DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE THURSDAY, JANUARY 31, 2019, AHMEDABAD, LATE CITY, 24 PAGES `4.00, 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 KHUSHBOO NARAYAN & SANDEEP SINGH Prime Minister Narendra Modi at the inauguration of the National Salt Satyagraha Memorial at Dandi, in Navsari district on Wednesday. PTI MUMBAI, NEW DELHI, JAN 30 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 superannuation as Director, Home Ministry wants him to join the new office he has been moved to. In a letter sent to Verma Wednesday, MHA said: “You are directed to Alok join the post of Verma DG, Fire Services, Civil Defence & Home Guards immediately”. This would mean that Verma joins for a day. The Home Ministry’s reply was in response to a request by Verma to consider him superannuated from January 11 after he was moved out of the post of CBI CONTINUED ON PAGE 2 DECISION 2019 A daily Explainer on THE QUESTIONS THAT MATTER PAGE 15 THE BOARD of ICICI Bank which had given then MD and CEO Chanda Kochhar a clean chit on allegations of nepotism and conflict of interest 10 months ago reversed its stand Wednesday after considering an investigation conducted by retired Supreme Court judge Justice B N Srikrishna. Not only did it sack her, it also decided 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. The amount was part ofthe Rs 40,000-crore loan that Videocon Group secured from a consortium of 20 banks led by SBI. Almost 86 per cent ofthe Rs 3,250 crore loan (Rs 2,810 crore) remained unpaid. The Videocon account was declared an NPA in 2017. On March 28, 2018, when asked about this conflict of interest, the bank had said, “The board has come to the conclusion that CONTINUED ON PAGE 2 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 CHANDA KOCHHAR, former MD and CEO of ICICI Bank, stands to lose 9.82 crore she earned as performance bonus between April 2009 and March 2018 as CEO of the bank. Besides, almost 57 lakh 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 — terming Kochhar’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. While the former ICICI Bank CEO exercised 36.8 lakh shares worth 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 94 lakh shares Stock options exercised 33.3 lakh shares* Stock options exercised and disposed since May 2015: * 3.5 lakh #Stock options unexercised 57.19 lakh *Stock options unaffected by board decision on Wednesday BUSINESS AS USUAL BY UNNY 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 youths and professionals who had packed a stadium in Surat, Modi said: “Do you remember 26/11? Terrorists attacked Mumbai. What happened after that? Floral offerings were made, candles lit and tributes paid. During our government’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 the government kept thinking. Uri did not let us sleep.” “Every drop of a soldier’s blood is sacred to us. And the fire within... that fire in a soldier’s heart was also in the heart of 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), terror is now confined to Kashmir. Is this or is this not a change?” he told the cheering crowd. COALITIONS BRING INSTABILITY: MODI PAGE 3 NEW DELHI, JANUARY 30 A DAY after Pakistan Foreign Minister Shah Mahmood Qureshi 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 actions are a “direct interference” 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 EXPRESS NEWS SERVICE NEW DELHI, JANUARY 30 THE STAGE is set for a showdown between the government and the Opposition in the Budget 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 Kharge vowed to oppose the move in the Lok Sabha when the Budget PRITAM PAL SINGH & DEEPTIMAN TIWARY PAGE 1 ANCHOR Rs 9.82 crore Stock options granted by the bank over 9 yrs NEW DELHI, JANUARY 30 At the all-party meeting on Wednesday. Renuka Puri is presented on February 1. Kharge argued that the government should stick to a Vote-on-Account since its term ends in May. 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 James, the alleged middleman in the helicopter deal, was extradited to New Delhi from Dubai. He is currently in judicial custody. Senior advocate Geeta Luthra said: “Rajiv Saxena was picked up by UAE authorities from his residence this morning at 9.30 am CONTINUED ON PAGE 2 CHINKS IN ARMOUR OF RIVALS IN UP BY SUDHA PAI PAGE 12 Judge in Godhra train attack case is now Gujarat law officer GANDHINAGAR, JANUARY 30 Deported Wednesday night THE EDITORIAL PAGE CONTINUED ON PAGE 2 PARIMAL DABHI 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 Bonus received between April 2009 and Mar 2018 EXPRESS NEWS SERVICE SHUBHAJIT ROY PRADEEP KAUSHAL Agusta: After Michel, NRI businessman Rajiv Saxena flown to Delhi from Dubai NEW DELHI, JANUARY 30 WHAT SHE MADE AND MAY LOSE India warns Pak envoy on phone call to Mirwaiz ON THE day he retired as Registrar General of the Gujarat High Court, P R Patel, who as a judge adjudicated the 2002 Godhra train burning case and awarded death penalty to 11 convicts in March 2011, was appointed Special Officer (Litigation) by the Gujarat government. Patel assumed charge of his new post with the Law Department of the state government from January 1. He had re- P R Patel was appointed on Dec 31, the day he retired tired as Registrar General of the High Court in June 2017 but was re-employed on the post two times until December 31, 2018. A December 31 Law Department order on Patel’s ap- pointment stated: “To decrease the pendency of cases against Gujarat government in Gujarat High Court and Supreme Court and for expeditious disposal of cases, P R Patel, who was discharging his duties as Registrar General (retired), is getting postretirement appointment as ‘Special Officer’ (Litigation) on contract basis against the vacant post of Joint Secretary (Judiciary) in Law Department.” “As salary, P R Patel will be paid the amount that he was getting at the time of retirement while deducting his pension CONTINUED ON PAGE 2 SAYING THAT he “had not been cooperating with investigations”, the Supreme Court on Wednesday warned Karti Chidambaram, son of former finance minister P Chidambaram, not to “play around with the law”. Allowing him to travel abroad after depositing Rs 10 crore as security, a bench of Chief Justice Ranjan Gogoi and Justices Deepak Gupta and Sanjiv Khanna said: “You can go wherever you want to, you can do whatever you want, but don’t play around with the law. If there is an iota of non-cooperation, we will come down heavily.” Karti, who is facing probes in the Aircel-Maxis and INX Media cases, had sought the court’s permission to travel to France, 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 to appear before the ED on March 5, 6, 7 and 12. “Any non-compliance will be viewed seriously,” it said. “You go wherever you want to go between February 10 and 26, but you must cooperate with the investigation,” it said. Families of those killed in the Assam movement returned their mementos in Guwahati on Wednesday. PTI PAGE 10 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 ruling BJP is now seeking to find a “middle ground” to go forward on the controversial Citizenship (Amendment) Ram Bill, expected to Madhav come up in Rajya Sabha during the Budget session beginning Thursday. Acknowledging the opposition and resentment, BJP general secretary Ram Madhav, the CONTINUED ON PAGE 2 INTERVIEW Poll fever makes BJP lower 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. PAGE 14 For Brothers Raghavan, crime is content, retro is five years old TANUSHREE GHOSH NEW DELHI, JANUARY 30 “BIG SCREENS were the only way to watch films... now, ofcourse, the same films are available but I don’t think my assistants have watched anything beyond K3G (Kabhi Khushi Kabhie Gham, 2001), so it’s scary. A film becomes retro in five 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. Sriram and his writer-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, from depicting crime on 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), and last year’s runaway hit Andhadhun, Shridhar has written 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 between two theatres, Apollo and 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, there was only Doordarshan. And I was trained to look down on television,” he said. But in the ’90s satellite-TV era, he said, “I would do an episode only to take care of myself for the next three months, but Shridhar has done a fantastic body of 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, what made the two turn to 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 workplace safer. At the same time, accusation may not be the same as indictment,” said Shridhar. On Bollywood’s refusal to speak on issues, Sriram said one should engage in a discussion but “you can’t thrust a mike in front of 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.