TheIndian EXPRESS LATE CITY, 16 PAGES, JAIPUR, `4.00 ● FRIDAY, MARCH 30, 2018 ● WWW.INDIANEXPRESS.COM DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE Videocon gets Rs 3250-cr loan from ICICI Bank, bank CEO’s husband gets sweet deal from Dhoot Promoter Dhoot forms JV with Chanda Kochhar’s husband, loans Rs 64 cr, then hands him ownership of lending entity for Rs 9 lakh; ICICI Bank declares Videocon account NPA DEEPAK KOCHHAR’S JOINT VENTURES WITH VENUGOPAL DHOOT « DEEPAKKOCHHAR KAUNAIN SHERIFF M NEW DELHI, MARCH 29 IN ITS first public remarks on the issue, the central government said Thursday that it is examiningthe“desirability”offilingajudicialreviewagainsttheSupreme Court order last week that laid downdownstringentsafeguards before registering a case under the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act, 1989. Union Minister of Law and Justice Ravi Shankar Prasad said the Department of Legal Affairs has been instructed to “consider thedesirabilityof filingareview” and that “appropriate action” willtakenoncetheministrytenders its opinion. “There is widespread concernregardingthisissue.Weunderstand the sensitivity of the matter. The government has taken note of the judgment of the Supreme Court laying down new norms as far as the SC and ST Act’s operation is concerned. I have instructed the Ministry of Law to consider the desirability of filing a review. Appropriate follow-upactionsaretobetaken by the ministry,” Prasad said. Themovecomesadayaftera delegation of Dalit MPs met Prime Minister Narendra Modi over the issue. On Wednesday, The Indian Express reported that despite representations and appeals from Dalit MPs for the government’s intervention on the SC’s CONTINUED ON PAGE 2 7 WORLD NORTH,SOUTH KOREATOHOLD SUMMIT AFTER SIX YEARS, MALALA GOES TO PAKISTAN Promoter of Videocon Group « « WITHTODAY’SCOPYOF « Deepak Kochhar heads trust. Dhoot helped the trust get full ownership of Supreme Energy THEINDIANEXPRESS SC/ST Act: Govt looks at review plea in apex court « « PINNACLE ENERGYTRUST THE 100 MOST POWERFUL INDIANS, 2018 Founded by Dhoot & Kochhar. Each, with their associates, held 50 % of its shares SANDEEP SINGH & KRISHN KAUSHIK NEW DELHI, MARCH 29 IN DECEMBER 2008, Venugopal Dhootof theVideoconGroupset up a company with Deepak Kochhar, husband of ICICI Bank MD and CEO Chanda Kochhar, and two of her relatives; then gave a Rs 64-crore loan to this company through a fully owned entity before he transferred the latter’s ownership to a trust headed by Deepak Kochhar for justRs9lakh,aninvestigationby CHANDA KOCHHAR CEO & MD, ICICI Bank. Her husband, his father & her brother’s wife held 50% of NuPower The Indian Express has found. In what raises questions of proprietyandconflictof interest, the transfer of the company to Deepak Kochchar happened six monthsaftertheVideoconGroup got a loan of Rs 3,250 crore from ICICI Bank. Almost 86 per cent of thatloan(Rs2,810crore)remains unpaid and Videocon account was declared an NPA in 2017. Sources have confirmed to The Indian Express that the Dhoot-Kochhar-ICICI web of transactions is being examined by investigative agencies. A day after The Indian Express SUPREME ENERGY Owned by Dhoot, it lent Rs 64 crore to NuPower in 2010 ENS ECONOMIC BUREAU MUMBAI, MARCH 29 VIDEOCONLTD. Of the Rs 3,250 crore, it owes ICICI Bank 2,810 cr. Group account declared NPA last year. « ANNUALEXPRESS POWERLIST NuPOWER VENUGOPAL DHOOT ICICI BANK Lent Rs 3,250 crore to five Videocon companies in April 2012 « Chanda Kochhar’s husband. Managing Director of NuPower. RBI slaps Rs 58.9 crore penalty on ICICI Bank sent a detailed questionnaire to ICICI Bank for its response to its findings, ICICI Bank issued a press release Wednesday eveningsaying“thereisnoquestion of any quid pro quo/nepotism/conflict of interest as is being alleged in various rumours.” It said the Board “reposes full faith” in Chanda Kochchar and added that “malicious and unfounded rumours” were being spread to “malign the Bank.” The statement, however, did not address the specific query from The Indian Express on BUSINESS AS USUAL BY UNNY IN ONE of the heaviest monetary levies by a regulator on a bank for violation of regulations in recent years, the Reserve Bank of India (RBI) imposed a penalty of Rs 58.9 crore on ICICI Bank for violating the central bank’s guidelines governing treasury operations. The RBI said the penalty was imposed for non-compliance with directions on direct sale of securitiesfromitsHTM(held-tomaturity) portfolio and its disclosure. “This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the RBI said in a statement. Banks have to mandatorily keep 19.5 per cent of their deposits in government securities as statutory liquidity ratio (SLR) under RBI guidelines. According to the RBI, this penalty has been imposed in exercise of powers vested in the RBI under provisions of Section 47A(1)(c) of the Banking Regulation Act, 1949, taking into accountthefailureof thebankto adhere to directions/guidelines CONTINUED ON PAGE 2 CONTINUED ON PAGE 2 Let full court discuss Govt interference: Justice Chelameswar to CJI, 22 judges SUSHANT SINGH NEW DELHI, MARCH 29 JUSTICE JASTI Chelameswar, the most senior judge of the Supreme Court, wrote to Chief Justice of India Dipak Misra last week, seeking a full court on the judicial side to discuss the matter of government interference inappointmentof judgestohigh courts. The CJI has not yet responded to the letter. The five-page letter to the CJI has also been copied to 22 other judges of the Supreme Court. Sources said that this was done to obviate criticism of some Supreme Court judges that they had not been taken into confidencewhenthefourmostsenior judges — Justices Ranjan Gogoi, Madan B Lokur and Kurian Joseph, besides Chelameswar — held a press conference on January12,complainingthatthe CJI had taken no action on issues raised in their letter to him. Justice Chelameswar’s letter, signed on March 21, states that the government has been selective in accepting recommendations of the Supreme Court Collegium for appointment of judges to high courts. It chooses to ignore or defer the names it finds uncomfortable, the letter states, thereby affecting the independence of the judiciary. The letter goes on to demand a full court on the judicial side to Justice Jasti Chelameswar wrote to CJI Dipak Misra last week discuss the current situation. A full court meeting of the Supreme Court is usually convened by the CJI when a matter of public importance relating to the administration of the judiciary comes up. At a time when Opposition parties have started a signature campaign for an impeachment motion against the CJI in Rajya Sabha, the demand for convening a full court is bound to put greater pressure on CJI Misra to be seen as the custodian of the independence of the judiciary. Comparing the current state of affairs to a similar case of direct interference in judiciary by the central government which led to action by the Supreme Court,JusticeChelameswarconcludes the letter by referring to S PGuptavsPresidentOf Indiaand Ors(1981),commonlyknownas the First Judges Case. The Supreme Court judgment had then ruled a circular, issued to all states by the then Law Minister, P Shiv Shankar, as carrying “no legal force in the first place”. Shiv Shankar had asked additional judges in the CONTINUED ON PAGE 2 UNION MINISTER Babul Supriyo was caught on tape threatening to “skin” some people who shouted slogans against him whenhevisitedhisconstituency of Asansol on Thursday. The incident occurred when Supriyo tried to enter the Asansol-Raniganj area, where prohibitoryordersunderSection 144 of the CrPC are in force following clashes over a Ram Navami procession. Police booked him for violating prohibitory orders and under Sections 146, 147, 148 (rioting) and 353 (assault or criminal force to deter public servant Supriyo in Asansol. PTI from discharge of his duty), which is non-bailable. He is alleged to have assaulted senior IPS officer Rupesh Kumar. News channels showed Supriyo shouting at the protesters. “Aami ki apnader ke bolbo lorai koro? Ami chole jabo, apnader opor guli cholbe...(Will I ask you to fight? I will leave and Day after CBSE leak, Javadekar assures reforms EXPRESS NEWS SERVICE NEW DELHI, MARCH 29 A DAY after the Central Board of Secondary Education (CBSE) announced that re-examination wouldbeconductedfortheClass X Mathematics and Class XII Economics papers, Union HRD Minister Prakash Javadekar on Thursdayassured“necessaryreformswithinthesystem”toprevent leaks. HesaidtheCBSEwaslikelyto announce the re-test dates on Monday or Tuesday. Addressing a press conference, he said: “What can we do so that this thing does not get repeated, we are discussing and deliberating. To end the crime in the education system is a great challenge for us. I am having discussions with my counterparts abroad, and the US, and trying to findasystem.Wewillpunishthe culprits and bring in necessary reforms within the system.” Saying that he understood thepain,anguishandfrustration of students and their parents, Javadekar said he hadn’t been able to sleep the entire night. “This leak is a mark on CBSE, so we will go into the depth of it. CBSE has earned a good reputation of conducting fair examinations. This has been breached by theculprits.TheCrimeBranchof THEEDITORIAL PAGE Will skin you, Supriyo tells crowd in Asansol, faces case KOLKATA, MARCH 29 RE-EXAM DATES NEXT WEEK 8 Police march through Asansol on Thursday after clashes during Ram Navami. Express SWEETY KUMARI A student protests in New Delhi on Thursday. Abhinav Saha you will come under fire),” he was heard saying. “Chamra gutiye debo ekdom... aamar gaye haath deben na, oke dhorun. O amar saamne aashe ki kore. (Will skin them alive... don’t touch me, nab him. How does he come in front of me),” he said. Accordingtosources,Supriyo triedtodrivethroughKalyanpur, in Asansol, when his vehicle was stopped by the police. “As the local MP, it is my responsibility to stand by the people who are in trouble, but the police, without any reason, stoppedmefrommeetingthem. Since morning, I have been trying to call up senior police officers and district officials, but CONTINUED ON PAGE 2 ‘Understand pain, anguish of students, parents’ Delhi Police has formed teams and we are also doing an internalinquiry.Policearedoingtheir job and we are sure the culprits will be nabbed,” he said. “Innocent people have to bear with the misdeeds of others, this is the truth. But we are doing everything to make sure the same thing does not happen again,” he said. Responding to allegations that the other question papers had also been leaked, he said they did not find enough proof. Hesaidalleffortswouldbemade toimprovethesystemtofacethe newchallengesposedbytheculprits and make it “foolproof”. Meanwhile, students from different schools in the Capital staged protests on Thursday. A southern discomfort BY PRATAP BHANU MEHTA Add ‘Ramji’ to Ambedkar’s name, orders Yogi govt; Opposition protests EXPRESS NEWS SERVICE NEW DELHI, MARCH 29 THE BJP-LED government in Uttar Pradesh has decided to change the name of Dr Bhimrao Ambedkarto“DrBhimraoRamji Aambedkar” in government records. While ‘Ramji’ will be added as the middle name, ‘Ambedkar’ will be changed to ‘Aambedkar’. (in Hindi). JitendraKumar,principalsecretary, state general administration department, issued a circular in this regard on Tuesday to allthedepartmentsandregistrar of Allahabad and Lucknow benchesof theHighCourt. Inthe circular,directionhasbeengiven to make changes as per the decision in all the records of the departments concerned. Forissuingtheorder,theYogi Adityanath-led government has cited the Eighth Schedule of the Constitution, where Dr Bhimrao Ambedkar’s name is written as Dr Bhimrao Ramji Aambedkar (in Hindi). Thedemandformakingthese changes was earlier raised by UP Governor Ram Naik who met President Ram Nath Kovind in Decemberlastyearinthisregard. BJPMPfromNorthWestDelhi UditRajhasobjectedtotheUPgovernment’s move, saying that the move has triggered an unnecessary controversy. “It is surprising CONTINUED ON PAGE 2 ● PAGE ONE ANCHOR PNB’S AUDITOR ON NIRAV MODI FIRMS FACES TAX EVASION CHARGE Taxmen search BDO India, recover Rs 2 cr, firm says fully compliant KHUSHBOO NARAYAN MUMBAI, MARCH 29 ON FEBRUARY 27, Punjab National Bank appointed BDO, a Belgium-based consultancy, to conduct a forensic audit on the firms of Nirav Modi after the state-ownedbankfoundfraudulenttransactionsof overRs6,500 crore involving the diamond jeweller’s companies. But now, BDO’s India office, which is conducting the audit, finds itself un- der the scanner for alleged tax evasion. BDO India and its partner MSKA & Associates are facing chargesof alleged non-payment of Goods and Services Tax (GST) to the government since July 2017 despite collecting it from clients, officials told The Indian Express. Accordingtosources,officials of theDirectorateGeneralof GST Intelligence (DGGI), Pune, conducted a search at the offices of BDO India in Mumbai and Pune on March 27 and 28. According to official sources, DGGI has alleged that BDO India and MSKA & Associates “collected GST from their customers of around Rs 13.5 crore and not paid to the government”. A statement from DGGI, Pune, did not name the firm but said that “during the searches, GST of Rs 2 crore was recovered from the spot”. When contacted by The Indian Express, a BDO India spokesperson said in a state- PNB’s Brady House branch in Mumbai. Express ment: “The visit of GST officials and their agenda was routine in nature and it turned out that BDO India was fully compliant on all concerns raised. The Rs 2 crore payment was also made by us, voluntarily in the course of discharging our liability, the rest of which is being paid, again in normal course and with concurrence of the tax officials. As a matter of policy and good governance, BDO discharges all its duties including payment of taxes responsibly and in compliance with the law.” According to official sources, BDO India and MSKA have at least 14 GST registrations in different states. The two firms, according to officials, have filed GSTR 1 but not GSTR 3B returns since July 2017. GSTR 1 is the monthly outward supply return made by a business, while GSTR 3 B is a monthly self-declaration form of tax liability. Speaking to The Indian Express on condition of anonymity, a senior partner at BDO India said that DGGI officials visited their offices and “askedafewquestions”towhich the company replied “adequately”. Jaipur “This visit by the DGGI officials was a part of the year-end activity of the agency. We have adequatelyrepliedtotheofficials andwearealsorepresentingour views through hearings conducted by the DGGI,” said the partner. This month, BDO India was also tasked by PNB with conducting a forensic audit of firms belonging to Modi’s uncle, Mehul Choksi — companies linked with Modi and Choksiare togetherallegedtohavebeeninvolvedinfraudulenttransactions withthebankamountingtoover Rs 13,400 crore.
Indian Express Limited is an Indian news media publishing company. It publishes several widely circulated dailies, including The Indian Express and The Financial Express in English, the Loksatta in Marathi and the Jansatta in Hindi.