All of Brigade’s being environmentally responsible in PLATESANDOTHEREVPARTSWHICH
Anarock stated that smart offices This translates into higher revenues, commercial buildings have some ele- terms of carbon footprint,” said AREMADEOFALUMINIUM”
with innovative and next-generation and occupancy rates also tend to be ment of smart technology in them and Niranjan Hiranandani, managing direc-
technology attract tenants faster, reduc- higher,” said Basu. are LEED (leadership in energy and tor of Hiranandani Group. SATISH PAI, MD, Hindalco

TAX ON EXPAT SALARIES

Japan firm’s
India unit
gets interim
relief on GST
INDIVJAL DHASMANA
New Delhi, 12 December

In yet another case related to Goods and Services Tax

(GST) notices on salaries paid to expats by subsidiaries of
multinational companies (MNCs), a High Court has pro-
vided interim relief to a firm and restrained the authorities
from taking coercive measures.
The Punjab and Haryana High Court gave the relief
to Kanematsu India, a subsidiary of Japanese company
Kanematsu Corporation. GST authorities had issued a
show-cause notice to

TAX TUSSLE Kanematsu

demanding more than
India,

n MNCs operating in India ~2.6 crore on reimburse-

are facing GST demands ment of expat employees’
pertaining to an 18% tax on salaries made by the com-
pany to the Japanese par-
salaries and allowances
ent. The company had
paid to foreign expats
raised several jurisdic-
n Various High Courts have tional- and limitation-
granted relief to BMW related preliminary objec-
India, Metal One tions in response to
Corporation, Alstom intimation by GST
Transport India, United authorities. These objec-
tions were not addressed
Breweries Ltd, and
in the show-cause notice,
Mitsubishi Electric India the court observed.
n GST authorities consider It asked the
expat salaries or authorities to decide on
allowances reimbursed by the jurisdictional objec-
Indian companies to tion the company had
raised – among others –
foreign entities as a
during the adjudication
“supply of manpower,” of the notice and also
making them taxable restrained any coercive
under the GST regime steps in case an adverse
n However, salaries directly order is passed.
paid by Indian companies Sandeep Sehgal, part-
ner tax at AKM Global,
to expat employees
said the relief to
without reimbursement
Kanematsu India allows
won’t attract GST. Such taxpayers to justify or
expats are perceived as present their cases, offer-
employees of the Indian ing some respite to those
company alone involved in transactions
related to expatriate sal-
ary reimbursement to
their associated or group companies overseas. “The relief
is particularly significant in the context of the Supreme
Court judgement in the Northern Operating System case,
establishing GST under reverse charge for such payments
to group companies,” he said. GST notices followed a
Supreme Court judgment in May 2022 in the Northern
Operating System (NOS) case.

SpiceJet-Wilmington
indeadlockover
rentalagreement
SpiceJet told the National Company Law Tribunal(NCLT)
on Tuesday that aircraft lessor Wilmington Trust SP
Services was not entitled to receive rental amounts from
them as the invoices raised by them vested the right of
payment to Aircastle (Ireland) and not Wilmington. The
airline had also told the court earlier that Wilmington had
failed to produce any document on record under the
Insolvency and Bankruptcy Code, 2016, to suggest debt,
if any, was assigned in its favour. So Wilmington is ‘not an
operational creditor’, the airline said, and added there is
no record in their lease, or the subsequent amendment to
indicate Wilmington was to receive any lease rentals.
Refuting the claims by SpiceJet, Wilmington’s counsel
said that “it has no option but to place the amendment
agreement on record”. BHAVINI MISHRA
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1

Fiscal prudence top priority: FM ‘Non-par products haven’t

really picked up much’
RUCHIKA CHITRAVANSH
New Delhi, 12 December
Govt defends decision
“WE ARE ON THE RIGHT on onion export ban TARUN CHUGH, managing director (MD) and chief executive officer
TRACK WHEN IT COMES TO THE BUSINESS
T
he Union government has kept (CEO) of Bajaj Allianz Life Insurance, discusses strategies to boost
The government defended its decision sales in the remaining months of this financial year, with
fiscal prudence as its top priority
without denying funds for wel-
MACROECONOMIC FUNDAMENTALS. to impose export ban on onion, stating introduction of new products in an interview with Manojit Saha STANDARD
fare activities, Finance Minister Nirmala THIS IS WHY WE ARE THE that sometimes Indian consumers for Business Standard’s The Banking Show. Edited excerpts:
BANKING
Sitharaman said on Tuesday.
“We are on the right track when it
FASTEST-GROWING ECONOMY IN should get the priority to get essential
goods at appropriate prices.India on During the April-October will at least be two times the SHOW
comes to macroeconomic fundamen- THE WORLD. OUR GDP GROWTH December 8 banned exports of onion till period, the growth in the growth of the sector. And the
tals. This is why we are the fastest-grow- IN Q2 (7.6%) IS THE HIGHEST March next year to increase domestic number of policies was sector is expected to grow
ing economy in the world. Our gross availability and keep prices in check, around 22 per cent for Bajaj faster than the GDP growth.
domestic product (GDP) growth in the
IN THE WORLD” which is currently selling at about ~60 Allianz. However, the new
July-September quarter (Q2) of 7.6 per NIRMALA SITHARAMAN, per kg. The finance minister said that business premium growth What are the strategies you
cent is the highest in the world,” Finance minister the government carefully balances the was only 1.6 per cent. have in place to push growth
Sitharaman said in the Lok Sabha, interests of farmers and consumers. PTI What was the reason for in the last five months of the
replying to the discussion on the first this muted growth? current financial year?
supplementary demands for grants for lation of branding and naming guide- When you are talking of a new After March of last year, when
this financial year. support for the programme has gone up scious if the price given to farmers is lines. “If there is balance (amount) left business premium, it has a it was a phenomenal increase, SCAN THE CODE TO WATCH
The Lok Sabha approved the addi- to ~80,000 till December, the FM said. adequate for meeting their require- then obviously till that is spent, the next few components. In the new largely because of the tax THE INTERVIEW
tional gross spending of ~1.29 trillion, She said the government would ments. “Most often when we do this, we instalment would not come. Due to business breaks that were
which includes net cash outgo of come again with the second supple- have situations when prices go up…We non-submission of annual action plans premium, it going away from on agency has really helped.
~58,378 crore. The additional spending mentary if the need arises. “In the past need to have supply-side constraints by the states we are not able to see that doesn't matter April. So, it was So, among the private
demands are primarily for fertiliser two-three years, we have come with removed, and bring all goods to the the central schemes are getting execut- what premium important for us to companies, we are one of the
(~13,351 crore) and food (~10,396 crore) only two supplementary Budgets. It market.” ed,” Sitharaman said. you pick up, keep our agents a largest agencies in the
subsidies, the Guarantee Redemption shows how much attention to details On the issue of states complaining Explaining the technical details of whether it is retail little excited, country and the fastest
Fund (~9,014 crore), and defence spend- we have paid during the Budget exer- about release of funds for centrally the supplementary demand, the FM or corporate, TARUN CHUGH because they had growing as well. Our
ing (~5,626 crore). cise,” the finance minister said. sponsored schemes, Sitharaman said said it had 79 demands and four appro- whether it is MD & CEO, Bajaj Allianz already sold a lot of bancassurance channel has
With an additional support of In her reply, the finance minister several had high unspent balance in the priations, including Supreme Court, gratuity, Life Insurance insurance. We, been doing very well because
~20,000 crore towards the Mahatma said the government had been trying to account of single nodal agency and out- Central Vigilance Commission staff, superannuation, group hence, broadened our width we’ve been only adding more
Gandhi National Rural Employment balance the interest of farmers and con- standing utilisation certificate. Several household and allowances of president, funds, non-funds, all of that. of products that we had. Plus, and more bank partners. So,
Guarantee Scheme, the total budgetary sumers, while remaining equally con- states, Sitharaman said, were also in vio- and Union Public Service Commission. It’s the first premium that you we got into hyper action in we’ve added four more bank
pick up. And there, the base terms of launching newer partners within this quarter
effect is a little different. Our propositions for customers itself. So, that is also helping.
last year number for group and for agents to take to the So, the width of the

RBI cautions states with over 4% fiscal deficit schemes was very high. In
fact, it was a little inflated
because customers had
customers. Second, our focus distribution is going up.
The other is, we’ve
invested in the growth of
‘Returning to old pension system will finances, limiting their capaci-
ty to undertake growth-enha-
delivery of social, economic,
and general services. The
tion of reinstating fiscal effi-
ciency parameters.
switched from one policy to
another. Hence, the base
India. And we are, therefore,
setting up more branches in
put substantial burden on finances’ ncing capital expenditures. implementation of the goods The report highlighted the became high. So, that is more tertiary terms, like tier 2
The central bank’s esti- and services tax (GST) has significance of mining as a key looking overall low, but that’s and tier 3 terms. Going
ANJALI KUMARI for non-merit goods and serv- mates suggest that if all states helped in formalising the econ- source of non-tax revenue for just a technicality. In terms of forward, that is where the
Mumbai, 12 December ices, subsidies, transfers, and revert to OPS from the National omy and expanded the tax base mineral-rich states and sug- the fresh premium that we growth will come.
guarantees could jeopardise Pension System (NPS), the without imposing undue bur- gested a robust mechanism to have got, we are the fastest
The Reserve Bank of India the fragile fiscal situation of cumulative fiscal burden could dens. The RBI report recom- prevent, detect, and curb illegal growing. Will there be more emphasis
(RBI) has raised concerns about these states, potentially dis- balloon to 4.5 times that of NPS mended that enhancing tax mining activities. Modern tech- on non-participatory
the fiscal management of some rupting the overall fiscal con- with an additional burden of administration, incorporating nologies, such as Geographic What is the new business policies, guaranteed policies?
states, saying they have bud- solidation achieved over the 0.9 per cent of GDP annually by data analytics to curb evasion, Information Systems and premium growth projection It will be a mix. If you see this
geted for deficits exceeding 4 past two years. The report is 2060. The reversal could and reinforcing the institution- Drone Surveys, are encouraged for the current financial year, the non-par actually
per cent of Gross State released once a year. impact the pension obligations al strength of state revenue for effective enforcement. year? hasn’t really picked up
Domestic Product (GSDP) in Highlighting the medium- of older OPS retirees, extending departments will likely aug- It said Finance Comm- See, being a listed much. It has really been
2023-24 (FY24). The national term challenges to fiscal sus- until the 2060s, marking a set- ment fiscal capacity. issions could recommend an company or owned ULIP which has sold
average is 3.1 per cent. tainability, the report under- back that undermines past In order to incentivise states increased share of conditional by a listed much more. For us,
These states have debt lev- scored the risks associated with reforms and compromises the in boosting tax revenue collec- transfers based on reforms, the company, I can’t it has been ULIP
els surpassing 35 per cent of some states contemplating a interests of future generations. tions, the report suggested con- quality of expenditure, and fis- talk about and it has been
GSDP compared to the national return to the old pension The report suggested a sidering financial incentives. cal sustainability to encourage projections. more par.
average of 27.6 per cent, said the scheme (OPS). The RBI warned strategic approach to bolster Additionally, for sustained fis- healthy competition among But what I
RBI in a report on Monday. that such a shift could impose fiscal capacity, emphasising cal consolidation, the RBI rec- states and improve economic always More on business-
Any additional allocation a substantial burden on state uninterrupted and efficient ommends a potential examina- performance. maintain is we standard.com

Loan disbursements by FACE-fintech MSME CONTRIBUTION TO GDP SHARE IN GDP LAGS

PRE-PANDEMIC LEVELS
companies jump 43% in Q2: Report LAGS PRE-COVID HIGHS, SHARE Share of MSME gross value
added in GDP ( in %)
29.7 30.5 30.5 27.2 29.2
AJINKYA KAWALE
Mumbai, 12 December
ON THE RISE
Loans disbursed Average ticket size
IN EXPORTS LOWEST IN 5 YEARS
The share of micro, small, and medium the share has declined. India’s overall
Fintech companies associated Quarter Volume (mn) Value (~ cr)  Overall  Excluding outliers* (~ cr) enterprises (MSME) in India’s gross exports increased by 44 per cent during
with the Fintech Association
11,863

domestic product (GDP) in 2021-22 was 29 the same period — from $313 billion in
10,209

10,591

22,236
21,438

Q2FY23 17.5
9,954

for Consumer Empowerment

19,075
8,930

19,066

per cent: lower than the sector's FY20 to over $450 billion in FY23. 2017 2018 2019 2020 2021
(FACE) disbursed loans Q3FY23 18.1 21,459
15,553

pre-pandemic figures. The (Chart 2). Over 13,000 MSMEs -18 -19 -20 -21 -22
13,201

amounting to ~31,692 crore in Q4FY23 19.1 27,659 share in the country’s total shut down in FY23, the
the second quarter of 2023-24
(Q2 FY24), a 43 per cent year- Q1FY24 22.2 27,673 output, in terms of gross highest in the past four CONTRIBUTION TO
on-year (Y-o-Y) increase from Q2FY24 24.4 31,692 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 value added, touched years. In 2020, Union EXPORTS DECLINES
~22,236 crore in Q2FY23. *Excluding outliers: Companies on the highest and lowest end of average ticket size (smallest ticket size is less than ~5,000 and 31 per cent in 2018-19 Minister Nitin Gadkari Share of export of MSME-related
In Q1 FY24, member com- highest ticket size is over ~1 lakh) Source: Fintech Association for Consumer Empowerment (FACE) before declining said the government products in India exports (in %)
panies disbursed loans during the pandemic, aims to increase the 48.1 49.8 49.4
amounting to ~29,875 crore. “Data signals strong cus- On an aggregated level, the complaints data. The total vol- according to data MSME contribution to 45.0 43.6
According to the eighth tomer confidence in digital overall average ticket size of ume recorded was over 0.1 mil- tabled in Parliament on the GDP from 30 per
edition of FACETS report by lending. The regulatory foun- loans disbursed grew margin- lion complaints.
Monday. (Chart 1) cent to 50 per cent and
FACE, an industry body for dation and fences are shaping ally to ~10,591 in Q2FY24 from Around 99 per cent of com-
digital lenders, these compa- the industry to grow and ~10,209 in Q1. The average plaints were marked as About $200 billion worth from 49 per cent to 60 per
nies disbursed around 24.4 mature wholesomely, con- loan ticket size was pegged at resolved, whereas the rest of MSME products were cent in exports in five years.
million loans in Q2, a 39 per stantly investing and improv- ~9,954 in Q2FY23, the report were reported as pending. exported in FY23, but their share in The total employment recorded in
cent Y-o-Y growth in volume ing customer protection, said. Credit limit-related issues, India’s overall exports declined to a five- the sector (since the start of the Udyam
from 17.5 million loans in the underwriting models, and On the complaints or cus- Know Your Customer (KYC), year low of 44 per cent. MSME products portal) is 155 million, mostly in Tamil Nadu,
year-ago period. In Q1FY24, portfolio quality,” said tomer grievance redressal side, recovery practices, among made up about half of the total exports Maharashtra, Uttar Pradesh, Karnataka 2018 2019 2020 2021 2022
they disbursed 22 million Sugandh Saxena, chief execu- the report said 23 member others, were common com- in FY20 before the pandemic. Since then, and Telangana. SAMREEN WANI -19 -20 -21 -22 -23
loans. tive officer, FACE. companies provided customer plaints that were reported. Source: Lok Sabha, Rajya Sabha

traction in October. Meanwhile, lative rabi sowing vis-à-vis year- opers worldwide. The unani- a service fee that is as high as developers and hence there
> FROM PAGE 1 primary goods (11.4 per cent), ago levels, as well as reservoir mous jury decision once again 30 per cent. Google has denied will be zero commissions on
capital goods (22.6 per cent), levels do not augur well for food exposes Google's illicit prac- this. in-app payments—a sharp con- > BS SUDOKU # 4154
GDP outlook... infrastructure goods (11.3 per
cent), and consumer durables
prices, although the pace of the
Y-o-Y inflation may moderate
tices on a global scale,’’ said
Snehil Khanor, co-founder and
In a blog, Google said: “Our
service fees only apply when a
trast to other app stores charg-
ing hefty fees ranging from
D K Joshi, chief economist at (15.9 per cent) saw double-digit somewhat on the back of CEO of TrulyMadly. Expecting developer sells digital goods or 15-30 per cent.
Crisil, said the rebound in IIP growth. Intermediate goods (9.7 upcoming favourable base positive ripple effects both in services in their app. Today,
growth in October indicates per cent) and consumer non- effects in January-February India and globally, Khanor said only 3 per cent of developers in
continued economic momen-
tum in the third quarter of
durables (8.6 per cent) also saw
robust growth, indicating a
2024. that the verdict reinforced the
need for a level-playing field
India sell digital goods or serv-
ices and therefore would need
AI Mission...
FY24. “While the high reading revival in both urban and rural and empowering developers to to pay a service fee. For the vast He said: “Just like we have
came on a low base, activity
rose sequentially with the onset
demand.
Food inflation in November
Epic win... choose billing systems that
align with their preferences and
majority of developers, our fees
are 15 per cent or less — the low-
agreements and protocols for
various international issues, we
of the festival season. Robust rose to a three-month high of The details about Epic’s win business strategies. est rates of any major app store have to create a global frame-
domestic demand conditions 8.7 per cent, up from 6.61 per have not been made public yet. The Alliance of Digital India — due to the range of pricing work for the ethical use of AI.
were reflected in electricity pro- cent in October, as vegetable But analysts believe that if this Foundation (ADIF), in a state- programs Google Play offers.” This will include a protocol for
duction and rising growth in prices accelerated sharply to verdict is implemented, app ment, said: “The recent resolu- According to Google esti- testing and deployment of
consumer goods. Rising IIP of 17.7 per cent. Core inflation, developers may have a greater tion of the antitrust case mates, less than 60 of the over high-risk and frontier AI tools.”
capital goods and infrastruc- which excludes volatile food say in the way they get charged between Epic Games and 200,000 Indian developers on Talking about the opportu-
ture and construction goods and fuel components, was close on the Play Store. Google Play store marks a note- Google Play currently could pay nities associated with the tech-
suggests a strong investment to 4 per cent in November. Fuel "We plan to challenge the worthy development. ADIF has a service fee of above 15 per nology, Modi said AI can help
momentum,” he further said. prices (-0.77 per cent) remained verdict. Android and Google been working assiduously cent. “And this fee is further achieve sustainable develop-
However, Joshi warned of in contraction for the third con- Play provide more choice and against the exorbitant commis- reduced by 4 per cent if a user ment goals. He also underlined
signs of a slowdown ahead. secutive month in November. openness than any other major sions charged by Google for in- pays through an alternative the need for the development
“The RBI’s consumer confi- Last week, the Monetary mobile platform. The trial app purchases.” The billing system to fairly reflect of an inclusive AI technology
dence survey of December Policy Committee (MPC) of the made it clear that we compete Foundation pointed out that that Google Play’s billing sys- “We have seen how in last
showed weakening in future RBI unanimously kept the repo fiercely with Apple and its App India has been actively fighting tem has not been used,” says century, unequal access to tech-
expectations. Measures to rate unchanged at 6.5 per cent Store, as well as app stores on against dominant entities the Google blog. nology led to increased differ-
clamp down risky lending are for a fifth consecutive policy Android devices and gaming resorting to unfair and discrim- Meanwhile, domestic play- ences within society. We need SOLUTION TO #4153
expected to moderate credit review. The RBI had retained its consoles. We will continue to inatory practices, especially in ers like PhonePe have been to prevent humanity from such Easy:
growth and domestic demand. forecast for retail inflation at 5.4 defend the Android business the last few years. gearing to launch their offering mistakes in the present time,”
Rural demand remains vulner- per cent for FY24. model and remain deeply com- In February, Google made in the app store segment. he said. Calling for an “extreme- ««
able to weak agricultural out- RBI Governor Shaktikanta mitted to our users, partners, user choice billing available to Sameer Nigam, co-founder and ly cautious” approach to the use Solution tomorrow
put, erratic weather, and El Das has said that intermittent and the broader Android all apps and games. Through CEO, PhonePe, had during the of AI, the prime minister
Niño this year. The ongoing vegetable price shocks could ecosystem.” said Wilson White, user choice billing, developers launch of Indus Appstore said flagged the potential risks and HOW TO PLAY
slowdown in some advanced once again push up headline VP, Government Affairs & can offer users the option to that India is too large a market challenges posed by the “darker Fill in the grid so that
economies is expected to add inflation in November and Public Policy, Google. choose an alternative billing to have just one app store. Indus aspects” of AI, including the every row, every col-
pressure on India’s exports in December, but the monetary There’s a significant interest system alongside Google Play’s Appstore, which will be a com- possible weaponisation of the umn and every 3x3
the second half of this financial policy would look through such in the case in India, where a sec- billing system when purchas- petition to Google Play Store, is technology by non-state actors. box contains
year,” he said. one-off shocks, though it has to tion of developers tried to battle ing in-app digital content. set to be launched by early next “AI is transformative. But it
the digits 1 to 9
In the IIP, only four of the 23 stay alert to the risk of such Google for reduction in service However, the complaint of year, according to sources. must be made as transparent as
manufacturing industries, shocks becoming generalised. fees. “The verdict in the Epic vs Indian developers as well as In a recent announcement, possible.”
including apparel, wood, com- Aditi Nayar, chief economist Google case marks an epic win Epic Games has been that Indus Appstore had said that it
puters, and furniture, saw con- at ICRA, said the lag in cumu- (pun intended) for app devel- Google Play store also charges is committed to supporting More on business-standard.com
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 POLITICS & PUBLIC AFFAIRS 7

In Rajasthan, first-timer NOTICE

RECORD DATE FOR INCOME DISTRIBUTION CUM CAPITAL WITHDRAWAL (IDCW)

Sharma is BJP’s CM pick

NOTICE is hereby given that Sundaram Trustee Company Limited, the Trustee to Sundaram Mutual Fund, has declared Income
Distribution cum capital withdrawal (IDCW) on the face value of ` 10/- under the following schemes:
Amount of IDCW* NAV per unit as on
Scheme Name Plan - Option Record Date#
(` per unit) December 11, 2023 (`)
Regular Plan-Monthly-IDCW 0.250 27.2088
Move seen as party’s attempt to woo Brahmins in key Hindi heartland states Sundaram Aggressive Hybrid Fund
Direct Plan-Monthly-IDCW 0.350 40.5797
ARCHIS MOHAN December 15, 2023
New Delhi, 12 December Regular Plan-Monthly-IDCW 0.080 14.9599
Sundaram Balanced Advantage Fund
Direct Plan-Monthly-IDCW 0.095 17.8642

I
n an outreach to the upper castes,
especially Brahmins, in the Hindi # Or subsequent business day if the specified date is a non-business day.
heartland, the Bharatiya Janata Party * Income Distribution will be done/IDCW will be paid, net of tax deducted at source, as applicable.
(BJP) on Tuesday picked Bhajan Lal
Pursuant to the payment of IDCW, the NAV of the scheme will fall to the extent of payout and statutory levy, if applicable. The
Sharma, a first-time legislator, as its chief
IDCW payout will be to the extent of above mentioned IDCW per unit or to the extent of available distributable surplus, as on
minister-designate in Rajasthan. The party
the Record Date mentioned above, whichever is lower. Past performance may or may not be sustained in future. All unitholders
said Diya Kumari and Prem Chand Bairwa
under the IDCW Option of the above-mentioned schemes, whose name appears on the Register of Unitholders on the aforesaid
will be the two deputy chief ministers and
Record Date, will be entitled to receive the IDCW. The above stated quantum of IDCW and the Record Date were approved by
senior leader Vasudev Devnani the the Board of Directors of Sundaram Trustee Company Limited vide their circular resolution dated December 12, 2023.
Speaker of the Assembly.
For Sundaram Asset Management Company Ltd
On Sunday, the BJP announced Vishnu
Deo Sai, a tribal, as its Chhattisgarh CM. Place: Chennai R Ajith Kumar
On Monday, it announced Mohan Yadav, Date: December 13, 2023 Company Secretary & Compliance Officer
from the Other Backward Classes (OBCs), Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
to helm its Madhya Pradesh government Rajasthan’s Chief Minister-elect Bhajan Lal Sharma (right) with Defence Minister For more information please contact:
Royapettah, Chennai-14.
and struck a balance with an upper caste Rajnath Singh (centre) and former CM Vasundhara Raje (left) after the party’s Sundaram Asset Management Company Ltd
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215

16x12cms
CM-designate in Sharma in Rajasthan. legislature meeting, in Jaipur on Tuesday (Investment Manager to Sundaram Mutual Fund)
PHOTO: PTI Fax: +91 44 2841 8108. www.sundarammutual.com
The announcement of Sharma’s name CIN: U93090TN1996PLC034615
Regd. Office: No. 21, Patullos Road, Chennai 600 002.
ended the suspense over the BJP’s choice the Rashtriya Swayamsevak Sangh’s stu- North seat. The BJP’s picks as the Speakers
of chief ministers in the three Hindi heart- dents wing, the Akhil Bharatiya Vidyarthi for MP and Chhattisgarh are also senior
Mutual fund investments are subject to market risks, please read all scheme related documents carefully before investing.
Returns are not assured or guaranteed.
land 10 days after the election results were Parishad. According to sources, Sharma, leaders, Narendra Singh Tomar and
declared on December 3. The BJP fol- 56, was arrested in 1992 during the Ram Raman Singh, respectively.
lowed its ‘UP formula’ of appointing two Janmabhoomi movement. Appointing Sharma as the CM-elect is
deputy CMs in Rajasthan, as it did in The party announced his name as the the BJP’s attempt to consolidate its sup-
Chhattisgarh on Sunday and Madhya leader of the BJP legislature party after a port among the Brahmins in northern
Pradesh on Monday. meeting of its MLAs. Former chief minister India. Currently, none of the BJP’s chief
While Sharma won his first Assembly Vasundhara Raje proposed Sharma’s name ministers across the Hindi heartland
election from Sanganer in the recently with senior leaders, such as Kirodi Lal states, Gujarat and its alliance government
concluded Assembly polls, he contested Meena, Devnani, and others seconding it. in Maharashtra, are Brahmins. The BJP
as a rebel BJP candidate in 2003 from the Of the two deputy CMs, Kumari, (51), from tried to balance the caste equation in UP,
Nadbai seat in Bharatpur, representing the the erstwhile Jaipur royal family, is a sec- where Brahmins comprise 10-12 per cent,
Rajasthan Samajik Nyaya Manch. The ond-term MLA and one-term Lok Sabha by appointing Brajesh Pathak as the
Manch, formed in the run-up to the 2003 member, is a Rajput. Bairwa, 54, the other deputy to CM Yogi Adityanath in March
Assembly polls, demanded quotas for the deputy CM, is from the Scheduled Castes. 2022. On Sunday, it announced Vijay
poor among the upper castes, especially Kumari won the Assembly elections from Sharma as one of the two deputies of its Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati Bapat
Brahmins and Rajputs. Sharma forfeited Jaipur’s Vidyadhar Nagar seat, and quit Chhattisgarh CM-designate, and in Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811
his election deposit in that election, gar- her Rajsamand Lok Sabha seat. Bairwa, a Madhya Pradesh, Rajendra Shukla will be
nering 5,969 votes. doctorate, is a second-term MLA from the one of the two deputy CMs.
Akin to the party’s other two chief min- Dudu Assembly constituency. Devnani, Sharma is currently the BJP’s state gen-
Record Date for Distribution
isterial picks — Sai and Yadav — Sharma (77), a retired polytechnic lecturer, who eral secretary. Congress’ Hari Dev Joshi
also has deep roots in the Sangh Parivar, hails from the Sindhi community, is a was the last Brahmin chief minister of NOTICE IS HEREBY GIVEN THAT the Trustees of Aditya Birla Sun Life Mutual Fund have
having spent several years as an activist of fourth-term legislator from the Ajmer Rajasthan (1989-90). approved Friday, December 15, 2023*, as the Record Date for declaration of distribution under the
Income Distribution cum Capital Withdrawal (IDCW) option in the following schemes, subject to
availability of distributable surplus on the Record Date:

Economic security now part of terrorism Quantum of Distribution

per unit# on face value
definition in redrafted criminal law Bills Name of the Scheme Plans/Option
of Rs. 10/- per unit NAV as on
[except for Aditya Birla December 11,
ARCHIS MOHAN Sun Life Banking & PSU 2023 (Rs.)
New Delhi, 12 December
10 PSBs shifted Debt Fund - face value
NPAs of ~11.6K cr of Rs. 100/- per unit]
The government on Tuesday introduced in the Lok Sabha WINTER SESSION
three redrafted Bills to replace the existing criminal laws,
incorporating some of the recommendations of a parlia- IN THE to NARCL in ’23 Aditya Birla Sun Life Short Term Fund
Direct Plan –
Quarterly IDCW
0.1917 11.1685
mentary panel.
In the reintroduced Bills, at least five changes have been HOUSE Ten public-sector banks
have transferred
(An open ended short term debt
scheme investing in instruments such
made, including in the definition of terrorism. In the non-performing assets
Bharatiya Nyaya (Second) Sanhita Bill, the definition of (NPAs) of over ~11,617 crore that the Macaulay duration of the
Regular Plan –
terrorism now includes the word “economic security”. to the National Asset portfolio is between 1-3 years. A 0.1828 10.6306
Quarterly IDCW
“Whoever does any act with the intent to threaten or Reconstruction Company relatively high interest rate risk and
likely to threaten the unity, integrity, sovereignty, security, Ltd NARCL between moderate credit risk.)
or economic security of India or with the intent to strike January and November
terror or likely to strike terror in the people or any section this year, the Finance Direct Plan –
Aditya Birla Sun Life Medium Term
of the people in India or in any foreign country...,” it says. RS passes Bill to Ministry said on Tuesday.
Plan Quarterly IDCW
0.2213 12.8528
The Bill has brought changes in its Section 73, making NARCL is bad bank, which
it punishable with imprisonment of up to two years and a regulate service buys NPAs, or bad loans, (An open ended medium - term debt
fine to publish the proceedings of a court which may reveal terms of CEC, ECs from lenders. PTI scheme investing in instruments such
the identity of victims of rape or that of similar offences that the Macaulay duration of the
without the court's permission. The Rajya Sabha on Tuesday Regular Plan –
portfolio is between 3-4 years. A 0.2142 12.4173
The newly inserted Section 86 defines “cruelty” as “wil- passed a Bill to regulate the Job cards of over relatively high interest rate risk and
Quarterly IDCW
ful conduct that is likely to drive a woman to commit sui-
cide or cause grave injury or danger to the life, limb, or
appointment and service
terms of chief election
54.8 mn NREGA relatively high credit risk.)
health (whether mental or physical) of the woman, or commissioner (CEC) and workers deleted
harassment of a woman with a view to coerce her or any election commissioners (ECs) Over 54.8 million job Aditya Birla Sun Life Banking & Direct Plan –
person related to her to meet any unlawful demand for with key amendments like cards under the Mahatma PSU Debt Fund 1.9350 112.6731
Quarterly IDCW
property or valuable security”. retaining their status at par Gandhi National Rural (An open ended debt scheme
The government has replaced the term ‘mental illness’ with Supreme Court judges, Employment Guarantee predominantly investing in debt
with ‘unsound mind’, as suggested by the parliamentary upgrading the search panel Act were deleted in 2022-23, Regular Plan –
instruments of banks, Public Sector 1.8791 109.3520
panel, in the redrafted Bill. The new version has also carried and inserting a new clause to a 267 per cent jump from Quarterly IDCW
out small changes, including in Section 150, which is akin protect them from court cases the previous fiscal, the Undertakings, Public Financial
to the repealed offence of sedition. while discharging their official Union Rural Development Institutions and Municipal Bonds. A
The government has deleted two sections in the duties. The Opposition alleged Ministry informed Lok relatively high interest rate risk and Retail Plan –
1.9269 112.1333
Bharatiya Nagrik Suraksha (Second) Sanhita, which seeks the proposed measure Sabha Tuesday. West moderate credit risk.) Quarterly IDCW
to replace the Code of Criminal Procedure. subjugates the poll authority to Bengal saw the highest
The Bharatiya Sakshya Bill remains unchanged. The the executive and violates the number of MGNREGA job
Lok Sabha will discuss the new bills on Thursday. Constitution. PTI cards being deleted. PTI Aditya Birla Sun Life Government Direct Plan –
0.2020 11.7245
Securities Fund Quarterly IDCW
(An open ended debt scheme
investing in government securities
Not mentioning L/C no. on make sense because the EOU
seller and the DTA buyer are
both residents and there
across maturity. A relatively high
interest rate risk and relatively low
Regular Plan –
Quarterly IDCW
0.1917 11.1108

invoice is not a discrepancy

ought to be no compulsion credit risk.)
for them to deal in foreign
currency. The said Para
6.07(b), however, needs to be Aditya Birla Sun Life Income Fund Direct Plan –
0.2421 14.0168
(International Chamber of that for services, including redrafted to be clear in this (An open ended medium term debt Quarterly IDCW
Commerce Publication software units, sale in DTA in matter and also because it scheme investing in instruments
no.@821E, known as ISBP) any mode, including on line talks of FOB value of exports,
such that the Macaulay duration of
says that a request to insert data communication, shall which has no relevance in the Regular Plan –
the credit number is usually also be permissible up to 50% context of export of services. the portfolio is between 4 - 7 0.2273 13.1468
at the instigation of the of FOB value of exports The DGFT should look into years. A relatively high interest Quarterly IDCW
issuing bank in order to and/or 50% of foreign the matter. rate risk and moderate credit risk.)
facilitate the collation exchange earned, where
documents should one or payment of such services is We have just received our
more documents become received in foreign exchange. LOP and executed the B-17 The NAV of the schemes, pursuant to pay out of distribution would fall to the extent of
detached from the Does it mean that an EOU can bond for our new EOU. We payout and statutory levy (if applicable).
CHATROOM presentation. Provided all sell services in DTA only in want to know when we
the stipulated documents are foreign currency? should debit the bond #As reduced by the amount of applicable statutory levy. *or the immediately following Business Day
T N C RAJAGOPALAN received by the issuing bank, In my opinion, the words account and when we if that day is a non-business day.
the absence or mistyping of a ‘where payment of such should take credit in the
We have inadvertently credit number does not services is received in foreign bond account. All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the
omitted to mention the LC constitute a reason for exchange’ qualify the words Debits for duty foregone
number on the invoice. Can refusal. The exception to this ‘50% of foreign exchange should be made at the time of
IDCW option of the said schemes as at the close of business hours on the Record Date shall be
the LC issuing bank refuse position is where it is the earned’ and not the words making fresh duty free eligible to receive the distribution so declared.
the documents presented requirement of the ‘sale in DTA’. It means that any imports or local
only on the grounds that the importing country that the payments received in INR procurements. For capital
LC number is not mentioned credit number is stated on through export of services goods, debit of only 25% of For Aditya Birla Sun Life AMC Limited
on the invoice? one or more documents. In (e.g. from exports to Nepal or the duty foregone should be
No. Para (viii) of the such circumstances, the Bhutan) will not be counted made. Credits of duty
(Investment Manager for Aditya Birla Sun Life Mutual Fund)
‘Preliminary Considerations’ credit must clearly indicate for the purpose of foregone should be taken for Sd/- Date : December 12, 2023
of the 2023 edition of the that this is the reason for the determining the 50% DTA the duty contained in inputs Authorised Signatory Place : Mumbai
International Standard number to be shown on that sale entitlement and not that used in the manufacture of
Banking Practices for or those documents. the DTA sale must be made finished goods exported or
Mutual Fund investments are subject to market risks, read all scheme
examination of documents in foreign currency. Any cleared in DTA on payment
under UCP 600, Para 6.07(b) of the FTP says other interpretation does not of applicable duties/taxes. related documents carefully.

Business Standard invites readers’ SME queries related to GST, export and import matters. You can write to us at [email protected]
8 WORLD
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023

Google’s ‘Epic’ defeat threatens $200 bn app store industry

MARK GURMAN & DAVEY ALBA bution methods outside its own make accommodations — whether it

Apple offers to
12 December app store. is more access, better terms, more

Google’s legal defeat at the hands of

“The dominoes are going to start
falling here,” Tim Sweeney, chief
THE CASE FILE options for developers — to stave off
legal exposure,” said Paul Swanson, a
Fortnite maker Epic Games Inc threat-
ens to roil an app store duopoly with
Apple Inc that generates close to $200
executive officer of Epic, said in an
interview after the verdict. “The end
of 30 per cent is in sight.”
n Fortnite was
kicked off the Apple
partner at Holland & Hart who special-
ises in technology and antitrust law.
The case also underscores a sen-
let rivals access
tap-and-go tech
and Google Play app
billion a year and dictates how billions Though Apple won a similar case stores in 2020 timent among many consumers that
of consumers use mobile devices. against Epic in 2021, that ruling was major technology companies have
The loss — handed down by a San made by a single judge. The nature of gained too much power. Google also
n This had come after the game
Francisco jury on Monday — is a blow the Google suit — where a jury sided faced scrutiny from a Justice Apple has offered to let Communication (NFC),
to the two companies’ business model unanimously with Epic — let actual developer secretly installed its own Department judge this fall over its rivals access its tap- making it difficult for
in apps, where they charge commis- consumers weigh in on the world of payment system power in search, though the outcome and-go mobile them to develop rival
sions of as much as 30 per cent to soft- smartphone apps. In under four hours of that trial won’t be clear for months. payments systems used services on Apple
ware developers who typically have of deliberations, they found that n It wanted to bypass up to n In 2021, Epic n In the Google suit, Epic’s Sweeney predicted that — as for mobile wallets, devices. It said this
few other options. Google had engaged in anticompetitive 30% revenue share that the lost to Apple in however, the jury Google starts making changes to its three people familiar benefited Apple Pay,
Epic has spent years railing against conduct, harmed Epic and illegally two tech giants take from a single-judge sided unanimously operations and public pressure mounts with the matter said, a Apple's own mobile
the practice and got a federal jury to forced its own billing system on in-app purchases ruling with Epic — its app store peer will be forced to move that could settle wallet solution on
agree that Alphabet’s Google unit had developers. act as well. “The same thing will start EU antitrust charges iPhones and iPads.
acted unfairly as a monopoly. The case The battle began in 2020, when happening with Apple,” he said. and stave off a possible The European
is likely to accelerate the weakening of Fortnite was kicked off the Apple and And that will ultimately help con- hefty fine. Commission is likely to
app store rules, which have already Google Play app stores because the Epic sued both companies. opers to use its billing system for soft- sumers, Sweeney said. “The economics The EU competition seek feedback next
come under fire from regulators and game developer had secretly installed Google also has drawn criticism for ware sold through its store — and that is real,” he said. “When you remove a enforcer last year month from rivals and
lawmakers around the world. its own payment system. The idea was making side deals with big developers it shouldn’t offer custom agreements 30 per cent tax from an ecosystem, charged Apple with customers before
US District Judge James Donato, to bypass the up-to-30 per cent reve- like Spotify Technology SA where it to certain developers. consumer prices will get better or curbing rivals' access to deciding whether to
who oversaw the San Francisco trial, nue share that the two tech giants take offers lower commissions. In Monday’s “The immediate aftereffect is we quality will get better and selection its tap-and-go accept Apple's offer,
will decide whether Google must open from in-app purchases and subscrip- decision, the jury found that Google will see a shift in the marketplace will increase.” technology, Near-Field the people said. REUTERS
the door for payment and app distri- tions on their platforms. In response, shouldn’t require Android app devel- where big tech companies will have to BLOOMBERG

EyesonFedasUS Israel pounds Gaza as hunger

inflationedgesup spreads, disease risk grows
REUTERS consumer prices has slowed
Washington, 12 December from a peak of 9.1 per cent in
June 2022. Inflation remains REUTERS & BLOOMBERG
US consumer prices unex- above the Fed’s 2 per cent 12 December
pectedly rose in November target.

I
while underlying inflation The report followed data sraeli tanks and warplanes pum-
pushed higher, offering more last Friday showing job gains melled southern Gaza on Tuesday,
evidence that the Federal accelerated in November and and the UN said aid distribution to An army soldier examines the site of a bombing at a
Reserve was unlikely to pivot the unemployment rate fell Gazans facing growing hunger had largely police station on the outskirts of Dera Ismail Khan,
to interest rate cuts early to 3.7 per cent from nearly a halted because of the intensity of fight- Pakistan, on Tuesday PHOTO: AP/PTI
next year. two-year high of 3.9 per cent ing in the Israel-Hamas war, now in its
The consumer price index
(CPI) edged up 0.1 per cent
last month after being
in October.
Officials from the US cen-
tral bank were due to gather
third month.
In Khan Younis, southern Gaza's main
city which Israel troops began storming last
At least 23 soldiers
unchanged in October, the
Labor Department’s Bureau
of Labor Statistics said on
for a two-day policy meeting
on Tuesday. The Fed is
expected to leave rates
week, residents said tank shelling was now
focused on the city centre. One said tanks
were operating on Tuesday morning in the
killed in terror
attack in Pakistan
Tuesday. In the 12 months unchanged on Wednesday, street where the house of Yahya Al-Sinwar,
through November, the CPI with economists confident Hamas’ leader in Gaza, is located.
increased 3.1 per cent after that its policy tightening An elderly Palestinian, Tawfik Abu
rising 3.2 per cent in October. campaign is over. Breika, said his residential block in Gaza
Economists polled by Excluding the volatile Khan Younis was hit without warning by a Israeli military personnel operate in the Gaza Strip amid the ongoing conflict between PRESS TRUST OF INDIA
Reuters had forecast the CPI food and energy compo- fresh Israeli air strike on Tuesday that had Israel and the Palestinian Islamist group Hamas, on Tuesday PHOTO: REUTERS 12 December
would be unchanged on the nents, the CPI increased 0.3 brought down several buildings and caused
month and gain 3.1 per cent per cent in November after casualties. Hunger is worsening in Gaza, with the UN The decision is unrelated to the war in At least 23 Pakistani soldiers were killed on Tuesday
on a year-on-year basis. climbing 0.2 per cent in the “The world’s conscience is dead, no World Food Programme saying half of Gaza that began in October and was made when militants linked to a Pakistani Taliban affiliate
The annual increase in prior month. humanity or any kind of morals,” Breika Gaza’s population is starving. late last year as part of Puma’s new “fewer- rammed an explosive-laden vehicle into a security
told Reuters as neighbours sifted through The UN humanitarian office (OCHA) bigger-better” strategy, the company said in forces’ post in restive Khyber-Paktunkhwa province,
rubble. “This is the third month that we are said on Tuesday limited aid distributions an emailed statement. The brand has faced the army said, in one of the worst terror attacks tar-
facing death and destruction, ... This is eth- were taking place in the Rafah district, but calls for boycotts in some markets over its geting security forces in recent years.
IN BRIEF nic cleansing, complete destruction of the
Gaza Strip to displace the whole popula-
“in the rest of the Gaza Strip, aid distribu-
tion has largely stopped over the past few
support for Israel’s team. According to the Inter-Services Public Relations,
the media wing of the army, six terrorists attacked the
tion.” Further south in Rafah, which bor- days, due to the intensity of hostilities Zara regrets ‘misunderstanding’ over security post in Dera Ismail Khan's Daraban area bor-
JPMorgan to outsource ders Egypt, health officials said 22 people
including children were killed in an Israeli
and restrictions of movement along the
main roads”.
ad campaign after Gaza boycott calls
Fashion brand Zara said on Tuesday it
dering the South Waziristan tribal district in the early
morning hours.
$500 bn custody biz in HK air strike on houses overnight. Civil emer-
gency workers were searching for more vic- Puma ends sponsorship of Israel’s
regretted the “misunderstanding” over an ad
campaign featuring statues wrapped in white
“The attempt to enter the post was effectively
thwarted which forced the terrorists to ram an explo-
JPMorgan Chase is set to outsource the operations of its local tims under the rubble. national football team that triggered calls for a boycott by some pro- sive laden vehicle into the post, followed by a suicide
custody business in Hong Kong and Taiwan with Citigroup, HSBC Residents said the shelling of Rafah, Puma SE will end its sponsorship of Israel’s Palestinian activists, and it had removed the bombing attack.”
and Standard Chartered in the race for the mandate, two sources where the Israeli army this month ordered football federation after 2024 as the German images. People left tens of thousands of com- “The resulting blasts led to the collapse of the
with knowledge of the matter said. The Wall Street bank, the people to head for their safety, was some of company focuses on fewer and higher-profile plaints about the campaign on Zara’s building, causing multiple casualties,” it said.
world's third-largest global custodian, is in the process of the heaviest in days. partnerships. Instagram account. Twenty-three Pakistan Army soldiers were killed
selecting another bank to take over the local custodian operations while all six terrorists were “effectively engaged and
in Hong Kong and Taiwan, said the sources. Financial details of the sent to hell,” the ISPR said.
deal were not immediately known. Local custody business takes It added that sanitisation operations were being
care of transactions and runs the book for clients when they access
certain markets. REUTERS XI MAKES FIRST VIETNAM VISIT IN 6 YEARS TO COUNTER US CLOUT conducted to eliminate any other terrorist present
in the area.

Chinese President Xi Jinping

Hasbro cutting about 1,100 with Vietnam’s Communist
Party chief Nguyen Phu Trong
Pak court acquits Nawaz in
jobs, citing weak holiday sales in Hanoi on Tuesday.
Jinping pledged to prioritise Al-Azizia corruption case
Hasbro is cutting close to 20 per cent of its staff, blaming slumping diplomacy with Vietnam
sales of toys and games during the crucial holiday shopping during a trip to the Asian The Islamabad High Court on Tuesday acquitted
season. The maker of the Dungeons & Dragons and Transformers nation, which is forging closer Pakistan Muslim League-Nawaz (PML-N) supremo and
franchises will cut about 1,100 jobs over the next 18 to 24 months, ties with the US and its allies. former prime minister Nawaz Sharif in the Al-Azizia
including 200 left over from an earlier round of cuts, Chief The partnership between the Steel Mill corruption case, removing a major legal hurdle
Executive Officer Chris Cocks said Monday in a memo to employees. two countries should be in his way to leading his party in the upcoming elections.
“The market headwinds we anticipated have proven to be deepened, Xi told Phu Trong. Sharif, 73, was sentenced to seven years in jail and
stronger and more persistent than planned,” Cocks said. Hasbro China is also willing to build a imposed a heavy fine by an anti-corruption court in
has struggled to shake off a post-pandemic hangover. BLOOMBERG community of common December 2018 after he failed to convince the court that
destiny that includes Vietnam, he had nothing to do with the steel mill set up by his
he said. Xi’s two-day trip father in 2001 in Saudi Arabia.
Unileverfaces‘greenwashing’ comes just months after US
President Joe Biden declared
He has already been acquitted in the Avenfield case
in which he was convicted in July 2018 and sentenced
probebyUKwatchdog “enormous” opportunity with
Vietnam on his first jaunt to
to 10 years in Jail. He also got relief in Flagship corruption
case in which he was declared innocent by the court in
The UK’s antitrust regulator is investigating “green” claims made the Asian nation. PHOTO: AP/PTI 2018 but the acquittal was challenged in the IHC . PTI
by the British arm of Unilever, saying it wants to ensure that consu-
mers aren’t being misled by a company that has touted social
responsibility as a selling point for goods ranging from shampoo to
ice cream. The maker of Dove soap and Cif cleaner may have been
overstating the environmental qualities of certain products, the
Competition and Markets Authority said. BLOOMBERG
COP28 forced into overtime as fossil fuel talks divide nations
REUTERS enough to avert more disastrous history that a UN climate summit
12 December flooding, fatal heat and irreversible has mentioned reducing use of all
Harvard’s Claudine Gay to The COP28 climate talks went into
changes to the world’s ecosystems.
Al Suwaidi said the COP28
“fossil fuels”.
But the move fell short of the
keep job despite ouster calls overtime on Tuesday and countries
engaged in shuttle-diplomacy to
presidency aimed for a "historic"
result that included mentioning
“phase-out” of coal, oil and natural
gas or the emphasis on cutting their
ClaudineGaywillremainaspresidentofHarvardUniversityafter seek a new draft agreement and try fossil fuels - but that it was up to use this decade, which scientists
weatheringcallsforherousterovertheschool’shandlingofcampus to close a rift over ending the countries to agree. say must happen to avoid climate
antisemitismandherwidelyderidedtestimonyinacongressional world’s use of fossil fuels. Deals at UN climate summits change escalating.
hearinglastweek.“Inthistumultuousanddifficulttime,we Many nations criticised a draft must be passed by consensus. Negotiators were waiting for the
unanimouslystandinsupportofPresidentGay,”Harvard,the text for a deal released on Monday Then individual countries are new text on Tuesday, when the COP
school’sgoverningbody,saidinapostonX. BLOOMBERG for failing to call for a “phase-out” responsible for delivering the deal, presidency wanted the summit to
of oil, gas and coal. The United Arab through national policies and end. COP summits rarely finish
Emirates’ COP28 Director General investments. on schedule.
Ukraine’s top mobile operator Majid Al Suwaidi said the aim of the
text was to “spark conversations”.
Germany’s Climate Envoy
Jennifer Morgan said the talks had Climate activists protest against fossil fuels during the United Nations
“I’m worried ... because it’s very
obvious that we need more
hit by biggest cyberattack “By releasing our first draft of
the text, we got parties to come to us
entered a “critical, critical phase”.
“There is a lot of shuttle
Climate Change Conference (COP28) in Dubai on Tuesday PHOTO: REUTERS ambition,” Denmark’s Global
Climate Minister Dan Jorgensen
Ukraine’s largest mobile phone operator said Russia was most quickly with those red lines,” he diplomacy going on,” she said on X, triggered negotiations that ran consumption and production told Reuters. “I haven’t given up
likely behind a “powerful” cyberattack that disrupted phone and told reporters. formerly known as Twitter, overnight into early Tuesday. The of fossil fuels, in a just, orderly yet of course, we still think this
Internet services Tuesday for about 24 million people in the Negotiators from the nearly 200 referring to fast-paced meetings text had suggested eight options and equitable manner so as to is possible.”
country. As fighting on the frontlines continues, Ukraine said in countries at the Dubai summit are between countries to hunt for countries “could” take to cut achieve net zero by, before, or Greenhouse gas emissions from
October that such attacks by Russia were becoming more attempting to agree a global plan of compromise. emissions. around 2050”. burning fossil fuels are the main
sophisticated as they aimed to disrupt vital infrastructure during action to limit climate change fast The draft released on Monday One was “reducing both That would be the first time in cause of climate change.
wartime. BLOOMBERG

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

VOLUME XXX NUMBER 205 ILLUSTRATION: BINAY SINHA

bang announcements on new schemes or any tax-
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 ation initiatives like concessions. Presumably, there
would also be no Part B of the speech, which would
Intelligent regulation rightly restore a convention that most finance min-
isters have followed sincerely.
Much to learn from EU’s Artificial Intelligence Act There is, however, a question. If the Budget makes
no big announcements on new schemes, projects,

T
he passage of the European Union’s Artificial Intelligence (AI) Act — or tax giveaways, the government would face a major
the first such law regulating AI worldwide — provides a model for political dilemma as it may have to reluctantly con-
oversight and regulation. It may become a benchmark for a global sider shunning the practice of unveiling pre-election
consensus on AI regulation, which is something India is trying to sops to woo voters. It is conceivable that the govern-
orchestrate with a declaration document at the ongoing Global Partnership on ment would continue to announce them, but these
Artificial Intelligence (GPAI) Summit. would not be made part of the interim Budget.
AI has enabled efficient manufacturing in many sectors, faster drug dis- Therefore, the convention of the interim Budget steer-
coveries, breakthroughs in material science research, etc. It could be transfor- ing clear of taxation initiatives or big schemes would
mational across sectors ranging from scientific research to autonomous trans-
port, health care and diagnostics, efficient smart power grids, financial systems,
and telecom networks as well as the easier provision of a multitude of public
and private services.
The sanctity of an be honoured. But the likely impact on the govern-
ment’s finances in 2024-25 would not be completely
ruled out, as the promises made would have to be
honoured during the next year.
But AI can enable criminal activities. It puts more power in the hands of
authoritarian regimes via real-time face recognition, widespread surveillance
tools, and the enabling of discriminatory social scoring systems. Dangers will
also arise from the many military applications, which may lead to autonomous
interim Budget Remember that the current year’s Budget has
already taken a hit on account of a few additional
relief measures announced during the year. The
extension of the free food grain supplies scheme
under the public distribution system beyond
weapons where humans are no longer in charge of “pulling the trigger”. This is
quite apart from science-fiction possibilities of self-aware AI, which logically
The Finance Minister’s bold announcement of no big schemes December 2023 and the rising subsidies burden on
account of fertilisers and cooking gas, among other
understands its own nature and possesses traits like curiosity and an instinct for on February 1 is commendable things, have meant an additional cash outgo of
self-preservation. Such concerns must be dealt with holistically, with a consensus ~58,000 crore during 2023-24. More cash outgo may
on regulation across advanced economies since AI proliferates instantaneously

L
ast week, Finance Minister Nirmala expenditure until a new government is formed and have to be budgeted for and that will be evident
across jurisdictions. The ideal is oversight to control and mitigate the possibility Sitharaman made a bold and prudent state- a full Budget is presented. Also, a government is when the interim Budget is presented. However,
of harm, without crippling research and the rollout of beneficial AI. ment that should set her apart from many of elected for five years and, therefore, it should pre- its impact is likely to be significantly diluted, thanks
The EU regulations strive to establish a technology-neutral, uniform definition her predecessors, particularly those in the past cou- sent no more than five full Budgets during its to the continuing revenue buoyancy and a slow-
for AI that will apply to future systems. This is vital, given the technology is ple of decades. Addressing industry leaders, the tenure. The government that was elected in 2019 down in expenditure.
evolving rapidly. The conceptual framework classifies AI systems in accordance finance minister virtually poured cold water on all has already presented five full Budgets — the fifth But what the finance minister has achieved
with risks. The higher the risk, the more stringent the oversight, and the more the their expectations of major announcements in the Budget being the one for 2023-24. So, why should through her statement before industry leaders is
obligations imposed on providers and users. upcoming Budget. there be any announcements in an interim Budget, something more important. She has made sure that
Limited risk systems should comply with transparency requirements that “I am not going to play spoilsport, making it almost the sixth Budget in the accounts of government finances to be present-
allow for informed decisions in accordance with the AI Act. Users should be made but it is a matter of truth that the a five-year term? Ms Sitharaman has ed before Parliament on February 1, 2024 would be
aware when they are interacting with AI in, for example, systems that generate or February 1, 2024 Budget…will just be both logic and convention by her side. realistic. The danger of the interim Budget present-
manipulate image, audio or video content, such as deepfakes. Transparency a vote on account because we will be Yet, few finance ministers in the last ing over-optimistic revenue numbers, in the belief
requirements include disclosing that the content is generated by AI, designing in election mode, and elections will couple of decades have followed this that these distortions could be corrected in the final
models to prevent the generation of illegal content and public summaries of copy- happen during the coming summer,” convention. Of the four interim Budget to be presented after the general elections,
righted data used in training. she said. Elaborating further, the Budgets presented since 2000, at least has perhaps been averted. The huge revisions in
The EU legislation notes that AI systems that affect safety or fundamental finance minister explained: “So, the three decided to ignore the convention the numbers for the 2018-19 Budget were a result
rights are considered high-risk and divided into two categories. One is AI in Budget will just be to meet the expen- of refraining from making big of such understatement of expenditure and over-
products such as toys, aviation, cars, medical devices, and lifts. Another is AI diture till a new government comes. announcements of schemes or taxa- statement of revenue projections.
used across specific areas, which must be registered in EU databases. This So, no spectacular announcements tion measures. The interim Budget of The last five Budgets of Ms Sitharaman will
includes biometric identification, critical infrastructure, education and voca- are made at that time.” 2009 had stuck to the tradition that Ms stand out for several bold and prudent initiatives.
To understand the significance Sitharaman had referred to in her These include imparting a commendable degree
tional training, and AI-managed access to essential private and public services.
All such high-risk AI systems must be assessed before roll-out and reviewed of what the finance minister said, RAISINA HILL address to industry last week. But the of transparency by gradually eliminating off-
throughout their life cycles. it will be necessary to contextualise interim Budgets of 2004 and 2014 devi- Budget expenditure items, leading to a correct
A K BHATTACHARYA
Some systems that pose unacceptable risks are banned in the AI Act. These her statement. Remember that she ated from that convention and pro- assessment of the government’s deficit numbers,
include cognitive behavioural manipulation of people, or of specific vulnerable was addressing an audience of industry leaders just posed minor taxation changes. a reduction in corporation tax rates (though done
groups, including, for example, toys that encourage dangerous behaviour, social about a month and a half before she would present A bigger deviation took place in the interim outside the Budget), encouragement to taxpayers
scoring that classifies people based on behaviour, socio-economic status, or the interim Budget for 2024-25. Industry is usually Budget of 2019, which announced the Pradhan to opt for an exemptions-free taxation regime, a
keen to get an indication from the finance minister Mantri Kisan Samman Nidhi, an income support hefty increase in the government’s capital expen-
personal characteristics. Real-time and remote biometric identification systems,
about what the government plans to unveil in a scheme for farmers, entailing an annual outlay of diture, and the pursuit of a slow but steady path of
such as facial recognition, may be used only with court approval to identify
Budget. Last week, instead of providing a hint, Ms ~75,000 crore for 2019-20. In addition, it gave the fiscal consolidation.
and apprehend criminals after a serious crime has been committed. While the
Sitharaman said categorically that industry should benefit of tax rebate to all individual taxpayers with Last week’s statement by Ms Sitharaman shows
framework may require tweaking in specific areas and it doesn’t cover military
not expect any major announcement in the Budget. an annual income of up to ~5 lakh. The interim that she would add yet another commendable fea-
research and development, it is a reasonable baseline to reach a consensus for Even though industry appeared to be disap- Budget of 2019 made another departure. Unlike the ture in her budget-making initiatives by ensuring
global regulation. The GPAI Summit will probably look at adopting some version pointed, the finance minister deserves praise not previous interim Budgets, it had a Part B of the that an interim Budget honours the convention of
of this as a declaration document and India, for its part, needs to create domestic just for her candour, but also for promising to finance minister’s speech, which is usually reserved avoiding any announcement on new taxation mea-
legislation along these lines. uphold a convention that a few of her predecessors only for full Budgets containing taxation proposals. sures or big schemes. On February 1, 2024 it will
did not honour. An interim Budget is a vote-on- If Ms Sitharaman follows what she told industry become clear if the finance minister has fulfilled

The Myanmar puzzle account statement, presented before a general elec- leaders last week, it would be safe to assume that
tion, allowing the government to carry on with its the interim Budget for 2024-25 would make no big-
that promise and maintained the sanctity of an
interim Budget.

India must rethink its traditional position

A
s the war between Israel and Hamas in West Asia dominates global
attention, a forgotten civil war raging in the southeast of the continent
is shaping up as a test for China, the United States (US), and India. In
Myanmar a military coup against Aung San Suu Kyi’s National League
2023: The good, the bad and the ugly
for Democracy has escalated into a war against the country’s long-running insur-

I
ndian cinema has bounced back. After three mis- This is largely due to the fall in the sales of entry and censorship. This could happen if streaming is
gencies. The Tatmadaw, or military, is a powerful institution with entrenched erable years, theatrical revenues are at an all-time and mid-level smartphones. For millions of Indians, brought under the Broadcasting Services
economic interests and, till recently, robust support from China, which sees high. From ~11,500 crore in 2019 (the last normal a smartphone is the first port of entry into the inter- (Regulation) Bill, 2023, which is currently in the
Myanmar as an integral component of its Belt and Road Initiative (BRI). Recent year), gross theatrical revenue from films is set to net. These phones can process bandwidth that draft and consultation stage. Ever since price regu-
developments have altered the state of play with insurgents such as the Three cross ~13,000 crore in 2023. Going by Ormax Media allows you to watch a movie, listen to music, or have lation was imposed on television in 2004, all risk-
Brotherhood Alliance (3BA) and other groups scoring significant gains in key data, the revenue was just under ~10,000 crore until a meeting online. They have propelled the growth taking and innovation in programming died. A busi-
areas along India and China’s borders. These developments have shifted the October this year, without factoring in recent suc- of social media, streaming and online publishing, ness that was already dependent on advertising
balance of big power advantage towards China, leaving India in urgent need of cesses such as Sam Bahadur, 12th Fail, and Animal. among other things. However, the International revenues became even more so, killing choice and
reassessing its options in Myanmar. Then, there are some big releases due this month. Data Corporation says smartphone sales fell by a variety as it tried to get the largest mass of viewers
Over the past several months, the 3BA, comprising the Myanmar National There is Salaar starring Prabhas and Dunki featuring massive 10 per cent in 2022 compared to 2021. This possible to win over advertisers.
Democratic Alliance Army (MNDAA), Ta’ang National Liberation Army (TNLA), Shah Rukh Khan, who’s on a winning streak this year year, the drop has been in low single digits. India is Unlike TV, which is about family viewing,
and the Arakan Army (AA), unleashed a campaign named “Operation 1027”, with Pathaan and Jawaan. Add in other revenue now roughly back to 2019 levels of smartphone sales. streaming is about private viewing. Bring in the
which captured a significant border town in the Shan state, which was emerging streams — streaming, satellite TV, Therefore, the number of reg- same content guidelines and price controls and
as a critical entrepot on a BRI route. Hundreds of kilometres west, Khampat, a music, and overseas theatricals — and ular internet users has been stuck you kill the creative edge that has been getting
trading post along the Manipur border and straddling the Asian Highway, a long the business should easily cross at 510 million since December last India Emmy nominations (Four More Shots, Sacred
unfinished India-led project to link India, Myanmar, and Thailand, was captured ~21,000 crore. year. That is about 78 per cent of Games, etc) and wins (Delhi Crime, Vir Das) for the
as part of the same operation. Weeks later, another insurgent group, the Chin This is the best news emerging the 650 million Indians who own first time ever.
National Army, wrested Rikhawdar, a border town opposite Mizoram’s from India’s ~2.1 trillion media and a smartphone. Even if it were 100 The other miserable piece of news comes from
Zokhawthar, a formal trading-point between the two countries. It was this action entertainment industry in 2023. per cent of smartphone users, it television, where both cable and DTH are in steady
that saw Chin State civilians and junta soldiers taking refuge in India. These vic- Cinema serves as the Gangotri, the would mean that the internet is decline. From just over 160 million homes (or 768
tories have put the junta on the back foot and China in pole position and muddied origin of all the value in the business. available to roughly half the million people), pay TV is down to about 100 mil-
the waters for India. When hostilities broke out, sanctions made the US deeply About a quarter of all TV and the Indian population only. You could lion (480 million) over the last four years. The peo-
unpopular even as China gained in prestige with the junta. India sought to retain majority of OTT viewing comes from argue that not everyone among ple watching TV haven’t gone down. It is simply
its traditional relations with the Tatmadaw, but this position confounded the films. More than 70 per cent of all
music sold is film music. Cinema pop-
MEDIASCOPE India’s 1.41 billion citizens can be
an internet user. Even if you did
that they are not watching it through a DTH or
cable connection.
outreach to insurgent groups.
Beijing, by maintaining its outreach with multiple insurgent groups (not ulates advertising, short video and VANITA KOHLI-KHANDEKAR not count the 352 million under- The Indian market has historically been frag-
just the 3BA), has sought to protect its economic interests and deepen its geo- social media ecosystems. Its revival 14 age group, it still leaves 408 mil- mented. Therefore, this column is, usually, in favour
has a ripple effect on all segments in lion without a smartphone and, of consolidation. But as tech-media companies start
political engagement in Myanmar. It is widely recognised, for instance, that
the business. therefore, without access to the internet. That is a dominating, consolidation is starting to look threat-
“Operation 1027” could not have taken place without Chinese support, including
The movie industry’s return to health is also, sizeable market outside the grasp of education, ening. If Reliance (Viacom18, Jio, TV18) and Disney
its blind eye to drug-running and other illicit activities that finance insurgency.
arguably, the only piece of good news from the media media, online retail and other services. ally, and if the Sony-Zee deal goes through, the
China’s proactive approach is driven by the fact that overland trade accounts for
and entertainment business. From here on, things Until earlier this year, time spent by existing Indian media market will be dominated by four
a larger proportion of its trade with Myanmar than it does for India. This, coupled go from somewhat pessimistic to downright bleak. users continued to grow, powering revenue growth. giants: Google (revenue ~25,000 crore), Meta (rev-
with the snail’s pace of progress on the Asian Highway and the malfunctioning Take digital media — a hyper growth area so far, Now, as time spent by existing users plateaus, growth enue ~18,000 crore), Reliance-Disney (revenue
of formal trade crossings, worsened by the crisis in Manipur, has done little to which surged from 273 million unique visitors a has to come from new users. And there are very few ~23,000 crore) and Sony-Zee (revenue ~15,000 crore)
push India’s interests in Myanmar. Now China has called for a ceasefire and month in 2018 to 510 million currently (Comscore). new users coming in. across news, entertainment and sports. Every other
spoken of the spirit of friendship between the two countries. India needs to It is now being beaten black and blue on several The second thing hitting digital media revenues firm in the list of top 10 media firms is less than a
adopt strategic pragmatism and flexibility in addressing a fluid and complex fronts. The most significant challenge is the decline is the rising consumption of free video from DD fourth their size. A bulk of the media firms in India
situation in Myanmar. In this context, India would do well to rethink its traditional in internet growth. From double-digit through 2016 Freedish, YouTube, JioCinema, among others. are in the ~100 to ~1,000 crore range.
alignment on Myanmar with the Association of Southeast Asian Nations, which to 2020, growth has slumped to about 4 per cent in Media Partners Asia reckons that subscribers to Where that leaves independent media and cre-
wields no power or influence in the country, and engage more pragmatically 2021 and 2022, according to the Telecom Regulatory streaming video services plummeted to about 80 ative freedom is a big question.
with the emerging power players in this troubled but critical neighbour. Authority of India data. In the first quarter of 2023, million this year from 112 million in 2022.
it grew just 1.7 per cent over the last quarter of 2022. The third factor is the possibility of tariff controls http://twitter.com/vanitakohlik

Perfumed peregrinations actors that help create and capture

market(s) for this sophisticated consumer
product. One figure will suffice to
revelations. Koose Munisamy Veerappan
poaching 10,000 tonnes of sandalwood is
a case in point.
engagement with a landscape elevates Ms
Dhingra’s prose. However, it’s the
personal element that is likely to draw the
Manhattan helped evoke New Delhi- extract six Indian fragrances: Rose, underline the commercial value of Ms Dhingra displays a writerly ability to reader in. For example, she notes why
based writer and journalist Divrina Jasmine, Sandalwood, Saffron, Oud, and perfumes. “Pure rose oil is a prized create a sensory, visual experience while “saffron is the smell of comfort” for her.
Dhingra’s childhood memories. She notes Vetiver. The book begins with Kannauj in material, laborious to produce and, describing places she visited for her It’s related to a delectable delicacy, phirni,
it in the introduction to her book, The Uttar Pradesh. The region has “acquired a consequently, extremely expensive, research, even as she puts them into that her grandmother used to make. Or
Perfume Project: Journeys Through somewhat mythical stature,” as it clearing over ~10 lakh per kilogram,” Ms historical perspectives. Here’s what she the chapter titled Sandalwood, in which
Indian Fragrance. “invariably invites parallels to Grasse, a Dhingra writes. writes about Madurai, she informs readers how for quite some
BOOK REVIEW Interestingly, the author never vibed small town in the south of France where In Kannauj, Ms The Perfume
Project: Journeys
which she visited for time “the smell of sandalwood smoke had
with Manhattan. Despite the city being perfumery developed” in the 19th Dhingra also learns Through Indian the chapter Jasmine: been an unwelcome one” for her, because
SAURABH SHARMA “endlessly engaging,” it remained century, Ms Dhingra writes. the process of Fragrance “None of what I saw of it always reminded her of her dog.
unfamiliar to her. Ms Dhingra, who’s Besides layering the story with manufacturing the city seemed too far “Grief turns out to be a place none of us
Author: Divrina

I
n the jingle-jangle of the everyday, we trained in the art of perfumery, notes that personal anecdotes, Ms Dhingra skilfully mitti itr. The Dhingra removed from know until we reach it,” Joan Didion once
often miss the fragrances that her aversion to Manhattan “had largely to blends empirical knowledge with formula, as is the descriptions of wrote. Place this sentence next to one by
surround us. A typical day in an Indian do with smell, or rather, the vacuum left by traditional practices. A perfume, she case with most itrs, Publisher: Madurai during the Ms Dhingra: “Sometimes, I think about all
household, for instance, begins with an the lack of it.” explains, has a “top, heart and base note.” is minimal, “but the
Westland first millennium. The the places that fragrance takes me to.”
array of such aromas, many of which take Scientifically, smell and memory are The classification is based on aspects like unique making Pages: 167 Pandyan capital was Considering them together, I
us down memory lane. interrelated. “Odours take a direct route relative volatility. She juxtaposes these practice of it is so Price: ~599 one of region’s most wondered whether I dislike summers and
This happenstance has a name: A to the limbic system,” Ms Walsh notes. technical terms with citations from much a part of celebrated cities even the smell of asphalt because they always
Proustian moment, from Marcel Proust’s Therefore, it’s natural that Ms Dhingra ancient texts such as De Odoribus. This Kannauj that it has then, and Tamil texts remind me of my father’s death.
famous sentence from In Search of Lost was transported to many different text attributes “the concept of fragrance to survived time unchanged”. The finest like the Maduraikanchi and Advertently or inadvertently, this
Time: “It was the soupçon of cake in tea worlds by the smell of a blend of asphalt, divine origin.” mitti itr is made not just from any old Silappadikaram note how Madurai stirred sensation leads me to conclude, that one
that sent his mind reeling.” Colleen Walsh coffee, and other things she experienced Barring a few whose trade is closely baked earth, but from kulhars, the awake in the early hours to the sounds of associates deep-seated feelings with a
notes this in an article titled “What the in Manhattan. related to religion, the industrial terracotta tea cups used at small tea stalls hymns being chanted, how the streets were “smellscape”— a tapestry of the resilience
Nose Knows”. It’s attached to “a sensory The Perfume Project isn’t limited to processes of perfume manufacture are far everywhere — or at least wherever they always busy […].” of the manual labourers, the tyranny of
experience that triggers a rush of exploring the personal. Ms Dhingra from divine. This capital-intensive work is have not yet been supplanted by plastic In Saffron, she captures both what it the masters, the histories of places, and
memories often long past, or even documents her journeys into various linked with intergenerational wealth — as or styrofoam, she writes. feels like to be in a highly militarised zone the remembrances of the pasts that Ms
seemingly forgotten.” parts of the country — and the world —to multiple stories Ms Dhingra documents Each chapter brims with insightful (Kashmir) and how climate change has Dhingra manages to wonderfully
One such Proustian incident in explore the industrial processes that show—and reliance on a network of information and, in some cases, shocking impacted the production of saffron. Such encapsulate in her perfumed prose.
10
>
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E-AUCTION SALE NOTICE FOR SALE OF IMMOVABLE SECURED ASSETS UNDER THE SECURITISATION AND
RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 READ WITH
PROVISO TO RULE 8 (5) AND (6) READ WITH RULE 9(1) OF SECURITY INTEREST (ENFORCEMENT) RULES 2002.
The financial facilities of Dewan Housing Finance Ltd. (hereinafter referred to as the DHFL/Assignor) has been assigned to Edelweiss Asset
Reconstruction Company Limited (hereinafter referred to as “EARC/Assignee”) acting in its capacity as trustee of EARC-TRUST-SC-371 mentioned clear-
ly in column provided. Pursuant to the said assignment, EARC stepped into the shoes of the Assignor and exercises its rights as the secured creditor. That
EARC, in its capacity as secured creditor, had taken possession of the below mentioned immovable secured assets under 13(4) of SARFAESI Act and
Rules there under.
Notice is hereby given to the public in general and in particular to the Borrower, Co-Borrower, Legal heirs and Guarantor (s) that the below described
immovable secured assets mortgaged in favor of the Secured Creditor, the physical possession of which has been taken by the Authorized Officer (AO)
of Secured Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” basis, for recovery of the amounts mentioned herein
below due to EARC together with further interest and other expenses/costs thereon deducted for any money received by EARC from Borrower and
Guarantor. The Reserve Price and the Earnest Money Deposit are mentioned below for the property.
DETAILS OF SECURED ASSET PUT FOR E-AUCTION:
Sl. Loan Account Name Of Borrower Trust Name Of Bank & Total Outstanding Reserve Earnest Money Date & Type of
/ Co-Borrower / Dues INR as on Price (In Deposit (Emd) Time Of Possess
No No And Loan Guarantor Name Branch, Account
Code No. Number & IFSC Code 07.12.2023 Rs) In Rs Auction ion
EARC-TRUST- ICICI BANK LTD,
LOAN Mashkoor Ali SC-371 Dewan NARIMAN POINT, 10.01.2024
1 ACCOUNT (Borrower) And Housing Finance
Ishrat Jahan (000405118304)- 27,84,963.14/- 11,00,000/- 1,10,000/- AT Physical
NO. 1262266 (Co-Borrower Limited (“DHFL” IFSC ICIC0000004 12:30 PM
/ “Assignor”)
DETAILS OF MORTGAGED PROPERTY: “All That Piece And Parcel Of The Mortgaged Property Being A Plot Bearing No. L-666, Area 42.50 Sq
Mtrs Situated At Dr. Ram Manohar Lohiya Nagar Hapur Road, Meerut Up,250001. Bounded By: - East:- 8.50 Mtrs And Plot No L-667, West: 8.50
Mtrs And Plot No L- 685, North: 5 Mtrs And 6 Mtrs Wide Road, South: 5 Mtrs And Building Of E.W.S Plot No. L 65.
Important Information regarding Auction Process:
1 All Demand Drafts (DD) shall be drawn in favor of Trust name as mentioned above and payable at Mumbai.
2 Last Date of Submission of EMD Received 1 day prior to the date of auction*
3 Place for Submission of Bids At Retail Central Office, Mumbai (mentioned below)
4 Place of Auction (Web Site for Auction) E-Auction (https://auction.edelweissarc.in)
5 Contact No. 18002666540
6 Date & Time of Inspection of the Property As per prior appointment
That prior Auction Notice issued with regard to the abovementioned loan account by EARC, is hereby recalled/withdrawn with immediate effect and
this notice shall be considered as the Auction Notice under the provision of SARFAESI Act 2002
For detailed terms and conditions of the sale, please refer to the link provided in EARC’s website i.e., https://auction.edelweissarc.in
Place: Meerut Sd/- Authorized Officer
Date: 13.12.2023 For Edelweiss Asset Reconstruction Company Limited
(Trustee for EARC-TRUST-SC-371)

POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 and in exercise of powers conferred under Section 13 (12) read
with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand
Notice dated 21.09.2023 calling upon the Borrower(s) MANOJ KUMAR SHARMA
PROPRIETOR SUMANGLAM VASTRALYA, MANOJ KUMAR SHARMA
PROPRIETOR SHREE KAMADHGIRI TRADERS, ASHA RAM
SHARMA AND MAMTA SHARMA to repay the amount mentioned in the Notice
being Rs.98,27,519.20 (Rupees Ninety Eight Lakh Twenty Seven Thousand
Five Hundred Nineteen and Paise Twenty Only) against Loan Account No.
HLAPNOI00309447 as on 19.09.2023 and interest thereon within 60 days from the
date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 08.12.2023.
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.98,27,519.20 (Rupees Ninety Eight Lakh Twenty Seven Thousand Five
Hundred Nineteen and Paise Twenty Only) as on 19.09.2023 and interest
thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY

RESIDENTIAL HOUSE BEARING NO. S.G-102, BLOCK – G HAVING AREA

91.65 SQUARE METERS AND COVERED AREA 43 SQUARE METERS
SITUATED IN SHASTRI NAGAR, SECTOR – 16, G.M.P, GHAZIABAD – 201010,
UTTAR PRADESH AND WHICH IS BOUNDED AS UNDER:-
EAST :HOUSE NO. 103 WEST :HOUSE NO. 101
NORTH :HOUSE NO. 117 SOUTH :80 FEET WIDE ROAD

Sd/-
Date : 08.12.2023 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED
.
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 TAKE TWO 11 <

of fear, shame, ridicule, or guilt in and cumbersome user from availing a service SaasBilling
the mind of the user to nudge already paid for unless something
InterfaceInterference Generating and collecting
SPECIFIED them to act in a way that results
in a purchase A design element that
additional is purchased
payments from consumers on a
DisguisedAdvertisement recurring basis in a software as a
DARK ForcedAction
manipulates the user interface in
ways that highlight certain Masking advertisements as other service (SaaS) business model by
exploiting positive acquisition
PATTERNS Forcing a user into taking an
action that would require the
user to buy any additional goods,
information and obscures others
to misdirect a user
types of content, such as user-
generated content or new articles loops in recurring subscriptions
or false advertisements that are RogueMalwares
or subscribe to or sign up for an BaitandSwitch designed to blend in with the rest
Advertising a particular outcome Using a ransomware or scareware
unrelated service, or share of an interface
to mislead or trick users into
FalseUrgency personal information to buy or based on the user’s action but
deceptively serving an alternative Nagging believing there is a virus in their
Falselyimplyingasenseofurgency subscribe to the product or service computer and to convince them
orscarcitytomisleadauserinto originally intended by the user outcome A dark pattern practice due to
which a user is disrupted and to pay for a fake malware removal
makinganimmediatepurchase SubscriptionTrap DripPricing annoyed by repeated and tool that actually installs malware
BasketSneaking Making cancellation of a paid Not revealing elements of prices persistent interactions, in the on their computer
Inclusion of additional items such subscription impossible, upfront, revealing them form of requests, information, Source: The Central Consumer Protection Authority

as products, services, payments complex, or lengthy; hiding the surreptitiously, revealing the options, or interruptions
to charity at the time of checkout cancellation option; forcing a price after confirmation of
user to provide payment details purchase, advertising a product TrickQuestion
without the consent of the user
or authorisation for auto debits; or service as free without Deliberate use of confusing or
ConfirmShaming or making the instructions appropriate disclosure that the vague language, double

DARKNESS
Using a phrase, video, audio or related to cancellation continuation of use requires in- negatives, or other similar tricks
any other means to create a sense ambiguous, latent, confusing, app purchases, or preventing a to misguide or misdirect a user

TO LIGHT
He adds that about 10,000 value-driven and straightforward Offline issue cent of the overall
complaints related to these approaches. Adapting to the K Giri, director-general, Empower retail industry in
practices had been lodged with the guidelines could also impose an India, a think tank promoting the country and
Ministry of Consumer Affairs initial financial and operational corporate governance in the there is fear that
through the National Consumers burden on errant platforms, such as country, says the dark patterns such guidelines
Helpline over the past eight to nine redesigning websites and guidelines have the potential to could be misused
Howwellcanthegovt’sdarkpatternrules months.
The Guidelines for Prevention
modifying user interfaces. “But the
long-term benefits are substantial,”
curb wrongdoing by many
industries, such as online booking
to crack down on
companies that have
curbcustomermanipulationonline? and Regulation of Dark Patterns, she says. for travel and stay. But, he says the legitimate businesses.
2023, have already come into force Some of those benefits would be consumers may not get the benefits That will be a dark
and apply to all platforms offering improved customer loyalty, legal as the same patterns are prevalent pattern on its own.
goods or services in India, compliance, and an edge in a offline, too, which is not regulated
PEERZADA ABRAR happen now. including advertisers and sellers. market increasingly sensitive to by these guidelines.

nd a
Bengaluru, 12 December The Central Consumer “No person, including any ethical considerations. As “For consumers to get benefits

S
LOGISTICS FOR

Protection Authority, the country’s platform, shall engage in any dark consumer awareness of data from dark patterns guidelines, it
ome consumers say top consumer watchdog, has pattern practice,” the norms say. privacy grows, experts say these should be extended to offline
online booking, espe- notified the guidelines for platforms must adopt more players as well, and the players need
cially for travel and stay, “prevention and regulation” of dark Significant shift transparent data practices. They to be given time to make changes,”
can sometimes appear to patterns, having identified 13 Sonam Chandwani, managing need to align with the public’s says Giri. think of
be a creature that is alive
and responding to the buyer’s eager-
practices (see Specified Dark
Patterns), including misleading
partner at law firm KS Legal &
Associates, says the guidelines are
demand for greater control over
personal information.
As in the case of special sales
online, many other businesses
Safe & Express Delivery.
ness or desperation. You might have
experienced it yourself.
advertisements and unfair trade
practices, and violations of
poised to usher in a significant shift
in how ecommerce operates and
“It was time to bring online
booking, especially airlines and
pressure consumers by stating that
the supply is limited. “Only one left
think of
Like that time you were consumer rights. engages with consumers. hotels, to book,” says K in stock,” is a familiar line that Safexpress.
planning to go on a vacation with “With the guidelines in place, “Primarily, these guidelines will Narasimhan, advocate, Madras appears next to items,
your family. You looked for tickets the aviation industry and online enhance transparency and ethical High Court. “The guidelines have a as is “last two rooms available at
on a travel website and it showed a travel portals will find it practices, compelling platforms to great impact, as they enable this price”.
particular price. But, within increasingly difficult to continue abandon manipulative tactics like regulators to go after the Ecommerce and online travel
minutes, the price increased. using many of these ‘dark pattern’ hidden fees, misleading urgency erring players.” industry executives who,
That was the result of what is practices,” says Salman Waris, cues, or convoluted ‘unsubscribe’ In a survey by LocalCircles, understandably, wish to remain
called “dark pattern” practices, managing partner at tech law firm processes,” she says. which received more than 33,000 anonymous, welcome the
which manipulate people into TechLegis Advocates & Solicitors. This shift, Chandwani adds, will responses from consumers in 323 government’s guidelines. *Data as on 1st December 2023
making a purchase they either did “The pervasive issue of deceptive not only foster greater consumer districts, seven in 10 users of online But, they say some key
10666 2507 31239 24x7x365 19.5 MN SQ. FT. 76 814
not intend to make or did not want online practices in the aviation trust but also necessitate an travel platforms said they had clauses in the guidelines are Days Warehousing Airport
Trucks Routes Pincodes Operations Space Connectivity Gateways
to make it in the manner they industry and online travel portals overhaul in marketing strategies. experienced dark patterns, such as broad and ambiguous.
ended up making. has come under increased That will be a pivot from urgency hidden charges, false urgency, and Another executive says the www.safexpress.com | [email protected]
That is less likely to scrutiny.” and scarcity-based tactics to more price manipulation. ecommerce industry is just 6 per

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12
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1

Year of blockbusters set to end

with record BO collection
Bollywood movies’ domestic mop-up tops pre-pandemic mark, riding on four ~500 cr-plus films
SURAJEET DAS GUPTA The second factor that led to the
New Delhi, 12 December increase in BO collections is that the
ticket prices in multiplexes were hiked

2
023 was a blockbuster year for between 7.5 per cent and 8 per cent on
Bollywood, with producers not an average, helping producers and
only crossing domestic box-office exhibitors to generate more revenue.
collections of the pre-pandemic levels Kamal Gianchandani, CEO of PVR
of calendar year (CY2019), when it hit a Pictures and president of the Multiplex
record ~11,000 crore, but also likely to Association of India (MAI), says “It was
end the year with a more than 10 per an amazing year for the movies as we
cent increase over it, or with an have never had four big movies hitting
additional of ~1100 core. over ~500 crore in the box— office.
In CY2022 box office (BO) collections Earlier, we would celebrate if one movie
were slightly lower than pre-pandemic GIANTS OF THE BIG SCREEN in a year hit over ~300 crore. Box-office
levels — around ~10,600 crore, accord- Movie Domestic box-office collection (~ crore) collections for the industry are up by 10
ing to industry estimates. per cent from the peaks of CY19, and
However, the average occupancy Jawan 640.42 based on the number of movies in pro-
percentage across screens this year has Pathaan 543.22 duction, we expect the trend to con-
been 5 per cent lower than in CY19, tinue in 2024 too.”
Gadar 2 525.50
although industry experts say that it is However, despite all the action,
likely to reach similar levels next year. Animal* 432.00 occupancy rates have still not reached
A large part of the increase in collec- Tiger 3 282.08 the levels of CY19, say industry experts
tions was due to two factors. For the first and the MAI. In CY22 they were 15 per
time, four movies hit domestic box-
The Kerala Story 238.27 cent lower, but that gap has now come
office collections of over ~500 crore, a Rocky aur Rani Kii Prem Kahani 153.30 down to only 5 per cent in CY23.
record for Bollywood. This includes the OMG 2 150.00 Of course, part of the gap could also
Ranbir Kapoor starrer Animal which is * As on December 10 be due to the addition of capacity that
all set to hit that number soon (it was at was made in anticipation of demand.
~432 crore as on December 10), Shah According to estimates, a net of 200-
Rukh Khan’s two blockbusters, Pathaan crore. In fact, the five movies together The difference that the big movies 250 new screens were added in CY23,
and Jawan, and Gadar 2 starring would amount to over ~2,600 crore in made is also reflected in the fact that although exhibitors like PVR also
Sunny Deol . box office collections. the collections of the 10 highest domes- rationalised some screens by closing
And if the BO numbers of Avataar, In CY22 there was just one movie tic BO grossers in CY23 is set to hit over them down (around 50 screens were
which was launched in 2022 end and which neared the ~500 crore mark — ~3,300 crore, which is far higher than closed). But industry expects that occu-
whose collections spilled over to 2023, KGF Chapter 2 which collected ~434 the ~2,400 crore made during the pre- pancy levels in 2024 will easily cross the
is added, it would mean another ~390 crore in the box office. vious year. levels of CY19.

BBC India staff split to meet ownership rules

BLOOMBERG pany wholly owned by the The restructuring comes were also later dismissed by Collective Newsroom will
12 December country’s citizens, which will after the BBC’s offices in India India’s Supreme Court. produce news commissioned
create content were raided by tax The BBC had restricted by the BBC. A smaller number
The British Broadcasting commissioned by officials in broadcast of the two-part doc- of staff will remain in India and
Corporation (BBC)said more the BBC, the BBC Four executives February, weeks umentary, “India: The Modi employed directly by the BBC,
than 200 staff will leave to join
a newly created media business
said in a statement
on Tuesday. They
will depart to
create Collective
after the broad-
caster aired a doc-
Question,” in the South Asian
nation, the country’s foreign
but their work will be sent back
to other parts of the world, such
APPOINTMENTS
in India, following the intro- will be followed by Newsroom, an umentary that crit- ministry had dismissed the as the UK headquarters, for
duction of rules limiting for- about 250 staff and Indian company ically investigated film, aired in January, as a publishing.
eign ownership and aimed at the new venture owned by India’s the role of Prime “propaganda” piece. The gov- In November 2020, the
increasing the accountability of will be “in compli- citizens Minister Narendra ernment also ordered social Indian government asked eli-
news organizations. ance with the Modi in riots that media giants Twitter and gible digital media companies
Four BBC executives will Indian Foreign hit his home state Alphabet YouTube to take with more than 26 per cent for-
depart to create Collective Direct Investment law,” the of Gujarat in 2002. Modi has down tweets and videos about eign holding to lower this stake
Newsroom, an Indian com- BBC added. denied the allegations, which the film. within a year.

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.
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 13
<

CAN FIN HOMES LTD.

CIN: L85110KA1987PLC008699; Above Canara Bank Building
First Floor, Plot No. C-3, Sector-1, Noida Pincode - 201301
Email: [email protected]
Ph.: 0120-2970164 / 65 / 67 Mob.: 7625079126
DEMAND NOTICE
Under Section 13(2) of “The Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002 (No. 54 of 2002)"
To,
1. All legal heirs of Late Sarvjeet Singh S/O Jasram Singh and Sonika Choudhary
W/O Late Sarvjeet Singh
ADDRESS 1 - PLOT NO – S-1, SECOND FLOOR, OM NAGAR COLONY, MOHAN
NAGAR, SAHIBABAD, GHAZIABAD U.P. 201007
ADDRESS 2 – HOUSE NO 169, WARD NO 2, AMBEDKAR NAGAR, RAILWAY
STATION CHOWK, KIRTHIPUR, BIJNORE, UP 246731
ADDRESS 3 – LATE SARVJEET SINGH C/O IBS INDIA PVT. LTD. PLOT NO -19,
BLOCK –B, SECTOR-62 NOIDA, UP, 201309
ADDRESS 4 – FLAT NO. SF-1, MIG, SECOND FLOOR, PLOT NO. 212 & 213, VISHNU
ENCLAVE GHAZIABAD, UP
No. 1, you have availed a housing loan from our branch against the security of mortgage of
the following asset belonging to Late Sarvjeet Singh S/O Jasram Singh (Borrower)
of/Amongst you.An amount of Rs. 25,93,822.00 (Rupees Twenty five lakhs ninety three
thousand eighty hundred twenty two Only), is due from you, to Can Fin Homes Ltd. as
on 05.12.2023 together with future interest at the contracted rate.
Details of the mortgaged asset
FLAT NO. SF-1, SECOND FLOOR, MIG ON PLOT NO. 212 & 213, KHASRA NO. 826,
VISHNU ENCLAVE, VILLAGE-HARSAON, GHAZIABAD, UP.
Bounded by: East: 50ft. wide Road,West: 10 ft. Wide Road, North: 30 ft. Wide Road,
South: Plot of Prithvi singh S/O Late Ratiram
Registered demand notice was sent to you amongst you under Section 13(2) of the
SARFAESIAct, 2002, but the same was returned unserved. The undersigned has, therefore,
caused these Notices to be pasted on the premises of the last known addresses of the said
Borrower/s as per the saidAct. Hence this paper publication.As you have failed to adhere to
the terms of the sanction, the account is classified as a Non Performing Asset on NPA
29.11.2023 as per the NHB Guidelines. You are hereby called upon to pay the above said
amount with contracted rate of interest thereon from 05.12.2023 DEMAND NOTICE within
60 days from the date of this notice, failing which the undersigned will be constrained to Initiate
action under SARFAESI Act to enforce the aforesaid security. Further, the attention of
borrowers / guarantors is invited to the provisions of Sub-section (8) of Section 13 of theAct, in
respect of time available to them to redeem the secured assets.
Sd/-,
Date: 12.12.2023 Authorised Officer
Place: Noida Can Fin Homes Ltd.

UCO Bank
14
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1
 QUICK TAKE: COMPETITIVE CONCERNS FOR GUJARAT PIPAVAV PORT “A soft landing is now firmly priced into

The Smart markets and quickly becoming the

Investor
(Share price in ~) 160 The stock of Gujarat Pipavav Port is up 9 per cent over the last consensus outlook for 2024. So if
month. JM Financial has a ‘hold’ rating on it, given concerns the data strays far from that
150 path, there could be some
121.0 over a single port entity, concession-related uncertainty
NEW DELHI |
151.0
140
and rising competition, and improvement in rail connectivity
disappointment”
WEDNESDAY, 13 DECEMBER 2023 130
at competing terminals, which could potentially restrict any BEN BENNETT, Head of Investment
120 Strategy and Research, Legal &
Nov 1,’23 Dec 12,’23 substantial outperformance to industry volume growth General Investment Management

Tata cos, L&T top mcap Sensex retreats after scaling 70K
Investors rake in profits ahead of US inflation data, Fed meeting
gainers in mkt boom SUNDAR SETHURAMAN
Mumbai, 12 December

The benchmark indices logged

NIFTY50 INTRADAY
20,997
21,100
still need more confirmation
about whether inflation will
ease further.
Meanwhile, the UK wage
Shriram may
Tata Group added fresh highs on Tuesday before giv-
ing up gains as investors took
20,906
21,000 growth slowed at the sharpest
pace in almost two years, signal-
dislodge UPL
28.5% to its total some money off the table ahead
of the release of US inflation data
Change
-0.4%
20,900 ing that the labour market is
cooling.
in Nifty
valuation in 2023 and interest-rate decision by the 20,800 The average earnings, exclud- Shriram Finance is seen
Federal Reserve. Dec 11,’23 Dec 12,’23 ing bonuses, rose 7.3 per cent in replacing UPL in the benchmark
DEV CHATTERJEE After hitting a high of 70,034, Source: Bloomberg the three months through Nifty50 index during the March
Mumbai, 12 December the Sensex ended the session at Compiled by BS Research Bureau October compared with a year ago rebalancing. Based on the free
69,551, with a decline of 377 against 7.8 per cent in the period float market capitalisation on

T
he Tata Group, among other points, or 0.54 per cent — the of Motilal Oswal. through September. January 31, the National Stock
Indian conglomerates, has most since October 26. Besides the release of key eco- The Bank of England will Exchange will announce
been among the biggest ben- The Nifty50 index finished at nomic data, the two-day mone- announce its monetary policy changes to its indices in
eficiaries in the year so far even as 20,906, down 91 points, or 0.43 tary policy meeting of the Fed got decision on Thursday. February and the changes will
the BSE Sensex’s surge to its new per cent — the biggest single-day underway on Tuesday and a pol- Indian equity markets have become effective end-March.
peak of 70,000 on Monday. The fall since November 1. This was icy decision will be announced on been on a relentless rise on the The Nifty Next 50 index is
ILLUSTRATION: BINAY SINHA
benchmark index had cooled down only the second time that the Wednesday, where it is likely to back of optimism about peaking expected to see close to half a
from its high on Tuesday. TOP 10 GROUPS BY MCAP Sensex and Nifty have ended keep the rates unchanged. rate hikes, robust macro numbers, dozen changes, with Jio
The group added ~6.1 trillion, or Mcap  Dec 30,’22  Dec 12,’23 Change (~ trn) Change % with losses in the past 11 trading Investors will keenly track the and hopes of policy continuity Financial Services, IRFC, PFC and
28.5 per cent, to its companies’ total sessions, during which they comments of the Federal Reserve amidst the comfortable win of the Polycab seen as new inclusion
valuation at ~27.4 trillion since 28.5 4.5 -6.4 -28.0 21.2 16.0 49.1 23.2 24.1 25.9 gained by more than 5 per cent. chief to check whether the US ruling Bharatiya Janata Party candidates. Meanwhile, Adani
January 1 this year. Construction “Fed's policy outcome will central bank will try to temper (BJP) in three state elections. Wilmar, Muthoot Finance and
and engineering major L&T, 6.1 0.8 -1.0 -5.5 1.8 1.2 2.4 1.2 1.2 0.8 provide some direction; until policy-easing expectations of Analysts said the monetary Procter & Gamble Hygiene &
however, tops in terms of percent- then markets are expected to equity investors. policy announcements and Health Care are at the risk of
age gains as the company added consolidate. The IPO market is The Fed and other central macro data releases this week exclusion, shows an analysis by
27.4

~2.4 trillion, or 49.1 per cent to its again in action with six IPOs in banks’ announcement of their might point out the risk factors Nuvama Institutional Equities.
total market valuation during the the pipeline,” said Siddhartha monetary policy decisions that could drag down the market BS REPORTER
21.3

year. Khemka, head of retail research will likely confirm whether they going ahead.
19.7

With this, L&T Group companies

18.4
17.6

were the largest value creator for

15.6

TOP FIVE FIRMS ACCOUNT FOR 16% OF INDIA MCAP, LOWER THAN DMs
shareholders at ~7.2 trillion in 2023
14.6

14.2

so far, according to data sourced

from Bloomberg and Capitaline.
India’s five most-valuable companies
Tata companies’ good show in
SAUDI ARABIA HAS THE HIGHEST SHARE
10.2

the stock market is attributed to ris- account for 16.3 per cent of the total market
8.9
8.4

ing sales of Tata Motors, Titan and capitalisation (mcap). Developed markets TOP 5
7.6

(DMs) such the US, Germany and the UK have

7.2

Tata Consultancy Services, which

6.6

Share (%) mcap ($ bn) Total mcap ($ bn) YTD chg (%)
6.2

saw a significant gain in their share relatively higher contributions of top five
5.3

5.0
4.8

companies in the total mcap. World 10.4 11,151.8 106,745.0 9.4

3.8

prices.
3.0

L&T, on the other hand, along Among the top 10 nations in terms of US 21.2 10,170.0 47,920.8 16.7
with its other companies like market value, Saudi Arabia has the largest China 13.2 1,250.0 9,472.3 -6.6Þ
LTIMindTree and L&T Finance concentration, with top five companies
Holdings have seen a significant accounting for over 80 per cent of its market Japan 12.9 787.9 6,100.1 11.8
Tata Mukesh HDFC Adani Bajaj ICICI L&T Bharti Birla AV Mahindra
growth in market value. Ambani value. Hong Kong 8.0 367.1 4,592.0 -12.1Þ
While Adani Group companies
Source: Capitaline, Bloomberg Compiled by BS Research Bureau
This is largely on account of Saudi India 16.3 663.8 4,074.1 22.3
lost ~5.5 billion, or 28 per cent, of Aramco, the world’s third-most valuable
market valuation since January this firm with a market cap of $2.1 trillion. France 36.9 1,160.0 3,144.0 9.3
year, Mukesh Ambani Group com- Adani Group. cent growth in earnings before As far as the US is concerned, its top-five Saudi Arabia 81 2,380 2983.5 11.5
panies gained 4.5 per cent of val- Adani Group companies’ shares interest, tax, depreciation, and companies have a combined market value Source: Bloomberg Compiled by BS Research Bureau
uation to ~ 18.4 trillion. are on a recovery path with massive amortisation (Ebitda) to ~43,688 of over $10 trillion and account for a little
Mukesh Ambani, Chair of gains in the last one month, thus crore. These companies reported over a fifth of its market. are the next most valuable firms in the US. Hong Kong and China have the least
Reliance Industries, continues to adding to Adani shareholders’ their highest-ever cash balance of Nasdaq-listed Apple—the world’s most The combined mcap of top five Indian contribution from the top-five at
be the richest man in India, fol- wealth. Its group companies’ rise in ~45,895 crore at the end of valuable company—has a market cap of over companies — Reliance, TCS, HDFC Bank, ICICI 8 per cent and 13 per cent, respectively.
lowed by Gautam Adani, Chair of market valuation is due to 47 per September. $3 trillion. Microsoft, Alphabet and Amazon Bank and Infosys — is around $664 billion. SAMIE MODAK

IN BRIEF N
Mirae buys Sharekhan for ~3,000 cr Depositories ready SEBI CORNER
3 PE firms offload ground for secondary Deadline for AIFs
7.9% in Mankind French banking major BNP Paribas bought the retail broking unit in 2007
Three private equity (PE) inve- market ASBA dematerialisation
stors offloaded 7.9 per cent SUNDAR SETHURAMAN At the end of November,
stake worth ~5,589 in Mank-
ind Pharma on Tuesday.
Mumbai, 12 December
BETTER TOGETHER Sharekhan’s active client base
stood at over 620,000, the 11th
KHUSHBOO TIWARI
Mumbai, 12 December
extended till Jan 31
Beige, an affiliate of Chrys South Korea’s Mirae Asset Sharekhan, Mirae combined will have close to 870,000 clients highest in the industry, while that In a bid to ease the compliance bur-
Capital, sold 4.47 per cent Securities announced on of Mirae Asset stood at over The Central Depository Services (CDSL) has den of alternative investment funds
stake worth ~3,282 crore. Tuesday the acquisition of
ACTIVE CLIENTS 240,000. As a combined entity, said that it will release the ‘UPI block facility’ (AIFs), the Securities and Exchange
Meanwhile, Cairnhill CIPEF India’s retail-focused brokerage Groww 7,092,413 they will be the eighth-largest on December 29 and will be made effective Board of India (Sebi) has given them
and Hema CIPEF sold 1.74 per Sharekhan for 487 billion won Zerodha 6,598,363 player in the industry. from the following day. more time to credit units into the
cent and 1.4 per cent stake, (~3,000 crore) from the French BNP Paribas had acquired a The move comes ahead of implementa- demat account of investors.
respectively. The deals took bank BNP Paribas.
Angel One 5,098,124 100 per cent equity stake in tion of the so-called ASBA (application sup- Sebi has specified the process to
place at around ~1,832 apiece. A Reuters report, citing Upstox 2,237,974 Sharekhan from a clutch of inves- ported by blocked amount) facility for the be followed in cases where the
Shares of Mankind fell 3.6 per exchange filings, stated that Mirae ICICI Securities 1,875,350 tors in 2015. The deal size was not secondary market. The markets regulator investors have yet to provide the
cent to close at ~1,849. Asset would be acquiring a 72.76 disclosed, but industry players plans to introduce the ASBA facility from demat account details to AIFs.
BS REPORTER per cent stake in Sharekhan for Kotak Securities 1,055,717 pegged it around ~2,000 crore. January 1 as an optional basis. The facility According to the new circular,
around 288 billion won from BNP HDFC Securities 1,016,329 BNP’s acquisition was com- will only be for the equity cash segment in AIFs with a corpus of over ~500
Paribas. It will separately acquire Motilal Oswal 807,786 pleted in 2016 after receiving the beginning. The move will help misuse of crore will have to credit units to the
Motisons Jewellers a 99.9 per cent stake in Human
SBI Securities 757,635
approvals from all regulatory client funds by brokerages. existing investors by January 31.
IPO to open Dec 18 Value Developers, which owns a
27.24 per cent stake in Sharekhan, Paytm Money 740,285
authorities.
Sharekhan, founded in 2000,
In a communication to brokerages, CDSL
has also issued the operational modalities for
The earlier date specified for dema-
terialisation for such schemes was
Motisons Jewellers on Tues- for around 199 billion won. is one of the first brokerages to the mechanism. CDSL circular states that the October 31. However, new units can
Sharekhan 624,891
day said it has fixed a price The Paris-headquartered offer online trading. Before facility will be optional for both the stock only be issued in demat form.
band of ~52 to 55 a share for bank's sale of the retail broking 5Paisa Capital 495,066 acquiring Sharekhan, BNP broker and the investors. The investor will be Meanwhile, schemes with a cor-
its initial public offering that unit will help it focus on core Source: NSE; Note: Data as on Nov 30 Paribas had also picked up a 34 able to register for it only if the stock broker pus of less than ~500 crore get time
will open on December 18. banking activities. A spokesper- per cent stake in Kochi-based has also opted for the UPI block facility. until May 10 for the dematerialisa-
The Jaipur-based retail son for BNP Paribas confirmed Geojit Securities in 2007. Further, the stock exchanges will have a tion of existing units. For such
company's issue will open on the sale to Business Standard but around record-high levels. for life for a one-time fee of ~999. During the first 11 months of provision to store the registration details in schemes, units issued after April 30
December 18 and close on refused to give details. The Seoul-based financial Industry players said Share- calendar 2023, nearly 25 million the unique client code database which will will have to be in demat form.
December 20. The initial Meanwhile, Mirae Asset’s services major already offers retail khan’s branding and Mirae demat accounts have been added, be shared to the clearing corporations. “Units already issued by
public offering is entirely a foray into the domestic broking broking services in India through Asset's technological prowess lifting the total count to 135 mil- Under the ASBA framework, settlement schemes of AIFs to existing inves-
fresh issue of 2.74 crore equity space comes amid heightened its venture m.Stock, which pro- can help them beef up their lion. In calendar year 2022, 28 mil- of funds and securities will be done by the tors who have not provided their
shares and there is no Offer retail participation in domestic vides zero brokerage and a free broking presence in the fast- lion accounts were added, a year- clearing corporation without the need of the demat account details shall be
For Sale component. PTI equities, which are trading dematerialised (demat) account growing India market. on-year growth of 28 per cent. stock broker to handle the funds. credited to a separate demat
account named ‘Aggregate Escrow
Demat Account’. This account
THE COMPASS shall be opened by AIFs for the
sole purpose of holding demat
units of AIFs on behalf of such

Road projects may hit slow lane in near term

balance sheets have an edge. The Given the higher construction investors,” said Sebi.
RBI’s continued pause on policy activities and stability in comm- New units to such investors who
interest rates, coupled to the odity prices, road contractors have not provided the details will
Budget’s infra focus and better anticipate some improvement in also have to go to the same escrow
DEVANGSHU DATTA credit availability from banks are margins in H2FY24. A robust account. KHUSHBOO TIWARI
Base=100 encouraging factors. Toll colle- pipeline of tenders is in place.
160
A 25 per cent year-on-year (Y-o-Y) ctions have improved, with Entities with significant order
increase in budget allocation tow-
ards the roads sector for FY24 has
Fastag-based collections at
~41,900 crore (Apr-Nov’23) and a
backlogs, and strong financial
standings, are better poised to
Markets regulator
led to renewed interest among BSE India Infrastructure
140
daily run rate of ~170 crore, which benefit from NHAI's project tweaks framework on
investors. However, a combination
of escalating costs for Bharatmala 120
is up 14 per cent Y-o-Y. Higher toll
collections are crucial in enabling
allocation in H2FY24. Road
construction is however upstreaming clients’
and unseasonal rains to some
extent have impacted progress.
monetisation of road assets apart
from revenue.
populated by many relatively
small players and listed
funds by brokers
100
Bharatmala’s cost has nearly The NHAI’s focus on asset companies have only around 35- To promote ease of doing business,
doubled from ~5.35 trillion to ~10.6 Sensex monetisation had led to awards of 40 per cent market share. capital markets regulator Sebi on
trillion and the Finance Ministry 80 two TOT (Toll-operate-transfer) Apart from L&T, where roads Tuesday tweaked the framework
has asked MoRTH to go slow until Nov 30,‘22 Dec 12,’23 bundles, totaling 400km, at a cost form a small portion of the overall requiring stock brokers or clearing
Cabinet approval is received. of ~6600 crore in Oct’23. For FY24, order flow, the corporates in the members to upstream clients' funds
Source: Exchange
The National Highways Compiled by BS Research Bureau
NHAI aims at a monetization sector include Ashoka Buildcon, to clearing corporations. This came
Authority of India (NHAI) did not target of ~45,000 crore with a list of KNR Constructions, PNC after Sebi received representations
award any projects in April and 46 projects, spanning 2,612km. Infratech, HG Infra, Dilip from various stakeholders — stock
May but awards revived in Jun- 4,882km of roads (versus 4,325km FY24. The Dedicated Freight remain popular with 137km Among the key construction Buildcon, IRB Infra, and NCC. brokers, and brokers’ associations
Aug ’23 followed by a slowdown in in FY22) at 13.4km/day. The Corridor (DFC) projects are now awarded worth ~4,500 crore over materials, steel prices have But there’s certainly citing certain operational diffi-
September, a pickup in October, Ministry of Road Transport and expected to be completed by April-October 2023). In terms of decreased 25 per cent, while optimism for the sector although culties in implementation of the
and some progress in November. Highways (MoRTH) is looking to December 2024. But the slow pace margins, commodity prices have aluminium prices have dropped the timeframe for a pickup in the framework. Addressing the issue,
In the YTD FY24, construction increase the FY24 road of awards with only 350 km softened, but competition 32 per cent in the last 18 months pace of awards and construction Sebi said that stock brokers or clear-
stands at 2,111km (2,075km in the construction target for NHAI to awarded till November makes this remains intense which means but cement prices have increased may be extended due to the ing members will upstream all the
same period last year). In FY23, the 6,000km and MoRTH targets look like a steep target. HAM tight margins for road companies. 9 per cent from their lows in July upcoming elections which may clients’ clear credit balances to
NHAI constructed a total of awarding of 13500km-13800km in (Hybrid Annuity Mode) projects Companies with healthy 2022, due to input cost pressures. lead to freezes. clearing corporations on the End of
Day basis. PTI
2 THE SMART INVESTOR
>
NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1
l

Invest in liquid and

short-duration funds SECURED CREDIT CARDS:
Cryptocurrency outperforms other asset classes like equities, precious metals HOW DO THEY WORK?
to finance short-term
They are ideal for those who are new to
PUNEET WADHWA
New Delhi, 12 December
smack over the knuckles
than anything more dra-
spending goals credit and don’t have a credit history
matic. This, and the dropping BINDISHA SARANG Those who have a low credit score and

A
surge of 152.6 per cent of the SEC’s case against are considered risky borrowers may
year-to-date (YTD) to Grayscale in October, sug- The Reserve Bank of India (RBI) has
also go for them
around $44,000 gests the path is now clear for increased the risk weighting for
levels has propelled bitcoin the approval of a bitcoin lenders offering unsecured loans. You get this card by offering a deposit as
ahead of other asset classes ETF,” Wood wrote in his This is a pre-emptive measure to collateral; this reduces the risk associated with
like equities and gold in 2023. weekly note to investors, curb bad loans in the unsecured loan borrowers having poor/zero credit history
Front line equity indices GREED & fear. books of banks and non-banking Banks convert this deposit into a fixed deposit
across the globe, including Bitcoin is expected to financial companies (NBFCs). and offer interest on it
the S&P BSE Sensex, National halve in value in April 2024. According to Jatinder Handoo,
Stock Exchange Nifty50, S&P After the first halving on chief executive officer (CEO), Digital The credit limit on a secured credit card is
BSE SmallCap, Nasdaq, November 28, 2012, bitcoin Lenders Association of India, “The equal to the amount of deposit
Nikkei 225, CAC 40, and the rose about 90 times in the prime and super-prime segment will
Korea Composite Stock Price following 12 months, while continue to get good deals. However,
Index, have returned 12 per the second halving on July 9, people with a low credit score or no Customers with strong credit profiles, cooperative societies should consider
cent to 43 per cent during 2016, resulted in a thirtyfold credit history, first-time job market who use BNPL for convenience going for loans offered by them.
this period. gain within 18 months.
GAINS DECODED
entrants, and those with low incomes (smooth transactions, no need to The long-term solution is to build a
Precious metals — gold, “As for the last halving on trying to enter the formal financial punch in an OTP), may not be affected sound credit history and credit
silver, and platinum — have Current level CY23 change (%) May 11, 2020, bitcoin rose 7.5- system will face some challenges in much as they are likely to continue score so that access to formal credit
recorded returns ranging fold in the following 11 accessing small-ticket loans.” getting access to unsecured loans. becomes easy.
from a negative 14 per cent to Bitcoin 41,771.1 152.6 months to a high in April
11 per cent during this time Ethereum 2,221.1 85.2 2021 and was up eightfold in Costs may rise, availability Alternative sources of credit Invest for short-term goals
frame, according to data. 18 months to an all-time high may tighten Customers who find it hard to get an Data indicates that the propensity to
S&P BSE SmallCap 41,284.0 42.7
The sharp rally in of $68,992 in November 2021. Banks and NBFCs will be forced to set unsecured loan (due to lack of credit save is declining and people are
cryptocurrencies, such as S&P BSE MidCap 35,466.4 40.1 Meanwhile, for those tradi- aside more capital for offering history or poor credit score) should increasingly resorting to borrowing.
bitcoin and ethereum (up 97 Nasdaq 14,432.5 37.9 tional investors in gold who unsecured loans. This is expected to consider going for a secured loan. Says Households’ net financial savings fell
per cent YTD), is partly do not trust bitcoin, GREED affect the pricing, and to some Saahil Arora, chief business officer to a five-decade low of 5.1 per cent of
attributed to the rise in global
Nikkei 225 32,843.7 25.9 & fear’s advice remains to extent, the supply of unsecured (unsecured loans), Paisabazaar: “Since the gross domestic product (GDP) in
equity markets amid hawkish DAX 16,772.9 20.5 own both. This is because loans, including buy now, pay later these loans are backed by collateral, 2022-23 (FY23), compared to 7.2 per
central bank policies, accord- S&P 500 4,622.4 20.4 millennials are much more (BNPL), EMI-based and small-ticket there is a higher chance of approval. cent in 2021-22 (FY22). Financial
ing to analysts. likely to own bitcoin than loans. Already, players like Paytm The interest cost is also lower than for liabilities of households, on the other
Another key reason for NSE Nifty 20,906.4 15.5 gold,” Wood said. have announced they will cut down unsecured loans.” hand, have risen, from 3.8 per cent of
the surge in cryptocurrencies S&P BSE Sensex 69,551.0 14.3 Looking ahead to 2024, their exposure to sub- Adhil Shetty, CEO, BankBazaar GDP in FY22 to 5.8 per cent in
in 2023, they believe, is the Kospi 2,535.3 13.4 Rahul Pagidipati, chief ~50,000 loans. suggests opting for a loan FY23, according to RBI data.
potential launch of the executive officer at ZebPay, Two types of borrowers against fixed deposits (FDs). Experts say that if credit
world’s first bitcoin DJIA 36,404.9 9.8 believes that there is consid- go for small-ticket loans: Gold loans are another option. conditions tighten, then saving and
exchange-traded fund (ETF) Gold 1,986.5 8.9 erable excitement within the those who borrow for need Says Raj Khosla, founder investing to meet short-term financial
in the next few months. cryptocurrency community and those who do so for and managing director, goals is an option that always remains
Shanghai Composite 3,003.4 -2.8
Christopher Wood, global regarding the upcoming bit- convenience. MyMoneyMantra.com: “These open to people.
head of equity strategy at Silver 23.0 -4.2 coin halving event and sev- The first type may are secured loans offered Says Khosla: “Recurring deposits
Jefferies, recently added 1
percentage point to the exist-
Crude 75.9 -10.7 eral innovations taking place
in the decentralised finance
continue to avail of small-
ticket loans even if interest
YOUR against gold jewellery. They are
readily available, require
are low-risk investment options where
you invest a fixed amount regularly.
ing investment in Grayscale
Platinum 925.3 -13.9 (DeFi) space. rates inch up slightly. Says MONEY minimal documentation, and They offer guaranteed returns and are
Bitcoin Trust in the global Hang Seng 16,374.5 -17.2 “Bitcoin’s YTD growth Handoo: “A 1-2 percentage offer competitive interest rates ideal for short-term goals.”
long-only equity portfolio in Gold, Silver price in $/oz; Bitcoin/Ethereum price in $ currently stands at 165 per point increase may not make much of a compared to unsecured loans.” Liquid funds offer high
this hope. Calendar year-to-date data until December 12 Compiled by BS Research cent, which marks a clear difference so long as credit is available Those finding it difficult to get a liquidity and provide better returns
Another positive for bit- shift in sentiment towards on time and adequately, at least among regular credit card should try to obtain than traditional savings accounts.
coin in the coming months, market reaction to the recent cryptocurrency asset class in crypto. The approvals of spot customers with the capacity to repay.” a secured card. Says Shetty: “These Adds Khosla: “Investors with a
Wood said, is the expectation Binance settlement with the general, though Binance has ETF applications filed by var- In the worst-case scenario, cards can be obtained against horizon of one to three years can
that BlackRock’s application US Department of the not yet settled with the US ious institutional investors however, Handoo fears they may move FDs and can help customers revolve invest in short-duration mutual
to launch a spot bitcoin ETF Treasury and Department of Securities and Exchange are also other key events the to informal channels like money small funds.” funds to meet their short-term
is likely to be approved soon. Justice last month looks Commission (SEC). The set- industry is looking forward lenders, unauthorised apps. People who are members of investment goals.”
“The lack of any negative extremely positive for the tlement looks more akin to a to,” Pagidipati said.

CIN L99999MH1996PLC132983
Regd Office: IIFL House Sun InfoTech Park Road No. 16V Plot No. B-23,
MIDC Thane Industrial Area Wagle Estate Thane – 400 604
Tel: (91 -22) 3929 4000 / 4103 5000/ 6272 7000 Fax (91 -22 2580 6654)
E-Mail id – Secretarial@iifl.com Website:- www.iiflsecurities.com

Notice is hereby given to general public and specifically to the clients/ customers of IIFL Securities
Ltd., its group & associate companies that Ms. DHEERENDRA KUMAR TRIPATHI residing at
16-496 RAVINDRA NAGAR, WARD NO 16, PAT-5, URRAHAT, TEHSIL-HUJUR, DIST. REWA
REWA 486001 who was our Authorised Person having AP Code Authorized Person Registration No
BSE Cm/Fo:- AP0101790141057 Dated:-19/05/2015 NSE Cm/Fo/Cd :- AP1493088511
Dated :-19/05/2015 MCX :- MCX/AP/64439 Dated :-15/10/2015 NCDEX :- 119784
Dated :- 28/05/2019

having its office at 16-496 RAVINDRA NAGAR, WARD NO 16, PAT-5, URRAHAT,
TEHSIL-HUJUR, DIST. REWA REWA 486001, branch (hereinafter referred as “the AP”), had
committed various unethical acts and violated the Company’s Code of Conduct, Rules, Policies and
directions as applicable from time to time. Therefore termination notice dated 23/11/2023 has
already been issued to the said AP.

In Last week of November, it has come to our knowledge that the said AP Taking Fund From Client
to own Account. We state that IIFL Securities Ltd., its group & associate companies. are not offering
any scheme with assured return either to general public or the clients/ customers

In this regard also note SEBI vide its Circular CIR/MIRSD/16/2011 dated 22nd August 2011 issued
the Guidance Note which clearly state that the payment must be made in broker’s bank account and
not to sub broker or agent’s account. Further, the Risk Disclosure Document also clearly explained
that the return in security market is related to volatility of various factors and cannot be assured.

We therefore hereby caution the general public including our clients/ constituents that no such
scheme was ever introduced by the IIFL Securities Ltd., its group & associate companies and amount
paid to the said AP was never received by the Company and hence any person dealt with the said AP
in respect of said scheme was at their own risk and consequences.

For any information/request/queries/placing orders we request you to contact on 022-40071000/

Email Id- -cs@iifl.com.

NEW DELH WEDNESDAY, 13 DECEMBER 2023 STOCKS 3
IN THE
> STOCK
> PI Industries > JK Cement > UltraTech Cement

NEWS Top loser amongst

A group of
Snaps 8 days of
winning streak
Hits new all time
high on BSE OF THE DAY
companies at ~9,960 Equitas Small Finance
~3,874.2 PREVIOUS CLOSE ~3,840.9 PREVIOUS CLOSE ~9,685.0 PREVIOUS CLOSE Bank
~3,485.9 CLOSE ~3,840.8 CLOSE ~9,863.7 CLOSE Hits new all-time high at
 -10.0% DOWN  -0.001% DOWN p 1.8% UP ~105, Up 78 per cent YTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
12 Dec ’23 Chg (%) Con Std 12 Dec ’23 Chg (%) Con Std Futures Cash Premium Futures Cash Discount
Adani Enter 2857.7 0.1 0.9 133.3 158.2 ITC 453.1 0.1 5.9 29.4 28.3 BSE NSE price price (%) price price (%)
Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low

Adani Ports 1042.0 1.0 0.8 35.5 283.8 JSW Steel 853.9 1.0 1.2 22.6 24.0 HDFC Std Life 710.6 707.8 5.3 710.6 710.6 PI Inds 3450.7 3485.9 -10.0 3271.4 2870.0
MOST BULLISH MOST BEARISH
Apollo Hosp 5429.0 -2.1 0.6 95.3 79.5 Kotak Mah Bank 1824.4 -1.1 2.8 21.1 28.0 YES Bank 21.8 21.3 5.1 21.8 24.8 PAYTM 614.5 616.5 -6.1 614.5 472.0
Can Fin Home 777.1 770.6 0.8 M & M Fin 269.1 270.8 -0.6 HUDCO 99.3 95.3 4.5 99.2 99.2 Reliance Power 22.9 23.2 -5.2 15.5 9.1

390
Asian Paints 3224.8 -0.3 1.5 61.1 62.0 L&T 3342.4 -1.3 4.8 37.5 49.2

2 5
Axis Bank 1131.0 1.3 3.4 32.2 29.6 Oberoi Relty 1436.8 1425.4 0.8 Jubilant Fd 555.5 558.3 -0.5 Jindal Steel 752.9 748.6 4.1 752.9 752.9 Titagarh 1006.0 1011.6 -5.0 681.0 182.0

08
LTIMind 5758.0 -0.2 0.6 38.5 39.5
Indiabulls Hous 202.1 200.5 0.8 Au Small Fin 738.5 741.4 -0.4 Angel One 3082.1 3066.2 3.1 3246.0 3246.0 Adani Green En 1454.3 1463.9 -4.3 816.0 439.4
Bajaj Auto 6254.2 1.9 0.8 25.9 27.5 Mah & Mah 1635.4 -1.0 1.7 19.8 21.9 Glenmark 803.4 797.4 0.8 TVS Motor 1932.3 1937.8 -0.3 LIC India 799.0 791.7 2.8 803.4 803.4 BPCL 445.0 447.5 -3.9 331.5 314.1

80
Bajaj Fin 7314.6 0.3 2.1 39.3 39.2 Maruti Suzuki 10338.4 -1.9 1.4 38.0 27.9 Power Fin 392.6 389.7 0.8 Alkem Labs 4782.9 4795.2 -0.3 IndiaMART Int 2832.5 2750.5 2.7 3187.6 3293.5 Cummins (I) 1837.0 1926.7 -3.7 1590.3 1353.3
Bajaj Finsrv 1706.8 0.2 1.1 36.7 232.3 Nestle India 24947.2 -0.4 0.9 - 81.0
Bharti Airtel 995.3 -0.6 2.7 74.1 - Pidilite Ind 2614.7 2607.4 2.4 2628.4 2734.4 Macrotech Devlp 886.6 893.9 -3.5 702.0 355.5
NTPC 283.4 -1.4 1.4 16.2 15.2 BSE NSE ICICI Prud Life 553.0 550.4 2.4 606.3 615.6 Adani Energy So 1085.0 1089.2 -3.5 686.9 630.0
BPCL
Britannia
447.6
4903.1
-3.9
-0.8
0.5
0.6
45.6 3.5
46.6 50.5
ONGC 195.4 -1.2 1.1 6.9 7.9 n n n n Index Stock Index Stock PUT-CALL RATIO Colgate 2345.0 2334.6 2.1 2347.9 2347.9 Shriram TrFn 1988.1 1993.8 -2.6 1760.9 1190.0
Power Grid 231.4 0.2 1.1 14.0 14.1 Union Bank 124.8 122.6 2.0 124.8 124.8 Glenmark 790.7 797.1 -2.6 702.1 369.5
Cipla 1198.7 -0.3 0.7 28.0 32.7
Reliance Ind 2424.1 -1.4 8.8 23.9 38.0 FUTURE (Open Interest in Mn) Put Call PC Ratio
Tata Comm 1745.0 1738.7 1.9 1942.7 1956.9 JSW Energy 442.6 445.0 -2.4 347.5 204.8
Coal India 347.5 -1.7 0.8 7.6 14.2
SBI 612.4 -0.3 2.5 8.0 8.8 BSE M DCAP BSE SMA CAP Contracts 552 - 233988 993350
Market 2539.6 4179.0 0.6 UltraTech 9960.0 9863.7 1.8 9960.0 9960.0 Oracle Fin 4095.0 4108.8 -2.4 3870.0 2959.7
Divis Lab 3647.6 -0.6 0.5 53.1 73.5 Open Int.(000) 8 - 16455 7541137
SBI Life Ins 1481.5 1.4 0.7 - 80.5 Can Fin Home 784.2 769.4 1.8 842.5 905.0 Bank of India 114.8 115.7 -2.3 86.4 66.1
Dr Reddys 5540.4 1.2 0.7 18.2 24.1 Shares(In Mn) - - 7.2 1772.2 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1218.0 -1.9 1.4 34.2 397.5 Dalmia Bharat 2390.9 2383.4 1.8 2424.4 2424.4 Piramal Entp 887.0 889.9 -2.2 885.6 630.2

448
66
Eicher Motor 3951.8 -1.8 0.6 30.2 33.0 Value(~ crore) 40 - 20055 77713
Tata Consumer P 948.8 -0.2 0.6 69.1 84.7 MRF 1.2 JK Cement 0.2
Grasim Ind 2080.8 -0.2 0.8 20.1 91.3 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 715.4 -0.7 1.3 15.5 53.9 Zee Enter 1.1 Cummins (I) 0.3
HCL Techno 1375.3 0.0 1.5 24.2 32.2 Contracts 1988530 - 461408458 5434290
Tata Steel 130.1 0.0 1.1 - 64.9 REC 1.1 ONGC 0.3
HDFC Bank 1634.6 -1.0 13.0 27.0 23.8 Open Int.(000) 1856 - 654212 6064374
MOST TRADED TOP M-CAP TRENDS

236
34
TCS 3672.1 0.8 3.9 30.1 32.1 Axis Bank 1.0 Ramco Cements 0.3
HDFC Std Life 707.4 5.2 0.8 111.2 103.8 Shares(In Mn) - - 15075.6 6938.6
Tech Mahindra 1226.2 -0.6 0.8 33.2 39.9 BPCL 1.0 Maruti Suzuki 0.3
Hero MotoCorp 3747.2 1.1 0.5 26.7 21.7 Value(~ crore) 140651 - 38020311 432723 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 527.5 1.0 0.8 11.7 42.7 Titan Company 3571.4 -1.6 1.6 97.6 93.2 BSE+NSE BSE+NSE
UltraTech 9863.5 2.0 1.2 50.0 51.3 n n n n 1 Reliance Ind 1639967.0 BS200 Maagh Advertisi 40.7
HUL 2502.8 0.0 2.3 58.1 57.4 (~ crore) (Mn shrs)
ICICI Bank 1015.7 -0.1 7.5 20.9 19.1 UPL 597.7 -0.8 0.3 24.2 33.7 ACTIVE CALLS ACTIVE PUTS Mankind Pharma 8133.5 44.2
2
3
TCS
HDFC Bank
1343639.8
1240552.8
UP 7 DAYS Guj Raffia 40.6
IndusInd Bank 1497.0 -1.6 1.0 - 14.0 Wipro 422.2 0.4 0.6 18.9 23.6 MRF 7.3 Shraddha Prime 40.6
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Ireda 3871.7 392.1 4 ICICI Bank 711939.5 I Bright St 40.6
Infosys 1476.1 -0.8 5.6 24.6 25.2 Nifty 50 20906.4 â-0.4 100.0 24.0 27.7 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 3053.1 18.6 5 Infosys 612604.9
InterGlobe Avia
City Union Bk
6.9
5.6 Fischer Chemic 40.6
INDEX PE SHRS TRDS 1 YR Index Index YES Bank 1989.5 934.8 6 HUL 587928.7 Birlasoft 4.7 DOWN 7 DAYS
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Finance
Nifty Finance
12/12/23
12/12/23
21250
21200
1221.5
1200.8
10.6
10.4
329.0
312.5
Nifty Finance
Nifty Finance
12/12/23
12/12/23
21200
21150
1668.4
1286.1
6.9
10.3
119.0
417.2
Dixon Tech 1931.0 2.9
7
8
ITC
Bharti Airtel
565151.6
559760.6
TCS 4.6 Adhbhut Infra
Synthiko Foils
-30.0
-28.2
SENSEX 25.0/28.5 7.0 207 11 19 11.9 Zee Enter 1881.1 64.3 DOWN
Asian Paints 3223.6 -0.3 1.8 61.1 62.0 Maruti Suzuki 10341.2 -1.9 1.7 38.0 28.0 Nifty Finance 12/12/23 21300 665.8 9.0 122.5 Nifty Finance 12/12/23 21100 721.6 7.4 122.1 9 SBI 546497.9 Bazel Inter -26.4
NIFTY 50 24.0/27.7 244.9 6150 18 31 13.0 Metropolis Heal -3.9
Axis Bank 1131.1 1.3 3.9 32.2 29.6 Nestle India 24964.7 -0.2 1.1 - 81.0 Nifty Finance 12/12/23 21350 333.2 3.5 13.8 Nifty Finance 12/12/23 21250 484.5 6.0 434.7 IRFC 1291.9 153.9 10 LIC India 500718.6 UP 3 DAYS Trans Fre -25.3
C = CONSOLIDATED; S = STANDALONE
Bajaj Fin 7312.2 0.3 2.4 39.3 39.2 NTPC 283.4 -1.4 1.6 16.2 15.2 Nifty Finance 12/12/23 21150 257.0 3.8 774.0 Nifty Finance 12/12/23 21050 298.8 3.0 62.6 ICICI Bank 1272.7 12.5 11 L&T 459525.8 Jindal Steel 9.5 JMD Ventures -13.2
Bajaj Finsrv 1705.9 0.2 1.3 36.7 232.2 Power Grid 231.5 0.2 1.3 14.0 14.1 CASH DERIVATIVES Stock Stock Maruti Suzuki 1206.8 1.2 12 Bajaj Fin 451890.9 IRFC 9.1 Raj Rayon -13.2
Bharti Airtel 995.7 -0.5 3.1 74.2 - Reliance Ind 2424.0 -1.4 10.1 23.9 38.0 TURNOVER BSE NSE BSE NSE Vodafone Idea 28/12/23 14 184.9 151.8 5.3 Vodafone Idea 28/12/23 13 40.0 79.0 6.0 13 HCL Techno 373262.6 Zee Enter 6.4 Paragon Fin -13.1
Reliance Ind 1147.3 4.7
HCL Techno 1375.5 0.1 1.8 24.2 32.2 SBI 612.4 -0.3 2.9 8.0 8.8 VALUE(IN ~ CRORE) 11015 102830 14069138550803 Vodafone Idea 28/12/23 13 137.0 86.5 1.0 Ashok Leyland 28/12/23 170 25.9 6.4 7.8 14 Kotak Mah Bank 362626.7 UltraTech 5.4 UP 3 DAYS
UltraTech 1081.0 1.1
HDFC Bank 1634.5 -1.0 15.1 27.0 23.7 Vodafone Idea 28/12/23 15 97.5 160.2 3.4 GMR Infra 28/12/23 65 19.3 9.6 -6.8 15 Axis Bank 348723.8 Union Bank 5.1 Mohite Inds 72.8
Sun Pharma 1217.7 -1.9 1.6 34.2 397.4 SHARES(IN MN) 1684.8 6193.9 - 23793.5 PAYTM 1047.4 16.6
HUL 2502.3 -0.1 2.7 58.1 57.4 IDFC First Bank 28/12/23 95 65.6 27.2 3.1 Vodafone Idea 28/12/23 12 19.3 67.9 -1.4 16 Adani Enter 325749.3 JSW Steel 4.2 Ireda 58.8
Tata Motors 715.3 -0.8 1.5 15.5 53.9 TRADES(000) 4383 34165 - 108774 Axis Bank 1031.6 9.2
ICICI Bank 1015.2 -0.2 8.7 20.9 19.1 Zee Enter 28/12/23 300 57.9 7.9 94.9 Tata Power 28/12/23 330 18.7 3.7 28.3 17 Titan Company 316833.6 HCL Techno 3.6 United Cred 45.9
Tata Steel 130.2 0.1 1.3 - 64.9 Infosys 957.2 6.5 Rasandk Engg 44.4
IndusInd Bank 1497.5 -1.6 1.2 - 14.0 MARKET-CAP (~ CR) TRADED TOTAL 18 Maruti Suzuki 312387.0 DOWN
Infosys 1476.0 -0.8 6.5 24.6 25.2 TCS 3672.1 0.8 4.5 30.1 32.1 Adani Green En -9.9 Energy Devlp 44.3
SBI 926.3 15.1 19 Asian Paints 309202.9
Tech Mahindra 1226.2 -0.5 0.9 33.2 39.9 BSE 34,970,813 35,685,681 Adani Energy So -9.1 Spel Semi 37.8
ITC 453.1 0.2 6.9 29.4 28.3
JSW Steel 854.0 1.1 1.4 22.6 24.0 Titan Company 3568.8 -1.7 1.8 97.5 93.1 NSE 34,566,309 35,316,689 SPURT IN VOLUMES Tata Elxsi
HUDCO
919.3
874.2
1.0
91.1
20
21
Sun Pharma
UltraTech
292162.8
284753.7
Adani Power -8.1 Utcrfs2Dmp 33.0
UltraTech 9863.7 1.8 1.4 50.0 51.3 DERIVATIVES 23,448,444 23,448,444 HPCL -6.8 DOWN 3 DAYS
Kotak Mah Bank 1824.5 -1.1 3.3 21.1 28.0 Company Days 2-week Avg Change Close *Price 22 NTPC 274803.6
BLS Infotech 869.3 27.5 Dr Lal PathLabs -6.2 Netlink Solu -14.3
L&T 3343.1 -1.2 5.6 37.5 49.3 Wipro 422.2 0.4 0.7 18.9 23.6 Volume Volume % price %chg 23 Bajaj Finsrv 272168.4
Mah & Mah 1634.2 -1.1 2.0 19.8 21.8 BSE SENSEX 69551.0 â-0.5 100.0 25.0 28.5 TRADING ACTIVITY Mankind Pharma 44244625.0 233394.6 18857.0 1849.4 -3.6
TCS
Tata Power
850.0
790.1
2.3
23.8
24 Avenue Supermar 265084.6
BPCL
GMDC
-5.6
-5.0
Sky Gold
Yash Innoventur
-14.3
-14.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 ONGC 245944.5
Delta Manufactu 970086.0 32135.3 2918.8 112.3 7.7 HDFC Std Life 763.1 11.0 Others Shri Krishna -14.2
Equity Debt Equity Debt 26 Nestle India 240709.2
Net Net Net Net TVS Elect 2535738.0 84349.5 2906.2 370.8 6.6 UP 7 DAYS Scooters I -14.2
Adani Total Gas 734.2 6.5 27 Tata Motors 237640.5
WORLD INDICES On 11 Dec 872 326 - - Globalspace Tec 1799521.0 61524.4 2824.9 16.7 -5.0 Bharti Airtel 713.5 7.2 28â Adani Green En 231886.2
Shri Bajrang
Mercury Ev-Tech
63.5
40.7
Deepak Chemtex
NRB Ind Bearing
-14.0
-13.6
On 08 Dec 3994 1159 573 1251 Surana Tele 3763016.0 175147.9 2048.5 13.1 18.9 Jindal Steel 707.7 9.6 29 Adani Ports 225098.4
Indices Close % Chg* Indices Close % Chg*
On 07 Dec -454 1022 1253 1655 Darshan Orna 528413.0 28195.2 1774.1 3.3 19.8 30 Wipro 220442.5 (T+2) cycleStocks which rose/fell continuously
Kotak Mah Bank 706.5 3.8
Americas (Dec 11,23) Asia/Pacific (Dec 12,23) On 06 Dec 200 -1195 1981 -1806 MSTC 7105242.0 389450.1 1724.4 479.3 10.5
Dow Jones 36404.9 0.4 Jakarta Composite 7125.3 0.5 On 05 Dec 5795 2041 392 154 Sasken Comm 274222.0 16730.7 1539.0 1298.4 7.5
Dec till date 21627 7081 11566 3935
Nasdaq Composite
S&P/ TSX Composite
14432.5
20318.4
0.2
-0.1
Shanghai Se Comp
Kospi
3003.4
2535.3
0.4
0.4 2023 till date 137400 56692 155504 -67966
Surana Solar
Vaxtex Cotfab
3499058.0
13355328.0
224588.0
934700.0
1458.0
1328.8
32.3
1.6
20.0
-5.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Dec 11,23) Straits Times 3102.3 0.4 Group audited Finan- GROWINGTON ment of Mrs. PVV Infra: to
FTSE 100 7597.5 0.7 Taiwan Taiex 17450.6 0.2 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company
Purpose
cial Results
along with Lim-
VENTURES
INDIA LIMITED
Neeraj Chugh
(Membership
consider and
approve Allot-
CAC 40 7575.7 0.3 Kuala Lumpur Comp 1447.1 0.1 Company Price Company Price Company Price Company Price DECEMBER 13 ited Review Re- has informed No. A61326) as ment Of Equity
(~crore) Index Stock Index Index Stock
DAX 16826.1 0.2 Stock Exchange of Thai 1373.9 -0.5 NET Net Fut OI Opt OI OI Essar Ship: port for the BSE about Company Sec- Shares By Way
HIGH *Jindal Steel . . . . . . . . . 752.9 *Pilani Investme . . . . 3177.0 Manglor Chem . . . . . . . 125.3
IBEX 35 10184.7 -0.1 Volatility (Dec 11,23) Meeting of the quarter ended Board Meeting retary and Of Conversion
On 11 Dec -19756 62 0.2 4.3 2.9 BS 200 *HDFC Std Life . . . . . . . 710.6 *Technocraft . . . . . . . 2646.9 *Spencers Retail . . . . . 125.0
Asia/Pacific (Dec 12,23) CBOE S&P 500 12.7 0.2 Board of on June 30 to be held on 13 Compliance Of- Of Warrants
On 08 Dec 12464 41 0.2 3.9 2.9 *MRF . . . . . . . . . . . . 120388.0 *DLF . . . . . . . . . . . . . . . 677.3 *Sandur Manganes . . 2266.1 Auto Pins(I) . . . . . . . . . 124.4
Directors of the 2023. Please Dec 2023 to ficer; R System Intl:
Hang Seng 16374.5 1.1 CBOE Dow Jones 13.5 - On 07 Dec -92900 -3067 0.2 3.1 2.9 *Shree Cement . . . . 28766.3 *Birlasoft . . . . . . . . . . . 669.8 Ambika Cot . . . . . . . . 1865.2
LOW Company take the above consider Stock 2. the appoint- to consider and
Nikkei 225 32843.7 0.2 * Change over previous close On 06 Dec -16770 -1551 0.2 3.7 2.9 *Nestle India . . . . . . 25240.0 Hindalco . . . . . . . . . . . . 538.7 *Waaree Renewabl . . 1724.0 Fortune Intl: to on records and split. ment of M/s. approve the
BS 200
On 05 Dec -38461 770 0.2 5.0 2.9 *UltraTech . . . . . . . . . 9960.0 *Canara Bank . . . . . . . 449.5 *Kesar India . . . . . . . . 1627.5 consider and oblige. Mastek: Meet- Viney Goel & declaration of
NONE
*Indian Hotel . . . . . . . . 445.8 *Cheviot . . . . . . . . . . 1626.5
MAJOR INDICES Dec till date
2023 till date
-160307
-635331
3376
17710
-
-
-
-
-
-
*Dixon Tech . . . . . . . . 6764.0
*Persistent S . . . . . . . 6674.7 *REC . . . . . . . . . . . . . . . 412.3 *Premier Expl . . . . . . 1619.9
Others approve the fol-
lowing
Growington
Vent: to
ing of board of
the directors of
Associates,
Chartered Ac-
interim div-
idend, if any, for
*Paushakltd . . . . . . . 5788.0
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Bajaj Auto . . . . . . . . . 6299.4 Chambal Fert . . . . . . . . 359.1 *Styrenix Perfor . . . . 1551.9 businesses: consider and the company to countants (ICAI the year 2023. R
Orient Bell . . . . . . . . . . 391.5
Coforge . . . . . . . . . . 5958.3 *Tata Power . . . . . . . . . 337.0 *Sika Interp . . . . . . . . 1524.0 1. To borrow un- approve consider Other Registration SYSTEMS IN-
Sheetal Cool . . . . . . . . 328.7
S&P BSE Sensex 69,928.5 70,020.7 70,033.6 69,443.9 69,551.0 -377.5 -0.5 LTIMind . . . . . . . . . 5820.8 Zee Enter . . . . . . . . . . . 299.5 *Bharat Dyn . . . . . . . . 1410.0 secured loan 1) To consider business. Number TERNATIONAL
*Adhbhut Infra . . . . . . . . 74.7 Motor & Gen: to
Info Edge . . . . . . . . . . 4995.8 *RBL Bank . . . . . . . . . . 281.5 *KPI Green Energ . . . 1387.6 from Mrs. Ru- the proposal for 012188N) as LIMITED has in-
S&P BSE Sensex 50 21,985.2 22,014.0 22,024.4 21,846.1 21,885.0 -100.2 -0.5 S&P BSE SECTORAL INDICES *JK Cement . . . . . . . . 3910.0 *Union Bank . . . . . . . . . 124.8 *LG Balak . . . . . . . . . . 1313.8
Synthiko Foils . . . . . . . . . 67.4
*Shoora Designs . . . . . . 43.8
chika Bharad- alteration in consider and ap- Statutory Audi- formed BSE
TCS . . . . . . . . . . . . . . . 3699.0 *Bank of India . . . . . . . 121.0 Affle I . . . . . . . . . . . 1240.1 waj Director of Share Capital of prove Intimation tors of the about Board Company; ing: 1) Unau- posal of raising modes, regulatory/stat-
S&P BSE-100 21,627.1 21,664.9 21,672.4 21,480.7 21,530.1 -97.0 -0.4 Prev cls Close % Chng *Tejnaksh Health . . . . . . 26.4
*HAL . . . . . . . . . . . . 2821.8 *HUDCO . . . . . . . . . . . . . 99.2 Maithan Ally . . . . . . . . 1228.0 the Company the company by of convening of Company; Meeting to be 2. Any other item dited financial of funds by way including by way utory approvals
S&P BSE-200 9,317.1 9,336.6 9,337.5 9,246.8 9,271.5 -45.6 -0.5 Raj Rayon . . . . . . . . . . . . 24.1 within the limits sub division Board Meeting 3. Any other held on 13 Dec if any. results of the of issuance of of one or more as may be
Auto 40,689.9 40,385.2 -0.7 *Grasim Ind . . . . . . . . 2128.7 *SJVN . . . . . . . . . . . . . . . 93.3 *Netweb Technolo . . 1206.5
United Leas . . . . . . . . . . . 13.3 prescribed /split of existing under Regula- matter with the 2023 to con- Spandana Sph: Company for the equity shares or qualified institu- required and the
S&P BSE-500 29,686.2 29,758.4 29,758.8 29,469.1 29,547.2 -138.9 -0.5 Bankex 53,446.8 53,273.4 -0.3 *Cummins (I) . . . . . . . 2019.1 *PNB . . . . . . . . . . . . . . . . 89.8 *Spandana Sph . . . . . 1106.7
*Atal Realtech . . . . . . . . 12.1 under section equity shares tion 30 Para A of permission of sider Dividend / to consider and quarter ended any other eligi- tions placement approval of
Cons. Durables 48,954.3 48,376.9 -1.2 *SBI Life Ins . . . . . . . . 1491.5 Others *Suyog Telematic . . . 1030.0
S&P BSE IPO 12,228.2 12,317.7 12,437.9 12,311.4 12,374.7 146.5 1.2 KEL . . . . . . . . . . . . . 10.6 180(1)(c) of the having face Part A of Sched- chair. PADAM Other business. approve the issue 30th June 2023 ble securities (`QIP’) or shareholders
Cap. Goods 53,606.4 53,018.4 -1.1 *HCL Techno . . . . . . . 1387.0 *Kaycee Ind . . . . . . . 21820.0 *Dolphin Off. . . . . . . . 1011.4
Orient Trade . . . . . . . . . . . 6.5 Companies Act value of Rs. ule Ill of SEBI COTTON Saboo Bros.: to and offer of Non- and 2) Unau- and / or other through any of the
FMCG 19,498.8 19,444.0 -0.3 *Coromndl Int . . . . . . 1252.6 Tata Elxsi . . . . . . . . . . 8989.0 *Mirae -ET . . . . . . . 1000.0
S&P Dollex-30 6,884.7 - - - 6,848.5 -36.3 -0.5 Manipal Fin . . . . . . . . . . . . 6.0 2013. 10each fully (LODR) Regula- YARNS LIM- consider and Convertible De- dited financial securities other permis- Company.
Healthcare 30,219.7 30,079.8 -0.5 *Bharat Forge . . . . . . 1211.0 *Benares Htl . . . . . . . 8903.0 *Dhanuka Agri . . . . . . . 989.0
Bacil Pharma . . . . . . . . . . 5.0 2. To acquire a paid up. 2) Any tions 2015 to ITED has in- approve bentures on results of the convertible into sible mode Karma Energ:
Nifty 50 20,997.1 21,018.6 21,037.9 20,867.2 20,906.4 -90.7 -0.4 Infra 460.2 456.4 -0.8 *Titagarh . . . . . . . . . 1073.7 *TVS Holdings . . . . . . 6965.4 Gloster . . . . . . . . . . . . . 980.0 land situated at other business consider and ap- formed BSE 1. Appointment
*Kaarya Faciliti . . . . . . . . 4.6 private place- Company for the equity shares and/or combina- to consider and
IT 34,125.1 34,135.7 0.0 Max Fin Sre . . . . . . . . 1052.0 *Voltamp Tran . . . . . . 6237.9 *Control Prnt . . . . . . . . 951.0 Kathera Chha- with permis- prove Postal about Board of Company
Nifty next50 51,139.7 51,324.2 51,352.5 50,583.9 50,813.2 -326.4 -0.6 IFL Enterprises . . . . . . . . . 3.1 ment basis. quarter ended (including tion thereof as approve the
Metal 25,007.6 25,029.3 0.1 *ICICI Bank . . . . . . . . 1021.0 *Inox Wind Energ . . . 4653.6 *Sanghvi Mov . . . . . . . 854.0 tarpur. sion of chair Ballot Notice. Meeting to be Secretary (CS) DECEMBER 14 30th September warrants, or may be Notice of Postal
11Qpd . . . . . . . . . . . . . . 2.4
Nifty 500 18,770.2 18,809.9 18,819.7 18,635.4 18,686.8 -83.4 -0.4 Oil & Gas 22,193.8 21,785.0 -1.8 *Containr Crp . . . . . . . 867.5 *Indus & Prud . . . . . . 4389.0 *Tips Films . . . . . . . . . . 808.8 Gee: to con- which is inci- Padam Cotton: held on 13 Dec and Compliance AJR Infra & Tol: 2023. otherwise) (col- considered ap- Ballot in the
*Shalimar Prd . . . . . . . . . 0.5
Power 5,684.7 5,601.6 -1.5 *JSW Steel . . . . . . . . . . 862.6 *Paul Mercha . . . . . . . 3681.5 Intell Des Aren . . . . . . . 799.8 sider following dental and an- to consider and 2023 to con- Office (Key Man- to consider and Jindal Saw: to lectively Secu- propriate under matter of re-
India VIX 12.8 12.8 12.9 11.7 12.7 0.0 -0.4 *Nouveau Global . . . . . . . 0.5
PSU 14,668.8 14,585.1 -0.6 IRCTC . . . . . . . . . . . . . . 786.3 *Adity Vision . . . . . . . 3630.0 *Sensexbees . . . . . . . 788.0 transactions - 1. cillary to the approve sider Other agerial Person- approve inter consider and ap- rities) through applicable law, lated party
Nifty CPSE 4,550.8 4,552.9 4,565.4 4,484.1 4,508.2 -42.6 -0.9 Realty 5,907.3 5,799.5 -1.8 m m w w To approve Un- business. 1. the appoint- business. nel) of the alia the follow- prove the pro- permissible subject to such transactions.

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (572.7) (572.9) (4789.8) (4786.9)
m ~50 H ~2 Open 574.7 575.0 4800.0 4798.1
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 583.7 583.8 4817.7 4819.8
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 565.5 565.5 4689.1 4690.1
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 566.7 567.6 4720.7 4721.3
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 35965 963K 5359 202K
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 46.1 46.2 82.8 82.8
company name is followed by shares traded, and also the 52 Wk H/L 665/438 666/438 4882/2640 4885/2640
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 20541 20576 100031 100044
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Adani Power Aditya Bir Fa m H m mH H  « « « « m m « H
(23048.6) (23046.6) (2179.3) (2179.2) (2855.9) (2855.8) (1031.4) (1031.9) (526.0) (526.2) (234.4) (234.4)
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M 48510 48503 40821 40853 325749 325772 225098 225077 199230 199385 21878 21868 M M

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(6144.6) (6138.4) (7293.0) (7292.8) (1702.9) (1702.8) (2573.4) (2572.4) (396.8) (397.0) (237.8) (237.9) (215.3) (215.2) (1668.2) (1668.8) (576.7) (576.5) (161.2) (161.3) (1193.2) (1193.3) (1000.7) (1000.8) (179.8) (179.6) (240.1) (240.1) (659.7) (660.0) (21897.4) (21889.8) (465.9) (465.5) (4938.1) (4944.1)
O 6165.0 6164.0 7267.7 7280.0 1705.1 1704.8 2574.0 2572.5 400.9 399.1 238.0 237.9 O 216.0 216.2 1675.2 1677.0 577.2 576.5 163.0 162.5 1201.3 1200.0 1000.3 999.3 O 180.3 180.0 240.3 240.5 661.9 661.2 21952.7 21901.0 445.0 445.5 4953.0 4968.0
6299.4 6300.0 7353.0 7354.0 1719.8 1719.8 2614.5 2615.0 401.0 401.2 244.6 244.6 217.2 217.2 1686.4 1687.5 581.1 580.9 163.0 162.8 1211.0 1210.9 1000.3 1000.9 180.8 180.8 243.0 243.0 669.8 669.8 22100.0 22110.0 451.4 451.5 4971.3 4971.5
w 6152.8 6150.0 7267.7 7280.0 1700.0 1700.5 2573.6 2572.5 388.0 388.0 235.6 235.5 w 214.1 214.1 1647.2 1646.7 569.0 568.7 160.0 160.0 1180.9 1180.3 987.0 987.0 w 176.3 176.3 238.1 238.3 660.9 660.7 21620.0 21623.8 445.0 445.5 4877.1 4875.0
6254.4 6254.2 7312.2 7314.6 1705.9 1706.8 2596.8 2596.2 389.8 389.7 236.6 236.7 216.0 216.1 1654.9 1655.0 571.0 571.1 160.6 160.8 1186.8 1186.8 995.7 995.3 177.9 177.9 238.6 238.7 664.0 664.0 21768.8 21734.7 XD447.5 447.6 4897.0 4903.1
37316 811K 21554 633K 49647 1391K 4788 159K 102K 3030K 425K 15232K 944K 18271K 4724 159K 67018 951K 716K 16306K 31051 874K 60724 7119K 1363K 14211K 139K 1455K 31276 1567K 1004 23219 484K 9970K 2686 184K
25.9 25.9 39.2 39.2 36.7 36.7 50.1 50.0 16.7 16.7 15.0 15.0 6.6 6.6 73.1 73.1 68.4 68.4 35.5 35.5 46.4 46.4 74.2 74.1 1406.9 1406.9 57.5 57.5 48.3 48.3 30.2 30.2 3.5 3.5 46.5 46.6
W 6299/3522 6300/3520 8190/5487 8192/5486 1724/1216 1724/1215 2680/1912 2683/1909 486/350 486/349 272/182 272/182 W 220/147 220/147 1770/1381 1771/1381 679/440 680/439 163/87 163/87 1211/744 1211/744 1046/736 1046/736 W 185/66 184/66 280/192 280/192 670/250 670/250 22300/16366 22200/16366 482/314 483/314 5269/4154 5270/4153
M 176974 176969 451891 452039 272168 272312 50195 50185 7862 7860 38114 38122 M 111701 111753 21268 21270 66556 66567 117395 117542 55257 55257 559761 559508 M 61946 61946 28646 28652 18295 18295 64196 64095 97074 97085 117969 118114

BSEH Can Fin HomeH Canara Bank CDSL CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH
(-) (2353.4) (755.5) (755.7) (446.5) (446.7) (-) (1891.1) (297.5) (297.8) (348.2) (348.1) (1175.4) (1175.2) (1202.6) (1202.3) (156.7) (156.7) (353.8) (353.6) (1278.3) (1278.8) (5866.9) (5864.8) (2287.6) (2286.4) (844.6) (844.6) (1244.3) (1244.3) (2001.2) (2001.2) (550.5) (550.5) (2340.9) (2345.9)
O - 2366.5 762.4 762.8 448.2 448.4 - 1901.0 301.0 299.2 350.1 351.1 O 1178.2 1177.0 1209.5 1210.6 158.6 158.3 354.5 354.2 1284.7 1286.0 5881.0 5875.0 O 2288.9 2289.9 851.0 850.0 1240.0 1244.0 2010.1 2014.0 551.0 550.5 2366.2 2374.0
- 2383.0 784.2 784.1 449.5 449.6 - 1913.0 301.0 299.2 359.1 359.0 1190.0 1191.5 1214.3 1214.3 159.3 159.3 354.6 354.6 1290.0 1290.8 5958.3 5958.8 2345.0 2346.9 867.5 867.8 1252.6 1254.0 2019.1 2019.4 553.8 553.6 2390.9 2390.0
w - 2300.0 734.6 734.2 442.4 442.2 - 1855.0 291.6 291.5 348.3 348.2 w 1169.0 1169.3 1195.0 1195.2 156.6 156.1 345.1 345.2 1246.2 1246.0 5840.2 5840.1 w 2288.9 2288.1 846.6 847.0 1237.8 1237.8 1837.0 1835.6 546.7 546.7 2345.6 2345.3
- 2306.3 769.4 770.6 444.2 444.6 - 1875.2 292.7 292.4 353.1 353.0 1176.8 1177.3 1198.6 1198.7 157.2 157.2 347.6 347.5 1252.7 1251.6 5856.4 5856.7 2334.6 2336.5 855.8 855.7 1242.1 1242.2 1926.7 1928.7 549.2 549.0 2383.4 2383.4
- 815K 84138 3298K 129K 5113K - 763K 32623 1917K 326K 5317K 42805 2154K 34647 900K 2456K 4168K 581K 8789K 55599 1373K 15708 360K 11800 199K 47468 1288K 11329 110K 43370 1063K 44677 1419K 75309 519K
- 43.1 15.6 15.6 6.1 6.1 - - 44.0 43.9 11.6 11.6 32.7 32.7 28.0 28.0 12.3 12.3 7.6 7.6 35.3 35.3 52.4 52.4 54.1 54.2 44.3 44.3 18.1 18.1 40.4 40.4 55.4 55.4 43.2 43.2
W -/- 2595/406 905/486 910/486 450/269 450/269 -/- 1952/881 360/251 359/251 359/249 359/248 W 1284/658 1273/658 1283/852 1284/852 205/120 205/120 363/208 363/208 1329/411 1328/410 5958/3565 5959/3565 W 2348/1435 2348/1435 868/555 868/555 1253/839 1254/838 2019/1353 2019/1350 604/504 605/504 2424/1675 2425/1672
M - 31227 10245 10261 80584 80647 - 19595 18739 18716 14694 14692 M 98800 98842 96769 96773 11639 11639 214186 214155 16477 16463 36093 36095 M 63501 63551 52144 52135 36567 36570 53407 53464 97318 97283 44701 44701

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(818.3) (819.1) (406.6) (406.6) (73.1) (73.1)
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4 NEW DELHI | WEDNESDAY, 13 DECEMBER 2023
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1

UNITED SPIRITS LIMITED

Regd. Office: ‘UB Tower’, # 24, Vittal Mallya Road, Bengaluru-560 001.
Tel: +91 80 3985 6500; Fax: +91 80 3985 6862
Email: [email protected] Website: www.diageoindia.com
Corporate Identity Number: L01551KA1999PLC024991
NOTICE OF LOSS OF SHARE CERTIFICATES
Notice is hereby given that the Company has received requests from the following shareholders for issue of Duplicate Share
Certificate(s) in lieu of the Original Share Certificate(s) reported to have been lost / misplaced. The share certificate(s) mentioned
hereunder are therefore deemed to be cancelled and no transactions thereon would be recognized by the Company.
Sl. No. of Certificate Distinctive Nos
No Folio No. Name of the Shareholder Shares Number From To

01 MS051896 GEETABEN B RATHOD 500 1855 720846061 720846560

The public are hereby advised against dealing in any way with the above share certificates. Any person(s) who has / have any
claims(s) in respect of the said share certificates should lodge such claim(s) along with all documentary evidences with the
Company at its Registered Office within 10 days of the publication of this notice, after which no claim(s) will be entertained,
and the Company will proceed to issue duplicate share certificates.

For UNITED SPIRITS LIMITED

Sd/-
Place : Mumbai Mital Sanghvi
Dated : 12.12.2023 (Company Secretary)

(A wholly owned subsidiary of AI Assets Holding Limited)

CIN L99999MH1996PLC132983 (A Government of India Undertaking)
Regd Office: IIFL House Sun InfoTech Park Road No. 16V Plot No. B-23, NOTICE INVITING TENDER
MIDC Thane Industrial Area Wagle Estate Thane – 400 604 Hiring of oice space on lease for Alliance
Name of Tender
Tel: (91 -22) 3929 4000 / 4103 5000/ 6272 7000 Fax (91 -22 2580 6654) Air Aviation Limited
E-Mail id – Secretarial@iifl.com Website:- www.iiflsecurities.com Tender Reference Number AAAL/ADMIN/SPACE/2023/1431
Tender Date 11th December, 2023
18th December, 2023 by 1100 Hours (IST)
Opening of Pre-Bid at Alliance Bhawan, I.G.I Airport, Domestic
Terminal 1, New Delhi-110037.
Notice is hereby given to general public and specifically to the clients/ customers of IIFL Securities Last date of bids submission
Ltd., its group & associate companies that Ms. CHANDRAPAL SINGH JADON residing at WARD (Tech and financial) 02nd January, 2024 1430 Hrs(IST)
-12 MAKAN N-185, TEH GULANAA, KETHLAY SHAJAPUR, KETHLAY SHAJAPUR, MADHYA Date and time of opening of
PRADESH,SHAJAPUR, UJJAIN-465001 who was our Authorised Person having AP Code Tech Bid 02nd January, 2024 1530 Hrs(IST)
Authorized Person Registration No BSE Cm:- Dated:- NSE Cm/Fo/Cd :- AP1493522811
Dated :-07/11/2022 MCX :- Dated :- NCDEX :- Dated :- Availability of Tender The tender can be downloaded from the
Document website (www.allianceair.in) and GEM Portal
having its office at WARD -12 MAKAN N-185, TEH GULANAA, KETHLAY SHAJAPUR, KETHLAY
SHAJAPUR, MADHYA PRADESH,SHAJAPUR, UJJAIN-465001, branch (hereinafter referred
as “the AP”), had committed various unethical acts and violated the Company’s Code of Conduct,
Rules, Policies and directions as applicable from time to time. Therefore termination notice
dated 25/10/2023 has already been issued to the said AP.

In Last week of October, it has come to our knowledge that the said AP Multiple unauthorized
trades in clients personal account - complaints from clients. Using client credential for trades in
client personal accounts. We state that IIFL Securities Ltd., its group & associate companies. are not
offering any scheme with assured return either to general public or the clients/ customers

In this regard also note SEBI vide its Circular CIR/MIRSD/16/2011 dated 22nd August 2011 issued
the Guidance Note which clearly state that the payment must be made in broker’s bank account and
not to sub broker or agent’s account. Further, the Risk Disclosure Document also clearly explained
that the return in security market is related to volatility of various factors and cannot be assured.

We therefore hereby caution the general public including our clients/ constituents that no such
scheme was ever introduced by the IIFL Securities Ltd., its group & associate companies and
amount paid to the said AP was never received by the Company and hence any person dealt with
the said AP in respect of said scheme was at their own risk and consequences.

For any information/request/queries/placing orders we request you to contact on 022-40071000/

Email Id- -cs@iifl.com.
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 5
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 7
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1

Edelweiss Asset Reconstruction Company Ltd., Regd. Office: Edelweiss House, CST Road, Kalina, Mumbai 400098 &
Corporate Office at: Edelweiss House, Windsor Lane, Kolivery Village, MMRDA Area, Kalina, Bandra East, Mumbai-400098
DEMAND NOTICE
Notice under Section 13(2) of the Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002 ("the Act")
Notice is hereby given to the borrower / mortgagors / guarantors, who have defaulted in the repayment of principal and interest of loan
facility obtained by them from the Bank and whose loan account has been classified as Non-Performing Assets (NPA) on 24.03.2021.
The notices were issued by Edelweiss Asset Reconstruction Company Ltd. (Acting in capacity as a trustee of EARC Trust- SC
414) on 08.12.2023 to them under section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest, 2002 (SARFAESI Act) on their last known addresses calling upon and demanding from them to repay the entire outstanding.
However, few of the notice(s) have returned un-served and as such they are hereby informed by way of this public notice.
Borrower / Co-Borrower / Date of Date of Outstanding
Mortgagor NPA 13(2) Amount/ Due date
1. M/s A-1 Sales (Borrower) Proprietor: Mr. Anurag Sabharwal, F-2, 24.03.2021 08.12.2023 Rs. 3,12,49,993.07 (Rupees
Poonam Plaza, Dayal Bagh Road, Agra-282005, Uttar Pradesh, 2. Mr. Three Crores Twelve Lakhs
Anurag Sabharwal (Co-Borrower/ Mortgagor) S/o Late Mr. Ashok Kumar Sabharwal, House No. Forty Nine Thousand Nine
76, 1st Floor, Purushottam Bagh, Dayal Bagh, Agra-282005, Uttar Pradesh, 3. Mrs. Sahib Pyari Hundred & Ninety Three and
Sabharwal (Co-Borrower/ Mortgagor) (Since deceased: served through legal heirs) A. Mr. Anurag Seven Paisa Only) as on
Sabharwal(Legal heir) S/o Late Mrs. Sahib Pyari Sabharwal, House No. 76, 1st Floor, Purushottam 30.10.2023 and further
Bagh, Dayal Bagh, Agra-282005, Uttar Pradesh, B. Ms. Shraddha Khatri (Legal heir) D/o Late Mrs. interest and penal interest at
Sahib Pyari Sabharwal, House No. 76, 1st Floor, Purushottam Bagh, Dayal Bagh, Agra-282005, Uttar the applicable rate of interest
Pradesh, 4. Mrs. Isha Arora (Co-Borrower) W/o Mr. Anurag Sabharwal, House No. 76, 1st Floor, and any other costs, charges,
Purushottam Bagh, Dayal Bagh, Agra-282005, Uttar Pradesh expenses incurred thereon.
Details of Secured Assets:
Description of Immovable Properties Area Owner/Mortgagor
Property 1: Shop No. FF-10, 37/206 Khasra No. 189, Shanti Square, Nagla Padi, Agra-282005, Uttar 572 M r . A n u r a g
Pradesh. Type: Commercial. Bounded as follows: North: Corridor, South: Open to sky, East: Shop No. Sq. ft. Sabharwal
FF-08 & 09, West: Shop No. FF-11.
Property 2: Shop No. F-2, 2nd, 1st floor, Property No. 36/202/5 Khasra No. 399, New Agra Dayal
33.16 Mrs. Sahib Pyari
Bagh, Agra-282005, Uttar Pradesh. Type: Commercial. Bounded as follows: North: Unit No. F-3, Sq. ft. Sabharwal
South: Common Passage, East: Unit No. F-4, West: 4'WD Corridor.
Property 3: Shop No. FF-11, at Shanti Square, 37/206, Nagla Padi, Khasra No. 189, Dayal Bagh,
63.55 M r . A n u r a g
Agra-282005, Uttar Pradesh. Type: Commercial. Bounded as follows: North: Common Corridor, Sq. ft. Sabharwal
South: Open to sky, East: Shop No. FF-10, West: Shop No. FF-12.
Property 4: Shop No. UG-01, Shanti Square, 37/206, Nagla Padi, Khasra No. 189, Dayal Bagh Road,
79.77 M r . A n u r a g
Agra-282005, Uttar Pradesh. Type: Commercial. Bounded as follows: North: Shop No. UG-02, South: Sq. ft. Sabharwal
Corridor 5 ft. wide, East: Corridor 5 ft. wide, West: Shop No. UG 10.
Property 5: Shop No. FF-08, 37/206, Khasra No. 189, Shanti Square, Nagla Padi, Dayal Bagh Road,
493.299 M r . A n u r a g
Agra-282005, Uttar Pradesh. Type: Commercial. Bounded as follows: North: Shop No. FF-09, South: Sq. ft. Sabharwal
Open to sky, East: Corridor, West: Shop No. FF 10.
The above name borrower and their guarantors & mortgagors are hereby called upon to make payment of outstanding amount within 60
days from the date of publication of this notice failing which further steps will be taken after expiry of 60 days under sub-section (4) of
Section 13 of SARFAESI Act, 2002. Authorised Officer
Date: 13.12.2023 Edelweiss Asset Reconstruction Company Ltd.
Place: Agra (Uttar Pradesh) (Acting in capacity as a trustee of EARC Trust- SC 414)

MAHINDRA MANULIFE INVESTMENT MANAGEMENT

PRIVATE LIMITED
Corporate Identity Number: U65900MH2013PTC244758
Registered Office : 4th Floor, A - Wing, Mahindra Towers,
Dr. G. M. Bhosale Marg, P.K. Kurne Chowk, Mumbai - 400 018
Maharashtra, India.
Corporate Office: Unit No. 204, 2nd Floor, Amiti Building,
Piramal Agastya Corporate Park, LBS Road, Kamani Junction,
Kurla (W), Mumbai - 400070, India.
Tel: 1800 4196244; website: www.mahindramanulife.com;
email id: [email protected]

NOTICE NO. 46/2023

Declaration of Income Distribution cum Capital Withdrawal (‘IDCW’) under
Mahindra Manulife Dynamic Bond Fund
Notice is hereby given that Mahindra Manulife Trustee Private Limited, Trustee to Mahindra
Manulife Mutual Fund (‘the Fund’), has approved the declaration of IDCW under Quarterly IDCW
Option(s) of Mahindra Manulife Dynamic Bond Fund, an open-ended dynamic debt scheme
investing across duration. A relatively high interest rate risk and moderate credit risk (“the
Scheme”) as per the details given below:

Quantum NAV as
Face
of on 11th
Name of the Record Value
Plan(s)/Option(s) IDCW # December
Scheme(s) Date* (Rs. per
(Rs. per 2023 (Rs.
unit)
unit) per unit)
Regular Plan –
0.20 15th 10.00 10.3334
Mahindra Manulife Quarterly IDCW Option
December
Dynamic Bond Fund Direct Plan - Quarterly
0.20 2023 10.00 11.0233
IDCW Option

#As reduced by the amount of applicable statutory levy. Distribution of the above IDCW is subject
to the availability of distributable surplus and may be lower, depending on the distributable surplus
available on the Record Date.
*If in any case the Record Date falls on a non-business day, the immediately following business day
shall be deemed to be the Record Date.

Pursuant to payment of IDCW, the NAV of the IDCW Option(s)

of the Scheme/Plan(s) would fall to the extent of payout and
statutory levy, if any.
All Unit holders / Beneicial Owners under the Quarterly IDCW Option(s) of the abovementioned
scheme(s) / plan(s) whose names appear in the records of the Registrar & Transfer Agent
Computer Age Management Services Ltd. / Statement of Beneicial Owners maintained by the
Depositories, as applicable, as at the close of the business hours on the Record Date shall be
eligible to receive the IDCW.
With regard to Unit holders under the Quarterly IDCW Option(s) of the abovementioned
scheme(s) / plan(s), who have opted for IDCW Reinvestment facility, the IDCW due will be
reinvested by allotting units for the IDCW amount (on the next Business Day after the Record
Date) at a price based on the prevailing ex-IDCW NAV per unit on the Record Date.
Cno.01812

For Mahindra Manulife Investment Management Private Limited

Place: Mumbai Sd/-

Date: December 12, 2023 Authorised Signatory
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 9
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DELHI JAL BOARD: GOVT. OF N.C.T. OF DELHI

OFFICE OF THE ADDITIONAL CHIEF ENGINEER (M)-8
DY. SE (TENDERING)-M8
OHT BERIWALA BAGH, SUBHASH NAGAR, NEW DELHI-110064
Ph. 011-20852104, Email: [email protected]
PRESS NIT No. 50/ EE(T)-M 8/ (2023-24)
S. Name of item Amount put to E/Money Last date/time of
No. of tender receipt through e-
procurement solution
1. Replacement of settled portion of 450 mm dia peripherial sewer line Rs. 25,60,437/- Rs.51,300/- 27.12.2023
near C5C/07 at Vidhya Marg in ward no. 104 AC 30 Janak puri under up to 3.00 PM
EE(M) 30. (E- 176034). Tender ID: 2023_DJB_250897_1
NIT for publishing in daily leading News Papers for N.C.T.OF DELHI Edition only can view this particular statement in detail Website
https://govtprocurement.delhi.gov.in.
ISSUED BY P.R.O. (WATER) (Ramesh Kumar Gupta)
Advt. No. J.S.V. 1.84 (2023-24) Dy. SE (TENDERING) M-08
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1

CAN FIN HOMES LTD.

CIN: L85110KA1987PLC008699; Above Canara Bank Building First Floor, Plot No. C-3, Sector-1, Noida Pincode - 201301
Email: [email protected] Ph.: 0120-2970164 / 65 / 67 Mob.: 7625079126
DEMAND NOTICE
Under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002
(SARFAESI Act) read with Rule 3(1) of the Security Interest (Enforcement) Rules, 2002 (Rules)
Whereas the undersigned being the Authorised Officer of Can Fin Homes Ltd., under SARFAESI Act and in exercise of powers conferred under Section 13(12)
read with Rule 3, issued Demand Notice under Section 13(2) of the said Act, calling upon the Borrowers / guarantors listed hereunder (hereinafter referred to as
the “said Borrowers”), to repay the amounts mentioned in the Notice, within 60 days from the date of receipt of Notice, as per details given below.
The said Notices have been returned undelivered by the postal authorities / have not been duly acknowledged by the borrowers. Hence the Company by way of
abundant caution is effecting this publication of the demand notice (as per the provisions of Rule 3 (1). The undersigned has, therefore, caused these Notices to
be pasted on the premises of the last known addresses of the said Borrowers, as per the said Act.
As security for due repayment of the loan, the following assets have been mortgaged to the Company by the respective parties as detailed below.
Sr. Name of Borrowers/Guarantors with address Amount
Date of Description of the Date of
No. claimed as
Demand Secured Asset NPA
per Demand
Notice
Notice*
1. 1. MRS. RASHMI RANI W/O MR. NITYARANJAN KUMAR SINGH (Borrower) 08/12/2023 Rs. FLAT NO. S-1 SECOND FLOOR WITH ROOF 29.11.2023
2. MR. NITYA RANJAN KUMAR SINGH S/O MR. PRINCE BADRI NARAYAN SINGH 10,53,446.00 RIGHT, MIG TYPE, PLOT NO. B-1/147,DLF
(Co-borrower) Address 1. D-48 2ND FLOOR PANDAV NAGAR OPP MOTHER (Rs. Ten lakhs D I L S H A D E X T E N S I O N - 2 , V I L L A G E
DAIRY PLANT DELHI-110092. Address 2 – NITYA RANJAN KUMAR SINGH C/O fifty three BRAHAMPUR ALIAS BHOPURA, PARGANA
USHA BRECO LTD, 701 SURYA KIRAN BUILDING, 19 K.G. MRG NEW DELHI- thousand four LONI TEHIL & GHAZIABAD (U.P.)
110001. Address 3- FLAT NO. S-1 SECOND FLOOR WITH ROOF RIGHT, MIG TYPE, hundred forty Bounded by:
PLOT NO. B-1/147, DLF, DILSHAD EXTENSION-2, VILLAGE BRAHAMPUR ALIAS six only) East: Plot No. B-1/146
BHOPURA, PARGANA LONI, TEHIL & DISTT. GHAZIABAD (U.P.) 3. MR. SANJEEV West: Plot No B-1/148,
KUMAR SINGH S/O MR. LAL BABU SINGH (Guarantor) Address 1- 241, VILL North: ROAD 30 feet wide
CHILLA MAYUR VIHAR PHASE I DELHI-110092 Address 2- COURIER CORP. OF South: OTHER LAND
INDIA, SHRI KRISHNACOMPLEX T-14-15THIRD FLOOR SECTOR V NOIDA
2. 1. MR. RITESH KUMAR GUPTAS/O MR. NARENDER KUMAR GUPTA (Borrower) 05/12/2023 Rs. ENTIRE SECOND FLOOR WITH ROOF 29.11.2023
2. MRS. PRERANA SHARMA W/O MR. RITESH KUMAR GUPTA(Co-borrower) 21,66,484.00 RIGHTS, HOUSE NO.- D-14, OLD NAGAR
ADDRESS 1 – PLOT NO -74, SECOND FLOOR, JAGDISH NAGAR, GHAZIABAD (Rs. Twenty NIGAM NO. 74, 51, 52 AND NEW NO. 53,
U. P. PIN CODE 201001. ADDRESS 2 – HOUSE NO- 11/A-3, RAKESH MARG, one lakhs sixty JAGDISH NAGAR (MUKUND NAGAR),
GHAZIABAD U.P. 201001. ADDRESS 3 – RITESH KUMAR GUPTA C/O PRERNA six thousand GHAZIABAD, UP.
TRADING COMPANY, B-18 RAMANUJ DAYAL MKT, BEHIND HANUMAN TEMPLE, four hundred Bounded by:
RAMTE RAM ROAD GHAZIABAD, UP. 201001. Address 4- ENTIRE SECOND eighty four EAST: ROAD 30FT. WIDE,
FLOOR WITH ROOF RIGHTS OF PROPERTY NO.74, JAGDISH NAGAR, HAPUR only) WEST: HOUSE OF BABURAM SHARMA
ROAD, GHAZIABAD, UP. NORTH: HOUSE OF RAKESH BHATNAGAR
3. Mr. MOHIT GUPTA (Guarantor) Address 1- HNO. 70, JAGDISH NAGAR, SOUTH: KAUSHAL DEV TEMPLE
Ghaziabad (UP) 201001 Address 2- M/S APOORVAASOCIATES, B 361, GROUND
FLOOR, SWARNJAYNTI PURAM GHAZIABAD, UP 201009
3. 1. MRS. SONALI BHATIA W/O MR. ASHISH BHATIA (BORROWER) 05/12/2023 Rs. PLOT NO. 185, KHASRA NO. 11, VILLAGE 29.11.2023
2. MR. ASHISH BHATIA S/O MR. MADAN LAL BHATIA (CO-BORROWER) ADDRESS 23, 66,051.00 SAHBERI, SAI GARDEN-3, PARGANA &
1- PLOT NO. 185, KHASRA NO. 11, VILLAGE SAHBERI, SAI GARDEN 3, PARGANA & (Rs. Twenty TEHSIL DADRI, DISTT. GAUTAM BUDH
TEHSILDADRI, DISTT. GAUTAM BUDH NAGAR, U.P. 201009. ADDRESS 2 – FLATNO. Three Lakhs NAGAR, U.P.
1103, TOWER-12, LA RESIDENTIA AMRAPALI NEAR RYAN SCHOOL, GREATER sixty six BOUNDED BY:
NOIDA U.P. 201308. ADDRESS 3- 704/9, CHAWRI BAZAR, NEAR JAMA MASJID, thousand fifty EAST: ROAD 22 FT WIDE
DELHI-110006 . ADDRESS 4- SONALI BHATIA C/O M/S LOOKS BEAUTY PARLOR, one only) WEST: OTHER PLOT
FLAT NO. 1103, TOWER 12, LA RESIDENTIA, GREATER NOIDA U.P. 201308. NORTH: PLOT NO. 186
ADDRESS 5- ASHISH BHATIAC/O D. S. DIGITAL PVT. LTD (S. CHAND GROUP), B 37, SOUTH: PLOT NO. 184
SEC 2, NOIDA 201301. 3. MRS. GOPIKA GUPTA W/O SHAILENDRA GUPTA
(GUARANTOR) H. NO. 75, VRINDAVAN GARDEN, SHABERI, NOIDA201009
4. 1. MR. SANDEEP GAUTAM S/O MR. SURENDRA KUMAR (Borrower) 05/12/2023 Rs. FLAT NO. S-1, MIG, SECOND FLOOR FRONT 29.11.2023
2. MR. SONIYA PATEL W/O MR. SANDEEP GAUTAM (Co-borrower) 16,99,477.00 SIDE WITH ROOF RIGHTS ON PLOT NO.174,
ADDRESS 1 - KA-94, KARPURIPURAM, GOVIND PURAM, GHAZIABAD U.P. PIN (Rs. Sixteen KHASRA NO. 1527, BALAJI ENCLAVE,
CODE-201002. ADDRESS 2 – SANDEEP GAUTAM C/O YATRA TOUR & TRAVELS KA – lakhs Ninety VILLAGE-RAISPUR, GHAZIABAD, UP
94, KARPURIPURAM, GOVIND PURAM, GHAZIABAD,UP. 201002. ADDRESS 3- FLAT Nine thousand Bounded by:
NO. S-1, SECOND FLOOR (FRONT SIDE) WITH ROOF RIGHTS, PLOT NO.174,
KHASRA NO. 1527, BALAJI ENCLAVE, GOVINDPURAM, VILLAGE-RAISPUR,
four hundred East: PLOT NO 175
GHAZIABAD, UP. seventy seven West: PLOT NO 173
3. MR. GAURAV S/O MR. SURENDRA (Guarantor) only) North: OTHER LAND
ADDRESS 1 - KA-94, KARPURIPURAM, GOVIND PURAM, GHAZIABAD U.P. PINCODE- South: 30 FT RASTA
201002 ADDRESS 2 - 158, BLOCK NO-5, SUBHASH NAGAR, NEW DELHI, 110027
*Payable with further interest at contractual rates as agreed from the date mentioned above till date of payment.
You are here by called upon to pay the above said amount with contracted rate of interest thereon within 60 days from the date of publication of this notice, failing which the undersigned
will be constrained to Initiate action under SARFAESI Act to enforce the aforesaid security. Further, the attention of borrowers / guarantors is invited to provisions of Section 13 (8) of the
Act, in respect of time available to them to redeem the secured assets.
Date: 12.12.2023, Sd/-,
Place: Noida Authorised Officer, Can Fin Homes Ltd.
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 11
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NEW DELHI | WEDNESDAY, 13 DECEMBER 2023 1

PUBLIC NOTICE Registered Office:

601 & 602, Peninsula Business Park,
JEWELLERY AUCTION CUM INVITATION NOTICE 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
The below mentioned Borrowers have been issued notices to pay the entire dues in the facilities availed by them from DCB Bank Ltd. against Jewellery pledged with DCB Bank Ltd. (DCB Bank). We are constrained to conduct auction of the pledged Jewellery as they have failed to pay the entire dues. DCB Bank Ltd. has the authority to remove account(s) / change the auction
date(s) without any prior notice. The auction will be conducted online through https://gold.Samil.in on 21.12.2023 & 22.12.2023 from 12:00 PM to 03:00 PM.
No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name
AGRA LOCATION 72 102090534 ADESH BHATI 152 103847150 MAGAN KOHALI 231 101008071 RAKESH KUMAR SURI 310 103338802 YOGESH AHUJA 381 103386016 NAND KISHORE 455 104200730 MOHAMMAD AZAM
1 103873438 ANSUL AGARWAL 73 102333578 AJAY SINGH RAGHAV 153 105418628 MAHAVEER AGARWAL 232 101613619 RAMESHWAR SINGH 311 101329968 YOGESH SAXENA 382 102867029 RAM NATH 456 103357958 MOHD ISAA
2 102888039 ARVIND SINGH PONIA 74 103018857 AJIT SINGH 154 101324729 MAHRAJ SINGH 233 103594390 RANJAN 312 102316498 YUSUF 383 102834070 SANDEEP KUMAR 457 102808735 MOHD KAMIL
3 103841318 DARSHNA PRAKASH 75 102792814 AKASH GUPTA 155 102843414 MAMTA 234 102017242 RAVISH KUMAR 313 101511260 ZAHID MALIK LUCKNOW LOCATION 458 105461053 MOHD FARAZ
4 103233573 DHARMENDRA SINGH 76 104443360 AKRAM 156 102720907 MANIKAM 235 105685912 REETA 314 101250367 ZAINE KRISHNATRAYE 384 102012719 ALI HASAN 459 101985090 MOHIT KUMAR
CHAUHAN 77 103643506 AKRAM MALIK 157 103388053 MANJEET KAUR 236 102888092 RINKI DEVI DERA LOCATION 385 104811803 ALOK DUBEY 460 104973025 PRAVENDRA KUMAR
5 104338312 GAURAV PRATAP 78 105732018 AMAR JEET SINGH 158 102856909 MANOJ KUMAR 237 101714363 ROHIT KUMAR 315 102765646 DEVENDER SINGH 386 102796956 AMBER KAZMI 461 104185313 RAJAT KUMAR SINGHAL
6 104983387 GURUPREET SINGH 79 105025052 AMEER JAHA 159 102794315 MANOJ KUMAR BALI 238 102350980 RUKHSANA 316 102911920 SAHIL KUMAR 387 101970368 AMIT KUMAR SINGH 462 103472915 RAM AVTAR
GHAMBHIR 80 102198019 AMIT ANAND 160 104268074 MANSI SHARMA 239 105164497 SABA ZAIDI GORAKHPUR LOCATION 388 105464219 ANJU SHARMA 463 103402926 SANJAY KUMAR GOEL
7 102806642 JAG MOHAN SINGH 81 100505501 AMIT KUMAR 161 102851885 MD NASEEM 240 101379552 SABINA KAPOOR 317 105460727 ABHISHEK JAISWAL 389 102779521 ANKITA VYAS 464 105551553 SHAHZAD
8 105251003 JITENDRA VERMA 82 102239784 ANAND SHARMA 162 102690223 MEENAKSHI DEVI 241 102346280 SACHIN 318 102842687 AFSARI JANHA 390 105617752 ANUJ KUMAR SINGH 465 105217993 SHIVANI
9 104578256 KAPTAN SINGH 83 105252229 ANIL SINGH 163 104280544 MESHAR JAHAN 242 104968726 SACHIN 319 104671112 AKANKSHA SRIVASTAV 391 104164396 DEEPAK SINGH 466 102715531 VIBHOR KUMAR
10 102920964 KUSUM LATA 84 104900077 ANITA 164 104801704 MINTOO 243 102480580 SACHIN SAINI 320 102853584 AKHILESH MAURYA 392 105651891 DEEPAK KUMAR KESARWANI PANCHKULA LOCATION
11 103400794 MANISHA SHARMA 85 103643508 ANITA 165 103052522 MOHAMMAD KASIM 244 103123080 SAJID 321 105522765 ANOOP KUMAR SHUKLA 393 103452004 DEEPAK KUMAR 467 105491425 ROSY SINGLA
12 103284490 MOHD DANISH 86 103024942 ANJU KAUSHAL 166 104432385 MOHD FAISAL 245 102534212 SAKET SHARMA 322 104257972 ASHWANI MANI TRIPATHI SRIVASTAVA 468 102695242 RUPSHA BHATTACHARYA
13 102870376 MOHD FAISAL 87 104915782 ANJUM PARVEEN 167 105110456 MOHD IMRAN 246 100983721 SAKET KUMAR SINGH 323 103561688 AVINASH PANDEY 394 103294636 DIWAKER TRIPATHI PANIPAT LOCATION
14 103651662 MOHDJAFIR 88 102091806 ANKUSH ANKUSH 168 102910301 MOHD SAMI 247 105113936 SALMAN 324 103890152 DHAN VIJAY 395 103075044 HIMANSHU MISHRA 469 102250822 AJAY KUMAR
15 102798991 MUKESH LAWANIA 89 102051201 ANU BALA 169 102808404 MOHD SHAKEEL 248 104307923 SAMA PARVIN 325 104183105 KHURSHID 396 105471997 JASEEM AHMAD 470 102801123 IMRAN
16 102480972 PUSHPENDRA SINGH 90 102352571 ANUJ DHAMA 170 103673831 MOHD SHUAIB 249 105059653 SAMRAT 326 102807596 MOHD ZAID 397 101327863 KAMESHWAR NATH MISHRA 471 105262042 ISRAR
17 103603182 RAMU TIWARI 91 104208569 ANURAG KARNALIYA 171 101808880 MOHD ZAHID 250 101318281 SANDEEP GHAWARI 327 104485221 NITESH KUMAR SHUKLA 398 101299825 KAMINI SINGH 472 101735698 MOHAN
18 102910325 SANGEET SHARMA 92 103023925 ANWAR 172 102493739 MOHD AARISH 251 103285729 SANDEEP JAIN 328 105144960 RAJENDRA 399 104133268 KAMLESH 473 102127105 RITU
19 103126210 SEEMA SHARMA 93 104294110 ARATI DEVI 173 104947920 MOHD SHOEB JAMAL 252 104960397 SANDEEP KUMAR 329 104614654 RAMNIVAS GUPTA 400 105403653 KRITIKA SINHA 474 105182498 SHUBHAM
20 105033077 SHAILENDRA KUMAR 94 102826729 ARPAN KUMAR 174 102832971 MOHD SUEB QURASHI 253 104480680 SANJAY KUMAR 330 103869137 SANDEEP SHARMA 401 105274188 KUSUM MISHRA PEHOWA LOCATION
SHARMA 95 104312485 ARUN GOEL 175 102515559 MOHD USMAN SAIFI 254 104327060 SANJEET 331 104965752 SATYABEER 402 104374403 MAMTA 475 102729375 ANIL KUMAR
21 103399687 SHAMENDRA KUMAR JAIN 96 104734546 ASHA 176 102880252 MOHD WASEEM 255 102911926 SANJU DEVI 332 103297354 SHIV KUMAR YADAV 403 102838782 MANISH KUMAR BARANWAL 476 104218908 ANITA
22 103438879 TULIKA GOSWAMI 97 101395415 ASHISH KHURANA 177 105160020 MOHDZEESHAN SAIFI 256 102806249 SARFARAZ AHMAD 333 105353443 SHIVAM SINGH 404 105630103 MAZID ALI 477 104156832 MAHENDER SINGH
23 105562890 VARUN SINGH 98 105424035 ASHU 178 103308105 MOHSINA 257 103540686 SARTHAK JAIN 334 104145939 SUYASH DUBEY 405 100991320 MOHD RASHID 478 102222158 NEELAM RANI
24 101857480 YATENDRA SHARMA 99 103865484 ASHWANI KAPOOR 179 105640663 MUNISHWAR KUMAR 258 103675592 SARVESH KUMAR GAUR 335 102826108 TOSIKA 406 103724547 NAZAR ABBAS RIZVI 479 101896348 RAJ LAKHMINDER SINGH
ALIGARH LOCATION 100 104780256 ASIF ALI RAGHUVANS 259 101974617 SATISH SATISH 336 104351536 UPENDRA MISHRA 407 101363225 NEELAM MISHRA RAIPUR VIRAN LOCATION
25 102781693 AMIT KUMAR PARASHER 101 102223932 ASMIT KUMAR 180 102805886 MUNNI KUMARI 260 105677516 SAURAV SHEKHAR 337 104415682 VIJAY KUMAR 408 105311212 NEERAJ PANDEY 480 102187982 RAM NIWAS
26 105594453 ANIL KUMAR 102 102809641 ATUL CHAUDHARY 181 102911579 MURAD MOHAMMAD NAQVI 261 105570772 SHAHNAZ FATMA 338 104162580 VIRENDRA KUMAR 409 101965761 NIKHAT BANO ROHTAK LOCATION
27 102905661 AZHAR KHAN 103 101288497 AYUB ALI 182 105672394 MUSKAN 262 102931365 SHAHRUKH CHAUHAN 410 105578850 NIKHILESH KRISHNA 481 104677832 ANIL CHAUHAN
28 102070394 BABLEESH KUMAR 104 105492821 AYUSH BISHT 183 100904523 NAMIT BHANDARI 263 105411387 SHALU 339 102927206 VISHAL PRATAP SINGH 411 105589494 PRAVEEN KUMAR SINGH SAHARANPUR LOCATION
29 103867216 GAVENDRA SINGH 105 102860273 AYUSH KATYAL 184 100618182 NARENDER KUMAR 264 105204677 SHAMEEM BANO 340 104215571 VIVEK KUMAR DUBEY 412 105141319 RAM SUNDAR SINGH 482 104539368 AFSAR
30 103332965 IBNE HASAN 106 102915704 AZHARUDDIN 185 102874820 NARENDRA 265 102814149 SHARAFAT HISAR LOCATION 413 104905226 SAURABH KUMAR MALVIYA 483 103651635 ANKIT GUPTA
31 103687834 MOHD MUSTAFA GHAZI 107 104636633 BASANT KUMAR 186 102928617 NARESH KUMAR 266 105517066 SHASHI BALA 341 102695977 CHIRAG CHIRAG 414 102226075 SUDHA SINGH 484 103202459 ARASHAD
32 104297364 MUNISH RAJA KHAN 108 102805270 BIJENDER KUMAR 187 102830637 NASEEM 267 103230067 SHASHI CHAUHAN 342 102887763 DIVYA LODWAL 415 103873378 SURENDRA KUMAR YADAV 485 102873533 BABAR KHAN
33 102881098 PRAMOD VERMA 109 102285266 CHANDRABHAN SHARMA 188 100808484 NATASHA C. KRISHNATRAYE 268 102808838 SHEHNAZ 343 102817363 DIVYANSHU THREJA 416 102805902 USHA MISHRA 486 104151771 DANISH KHAN
34 104314515 RABEYA KHATOON 110 105549989 DEEPA GUPTA 189 102840323 NAVEEN KUMAR 269 102259246 SHILENDRA SINGH 344 102121513 GEETA GEETA 417 101283333 VIJAY BAHADUR SINGH 487 104161084 DEEPAK
35 102810108 RIYAZUDDIN 111 103020274 DEEPAK KUMAR 190 105662697 NAZMEEN 270 101941770 SHITAL 345 105394536 GYANI RAM 418 105536833 VINOD KUMAR 488 102928627 HUSSAIN ABBAS
36 104315020 ROOMANA SHERWANI 112 103288851 DEEPAK KUMAR 191 105332804 NEELAM 271 102618177 SHIVANI 346 102763892 KAUSHILYA 419 105384886 VISHWA PRAKASH MARWAH 489 103152679 ISRAEAL
37 102895930 SHADAB ANWAR 113 100107755 DEEPAK MITTAL 192 105354656 NEERAJ MAHESHWARI 272 102935379 SHOBHA RAM 347 102344556 KULDEEP KULDEEP MATHURA LOCATION 490 105530420 MOHD RAISH
38 105430568 SHAHABUDDIN 114 102882885 DEEPALI DUGGAL 193 101976476 NEERAJ KUMAR 273 102702820 SHRADDHA VERMA 348 104594547 MANOJ KUMAR 420 105243852 ANIL KUMAR 491 103086413 MOHD SHAMSHAD
39 102808882 SIMRAN 115 104529982 DEVENDER KUMAR 194 104954511 NIKITA AGARWAL VOHRA 274 105370768 SHUBHAM GUPTA 349 102558973 PARMEET 421 104970137 RAHUL KUMAR 492 102239751 PREM RANI
AMBALA LOCATION 116 104611449 DIKSHA 195 102800639 NIKUNJ MATHUR 275 102827600 SHUBHAM KATARIA 350 103737840 PARUL 422 105325410 RAJU 493 102802816 RAJ KUMAR JUNEJA
40 102806254 CHARANJEET SINGH 117 105606655 DIVAS JHA 196 104339728 NIRAJ KUMAR 276 101543051 SHWETA GARG 351 102860469 POONAM SAINI 423 105644220 SADIK 494 104066201 SALAHUDDIN
41 103078683 JAGDEEP SINGH 118 103769878 DVARIKA PANDEY 197 102870652 NITESH KUMAR 277 104200371 SONAL GUPTA 352 104749723 RAJ KUMAR ATTKAN MEERUT LOCATION 495 103888093 SARAVAR
42 102798311 JAI SINGH 119 104988606 FAISAL 198 102819373 NOUSHAD AHMAD 278 103082082 SONIYA KUMARI 353 105093038 RAVI KANT 424 102808515 ARSHAD MOOSA 496 102823599 SHIVANI
43 102087720 JASPREET SINGH DUGGAL 120 105159748 FARAZ HUSSAIN 199 102806675 OM PARKASH 279 102866376 SOUMEN KARMAKAR 354 103959174 RENU 425 102903139 BHAVOOK VATS 497 104156941 SHIVANI
44 104933166 MADHU 121 102519926 GEETA DEVI 200 105325143 PARWATI 280 102920446 SOURENDRA PRASAD 355 102121575 RISHABH DALMIA 426 102286846 GAZANFAR 498 102356235 SIYARA BANO
45 102911581 POOJA 122 102862718 GEETA DEVI 201 105250993 PAYAL PARAN THAKUR BANDYOPA 356 102921388 SAGAR 427 104226613 MEHBOOB ALAM 499 103729817 SUMAN BATRA
46 102798549 RAMANDEEP KAUR 123 102885600 GEETANJALI AHUJA 202 104926586 PINKI CHOUBEY 281 102881796 SUDIP MISHRA 357 100344023 SANJAY DHARIWAL 428 103322145 MOHAMMAD SAJID 500 104268875 SUMIT TYAGI
47 105738712 SHIVANI 124 102809372 GOURAV JAIN 203 105592300 POOJA 282 105325125 SUNIL KUMAR 358 103554672 SOURAV 429 104220877 MOHD ZAHID 501 101709498 VIKRANT CHAUDHARY
BAREILLY LOCATION 125 105232311 GOVIND SAINI 204 102805341 POOJA SHARMA 283 101145888 SUNIL DUTT 359 104175022 SUMIT SINGH 430 101543352 MOHD BILAL 502 102774469 YASEEN
48 102843642 ABRAR ALI KHAN 126 102935100 GURBAKSH SINGH 205 105217965 POONAM BHATI 284 103337163 SUNIL KUMAR YADAV 360 102808915 SUNDER 431 103152667 MOHD KAFEEL HAMZA VARANASI LOCATION
49 102870239 ANAM KHALID 127 102830606 HARISH CHAND SACHDEVA 206 105618681 PRADEEP MAVI 285 102833944 SUNITA 361 102433264 SURESH KUMAR 432 103391629 POOJA 503 104294162 ABHISHEK SINGH
50 102903482 ANKUR GUPTA 128 104256939 HARSH BHARDWAJ 207 104821943 PRADEEP SINGH 286 105520097 SUNITA 362 102901311 UMA BANSAL 433 102872020 RIJVAN 504 105612579 DIVAKAR SINGH GAUTAM
51 104415684 ASHA DEVI 129 101491343 HEM RAJ 208 102012134 PRAMOD KUMAR 287 105613511 SUNITA MISHRA 363 102792703 VINOD KUMAR 434 103702144 RIZWAN MALIK 505 103731605 DURGESH NANDANI
52 104156121 MOHD RAZA 130 105554073 JAHISHAN 209 102841093 PREETI CHATURVEDY 288 102911951 SURAJ TAWAR 364 103322165 VIRENDER 435 102827357 SACHIN MEHARA 506 105287223 NEHA GUPTA
53 102880180 MUSTEZAB MALIK 131 101998150 JAVED JAVED JAVED 210 102845944 PREETI PANDEY 289 102842008 SUSHIL INDERGARH LOCATION 436 103093542 SARFARAJ KHAN 507 105524584 PADMA UPADHYAY
54 102896911 NITIN KUMAR AGRAWAL 132 104984766 JEETU KUMAR 211 100907993 PREETI GOEL 290 101041470 TANVIR HUSAIN 365 102575722 BALVINDER SINGH 437 101780035 SATISH KUMAR 508 105088539 RICHA
55 103281172 PRIYANK GUPTA 133 103015982 JITIN ARORA 212 102667357 PREM BAI 291 104314574 TARA CHAND 366 102780926 GURVINDER SINGH 438 102220422 VEER SINGH 509 104856670 SANDEEP PANDEY
56 103421666 RAVI KUMAR GUPTA 134 105435619 JOTI KUSHWAHA 213 102882217 PRIYA GUPTA 292 105127765 TAZIM ALI 367 102874711 MANISH KUMAR 439 102765647 WASIMUDEEN 510 104984251 SARTHAK RANJAN
57 105362146 SAIF ANSARI 135 102566531 JYOTI PUNIANI 214 100952987 PRIYANK JAIN 293 100570493 UMED SINGH 368 104232585 PARVEEN KUMAR MORADABAD LOCATION 511 105466323 SUNIL PATEL
58 103460831 SAJID 136 101990752 KAILASH KAILASH 215 105029642 PUNAM DEVI 294 105605270 URMILA DEVI KANPUR LOCATION 440 103366798 AZMI ALQAS YAMUNANAGAR LOCATION
59 102782307 SAMSUDDIN SAMSUDDIN 137 103041196 KAMARUDDIN 216 101305863 PUNEET JAIN 295 102280615 UTTAM RUDRA SHARMA 369 105405225 EJAJ 441 101956027 GULAAM MOHAMMAD 512 102430566 ANJU GULATI
60 102912910 SHYAM TIWARI 138 104386453 KAMLESH KUMARI 217 101508236 PUSHPA SAHU 296 102250846 VAIBHAV VOHRA 370 105417048 HEMANT ACHARYA 442 101987724 MOHAMMAD JAHANGEER 513 104402735 DAVINDER
61 105407025 TASKIN FATMA 139 104866415 KAMLESH SHARMA 218 102911892 RAHUL MALIK 297 101207022 VALI MOHAMMAD 371 105596416 RAJNI 443 103595599 MOHAN SHARMA 514 102910455 HARSH MEHTA
62 102312446 YUKTI SAXENA 140 103079321 KANHAIYA LAL 219 102742284 RAHUL RAO 298 101336850 VANSH SHARMA 372 102832633 SHAILESH SINGH 444 102896951 MOHD SAEED 515 102774959 KARMVIR SINGH
CHEEKA LOCATION 141 103217741 KAVITA 220 103211673 RAHUL SHARMA 299 105675911 VIJAY PAL SINGH BHADHORIYA 445 104148178 MOHD SAMEER 516 102879161 PARVEEN
63 101615275 CHARN KAUR 142 102806993 KAVITA RANI 221 101366200 RAHUL VAID 300 103274919 VIJAY VEER SINGH 373 102610071 TARAWATI YADAV 446 103606156 RAHEESUL 517 103016888 PHOOL CHAND
64 101259295 KRISHAN 143 105279087 KEFI ALAM 222 103490746 RAHUL KUMAR CHAUDHARY 301 103639296 VIKAS KARNAL LOCATION 447 102873419 SACHIN KUMAR 518 103186224 POOJA
DELHI LOCATION 144 102720982 KESHAV YADAV 223 101210376 RAJ KUMAR 302 105189230 VIKASH KHATANA 374 102971656 OMPATI OMPATI 448 105031709 SEEMA SINGH RAGHAV 519 103351925 POOJA
65 102786693 ABHAY RAJ PUSHKAR 145 102879384 KRISHAN 224 102795887 RAJ KUMAR NAGAR 303 105357222 VIPUL CHAUDHARY 375 101233179 SANDEEP RANA 449 105195016 SHARMENDRA SINGH 520 104548574 SADAM
66 103243060 ABHISHEK 146 100869009 KULDEEP SINGH 225 102457484 RAJAT JAIN 304 105411560 VISHAL AHUJA 376 102361646 SUNITA ARORA MUZAFFARNAGAR LOCATION 521 104214518 SADIK HASAN
67 103800102 ABHISHEK KUMAR 147 103825413 LAKHVINDER KAME 226 101923483 RAJAT PUNIANI 305 101029135 VISHAL MITTAL 377 102910230 VIKRAM SINGH 450 105325421 ANKIT GUPTA 522 105030949 SANJAY
68 103875884 ABHISHEK PANCHAL 148 101362640 LALIT KUMAR 227 104467327 RAJENDER NAGAR 306 102882027 WASEEM KHAN KURUKSHETRA LOCATION 451 103224437 BABITA DEVI 523 102838398 VIKRAM
69 102540674 ABHISHEK SHARMA 149 105277513 LALIT MOHAN GARG 228 103717299 RAJESH KUMAR 307 103064894 WASIM AKHTER 378 104157513 BANSI LAL 452 103237682 DILIP CHANDEL
70 103618963 ABHISHEK YADAV 150 105638804 LATA 229 102927322 RAJIV AHUJA 308 104965973 YASH 379 102877506 MANMEET 453 102852453 DINESH KUMAR
71 103185907 ABID 151 102841295 MADHU 230 105588446 RAJNI S KUMARI 309 101212939 YOGENDER SINGH 380 102880514 MOHAN LAL 454 102329738 ISTAKABAL
By way of this publication, the concerned Borrowers/Pledgers are hereby given final notice and last opportunity to pay the facility recalled amount in full, with all interest and charges forthwith or anyhow before the scheduled auction date failing which the Jewellery will be auctioned. Items not auctioned to the highest bidder on the scheduled auctioned date shall be auctioned on
any other day(s) without further notice. Participation in the auction and acceptance of bids shall be at the sole discretion of DCB Bank.
Please note that the auction shall be on an “as is where is basis”, “as is what is basis”, “whatever there is basis” and “no recourse basis” and DCB Bank shall not be responsible and liable in any manner for any claims, disputes, objections related to the Jewellery or the auction thereof. Bidders may kindly visit https://gold.Samil.in for detailed terms & conditions for participation in
the auctions.
Sd/-
Authorised Officer
Date: 13.12.2023 DCB Bank Limited