TheIndian EXPRESS LATE CITY, 20 PAGES, LUCKNOW, `4.00 ● WEDNESDAY, MARCH 7, 2018 ● WWW.INDIANEXPRESS.COM DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA VIOLENCE ROCKS TRIPURA, NEW CM ON MARCH 9 Rajnath dials Governor, DGP: Ensure order till Govt formed Home Minister steps in day after BJP supporters raze Lenin statue 10 BY PRATAP BHANU MEHTA 3 CHENNAI, MARCH 6 NEW DELHI, AGARTALA, MARCH 6 Raag Darbari in our times UTTARPRADESH IDON’TCELEBRATE EID,AMPROUDOF BEINGAHINDU:YOGI ● RS POLLS: MAYA NAMES EX-MLA AS BSP NOMINEE THE DAY after a statue of Lenin was razed by BJP supporters celebrating their assembly poll win in Tripura, amidst reports of attacks on CPM offices and workers, the Union Home Ministry Tuesday asked the Tripura Governor and DGP to ensure peace till a new government is installed. Prime Minister Narendra ModiisexpectedtovisitAgartala to attend the swearing-in ceremony on March 9, when Tripura BJP chief Biplab Deb will sworn in as Chief Minister. Officials said Home Minister Rajnath Singh’s intervention came after Governor Tathagata Roy appeared to justify the razing of the statue in south Tripura,inaseriesof postsonhis official Twitter account. The Governor also claimed that he had received “no communication” from the Home Minister. Responding late Monday to a tweet on the demolition, Hours after BJP leader’s post, Periyar statue is vandalised ARUN JANARDANAN RAHUL TRIPATHI & ESHA ROY THE EDITORIAL PAGE JOURNALISM OF COURAGE CPM office vandalised by BJP supporters in Bishalgarh near Agartala. Abhishek Saha BUSINESS AS USUAL BY UNNY Suddenly targets, CPM cadres hide in party office ESHA ROY BISHALGARH, MARCH 6 ON TUESDAY, the CPM headquarters in the Bishalgarh subdivision of Tripura’s Sepahijala district — a two-storey building with a statue of Rabindranath Tagore in front — was opened underheavysecuritycover,with police vehicles on all sides. CONTINUED ON PAGE 2 According to CPM leaders, this office is now a shelter for around 45 party workers, with more trickling in, claiming that they had been assaulted by supporters of the winning BJP-IPFT alliance. CPM leaders claim this is the only party office that remains functional among the 90 spread acrossthesub-division,covering CONTINUED ON PAGE 2 HOURS AFTER Tamil Nadu BJP leader H Raja said statues of Dravidian icon E V Ramasamy ‘Periyar’ “will be brought down”, twomenwereheldinVellorefor allegedly vandalising a Periyar statue Tuesday. Police said the arrested men, Muthuraman and Francis, were drunk. A senior officer said the incident was reported after 9 pm. While Muthuraman is a BJP worker, his friend Francis belongs to a Communist party. Earlier in the day, H Raja, in a post on Facebook along with a video of a Lenin statue being bulldozedinTripura,said:“Who is Lenin? What is his relevance inIndia?WhyisIndiaconnected to Communism? Yesterday, Lenin statue was brought down in Tripura. Tomorrow, statues of caste fanatic E V Ramaswamy Periyar will be brought down.” His remarks invited strong criticism from different political groups and he later deleted the post. Periyar, founder of the Dravida Kazhagam party who had also led the self-respect movement, is revered in Tamil Nadu, irrespective of political affiliations. Reacting to Raja’s statement, DMK working president M K Stalin demanded his arrest. CONTINUED ON PAGE 2 Colombo floodlights shut out Emergency, India play tri-series EXPRESSINSRILANKA DEVENDRA PANDEY COLOMBO, MARCH 6 ON TUESDAY, the Sri Lankan government imposed a state of emergency for ten days following communal violence in Kandy. But at the R Premadasa Stadiumintheheartof Colombo, it was cricket as usual. With the Tri-nation T20 series, involving India, Sri Lanka and Bangladesh, unfolding Monday, office goers at the World Trade Center walked out to have a meal and auto-rickshaw drivers cued up for their next passenger of the day. TheSriLankangovernment’s move came after days of unrest in Kandy after a Buddhist man was killed following which Muslim-ownedbusinesseswere set ablaze. Though the state of emergency imposed did not affect the city of Colombo on Tuesday, which 130-odd km from Kandy, the news had families of Indian cricketers worried CONTINUED ON PAGE 2 Top bankers get SFIO summons in Nirav-Choksi case KHUSHBOO NARAYAN MUMBAI, MARCH 6 THE SERIOUS Fraud Investigation Office (SFIO) Tuesday summoned ICICI Bank CEO Chanda Kochhar and Axis Bank Managing Director Shikha Sharma and a few others in connection with loans and guaranteesextendedtofirmspromoted by diamond jeweller Nirav Modi andhisuncleMehulChoksi,said an official familiar with the development. ICICIBankisapartof theconsortium of 31 banks that extended loans and guarantees of Rs 5,280 crore to the Gitanjali Group promoted by Choksi. The loans were extended to Gitanjali Group between November 2010 and April 2014 against a collateral of only about Rs 100 crore, sources familiar with the development said. ICICI Bank is the leaderof theconsortiumandhas lentoverRs400croretoGitanjali Group. Illegal transactions at our Brady House branch: PNB On February 14, Punjab National Bank (PNB) in a regulatory filing, said two bank employeeshad“fraudulentlyissued Letters of Undertaking (LoUs) and transmitted SWIFT instructions to the overseas branches of Indian banks” to raise buyer’s credit for companies of Modi and Choksi to the tune of Rs11,400crorewithout“making entries in the bank system”. While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis CONTINUED ON PAGE 2 Court extends Karti’s custody by three days, CBI claims new facts Sri Lankan soldiers patrol roads after clashes in Kandy district led to declaration of a state of emergency Tuesday. Reuters Jailed UP strongman X factor in key LS bypoll UP minister calls Maya Atiq Ahmed enters Phulpur contest as Independent, SP claims propped by BJP SARAH HAFEEZ ALLAHABAD, MARCH 6 THERE’S THE BJP, there’s SP backed by the BSP, there’s the Congress. And yet, all the buzz in UP’s political circles before the high-profile Lok Sabha bypoll in Phulpur Sunday is about an independent candidate who’s not even on the campaign trail. That’s because the late entry of Atiq Ahmed, a former MP and five-time MLA from Allahabad West, on the last day of nominations 14 days ago, is being seen bytheSPasaployengineeredby the BJP to polarise votes and up- 12 WORLD Atiq Ahmed s currently lodged in Deoria jail. Sarah Hafeez set calculations. Facing over 40 of cases of murder, attempt to murder, criminal intimidation and assault, 55-year-old Ahmed is currentlylodgedinDeoriaJailforas- saulting faculty members of an agricultural institute in Allahabad in 2016. “Everyone knows Atiq Ahmed is contesting on the directions of the BJP. But this has got people more angry, all the minorities will vote for us,” claims SP Allahabad district president Krishna Murti. The bypolls will be held on March 11 at Phulpur, vacated by Deputy Chief Minister Keshav Prasad Maurya, and Gorakhpur, the traditional constituency of Chief Minister Yogi Adityanath. On Sunday, the SP pulled off a surprise by announcing that it CONTINUED ON PAGE 2 Surpanakha and Mulayam Ravan, EC files complaint SARAH HAFEEZ ALLAHABAD, MARCH 6 THE ELECTION Commission Tuesday registered a complaint against Uttar Pradesh Minister Nand Gopal Nandi for comparing BSP chief Mayawati to Ravana’s sister Surpanakha in a public rally in Phulpur. Nandi made the “derogatory” remarks at a public rally in Allahabad’s Dhoomanganj on Sunday where he also said SP chief Mulayam Singh Yadav was Ravan and his son Akhilesh was Meghnad,promptingsharpcriticism from both parties. BSP zonal leaders have even filed a complaint with police and demanded a case be registered against Nandi. A minister in the BSP government in 2007, Nandi had joined the BJP before Assembly elections in 2017. With Chief Minister Yogi Adityanath on stage during the rally, Nandi read out a from a script he had prepared based on the Ramayana on Sunday. In his speech,thecharacterof Ram,“as Narendra Modi”, accompanied CONTINUED ON PAGE 2 Karti Chidambaram outside court Tuesday. Prem Nath Pandey ABHISHEK ANGAD & ANANTHAKRISHNAN G NEW DELHI, MARCH 6 ADELHIcourtTuesdayextended the CBI custody of Karti Chidambaram, son of former Union Minister P Chidambaram, until March 9 after the agency said it needed to question him further because “new substantial evidence” had been found in the INX Media case. Earlier in the day, the Supreme Court declined to give Karti any interim protection from arrest in an alleged money launderingcasebeingprobedby the Enforcement Directorate. Agreeing to take up the matternextonMarch8,thebenchof Chief Justiceof IndiaDipakMisra andJusticesAMKhanwilkarand D Y Chandrachud clarified that “our present order shall have no impact on any proceedings pendingagainstthepetitionerin any court”. CONTINUED ON PAGE 2 ● PAGE ONE ANCHOR SAEED, JuD LEADERSMOVE FREELYINPAK DESPITEBAN TWO KOREAS WILL MEET IN APRIL, DISCUSS GIVING UP NUKES, SAYS SOUTH KOREA ZOMATO, SWIGGY ALMOST MATCH INVESTMENTS IN RESTAURANTS PRANAV MUKUL NEW DELHI, MARCH 6 SIGNALLING A clear investment shiftinthefoodbusiness,money pumpedinbyPrivateEquity(PE) and Venture Capital (VC) players in just two online platforms — Zomato and Swiggy — was merely $143 million less than what was invested in the country’s organised restaurant segment over the last five years. PE and VC investors infused $843 million in the restaurant segment, including in categories such as quickservice, casual dining and fine dining during the last five years. Over the same period, Zomato and Swiggy received around $700 million. According to data provided toTheIndianExpressbyChennaibased Venture Intelligence, substantial investment by PE-VC firms was made in the quick service and casual dining categories. These include companies such as Sapphire Foods, which operatesPizzaHutandKFCfranchisees, Burger King India, Devyani International, which is also known for Pizza Hut and KFCrestaurantsalongwithCosta Coffee outlets, and Impresario Entertainment & Hospitality, which operates Social and Smoke House Deli restaurants. The most active investors in the space, as per Venture Intelligence, have been Everstone — its portfolio includes Burger King India, Massive Restaurants (Farzi Cafe, MasalaBar, Pa Pa Ya), Blue Foods (Spaghetti Kitchen, Copper Chimney, The Coffee Bean & Tea Leaf) and My Square. Now Capital invested in Boombox Cafe, Cafe OTB, Carls Jr India and Kwals Group. Goldman Sachs put money in Sapphire Foods, Massive Restaurants and Azure Hospitality (Mamagoto, Dhaba, Rollmaal). PE-VC funding in restaurants CASH ON THE MENU $843 mn investment in restaurants in 5 yrs $700 mn investment in Zomato, Swiggy in 5 yrs does not cover the entire range of investment in the space — a substantialportionisbypromoters. Some of the companies such as Jubilant FoodWorks (Domino’s Pizza, Dunkin’ Donuts), Coffee Day Enterprises (Cafe Coffee Day) and Speciality Restaurants (Mainland China, Oh! Calcutta) have tapped the capital markets, raising funds to the tune of Rs 330 crore, Rs 1,150 crore and over Rs 175 crore, respectively. The slew of investments by PE-VC funds in the restaurant space notwithstanding, experts believe the segment is not a very attractive opportunity compared with the consumer internet space, including food-tech. This is primarily because of the high capital expenditure that brick-and-mortar restaurants demand and the slower rate of scaling up than food-tech companies such as Swiggy and Zomato. Gurgaon-based Zomato, which offers listing, feedback and delivery services, has seen investment from firms such as Sequoia Capital, Info Edge, Temasek Holdings and, in the latest round, China’s Ant Financial. Swiggy, which provides food delivery services through its exclusive fleet of riders, has raised funds from investors including Naspers, Accel Partners and Bessemer Venture Partners. In its draft red herring prospectus filed with the Securities and Exchange Board of India, casual dining restaurant CONTINUED ON PAGE 2
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