OPINION, P8 INTERNATIONAL, P14 SAVITA SHANKAR An MSME-focussed credit risk database is urgently needed INTERNATIONAL, P14 SUNIL JAIN TIME TILL HALLOWEEN SEVEN YEARS LATER SC rules in favour of media in Rafale case, but govt gets chance to fully argue its case New 'Brextension' gives UK deadline of October 31 Assange arrested in London after Ecuador lifts asylum NEW DELHI, FRIDAY, APRIL 12, 2019 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLV NO. 35, 16 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: 38,607.01 ▲ 21.66 NIFTY: 11,596.70 ▲ 12.40 NIKKEI 225: 21,711.38 ▲ 23.81 HANG SENG: 29,839.45 ▼ 280.11 `/$: 68.93 ▲ 0.19 `/€: 77.72 ▲ 0.26 BRENT: $71.01 ▼ $0.72 GOLD: `31,770.00 ▼ `137.00 IN THE NEWS Non-food credit surges 13.75% in fortnight till Mar 29 NON-FOOD credit, or loans to individuals and companies, grew by 13.75% year-on-year during the fortnight to March 29, slower than 14.4% y-o-y growth in the previous fortnight, reports fe Bureau in Mumbai. During the comparable fortnight a year ago, the non-food credit growth of the scheduled commercial banks stood at 10.54%, data from the Reserve Bank of India (RBI) showed. Bank deposit growth in the fortnight ended February 15 was at 10.2%, the highest in at least one-and-a-half years, showed RBI data. Enron-Dabhol: SC closes case of alleged graft THE SUPREME Court on Thursday brought the curtain down on the case of alleged corruption involving politicians, bureaucrats and corporates in the EnronDabhol power project, saying that the ‘long delay’ of over 25 years, will serve no ‘useful purpose’ in continuing with the judicial commission of inquiry, reports PTI. CRASH-LANDING LOK SABHA ELECTIONS 2019 First phase sees high voter Jet Airways cancels all turnout, sporadic violence international flights In Baramulla, a break from violence as 32% cast their votes NAVEED IQBAL & ARUN SHARMA Baramulla, Bardoh, April 11 TDP activist — were hacked to death in Tadipatri in Anantapur district in poll-related violence as both factions clashed outside a polling booth. In the same district, Jana Sena Party candidate Madhusudan Gupta threw an EVM machine at Guntakal and was arrested. Sources said he turned violent claiming that the EVM did not display the names and photos of candidates properly. UNLIKE ELECTIONS IN the past, the atmosphere remained peaceful in Baramulla, with no incidents of stone-pelting or protests,and a voter turnout of 32.41% till 5 pm. Baramulla is one of the two parliamentary constituencies that went to polls in the first phase of elections on Thursday. Together with the Jammu seat, the combined voter turnout in the state at 5 pm stood at 54.5%,slightly lower than the turnout of 56.7% in the 2014 elections in these two constituencies. Continued on Page 2 Continued on Page 2 Voters queue up outside a polling centre in Greater Noida during the first phase of elections on Thursday EXPRESS PHOTO: GAJENDRAYADAV Complaints of EVM malfunctioning in some states; cross-complaints in Bengal; two hacked to death in Andhra Pradesh EXPRESS NEWS SERVICE New Delhi, April 11 AMID STRAY INCIDENTS of violence, minor border skirmishes and Maoist attacks, and reports of EVM malfunctions, the first phase of voting for the Lok Sabha elections ended on Thursday across 91 QuickPicks Effort to curb black money in polls futile if donors are not named: SC IFTHE identity of purchasers of electoral bonds meant for transparent political funding is not known, the efforts of the government to curtail black money in elections would be "futile", the Supreme Court said on Thursday, reports PTI. The SC reserved its verdict on the plea of an NGO which has challenged the validity of the scheme and has sought that either the issuance of electoral bonds be stayed or the names of donors be made public to ensure transparency in the poll process. PAGE 2 Pvt LPG marketers seek to be part of subsidy transfer mechanism TO GET a slice of the 20 million tonne-plus annual sales of packaged domestic liquefied petroleum gas (LPG), parallel marketers, including Reliance Industries (RIL), Nayara Energy and Total, have asked the government to allow them to have a level-playing field with the state-run oil marketing companies (OMCs), reports Saurabh Kumar in New Delhi. The companies recently met petroleum ministry officials and demanded that like OMCs, they should be allowed to sell subsidised LPG cylinders and be part of the subsidy transfer mechanism. PAGE 6 A clarification WITH REFERENCE to the 'FE-Best Bank' magazine that was distributed with this newspaper last month, the ranking list wrongly mentions Corporation Bank's name as Corporation Bank of India. The error is regretted. LS constituencies in 20 states and Union Territories with over 14 crore eligible voters. Polling was also held at 175 Assembly seats in Andhra Pradesh, 32 in Sikkim, 57 in Arunachal Pradesh and 28 seats in Odisha. In AP,at least two people — one YSRCP activist and one CONTEMPT OF COURT Singh brothers plead not guilty FE BUREAU New Delhi, April 11 DAIICHI CASE MARCH 14: SC had asked Singh brothers to submit a plan on how they plan to pay `3,500 crore to Daiichi Sankyo FORMER RANBAXY PROMOTERS — Malvinder and ShivinderSingh—onThursday pleaded not guilty of violating any orders of the Supreme Court that had asked them to come out with a plan on how they would pay Japanese drugmaker Daiichi Sankyo the `3,500-crorearbitralawardby a Singapore tribunal. The brothers have not submitted the plan as desired by the SC so far. TheSChadthreatenedthem withajailtermatitslasthearing on April 5 if it found that they hadviolateditsorderasitwould amount to contempt of court. The brothers,who were present in the apex court as per its April 5 direction,through their lawyers said no contempt directlyorindirectlyismadeout against them for violating the APRIL 5: The brothers failed to give a convincing payment plan after which SC warned them that they could be jailed APRIL 11: SC heard contempt of court petition against the brothers filed by Daiichi SC orders or the undertakings given to the Delhi High Court, which is hearing the enforcement of award proceedings. Continued on Page 2 ● SERIES E FUNDING Airbnb checks into OYO with $75-million investment ASMITA DEY New Delhi, April 11 US-BASED home-sharing firm Airbnbhasinvestedaround$75 million (`516 crore) in SoftBank-backed hospitality company OYO, documents sourced from business signals platform paper.vc showed. The investment brings to an end OYO’s nearly $1.1-billion Series E funding round that also earlier saw participation from Softbank Vision Fund, China’s Didi Chuxing and Singapore’s Grab. The Airbnb investment was made at the same $5-billion valuation at which OYO raised $800 million led by Vision Fund and $100 million each from Grab and Didi Chuxing. Continued on Page 2 ■ CleverTap bets big on product innovation, Page 6 NEW LABELLING NORMS Indian wine looks for stronger presence in global market INDIA'S FLEDGLING WINE industry is getting into the global league.The wineries in the country started affixing labels on the beverage bottles from April 1, declaring the standards and specifications of the products in a globally compliant manner. The move could not only catalyse formalisation of the sector but could dramati- ILLUSTRATION: ROHNIT PHORE NANDA KASABE Pune, April 11 cally increase Indian wines’ access to various export markets. The standards put out by the Food Safety and Standards Authority of India (FSSAI) are in consonance with the global best practices prescribed by the Paris-based Organization of Vine and Wine (OIV), which consists of 46 wine-producer countries, including India. The FSSAI labels indicate the origin of wine, declare the range of sugar,varietyof grape used, residues/preservatives used, vintage etc. These also carry statutory warning of alcoholic content. Pawan Kumar Agarwal, CEO at FSSAI, told FE: “Old unusedlabelsandprintedcans are given six months (for phaseout). Wine manufacturedpriortoApril1,2019,can be sold in the market up to March 31,2020.” Continued on Page 2 JV partner Etihad has reportedly put in a bid for increasing its stake from 24% to 49% FE BUREAU New Delhi, April 11 CASH-STRAPPED JET AIRWAYS has cancelled all international flights which were scheduled Thursday midnight onwards, sources in the airline said. The development comes in themidstoftheairlinegrounding more than three-fourth of its 119-aircraft fleet. In what is a clear sign of the crisis deepening even as the lenderswaitforApril12forbids tocometotakeoverthecarrier, Jet on Thursday said 10 more aircraft have been grounded due to non-payment of lease rentals, taking the total number of such planes to 81. Earlier in the day, civil aviation secretary Pradeep Singh Kharola told news agency PTI that the ministry may review Jet’s eligibility to continue its international TURBULENCE CONTINUES ■ Jet had a fleet size of 119 aircraft at the end of December 2018 ■ The airline had grounded 71 aircraft till April 2 over non-payment of lease rentals ■ Its number of operational aircraft stood at 26 of which 15 were deployed operations afterit gets a report from the regulator DGCA on the issue.“We have sought for all the details from Jet. The DGCAhasasked forthe details. After we get those details, we will see to it,” Kharola told PTI earlier in the day when asked whether the ministry is planningtoreviewJet’seligibilityto continue its international operations in view of the on domestic routes ■ It grounded 10 more aircraft on April 11, after which its active fleet strength stands at 14 ■ For international operations an airline needs to have 20 aircraft deployed on domestic routes almost negligible fleet. The government rules stipulate an airline must have at least 20 planes for operating international operations. Of the 14 aircraft that Jet is operating as of Thursday, 8 are wide-bodyB777s(seven)andan A330—generallyusedforlonghaul international operations. Continued on Page 2
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