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APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 17 NO. 84, 28 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 73,502.63 ▼ 616.76 NIFTY: 22,332.65 ▼ 160.90 NIKKEI 225: 38,820.49 ▼ 868.45 HANG SENG: 16,587.57 ▲ 234.18 `/$: 82.77 ▲ 0.02 `/€: 90.50 ▼ 0.24 BRENT: $81.65 ▼ $0.43 GOLD: `65,548 ▲ `541 Continued on Page 12 Tata Technologies -3.8 Nelco -4.1 Automotive Stampings -4.4 TWENTY-THREE OF Top losers (% loss) 26Tata group companies saw their share prices fall on Monday, following reports that holding companyTata Sons may not go for an IPO.At 10.6%,Tata Chemicals saw the biggest decline.The stock had risen over 30% in recent sessions, amid speculation surrounding the IPO. The combined market capitalisation of Tata group firms decreased by `27,527 crore to `31.67 trillion. Trent,TCS, andTata Elxsi bucked the trend, registering small gains. The benchmark Sensex and Nifty were down up to 0.80% each on Monday. Compiled by Kishor Kadam -8.3 Decarbonisation, gas penetration remain focus areas ■ INVESTOR, P9 abandoned OFS plan due to differences with management Tata shares lose steam -10.6 GAIL eyes green hydrogen push ■ In FY23, Centre if there is a scope for unlocking furthervalue forthecompany’sshareholders,includingthe Government of India.” Withthismotive,hesaid,thecompanyhas engaged in “continual dialogue” with the ministry and has kept it apprised of all discussions and developments regarding the proposed reorganisation. Currently,Vedanta owns 64.92% of HZL. -5.1 FE S P E C I A L between Vedanta Group and government about HZL Tejas Networks PRICES OF BITCOIN ON Monday surged to an all-time high of over $72,000, as demand rose following LSE’s approval to accept application for Bitcoin and Ethereum ETNs, reports Piyush Shukla. ■ PAGE 6 ■ Second face-off -4.6 BITCOIN PRICES SURGE TO RECORD, CROSS $72,000 crucial for demerger to go through tribunal Tata Teleservices FACING A FINANCIAL crunch, edtech company Byju's has given up all offices across India, retaining only its headquarters at IBC, Knowledge Park, Bengaluru. ■ PAGE 5 ■ Govt says zinc and silver are mined together, and separation would be difficult ■ Centre's approval -4.6 TROUBLED BYJU'S VACATES MOST OF ITS OFFICE SPACE THE CENTRE HAS opposed Vedanta-controlledHindustanZinc’s(HZL)plantodemerge intothreeseparateentitiesdealingwithzinc& lead,silver,andrecyclingbusinesses,sayingthe reorganisation would lead to “unnecessary complications”without adding muchvalue. Zinc and silver,that represent the two key business verticals, are mined together, and separation of the two would be difficult, the government is learnt to have noted,in a communication to HZL’s management. The support of the Centre (ministry of mines) is crucial for the HZL plan as the demerger could require approval of threefourth of members/creditors in the relevant tribunal to go through. Minority shareholders with at least a 10% stake in the company can object to the proposal in the National Company LawTribunal (NCLT). On September 29, 2023, the HZL board asked the company to explore creating separate legal entities for its zinc and lead, silver, and recycling to unlock theirvalue and better capitalise on their distinct market positions. This is the second face-off between Vedanta Group and the government over HZL. In FY23, the Centre had to abandon a plan for an offer for sale (OFS) due to differences with the company management. The Centre owns a 29.54% stake in HZL, worth`38,500croreatcurrentmarketprices. RespondingtoFE’squeryontheissue,HZL CEO Arun Misra said:“Post board meeting in September2023,thecompanyhasappointed leading advisors to study the current corporate structure of the business and examine whether the present structure is optimal, or Artson Engineering PEER-TO-PEER (P2P) platforms, awaiting clarity from RBI on some issues, have scaled back tie-ups with large consumer-facing firms and seen a slowdown in growth, reports Ajay Ramanathan. ■ PAGE 6 PRASANTA SAHU New Delhi, March 11 -5.0 P2P LENDERS AWAIT CLARITY FROM RBI ON SELECT ISSUES 2023, HZLboard suggested separate legal entities for zinc & lead, silver, and recycling Tata Inv Corp RAKESH GANGWAL, CO-FOUNDER of IndiGo, offloaded a 5.83% stake in InterGlobe Aviation, the parent company, through a block deal on the BSE, reports Swaraj Baggonkar. ■ PAGE 4 ■ On Sept 29, -5.0 GANGWAL SELLS 5.8% INDIGO STAKE WORTH `6,786 CR HITTING A ROADBLOCK Rallis India NEWS Says three-way split would create “complications” sans any value addition Automobile Corp of Goa IN THE Centre opposes Vedanta’s plan to demerge HZL Tata Chemicals Realty World Pune A RED initiative appears in today’s edition of Financial Express. This magazine is an initiative of the marketing solutions team of The Indian Express Group and contains content paid for by advertisers. The magazine should be read as an advertisement IN DIALOGUE WITH GOVT, SAYS HZL CEO Poll bonds: SC rejects SBI plea Says donor-beneficiary link not sought, bank must furnish data today CASE FILE 788.15 Mar 8, 2024 PRIYANSH VERMA New Delhi, March 11 THE SUPREME COURT on Monday turned down State Bank of India’s (SBI) plea seeking an extension till June 30 to disclose details of electoral bonds to the Election Commission of India (ECI), and asked it to do so by the close of business hours on Tuesday. The information to be revealed includesthatonpurchaseandredemption of the now-scrapped bonds. But in what could significantly dilute the potential political fallout of the order, the apex court clarified that the bank won’t be required to match the donor and SBI share price (`) 1.86% ■ SC clarifies SBI not required to match donor and donee details with other data 773.50 Mar 11, 2024 donee details with other information. ThecourtputSBIonnoticethatitmight proceedagainstthebankfor“wilfuldisobedience”ofitsFebruary15verdictifthebank failed to comply with its directions.A fivejudgeConstitutionbenchpresidedbyChief Justice of India DY Chandrachud also directed the ECI to “compile the information and publish the details on its official website…by5 pm on March 15,2024”. Continued on Page 12 ● FIRST LEG OF MUMBAI COASTAL ROAD OPENS TO PUBLIC A 10.5-km-long stretch of the Mumbai Coastal Road, between Worli and Marine Drive in south Mumbai, was inaugurated on Monday. The road will connect to the Bandra-Worli Sea Link and eventually extend till Dahisar. Maharashtra chief minister Eknath Shinde said the road would significantly cut down on travel time and fuel use EXPRESS PHOTO: SANKHADEEP BANERJEE Signs of manipulation in SME segment: Buch T+0 from March 28, mid & small-cap disclosure format on March 15 FE BUREAU Mumbai, March 11 THE SECURITIES AND Exchange Board of India (Sebi) has noticed “signs of manipulation” in the small and medium enterprises (SME) segment, chairperson Madhabi Puri Buch said on Monday. “The market has given us its feedback (on how such manipulations are done) and has advised us on how we can identify such cases and… deal with them,” Buch said on the sidelines of an Amfi event felicitating women fund managers in Mumbai. The markets regulator maysoontightennorms for the SME platform. However,it isworking to evidence the actual stock price manipulation at the IPO as well as trading level. “We are able to see certain patterns.However, as per our regulation, the way that we need to construct the entire case,we do need to take some time to do that in a robust manner,”she added. According to Buch,Sebi has attempted to provide a listing environment for SMEs that is more facilitative, and thus less regulated than listing for the mainboard. This is because SMEs may find it hard to comply with many of the requirements that are there forthe mainboard companies.However, the markets regulator received feedback of some entities misusing this facilitative framework. To mitigate that, measures like Additional Surveillance Measure and Graded Surveillance Measure,which earlier were not applicable on the SME board, have been taken. Madhabi Puri Buch, chairperson, Sebi AHEAD OF THE Lok Sabha elections,the ministry of home affairs (MHA) on Monday notified the rules for implementation of the Citizenship (Amendment) Act.The law, enacted by Parliament in December 2019, had spawned protests in parts of the country. Home Minister Amit Shah, in a post on X,said the rules will enable “minorities persecuted on religious grounds” in Pakistan, Bangladesh and Afghanistan to acquire Indian citizenship. “ With this notification PM Shri@narendramodi Ji has delivered on another commitment and realised the promise of the makers of our ■ Applications to be ■ Citizenship completely (Amendment) Rules, 2024 in online to enable eligible mode;web persons to apply portal for Indian has been citizenship set up ■ CAA allows non-Muslim migrants from Pakistan, Bangladesh and Afghanistan to apply for Indian citizenship through naturalisation Constitution to the Hindus,Sikhs, Buddhists, Jains, Parsis and Christians living in those countries,” Shah said. An MHA spokesperson had ear- AMIT SHAH, HOME MINISTER WITH THIS NOTIFICATION PM SHRI@NARENDRAMODI JI HAS… REALISED THE PROMISE OF THE MAKERS OF OUR CONSTITUTION TO THE HINDUS, SIKHS, BUDDHISTS, JAINS, PARSIS AND CHRISTIANS LIVING IN THOSE COUNTRIES lier posted that the Citizenship (Amendment) Rules, 2024 will enable eligible persons to apply for grant of Indian citizenship. “The applications will be submitted in a completely online mode forwhich a web portal has been provided.” Under the rules,an empowered panel will clear the applications. The move immediately sparked protests from Opposition parties, including West Bengal Chief Minister Mamata Banerjee and herTamil Nadu counterpart M K Stalin. Opposition party leaders said this has been done to polarise the upcoming general elections. Despite its enactment four years ago, the CAA could not be implemented because the rules had not been notified. Soon after the passage of the law,widespread protests broke out in parts of the country. The government sought repeated extensions for framing the rules. The CAA allows non-Muslim migrants from Pakistan, Bangladesh and Afghanistan to apply for Indian citizenship through the naturalisation Review of tariff cuts to EFTA only after 18 years MUKESH JAGOTA New Delhi, March 11 process. The applicants must belong to the Hindu, Sikh, Christian, Parsi, Jain or Buddhist communities. The legislation grants citizenship on the assumption that these communities faced religious persecution in these three countries. In January,it had been reported that the CAA rules were ready, and an online portal for the process was also in place. INDIACANWITHDRAW tariff concessions granted to the European Free Trade Association (EFTA), in case the bloc does not fulfil its $100 billion investment obligation, only after 18 years, and that too after a three-stage consultation process. TheinvestmentsundertheTrade and Economic Partnership Agreement (TEPA) have to flowin over15 years — $50 billion in the first 10 years and another $5 billion in the next five. The pact, however, providesforathree-yeargraceperiodto EFTA, according to the agreement documents reviewed byFE. The consultation procedure can be invoked by India if the investment target is not achieved in 15 years,butonlyafterthegraceperiod. Importantly,thesuspensionofconcessions should follow the conclusionoftheconsultationprocess.The revocation of dutyreliefs also has to be “proportionate and temporary”, as per the documents, where “proportionate”is not defined. The agreement does provide for a specially appointed sub-committee for a regular review of progress on the investment front. The subcommittee will meet every two years and may even invite private sector entities, international economic organisations, non-governmental organisations and otherrelevant stakeholders to assist. No major tariff reduction for goodsbythe Europeansidearebuilt into the pact, as these countries — Switzerland, Norway, Iceland and Liechtenstein — already maintain very low tariffs. In India’s case, the tariff reductions to be offered are more material.Alldutycutswouldbecarriedout overaperiodof10yearswithdifferent timelines for each category of goods.Yet,much before the 15-year windowforEFTAtomeettheinvestment commitments, India would have provided all duty concessions thatithadagreedtoundertheTEPA. Continued on Page 12 Continued on Page 2 Continued on Page 2 Ahead of polls, govt notifies rules for citizenship law THE FINE PRINT failure could result in bank facing action for ‘wilful disobedience’ ■ ECI must compile and publish information on its official website by 5 pm on March 15 EMPOWERED PANEL TO CLEAR APPLICATIONS; OPPOSITION PARTIES UP IN ARMS MAHENDER SINGH MANRAL New Delhi, March 11 ■ Warns SBI EXPLAINER Four years after Bill passed, CAA becomes a reality ■ PAGE 9 Lucknow