ECONOMY, P2 COMPANIES, P4 INTERNATIONAL, P7 COMPLETION BY FEB 29 POTENTIAL EXPANSION LIKELY WAS SERVING 19-YEAR SENTENCE NHAI to shift 247 toll plazas from Paytm Payments Bank Volkswagen, M&M ink pact under electric mobility collaboration Alexei Navalny, Russian Oppn leader and Putin critic, dies in prison CHENNAI/KOCHI, SATURDAY, FEBRUARY 17, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL NO. XLIV 241, 16 PAGES, `12.00 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 WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 72,426.63 ▲ 376.25 NIFTY: 22,040.70▲ 129.95 NIKKEI 225: 38,487.24 ▲ 329.30 HANG SENG: 16,339.96 ▲ 395.33 `/$: 83.02 ▲ 0.03 `/€: 89.38 ▼ 0.24 BRENT: $82.27 ▼ $0.59 GOLD: `61469.00 ▲ `170 IN THE NEWS JSW GROUPTO INVEST `65K CR IN ODISHA COMPLEX SAJJAN JINDAL-LED JSW Group will invest `65,000 crore to set up an integrated green steel manufacturing complex in Odisha, which will also have a cement facility and a port for its use, reports Rajesh Kurup. This complex, coming up at Jagatsinghpur, would help in generating about 30,000 jobs. ■ PAGE 4 NOD TO BIG-TICKET DEFENCE ORDERS WORTH `84,560 CR THE DEFENCE ACQUISITION Council (DAC) Friday cleared a series of big-ticket procurements worth `84,560 crore for the armed forces including 15 maritime reconnaissance and multi-mission maritime aircraft for the Navy and the Coast Guard, reports Amrita Nayak Dutta. ■ PAGE 3 RBI NOT PLANNING STRICTER RULES FOR FINTECHS THE RESERVE BANK of India is not planning to impose stricter norms for the fintech sector, after the regulator barred Paytm Payments Bank to accept deposits, reports Sachin Kumar. ■ PAGE 8 RINLTO SELLVACANT PLOTSTO MONETISE NON-COREASSETS PRIVATISATIONBOUND THE Rashtriya Ispat Nigam (RINL) will sell about 14 acres of land in Visakhapatnam to monetise non-core assets to raise working capital. Interested bidders have to deposit Earnest Money Deposit (EMD) by March 5. ■ PAGE 2 SBI REQUESTS RBI TO LOWER CRR FOR GREEN DEPOSITS STATE BANK OF India (SBI) has requested the Reserve Bank of India (RBI) to lower the cash reserve ratio (CRR) requirement for green deposits, chairman Dinesh Khara said at an event on Friday, reports Piyush Shukla. CRR is essentially the percentage of a bank's deposits that must be kept as cash with the central bank at zero interest rate. ■ PAGE 8 AKASAAIR TO FLY OVERSEAS FROM MARCH IN LESS THAN two years of commencing operations, Akasa Air will start international services with its first flight to Doha from Mumbai on March 28. ■ PAGE 4 FE S P E C I A L SHARJAH’S SKY ONE ALSO IN FRAY SpiceJet’s Ajay Singh bids for Go First with Busy Bee FE BUREAU New Delhi, February 16 SPICEJETCHAIRMANANDmanaging directorAjaySingh,alongwithBusyBee Airways,on Fridayput in a bid forthe bankruptGoFirst,whichstoppedflying morethanninemonthsago.Separately, Sharjah-basedSkyOneFZE,whichspecialises in various aviation services, includingcargocharters,saidithasalso submittedabidforthecarrier. ASpiceJetstatementsaidthatSingh, inhispersonalcapacity,alongwithBusy BeeAirways,hassubmittedabidforGo First. The announcement by Singh comes at a timewhen the financially troubledSpiceJetistryingtoraisefunds and rationalise its costs,bylaying off more than 1,000 staff.The statement didnotmentionanydetailsaboutBusy BeeAirways. Go First stopped flying on May3, 2023,and its plea forvoluntaryinsolvency resolution proceedings was admittedbytheNationalCompanyLaw Tribunal(NCLT)onMay10lastyear. "SpiceJet's role as the operating partner for the new airline involves providingessentialstaff,services,and industry expertise.“This collaborationisanticipatedtogeneratesynergiesbetweenthetwocarriers,leading to improved cost management,revenue growth, and a strengthened market position within the Indian aviationindustry,"SpiceJetsaidinthe statement. Continued on Page 13 Busy Bee’s registered office is a two-bedroom flat MANU KAUSHIK & ROHITVAID New Delhi, February 16 GO FIRST’S JOINT bidder Busy Bee Airways is a little known firm with no background in the aviation sector. Even the owner's name is not known. When FE spoke with one of the company's directors as per Registrar of Companies (RoC) records,Pran Sathiadasan,he said he had given away the credentials of the company in December last year,refusing to share more details,including the new owner's name.While he confirmed incorporating the company in 2017, along with Jayshree Sathiadasan,to run commercial plane services,he said the firm never took off and did not even obtain a licence from DGCA. Meanwhile,industry sources said Nishant Pitti,the co-founder of EaseMyTrip is the largest shareholder of Busy Bee Airways.When contacted,Pitti declined to either confirm or deny his involvement in the company. The address of Busy Bee's registered office in east Delhi -- flat number 41,B-13 Anupam Apartments,Vasundhara Enclave -is a two-bedroom house inhabited by a retired couple,who bought the house in 2000.When FE visited the residence,the couple expressed complete ignorance of the Busy Bee's registered office in east Delhi’s Vasundhara Enclave is inhabited by a retired couple who bought it in 2000 company or Pran and Jayshree Sathiadasan. Sathiadasan told FE that as he now has nothing to do with the company,the address of Anupam Apartments as shown in RoC documents is not relevant anymore. Continued on Page 13 Paytm shifts nodal account to Axis Bank RBI gives 15-day extension to Paytm Payments Bank’s users AJAY RAMANATHAN Mumbai, February 16 INARELIEFtoPaytmPaymentsBank’s(PPBL) merchants and customers,the Reserve Bank of India (RBI) has extended the deadline for thebanktostopacceptingfreshdepositsinits accountsandwallets by15 days. In a notification on Friday, RBI has now said that no further deposits, credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, INSIDE National Common Mobility Cards after RBI FAQs: March 15,2024.Earlier, Bar on RBI had set the deadline deposits at February 29. ■ PAGE 8 However after March 15, no banking services, other than fund transfers, Bharat Bill Payment Systems, and unified payments interface facility can be provided by the bank. “Settlement of all pipeline transactions in nodal accounts shall be completed by March15,2024andnofurthertransactions shall be permitted thereafter,”the notification said. MARCH 15 NEW DEADLINE ■ RBI has said that no further deposits, credit transactions etc shall be allowed after March 15 ■ After March 15, no banking services, other than fund transfers, Bharat Bill Payment Systems, and unified payments interface facility can be provided by the bank Novartis lines up strategic review of its India unit FE BUREAU New Delhi, February 16 At the same time,Paytm announced on Friday that it has shifted its nodal account to Axis Bank by opening an escrow account to ensure seamless merchant settlements. SWISS PHARMACEUTICAL MAJOR Novartis on Fridayannounced a strategic review of its subsidiary, Novartis India. The company is set to undergo an assessment, encompassing various aspects, includingNovartis’70.68%shareholding in the Indian entity. "There can be no assurance that the strategic review of Novartis India will be completed in 2024, or that the outcome would result in the implementation of any transaction,"Novartis said in a statement.It said that it remains"deeplycommitted to India"with a footprint that has expanded significantly in recent years. Novartis employs more than 8,100 associates in the country. NovartisIndiaisseparatefromNovartis Healthcare,thewholly-ownedsubsidiaryof the Novartis group in India,according the parent company's statement. Novartis HealthcareincludestheNovartisCorporate Centre in Hyderabad,the commercial arm ofNovartisinIndia,andR&Dteams,which currentlyconductclinicaltrialsatmorethan 300trialsitesinthecountry. Continued on Page 11 Continued on Page 11 ■ Paytm Payments Bank has around 40 million merchants on its platform. It has around 350 million e-wallets ■ Paytm’s customers have a deposit balance ofaround `3,000-4,000 crore acrosswallets FIVE-STAR PERFORMERS ■ The Banking Regulation Act contain privacy principles about regulating the collection, retention, and security of customer data PRASANTA SAHU New Delhi, February 16 THE STATE BANK ofIndia(SBI)maybe restrained by the banking laws in disclosing the details of the nowscrapped electoral bonds, including the names of the purchasers and the valueofthesubscriptions.“Asperbanking laws,certain customerdetails can’t be revealed(intheinterestofprivacyofthecustomers)…(revealing such details) will be a breach of law and trust,” a source familiar with the developments said. On Thursday,the Supreme Court termed theElectoralBondsSchemeunconstitutional and asked SBI, which issued such bonds to political donors, to submit details of such bonds purchased since the interim order of thecourtonApril12,2019,tilldatetotheElection Commission of India (ECI).“The details shallincludethedateofpurchaseofeachElectoral Bond,the name of the purchaser of the bond and the denomination of the Electoral Bond purchased,” the SC said. The Banking RegulationAct,of 1949 and its associated regulations contain privacy principles about regulating the collection, retention, and security of customer data. It hasdelegatedpowersinthisregardtotheRBI. Clause25oftheMasterCircularonCustomer Service in Banks issued in 2015 by the RBI reads: “The scope of the secrecy law in India hasgenerallyfollowedthecommonlawprinciplesbasedonimpliedcontract.Thebankers' obligation to maintain secrecy arises out of the contractual relationship between the banker and customer, and as such no information should be divulged to third parties except under circumstances which are welldefined.” Of course, there are some exceptions to ■ There are some exceptions to these rules like disclosure by banks ■ Disclosure can be also made with the express or implied consent of the customer ■ The ECI shall publish the information shared by the SBI on its official website within one week of the receipt of the information, that is, by March 13, 2024 these rules like disclosure by banks under compulsionoflaworwheretheyhavea“duty” tothepublictodisclose,orwheretheinterest of the bank requires disclosure. Disclosure can be also madewith the express orimplied consent of the customer. According to the source,theCentrewouldgothroughthecourt ruling and explore options before deciding the future course of action. Meanwhile, sourcessaidthegovernmentisunlikelytofile areviewpetitionagainsttheSCrulingonelectoralbonds.Itwouldratherletstakeholdersto file public interest litigation (PIL) given the potential violations of confidentiality guaranteed to electoral bond buyers—individuals and corporates— once such information comesoutinthepublicdomain,thesesources indicated,requestingnot to be identified. Continued on Page 11 Robust Q4 may lead to price cut by OMCs: Puri ARUNIMA BHARADWAJ New Delhi, February 16 RELIEF FOR CUSTOMERS JUST AHEAD OF the general elections, the state-runoilmarketingcompanies(OMCs)are likelytoreducetheretailpricesofautofuels,if theirfourth-quarterearnings are supportive. Unionministerforpetroleumandnaturalgas Hardeep Singh Puri said on Friday:“The last threequarters’profits(ofOMCs)weregood.If thefourthquarter(profits)arealsogood,then (they) could start looking at (cut in retail fuel prices).Then,therewillbebasisforthatexpectation (of pricecut byconsumers).” The minister's comment,while speaking atIndianExpressGroup'sIdeaExchangeprogramme, is the first by a government functionaryindicatingthattheOMCs–IOC-BPCL and HPCL – might lower the prices of diesel and petrol after keeping it steady for nearly twoyears.Thefirmshavekeptautofuelprices unchangedsince May2022,even thoughthe periodsawtheirearningsfluctuate,duetothe volatilityof global crude prices. Currently,therearecentraltaxesof20.6% onpetrolanda17.6%ondiesel.Anyreduction of fuel prices by the OMCs may or may not involve reduction of these taxes, that are mostlyin the nature of cesses. comment, speaking at Indian Express’ Idea Exchange, is the first by a govt functionary on fuel price cut M Muralidaran (SL) JamesAnderson (ENG) 696 (Mat: 185) Stuart Broad (ENG) R Ashwin (IND) 500 (Mat: 98) SANDIP G New Delhi, February 16 (Mat: 167) A CONTENT SMILE spread on Ravichandran Ashwin’sface,whenhegrabbedhis500thTest scalpandwavedtheballtowardstheaudience in the stands. The smile captured both the sheer joy and satisfaction that seized Ashwin when he reached a significant milestone of a spectacularcareer.Heisnowtheninthhighest wicket-taker in Tests and the fifth highest among the spinners.Filter the achievement furtherandheisIndia'ssecond-mostsuccessfulbowlerever.AnilKumblewith619wickets sitsatthetopofthepile. Amore illuminatingnumberinAshwin’s career is 25,714,the number of balls he has bowledto complete his500th.OnlytheAustralian Glenn McGrath has broughtwickets at a faster clip. The more you dissect his numbers,the more head-spinning an experience it would be, and the more convinced 604 Glenn McGrath (AUS) 563 (Mat: 124) ■ MOTOBAHN, P9 PRIVACY NET ■ The minister's ■ The three OMCs reported a healthy y-o-y growth in net profits for the quarter ended Dec ■ The minister had earlier said that there hadn't been any discussions between the Centre & OMCs over this FE had earlier reported that OMCs are likelytocutretailpricesofpetrolanddieselto some extent, just ahead of the general elections,scheduledinAprilifcrudepricesremain below$80 a barrel through this period. Continued on Page 11 Ashwin’s 25,714 calculated steps to reach Mt 500 (Mat: 133) Riding in snow is a once-ina-lifetime experience. It can also teach how to ride safe. Revealing purchasers’ names seen to be breach of law and trust SPIN-NERD BECOMES INDIA’S SECOND-HIGHEST WICKET-TAKER AFTER KUMBLE 800 Extreme biking: How to safely ride a motorbike in snow? Poll bond disclosures: SBI faces legal hurdle Shane Warne (AUS) Anil Kumble (IND) (Mat: 145) (Mat: 132) 708 619 Nathan Lyon (AUS) 517 (Mat: 127) Courtney Walsh (WI) 519 (Mat: 132) youwouldbeofhisplaceamongtheall-time greats of the game. But beyond all these—the wickets, the numbers,thematch-winningspells,thefivefors and 10-wicket hauls, the glory balls— therewassomethingfardeeperabouthisart that makes him more than a mere programmable wicket-taking machine. That is his devotion to grasp his art, exploring the wicked nuances and myriad possibilities of manipulating a cricket ball. In spirit, he is a pilgrim of his craft. In that sense,he is one of the rare originals of the game.He is both a scientific romantic, and also a romantic scientist.The worlds of Ashwin are many, rather he is one world in many.There is the classicist,who bargains his wicketswith grand old trickeryof flight,drift, dip and turn.There is the modernist with a reverse-flickingcarromball. Continued on Page 13 CHENNAI/KOCHI