DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA THURSDAY, JANUARY 31, 2019, PUNE, LATE CITY, 20 + 4 (NEWSLINE) PAGES JOURNALISM OF COURAGE `5.00 WWW.INDIANEXPRESS.COM SINCE 1932 VIOLATED CODE OF CONDUCT, JUSTICE SRIKRISHNA RULES ICICI Bank finally admits: Boss is guilty, she’s fired Hurt and shocked, says Chanda Kochhar, credit decisions not unilateral Govt rubs it in, tells Alok Verma to join work for a day today SUSHANT SINGH NEW DELHI, JANUARY 30 TWO WEEKS after deposed CBI Director Alok Verma told the Department of Personnel and Training to consider him retired, on the day before the date of superannuationasDirector,Home Ministry wants him to join the newofficehehasbeenmovedto. In a letter sent to Verma Wednesday, MHA said: “You are directed to join the post of DG, Fire Services, Civil Defence & Home Guards immediately”. Thiswouldmeanthat Verma joins for a day. The Home Ministry’s reply was in response to a request by Verma to considerhimsuperannuated from January 11 after he was moved Alok Verma outof thepostof CBI Director by the high-power selection committee chaired by Prime Minister Narendra Modi on January 10. As he had attained the age of superannuation from governmentserviceonJuly31,2017and crossed the superannuation age forDGFireServices,CivilDefence &HomeGuards,hewantedtobe superannuated from the day he was moved out of CBI. He said that he “was only serving the Government as CBI DirectoruntilJanuary31,2019as CONTINUED ON PAGE 2 DECISION 2019 A daily Explainer on THE QUESTIONS THAT MATTER PAGE 10 KHUSHBOO NARAYAN & SANDEEP SINGH THE BOARD of ICICI Bank which had given then MD and CEO Chanda Kochhar a clean chit on allegationsof nepotismandconflictof interest10monthsagoreverseditsstandWednesdayafter consideringaninvestigationconductedbyretiredSupremeCourt judge Justice B N Srikrishna. Not onlydiditsackher,italsodecided to claw back all bonuses given to her since 2009 when she took charge of the top post. The bank and Chanda Kochhar were under regulatory scrutiny after The Indian Express first reported on March 29, 2018 that Videocon Group promoter Venugopal Dhoot provided crores of rupees to a firm he had set up with her husband Deepak Kochhar and two relatives, six months after the Videocon Group got Rs 3,250 crore as loan from ICICI Bank in 2012. TheamountwaspartoftheRs 40,000-crore loan that Videocon Groupsecuredfromaconsortium of 20 banks led by SBI. Almost 86 percentoftheRs3,250croreloan (Rs2,810crore)remainedunpaid. The Videocon account was declared an NPA in 2017. On March 28, 2018, when askedaboutthisconflictof interest,thebankhadsaid,“Theboard has come to the conclusion that CONTINUED ON PAGE 2 NEW DELHI, JANUARY 30 DUBAI-BASED businessman Rajiv Saxena, a key accused in the Rs 3,600-crore AgustaWestland VVIP chopper case, was deported to India from the UAE Wednesday. Saxena’s lawyers in India, Geeta Luthra and Shivani Luthra Lohiya, said he was taken away from his home by UAE authorities and deported to India. Last month, Christian Michel PAGE 1 ANCHOR PM swipe at UPA: Candles after 26/11, REVOKE BONUS, UNEXERCISED STOCK OPTIONS: BANK The pinch: Rs 9.82-crore bonus, surgical strike after Uri terror attack Rs 221 crore in stock options Indicted by Justice Srikrishna 10 months after The Indian Express first reported the deals SANDEEP SINGH & KHUSHBOO NARAYAN NEW DELHI, MUMBAI, JANUARY 30 CHANDAKOCHHAR,formerMD and CEO of ICICI Bank, stands to lose9.82croresheearnedasperformance bonus between April 2009 and March 2018 as CEO of thebank.Besides,almost57lakh shares (stock options) that the bank granted to Kochhar between April 2009 and March 2018 and that have not been exercised or vested/unvested or disposed stand revoked. That’s the financial import of the announcement by the bank — after Justice B N Srikrishna’s indictment—termingKochhar’s resignation as a sacking and deciding to “claw back” all bonuses paid to her from April 2009 when she took over as MD & CEO. An analysis of the stock options granted by the bank to Kochhar over the last nine years shows that the bank gave a total of 94 lakh shares to Kochhar. WhiletheformerICICIBankCEO exercised36.8lakhsharesworth Rs 134 crore (as of Wednesday’s closing), over 57 lakh shares granted by the bank over the years have not been exercised and hence stands revoked. The value of those shares amounts to Rs 221 crore. While Kochhar currently holds 33.3 lakh shares, she disposed of 3.5 lakh shares since May 2015 as per the data available at BSE. CONTINUED ON PAGE 2 Budget is a Budget, says Govt, Opp demands vote-on-account WHAT SHE MADE AND MAY LOSE Bonus received between April 2009 and Mar 2018 Rs9.82crore Stock options granted by the bank over 9 yrs 94lakhshares Stock options exercised 33.3lakhshares* Stock options exercised and disposed since May 2015: * 3.5lakh #Stock options unexercised 57.19lakh *Stock options unaffected by board decision on Wednesday BUSINESS AS USUAL BY UNNY PRADEEP KAUSHAL THE STAGE is set for a showdown between the government andtheOppositionintheBudget session with Finance Minister Piyush Goyal declaring at an all-party meeting Wednesday that a “Budget is a Budget” and not an Interim Budget or a Voteon-Account, which is the norm with just a few months to go for the general elections. In response, sources said, Congress leader Mallikarjun Khargevowedtoopposethemove intheLokSabhawhentheBudget At the all-party meeting on Wednesday. Renuka Puri ispresentedonFebruary1.Kharge argued that the government shouldsticktoaVote-on-Account sinceitstermendsinMay. As soon as Goyal asserted the government position, sources said, Kharge re- sponded: “If it is a full-fledged Budget, we will oppose it.” The all-party meeting was convened by Lok Sabha Speaker Sumitra Mahajan ahead of the Parliament session starting CONTINUED ON PAGE 2 CONTINUED ON PAGE 2 THE EDITORIAL PAGE CHINKSINARMOUR OFRIVALSIN UP BY SUDHA PAI PAGE 8 On 67 acres, Vajpayee had said: Duty to follow SC, keep status quo NEW DELHI, JANUARY 30 James,theallegedmiddlemanin the helicopter deal, was extradited to New Delhi from Dubai. Heiscurrentlyinjudicialcustody. SenioradvocateGeetaLuthra said:“RajivSaxenawaspickedup by UAE authorities from his residence this morning at 9.30 am SURAT, JANUARY 30 TAKING A swipe at the UPA by contrasting its government’s response to the 26/11 Mumbai terror attack with the surgical strike ordered by his government following the Uri terror attack, Prime Minister Narendra Modi Wednesday said this is what has changed since. Addressing a gathering of youthsandprofessionalswhohad packed a stadium in Surat, Modi said: “Do you remember 26/11? Terrorists attacked Mumbai. Whathappenedafterthat?Floral offerings were made, candles lit andtributespaid.Duringourgovernment’s tenure, Uri happened. What happened after Uri? Was there or was there not a change? At that time (during 26/11), so many innocents were killed and thegovernmentkeptthinking.Uri did not let us sleep.” “Every drop of a soldier’s bloodis sacred to us.And the fire within... that fire in a soldier’s heartwasalsointheheartof this Prime Minister. The result was the surgical strike,” he said. He said there was a time when bombs would go off in Mumbai, in a rail coach, in Delhi, Ayodhya, Jammu. “It has been four-and-half years (of his government),terrorisnowconfined to Kashmir. Is this or is this not a change?” he told the cheering crowd. GOVT TO REVIVE BAN ON SIMI PAGE 7 SHUBHAJIT ROY NEW DELHI, JANUARY 30 A DAY after Pakistan Foreign MinisterShahMahmoodQureshi called up All Parties Hurriyat Conference chairman Mirwaiz Umar Farooq to brief him on his government’s “efforts... to highlight” the Kashmir issue, Foreign Secretary Vijay Gokhale told Pakistan High Commissioner Sohail Mahmood that such actionsarea“directinterference” in India’s internal affairs. After summoning the Pakistan’s envoy at 10.30 pm Wednesday to his South Block office, Gokhale told Mahmood that New Delhi expects Pakistan to “desist” from such actions and “cautioned that (the) persistence of such behaviour... will have implications”. During the 10-minute meeting, an official statement by the CONTINUED ON PAGE 2 Pay 10 cr to go abroad, don’t play with law: SC to Karti NEW DELHI, JANUARY 30 KAUNAIN SHERIFF M Deported Wednesday night EXPRESS NEWS SERVICE India warns Pak envoy on phone call to Mirwaiz EXPRESS NEWS SERVICE NEW DELHI, JANUARY 30 Agusta: After Michel, NRI businessman Rajiv Saxena flown to Delhi from Dubai PRITAM PAL SINGH & DEEPTIMAN TIWARY Prime Minister Narendra Modi at the inauguration of the National Salt Satyagraha Memorial at Dandi, in Navsari on Wednesday. PTI MUMBAI, NEW DELHI, JAN 30 THE BJP-LED government’s move in the Supreme Court seekingpermissiontoreturnthe excess parcel of 67.03 acres adjacent to the disputed site in Ayodhya to Ram Janmabhoomi Nyas stands in stark contrast to what one of the party’s tallest leaders and then Prime Minister had told Parliament nearly 17 years ago. In a statement made in Rajya Sabha on March 14, 2002, the lateA BVajpayee hadmade clear His statement in Rajya Sabha on March 14, 2002. File thathisgovernment is the statutory receiver of the land and “is duty bound to maintain the status quo at the disputed site in Ayodhya”. Heading the NDA-I government at the time, Vajpayee told Parliament that the government had neither filed an affidavit nor filed a written submission on a plea filed in the Supreme Court challengingtherequestmadeby the Nyas to perform a symbolic puja on the acquired land that is not part of the dispute. Vajpayee’s assurance came after the then Attorney General CONTINUED ON PAGE 2 SANTS PLAN AYODHYA ‘RITUAL’ ON FEB 21 PAGE7 SAYING THAT he “had not been cooperating with investigations”, theSupremeCourtonWednesday warned Karti Chidambaram, son of former finance minister P Chidambaram, not to “play aroundwiththelaw”. Allowing him to travel abroad after depositing Rs 10 croreassecurity,abenchof Chief JusticeRanjanGogoiandJustices Deepak Gupta and Sanjiv Khanna said: “You can go wherever you want to, you can do whatever you want, but don’t playaroundwiththelaw.If there isaniotaof non-cooperation,we will come down heavily.” Karti, who is facing probes in the Aircel-Maxis and INX Media cases,hadsoughtthecourt’spermissiontotraveltoFrance,Spain, Germany and the UK, from February 10 to 26 and March 23 to 31, for tennis tournaments. Appearing for ED, Solicitor General Tushar Mehta said Karti’s presence will be needed on four days in March. He said Karti could travel on the undertaking that he would return. Directing him to give an undertaking, the court asked Karti toappearbeforetheEDonMarch 5, 6, 7 and 12. “Any non-compliance will be viewed seriously,” it said.“Yougowhereveryouwant to go between February 10 and 26,butyoumustcooperatewith the investigation,” it said. Families of those killed in the Assam movement returned their mementos in Guwahati on Wednesday. PTI PAGE 7 Citizenship Bill: Allies angry, Madhav talks of ‘middle ground’ LIZ MATHEW NEW DELHI, JANUARY 30 RATTLED BY protests across the North-East and opposition from its allies and friendly parties, the rulingBJPisnow seeking to find a “middleground” to go forward on thecontroversial Citizenship (Amendment) Bill, expected to Ram comeupinRajya Madhav Sabhaduringthe Budget session beginning Thursday. Acknowledging the oppositionandresentment,BJPgeneral secretary Ram Madhav, the CONTINUED ON PAGE 2 INTERVIEW PAGE 6 Poll fevermakes BJPlower heat THE BJP may be pushing the Citizenship Bill hard but its allies in Assam, Meghalaya, Nagaland, Tripura and Mizoram have all come out to oppose it. BJP hopes the Bill will chip away at Mamata Banerjee’s base in West Bengal but it risks losing seats in the N-E which sends 25 MPs to the Lok Sabha. This may have prompted Ram Madhav to signal a climbdown. For Brothers Raghavan, crime is content, retro is five years old TANUSHREE GHOSH NEW DELHI, JANUARY 30 “BIGSCREENSweretheonlyway towatchfilms...now,ofcourse,the samefilmsareavailablebutIdon’t thinkmyassistantshavewatched anything beyond K3G (Kabhi KhushiKabhieGham,2001),soit’s scary.Afilmbecomesretroinfive years now,” said filmmaker Sriram Raghavan, recalling how director Ram Gopal Varma once told him that he had never watched a black-and-white film. Sriramandhiswriter-brother Shridhar were guests at the Express Adda in New Delhi on Monday. The two spoke to The Indian Express Deputy Editor Seema Chishti and Film Critic Shubhra Gupta on a range of subjects,fromdepictingcrimeon screen to choosing stories over stars to Bollywood closing ranks on #MeToo. With their twist-in-the tale and dark humour, Sriram and Shridhar have helmed many of Indian cinema’s most gripping narratives. While Sriram has directed films like Ek Hasina Thi (2004), Johnny Gaddaar (2007), Shridhar and Sriram Raghavan at the Adda. Neeraj Priyadarshi Agent Vinod (2012), Badlapur (2015),andlastyear’srunawayhit Andhadhun,Shridharhaswritten films such as Khakee (2004) and Apaharan (2005) and popular TV series Aahat and CID. The brothers’ love for cinema blossomed in their growing up years in Pune, where they lived betweentwotheatres,Apolloand Alankar. Sriram went on to join the Film and Television Institute of India (FTII). “I graduated from FTII in the late ‘80s. At that time, therewasonlyDoordarshan.And Iwastrainedtolookdownontelevision,” he said. Butinthe’90ssatellite-TVera, he said, “I would do an episode only to take care of myself for the next three months, but Shridhar hasdoneafantasticbodyof work in TV.” CID wrapped up two weeks ago after a 21-year run. “Actually, 25,” said Shridhar. “It took four years for it to come on air...we were there at the beginning of the so-called satellite wave,” he said. So,whatmadethetwoturnto crime for stories? As youngsters who grew up on a steady diet of Enid Blyton, Agatha Christie, James Hadley Chase, Raymond Chandler and James M Cain, mining crime for content was a natural progression. The two also answered questions on #MeToo in Bollywood, with Sriram calling consent not a line but a “ big fat grey area”. “It is great because it is making the workplacesafer.Atthesametime, accusation may not be the same as indictment,” said Shridhar. On Bollywood’s refusal to speak on issues, Sriram said one shouldengageinadiscussionbut “youcan’tthrustamikeinfrontof someone” when he/ she is promoting a film.
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.