OPINION, P2 EXPRESS ADDA SWARA BHASKER Su-raj (good governance) and Ms Swaraj IDEA EXCHANGE Jitendra Singh ‘Governor’s rule is no alternative to democracy. It is a transitory phase, even in a state like J&K’ Page 9 ‘In today’s India, why would a big star speak up and put himself at risk’ Page 4 ACROSS THE AISLE, P CHIDAMBARAM Vol 11 No. 19 SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM ACOIN FOR CLEANWATER MUMBAI SUNDAY, JULY 8, 2018 14 Pages, `10 LEISURE TIFFIN TALES Help is at hand for harried parents for whom the first challenge of the day is figuring out children’s tiffin boxes, thanks to a slew of start-ups Page 8 WORDSWORTH AMESSAGE FORTHE MASSES Conversational style plus localised examples drive home the gravity of climate change Page 5 ODD & EVEN FINANCIALEXPRESS ON SUNDAY PUBLISHED FROM:AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI, PUNE FORTIS FRAUD Board unable to decide: Auditor ● Company says no change in audited results; evaluating bids PRESS TRUST OF INDIA New Delhi, July 7 INDEPENDENT AUDITOR OF Fortis Healthcare, Deloitte Haskins & Sells, on Saturday said the board of Fortis Healthcare are unable at present to determinewhethera fraud has been committed. “At this juncture,the Board of Directors of the company are unable to make a determination on whether a fraud has occurred on the company in respect of the matters covered in the investigation by the external legal firm...,”the auditor said in its report. This is considering the limitations on the information available to the external legal firm and their qualifications and disclaimers as described in the investigation report, it added. Fortis Healthcare had earROHNIT PHORE Fortis had earlier said that Sebi has ordered a forensic audit in the matter of the firm, which has admitted to systemic lapses in giving `494.14 crore loans to firms controlled by erstwhile promoters liersaidthatmarketsregulator Sebi has ordered a forensic audit in the matterof the company, which has admitted to systemic lapses in giving `494.14 crore loans to firms controlled by erstwhile promoters—MalvinderSinghand Shivinder Singh. The company, on June 27, had said it had initiated legal action to recoverthe inter-corporate deposits (ICDs) given to the three firms after an exter- Continued on Page 11 Continued on Page 11 SHAREHOLDERS OF RELIANCE Industries have QuickPicks Twitter suspends over 70 m accounts in two months: Report TWITTER SUSPENDED more than 1 million accounts a day in recent months to reduce the flow of misinformation on the platform, The Washington Post reported, reports Reuters. Twitter suspended more than 70 million accounts in May and June, and the pace has continued in July, the Post reported on Friday, citing data it obtained. Social media platforms have been under scrutiny by US lawmakers and international regulators for doing too little to prevent the spread of false content. BLOOMBERG July 7 FACEBOOK CO-FOUNDER MARK Zuckerberg has over- taken Warren Buffett as the world’s third-richest person, furthersolidifying technology as the most robust creator of wealth. Zuckerberg, who trails only Amazon founder Jeff Bezos and Microsoft cofounder Bill Gates, eclipsed Buffett Friday as Facebook shares climbed 2.4%, according to the Bloomberg Billionaires Index. Continued on Page 11 votes polled, 98.5% were in favour of the resolution while 1.48% voted against it, RIL said in a regulatory filing. According to the resolution, Ambani will be paid an annual salary of `4.17 crore and `59 lakh of perquisites and allowances. Retirement benefits are not included in the overall ceiling of remuneration. STUDENT-FRIENDLY ■ Newly-formed National NEWLY-FORMED NATIONAL Facebook co-founder RIL’s CMD Mukesh Ambani NEET, JEE to be conducted twice a year by new agency PRESS TRUST OF INDIA New Delhi, July 7 Testing Agency (NTA) would now conduct the nationallevel examinations — NET, NEET, JEE (Mains) — that were organised by the CBSE, HRD minister Prakash Javadekar said Saturday. TheNationalEligibilityTest (NET) would be conducted in December and JEE (Mains) twice a year, in January and April. NEET would be conducted in February and May, the minister said. NET, a qualifying test for admission in higher educational institutions in the country, would be the first exam to be conducted by the newlyformed body. The NTA would also conduct National Eligibility cum Entrance Test Common Management Admission Test (CMAT) and Graduate Pharmacy Aptitude Test(GPAT),Javadekar said. Testing Agency (NTA) will conduct national-level examinations that were organised by CBSE ■ Students can appear twice (Feb & May) in NEET, Jan & April for JEE; best of two scores to be taken into account ■ Tests to be computer- HRD minister Prakash Javadekar on Saturday The students can appear both the times in National Eligibility cum Entrance Test (NEET),and the best of the two scores would be taken in account for admission, the minister said. NEET is conducted for admissions to medical institutions across the country. REUTERS Sofia, July 7 trade with foreign partners and can only benefit from an economically strong Europe, its premiersaid on Saturdayas he pressed for expanded ties with the continent’s eastern wing while waging a tariff war with Washington. Li Keqiang told a summit with central and eastern European leaders that China would continue opening its markets and implementing other reforms that had fuelled its economy,providingopportunities for EU members and aspirantsinthebloc’spoorerhalf.“It is two-way traffic,” Li said throughaninterpreter.“...Opening up has been a key driver of China’sreformagendasowewill continue to open wider to the world,includingwideningmarketaccessforforeigninvestors.” Li’s attendance at the seventh ‘16+1’ summit in Sofia coincidedwiththefirstsalvosin what risks becoming a protracted global trade war, as WashingtonandBeijingslapped tariffs on $34 billion worth of each others’goods. Mukesh Ambani to be RIL chairman for five more years approved giving Mukesh Ambani another five years as the chairman and managing director of the company. Ambani (61) has been on the board of Reliance Industries (RIL) since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002. The company put a resolution to re-appoint Ambani “for a period of five years, on expiry of his present term of office, ie with effect from April 19, 2019” at the 41st annual general meeting held on July 5 in Mumbai. Of the China now focuses on trade with Europe nal investigation found “systemic lapses and override of controls”in the loan given.The loans were given without Board approval and enough collaterals,it had said. Meanwhile, Fortis Healthcare has said there has been no change in its audited financial results compared to the unaudited numbers reported on June27,2018.Thecompanyon June27hadreportedwidening of consolidated net loss to `914.32 crore for the March quarter, 2017-18, hit by continuing business challenges, provisionsandimpairments.It had posted a net loss of `37.52 crore in the year-ago period. “The audited financial statements have been released on the completion of the additional review of certain internalprocesseswhichwerebeing undertaken at the request of the Board of Directors,” Fortis said in a filing to BSE. As expected, there has been no change in the figures reported in the audited financial statements compared to the unaudited results announced on June 27,it added. PRESS TRUST OF INDIA New Delhi, July 7 Zuckerberg tops Buffett, becomes 3rd richest READ TO LEAD As we grapple with acute water shortage, there may be a solution in the form of water ATMs Page 7 based,held over four-five days; students to have option of choosing dates “The exams will be more secure and on par with international norms. There will be no issues of leakage and it would be more studentfriendly, open, scientific and a leak-proof system,” Javadekar told reporters. Continued on Page 11 CHINA REMAINS OPEN for Even AI critics will eat their words for this machine ● Robotic chefs made in India to enter market in a year, can prepare over 100 Indian dishes ANANAYA BANERJEE New Delhi, July 7 YOU HAVEA machine forlaun- dry, dishwashing, vacuuming and various other appliances that make life easier for you. But what if there was a machine that did all the cooking as well? Enter a robotic chef, which, believe it or not, might be a reality in India as early as next year. Instead of sweating in the kitchen, expect matar paneer, jeera aloo, rice and dal, and about a hundred more Indian recipes, to be ready in just half an hour at the press of a button. Expectedly, promotional videos of the chef-machine showtheaudiencealreadysold at the idea. One such robochef is in the works at Bengaluru-based start-up Mechanical Chef. Founded in 2017 by Cohan Sujay Carlos, a former machine learning researcher Bengaluru-made Mechanical Chef will cost around `25,000 at Microsoft, and Arpit Sharma, an aerospace engineer who worked on the moon rover at Team Indus, the start-up has created a machine that can take over the most essential household chore. The prototype of the machine, which can cook three dishes at a time for a family of three-four on induction heaters, uses operations such as ‘dropping’ ingredients into the dish being cooked; ‘heating’ the dish being cooked; and ‘stirring’ the contents. As per the makers, these three main operations are all it takes to prepare your favourite Indian dishes like an upma or a bisi bele bath. To ease the job even further, the machine comes preloaded with basic spices that are needed for cooking,stored in designated spice boxes which can be periodically refilled, reveals co-founder Arpit Sharma.“All the user has to do is add the chopped vegetables needed for a dish, and the machine then takes over and does the rest,” he says. Sharma feels half a billion women in India would save three hours a day every day if they did not have to cook. Another start-up, Nymble has even named their robochef Julia. The brainchild of Bengaluru-based engineers Raghav Gupta and Rohin Malhotra, Julia promises to be a mechanised cooking pot that promises to serve up Indian food in under 20 minutes. Continued on Page 11
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.