The Economic Times - Mumbai, 2017-12-21 Page: 19The Economic Times - Mumbai, 2017-12-21 Cropped page...
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The Economic Times - Mumbai, 2017-12-21 Cropped page Page: 19 Copyright 2016 Olive Software 2017-12-20 22:30:54 19 WWW.ECONOMICTIMES.COM Economy: Macro, Micro & More THE JUDGEMENT DAY The special CBI court is likely to pronounce the judgement in the 2G scam on Thursday, which rocked the telecom sector some years ago and played a major part in cementing the UPA government’s reputation of being corrupt. The case involved allocation of 122 telecom licences, bundled with spectrum, at prices determined in 2001 on a first-come-first-served basis by then telecom minister A Raja in 2008. The Comptroller and Auditor General said that by not auctioning these airwaves, the government suffered a notional loss of `1.76 lakh crore. CBI pegged the loss at `30,984 crore. The Supreme Court declared the system of allocating airwaves faulty and cancelled the 122 licences belonging to nine telcos in 2012. ET takes a look at those accused of being involved in the scam and the charges against them: BUREAUCRATS According to the CBI charge sheet, Behura conspired with Raja and others to prevent telecom companies from physically filing applications. Allegations Criminal breach of trust by a public servant (Section 409), criminal conspiracy (Section 120-B), cheating (Section 420) and using a forged document as genuine (Sections 471), booked under the Prevention of Corruption Act for criminal misconduct. Charges SIDDHARTH BEHURA TELECOM SECRETARY From Jan 2008 to Sep 2009, during which the licences were granted (In late 2008) Criminal conspiracy (Section 120 B), booked under the Prevention of Corruption Act for criminal misconduct. Charges According to the CBI charge sheet, Chandolia, like Behura, conspired with Raja and others to prevent telecom companies from physically filing applications. Allegations RK CHANDOLIA RAJA’S PVT SECRETARY WHEN THE LICENSES WERE GRANTED GAUTAM DOSHI FORMER GROUP MD, RELIANCE ANIL DHIRUBHAI AMBANI GROUP HARI NAIR SENIOR VICE-PRESIDENT, RELIANCE ANIL DHIRUBHAI AMBANI GROUP Criminal conspiracy to cheat (Section 420 with 120-B), abetment to crime (Section 109) Charges SURENDRA PIPARA SENIOR VP, RELIANCE ANIL DHIRUBHAI AMBANI GROUP Reliance Telecom Ltd (RTL), the telecom arm of Reliance ADAG, had used Swan Telecom Pvt. Ltd. an ineligible firm, as front company to get the 2G licences and airwaves in 14 circles. CBI alleged that R-ADAG funded STPL through a “circuitous route”. (R-ADAG has since been renamed Reliance Group.) Allegations VINOD GOENKA MD, DB REALTY AND SWAN TELECOM SHAHID BALWA CORPORATE PROMOTER, DB REALTY AND SWAN TELECOM Creating false documents during invest- igation for use during court proceedings (Section 193), criminal conspiracy to cheat (Section 420 with 120B), booked under Prevention of Corruption Act for abetment to illegal gratification. Charges STPL acted as a front company for RTL to apply for 2G licences and spectrum. Allegations KARIM MORANI CORPORATE PROMOTER & DIRECTOR, CINEYUG FILMS ASIF BALWA DIRECTOR, KUSEGAON FRUITS AND VEGETABLES RAJIV AGARWAL DIRECTOR, KUSEGAON FRUITS AND VEGETABLES Creating false documents during investigation for use during court proceedings (Section 193), booked under Prevention of Corruption Act for abetment to illegal gratification Charges SHARATH KUMAR MANAGING DIRECTOR, KALAIGNAR TV Morani-owned Cineyug Films was used by Shahid Balwa to channel `200 cr illegally to Kalaignar TV. Shahid Balwa and Vinod Goenka transferred the money to Kuse- gaon Fruits & Vegetables, where Balwa’s younger brother Asif was a director. Kuse- gaon then transferred it to Cineyug Films & Morani transferred it to Kalaignar TV. Allegations EXECUTIVES RAVI RUIA VICE-CHAIR, ESSAR GROUP ANSHUMAN RUIA DIRECTOR, ESSAR GROUP Criminal conspiracy to cheat (Section 420 with 120-B) Charges SANJAY CHANDRA FORMER UNITECH WIRELESS MD Accused by CBI of colluding with Raja to benefit from the 2008 allocation of spectrum at throwaway prices. After getting spectrum in early 2008 by paying the government Rs 1,658 crore entry fee, Unitech sold 67.25% of the telecom business to Telenor of Norway for Rs 6,120 crore, valuing it at `9,100 crore, more than five times the entry fee. Allegations IP KHAITAN CORPORATE PROMOTER, LOOP TELECOM Criminal conspiracy (Section 120 B) and cheating (Section 420) Charges KIRAN KHAITAN CORPORATE PROMOTER, LOOP TELECOM The CBI has accused Essar of using Loop Telecom as a “front” to secure 2G licences in 2008, thereby cheating the Department of Telecommunications (DoT). Allegations VIKAS SARAF DIRECTOR OF STRATEGY & PLANNING, ESSAR GROUP POLITICIANS A CBI charge sheet alleged that Raja conspired with the accused and arbitrarily changed the first-come, first- served policy to ensure that Swan Telecom Pvt. Ltd. (STPL) and Unitech received licences. Criminal breach of trust by a public servant (Section 409), criminal conspiracy (Section 120-B), cheating (Section 420), forgery for purpose of cheating (Section 468), using a forged document as genuine (Section 471), booked under Prevention of Corruption Act for criminal misconduct and illegal gratification. Charges A . RAJA DMK (THEN TELECOM MINISTER) Allegations M. K. KANIMOZHI DMK MP Criminal conspiracy (Section 120-B) and booked under the Prevention of Corruption Act for illegal gratification by a public servant. Charges Allegations The CBI alleges that Kanimozhi, majority shareholder of Kalaignar TV and daughter of DMK chief M Karunanidhi, conspired with Raja to route Rs 200 crore from DB Realty and Swan Telecom cofounder Shahid Balwa to the TV company in return for grant of spectrum to Swan Telecom. Kanimozhi was charged with tax evasion by the income tax department in Chennai. The Indian Banks Association has so- ught removal of Minimum Alternate Tax (MAT) for new investors appre- hending depressed bids. Industry wants that if any outstanding liabili- ty, inclusive of any accrued interest, is waived in accordance with the app- roved resolution plan, the waived amount should not be subject to MAT. The budget may also consider exemp- ting companies bidding in the same sector from competition law provi- sions. The government is also keen that buyers of stressed assets be trea- ted on par with the secured borrowers. The law also needs to clearly define related parties to the insolvent entity or promoters. This is because the law as it currently stands effectively bans every related entity from participa- ting in the resolution process. The committee reviewing the IBC is headed by corporate affairs secretary and Insolvency & Bankruptcy Board chairman MS Sahoo. The committee is also looking at lar- ger issues emanating out of the imp- lementation of the IBC such as those related to property buyers after some real estate developers landed at the National Companies Law Tribunal. There is a demand that buyers should be given a high priority in the resolu- tion process. The Insolvency and Bankruptcy Code was passed in May 2016 and its implementation started in December 2016. ET had earlier re- ported that the government could al- low promoters of stressed MSMEs to bid for their own companies. “There are very few interested bid- ders for such (MSMEs) companies and hence many of them are heading towards liquidation, with very low re- alisation for lenders,” said Manoj Ku- mar, Partner & Head – M&A and Insol- vency Resolution Services, calling for immediate measure to address this. “The suppliers (operational credi- tors) of such companies would not get anything under liquidation as liqui- dation values would not be sufficient even for secured lenders.” Another issue that could be conside- red when the ordinance is brought to Parliament is to allow corporate gua- rantors of insolvent companies to participate in the resolution process if they have honoured the guarantee or the same has not been invoked. Give Investors MAT Relief: IBA From Page 1 Nielsen provides quarterly data as well as a moving annual total for the last 12 months. While the overall market grew 17% in the year, Haldiram’s pace was fas- ter at nearly 30%, in contrast with 10- 12% during 2012-16. It added nearly Rs 1,000 crore of incremental sales in the year to September. “There was a sharp increase in raw material prices for several snacking products, especially nuts. However, we maintained our price tag and ab- sorbed losses, which helped us gain share not just from existing players but also the unorganised segment since the price differential narrowed down,” said Kamal Agarwal, 43, a fo- urth-generation member of the foun- ding family. “Consumers are also cor- relating healthy food with Indian snacks and namkeen but chips are perceived to be unhealthy.” Haldiram is split into three geog- raphic entities — Haldiram Manu- facturing (north), Haldiram Foods (west and south) and Haldiram Bhu- jiawala (east). Nielsen said it cannot verify or vali- date brand-specific numbers as these are confidential for clients. PepsiCo said it wouldn’t comment on “country-specific market share or analyst reports” but maintains its ranking. Comparisons wouldn’t be apt owing to the difference in pro- duct categories. “In the salty snacks segment, we continue to be the leaders, which is al- so the fastest-growing category in overall snacks,” a spokesperson said. “In the western salty category, with strong double-digit growth, Lay’s has been our fastest-growing food brand in the last year on account of premiu- misation and innovation with Lay’s Maxx and Shapes. In the nachos cate- gory, we scaled our presence with the ‘Made in India’ Doritos, and the pro- duct is seeing strong preference and traction amongst consumers. We ha- ve further expanded our salty snacks portfolio last year with Kurkure Tri- angles, which is also growing in doub- le digits.” In the past few years, branded nam- keen varieties such as dal, chivra, bhujia and nuts have been increasing their contribution within the overall snacks market worth Rs 21,600 crore. Traditional snacks now account for more than half the market with both multinationals and homegrown com- panies pushing namkeen into the hinterland with attractive packaging and pricing. The overall snacks market is divi- ded into four sub-segments — tradi- tional snacks such as namkeen, bhu- jia and nuts; western ones such as po- tato chips; riblon and gathia, which has brands such as Kurkure; and ex- truded, which includes cheese balls among other snacks. Haldiram’s Growth Faster at Nearly 30% From Page 1 Tata declined to comment on the story and Anandan rema- ined unavailable to respond to ET’s queries. Boheco’s Pan- dya said his company would have greater clarity on pro- duct development next year, and expects that based on the regulatory process, the first products to hit the market will be for palliative care. “It could take from one year up to four years or more befo- re the product is cleared and hits the market,” he told ET. Jahan Peston Jamas, cofo- under of Boheco said the company reached another milestone this year with the creation of nano carbon, a form of renewable energy from the hemp fibre, making it one of the only Asian star- tups to be invited to join the Singularity University Acce- lerator in California. In 2016, cannabis-related startups raised $66.3 million in venture capital funding, mostly in the US. Globally, the cannabis market is expected to hit $31.4 billion by 2021, with the US currently driving 90% of the sales, according to a recent report from the Brightfield Group. In recent years, China has also increa- sed its focus on hemp cultiva- tion, with the China Hemp Research Centre being set up in Beijing. Boheco has seen active inter- est from the state govern- ments of Uttarakhand, UP and a few other states for can- nabis cultivation permits. Most recently, the startup was invited by the governor of Hi- machal Pradesh to collaborate with the state to foster com- mercial use for hemp, accor- ding to company executives. Active Interest from Some States From Page 1 Following the recent Gujarat elections, in which the ruling Bharatiya Janata Party lost support in rural areas, the govern- ment has said it will seek to address the concerns of farmers. That’s likely to see an intensified focus on boosting the rural eco- nomy in the run-up to the general election in 2019, before which several key states will be going to the polls. Officials in the food ministry said states such as West Bengal, Uttar Pradesh and Bi- har are also increasingly focusing on di- rect procurement of produce from far- mers as Punjab, Haryana and Madhya Pra- desh had done earlier. To ensure that far- mers get the benefit of MSP fixed by the Centre on important commodities grown in a particular season, Paswan said state governments have been asked to set up mo- re centres and step up procurement. In the past, the government relaxed quali- ty norms in terms of moisture content for grain such as wheat and rice during procu- rement drives, Paswan said. “These mea- sures, at a time when farmers are in dis- tress, are being undertaken to ensure re- munerative prices are given to them for their produce,” he said. Food ministry officials said MSP has be- en increasing annually with a thrust on pulses and oilseeds. “Annually, the MSP for kharif pulses has increased by over 7% to 8% and for rabi pulses it’s been over 10% annually,” an offi- cial said. “Also, wheat prices have seen an annual 6% increase and 4.5% in rice MSP.” Agriculture minister Radha Mohan Singh had told ET on Monday that the go- vernment will intensify farmer welfare schemes and ensure their effective imple- mentation as well as the payment of MSP. “Our initiatives to double farmer income and raise production will gain more speed,” he had said. “Some states are not doing eno- ugh for procurement and giving support prices. The Centre will keep putting pressu- re that farmers should get MSP.” Focus on Boosting Rural Economy From Page 1 Deepali.Gupta @timesgroup.com Mumbai: The Karnataka High Court last week allowed a ship loaded with petroleum products to set sail, averting an energy crisis in Mauritius. The island nation recently lost a Singapore arbitration award to local shipping company Beta- max worth $120 million. Beta- max sought to attach the fuel worth nearly $40 million from ONGC’s Mangalore refinery meant to be shipped to Mauriti- us to recover its dues. That sent diplomatic chan- nels in both countries chur- ning and prompted the inter- vention of the Indian foreign ministry in the high court, se- eking time for a bench in Mau- ritius to decide on the award’s enforceability. A challenge to the award in the Mauritius Supreme Court is to be heard in March. Additional solicitor general Prabhuling Navadgi argued that exports go from India to Mauritius every month and shipments can be attached even at a later date, but the cur- rent hold-up had led to a crisis in the island nation and was straining ties with India. The Karnataka High Court accepted the government’s ar- gument and vacated a stay pre- venting export of the products to Mauritius. The Pacific Dia- mond is now ready to sail to its destination. The Mauritius State Trading Corporation was represented by prominent arbitration lawy- er Hiroo Advani, while Betamax was represented by Benoit Chambers of Mauritius and Shardul Amarchand. ONGC, Advani and Chambers didn’t respond to queries. Navadgi told the court that Mauritius had been forced to source petroleum products from other countries, inclu- ding Saudi Arabia, on an ur- gent basis. “We are not saying don’t hono- ur the award, but just that the Mauritius government isn’t at risk of not paying,” he said. Pending a decision by the Mau- ritius Supreme Court, atta- ching assets would be prematu- re, he said, indicating that the Indian courts may look to that ruling for cues. Betamax, which primarily ships oil from Mangalore to Mauritius, got its contract under the previous regime in Mauritius. The deal was cancelled when the regime changed. The com- pany challenged the cancella- tion and won the $120-million award. Betamax then filed su- it in India to attach the petrole- um products, which belong to the Mauritius State Trading Corporation from the time they are loaded onto the ship. Since India is a signatory to the New York convention of arbitra- tion, the immediate response was to stay the shipment and grant Betamax recovery rights. Mauritius depends entirely on India for oil products and only has a reserve of about 30 days, said an expert. It has a tie-up with ONGC subsidiary Manga- lore Refinery and Petrochemi- cals for fuel supplies. OIL DIPLOMACY Stay Lifted on Petro Exports from ONGC Refinery to Mauritius PRABHULING NAVADGI Additional Solicitor General We are not saying don't honour the award, but just that the Mauritius govern- ment isn't at risk of not paying Export ban had forced the island nation to buy petro products from other countries Government of India - Ministry of Railways -if 3! T. IT W W TLPZW rr ..rte- z _ .. Research Designs and Standards Organisation Be an active partner i Nation-Building Help your Country Upgrade and Evolve into a Technological and Logistics Powerhouse Join the Critical Supply the Chain of by being an Efficient , Reliable and Viable Lifeline to the t ' C assemblies and components provider for Indian Railways for its existing and futuristic needs. Enterprising minds are urged to visit www.rdso .indianrailways.gov.in and register with RDSO, the technical powerhouse DI Indian Railways, for a lasting partnership in Nation Bui d ng. PITHAMPUR AUTO CLUSTER Z Corporate Office : 126, Kanchan Baugh (Opp. Hotel Crown Palace), Indore Phone : (0) 0731-4972122 , Email-md [email protected] NOTICE INVITING TENDER NO. 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Madhyam/87908/2017 MANAGING DIRECTOR FORM-A PUBLIC ANNOUNCEMENT [Under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 20161 FOR THE ATTENTION OF THE CREDITORS OF RUCHI SOYA INDUSTRIES LIMITED Relevant particulars I Name of Corporate Debtor Ruchi Soya Industries Limited 2 Date of incorporation ofcorporatedebtor January 6, 1986 3 Authority underwhich corporate debtor is RegislrarofCompanies , Maharashtra (Mumbai) incorporated I registered undertheCompaniesAct , 1956 4 Corporate identity number/ limited liabi ity L15140MH1986PLC038536 identification number of corporate debtor 5 Address of the registered office and Registered Office: Ruchi House. Royal Palms, prindpaloffice (if any)ofcofporate debtor Survey No. 169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (East) Mumbai 400065, Maharashtra, India 6 Insolvency commencement date in 15th December, 2017 respect of corporate debtor 7 Estimated date ofclosure of insolvency 180 days from date of commencement of resolution Process resolution process 8 Name, address, email address and the Name: ShalendraAjmera registration number ofthe interim Address. EY Restructuring LLP resolution professional 3rd Floor, Worldmark 1, IGI Airport Hosptality District, Aerocity, New Delhi, 110037 Registraton No. IBBI/IPA-001/lP-P00304/2017-18/10568 Email id: l[email protected] 9 Last date for submission of claims 29th December, 2017 Notice is hereby given that the National Company Law Tribunal has ordered the commencement of a corporate insolvency resolution process against Ruchi Soya Industries Limited on 15th December , 2017 The creditors of Ruchi Soya Industries Limited, are hereby called upon to submit a proof of their claims on or before 29th December, 2017 to the interim resolution professional at the address mentioned against item 8, The financial creditors shall submit their proof of claims by electronic means only. The operational creditors, including workmen and employees, may submit the proof of claims in person, by post or electronic means. The submission of proof of claims is to be made in accordance with Chapter IV of the Insolvency and Bankruptcy Board of India (Insolvency resoluton process for corporate persons) Regulations. 2016. The proof of claims is to be submitted by way of the following specifed forms: Form B- for Claims by operational creditors Form C- for claims by financial creditors Form D- for claims by workmen and employees In order to get a copy of the form, you may download the above mentioned forms from the website www.ibbi.gov.in and Insolvency and Bankruptcy Board of India (Insolvency resolution process for corporate persons) Regulations, 2016 Submission offalse or misleading proofs of claim shall attract penalties. Shailendra Ajmera IP Registration No. IBBIIIPA-O01/1P-P0030412017- 18110568 Ruchi Soya Industries Limited (a company unde' corporate insolvency resolution process vide NCLT order dated December 15, 2017) Date and Place: 21st December 2017, Mumbai ` iGROUP 1 1 'G r r ; INDIA Discover how to make your 7-9 Feb 2018 products KTPO Whitefield Bengaluru 200+ Exhibitors 10,000+ Visitors
Transcript of The Economic Times - Mumbai, 2017-12-21 Page: 19The Economic Times - Mumbai, 2017-12-21 Cropped page...
The Economic Times - Mumbai, 2017-12-21 Cropped page Page: 19
Copyright 2016 Olive Software 2017-12-20 22:30:54
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Economy: Macro, Micro & More
THE JUDGEMENT DAYThe special CBI court is likely to pronounce the judgement in the 2G scam on Thursday, which rocked thetelecom sector some years ago and played a major part in cementing the UPA government’s reputation of
being corrupt. The case involved allocation of 122 telecom licences, bundled with spectrum, at prices determinedin 2001 on a first-come-first-served basis by then telecom minister A Raja in 2008. The Comptroller and Auditor General said that by not auctioning these airwaves, the government suffered a notional loss of `1.76 lakh crore.
CBI pegged the loss at `30,984 crore. The Supreme Court declared the system of allocating airwavesfaulty and cancelled the 122 licences belonging to nine telcos in 2012. ET takes a look at those
accused of being involved in the scam and the charges against them:
BUREAUCRATS
According to the CBI charge sheet, Behura conspired with Raja and others to prevent telecom companies from physically filing applications.
Allegations
Criminal breach of trust by a public servant (Section 409), criminal conspiracy (Section 120-B), cheating (Section 420) and using a forged document as genuine (Sections 471), booked under the Prevention of Corruption Act for criminal misconduct.
Charges
SIDDHARTH BEHURATELECOM SECRETARYFrom Jan 2008 to Sep 2009, during which the licences were granted (In late 2008)
Criminal conspiracy (Section 120 B), booked under the Prevention of Corruption Act for criminal misconduct.
Charges
According to the CBI charge sheet, Chandolia, like Behura, conspired with Raja and others to prevent telecom companies from physically filing applications.
Allegations
RK CHANDOLIARAJA’S PVT SECRETARYWHEN THE LICENSES WERE GRANTED
GAUTAM DOSHIFORMER GROUP MD, RELIANCE ANIL DHIRUBHAI AMBANI GROUP
HARI NAIRSENIOR VICE-PRESIDENT, RELIANCE ANIL DHIRUBHAI AMBANI GROUP
Criminal conspiracy to cheat (Section 420 with 120-B), abetment to crime (Section 109)
Charges
SURENDRA PIPARASENIOR VP, RELIANCE ANIL DHIRUBHAI AMBANI GROUP
Reliance Telecom Ltd (RTL), the telecom arm of Reliance ADAG, had used Swan Telecom Pvt. Ltd. an ineligible firm, as front company to get the 2G licences and airwaves in 14 circles. CBI alleged that R-ADAG funded STPL through a “circuitous route”. (R-ADAG has since been renamed Reliance Group.)
Allegations
VINOD GOENKAMD, DB REALTY AND SWAN TELECOM
SHAHID BALWACORPORATE PROMOTER,DB REALTY AND SWAN TELECOM
Creating false documents during invest-igation for use during court proceedings (Section 193), criminal conspiracy to cheat (Section 420 with 120B), booked under Prevention of Corruption Act for abetment to illegal gratification.
Charges
STPL acted as a front company for RTL to apply for 2G licences and spectrum.
Allegations
KARIM MORANICORPORATE PROMOTER& DIRECTOR, CINEYUG FILMS
ASIF BALWADIRECTOR,KUSEGAON FRUITS AND VEGETABLES
RAJIV AGARWALDIRECTOR, KUSEGAON FRUITS AND VEGETABLES
Creating false documents during investigation for use during court proceedings (Section 193), booked under Prevention of Corruption Act for abetment to illegal gratification
Charges
SHARATH KUMARMANAGING DIRECTOR,KALAIGNAR TV
Morani-owned Cineyug Films was used by Shahid Balwa to channel `200 cr illegally to Kalaignar TV. Shahid Balwa and Vinod Goenka transferred the money to Kuse-gaon Fruits & Vegetables, where Balwa’s younger brother Asif was a director. Kuse-gaon then transferred it to Cineyug Films &Morani transferred it to Kalaignar TV.
Allegations
EXECUTIVES
RAVI RUIAVICE-CHAIR,ESSAR GROUP
ANSHUMAN RUIADIRECTOR, ESSAR GROUP
Criminal conspiracy to cheat (Section 420 with 120-B)
Charges
SANJAY CHANDRAFORMER UNITECH WIRELESS MD
Accused by CBI of colluding with Raja to benefit from the 2008 allocation of spectrum at throwaway prices. After getting spectrum in early 2008 by paying the government Rs 1,658 crore entry fee, Unitech sold 67.25% of the telecom business to Telenor of Norway for Rs 6,120 crore, valuing it at `9,100 crore, more than five times the entry fee.
Allegations
IP KHAITANCORPORATE PROMOTER, LOOP TELECOM
Criminal conspiracy (Section 120 B) and cheating (Section 420)
Charges
KIRAN KHAITANCORPORATE PROMOTER, LOOP TELECOM
The CBI has accused Essar of using Loop Telecom as a “front” to secure 2G licences in 2008, thereby cheating the Department of Telecommunications (DoT).
Allegations
VIKAS SARAFDIRECTOR OF STRATEGY & PLANNING, ESSAR GROUP
POLITICIANS
A CBI charge sheet alleged that Raja conspired with the accused and arbitrarily changed the first-come, first-served policy to ensure that Swan Telecom Pvt. Ltd. (STPL) and Unitech received licences.
Criminal breach of trust by a public servant (Section 409), criminal conspiracy (Section 120-B), cheating (Section 420), forgery for purpose of cheating (Section 468), using a forged document as genuine (Section 471), booked under Prevention of Corruption Act for criminal misconduct and illegal gratification.
Charges
A. RAJADMK(THEN TELECOMMINISTER)
Allegations
M. K. KANIMOZHIDMKMP
Criminal conspiracy (Section 120-B) and booked under the Prevention of Corruption Act for illegal gratification by a public servant.
Charges
Allegations
The CBI alleges that Kanimozhi, majority shareholder of Kalaignar TV and daughter of DMK chief M Karunanidhi, conspired with Raja to route Rs 200 crore from DB Realty and Swan Telecom cofounder Shahid Balwa to the TV company in return for grant of spectrum to Swan Telecom. Kanimozhi was charged with tax evasion by the income tax department in Chennai.
The Indian Banks Association has so-ught removal of Minimum AlternateTax (MAT) for new investors appre-hending depressed bids. Industrywants that if any outstanding liabili-ty, inclusive of any accrued interest,is waived in accordance with the app-roved resolution plan, the waivedamount should not be subject to MAT.
The budget may also consider exemp-ting companies bidding in the samesector from competition law provi-sions. The government is also keenthat buyers of stressed assets be trea-ted on par with the secured borrowers.
The law also needs to clearly definerelated parties to the insolvent entityor promoters. This is because the lawas it currently stands effectively bansevery related entity from participa-ting in the resolution process.
The committee reviewing the IBC isheaded by corporate affairs secretaryand Insolvency & Bankruptcy Boardchairman MS Sahoo.
The committee is also looking at lar-ger issues emanating out of the imp-lementation of the IBC such as thoserelated to property buyers after some
real estate developers landed at theNational Companies Law Tribunal.There is a demand that buyers shouldbe given a high priority in the resolu-tion process. The Insolvency andBankruptcy Code was passed in May2016 and its implementation startedin December 2016. ET had earlier re-ported that the government could al-low promoters of stressed MSMEs tobid for their own companies.
“There are very few interested bid-ders for such (MSMEs) companiesand hence many of them are headingtowards liquidation, with very low re-alisation for lenders,” said Manoj Ku-mar, Partner & Head – M&A and Insol-vency Resolution Services, calling forimmediate measure to address this.
“The suppliers (operational credi-tors) of such companies would not getanything under liquidation as liqui-dation values would not be sufficienteven for secured lenders.”
Another issue that could be conside-red when the ordinance is brought toParliament is to allow corporate gua-rantors of insolvent companies toparticipate in the resolution processif they have honoured the guaranteeor the same has not been invoked.
Give Investors MAT Relief: IBA��From Page 1
Nielsen provides quarterly data aswell as a moving annual total for thelast 12 months.
While the overall market grew 17%in the year, Haldiram’s pace was fas-ter at nearly 30%, in contrast with 10-12% during 2012-16. It added nearly Rs1,000 crore of incremental sales in theyear to September.
“There was a sharp increase in rawmaterial prices for several snackingproducts, especially nuts. However,we maintained our price tag and ab-sorbed losses, which helped us gainshare not just from existing playersbut also the unorganised segmentsince the price differential narroweddown,” said Kamal Agarwal, 43, a fo-urth-generation member of the foun-ding family. “Consumers are also cor-relating healthy food with Indiansnacks and namkeen but chips areperceived to be unhealthy.”
Haldiram is split into three geog-raphic entities — Haldiram Manu-facturing (north), Haldiram Foods(west and south) and Haldiram Bhu-jiawala (east).
Nielsen said it cannot verify or vali-date brand-specific numbers as theseare confidential for clients.
PepsiCo said it wouldn’t commenton “country-specific market shareor analyst reports” but maintainsits ranking. Comparisons wouldn’tbe apt owing to the difference in pro-
duct categories.“In the salty snacks segment, we
continue to be the leaders, which is al-so the fastest-growing category inoverall snacks,” a spokesperson said.“In the western salty category, withstrong double-digit growth, Lay’s hasbeen our fastest-growing food brandin the last year on account of premiu-misation and innovation with Lay’sMaxx and Shapes. In the nachos cate-gory, we scaled our presence with the‘Made in India’ Doritos, and the pro-duct is seeing strong preference andtraction amongst consumers. We ha-ve further expanded our salty snacksportfolio last year with Kurkure Tri-angles, which is also growing in doub-le digits.”
In the past few years, branded nam-keen varieties such as dal, chivra,bhujia and nuts have been increasingtheir contribution within the overallsnacks market worth Rs 21,600 crore.Traditional snacks now account formore than half the market with bothmultinationals and homegrown com-panies pushing namkeen into thehinterland with attractive packagingand pricing.
The overall snacks market is divi-ded into four sub-segments — tradi-tional snacks such as namkeen, bhu-jia and nuts; western ones such as po-tato chips; riblon and gathia, whichhas brands such as Kurkure; and ex-truded, which includes cheese ballsamong other snacks.
Haldiram’s GrowthFaster at Nearly 30%��From Page 1 Tata declined to comment on
the story and Anandan rema-ined unavailable to respondto ET’s queries. Boheco’s Pan-dya said his company wouldhave greater clarity on pro-duct development next year,and expects that based on theregulatory process, the firstproducts to hit the marketwill be for palliative care.
“It could take from one yearup to four years or more befo-re the product is cleared andhits the market,” he told ET.
Jahan Peston Jamas, cofo-under of Boheco said thecompany reached anothermilestone this year with thecreation of nano carbon, aform of renewable energyfrom the hemp fibre, makingit one of the only Asian star-tups to be invited to join theSingularity University Acce-
lerator in California. In 2016, cannabis-related
startups raised $66.3 millionin venture capital funding,mostly in the US. Globally, thecannabis market is expectedto hit $31.4 billion by 2021,with the US currently driving90% of the sales, according toa recent report from theBrightfield Group. In recentyears, China has also increa-sed its focus on hemp cultiva-tion, with the China HempResearch Centre being set upin Beijing.
Boheco has seen active inter-est from the state govern-ments of Uttarakhand, UPand a few other states for can-nabis cultivation permits.Most recently, the startup wasinvited by the governor of Hi-machal Pradesh to collaboratewith the state to foster com-mercial use for hemp, accor-ding to company executives.
Active Interest from Some States��From Page 1
Following the recent Gujarat elections, inwhich the ruling Bharatiya Janata Partylost support in rural areas, the govern-ment has said it will seek to address theconcerns of farmers. That’s likely to see anintensified focus on boosting the rural eco-nomy in the run-up to the general electionin 2019, before which several key states willbe going to the polls.
Officials in the food ministry said statessuch as West Bengal, Uttar Pradesh and Bi-har are also increasingly focusing on di-rect procurement of produce from far-mers as Punjab, Haryana and Madhya Pra-desh had done earlier. To ensure that far-mers get the benefit of MSP fixed by theCentre on important commodities grownin a particular season, Paswan said stategovernments have been asked to set up mo-re centres and step up procurement.
In the past, the government relaxed quali-ty norms in terms of moisture content forgrain such as wheat and rice during procu-rement drives, Paswan said. “These mea-sures, at a time when farmers are in dis-tress, are being undertaken to ensure re-munerative prices are given to them fortheir produce,” he said.
Food ministry officials said MSP has be-en increasing annually with a thrust onpulses and oilseeds.
“Annually, the MSP for kharif pulses hasincreased by over 7% to 8% and for rabipulses it’s been over 10% annually,” an offi-cial said. “Also, wheat prices have seen anannual 6% increase and 4.5% in rice MSP.”
Agriculture minister Radha MohanSingh had told ET on Monday that the go-vernment will intensify farmer welfareschemes and ensure their effective imple-mentation as well as the payment of MSP.
“Our initiatives to double farmer incomeand raise production will gain more speed,”he had said. “Some states are not doing eno-ugh for procurement and giving supportprices. The Centre will keep putting pressu-re that farmers should get MSP.”
Focus on BoostingRural Economy ��From Page 1
Mumbai: The KarnatakaHigh Court last week allowed aship loaded with petroleumproducts to set sail, averting anenergy crisis in Mauritius.
The island nation recently losta Singapore arbitration awardto local shipping company Beta-max worth $120 million. Beta-max sought to attach the fuelworth nearly $40 million fromONGC’s Mangalore refinerymeant to be shipped to Mauriti-us to recover its dues.
That sent diplomatic chan-nels in both countries chur-ning and prompted the inter-vention of the Indian foreignministry in the high court, se-eking time for a bench in Mau-ritius to decide on the award’senforceability. A challenge tothe award in the MauritiusSupreme Court is to be heardin March.
Additional solicitor generalPrabhuling Navadgi arguedthat exports go from India toMauritius every month andshipments can be attachedeven at a later date, but the cur-rent hold-up had led to a crisisin the island nation and wasstraining ties with India.
The Karnataka High Courtaccepted the government’s ar-gument and vacated a stay pre-venting export of the productsto Mauritius. The Pacific Dia-mond is now ready to sail to itsdestination.
The Mauritius State TradingCorporation was representedby prominent arbitration lawy-er Hiroo Advani, while Betamaxwas represented by BenoitChambers of Mauritius andShardul Amarchand.
ONGC, Advani and Chambersdidn’t respond to queries.
Navadgi told the court thatMauritius had been forced tosource petroleum productsfrom other countries, inclu-ding Saudi Arabia, on an ur-gent basis.
“We are not saying don’t hono-ur the award, but just that theMauritius government isn’t atrisk of not paying,” he said.Pending a decision by the Mau-ritius Supreme Court, atta-ching assets would be prematu-re, he said, indicating that theIndian courts may look to thatruling for cues.
Betamax, which primarilyships oil from Mangalore toMauritius, got its contractunder the previous regime inMauritius.
The deal was cancelled whenthe regime changed. The com-pany challenged the cancella-tion and won the $120-millionaward. Betamax then filed su-it in India to attach the petrole-um products, which belong tothe Mauritius State TradingCorporation from the timethey are loaded onto the ship.
Since India is a signatory to theNew York convention of arbitra-tion, the immediate responsewas to stay the shipment andgrant Betamax recovery rights.Mauritius depends entirely onIndia for oil products and onlyhas a reserve of about 30 days,said an expert. It has a tie-upwith ONGC subsidiary Manga-lore Refinery and Petrochemi-cals for fuel supplies.
OIL DIPLOMACY
Stay Lifted on PetroExports from ONGCRefinery to Mauritius
PRABHULING NAVADGIAdditional Solicitor General
We are not sayingdon't honour theaward, but just thatthe Mauritius govern-ment isn't at risk ofnot paying
Export ban had forcedthe island nation tobuy petro productsfrom other countries
CCI NG 3.7 Product: ETMumbaiBS PubDate: 21-12-2017 Zone: MumbaiCity Edition: 1 Page: ETMCP19 User: nawzer.patch Time: 12-20-2017 23:36 Color: CMYK
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NOTICE INVITING TENDERNO. PAGAN DORE/ TENDER/2017-18/313 Date : 20.12.2017Online tender is invited for the work of Rs. 152.81 lacs ofProcurement , Supply, Installation and Commissioning ofMachines for Pithampur Auto Cluster , Indore at its TrainingCentre (ATITC), 113/2-B, Hamiya Khedi, Mhow on online portalwww.mpeproc.gov.in. The last date of purchase of tender is06.01.2018 and bid submission is 08.01.2018. This is short NITand the detailed could be seen on online portal. Tender can bepurchased online from date 21.12.2017 at 10.30 A.M.M.P. Madhyam/87908/2017 MANAGING DIRECTOR
FORM-APUBLIC ANNOUNCEMENT
[Under Regulation 6 of the Insolvency and Bankruptcy Board of India (InsolvencyResolution Process for Corporate Persons) Regulations, 20161
FOR THE ATTENTION OF THE CREDITORS OF RUCHI SOYA INDUSTRIES LIMITEDRelevant particulars
I Name of Corporate Debtor Ruchi Soya Industries Limited2 Date of incorporation ofcor poratedebtor January 6, 19863 Authority underwhich corporate debtor is RegislrarofCompanies , Maharashtra ( Mumbai)
incorporated I registered undertheCompaniesAct , 19564 Corporate identity number/ limited liabi ity L15140MH1986PLC038536
identificat ion number of corporate debtor5 Address of the registered office and Registered Office: Ruchi House . Royal Palms ,
prindpaloffice (if any)ofcofporate debtor Survey No . 169 , Aarey Milk Colony, Near MayurNagar, Goregaon (East) Mumbai 400065,Maharashtra , India
6 Insolvency commencement date in 15th December , 2017respect of corporate debtor
7 Estimated date ofclosure of insolvency 180 days from date of commencement ofresolution Process resolution process
8 Name , address , email address and the Name: ShalendraAjmeraregistration number ofthe interim Address. EY Restructuring LLPresolution professional 3rd Floor, Worldmark 1, IGI Airport Hosptality
District, Aerocity, New Delhi, 110037Registraton No.IBBI/IPA-001/lP-P00304/2017-18/10568Email id: [email protected]
9 Last date for submission of claims 29th December , 2017Notice is hereby given that the National Company Law Tribunal has ordered thecommencement of a corporate insolvency resolution process against Ruchi Soya IndustriesLimited on 15th December , 2017The creditors of Ruchi Soya Industries Limited , are hereby called upon to submit a proof oftheir claims on or before 29th December , 2017 to the interim resolution professional at theaddress mentioned against item 8,The financial creditors shall submit their proof of claims by electronic means only. Theoperational creditors, including workmen and employees, may submit the proof of claims inperson, by post or electronic means.The submission of proof of claims is to be made in accordance with Chapter IV of theInsolvency and Bankruptcy Board of India ( Insolvency resoluton process for corporatepersons) Regulations . 2016. The proof of claims is to be submitted by way of the followingspecifed forms:
Form B- for Claims by operational creditorsForm C- for claims by financial creditorsForm D- for claims by workmen and employees
In order to get a copy of the form , you may download the above mentioned forms from thewebsite www .ibbi.gov .in and Insolvency and Bankruptcy Board of India (Insolvency resolutionprocess for corporate persons) Regulations, 2016Submission offalse or misleading proofs of claim shall attract penalties.Shailendra AjmeraIP Registration No. IBBIIIPA-O01/1P-P0030412017 - 18110568Ruchi Soya Industries Limited(a company unde' corporate insolvency resolution process vide NCLT order datedDecember 15, 2017)Date and Place : 21st December 2017 , Mumbai
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