March 31, 2020 National Stock Exchange of India Limited “Exchange Plaza”, Bandra – Kurla Complex, Bandra East Mumbai – 400 051 NSE Symbol: AMARAJABAT

BSE Limited Corporate Relations Department, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001 BSE SCRIP CODE: 500008

Dear Sirs, Sub: Disclosure under Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the copy of the notices published in the Business Line and Eenadu on March 31, 2020, regarding dispatch of postal ballot notice and postal ballot form to the members of the Company. We request you to kindly take the same on record and acknowledge the same. Thanking you, Yours faithfully For Amara Raja Batteries Limited M R Rajaram Company Secretary

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CHENNAI

6 BusinessLine TUESDAY • MARCH 31 • 2020NEWS

D RAVI KANTH

Geneva, March 30

The developing and poorestcountries, including India,would need $2.5 trillion frominternational financial organ-isations, particularly the Inter-national Monetary Fund, forcombating the Covid-19 pan-demic, the United NationsConference on Trade and De-velopment (Unctad) warnedon Monday

In a report titled, “TheCovid-19 Shock to DevelopingCountries,” Unctad’s updatedTrade and Development re-port has revealed that “in thetwo months since the virusbegan spreading beyondChina, developing countrieshave taken an enormous hit interms of capital outflows,growing bond spreads, cur-rency depreciations and lostexport earnings, includingfrom falling commodityprices and declining touristrevenues.”

The Trade and DevelopmentReport suggested that devel-oping countries have taken anenormous hit in terms of cap-ital outflows, growing bondspreads, currency depreci-ations and lost export earn-ings, including from fallingcommodity prices and declin-

ing tourist revenues, follow-ing the Covid-19’s relentlessmarch around the world.

According to the TDR’s(Trade and Development Re-port) latest update, portfolioor hot money outflows frommajor emerging economiessurged to $59 billion duringFebruary and March due tothe Covid-19 pandemic.

In contrast, during the 2008financial crisis, the outflow ofportfolio funds was only $26billion. Consequently, the val-ues of currencies of emergingeconomies, including India,against dollar fell downsteeply between 5 per centand 25 per cent since the be-ginning of this year.

The latest TDR update, pre-pared by the Unctad’s macro-economic division led byRichard Kozul-Wright, hassuggested that “there is broadagreement that the global eco-nomy will contract given thesudden stop to large swathesof activity and the resultingincome loss in the manufac-turing and services sectorsacross most advanced coun-tries and China, combinedwith the adverse effects on fin-ancial markets, consumption(through both income andwealth effects), investment

confidence, internationaltrade and commodity prices.”The update is based on its“Global Policy Model” that “es-timates a boost to the nationalincomes of advanced econom-ies and China of about $1.4 tril-lion in 2020, substantiallysmaller than the headline val-ues of the packages.”

US ‘rescue’ packageThe US has already declared astimulus package — which isreferred to as the disaster re-lief package by several eco-nomists will have “a positiveimpact not only on their owneconomies but the world eco-nomy as well.”

“Although this will, in alllikelihood, not prevent aglobal contraction this year itshould (hopefully) avert therecession turning in to a pro-longed depression,” the TDRupdate suggested. It argued

that the so-called rescue pack-age should also contribute tostemming the fall in the pricesof both financial assets andcommodities and will par-tially alleviate the negativegrowth impact from the crisison developing countries.

In contrast, the developingcountries, including India,“face distinct pressures andconstraints which make it sig-nificantly harder for them toenact effective stimuluswithout facing binding for-eign exchange constraints.”

Moreover, developing coun-tries like India “do not issue in-ternational reserve curren-cies, they can only obtainthem through exports or salesof their reserves.” Further, thedeveloping countries such asIndia would need “significantimports of equipment, inter-mediate goods, know-howand financial business ser-vices” for their exports.

Also, “the financial turmoilfrom this crisis has alreadytriggered sharp currency de-valuations in developingcountries, which makes servi-cing their debts and payingfor necessary imports for theirindustrial activity far moreonerous,” the TDR’s latest up-date argued.

Developing nations need $2.5 trillion to fightCovid-19 impact, says Unctad report

WXThe US rescue package,

which will help both the

US and the world

economy, may not be

able to prevent a global

contraction but a larger

recession may be

averted, says the report

OUR BUREAU

New Delhi, March 30

The government on Mondaysaid that it has releasedaround ₹10,000 crore formaking payments to employ-ees of Bharat Sanchar NigamLtd (BSNL) and MahanagarTelephone Nigam Ltd (MTNL)towards the VRS, leave encash-ment, EPF and other relatedpayments.

BSNL and MTNL are work-ing diligently to make pay-ments to their employees whohave recently opted for VRS.BSNL has released ₹4,100crore exgratia payment on Fri-day and ₹4,900 crore for leaveencashment on Monday, itsaid.

Similarly, MTNL has also re-

leased ₹1,050 crore towardspayment of leave encash-ment, EPF, CPF and gratuity.

Over 78,300 BSNL employ-ees and 14,378 at MTNL had op-ted for VRS.

Review meetingRavi Shankar Prasad, Ministerof Communications, conduc-ted a review meeting throughvideo conferencing withStates in which Secretary(Telecom), CMDs of BSNL andMTNL, Secretary (Posts) andDG (Posts) were present.

At the State level, CGM(BSNL), DDG (DoT) and CPMGswere also present.

“It was emphasised uponthat posts and telecom are es-sential services and they must

be maintained without any in-terruption. DDG, DoT presentat all the State headquartersare also asked to coordinatewith corresponding State gov-ernments for resolving theirissues with other telecom op-erators like Airtel, RJio andVodafone Idea,” a governmentstatement said.

It was also instructed thatfull cooperation and assist-ance should be extended to allState governments for main-taining their communication

network. Also their emer-gency requirements for estab-lishing and maintaininghelplines/ IVR systems, con-trol rooms, hospitals, ambu-lance services should be takenup on priority.

The Minister noted thatAadhaar-enabled paymentsystem which enables peopleto get payment from any bankat their doorstep should beimplemented with full force.Similarly, working of postalATMs should be ensured to al-low continuation of essentialservices.

“Several States which areimplementing DBT and cashdelivery at the doorstep forvarious State government wel-fare schemes like Widow andOld-age pension should im-plement these schemeswithin the stipulated timeframe,” it added.

Govt releases ₹10,000 crore forVRS payments of BSNL, MTNL Telecom Minister asks States to resolve

issues with Airtel, Jio and Voda-Idea

Telecom Minister Ravi Shankar

Prasad PTI

OUR BUREAU

New Delhi, March 30

Taking into account the con-straints faced by Special Eco-nomic Zone (SEZ) units and de-velopers in their operationsduring the on-going lockdownto control Covid-19 spread, thegovernment has extended re-laxations on various compli-ances including filing of peri-odic progress reports andextension of letters of approval.

“In view of the sudden out-break of Covid19 pandemic andthe nationde lockdown, mostgovernment offices are closedand a few involved in emer-gency services are functioningwith skeletal staff.

“The Department of Com-merce has therefore decided toprovide suitable relaxations oncompliances to be met by units/

developers/codevelopers ofSEZ,” according to an internalnote circulated to all develop-ment commissioners (DCs) ofthe zones.

The relaxations will apply onthe requirements to filequarterly progress report at-tested by independentchartered engineers by de-velopers/codevelopers, fillingof SOFTEX form by IT/ITES unitsand filing of annual perform-ance reports by SEZ units.

“There will also be extensionof Letter of Approvals whichmay expire, in the cases of de-velopers/codevelopers who arein the process of developingand operationalising the SEZ,units which are likely to com-plete their five-year block forNet Foreign Exchange assess-ment and units which are yet to

commence operations,” as perthe note.

‘Ensure no hardship’DCs of SEZs have been directedto ensure that no hardship iscaused to developers,codevelopers and units and nopunitive action is taken in caseswhere any compliance is notmet during the lockdownperiod.

To the extent possible, all ex-tensions of LoAs and othercompliances should be facilit-ated through electronic modein a timebound manner, thenote stated.

In the cases where it is notpossible to grant extensionthrough electronic mode or incases where a physical meetingis required, DCs have beenasked to ensure that developersand units do not face any hard-ship due to expiry of validityduring this period of disrup-tion.

Centre eases compliance normsfor SEZs during lockdownLetters of Approval that expire to beextended; filing of progress report relaxed

OUR BUREAU

New Delhi, March 30

Oil marketing companiesIndian Oil, Bharat Petro-leum and Hindustan Pet-roleum have announcedan ex-gratia amount of ₹5lakh each for the kin ofstaffers engaged in LPGdistribution in the eventof a demise due toCovid-19.

This one-time specialmeasure is for the unfor-tunate case of demise ofpersonnel like Show-roomStaff, Godown-keepers,Mechanics and Deliveryboys attending duty in theLPG distributorship chaindue to the infection andimpact of Covid-19, an offi-cial statement said. In atweet, Oil Minister, Dhar-mendra Pradhan, said,“Welcome the humanit-arian decision taken by In-dian Oil, BPCL and HPCL.This gesture of goodwill isa recognition of the ser-vices rendered by our per-sonnel in these tryingtimes.”

₹5 lakh ex-gratia tokin of LPG deliverystaff who succumb to Covid-19 KR SRIVATS

New Delhi, March 30

The Insolvency and BankruptcyBoard of India (IBBI) has nowruled that the 21-day nationallockdown period will not becounted for the purpose oftimeline of completion of anyactivity under the corporate in-solvency resolution process(CIRP) regulations.

However, the overalltimeline prescribed under theInsolvency and BankruptcyCode (IBC) such as 180 days, 270days or 330 days will remainand has to be adhered to, saidIBBI.

The insolvency regulator hasallowed an extension in thetimelines of various activitiessuch as invitation, submissionand verification of claims, pre-paration of memorandum,constitution of the committeeof creditors, appointment ofresolution professionals to re-place interim resolution pro-fessional and invitation and re-ceipt of expression of interestand resolution plans.

“The overall timeline forcompleting the CIRP, however,remains unchanged and can beextended only by an amend-

ment to the IBC or judicially bythe Supreme Court,” GauravGupte, Partner, Cyril Am-archand Mangaldas, toldBusinessLine.

Going ahead, the regulatormay have to consider extend-ing timelines for specific activ-ities in respect of lockdownsimposed by State governmentsor local governments as well, hesaid. For instance, it may not bepossible to complete valuationif the area where the assets ofthe company are situated con-tinues to be in lockdown evenafter the national lockdown islifted, said Gupte. The IBBI mayalso consider extendingtimelines under liquidationregulations, he added.

Aseem Chawla, ManagingPartner, ASC Legal, said that thelatest IBBI move highlights themuch-needed respite due topreventive lockdown and sug-

gests that the lockdown periodwould not be reckoned in calcu-lating the time limit envisionedin the resolution process for ac-complishment of various tasksprovided the overall time limitis met.

Misha, Partner, Shardul Am-archand Mangaldas & Co, a lawfirm, added that timelinesprovided under the IBC havenot been relaxed — the CIRP hasto be completed within aperiod of 180 days extendableup to 270 days. Also, the entireCIRP including legal proceed-ings have to be completedwithin period of 330 days,Misha added.

NCLAT moveMeanwhile, the National Com-pany Law Appellate Tribunal(NCLAT) on Monday said thatthe lockdown period, includ-ing the period as may be exten-ded in whole or part of thecountry where the registeredoffice of the company may belocated, would be excluded forcounting CIRP period for caseswhere CIRP has been initiatedand pending before any benchof NCLT or in appeal beforeNCLAT.

Lockdown period not to be counted forcertain corporate insolvency timelines

WXThe overall timeline

prescribed under the

IBC, such as 180 days,

270 days or 330 days will

remain and has to be

adhered to, said IBBI

OUR BUREAU

New Delhi, March 30

The timeline for the sixth bidround under the open acre-age license (OALP) has beenextended because of theCovid-19 lockdown.

In a notification, the Direct-orate General of Hydrocarbonsaid, “In view of the lockdowndue to Covid-19 the EoI (ex-pression of interest) cycle for

OALP Round VI (ending March31, 2020) and Round VII (end-ing July 31, 2020) shall standmerged. Bidding roundwould be launched based onEoIs received till July 31, 2020.”

Under the OALP bid rounds,companies identify the areasthey want to explore oil andgas during the EoI rounds.These identified areas arethen put up for bidding by the

DGH. In 2019, the EoI submis-sion cycle under the OALP bidrounds was increased fromtwo to three in a year.

The first window is fromApril 1 to July 31, the secondfrom August 1 to November 30and the third from December1 to March 31.

The bids under OALPRound-V were launched onJanuary 14 and the bid sub-

mission closing date wasApril 16, 2020.

The Ministry of Petroleumand Natural Gas had signedcontracts for seven blocks,awarded under OALP BidRound-IV in January 2020.

The bidding round closedon October 31, 2019. After eval-uation, all 7 blocks were ap-proved for award to ONGC, anofficial statement had said.

Timeline extended for sixth round of OALP

PRESS TRUST OF INDIA

New Delhi, March 30

Fitch Solutions on Monday cutits estimate for India’s GDPgrowth in the fiscal startingApril 1 to 4.6 per cent due toweaker private consumptionand contraction in investmentamid the coronavirusoutbreak.

The growth estimate for2020-21 fiscal (April 2020 toMarch 2021) compares with a4.9 per cent forecast in the cur-rent 2019-20 that ends onTuesday.

“At Fitch Solutions, we are re-vising India’s FY2020/21 (April-March) real GDP growth fore-cast to 4.6 per cent, from 5.4 percent previously, which reflectsour view for a slowdown fromour FY2019/20’s estimate of 4.9per cent,” the rating agencysaid.

Consumption headwindsIt said despite the ₹1.7-lakhcrore economic package an-nounced recently, private con-sumption growth would comeunder strong headwinds in thecoming months. The lowergrowth estimate, it said, is “dueto weaker private consump-tion and a contraction in in-

vestments, although a highernet exports contribution andhigher government consump-tion should help blunt the eco-nomic blow from Covid-19”.

Risks to the forecast are stillon the downside, given that theoutbreak in India, as suggestedby its relatively low number ofreported Covid-19 infectionsappears to be just beginning.

The number of cases repor-ted “still appear improbablylow” especially consideringthat India is the world’s second-most populous nation with apopulation of over 130 crore.

“A weak healthcare system,with already stretched medicalfacilities, will also inhibit In-dia’s ability to ‘flatten the infec-tion curve’, which informs ourview for a sharp negative im-pact to the economy overH1FY2020/21 at least,” Fitch said.“As such, we expect the out-break to worsen significantlyover the coming months.”

Fitch Solutions joins achorus of international agen-cies that have made a similarcut in growth estimates in re-cent days. Standard and Poor’slast week cut its estimate for In-dia’s GDP growth in 2020-21 to5.2 per cent from 6.5 per cent.

...with a 4.6% forecast,Fitch a tad more optimistic

PRESS TRUST OF INDIA

Mumbai, March 30

Domestic credit ratingagency India Ratings (Ind-Ra) on Monday cut its FY21growth forecast to 3.6 percent amid coronavirus-re-lated worries.

It has assumed that a fullor partial lockdown will con-tinue till end of April andeconomic activities will begradually restored only afterMay.

The report comes amid acrippling impact on eco-nomic activity due to thethree-week lockdown tillApril 14 which is expected toonly aggravate the diffi-culties around growth thatwere existing before the pan-demic. Some watchers arealso estimating for a con-traction of the economy inthe June quarter.

Ind-Ra said it expects In-dia to clock a 2.3 per centgrowth for the June quarter,down from its expectation ofa 4.7 per cent gross domesticproduct (GDP) expansion inMarch quarter. The agency

said the initial and visibleimpact of the spread of theCovid-19 pandemic on theeconomy has been the dis-ruption in the production ofselect manufacturing sec-tors due to the breakdown ofsupply chain, near-collapseof the tourism, hospitalityand aviation sectors and arise in the work load of thehealthcare sector.

Small businesses have be-gun to witness cash flow dis-ruptions.

However, some of the ser-vices sectors such as finan-cial services, informationtechnology and IT-enabledservices have greater flexibil-ity in operations and theyhave quickly readjusted and/or are readjusting their oper-ations by allowing employ-ees to work from home, itsaid. A changed outlook ofinvestors has led to a hugeoutflow of capital and therupee has come under in-tense pressure, it said, point-ing that wealth erosionwould impact the consump-tion levels.

Ind-Ra slashes FY21growth forecast to 3.6%...

OUR BUREAU

New Delhi, March 30

Prime Minister NarendraModi interacted with 130 In-dian Heads of Missions pos-ted in various countries onMonday to discuss theCovid-19 situation andidentify the role of Missionsin procuring medicine andmedical products.

“The PM wanted the IndianMissions to share their per-spectives on how other coun-tries were handling the issueand whether India couldsource medicine and otheritems from these countries,” asource told BusinessLine.

Modi appreciated the ef-forts put in by Indian Mis-sions, especially in placeswhere evacuations have beenarranged under difficult cir-cumstances and also at otherplaces where Indian Missionshave been taking care of thestranded Indians.

PM discussessourcing ofmedicines withHeads of Missions