OPINION, P8 COMPANIES, P6 LOCAL SUPPLY BOOST EDITORIAL Trai’s predatorypricing order odd; also this is CCI’s remit Allowing commercial coal mining useless unless levies are cut & forest approvals got INTERNATIONAL, P16 SHOOTING FALLOUT Shashi Shanker-led ONGC to hire global giants to lift output Donald Trump moves to ban rapid-fire gun ‘bump stocks’ NEW DELHI, THURSDAY, FEBRUARY 22, 2018 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOLUME XLIII NO. 305, 22 PAGES, `5.00 (PATNA `6.00, RAIPUR `7.00) 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 SENSEX: 33,844.86 ▲ 141.27 NIFTY: 10,397.45 ▲ 37.05 NIKKEI 225: 21,970.81 ▲ 45.71 HANG SENG: 31,431.89 ▲ 558.26 `/$: 64.77 ▲ 0.02 `/€: 79.81 ▲ 0.13 BRENT: $65.18 ▼ $0.07 GOLD: `30,393.00 ▼ `174.00 PNB CASE ED raids shell firms Conducted at 17 locations across the country; action by I-T department too; more firms in the net ‘in coming days’ ED raids four shell companies in Mumbai. ED teams raided locations in Opera House, Peddar road, Goregaon (East) and Powai THE EMPLOYEES' Provident Fund Organisation (EPFO) on Wednesday lowered the rate of interest on employees’ provident fund (EPF) to 8.55% for 2017-18, from 8.65% in the previous fiscal, reports fe Bureau in New Delhi. The decision will impact over 15 crore EPF subscribers, 6 crore active and others holding dormant accounts. Though the latest EPF interest rate approved by the retirement fund body's central board of trustees is the lowest in five years — it cited lower returns from its investment in debt instruments as the reason for the rate cut —EPF still remained the most attractive fixed-income investment option. PAGE 3 PRESS TRUST OF INDIA Mumbai/New Delhi, February 21 THE ENFORCEMENT DIRECTORATE (ED) continued its raids on the seventh day on Wednesdayasitvisited17locationsacrossthecountry,including four shell companies in Mumbai,inconnectionwithits moneylaundering probe in the alleged `11,400-crore Punjab National Bank (PNB) fraud. Day 7 The agency has said it is also carrying out an 'independent valuation' of these seized assets QuickPicks EPFO lowers FY18 interest rate to 8.55% The agency has so far seized diamonds, gold jewellery and other precious stonesworth `5,726 crore in the case The agency sleuths on Wednesday stepped up their action against the suspected shell or bogus firms linked to the operations of billionaire diamond jewellery designer Nirav Modi, his uncle and Gitanjali Gems promoter Mehul Choksi,and others. THE SUPREME COURT on Wednesdayrefusedtopassany order on a public interest litigation (PIL) seeking an investigation into the role of the Punjab National Bank (PNB) top brass and deportation of billionaire jeweller Nirav Modi in the `11,400-crore fraud case. This came after attorney generalKKVenugopalopposed thepleafrombeingtakenupat this point of time on the grounds that a first information report had already been filed in the case and a probe was on. As soon as the AG got up to oppose the PIL, petitioner lawyer Vineet Dhanda urged a benchcomprisingChiefJustice Dipak Misra and justices AM Khanwilkar and DY ChandrachudtoissuenoticetotheCentre and others as the “kingpin Essar Steel bids may be referred to NCLT Legacy telcos, association warn Trai of legal action SHAYAN GHOSH & SHAMIK PAUL Mumbai, February 21 of the scam Nirav Modi” had run away with the “common man's savings”. After some heated exchanges, the CJI observed that “we are here to address onlylegalissues.Bigemotional speeches will have no impact.” He also added that it amounted to misuse of the legal provision of filing a PIL for publicity. THE COMMITTEE OF creditors (CoC) to Essar Steel is likely to approach the National Company Law Tribunal (NCLT) regarding the bids received as part of the steelmaker’s insolvency resolution process since both the bidders — ArcelorMittalandNumetal—arefacingeligibilityissues,sources told FE. According to sources, lenders are not keen to select a bidder without getting clarity onwhetherthetwocompanies areeligibletobid.“Weareplanning to approach the bankruptcy court to get the bids cleared before further action. While our legal experts can give us an opinion on the disqualification of the bids, only theNCLTcantakeadecisionon that,”a banker said. Their eligibility is being questionedinthecontextofthe amendment to the Insolvency and Bankruptcy Code (IBC) which categorically stated that promotersofdefaultingcompaniesarenotallowedtobidunless he/she repays all pending loans before submitting the resolution plan. Continued on Page 2 Continued on Page 2 It is also expected to attach about three dozen properties under provisions ofPMLA in coming days ED teams raided four locationsofsuchfirmsintheOpera House, Peddar Road, Goregaon (East) and Powai areas of the Maharashtra capital, they said, adding a total of 17 locations pan-India are being raided. Continued on Page 2 SC refuses order on plea for SIT FE BUREAU New Delhi, February 21 PREDATORY PRICING ● FINAL DECISION Also say may take grievances to DoT, PMO, imply rules disfavour ‘all but one operator’ SLUGFEST ■ Trai says: Telcos with 30% mkt share seen predatory if tariffs below average variable cost Counter view: Removing fixed cost benefits will benefit Jio FE BUREAU New Delhi, February 21 ■ Trai says: No concept of IUC acting as floor rate for tariffs THE BATTLE LINES drawn between incumbent telecom operators and the Telecom Regulatory Authority of India (Trai) hardened on Wednesday with the former Counter view: Benefits Jio as incumbents had wanted it Continued on Page 2 ● BHUSHAN POWER AND STEEL CoC nixes Liberty bid PRESS TRUST OF INDIA New Delhi, February 21 THE COMMITTEE OF creditors (CoC) has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel, leaving Tata Steel and JSWSteel in the race for taking overthe assets of the bankrupt firm,a source said. “Committee of creditors in a meeting today has rejected the bids of Liberty House (of the UK) because the company submitted the bids after the threatening to legally challenge the latter’s recent regulations on predatory pricing and even spoke of approaching the department of telecommunications and the Prime Minister’s Office with their grievances with the regulator. Their chief grouse is that the regulations that Trai released last week on the definition of predatory pricing and significant market power benefits only newcomer Reliance Jio and is heavily loaded against the incumbents. last date of submission date whichwasFebruary8,”asource privy to the development said. Liberty House had submitted the bid onTuesday,he said. In Wednesday’s CoC meeting, the bids of Tata Steel and JSW Steel were disclosed and nowthe legaladvisersevaluate them,the source said. The detailed terms and conditions of the bids were disclosed to the lenders at the meeting,the source said. Continued on Page 2 Gadgets P15 This Android promises a lot Panasonic Eluga Ray 700 has an attractive design, powerful battery and decent line-up of specs Department of Industrial Policy & Promotion Government of India 24-26 FEB 2018 APIIC Ground, Harbour Park, Visakhapatnam N. Chandrababu Naidu Suresh Prabhu Hon’ble Chief Minister of Andhra Pradesh Hon’ble Minister of Commerce and Industry, Government of India trade Ministers from over 14 countries delegates from over 60 countries Government and Industry leaders 9 plenary sessions 8 sectoral sessions japan & south korea country sessions THE FUTURE IS HERE #SunriseAndhraPradesh Ranked 1 by World Bank - DIPP Sunrise Andhra Pradesh Investment Meet and CII Partnership Summit 2018 will see the coming together of policy makers, industry leaders, global entrepreneurs, thought leaders, investors and academicians, from all over the world. The 3-day Partnership Summit will serve as a forum to engage with burgeoning opportunities in a State conducive to facilitating and attracting collaboration in the global landscape. Be there as the future takes centre stage. Focus Sectors • Aerospace & Defence • Agro & Food Processing • Automobile & Auto Components • Electronics & IT • Energy • Life Sciences • Micro, Small & Medium Enterprises • Mineral based Industries • Petroleum & Petrochemicals • Retail • Textiles & Apparels • Tourism Summit Highlights Plenary sessions | Country sessions | B2B, G2G and G2B meetings | Sectoral sessions | MoU signing | State exhibitions | Host State sessions Register at: www.sunriseapinvestmentmeet.com | www.partnershipsummit.com email@example.com | firstname.lastname@example.org /SunriseAndhraPradesh /Sunrise_AP
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