OPINION, P8 No comfort in 100 days While you are aware of the health benefits, know what’s at stake & the dangers associated with the use of one of the most popular exercise machines in the world Page 6 VOL. XXI, NO. 3 KOLKATA SUNDAY, SEPTEMBER 8, 2024, 18 Pages, `12 (NE States & Andaman `13) 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 , MORE THAN THE upcoming festive season,it’s the newyearthatwill see the Indian carmarket sizzle,thanks to almost all the major passenger vehicle manufacturers planning new launches at the Bharat Mobility Global Expo 2025 to be held simultaneouslyatthreelocationsin New Delhi from January 17-22. Industry executives told FE that How digital media platforms are paving the way for cross-border cinematic projects and the return of Pakistani actors to Indian audiences, past bans notwithstanding ■ WORDS WORTH, P4 The unholy trinity INDIAWOULD be willing to work with like-minded partners and its role in the Quad is an example of such an approach, EAM S Jaishankar said. He said the world is looking at a more "sharpened contestation" between the US and China on a range of areas. ■ PAGE 18 REUTERS September 7 APPLE’S LATEST IPHONE with its A18 chip, which is set to be unveiled at an event on Monday, has been developed using SoftBank-ownedArm’s newestV9 chip design, the Financial Times newspaper reported on Saturday. Apple is set to host its fall event on September 9 at its headquarters in Cupertino, California, where it will likely unveil a series of new iPhones and updates to BIG BOOST ■ Apple signed deal with SoftBankowned Arm in Sept last year ■ Deal 'extends beyond 2040' in boost for Arm for chip tech ■ Apple uses Arm’s tech for designing custom chips for iPhones, iPads & Macs other devices and apps. Apple signed a deal with Arm in September last year that “extends beyond 2040” in a boost for Arm for chip technology. Arm had said in July that its V9 K O C H I , K O L K A T A , L U C K N O W , M U M B A I , ■ Hyundai Creta EV ■ Skoda's Kylaq sub-4 metre SUV, electric car ■ New models from Vietnam's Vinfast, China's BYD such is the lineup bydifferent players that the event—which has subsumed the biennial Auto Expo— may see the maximum number of new car launches and showcases ■ Kia's new SUV codenamed AY ■ Kia's all-new Carnival ■ Honda's all-new Amaze ■ Tata Motors' electric portfolio including Sierra EV, Harrier EV, Safari EV, Avinya EV ■ MG-JSW's Bingo EV, new Gloster during that period—more than the festive season,as is the case. “At the biennial Auto Expo, we used to see two-three all-new car launches, six-seven new car show- cases, some concept cars, and a lot of existing models on display,” an industry executive told FE. “With participation of carmakers reducing overtheyears,this numberdid- EDTECH FIRM HITS BACK Unethical demand from auditor, resignation just optics: Byju's hit back at its auditor MSKA and Associates, an arm of BDO, hours after it resigned citing inadequate support,allegingthattheauditfirm made unethical requests and did not follow set procedures. Claiming that the resignation is more of optics, Byju’s alleged that BDO had suggested backdating of reports,whichthe companyrefused to be party to. Speaking with PTI, Byju’s cofounder and CEO Byju Raveendran said the auditors are the first to knowaboutinsolvencyproceedings but they did not inform the courtappointed insolvency resolution professional (IRP) about it. “They asked us to do multiple backdating of reports.All that happened recently.We did not agree.We have nothing to hide,” said Raveendran.Hesaidtheauditorsaskedfora forensicauditofthetransactionwith New iPhone will use Arm’s chip tech forAI,says report ● Apple’s latest smartphone to be unveiled tomorrow H Y D E R A B A D , ■ Maruti Suzuki's all-new Dzire, Maruti Suzuki's Grand Vitara hybrid, Fronx hybrid BYJU RAVEENDRAN, CO-FOUNDER & CEO, BYJU'S EDTECH FIRM BYJU'S on Saturday J&K STATEHOOD WORLD LOOKING RESTORATION AFTER AT SHARPER CHINA, POLLS: AMIT SHAH US CONTEST: EAM READ TO LEAD TAKE YOUR PICK FE BUREAU Bengaluru, September 7 An engrossing account of how USSR joined hands with USA and Britain during WW-II H&M, designer Anamika Khanna collaborate for a new collection Page 7 N E W D E L H I , P U N E Motown fireworks on new year not Diwali VIKRAM CHAUDHARY New Delhi, September 7 Show(s) of solidarity LEISURE FASHION MEETS FUNCTIONALITY ● Auto majors line up slew of launches for expo in January ■ SPOTLIGHT, P5 Global warming is making the sites unstable for tourists to visit Page 9 Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM FINANCIAL EXPRESS ON SUNDAY WHAT'S INSIDE HOME MINISTER Amit Shah assured people about the restoration of Jammu & Kashmir's statehood after the assembly poll, which he said is the first under the national flag and the Constitution following the abrogation of Article 370 by the Modi government. ■ PAGE 2 Climate change and ‘last chance tourism’ TREADMILL TRUTHS ACROSS THE AISLE, P CHIDAMBARAM P U B L I S H E D MIND & GAMES WELL BEING chip accounts for 50% of smartphone revenue. Arm owns the intellectual property behind the computing architecture for most of the world’s smartphones, which it licenses to Apple and many others. Apple usesArm’s technology in the process of designing its own custom chips for its iPhones, iPads and Macs. The two companies have a long history—Apple was one of the initial companies that partnered to found the firm in 1990,before the release of its ‘Newton’ handheld computer in 1993, which used an Arm-based processor chip. The Newton flopped, but Arm went on to become dominant in mobile phone chips because of its low power consumption, which helps batteries last longer. THEY ASKED US TO DO MULTIPLE BACKDATING OF REPORTS. WE DID NOT AGREE aMiddleEast-basedpartnerthatwas approvedinJunebuttheauditorsdid not make anyprogress on it. “This is escaping... baseless and they did it at a time when we were not on the board.We are still not on the board. They should have informed the board. In the past 45 days, they have not communicated anything to the board. It is not just baseless,itislegallyuntenablewhatevertheyhavedone.Auditorsarethe firstonestoknowaboutIRPbutthey have not communicated anything FAILED TO INFORM INSOLVENCY RESOLUTION PROFESSIONAL ABOUT INSOLVENCY to the IRP,”Raveendran said. Byju’s is undergoing insolvency following a Supreme Court order basedonanappealfiledbyUS-based lender representative GlasTrust. Byju’s management in a separate statement said the company has complied with every request made by BDO, except those that would require“crossing ethical and legal boundaries”. “The real reason forBDO’s resignationisByju’s firmrefusal to backdate its reports,while BDO went to ● ADDAWITH THE OLYMPIANS the extent of recommending a firm that could facilitate such an illegal activity. Multiple call recordings exist, where BDO representatives explicitly suggest backdating these documents,which Byju’s refused to do.Byju’s stronglybelieves that this is the main reason fortheirresignation,”themanagementofThinkand Learn,which owns the edtech firm, said in a statement. Byju’s management said the company entered insolvency proceedings on July 16, due to a legal dispute with the Board of Control for Cricket in India (BCCI), triggering the appointment of an IRP. The company’s board was suspended following the insolvency proceedings.“Just a daylater,on July 17, BDO sent an email to the suspended board of Byju’s seeking certain clarification regarding historical transactions that Byju's had undertaken with a partner based in theMiddle-East,”thestatementsaid. Continued on Page 2 n’t increase even as the passenger vehicle market, and the number of PVmodels in India,grewmanifold.” This,he added,is set to change at the Bharat Mobility Global Expo 2025.“Models such as the all-new Maruti Suzuki Dzire and the allnew Honda Amaze are being timed with the show,”he said.“Otherwise, these could have been launched by the end of this calendaryear.” The biggest launch is going to be the all-new Dzire—the largest selling sedan in India.It’s based on the all-new Swift that was launched in May.Hondawill also launch the allnewAmazeattheshow—likelytobe the third-generation Amaze. Continued on Page 2 Wockhardt denies claims of rent to Buch CLARIFYING ITS STAND ■ Allegations are completely baseless and misleading, says Wockhardt in regulatory filing ■ Company has acted and continues to act in compliance with applicable laws, it says DRUG FIRM WOCKHARDT has denied allegations regarding payment of rent by Carol Info Services and its connection with certain orders passed by market regulator Securities and Exchange Board of India (Sebi) in relation to the company.“In this regard, we categorically deny these allegations and statethattheseallegationsarecompletely baseless and misleading,” Wockhardtsaidinaregulatoryfiling late on Friday. It said the company has acted and continues to act in compliancewithallapplicablelaws. Continued on Page 2 ABHINAV SAHA Olympic medallist shooter Manu Bhaker (centre) and boxer Lovlina Borgohain (right) in conversation with Mihir Vasavda, deputy associate editor, The Indian Express, at the Indian Express Adda in New Delhi on Saturday Homes get fashion-forward with designer labels, signature styles ● Realtors roping in fashion designers for luxury housing VAISHALI DAR New Delhi, September 7 FROM FRENCH KNOTS and chikankariin elegant khadi,fashion designers such as Kunal Rawal and Abu Jani-Sandeep Khosla are now setting their sight on designing homes in their signature styles. With luxury housing demand rising, developers are now offering luxurynot onlyin location and size, but also in houses designed by celebrity designers. For Mumbai-based fashion designer Kunal Rawal, whose eponymous luxury menswear brand is known for metallic, geometric detailing and comfort,both fashion and real estate share a common thread of form and functionality.“The only change I see is that my design aesthetic will be added to a new canvas,”said Rawal, who has collaborated with luxury real estate brand Boheim to design villas and homes in Goa and Alibaug, priced between `5 crore and `15 crore. “Since I design for young India, who seek comfort and functionality,the homeswill have finerdetails that a progressive, young Indian CHIC COLLABORATIONS ■ Kunal Rawal has collaborated with Boheim to design villas and homes in Goa and Alibaug, priced `5- `15 cr ■ JJ Valaya has worked on six interior projects including luxury residential projects under Valaya Home looks for. They will tell the India story where slow living and handmade products are supreme,” said Rawal,who plans to add functional spaces in every room to multitask. ■ Besides tapestries and wall art for The Leela Palace Chanakyapuri, Valaya Home is building homes for RG Mirage in Sec 120, Noida ■ Sandeep Khosla has a team of specialists working under his interior design vertical, AWonder Room “Homes are moving away from the usual boxy construction. It’s a design-forward approach,” said Samarth Bajaj, founder of Boheim, whose inspiration behind the name comes from the concept of a bohemian lifestyle, free-spirited, slow and nature-friendly homes. Currently with luxury home projects in Hyderabad, Goa and Alibaug, Bajaj is gearing up for expansion in Dubai, Africa, Sri Lanka and Thailand as well. The reason why Bajaj has roped in fashion designers is because theyunderstand luxurywell.“They sell aspiration, and a story behind a garment. With this in mind, we want to tell the India story of skilled artisans and craftsmen,and nobody serves this purpose better than them. Both fashion and real estate share the same synergy and bring premiumness to any project,” said Bajaj, who has roped in carpenters from Jodhpur and Udaipur to craft furniture, hand painters from Coimbatore, and bamboo shingles from Assam to design the villas in his projects. Bajaj has also collaborated with ace designer duo Abu Jani and Sandeep Khosla, who have dressed the likes of Judi Dench, Gigi Hadid, Bachchans, Kapoors, besides most of B-town.They have also designed theDelhihomeofShwetaBachchan and Nikhil Nanda. For couturier Sandeep Khosla, whose design approach depends on what the buyer wants, home interiors are more than just walls and floors.“A home should not be overwhelming or underwhelming. Detailing is important and design must highlight elements like lights, mirror play with art deco,” he told FE. Continued on Page 2 Kolkata