OPINION, P6 COMPANIES, P4 SOMIT DASGUPTA Savings from the MBED scheme may not amount to much INTERNATIONAL, P8 EDITORIAL ‘REGIONALISM BIG THEME’ WEALTH & WELFARE RBI's accommodative stand justified for now, but if inflation holds, expect policy normalisation No plans to buy firms with global supply chains, says KM Birla Buffett leaves Gates Foundation; says has donated half his wealth MUMBAI, THURSDAY, JUNE 24, 2021 VOL. LXI NO. 148, 18 PAGES, `7.00 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD 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: 52,306.08 ▼ 282.63 NIFTY: 15,686.95 ▼ 85.80 NIKKEI 225: 28,874.89 ▼ 9.24 HANG SENG: 28,817.07 ▲ 507.31 `/$: 74.28 ▲ 0.09 `/€: 88.68 ▼ 0.31 BRENT: $75.67 ▲ $0.86 GOLD: `47,021 ▼ `134 IN THE NEWS Gross FDI inflows jump 38% in April GROSS FDI inflows rose 38% year-on-year in April and FDI in equity surged by 60%, aided by a conducive base, reports fe Bureau in New Delhi. However, the inflows were still higher than the April 2019 (pre-pandemic) level and appeared to have beaten the damaging impact of the second Covid wave this year. ‘Proposed norms may hit business growth of e-tailers’ THE NEW draft e-commerce rules issued by the consumer affairs ministry are likely to increase the compliance requirements of e-commerce firms and have the potential to stunt business growth as they attempt to curb broad discounts and restrict expansion of private labels, strategies companies often bank on to get more users, experts said, reports Asmita Dey in New Delhi. Infosys' `9,200-cr share buyback to open tomorrow INFOSYS WILL commence its up to `9,200-crore buyback from June 25, wherein the IT major intends to buy back shares at a maximum price of `1,750 apiece, reports PTI. HOME STRETCH Suraksha gets CoC nod for Jaypee Infra State-owned NBCC loses race by just 0.12% votes FE BUREAU New Delhi, June 23 MUMBAI-BASED SURAKSHA Group on Wednesday received the approval of the committee of creditors (CoC) to take over bankruptrealestatefirmJaypee Infratech (JIL),with more than 98%ofvotesinfavourofitsresolution plan. The other contender,state-owned NBCC,lost the race by0.12%votes. Thiswasthefourthroundof bidding process to find a buyer for JIL,which went into Corporate Insolvency Resolution Process (CIRP) inAugust 2017. Now,Suraksha’s resolution plan needs to be approved by theNationalCompanyLawTribunal (NCLT). A successful resolution of Aug 2017 Dec 2019 Mar 2020 Aug 2020 IDBI Bank moves NCLT to initiate insolvency proceedings against JIL NBCC wins the bid to acquire JIL NCLT approves NBCC’s plan SC orders revised bids by NBCC and Suraksha JIL will provide relief to over 20,000 homebuyers across various housing projects launched by the firm in Noida and Greater Noida. Continued on Page 2 Heineken takes control of United Breweries DUTCH BREWING major HeinekenonWednesdaysaid it has acquired an additional 14.98% stake in United Breweries, taking its total shareholding to 61.50%, reports PTI.“Heineken N.V. today (on Wednesday) ED transfers `9,371-cr assets to banks, govt FE BUREAU New Delhi, June 23 Matter reaches Supreme Court Mar 24, 2021 MALLYA & PNB CASES announces that it has acquired an additional 39,644,346 ordinary shares inUnitedBreweriesLtd(UBL) taking its shareholding in UBL from 46.5% to 61.5%,” Heinekensaidinastatement. ■ Report on Page 4 THE ENFORCEMENT DIRECTORATE (ED) on Wednesday said it had transferred to public-sector banks and the Central government assets worth `9,371 crore belonging tofugitive economic offenders Vijay Mallya, Nirav Modi and Mehul Choksi. The agency has attached/ seized assets worth a total of `18,170 crore, constituting over 80% of the losses of `22,586 crore incurred by banks due to the alleged frauds committed bythese three businessmen. These also include properties worth `969 crore located abroad.Of these,assets worthabout`329.67crorehave been confiscated and those Vijay Mallya Nirav Modi Mehul Choksi Nirmala Sitharaman, finance minister London high court, just over twomonthsafterhisextradition to India was ordered by UKhomesecretaryPritiPatel inthePNBscamcase. Continued on Page 2 ● PRIVACY PROBE HC refuses to stay CCI notice to WhatsApp, FB Lenders vote against raising payout to FD, NCD holders; depositors likely to challenge it LENDERS TO DEWAN Housing Finance (DHFL) are not in favour of a higher payout to fixed deposit (FD) holders and those holding non-convertible debentures (NCDs). A proposal to raise the payout for FD holders to 40% of their dues of `5,400 crore, from 23% has been shot down; 89% of votes went against it, sources close to the developments told FE. In the case of NCD holders, who are owed `1,500 crore, lenders were voting to increase the payout to 40% while refusing to interfere at thisstage,saidthereisnodoubt that the issuance of impugned notice by the director general investigation of CCI is a step in furtheranceoftheinvestigation commenced in the suo motu case,in which the investigation is a subject matter of the challenge in an appeal. FE BUREAU New Delhi, June 23 THE DELHI HIGH COURT has refusedtostaythenoticeissued by the Competition Commission (CCI) to WhatsApp and its parent firm Facebook seeking certaininformationwithregard to its probe into the messaging platform’s newprivacypolicy. The HC had on Monday No higher payout for DHFL depositors reserveditsorderinthematter. Thedivisionbenchcomprising justices Anup Jairam BhambhaniandJasmeetSingh, Nov 2019 RBI supersedes DHFLboard, refers firm to NCLT Continued on Page 2 Jan 2020 ■ DHFLFD holders move SC to get their dues ■ SC directs FD holders to appeal at CoC and NCLT Sept 2020 DHFL FD holders move NCLT for clearing dues ANKUR MISHRA Mumbai, June 23 "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered. #PSBs have already recovered ?1357 Cr by selling such shares. A total of ?9041.5 Cr shall be realised by banks through sale of such attached assets." amounting to `9,041.5 crore have been handed over to the PSBs(takingthetotalto`9,371 crore),the ED said. Meanwhile, Nirav Modi has lost the first stage of his extradition appeal in the SETBACK Jun 2021 ■ NCLTapproves PCHFL's plan ■ Asks CoC to consider higher payout to FD, NCD holders ■ CoC rejects proposalwith 89%votes Jan 2021 ■ CoC approves PCHFL’s `37,250-cr bidwith 94%votes ■ DHFLFD holders likely to get around 23% dues, as per plan from 5% decided upon earlier. However, they decided against it. Continued on Page 2 No I-T scrutiny on cash deposits up to `2.5L by housewives after note ban: ITAT CASH DEPOSITS of up to `2.5lakhbyhousewivesafter demonetisationwillnotcome under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held such deposits cannot be treated as income of the assessee, reports PTI. Ruling on an appeal filed by an individual, the Agra bench of ITAT said theorderwouldactasaprecedent forall similarcases. ■ Report on Page 2 Check out our amazing “ALWAYS YOU FIRST” features! 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