OPINION, P8 INTERNATIONAL, P14 INTERNATIONAL, P14 EDITORIAL CRASHES, DISCLOSURES YEAR’S BIGGEST Muilenburg-led Boeing sued by shareholders over 737 MAX troubles Khosrowshahi-led Uber plans to sell $10 billion worth of stock in IPO When all parties are playing dirty, little the EC can really do Supreme Court ruling on VVPAT should help lay to rest any fears of EVMs being hackable NEW DELHI, THURSDAY, APRIL 11, 2019 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLV NO. 34, 18 PAGES, `6.00 (PATNA `6.00, RAIPUR `7.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 38,585.35 ▼ 353.87 NIFTY: 11,584.30 ▼ 87.65 NIKKEI 225: 21,687.57 ▼ 115.02 HANG SENG: 30,119.56 ▼ 37.93 `/$: 69.12 ▲ 0.18 `/€: 77.98 ▲ 0.18 BRENT: $70.74 ▲ $0.13 GOLD: `31,907.00 ▲ `21.00 RAISING FUNDS Lenders look to speed up Jet Privilege sale to Etihad IN THE NEWS HC to RBI: How’s GPay working sans authorisation? THE DELHI High Court on Wednesday asked the Reserve Bank of India (RBI) that how GPay, Google's mobile payment app, was facilitating financial transactions without its authorisation, reports PTI. A bench of Chief Justice Rajendra Menon and Justice AJ Bhambhani posed the query to RBI while hearing a PIL which claimed that Google Pay (GPay) was operating as a payments system provider in violation of the Payments and Settlements Act. Jallianwala Bagh shameful scar, says May; no apology UK PRIME MINISTER Theresa May on Wednesday described the Jallianwala Bagh massacre in Amritsar as a "shameful scar" on British Indian history, but stopped short of a formal apology sought by a cross-section of Parliament in previous debates, reports PTI. In a statement, marking the 100th anniversary of the massacre, May reiterated the "regret" already expressed by the British government. Four wide-bodied aircraft owned by the cash-strapped Jet Airways also likely to be sold The modified bid document Deadline to submit bid extended to April 12 ■ Last day for any queries now changed to April 11 ■ Last day for binding bids by qualified bidders: April 30 MITALI SALIAN Mumbai, April 10 HAVING INFUSED CLOSE to `250 crore into the cashstrapped Jet Airways, bankers are now looking to quickly sell the airline’s remaining stake in Jet Privilege Pvt Ltd — the frequent-flyerprogramme — to Etihad Airways.While Jet owned 49.9% in Jet Privilege, it is understood to have pledged 15% with a foreign bank against a loan of $140 million. Senior bankers familiar with the development said four wide-bodied aircraft owned by Jet Airways are also likely to be sold. The objective of these measures, bankers explained, was to raise resources to keep the airline afloat while it scouted for buyers. The four wide-bodied Boeing aircraft that lenders are likely to sell, on an outright ■ Now allows restructuring the existing facilities and infusion of fresh funds by way of loans or acquisition/subscription of up to 75% of equity share capital of the company Deadline extended for bid submission FE BUREAU New Delhi, April 10 any other airline. During the last few weeks, the debt-laden Jet Airways has been grounding its aircraft in tranches due to non-payment of dues to its lessors. The DGCA announced on its website that the seven deregistered Boeing aircraft belong to lessors— CrollyAviation, Mardal Aviation, Allenwood Aircraft Leasing, DungarvanAircraft Leasing,Elphin Aircraft Leasing, Carlow Aircraft Leasing and Ballyhaunis Aircraft Leasing. LENDERS TO JET AIRWAYS on Wednesday extended the deadline for submission of initial bids for stake purchase in the ailing airline to April 12 after receiving no bids till Wednesday, which was earlier the last day. SBI Capital Markets,which issued the expression of interest (EoI) document on April 8, has extended the deadline for submission of initial bids to April12.Accordingly,potential bidders can send their queries till April 11. “The qualified bidders will be expected to submit their respective binding bid(s) latest by April 30, 2019, subject to the terms set out under the bid document,” SBI Capital Markets said in a notice posted on its website. “While all soft copies of the EoIs are required to be submittedbytheEoIduedate,thehard copies may be submitted by April16,2019,”thenoticesaid. Jet’s equity partner, Etihad Airways, which holds a 24% stake, is likely to hold a board meeting on April 11 to discuss the revival plan put forward by the lenders and decide whether to invest further in the carrier. Continued on Page 2 ● ‘$1.2 BN LAUNDERED’ DGCA ON WEDNESDAY said it has deregistered seven Boeing 737-800 aircraft of JetAirways, allowing its lessors to take them out of the country so that they can be leased to Special Feature Realme 3 & Opus S3: Good design, decent price Realme 3 and Opus S3 are smooth, fast and responsive Android devices and will appeal to young users who love fashion and technology. The best part: the two devices do not cost a bomb ■ Gadgets, P13 QuickPicks State-run banks unlikely to get more govt capital in H1FY20 HAVING INFUSED around `1.06 lakh crore in FY19, the government is unlikely to provide more capital to state-run banks in the first half of this fiscal as they are well capitalised at the moment, sources said on Wednesday, reports fe Bureau in New Delhi. Consolidation of public sector banks (PSBs), however, could dominate the reforms agenda in the current fiscal, subject to political clearance, they added. In February, the Centre had okayed `48, 239 crore in capital (via bonds) for a dozen PSBs, including Allahabad Bank and Punjab National Bank. PAGE 3 Electoral bonds: Centre, EC take contradictory stands in SC THE CENTRE and the Election Commission (EC) took contrary stands in the Supreme Court on Wednesday over political funding, with the former wanting to maintain anonymity of the donors of electoral bonds and the poll panel batting for revealing their names for transparency, reports PTI. The SC was hearing the plea of NGO Association of Democratic Reforms, which has sought interim relief that either the issuance of electoral bonds be stayed or the donor names be made public. PAGE 2 Voda Idea,Airtel, Jio pay `10k-cr spectrum dues; RCom yet to pay LEADING TELCOS Vodafone Idea, Bharti Airtel and Reliance Jio have paid the government over `10,000 crore in spectrum dues slated for April 10, but debt-ridden Reliance Communications (RCom) has so far not deposited its outstanding amount of `492 crore, a source told PTI. The payments are towards the latest installment in deferred spectrum liability for radiowaves bought in the past auctions. PAGE 6 ‘I-T raids on merit, no political vendetta’ Finance minister Arun Jaitley FE BUREAU New Delhi, April 10 ‘SECRET’ DOCS SC to review its Rafale judgment To rely on three documents that have come into public domain since Dec ruling; decision setback for govt FE BUREAU New Delhi, April 10 THE SUPREME COURT on Wednesday decided to hear the review petitions on New Delhi’s `59,000-crore Rafale fighter jet deal with France’s DassaultAviationonmeritsand on the basis of the“privileged” documents that have been published in the media after its December ruling rejecting a set of petitions in this regard. The court’s decision, ahead ofThursday’sfirst-phasepollsof the general elections,came as a setback for the Centre, which has been opposing the eventuality of the court relying on the newlysurfaced‘secret’and‘classified’ documents, citing the issue of“national security”. Dismissing the preliminary objectionsraisedbythegovernment,a Bench led by Chief Justice Ranjan Gogoi,in two separatebutconcurringjudgments, decided to look into the three documents that had pointed to Secret documents that SC will look into ■ An eight-page note dated June 1, 2016, by Indian Negotiating Team (INT), which objected to various aspects of the deal, including pricing ■ MoD's Note-18 that said Continued on Page 2 LONDON COURT RULES ■ Bidders in a consortium that bids for acquiring stake in the airline will now have to furnish individual solvency certificates, as proof of an entity's financial stability basis, are those with a “fairly small loan outstanding”. The sale would fetch a reasonable amount of cash to supplement an amount of `266 crore which a clutch of banks within the consortium have infused into the ailing carrier in the last 15 days. According to one banker, the discussionswith Etihad for the stake sale in Jet Privilege took place via video-conferencing.“These discussions are at a very early stage. We are exploring all possibilities that would bring in cash to help keep the airline a going concern until another interested party takes over,”he said. Jet Privilege Private Limited (JPPL)isanindependent,loyalty andrewardsmanagementcompanyformedin2014,following the strategic alliance between JetAirways and EtihadAirways. Etihad Airways PJSC owns a 50.1% stake in the business. Continued on Page 2 DGCA deregisters 7 Boeing planes of Jet PRESS TRUST OF INDIA New Delhi, April 10 ● JAITLEY REACTS REACTING TO THE charges thatvariousenforcementagencies are being misused by the Union government to conduct raids on rival political parties, financeministerArunJaitleyon Wednesday said the revenue department,in fact,was acting objectivelyonthebasisofmaterialsavailablewithitandtaking action only when it is satisfied that a case of search operation is made out. Stating that the argument that the agencies are targeting onlyrival political entities doesn’tholdwater,theministerwrote in a Facebook blog that there is no‘RighttoEquality’whichsays no action can be taken against politicians in the Opposition till thoseinpower,too,aretargeted. Continued on Page 2 based on NSAAjit Doval’s unauthorised meeting with French officials, then defence minister Manohar Parrikar directed that CCS may consider a ‘letter of comfort’ from the French side instead of sovereign/bank guarantee ■ Note-10 written by SK Sharma (deputy secretary, MoD) on Nov 24, 2015, on 'parallel negotiations' conducted by PMO by bypassing MoD & INT thedisparityinpricingdetailsof the 36 jets,objections raised by the Indian Negotiating Team (INT) to parallel negotiations conducted bythe PMO,etc. Continued on Page 2 ■ SC decision 'at best procedural': Jaitley, Page 5 PNGRB 2k Zambian villagers scanning can sue Vedanta EWPL CASE DISMISSED records BARBARA LEWIS London, April 10 SAURABH KUMAR New Delhi, April 10 TAKING COGNISANCE OF reports of laundering of $1.2 billion by East West Pipeline (EWPL) with the help of a Dutch vendor which overinvoiced for services during construction of a gas pipeline, the Petroleum and Natural Gas RegulatoryBoard (PNGRB) has startedaprobeintothematter. Theregulatorisdiggingout old files to look into the history of the project,sources said. East West Pipeline, previously known as Reliance Gas TransportationInfrastructure, isownedbybillionaireMukesh Ambani. Last month, Canadabased Brookfield-led India InfrastructureTrust‘agreed’to buyEWPLfor `13,000 crore. Continued on Page 2 NEARLY 2,000 ZAMBIAN villagers have the right to sue miningcompanyVedantainthe English courts, London’s SupremeCourtsaidonWednesday, raising the prospect other companies could face legal action in England related to theiractivities abroad. India-listedVedanta,which delisted from London lastyear but maintains a legal base in Britain,appealedalower-court ruling that a case in which villagers alleged their land was polluted by a Vedanta unit could be heard in England. But the Supreme Court dismissed Vedanta’s appeal and said the Zambianvillagers could pursue their case through the English courts. In a statement, Vedanta said the judgment was procedural,relatingonlytothejurisdiction of the English courts to hear the claims. Siblings show ■ Vedanta delisted from London last year but maintains a legal base in Britain ■ Dismissing Vedanta’s appeal, London SC says Zambian villagers can pursue their case through English courts “It is not a judgment on the merits of the claims. Vedanta and KCM (Konkola Copper Mines)will defend themselves against any such claims at the appropriate time,”it said. Continued on Page 2 Congress president Rahul Gandhi, with his sister and party general secretary Priyanka Gandhi Vadra, her husband Robert Vadra and their children, during a roadshow before filing his nomination papers in Amethi on Wednesday ● COOCH BEHAR Juggling 1,114 WhatsApp groups for BJP RAVIK BHATTACHARYA Cooch Behar, April 10 AT A POLITICAL rally, inside the party office, at home or in the small pharmacy that he runs in Gopalpur village, Dipak Das is always on the edge, his eyes glued to his two cellphones, a battery charger on standby. Forthe BJP,this 36-year-old “IT yoddha (warrior)” is a key player in Cooch Behar, which votes in the first phase of the Lok Sabha elections on Thursday.“I am the party’s district IT cell convener. Here, I am an admin in 1,114 WhatsApp groups, I manage the party’s Facebook page and I organise Twitter trends,”says Das. Butthat’snotall.Hesaysit’s because of workers like him that his party is able to reach voters in “many places” where “social media is a silent weapon”, where “it is not physically possible for BJP to campaign because of the terror and supremacy” of the Trinamool Congress. Continued on Page 2 ■ EC bans Modi biopic during poll period, Page 16 SCREEN SPACE Bollywood plays starring role in Modi’s re-election bid SHILPA JAMKHANDIKAR & NIVEDITA BHATTACHARJEE Mumbai/Bengaluru, April 10 EARLYTHIS YEAR, a dozen of Bollywood’s biggest names took a private jet from Mumbai to New Delhi for a private audience with Prime Minister Narendra Modi. Subsequently, actor Ranveer Singh,who has nearly 22 million followers on Instagram,posted a smiling picture of himself hugging Modi,with a caption expressing his “joy” at the encounter, drawing more than 3 million likes. Bollywood is playing a lead role in Modi’s campaign for a second term, endorsing him on screen and off,in both subtle and obvious ways, in a marked shift from the more transactional relationship film stars previously had with politicians. Modi asked filmmakers and stars to “talk about patriotism, and Indian culture and values,” in their films, said film producer Mahaveer Prime Minister Narendra Modi’s selfie with Bollywood A-listers clicked in January Jain, who organised the January 10 meeting. “He recognises the soft power of Bollywood, and the impact it can have.” As people younger than 35 form nearly two-thirds of India’s population of about 1.3 billion, with more than 15 million voting for the first time in general elections that begin on Thursday, approval from the leading stars could be key. Modi swept to victory in 2014, but this time, rural dis- tress and concern about a lack of jobs threaten to make it tougher for his party to triumph in elections spread over a month, with counting set for May 23. In recent months, Modi has met privately at least four times with several of Bollywood’s biggest personalities, most of whom have posted selfies with him on social media,accompanied by glowing captions. Continued on Page 2
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