OPINION, P2 MIND & GAMES Governments hide, people seek WHAT IF BEES KNEW ‘NOTHING’? IDEA EXCHANGE While researchers continue to find that insect brains are far more complex than we imagined, research reveals bees have high-level cognitive abilities, and even understand concepts like zero Page 10 ACROSSTHEAISLE , P CHIDAMBARAM Vol XVII No 33 Jayant Chaudhary 'It’s hard to tell a bigger story than Modiji does. BJP can be countered with reality, like Kairana’ Page 4 SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM WAR ON E-WASTE NEW DELHI SUNDAY, JUNE 10, 2018 16 Pages, `10 (Patna `11, Raipur `10) LEISURE AN INDIAN PITCH IN CHELSEA FINANCIALEXPRESS ON SUNDAY PUBLISHED FROM:AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI, PUNE NTPC to acquire three stressed power plants ● These include two of Jaiprakash Power, one of Jindal India on a slump sale basis VIKAS SRIVASTAVA Mumbai, June 9 The most prestigious flower show in London gets an Indian garden for the first time, with Sachin Tendulkar as inspiration Page 9 WORDSWORTH SELLINGA STORY NTPC, INDIA’S LARGEST public providersputupabidtogetnew sponsors.The current sponsors are distressed and cannot run the project, so they are covered under Section 29A of the Insolvency and Bankruptcy Code (IBC) Amendment Act 2018.“If the negotiated deal is not possible,then the lenderswill have to find new sponsors. It is at this stage that NTPC wants to find a solution by acquiring these assetswithlenderstakingahair cut,” the person involved in the process said. Thethreeprojectsbeingdiscussed are two belonging to the Jaiprakash Group — a 1,320 MW Nigrie project in Madhya Pradesh that faced financial issues after de-allocation of captivecoalblock AmeliaNorth by the Supreme Court in 2013. sector power producer, is planning to acquire two stressed power projects of Jaiprakash Power Ventures and one of Jindal India on a slump sale basis, as the developers failed to service debt and are now before the National CompanyLawTribunal (NCLT). People close to the develop- Continued on Page 11 ment told FE that NTPC is separately negotiating with lenders to arrive at a deal so they can acquiretheprojectsbefore the resolution An engaging narrative makes all the difference in Sell: The Art, the Science, the Witchcraft, a book on sales Page 5 INSOLVENCY & BANKRUPTCY ‘Focus on resolution, and not liquidation’ ● IBBI chief says this will create a market for stressed assets INDRONIL ROYCHOWDHURY Kolkata, June 9 THE CHAIRPERSON OF Insol- vency and Bankruptcy Board of India (IBBI) MS Sahoo on Saturday advocated that the focus regarding cases under the Insolvency and BankruptcyCode (IBC) should be on resolution and not liquidation to maximise the value of corporate debtors. The Insolvency and Bankruptcy Code (Amendment) Ordinance promulgated on June 6 will help promote this, while creating a market for stressed assets, Sahoo said, adding that the changes in the corporateinsolvencyresolution process (CIRP) will be brought about in 10-15 days. Hesaidofthe850-oddcases that had been referred to the NCLT, 130 of them were either in the stage of a resolution or Home automation attracts masses QuickPicks Trump warns against retaliation for tariffs PRESIDENT DONALD TRUMP issued a stern warning to foreign countries not to retaliate against US tariffs on the imports of steel and aluminum. Speaking at the Group of Seven summit, he said: “If they retaliate, they're making a mistake.'' PAGE 11 ● Segment slowly starting to see traction among upwardly mobile CIL refutes Nabha Power allegation of coal shortage SHINMIN BALI Mumbai, June 9 COAL INDIA on Saturday refuted Nabha Power’s claim that it was unable to supply enough coal to a 700-MW plant in Punjab, forcing its recent shutdown. The L&T group company had closed the unit in Rajpura on June 3, saying it was forced to take the decision due to shortage of coal. But a Coal India official blamed the crisis on Nabha Power. PAGE 3 ODD & EVEN ROHNIT PHORE CONSUMERS ARE SEEING technology increasingly becomingabigportionoftheir lives, including how they live. And, the new-age homebuyer is not looking at just a shelter over his head, but a home that integrates technology. In India, as per a Research and Markets report, the home automationmarketisexpected tocross`30,000croreby2022. The report finds that DelhiNCR, Mumbai, Pune, Ahmedabad and Bengaluru account foracombinedmarketshareof over50%currently.Withproducts by legacy brands, local players, international brands and start-ups to choose from, home automation is seeing increasing adoption in the upwardly mobile, technologicallysavvyandexperiment-pro consumer segment. Current home owners are not looking at an overhaul. Theyarelookingatautomation in parts,choosing to automate just one room in the house or say, having just lighting automated. Schneider Electric India,with its current range of home automation products, sees uptake among the uberluxury category that includes homes of movie stars, sport stars,business tycoons and the like. That isn't to say that automationisabsolutelyunaffordable. Shrinivas Chebbi, president, partner, eco buildings business, Schneider Electric-India,sharesthatresidents of tier II and III cities are using smart solutions to enhance their independent houses.“If you want to convert a 2,000 sq ft bungalow with basic smart centres,itwon'tcostmorethan `2 lakh at the most,”he says. Continued on Page 11 ON TUESDAY ‘OF HOMES THAT RUN THEMSELVES’ Facebook shared user data with select companies: Report Information included information about friends of users, including phone numbers, said The Wall Street Journal PRESS TRUST OF INDIA Washington, June 9 SOCIAL MEDIA GIANT Face- book had customised datasharing dealwith certain companies, giving them special access to user's records, The Wall Street Journal has reported. Some of the agreements, knowninternallyas'whitelists', allowed certain companies to access additional information about a user's Facebook friends, the people familiar withthemattersaid,according to the report. "That included information like phone num- READ TO LEAD As campaigns to check plastic make the news, little thought is given to electronic waste Page 7 NOT SO WHITE ■ Some of the agreements, known internally as 'whitelists', allowed certain companies to access additional information about a user's Facebook friends ■ The whitelist deals were struck with companies including Royal Bank of Canada and Nissan Motor, who advertised on Facebook or were valuable for other reasons ■ Facebook admitted it allowed a ‘small number’ of partners to access data about a user's friends after the data was shut off to developers in 2015 bers and a metric called'friend link'that measured the degree ofclosenessbetweenusersand others in their network, the peoplesaid,"thedailyreported. AccordingtoTheWallStreet Journal, the whitelist deals were struck with companies including Royal Bank of CanadaandNissanMotor,who advertisedonFacebookorwere valuable for other reasons. All the sources for the story were unnamed. Such a news report comes days after it was reported that Facebook had data-sharing partnershipwith at least 60 device makers. Facebook said it allowed a "small number" of partners to access data about a user's friends after the data was shut offtodevelopersin2015.Many of the extensions lasted weeks and months,Facebook said. Continued on Page 11 GAME PLAN ■ Changes in corporate insolvency resolution process in 10-15 days ■ To encourage resolutions, voting threshold cut from 75% to 66% ■ Resolution about identifying eligible people to run business, maximise value MS Sahoo liquidation.Onehundredofthe 130caseshadbeenreferredfor liquidation,he said.But the IBC doesn't aim at ending up in liquidation, it expects "limitless possibility in the law",which is "proactive", Sahoo said, adding that a resolution planwas not a bidding or price discovery mechanism, but “it is about identifying eligible people to run a business and maximisevalue”. He said the soul of the Code was to keep the firm alive by balancing the interests of all stakeholders for which a successful resolution was needed, which,hesaid,wasnothappeningatthemoment.Speakingat a CII event in Kolkata, Sahoo said,"Thisisnothappening.But there is nothing to worry. Our effort will be on resolution. For that to happen, the resolution value has to be higher than the liquidationvalue.”Toencourage resolutions to take place, the votingthresholdhadbeenloweredfrom75%to66%,hesaid. OntheCommitteeofCreditors (CoC), which comprised mostly lenders, he said it was a determining role to select suitable people in taking over a business and keep it running. "Resolution shall dominate overliquidation,"saidJusticeKR Jinan, member, National Company Law Tribunal, Kolkata,“if periodicalreviewoftheIBCwas made and suitable amendments brought about”. ■ Additional surveillance for cos under insolvency, Page 3 Prime Minister Narendra Modi with Chinese President Xi Jinping on the sidelines of the Shanghai Cooperation Organisation Summit, in Qingdao, China, on Saturday. PIB ‘Forward-looking’ meet for Modi, Xi PRESS TRUST OF INDIA Qingdao, June 9 PRIME MINISTER NARENDRA MODI AND Chinese President Xi Jinping met on Saturday on the sidelines of the Shanghai Cooperation Organisation (SCO) meet, drawing a blueprint for deepening their relationship and reviewing implementation of decisions taken at the informal summit in Wuhan six weeks back. External affairs ministry spokesperson Raveesh Kumar described the meeting as “warm”and“forward-looking”, while Chinese envoy to India Luo Zhaohui said the two leadersfocusedontheimplementa- tion of the“Wuhan consensus” and drawing a blueprint for future Sino-India relations. An MoU on sharing hydrological information of the Brahmaputra river by China to India and another pact on amendment of the protocol on phytosanitary requirements for exporting rice from India to China to include nonBasmati rice were signed after the talks. “Met this year's SCO host, President Xi Jinping this evening. We had detailed discussions on bilateral and global issues.Ourtalkswill add further vigour to the IndiaChina friendship,” Modi tweeted after the meeting.
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.