OPINION, P10 SPOTLIGHT WORDS WORTH ACROSS THE AISLE , P CHIDAMBARAM Social media platforms have changed the way users & businesses look at travelling. From ordinary people turning travel ambassadors to firms offering ‘Insta-worthy’ tours, there’s a lot to see & do out there Page 5 Unfilled Barrels is a balanced account of India’s oil sector and the issues facing it Page 4 Economy still in the woods Crude reality ‘INSTA’ TRAVELLERS Vol. XXI No. 32 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM SIMPLIFYING SUSHI FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, JUNE 5, 2022, 20 PAGES, `10 (PATNA `10, RAIPUR `10) P U B L I S H E D F R O M : A H M E D A B A D , IN THE NEWS Ten killed in boiler blast at factory in UP’s Hapur AT LEAST 10 workers died and 19 were injured when a boiler exploded at a factory in western Uttar Pradesh's Hapur district on Saturday afternoon, officials said, reports PTI. There were around 30 people in the affected area in the factory in the UPSIDC industrial area in Dholana, around 80 km from the national capital, when the incident occurred, they said. Govt asks Twitter, YouTube to pull down offensive ad THE INFORMATION AND broadcasting ministry on Saturday asked Twitter and YouTube to remove from their social media platforms the videos of advertisement of a perfume brand that triggered outrage for “promoting sexual violence against women”, reports PTI. In letters to Twitter and YouTube, the ministry said the videos were "detrimental to the portrayal of women in the interest of decency and morality" and in violation of Information Technology (Intermediary Guidelines and Digital Media Ethics Code). P3 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 , APEX COURT NOD FOR SETTLEMENT PLAN After SC win, Siva to focus on debt ● Promoter Vallal RCK says vindicated by court order Path to recovery SAJAN C KUMAR Chennai, June 4 Vallal RCK had challenged NCLAT order upholding NCLT’s order to liquidate SIHL, despite CoC accepting settlement plan with over 90% majority ARMED WITH A Supreme Court order allowing the promoter’s settlementplantosavethecompanyfromliquidation,theailing SivaIndustriesandHoldingLtd (SIHL)saidonSaturdaythecompany will be placed under new management soon and will focus on settling its creditors as soon as possible. Commenting on the SC order that quashed both the NCLT and NCLAT orders directing liquidation of the company, VallalRCK,fatherofserialentrepreneur and company founder C Sivasankaran, told FE: “I am pleased and humbled by the judgment of the honourable Supreme Court. It has been a long journey to get here and I feel vindicated. In my twilight age of 94, this judgment has reaffirmed my faith in the fairness of the Indian judiciary. I In its order on promoter's appeal, SC said said both NCLT & NCLAT can't sit in appeal over wisdom of CoC SC permitted lenders to go aheadwith SIHL promoter's settlement The company will be placed under new management soon thank everyone who has supported me in the journey to get here.”Atthesametime,helooks forward to the company using artificial intelligence to find ways to tackle metabolic diseases.Vallal RCK,a shareholder ofthecompany,hadchallenged the NCLATorderupholding the NCLT’s order to liquidate SIHL, despite the committee of creditors (CoC) accepting the settlement plan with a voting majorityof 94.23%. In its order on the appeal of VallalRCK,theapexcourtbench comprising justices BR Gavai andHimaKohlisaidtheadjudicating authority (NCLT) or the appellate authority (NCLAT) cannot sit in an appeal over the commercialwisdomoftheCoC. The interference would be warrantedonlywhentheadjudicating authority or the appellate authority finds the decision of the CoC to bewhollycapricious, arbitrary,irrational and dehors thestatuteorrules.Throughthe order,the SC has permitted the lenders to go aheadwith the SIHL promoter’s settlement plan under Section 12A of the InsolvencyandBankruptcyCodethat allows such a provision if 90% of the CoC supports it. Continued on Page 2 ■ NCLAT allows withdrawal of insolvency proceedings against Kanoria Sugar P3 Japanese cuisine taking on a new avatar in India, being offered as quick bites Page 7 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , 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 TATA MOTOR , HYUNDAI VIE FOR SPOT AFTER MARUTI Race for No 2 carmaker a close chase ● Home-grown auto company overtook Korean giant in Dec 2021 and May 2022 VIKRAM CHAUDHARY New Delhi, June 4 IN MAY 2022, Tata Motors became India’s second-largest carmaker, overtaking the legacy Number Two, Hyundai India.Tata Motors sold 43,341 cars, beating Hyundai India’s 42,293 unit sales. However, Maruti Suzuki India, at 124,474 units, sold more than Tata and Hyundai put together. It’s the second time that the home-grown carmaker has beaten the Korean giant. In December 2021, Tata Motors had sold 35,299 units,overtakingHyundai’s32,312units.But from January to April 2022, Hyundai reclaimed its position —aspotithasbeensittinginfor about 15years. “The demand for our ‘New Forever’ range continues to be strong,”ShaileshChandra,managingdirector,TataMotorsPassenger Vehicles, and Tata PassengerElectricMobility,toldFE. Continued on Page 2 NECK AND NECK Tata Motors sold 43,341 cars, beating Hyundai India’s 42,293 unit sales in May Maruti Suzuki India, at 124,474 units,sold more than Tata and Hyundai put together holding the position for 15 years In May, of the 43,341 cars sold, 3,454 were electric cars — the highest-ever in a month for Tata Motors Bharat Forge set to grow multifold: Baba Kalyani BIOLOGICAL E’S CORBEVAX has become the first GEETA NAIR Pune, June 4 IT TOOK FORGING company Bharat Forge 61 years to reach an annual turnover of `10,000 crore.Chairman and managing director Baba Kalyani is confident of the next `10,000 crore comingatafasterpace,withthe company set to double or triple turnover in the next 10 years. Having joined the company startedbyhisfatherNeelakanth 32,312 units ■ Hyundai has been ■ But from January to April 2022, Hyundai reclaimed its position Booster nod for Corbevax vaccineinIndiatogetregulatoryapprovalforaheterologous Covid-19 booster shot, reports fe Bureau in Pune. People whoare18yearsandabove and have taken two doses of eitherCovishield or Covaxin can now receiveadoseofCorbevaxasa heterologous Covid-19 booster. Details on P2 In December 2021, Tata Motors had sold 35,299 units, overtaking Hyundai’s Kalyani 50 years ago, Baba Kalyani, 73, saysthepast10 yearshavebeen the busiest in Bharat Forge his life.“If you chairman & MD have a passion Baba Kalyani to do something then many things can be done,” he saysashecelebratesfivedecades at the helm of Bharat Forge. Service charge not illegal, say eatery owners RESTAURANT OWNERS HAVE reiteratedthatlevyingofservice chargebythemisnotillegaland the amount of service charge is clearly mentioned on menu cards for customers to exercise their choice before availing the services,reportsVarunSinghin NewDelhi.Theysaidthecharge is for the benefit of restaurant staff and serves as an incentive to motivatethem. Details on Page 2 Details on Page 2 '' don’t bother for scars any more. 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