TUESDAY, 7 MARCH 2017

COMPANIES: PURSUIT OF PROFIT��12 SPORTS: THE GREAT GAMES��20AROUND THE WORLD��17

BENNETT, COLEMAN & CO. LTD.THE ECONOMIC TIMES

WWW.ECONOMICTIMES.COM

Tata Cos to Rejig SupplyChains to Leverage GST

Trump Signs Revised TravelRestrictions, Exempts Iraq

Pujara, Rahul Give India a 126-run lead Against Aussies

Special Purpose Vehicle to Free Air India of Debt in the WorksAir India may soon become a debt-free company

with the government looking at an option to

transfer all its debt and assets into a special

purpose vehicle (SPV). This idea was discussed

in a meeting called by minister of state for

aviation Jayant Sinha with bank and Air India

officials in Mumbai last month and the airline is

working on the modalities.

Companies: Pursuit of Profit��13

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Punjab National Bank Looks to Sell7% Stake in PNB Housing FinanceState-run Punjab National Bank is looking to sell

around 7% stake in mortgage lender PNB Hou-

sing Finance. The New Delhi-based bank has

already received interest from some players,

including private equity investors. At current

price, a 7% stake in the newly listed company

will fetch nearly .̀1,200 crore.

Economy: Macro, Micro & More��15

Inside story

Do you think the H-1B plan has beenreduced to a cheap labour move?

www.economictimes.com

Should banks be allowed to charge cashtransactions in the name of digital push?

TODAY’S QUESTION

73%YES

20%NO

7%CAN’T SAY

0.74

0.75

0.57

0.37

0.13

-0.17

-0.47

-0.69

% CHANGE

Re/US $

Gold Std*

Silver (`/kg)

Brent ($)

*(`/10gm) Compiled by ETIG Database

Nifty

Sensex

BSE Midcap

BSE Smallcap

LAST

8,963.45

29,048.19

13,485.27

13,670.73

66.72

29,550.00

42,800.00

54.62

Market Tracker

Petitioners don’t have

required 10% stake;

NCLT to decide today

if it will grant waiver

Mistry’s ouster as chairman ofholding company Tata Sons onOctober 24. Ratan Tata took thehelm as interim chairman befo-re N Chandrasekaran assumedfull-time duties on February 21.

The Mistry family’s Shapoor-ji Pallonji Group holds an18.4% stake in Tata Sons.

Legal Battle Looms��19

Our Bureau

Mumbai: Cyrus Mistry’s chal-lenge against Ratan Tata in theNational Company Law Tribu-nal (NCLT) seemed to fizzle outafter it said on Monday that theMistry family’s firms aren’tqualified to file a petition alle-ging mismanagement of TataSons and oppression of mino-rity shareholders.

“The petitioners have failed toconvince the court that the app-lication is maintainable,” saidBSV Kumar, presiding memberof NCLT. A shareholder needs astake of at least 10% to file a peti-tion in NCLT, according to theCompanies Act, 2013. However,the quasi-judicial body will de-cide on Tuesday whether therequirement can be waived.

Tata Sons argued that CyrusInvestments and Sterling In-vestment Corporation hold only2.17% of the total share capitalin the form of equity and prefe-rence shares of Tata Sons. Mist-ry’s office declined to comment.

Filed in December last year,the main petition alleged opp-ression of minority sharehol-der rights and mismanagementat the Tata Group in the wake ofthe row that erupted following

SETBACK FOR CYRUS MISTRY CAMP

Fizzling Out?

NCLT SAYS MISTRY PETITION NOT MAINTAINABLE

MARCH 6

Mistry fi rms move NCLTalleging oppression ofminority rights at Tata Sons

DEC 20, 2016

NCLT refuses interim reliefto Mistry, demands proof

DEC 22

Mistry moves NCLAT to protectboard seat

FEB 2NCLAT rejects petition, but rules to hear case maintain-ability fi rst

FEB 3

Mistry fi les contempt of court petition, says Tata Sons can’t remove him from board

JAN 11, 2017

NCLT dismisses Mistry’spetition on contempt of court

JAN 18

NCLT Says MistryCos not Qualifiedto Challenge Tatas

The central government wants to turn the milk cooper-

ative system cashless, with awards to help make the

churn smoother, reports Aman Sharma. ��PAGE 19

Milk Co-ops Urged to Go Cashless

Our Bureau

New Delhi:The Delhi High Courttold former Ranbaxy promotersMalvinder and Shivinder Singhthat they will have to seek its per-mission before selling any of the-ir unencumbered assets. That co-uld complicate reported plans tosell stakes in companies such asFortis Healthcare and their Reli-gare units, although the courtdidn’t pass any outright injunc-tion against such an exercise.

The Singhs, engaged in a courtbattle against Daiichi Sankyo, ha-ve also been directed to furnishdetails of all unencumbered as-sets to ascertain that they will ha-ve enough funds to cover an arbit-ration award of more than .̀ 2,500crore granted to the Japanesedrug maker by a Singapore tribu-nal last year.

The Court of Arbitration inSingapore had granted the awardto Daiichi as damages for not dis-closing relevant information to

the Japanese company during thesale of Ranbaxy Laboratories.The Singh brothers are contes-ting this arbitration award in theDelhi High Court.

Justice S Muralidhar told thebrothers and 17 other respon-dents in the case that they had notcorrectly followed his previousorder on January 23 to disclose a

detailed list of unencumbered as-sets that could be considered du-ring the enforcement trial. Thejudge was hearing an applicationby Daiichi to block the Singhs’ re-ported stake-sale plan becausethey had not disclosed these par-ticulars.

Details Within a Week��19

Singh Bros Must SeekHC Nod to Sell AssetsCourt directs duo to furnish details of unencumbered assets in order

to ascertain they have enough funds to cover Daiichi Sankyo award

India has emerged as one of

Netflix's three largest mo-

bile phone markets around

the world, the video stream-

ing service's CEO Reed

Hastings said, adding that

the US company wants to

set up a full-fledged office here, invest in creating

content and open up more payment platforms for

consumers, as it steps up its presence in the coun-

try, reports Gulveen Aulakh. The company wants

to be the first to eliminate buffering while at the

same time working on technology that enables

content to stream on speeds of 100 kbps.��5

India Among Top ThreeMobile Mkts for Netflix

India’s top tech entrepre-

neurs are teaming up to back

an early-stage venture fund

—pi Ventures — that will

invest exclusively in star-

tups using artificial intelli-

gence, machine learning and

the Internet-of-things, reports J Vignesh. Flip-

kart’s Binny Bansal, Deep Kalra of MakeMyTrip,

Hero Corporate Services’ Sunil Munjal and Info

Edge’s Sanjeev Bikhchandani are among those

backing the fund as it raises the first $13 million

from a targetted corpus of $30 million. The new

fund has also received capital from SIDBI.��6

Tech Titans PourMoney into AI Fund

A Lot At StakeFortis Healthcare Market Cap

`9,417.83CRORE

Religare Enterprises Market Cap

`4,018.77CRORE

Singh brothers hold 62.9% stake; 77.4% pledged

In talks withTPG, Bain to sell controlling stake

Singh Broshold 50.93%stake; 77.6% pledged

In talks with several financial/strategic investors to sell parts of business

RHC Holdings had debt of `4,700 crore as on March 31, 2016

PM Narendra

Modi left no stone

unturned to win

over voters with an unprec-

edented reachout to the

masses through road

shows, public meetings,

visits to temples and ash-

rams as well as promises to

various sections like farm-

ers and the poor.��2

PM Modi, BJPGo All Out to Woo Masses

Pure Politics

By visiting the Lal

Bahadur Shastri

Memorial at Ramna-

gar, PM Modi delivered two

messages in one stroke: first,

an election eve message to the

people of Varanasi by playing

on Shastri’s legacy; second, a

googly at Congress leadership,

reports CL Manoj.��2

Modi’s Visit toShastri MemorialA Masterstroke

The SC has hinted

that the case of

criminal conspiracy

in the Babri Masjid demoli-

tion case against the then BJP

brass could be revived and

there could be a joint trial. A

court bench said it would not

accept any discharge on

technical grounds and could

ask CBI to file a supplemen-

tary chargesheet.��4

Babri CriminalConspiracy Casemay be Revived

THE MAN BEHIND TAMO’SDRIVE INTO SPORTS CARS ��PAGE 18

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