“Governance is an act within the gambit of the Act”

I N S I D E T H I S I S S U E

1. Annual Secretarial Compliance Report – Page No. 1 - 2

2. Heads Up on events that led to Heads Turn in March 2019 – Page No. 3 - 8

3. Corporate Development Judicial –

• Navnit R. Kamani & ORS v. R.R. Kamani & ORS [SC] – Page No. 9

• Shalini Publicity Creative Pvt. Ltd. v. Dena Bank [NCLAT] – Page No. 9 - 10

4. From the Government –

• Relaxation from requirement to furnish a copy of PAN for transfer of equity shares of listed entities executed by

non-residents – Page No. 11

5. Save our Earth – “Water ATM” – Page No. 12 - 13

APRIL 2019

CS NEWS

Connecting Statutes

J Sundharesan & Associates Governance & Compliance Advisors

63/1, Makam Plaza, 3rd Floor, West Wing,

3rd Main Road, 18th Cross, Malleshwaram, Bengaluru - 560055 Phone: +91- 80 – 2344 0238/ 39, Cell: +919880026296 www.jsundharesan.com

2019 – “Year of Conflicts” - Overtly or Covertly

“Governance is an act within the gambit of the Act” 1

ANNUAL SECRETARIAL COMPLIANCE REPORT

The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been amended via

circular number CIR/CFD/CMD1/27/2019 dated February 8, 2019 to include

24A SECRETARIAL AUDIT –

Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial

audit and shall annex with its annual report, a secretarial audit report, given by a company secretary

in practice, in such form as may be prescribed with effect from the year ended March 31, 2019.

Secretarial Audit Under SEBI Act

Applicability:

• Every Listed Entity

• Material Unlisted Subsidiary of Listed

Entity

• Every Public Company having share

capital more than Rs. 50 Crore

• Every Public Company having turnover

more than Rs. 250 Crore

What is Material Unlisted Company?

Ans: “Material Unlisted Subsidiary” means a

subsidiary of a listed company whose income or

net worth exceeds 10 % of the consolidated

income or net worth, respectively, of the

Company and its Subsidiaries in the immediately

preceding accounting year.

What is the format of Secretarial Audit Report?

Format of Secretarial Audit Report will continue

to be MR-3.

Secretarial Audit Under Companies Act, 2013

Applicability:

• Every Listed Entity

• Every Public Company having share

capital more than Rs. 50 Crore

• Every Public Company having turnover

more than Rs. 250 Crore

What is the format of Secretarial Audit Report?

It should be in form no.MR-3 [pursuant to

Section 204(1) of the Companies Act, 2013 and

rule 9 of the Companies (Appointment and

Remuneration personnel) Rules 2014].

Whether Secretarial Compliance Report is

required to be filled with ROC?

It shall annex with its Board’s Report made in

terms of sub-section (3) of section 134, a

secretarial audit report, given by a Company

Secretary in practice, in such form (Form No. MR-

3) as may be prescribed.

“Governance is an act within the gambit of the Act” 2

Source:https://www.sebi.gov.in/legal/circulars/feb-2019/format-for-annual-secretarial-

audit-report-and-annual-secretarial-compliance-report-for-listed-entities-and-their-material-

subsidiaries_42015.html

Whether Secretarial Compliance Report is

required to be filled with ROC?

No. As of now, it is required to be filed only with

Stock Exchanges. However, it is advisable to

attach it in MGT-7 and must be incorporated in

Annual Report after Secretarial Audit Report.

“Governance is an act within the gambit of the Act” 3

HEADS UP ON EVENTS THAT LED TO HEADS TURN IN MARCH 2019

Naresh Goyal agrees to step down as Jet Airways Chairman

Jet Airways founder and chairman Naresh Goyal has agreed to step down from the airline's board and

relinquish decision-making powers, with his shareholding slated to fall below 20% from 51%, multiple

people in the know told ET. Goyal is likely to be replaced on the board by his son, Nivaan, who will

represent his stake. Goyal agreed to this after the airline’s top lender, State Bank of India, in a meeting

on Thursday insisted that Goyal and Etihad Airways, which owns a 24% stake, resolve their stalemate

over shareholding before the airline makes a fresh issue of shares. The share issue is part of a resolution

plan to revive the airline which is facing a cash crunch. Jet and Etihad didn’t respond to emails seeking

comment, before the story went to press. Jet has said it required Rs 8,500 crore, which would be

provided through a mix of equity infusion, debt restructuring and sale, sale and leaseback or

refinancing of aircraft, among other measures. Earlier, banks and the shareholders had agreed to put

in Rs 4,000 crore as equity through a rights issue of shares.

In Wednesday's meeting, this proposed investment was raised to Rs 5,000 crore, said one of the people

cited above. As part of the resolution plan, Jet plans to increase its authorised share capital by 11 times

to Rs 2,200 crore. This would constitute Rs 680 crore of equity capital and Rs 1,520 crore of preference

share capital. Jet lenders will become the largest shareholders in the company, according to the plan.

In the next step, fresh shares will be issued through a rights offer and the shareholding rejigged based

on how much each shareholder subscribes. In the meeting on Thursday, the lenders asked Etihad to

put in a “bridge funding” of Rs 750 crore, but the Abu Dhabi-based airline didn’t agree. On its part,

Etihad demanded a right of first refusal if the lenders want, in future, to sell their shares and exit Jet.

The lenders rejected the demand, the person said. Etihad’s other demand of an exemption from an

open offer if its shareholding crosses the 25% has also not been agreed to yet by India’s capital markets

regulator, Securities and Exchange Board of India. Indian rules mandate an open offer for another 20%

if a shareholder’s ownership crosses 25%. Goyal has refused to provide a personal guarantee for his

shares in the airline for any further debt raising, said another person in the know. Jet has delayed

salaries, grounded planes and defaulted on loans and aircraft lease rentals. On Thursday night, the

company announced to the exchanges that it had grounded six more planes due to non-payment of

rentals to lessors. It in previous statements had admitted to grounding 13 planes.

Source:https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/naresh-

goyal-agrees-to-step-down-as-jet-airways-chairman/articleshow/68211070.cms

“Governance is an act within the gambit of the Act” 4

Credit rating firms come under criticism from RBI

Credit rating firms came under sharp criticism from the Reserve Bank of India (RBI) for failing to identify

financial troubles in various companies, especially in the case of IL&FS. Credit rating firms came under

sharp criticism from the Reserve Bank of India (RBI) for failing to identify financial troubles in various

companies, especially in the case of IL&FS. “RBI said that ratings are supposed to be forward-looking,

but they are always a laggard,” said one of the people quoted above. The central bank is said to have

told credit ratings officials that the abrupt ratings downgrades in recent months have hurt investors

and banks. RBI declined to comment on an email query by ET on the matter Credit Rating agencies

have been criticised for being late in identifying the stress in the IL&FS Group, which defaulted on its

loans from banks, mutual funds and provident funds. Various debt mutual fund schemes saw erosion

in their net asset values, or NAVs, because of the defaults. The crisis soon spread to other non-banking

finance companies — mainly housing finance — which have been struggling to sort out their asset-

liability mismatches. “RBI said one third of the total NPAs (non-performing assets) in the system

stemmed from investment grade ratings,” said one of the persons quoted above. Total stressed assets

are about Rs 12 lakh crore in the banking system. Das was concerned over the “conflict of interest” in

the country’s credit rating agencies, the person said. Globally, rating agencies limit themselves to

ratings and research related to credit ratings.

All other businesses like market research, training, risk solutions are carried out under separate entities

with no common directors, employees and shareholding from the rating entity. In India, the same

rating agency rates and provides valuation opinions to the same set of securities to investors like

mutual funds and provides advisory services. “In many instances, the business origination employees

are also common. In RBI’s view, this is conflict of interest and RBI is looking at suitable regulations to

address this issue,” said one of the persons quoted above. The central bank governor disapproved of

the practice of “rating shopping”— where companies migrate from one rating agency to another for

better ratings. “RBI was also concerned about issues such as rating agency CEOs being part of rating

committees and rating advisors who promise better ratings to an issuer due to their special relationship

with rating agencies,” said the second person quoted above RBI is examining the matter and along with

Sebi, it will bring out regulations to address this, the person said. Though credit rating agencies are

registered with the capital market regulator Sebi, they are jointly regulated by both Sebi and RBI as

these firms rate bank loans which constitute 70% of their business. On short-term instruments like

commercial paper, RBI feels that the ratings do not reflect the pricing these papers command.

Source:https://economictimes.indiatimes.com/news/economy/finance/credit-rating-firms-came-

under-criticism-from-rbi/articleshow/68312205.cms

“Governance is an act within the gambit of the Act” 5

Govt amends SEZ rules to include value addition, tighter norms for renewal, work from home

The government has amended the rules governing special economic zones (SEZ) to include value

addition earning norms along with the existing positive net foreign exchange earning requirement to

setup a unit, and prescribed criteria while renewing its validity. As per the updated rules, the

“prescribed value addition earning requirement” will apply in the proposal to setup a unit in an SEZ,

besides the positive net foreign exchange earning requirement. The government also said that in case

an application is submitted after a period of two months, “reasonableness of the delay shall be

examined on the merits and circumstances of the case”. The new norms come after the Union Cabinet

approved the promulgation of an ordinance that will allow trusts to setup units in these zones. Further,

the export performance, employment generated and any instance of violation norms by the unit would

be considered when its letter of approval is to be renewed. For the purpose of work from home, the

SEZ unit will have to provide laptop or desktop and secured connectivity such as virtual private network

and virtual desktop infrastructure to establish a connection between the employee and work related

to the project. As per the new norms, the SEZ unit also has to ensure that the work from home

employee is not involved in the export of services from outside the unit.

Source:https://economictimes.indiatimes.com/news/economy/policy/govt-amends-sez-rules-to-

include-value-addition-tighter-norms-for-renewal-work-from-home/articleshow/68348024.cms

Khalnayak nahi, Naik hoon main: L&T boss defends Mindtree takeover move

Larsen & Toubro chairman AM Naik said his company was not seeking a hostile takeover of

MindtreeNSE -1.23 % and was open to talks with the IT services firm’s founders to allay their

concerns. “This is no hostile bid. The shareholder approached L&T first—how can that be hostile by us?

We are open to further negotiations with Mindtree—our doors are always open,” he told ET. “L&T has

done much more for its employees than Mindtree for theirs. We formed the L&T employees’ trust,

which owns a sizeable stake in the company. Our culture has been called the best by several studies.

So it is ridiculous to state otherwise.” Naik also responded to remarks by Mindtree cofounder Subroto

Bagchi and others. “Who is Bagchi to ask why L&T cannot build a Mindtree?” he said. “We have built

huge businesses and in the same space too. And we will do what we can to grow our businesses

further.” Naik has so far remained in the background, allowing the L&T’s executive leadership to

engage with stakeholders in Mindtree. After signing a deal to buy long term investor VG Siddhartha’s

20.3% stake, L&T plans to increase it to 66.3% through an open offer and by purchasing shares from

the market. The move has sparked stiff resistance by Mindtree’s founders and employees.

“Governance is an act within the gambit of the Act” 6

The outburst took the leadership of L&T by surprise. The Mindtree promoters, including chairman

Krishnakumar Natarajan, Bagchi, chief operating officer NS Parthasarathy and managing director

Rostow Ravanan, hold a 13.32% stake in the Company. L&T’S NAIK THWARTED TWO HOSTILE

TAKEOVER BIDS Naik, the veteran boss of India’s largest construction and engineering company, is

credited with having thwarted two hostile takeover attempts of L&T , once by Grasim and before that

by the undivided Reliance Industries. He then established the L&T Employees’ Welfare Foundation as

the holder of a significant stake in the company to ringfence it from further takeover bids. The trust

owns about 19% of L&T. ET was the first to report on L&T’s interest in buying Siddhartha’s stake on

January 21.ET first reported the details of the deal on March 18. Naik had previously refrained from

weighing in on the acquisition plan. He told ET a day after the deal was announced that the transaction

was being led by managing director and chief executive officer SN Subrahmanyan, who had been

approached by Siddhartha. The L&T management has stated that Mindtree would be allowed to

operate as an independent entity. The $18 billion engineering conglomerate has two listed technology

companies—L&T Infotech and L&T Technology Services. An L&T board member said Naik’s comments

could go a long way to calm the fears of Mindtree’s founders, although that in no way diminished the

efforts of Subrahmanyan and CFO R Shankar Raman in putting together the deal.

Source:https://economictimes.indiatimes.com/tech/ites/khalnayak-nahi-naik-hoon-main-lt-boss-

defends-mindtree-takeover-move/articleshow/68554423.cms

MCA releases national guidelines on business conduct

The Ministry of Corporate Affairs (MCA) has come up with national guidelines on Responsible Business

Conduct (NGRBC), urging businesses to actualise the principles in letter and spirit. For this purpose, the

National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business,

2011 (NVGS) have also been revised. Some of the principles for NGRBC state businesses should conduct

and govern themselves with integrity in a manner that is ethical, transparent and accountable; provide

goods and services in a manner that is sustainable and safe; respect and promote the well-being of all

employees and the interests of all their stakeholders; and the businesses should respect and promote

human rights. Responsible practices- The MCA has been taking various initiatives for ensuring

responsible business conduct by companies. As a first step towards mainstreaming the concept of

business responsibility, the Voluntary Guidelines on Corporate Social Responsibility were issued in

2009.

“Governance is an act within the gambit of the Act” 7

These guidelines were subsequently revised as NVGS after extensive consultations with business,

academia, civil society organisations and the government. The NVGs were developed based on India’s

socio-cultural context and priorities as well as global best practices. There have been various national

and international developments in the past decade that have nudged businesses to be sustainable and

more responsible, the top most being the United Nations Guiding Principles on Business & Human

Rights (UNGPs). These became the key drivers for further revision of the guidelines. Some of these

include the thrust of Companies Act, 2013 (Act) on businesses to be more mindful of their stakeholders.

The Act casts fiduciary duties on the Directors of a Company (S. 166) requiring them to promote the

objects of the company for the benefit of its members as a whole, and in the best interests of the

company, its employees, the shareholders, the community and for the protection of environment. An

official release said that the MCA is also in the process of developing India’s National Action Plan on

Business & Human Rights (NAP) in consultation with various Ministries and State Governments by

2020. A Zero Draft of India’s NAP demonstrating implementation of the three pillars of UNGPs has also

been released and uploaded on the website of the Ministry, the release added.

Source:https://www.thehindubusinessline.com/companies/mca-releases-national-guidelines-on-

business-conduct/article26523904.ece

Premji commits additional 34% stake worth $7.5 b for philanthropy

Market value of endowment corpus stands at $21 billion. Wipro Chairman Azim Premji has committed

to philanthropy an additional 34 per cent stake in Wipro Ltd belonging to him and valued at ₹52,750

crore ($7.5 billion).

The new commitment is in addition to the 33 per cent Premji had already earmarked for the Azim

Premji Foundation, taking the total market value of the philanthropic endowment corpus to ₹1,45,000

crore ($21 billion). Premji’s total stake in Wipro stands at 74.3 per cent. With the additional

commitment, the Foundation now has economic ownership of 67 per cent of Wipro. What this means

is that all the dividends, bonus and other benefits that accrue to the 67 per cent stake will go towards

the endowment that supports Premji Foundation’s philanthropic activities. “Azim Premji, Chairman of

Azim Premji Foundation, has announced that he has increased his commitment to philanthropy by

irrevocably renouncing more of his personal assets and earmarking them to the endowment that

supports the Foundation’s philanthropic activities.

“Governance is an act within the gambit of the Act” 8

He has done this by additionally earmarking all economic benefits for philanthropic purposes in

approximately 34 per cent of the shares in Wipro Ltd currently valued at ₹52,750 crore ($7.5 billion)

held by certain entities controlled by him,” a statement from the Foundation said on Wednesday.

Premji’s earlier donations to philanthropy included Wipro’s shares as well as other assets owned by

him.

Over the past three years, Premji, through his entities, earned ₹10,115 crore through dividends and

share-buybacks from his entire stake in Wipro. According to the Hurun India Philanthropy List 2018,

Premji and his family contributed ₹113 crore last year. Mukesh Ambani topped the list with

contributions worth ₹437 crore, followed by Ajay Piramal and family’s ₹200-crore contribution. Focus

on education- Established in 2001, the Azim Premji Foundation works mainly in the area of primary

education and supports other not-for-profits working in specific areas through multi-year financial

grants. The Foundation’s extensive fieldwork in education with close partnership with various State

governments helps contribute to the improvement of quality and equity of the public schooling system.

Its field strategy focusses on scaling up a network of institutions at the district and State levels, to

contribute to improvement in the school education system on a continued and sustained basis, the

statement said. The Foundation has also set up the Azim Premji University in Bengaluru that offers

various degree programmes and opportunities to conduct research in several fields of human

development and social importance. Expansion plan- Over the next several years, the activities of the

Foundation are expected to scale up significantly. The team driving the field work in education is

expected to grow significantly from the current 1,600 people, while the university will have 5,000

students with 400 faculty members across multiple programmes. Thereafter, another university in the

North may be set up. The grant-making activities will also continue to expand rapidly, growing three

times from its current levels, supporting work across multiple domains of social importance in India,

said the statement. Giving more- Of Premji’s 74.3 per cent stake in Wipro, 67% is committed to the

endowment that supports Premji Foundation’s philanthropic activities. This means all the dividends,

bonus and other benefits that accrue to the 67 per cent stake will go towards the endowment. The

Foundation works with various State governments to improve the quality and equity of the public

schooling system. It also runs the Azim Premji University in Bengaluru

Source:https://www.thehindubusinessline.com/info-tech/azim-premji-earmarks-52750-cr-to-

philanthropy/article26521383.ece

“Governance is an act within the gambit of the Act” 9

CORPORATE DEVELOPMENT JUDICIAL

Facts: This is a case in which for the first time in India the revival scheme proposed by the “Kamani

Employees Union” [KWU] for the revival of the sick company “Kamani Tubes Ltd” (KTL) was preferred

over the scheme proposed by the promoters of the company. Internal discord gave rise to disputes

and litigations between different branches of a family headed by a pioneering and successful

industrialist in the wake of his demise, which culminated in SLP No. 15228 of 1983 wherein all the

concerned members of the family were impleaded. In this SLP, KEU under CMP No.3805 of 1987

proposed a revival scheme and the promoter proposed a revival scheme under CMP No.22428 of 1988.

Decision: Workers’ scheme of revival approved.

Source: https://indiankanoon.org/doc/1118349/

Facts: Appellant Corporate Debtor is aggrieved of the impugned order passed by the Adjudicating

Authority (NCLT), Mumbai Bench by virtue whereof application of Respondent – Financial Creditor

under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘I&B Code’)

has been admitted, moratorium slapped and Interim Resolution Professional appointed with certain

directions. Before the Adjudicating Authority the Financial Creditor alleged default on the part of the

Case law Navnit R. Kamani & ORS v. R.R. Kamani & ORS [SC]

Decided on September 19, 1988

Legislation Equivalent citations

Brief facts

SICA- section 18- scheme of revival and rehabilitation internal disputes between

promoters- Company became sick takeover of management by employees union-

Supreme Court approves revival scheme proposed by the employees union

Case law Shalini Publicity Creative Pvt. Ltd. v. Dena Bank [NCLAT]

Decided on February 18, 2019

Legislation Insolvency & Bankruptcy Code,2016

Brief facts

section 7- default in repayment of loan by corporate debtor- OTS proposal failed

financial creditor filed petition- NCLT admitted the petition whether correct-Held,

Yes.

“Governance is an act within the gambit of the Act” 10

Corporate Debtor in repayment of facilities granted to the Corporate Debtor to the extent of

Rs.28,15,26,092/-.The Financial Creditor relied upon the ‘sanction letter’ dated 26th December, 2015

in terms whereof facilities comprising of cash credit, term loan and bank guarantee accumulated at

Rs.14,69,00,000/- were granted to the Corporate Debtor, repayment whereof was secured by various

security documents. Financial Creditor also relied upon the ‘statement of accounts’ substantiating its

claim with regard to the amount in respect whereof default was alleged.

Decision: Appeal dismissed.

Source:https://ibbi.gov.in/webadmin/pdf/order/2019/Feb/18th%20Feb%202019%20In%20the%20m

atter%20of%20Shalini%20Publicity%20Creative%20Pvt.%20Ltd.%20vs%20Dena%20Bank%20%5BCA(

AT)(Insolvecny)%20153-2019%5D_2019-02-20%2011:23:42.pdf

“Governance is an act within the gambit of the Act” 11

FROM THE GOVERNMENT

Relaxation from requirement to furnish a copy of PAN for transfer of equity shares of listed entities

executed by non-residents

1. Para (A)(1) of Schedule VII of SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015 (“LODR”) specifies that the transferee(s) as well as transferor(s) shall furnish a copy of their PAN

card to the listed entity for registration of transfer of securities.

2. It has been brought to the notice of SEBI that many nonresidents such as Non-Resident Indians

(NRIs), Overseas Citizens of India (OCIs), Persons of Indian Origin (PIOs) and foreign nationals have been

facing difficulties in transferring shares held by them since many of them do not possess PAN card.

3. In order to address the difficulties faced by such investors, it has been decided to grant relaxation to

non-residents (such as NRIs, PIOs, OCIs and foreign nationals) from the requirement to furnish PAN

and permit them to transfer equity shares held by them in listed entities to their immediate relatives

subject to the following conditions:

a. The relaxation shall only be available for transfers executed after January 01, 2016.

b. The relaxation shall only be available to non-commercial transactions, i.e. transfer by way of gift

among immediate relatives.

c. The non-resident shall provide copy of an alternate valid document to ascertain identity as well as

the non-resident status. For the purpose of Para 3(b) above, the term “immediate relative” shall have

the same meaning as defined in Regulation 2(1)(l) of SEBI (Substantial Acquisition of Shares and

Takeovers) Regulations, 2011.

4. This circular is being issued in exercise of powers conferred under Section11(1) of the Securities and

Exchange Board of India Act, 1992, read with Regulation 101 and 102 of the LODR to address the

difficulties faced by investors in transfer of physical shares.

5. The Stock Exchanges are advised to bring the provisions of this circular to the notice of Listed Entities

and also to disseminate the same on their websites.

Source:https://www.sebi.gov.in/legal/circulars/feb-2019/relaxation-from-requirement-to-furnish-a-

copy-of-pan-for-transfer-of-equity-shares-of-listed-entities-executed-by-non-residents_42043.html

“Governance is an act within the gambit of the Act” 12

SAVE OUR ENVIRONMENT

“Water ATM”

If only water were dispensed like cash at a water ATM. It would save us the trouble of looking for a

shop that sells bottled water, or a local tap to quench our thirst. It would even prevent the wastage of

thousands of plastic bottles. This means that we’d be able to get a quick drink of aqua while

simultaneously reducing our carbon footprint. Wouldn’t that be amazing?! It is, thanks to one start-up.

Decentrik Technologies – a social start-up that’s looking to transform how we access water. The

Lucknow start-up is aimed at making green technology as ubiquitous and low-cost as possible. In line

with this is its ‘Waah‘mobile water ATM. The system actually dispenses 250 ml of water for just Rs 2.

Looking like fancy tempos, the ATMs also provide recycled and reusable paper glasses. A smart

roadside drinking water dispenser, the innovation is as creative as it is useful. So, we don’t just save

plastic from bring wasted in the form of bottles, but also as cups. What’s more is that Decentrik has

ensured its system does not lead to carbon emissions.

But, these aren’t the only features that make the system worthy of its Waah title. The start-up’s mobile

ATMs are also IoT-based. They also pack a number of built-in high-fidelity sensors. Moreover, the

system is integrated with GPS, and is also a form of cloud-based technology. The mobile water ATMs

also incredibly feature real-time displays of water quality. Finally, the ATMs will even shut down by

themselves if there is any breach of set standards. And of course, to add to it all, there’s also an app

that works to help you locate a Waah ATM when you’re parched. So nifty!

“Governance is an act within the gambit of the Act” 13

Decentrik Technologies has created a system that could very well be ground-breaking. According to

the futuristic beverage-vending solutions provider, its innovation could prevent the accumulation of

approx 1,550-3,500 kgs of plastic waste each year. Promising hygiene, affordability and convenience,

the start-up’s Waah mobile water ATMs are already receiving a Rs 50 lakh seed funding from the Indian

Institute of Technology, Kanpur (IIT-Kanpur). If all goes well, we might soon see an ingenious water

ATM in a location near us. Until then, we wish the Decentrik team the very best as they continue in their

aim to quench India’s thirst. One thing’s for sure though – they’re definitely making the country go Waah!

Source: http://www.networkedindia.com/2017/03/31/water-atm-reducing-plastic-waste-quenching-

thirst-just-rs-2/

Disclaimer: Views and other contents expressed or provided by the contributors are their own and the firm does not

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contents published in this newsletter. All rights are reserved. For Private circulation, only. © 2019 J Sundharesan