OPINION, P8 EDITORIAL COMPANIES, P6 Bankers, NBFCs, fintechs and apps, all at FE Best Banks INTERNATIONAL, P16 RAJAT KATHURIA WILFUL DEFAULTER BREXIT NEGOTIATIONS When 70% Indians have no internet, let’s get the net first, net neutrality can wait Vijay Mallya faces $1.5-bn worldwide freezing order in UK Britain, EU clinch divorce deal to move talks onto trade NEW DELHI, SATURDAY, DECEMBER 9, 2017 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOLUME XLIII NO. 241, 22 PAGES, `8.00 (PATNA `9.00, RAIPUR `10.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E READ TO LEAD SENSEX: 33,250.30 ▲ 301.09 NIFTY: 10,265.65 ▲ 98.95 NIKKEI 225: 22,811.08 ▲ 313.05 HANG SENG: 28,639.85 ▲ 336.66 `/$: 64.46 ▲ 0.11 `/€: 75.66 ▲ 0.41 BRENT: $63.27 ▲ $1.07 GOLD: `28,492 ▼ `250 IN THE NEWS 'GST panel needs fresh mandate to review states’ revenue position' GST COUNCIL MEMBER Sushil Modi said on Friday that the empowered committee (EC) on GST needs a fresh mandate to review states’ revenue position and taxing powers over resources outside the new tax, reports fe Bureau in Kolkata. He said the Centre did not give the panel a mandate to discuss issues like states’ revenue position and taxing powers post-GST. He said there are resources outside GST that need to be administered. The council should be empowered to recommend best practices and given taxing powers in respect of the states or centrally-sponsored schemes or devolution, Modi said. AI seeks `1,500-cr loan; third time since September DEBT-LADEN AIR INDIA is looking at raising short-term loans of `1,500 crore to meet urgent working capital requirements, reports PTI. This is the third time since September that the disinvestment-bound national carrier is seeking a bridge loan. In September, it had mopped up `3,250 crore and in October `1,500 crore. STERN AND SWIFT ACTION Centre takes over builder Unitech NCLT suspends board; govt to name own directors; firm later approaches tribunal challenging its order FE BUREAU New Delhi, December 8 IN ONE OF the sternest actions ever on an erring corporate, the government and the National Company Law Tribunal on Friday acted in harmony and in quick succession to suspend the board of debt-ridden realty firm Unitech and replace it with an interim set-up consisting of government nominees.Aprominent precedent of annulling a corporate board was the January2009 order of the then Company Law Board, the predecessor of NCLT, allowing the government to take overthe management control of Satyam Computer Services following a huge financial fraud that rattled corporate India. While barring the nine existing directors of Unitechwith immediate effect, a two-member tribunal bench headed by chairman justice MM Kumardirected ACTION-PACKED DAY ■ Ministry of corporate affairs moves NCLT to take over management control of Unitech, alleges massive financial irregularities, funds diversion ■ MCA says Unitech owed `723 crore to 51,000 fixed deposit holders, failed to deliver 19,000 flats ■ NCLT suspends firm’s board, asks MCA to appoint its 10 nominees; Unitech lawyers not present ■ Hours after NCLT order, Unitech challenges it, citing SC's October 30 order restraining other fora from passing coercive orders against it ■ Tribunal remains firm on suspension, but allows newly constituted board to comply with SC order to deposit `750 crore by December-end ■ Both MDs of Unitech — Sanjay Chandra and his brother Ajay Chandra — are behind bars since April in an alleged forgery case ■ 4,688 home buyers are claiming a refund of `1,865 crore from Unitech in SC the government to submit its 10 names to the board byDecember 20,the next date of hearing. Earlier,the ministryof corporate affairs had approached the NCLT to take over the management of Unitech, alleging mismanagement and siphoning of funds by the management. On hearing the company a few hours after the initial order was issued, the tribunal asked the firm to file a reply to the government’s petition. The firm had said the tribunal was not informed by the government of a Supreme Court bar on any coercive action against it. Continued on Page 2 RUNNING RECORD Home run after a run for their money FE BUREAU Mumbai, December 9 UNION ROAD TRANSPORT and highways minister Nitin Gadkari will give awaythe country’s most coveted banking awards — FE BestBanksAwards—inIndia’sfinancialcapitaltoday.Applauding thewinnerswillbethewho’swho of the banking and corporate worlds.The winners were picked byahigh-poweredjurychairedby S Ramadorai,former CEO of Tata Consultancy Services and the chairman of the governing board of Tata Institute of Social Sciences,in a keenly fought contest. Helping them with the number work was the team from EY. A jury’s task is never easy but the brilliant insights of the members and their collective wisdom combined to deliver a list of outperformers. Uday Kotak, vice-chairman and managing director, Kotak Mahindra Bank, will take home the award for lifetime achievement for having built a banking franchise trusted by 10 million customers and a market capitalisation of `2 lakh crore. Kotak has always used capital carefully and this focus on preserving capital has helped him grow several businesses without getting carried away. His conservative approach to growth, in spite of his eagerness to scale up, is what has enabled him not just to stay in the game but also get ahead of competitors. Arundhati Bhattacharya, formerchairmanofStateBankofIn- dia (SBI),will walk away with the Banker of the Year award for 2015-16. Bhattacharya took the clean-up of bank balance sheets in he stride, never losing sight of the long-term goal.She also convincedtheunionsofSBI'saffiliate banks, a merger with the parent was good for them.Bhattacharya also realised the importance of going digitalanditisthanks to her drive that SBI today can compete with its peers. RThyagarajan,founderof the Shriram Group, will be felicitated for having pioneered the financing of second-hand trucks in the country.Thyagarajan’s vision has seen ShriramTransport Finance become a business with assets of nearly `80,000 crore. Among the banks that were adjudged winners in their respective categories were SBI, HDFC Bank, City Union Bank and Barclays Bank. The jury felt these lenders had done extremelywell at a difficult time in the banking industry. This time around,the FE Best Banks Awards are celebrating the arrival of fintech in India. The twin players which the jury felt deserved to be selected for their work are Juspay Technologies and Policybazaar.com. Another category that has found its way into the FE Best Banks Awards this year is nonbanking financial companies. The winner this time is Ujjivan Financial Services, which has made great strides in the field of microfinance and won a licence for a small finance bank.
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.