LATE CITY, 22 PAGES, AHMEDABAD, `5.00 ● SATURDAY, JUNE 30, 2018 ● WWW.INDIANEXPRESS.COM TheIndian EXPRESS JOURNALISM OF COURAGE DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA IRDAI BOARD MEETS IN HYDERABAD 10 Bleeding, debt-ridden IDBI Bank gets life insurance policy — paid by LIC Insurance regulator approves LIC plan to buy 51% stake, critics slam use of policyholders’ money to bail out bank CASTE CERTIFICATE GEORGE MATHEW HC rejects Gujarat Ind MLA’s plea, may lose seat MUMBAI, JUNE 29 EXPRESS NEWS SERVICE 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. While an official claimed that with this purchase, LIC will enter the banking sector and diversify its business — some of its key rivals have their own banks — others question the move to buy a loss-making bank 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 government has been trying to privatise 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 AHMEDABAD, JUNE 29 IN A setback to Independent MLA Bhupendrasinh Khant from Morva Hadaf Assembly, the Gujarat High Court on Friday rejected his petition challenging the decision of the state Tribal Development Commission (TDC) invalidating his tribal caste certificate. With today’s High Court’s order, Khant faces disqualification as an MLA since the Morva HadafAssembly Khant had constituency is won from reserved for the Morva Scheduled Hadaf seat Tribes (ST). Khant had won the Assembly election for the first time last December by defeating BJP by a margin of over 4,000 votes in Morva Hadaf seat in Panchmahal district. Khant, who was earlier with the Congress, contested the polls as an Independent after the party offered the seat to ally Bharatiya Tribal Party ofChotu Vasava. After the Assembly poll results, Khant CONTINUED ON PAGE 2 13 WORLD 5 DEAD AS GUNMAN ATTACKS NEWSPAPER OFFICE IN MARYLAND EU LEADERS AGREE ON MIGRATION DEAL AFTER MARATHON TALKS, BUT DIFFERENCES REMAIN ON HIS MIND Argentina’s Lionel Messi with his team at the Bronnitsy training centre in Moscow, Friday. Reuters FRANCE vs ARGENTINA VADODARA, JUNE 29 A VADODARA Civil Court on Friday issued a “distress warrant” against Vadodara Municipal Corporation (VMC) and Special Land Acquisition office and attached property worth Rs 1,16,47,608, including the office chairs and cars of VMC commissioner, deputy commissioner, mayor, deputy mayor and other officers, after the civic body failed to compensate a farmer whose agricultural land was acquired in 1976. According to the case file, BY M J AKBAR Under cloud, ICICI gets ex-Petroleum Secy as chairman ENS ECONOMIC BUREAU MUMBAI, JUNE 29 THE BOARD of ICICI Bank has appointed former IAS officer Girish 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. The move marks a significant 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. The appointment of an experienced 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 governance issues and allay concerns of investors and regulators. The appointment, with effect from July 1, is for a period of 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 and believes that Chaturvedi will provide maturity and sagacity to 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 this behalf,” a statement issued by the bank said. The board had earlier considered 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 URUGUAY vs PORTUGAL RUPEE CLIMBS 11.30 PM in Sochi 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 15 WhatsApp tweak: Now Delhi, Mumbai airports at bottom admins will decide who of global ranking on punctuality can post to the group PRANAV MUKUL KARISHMA MEHROTRA NEW DELHI, JUNE 29 WHATSAPP IS rolling out a new optional feature that allows only administrators to send messages to the group, the company announced. If the administrator selects 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 new setting can help reduce “unwanted forwards into important 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. “One way people use groups is to receive important announcements and information, including parents and teachers at schools, community centers, and non-profit organizations. CONTINUED ON PAGE 2 Attach chairs, cars of VMC officers for failing to compensate: Court EXPRESS NEWS SERVICE THE EDITORIAL PAGE Emergency to dynasty 3,900 square metres of cultivable land belonging to Saheda Ashfaq Hakim and Mushir Ashfaq Hakim was acquired by the VMC in 1976 for a road project. The couple received approximately Rs 6,000 in 1982 as compensation, which was much less than the market value at that time. According to the Hakims, the market value of the acquired land was Rs 250 per square metre then, amounting to Rs 7.50 lakh. In 1983, the couple filed a petition at a civil court, seeking fair compensation under the land acquisition law. In 2017, the court awarded Rs 1,16,47,608 compensation, inclusive of 15 per cent per annum interest. On March 24 last year, the civil court passed a judgment and ordered the VMC and the land acquisition office to pay the said amount to the applicants within three months from the date of the issuance of the notice. When they did not receive the compensation money after the expiry of the three months’ time, the couple filed an execution petition in the court on November 1, 2017. In response to the petition filed, principal senior civil judge J G Vadodaria issued a distress warrant against the land acquisition officer and CONTINUED ON PAGE 2 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 246 out of 513 airports and Indigo is the highest ranked airline from India at 14 and Air India was the second-poorest performer. These are among the findings 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 BRITISH FIRM’S SURVEY OF 513 AIRPORTS GLOBAL AIRPORT RANKING 1 Nagoya Komaki, Japan 2 Hilo, Hawaii, USA ON-TIME PERFORMANCE (%) 94.5 91.4 3 246 255 262 Sapporo Okadama, Japan Hyderabad, India Chennai, India Bengaluru, India 90.4 79.9 79.8 79.6 270 451 509 512 Kolkata, India Delhi, India Mumbai, India Islamabad, Pakistan 79.3 70.7 60 56.9 513 Tunis, Tunisia 43.3 Note: List of Indian airports includes only those that handled over 1 lakh flights during the year CONTINUED ON PAGE 2 3 GUJARAT 3 months after Gujarat fisherman died in Pak jail, his family waits for body CHANDIGARH, JUNE 29 ● NITIN MEETS DISGRUNTLED MLAs, ASSURES ACTION AGAINST ERRING OFFICERS 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 EXPRESS NEWS SERVICE FARMERS TRY TO BLOCK LAND SURVEY FOR BULLET TRAIN PROJECT, FORCED OUT ‘No need for knee-jerk reaction to falling rupee’ IT WILL soon be three months since 65-year-old fisherman Deva Ram Baraiya died inside a jail in Pakistan. With two other fishermen from Gujarat, Dana Arjun Chauhan and Rama Mansi Gohil, crossing the Wagah border Friday after being released from jails in Pakistan, Deva's family is still waiting for word on the return of his body. A resident of Kotda of Gir Somnath district, Deva was arrested on February 2, 2018, by Pakistani Maritime Security Authorities, along with four others in the boat in which they had set out fishing from Porbandar coast. Deva and the others were sent to Malir jail in Karachi, where he died on April 4. Deva’s body is being preserved by Edhi foundation, the Pakistani NGO, at its morgue but the condition ofthe remains is said to be deteriorating fast. His family came to know of his death only in the second week of June when they received a letter from another inmate, Pravin Chavda of Gujarat, CONTINUED ON PAGE 2 THE 50 per cent rise in Indian deposits in Swiss banks after declining for three successive years set off a political tug-of-war with 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 parked by Indians in Swiss banks in 2017 came when remittances under the RBI’s Liberalised Remittance Scheme jumped almost 39 per cent in 2017-18. Moreover, Rs 7000 crore is a fraction of the Rs 44,500 crore parked by Indians in Swiss banks 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 Piyush Goyal said India has sealed a treaty with Switzerland under which the Swiss government will provide data on transactions data from January 1, 2018 until December 31, 2018. India will get data as the accounting year ends, 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 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. For me, it’s all about equality — 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 subjects beyond what we are going 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 long as people are 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 to move to Bollywood: to appear in the TV show Chitrahaar,” said Bhasker as she spoke of her journey in the Hindi film industry. The 30-year-old also touched 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.