TheIndian EXPRESS LATE CITY, 20 PAGES, MUMBAI, `5.00 ● SATURDAY, JUNE 30, 2018 ● WWW.INDIANEXPRESS.COM ● REG.NO. MCS/067/2018 - 20 RNI REGN. NO. 1543/57 DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE 8 IRDAI BOARD MEETS IN HYDERABAD Bleeding, debt-ridden IDBI Bank gets life insurance policy — paid by LIC Under cloud, ICICI THEEDITORIAL PAGE Insurance regulator approves LIC plan to buy 51% stake, critics slam use of policyholders’ money to bail out bank 11 WORLD 5 DEAD AS GUNMAN ATTACKS NEWSPAPER OFFICE IN MARYLAND GEORGE MATHEW MUMBAI, JUNE 29 THE LIFE Insurance Corporation of India (LIC) is set to gain control over the state-owned IDBI Bank with the Insurance Regulatory and Development Authority of India (IRDAI) approving its plan to buy up to 51 per cent stake in the debt-laden bank amid concerns relating to the use of policyholders’ funds for bailing out a bank. The IRDAI board meet in Hyderabad Friday cleared the proposal as an insurance company cannot hold more than 15 per cent stake in a company under the IRDAI norms. The regulator had earlier allowed LIC — which has over Rs 27 lakh crore of assets under management — to hold more than 15 per cent stake in several companies under a special dispensation under the Insurance Act. Whileanofficialclaimedthat with this purchase, LIC will enter the bankingsectorand diversifyitsbusiness—someof itskey rivals have their own banks — others question the move to buy a loss-makingbank riddled with huge bad loans. Said a former IRDAI official who preferred anonymity: “LIC is using policyholders’ money to buy a loss-making bank. These are cheap funds and the CONTINUED ON PAGE 2 Rot in IDBI: losses up and up, NPA mountain EXPRESS NEWS SERVICE MUMBAI, JUNE 29 IDBI BANK, which the governmenthasbeentryingtoprivatise in the past couple of years, has been the worst performer among public sector banks owing to mounting losses and rising bad loans. For the year ended March 31 2018, IDBI Bank’s gross NPA rose to 27.95 per cent, up from 21.25 per cent as on March 31, 2017. This means that out of every Rs 100 lent by the bank, Rs 27.95 is stuck as defaulted amount. In absolute terms, the bank’s gross NPAs jumped to Rs 55,588.26 crore against Rs 44,752.59 crore on a year-onyear basis. The bank reported a net loss of Rs 8,238 crore in 2017-18, up CONTINUED ON PAGE 2 EULEADERSAGREEON MIGRATIONDEALAFTER MARATHONTALKS,BUT DIFFERENCESREMAIN Air Asia: CBI summons top Tata executive ON HIS MIND Argentina’s Lionel Messi with his team at the Bronnitsy training centre in Moscow, Friday. Reuters KHUSHBOO NARAYAN MUMBAI, JUNE 29 THE CBI Friday summoned R Venkataramanan,non-executive director of AirAsia India Ltd and managing trustee of Tata Trusts, to appear on July 3 at its headquartersinNewDelhiinconnection with a probe into alleged irregularities and corruption related to the airline obtaining international flying licences, sources told The Indian Express. Sources familiar with the case said the CBI examined Deepak Mahendra, chief financial officer of the airlines, in New Delhi on June 28. Earlier this month, the agency also examined Sunil Kapur, chairman of Total Food Services, and corporate lobbyist Rajendra Dubey in connection with the case, sources said. The CBI has also recorded the statements of a few witnesses in the case that was registered in New Delhi on May 28. Kapur, along with corporate lobbyists Deepak Talwar and Rajendra Dubey, has been accused of allegedly liaisoning with government officials. The CBI had also summoned group CEO of AirAsia, Tony Fernandes, for questioning. According to the CBI FIR filed in May, the allegations include bribing government officials to gain quicker international licences, lobbying to scrap the 5/20rulefordomesticcarriersto operate international flights, controlling AirAsia India’s operations indirectly through the CONTINUED ON PAGE 2 MAHARASHTRA PAGE 5 ● LOW CROP LOAN DISBURSEMENT HITS VIDARBHA, MARATHWADA FARMERS ● SENA SLAMS BJP OVER ‘POISONOUS’ NANAR PROJECT FRANCE vs ARGENTINA Emergency to dynasty BY M J AKBAR gets ex-Petroleum Secy as chairman ENS ECONOMIC BUREAU MUMBAI, JUNE 29 THEBOARDof ICICIBankhasappointedformerIASofficerGirish Chandra Chaturvedi as its new non-executive chairman to succeed incumbent M K Sharma, as it sets about addressing issues related to allegations of quid pro quo, non-adherence to the code of conduct and conflict of interest involving its CEO and managing director, Chanda Kochhar. Chaturvedi, a 1977-batch officer who retired as petroleum secretary in January 2013, will succeed Sharma who will retire on June 30. Themovemarksasignificant change in one of India’s top private banks which, even before it converted decades ago from a development financial institution into a bank, had financial services professionals heading the board such as N Vaghul and later K V Kamath. Theappointmentof anexperienced former bureaucrat who has been on the boards of stateowned banks and worked in the banking and insurance division of the finance ministry is being Girish Chandra Chaturvedi, 1977-batch officer viewed as a move to sort out governanceissuesandallayconcernsof investorsandregulators. Theappointment,witheffect fromJuly1,isforaperiodof three years and is subject to RBI and shareholder approvals, the bank said in a stock exchange filing. “The board is extremely pleased with this development andbelievesthatChaturvediwill providematurityandsagacityto the deliberations of the board. This would also ensure a seamless and smooth transition of leadership at the board and would address stakeholder concerns in thisbehalf,”astatement issued by the bank said. Theboardhadearlierconsidered several former bankers, including former Bank of Baroda chairman M D Mallya, for the post. “As the board did not get a suitable candidate, board members considered several retired CONTINUED ON PAGE 2 7.30 PM in Kazan RUPEE CLIMBS URUGUAY vs PORTUGAL 11.30 PM in Sochi Delhi, Mumbai airports at bottom of global ranking on punctuality PRANAV MUKUL NEW DELHI, JUNE 29 MUMBAI IS fifth-least punctual airport in the world in terms of on-time performance; Delhi, Bengaluru, Chennai and Hyderabad rank 262, 255 and 246outof 513airportsandIndigo isthehighestrankedairlinefrom India at 14 and Air India was the second-poorest performer. Theseareamongthefindings in a report of 513 airports and 65 airlines across the world by British aviation intelligence firm OAG. According to the report, Mumbai was ranked 509 in terms of on-time performance CONTINUED ON PAGE 2 BRITISH FIRM’S SURVEY OF 513 AIRPORTS GLOBAL RANKING 1 2 3 246 255 262 270 451 509 512 513 AIRPORT ON-TIME PERFORMANCE (%) Nagoya Komaki, Japan 94.5 Hilo, Hawaii, USA 91.4 Sapporo Okadama, Japan 90.4 Hyderabad, India 79.9 Chennai, India 79.8 Bengaluru, India 79.6 Kolkata, India 79.3 Delhi, India 70.7 Mumbai, India 60 Islamabad, Pakistan 56.9 Tunis, Tunisia 43.3 Note: List of Indian airports includes only those that handled over 1 lakh flights during the year 8-yr-old fights for life after gangrape, protests spread across Mandsaur EXPRESS NEWS SERVICE BHOPAL, JUNE 29 ON THE day that Madhya Pradeshpolicearrestedasecond person accused in the gangrape of an eight-year-old schoolgirl fromMandsaur,doctorstreating the victim in Indore Friday said she had been severely assaulted, and they had to perform two surgeries. The child was allegedly lured by the accused while she was waiting for her father after school on Tuesday, gangraped and critically injured after her throat was slit.EvenasdoctorsatIndore’sM Y Hospital said her condition In Mandsaur, protesters demand death for accused was improving and that she was stable Friday, the incident sparked protests in at least eight CONTINUED ON PAGE 2 WhatsApp tweak: Now admins will decide who Residents say plane hit cable wires, probe team inspects debris at site can post to the group MUMBAI CRASH KARISHMA MEHROTRA NEW DELHI, JUNE 29 WHATSAPP IS rolling out a new optional feature that allows only administratorstosendmessages to the group, the company announced.If theadministratorselects this setting, called “Only Admins”, only they will be allowed to publish to the group — they can allow others to publish by adding them as administrators. A WhatsApp spokesperson told The Indian Express that this newsettingcanhelpreduce“unwantedforwardsintoimportant group conversations”. The rollout assumes significance in India given that many WhatsApp groups have been linked to the spread of rumours and unverified information that has also led to violence. Experts say that with this new tool, the administrator now has the power to restrict who can publish on the group. This is expected to open the administrator’s role to higher levels of scrutiny. CONTINUED ON PAGE 2 NEHA KULKARNI MUMBAI, JUNE 29 OFFICIALS OF the Aircraft Accident Investigation Bureau (AAIB), which is investigating Thursday’s crash of a Beechcraft King C90 plane at Ghatkopar in Mumbai in which five persons died, inspected the debris at the crash site on Friday. They took awayfourstretchesof cablewire from two surrounding buildings that had been snapped by the crashing aircraft. Local residents said the 12seater chartered plane, which was on its first test flight after three years in maintenance, hit thecablewiresandthencrashed into a pillar of Prithvii, an under construction building. Thepilot, co-pilot, two maintenance personnel and a pedestrianwerekilledwhentheplane, purchased by Mumbai-based UY Aviation Limited, crashed. Local residents on Friday guided a two-member AAIB team to the two buildings. “We have collected two sets of cablewireseachfromShankar Sagar and Rani Lane buildings, which are located right opposite to the crash site. These wires were in the path of the aircraft, as it crashed, and were connected across the two buildings. While we cannot say exactly what happened, thiswill be part of our evidence,” a senior AAIB official said. Ravi Punj, a resident, said: “From the way the cable wires hung since yesterday, we guess the plane cut through the cables and fell on the steel reinforcements of the pillars of the two buildings.Consideringitcrashed CONTINUEDONPAGE2 MORE REPORTS PAGE 3 ‘No need for knee-jerk reaction to falling rupee’ Having slid below 69 against the dollar before closing at Rs 68.79 Thursday, the rupee gained 32 paisa Friday to close at 68.47 amid expectations of dollar sales by the RBI. The markets bounced back with the Sensex ending higher by 385 points. ANOTHER REPORT, P 13 Opp cites falling rupee, Swiss bank data to attack Govt Not accurate to assume rise in Swiss deposits all black money: Ministers EXPRESS NEWS SERVICE NEW DELHI, JUNE 29 THE50percentriseinIndiandeposits in Swiss banks after decliningforthreesuccessiveyears setoff apoliticaltug-of-warwith the Opposition led by the Congress saying Prime Minister Narendra Modi owes an explanation to the country on what happened to his promise of checking black money. The Government responded saying it wasn’t appropriate — or accurate — to assume that these deposits are all black money. As The Indian Express reported today, the Rs 7000 crore parkedbyIndiansinSwissbanks in 2017 came when remittances under the RBI’s Liberalised Remittance Scheme jumped almost 39 per cent in 2017-18. Moreover,Rs7000croreisafraction of the Rs 44,500 crore parkedbyIndiansinSwissbanks in 2006 — it is the second lowest figure for Indian deposits in BUSINESS AS USUAL BY UNNY Swiss banks in the last 12 years. Union Finance Minister PiyushGoyalsaidIndiahassealed a treaty with Switzerland under whichtheSwissgovernmentwill providedataontransactionsdata from January 1, 2018 until December31,2018.Indiawillget dataastheaccountingyearends, he said, and so it wasn’t accurate CONTINUED ON PAGE 2 ● PAGE ONE ANCHOR A ROLE YOU ASPIRE TO? I WANT TO PLAY A MAN EXPRESS NEWS SERVICE NEW DELHI, JUNE 29 “THIS IS a job interview which I feel I am not going to get.” With this opening, actor Swara Bhasker set the tone for the Express Adda Thursday evening. Blending the personal with the professional and political, she fielded a range of questions — from her choice in films to her social media account. She has been at the receiving end of trolling on social media platforms for her liberal opinions. During the question and answer session, she was asked about contemporary feminism by a BJP worker who drew parallels between women across the globe who voted for right wing leaders like Vladimir Putin and Donald Trump. Quick to the take, she responded: “I have not used the term feminism today on this platform. It’s a historical movement, very diverse...replete with conversations and contradic- tions.Forme,it’sallaboutequality — not just of representation, but also of opportunity and accountability — which not just women but many communities in India lack,” said the actor. We need to have more of a say in subjectsbeyondwhatwearegoing to cook today, she said. “Feminism is about choice. If women want to deny themselves their own rights, sure. If you want to wear a saree, keep a karvachauth, vote for Trump, or Modi, sure go ahead — they are doing it already. As long as peo- ple are having conversations, all is good. As longas peopleare not being lynched, they are not being burnt alive, as long as they are not being tied on jeeps and being flogged, and as long as our leaders are not attending prorape rallies, I think all is good,” she said. The actor also touched upon the choice of roles she has been offered and the ones that she would like to be offered. “A historical character for sure — a biopic. And yes I would like to play a man, not just a tomboy or chop my hair. But to cross gender lines,” she said. “It was fully the naatch gaana of Bollywood that motivated me to move to Mumbai. It is completely pathetic, sad and narcissistic — the reason that I wanted tomovetoBollywood:toappear in the TV show Chitrahaar,” said Bhaskerasshespokeof herjourney in the Hindi film industry. The30-year-oldalsotouched upon her personal privileges as well — coming from an academic background and the kind CONTINUED ON PAGE 2 Swara Bhasker at the Express Adda. Neeraj Priyadarshi
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.