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Dish TV does away with HD access fee; launches 'HD for All' initiative to bridge SD-HD viewership gap


Direct to home service provider Dish TV today announced the launch of its HD for all initiative today in a bid to bridge the gap between SD (standard definition) and HD viewership in India. The initiative was in line to remove HD access fees levied on users for viewing HD versions of channels.

Representative Image. Reuters

Representative Image. Reuters

As a part of the HD for all initiative, Dish TV claims to be the first DTH brand to do away with the HD access fee, providing access to popular HD channels across its subscriber base. The move follows Dish TV’s ‘Mera Apna Pack’ launch which allows customers to view HD channels at a base rate of Rs 17 per channel, exclusive of GST.

The move by Dish TV ensures that viewers can now view HD channels for popular packs starting as low as Rs 169 per month, excluding taxes. Dish Tv also announced the launch of its new cardless set-top-box called the DishNXT HD. The new STH along with being cardless also comes with a new interface and support for multiple languages.

Following the announcement, Group Chief Executive Officer for DishTV, Anil Dua said, “With a sharp focus on HD, this move aims at bridging the gap between the SD and HD subscribers and taking away the inhibitions involved in switching from SD to HD.”

The company stated that with a current number of 12.8 million HD households in the country, DTH companies aim to increase this number to 25-30 million HD subscribers in the coming five to six years, with the adoption of HD being a major step towards achieving it.



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Axis Capital bullish on Shoppers Stop shares after Amazon deal


Shoppers stop, omni channel, Indian retail department, fiscal FY18 Shoppers Stop shares surged by more than 15% on Monday morning and were trading at Rs 482.7. (Image: PTI)

Axis Capital sees a lot of steam in Shoppers Stop shares, after the American e-commerce giant Amazon.com bought a 5% stake in the company. Axis Capital maintained a buy call on Shoppers Stop, and revised the target price to Rs 550, from the target price of Rs 450, an upward revision of more than 22%, as the research and brokerage firm believes that the 5% stake sale to Amazon.com will reduce debt by more than Rs 180 crore. Shoppers Stop shares surged by more than 15% on Monday morning and were trading at Rs 482.7. The shares have returned more than 44% in the year so far.

The partnership with e-commerce major Amazon would help Shoppers Stop tap customers from non-metro markets and scale up its financial performance, the domestic brand’s managing director Govind Shrikhande said yesterday, according to PTI reports. The US-based retailer Amazon through its arm is buying around 5 per cent stake in Shoppers Stop for Rs 179.26 crore as part of their partnership deal, which would allow Shoppers Stop access online market.

“If I am able to drive my online sales growth and brick & mortar sales growth at much higher pace, it will directly help financial numbers,” PTI reported Shoppers Stop Customer Care Associate & Managing Director Govind Shrikhande as saying. “We would collaborate and get our entire catalogue of products on Amazon.in, what it really mean that we are giving our power of assortment and catalogue to Amazon.in and in return we would actually get the massive reach of customers because they have a tremendous reach of multiple customers in multiple cities, while our presence is smaller cities tier II & III is very weak,” he added.

According to the joint statement issued by the firms yesterday, Amazon Experience Centers will be created across the network of 80 Shoppers Stop stores to bring in the touch and feel aspect on Amazon.in assortment. In FY2016-17, Shoppers Stop had a revenue of Rs 3,648.04 crore and had posted a net loss of Rs 19.94 crore.



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Vijay Mallya diverted most of Rs 6000 cr loan via shell firms; CBI, ED to give details to UK court


Mumbai: In a bid to strengthen the evidence to extradite fugitive liquor baron Vijay Mallya, the Central Bureau of Investigation and the Enforcement Directorate are preparing a charge sheet alleging he laundered a major chunk of the Rs 6,000 crore bank loans taken for Kingfisher Airlines.

A report in The Times of India said on Monday that the money was diverted through shell companies in seven countries, including the US, the UK, France and Ireland.

“Letters rogatory have already been sent to the US, the UK, France and Ireland and we will get complete details soon,” an official has been quoted as saying in the report. The official has claimed that the agencies have been able to establish the links between the shell companies and bank accounts in the seven countries.

Explaining the systematic way in which Mallya duped the banks, the official said he used to pay back some part of the loan to the banks to gain their confidence to get more funds from them.

The latest evidence will be submitted before the London court where the final extradition hearing will take place in December. At present, in front of the UK court, the agencies have presented the charge s in the nearly Rs 900 crore IDBI Bank loan default case.

Vijay Mallya. AFP.

Vijay Mallya. AFP.

Earlier, in a charge sheet filed in June, the ED had alleged that Mallya had laundered amount worth Rs 1,300 crore through 13 shell companies, which he has denied. Mallya has maintained that he has not done anything wrong and huge dues to the banks have been due to the failure of the business.

The ED had also said that these shell companies had no actual activities and was fully controlled by Mallya with former employees of UB group being its directors.

The agency had said the only purpose of these companies were to either obtain loan or launder money and that he has huge property in the US in the name of his daughters – Leana and Tanya.

Mallya has been in self-imposed exile in the UK since March 2016. He was arrested by Scotland Yard on an extradition warrant on 18 April and is currently out on bail.

The Indian investigative agencies are seeking to extradite Mallya for allegedly defaulting on several bank loans amounting to nearly Rs 9,000 crore. This includes loan taken from IDBI Bank for Kingfisher Airlines.

The total loan sanctioned and disbursed by the IDBI Bank to KFA was Rs 860.92 crore. The ED has alleged that its “money trail analysis revealed that out of the total loan of Rs 860.92 crore, sanctioned and disbursed by IDBI, Rs 423 crore has been remitted out of India.

The said payments were shown to be made towards aircraft rental leasing and maintenance, servicing and spare parts.“

The ED had in an earlier charge sheet filed in the IDBI-KFA case said Mallya floated 20 shell companies, directors of which were either his personal staff or those who retired.





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Opening bell: Asian markets open higher; Shoppers Stop, Godrej Agrovet in news


Major Asian indexes climbed in early Monday trade as investors digested elections in Germany and New Zealand over the weekend. Photo: Hemant Mishra/Mint

Major Asian indexes climbed in early Monday trade as investors digested elections in Germany and New Zealand over the weekend. Photo: Hemant Mishra/Mint

US stocks end mixed, Asian equities open higher

US stocks closed narrowly mixed Friday as health care stocks recovered most of their losses. The Dow closed out its second consecutive week of gains.

Major Asian indexes climbed in early Monday trade as investors digested elections in Germany and New Zealand over the weekend.

Amazon buys 5% equity in Shoppers Stop for Rs179.25 crore

Departmental store chain Shoppers Stop Ltd has approved a proposal to sell 5% equity in the company for Rs179.25 crore to Amazon NV Holdings LLC, the investment arm of the world’s largest online retailer Amazon Inc. in a board meeting.

Aditya Birla’s acquisition bid may value Aleris Corp at $2.5 billion

Billionaire Kumar Mangalam Birla’s Aditya Birla Group is readying a bid for aluminium maker Aleris Corp., reports Mint.

Godrej Agrovet looking at $1.27 billion valuation in IPO

About 50 Godrej group employees have bought shares worth around $1.5 million (Rs8.5 crore) in a so-called pre-initial public offering (IPO) round of Godrej Agrovet Ltd. Read more.

Bank of India to raise Rs500 crore through QIP in third quarter

Bank of India (BoI) will raise Rs500 crore through a qualified institutional placement (QIP) and the bank is in the process of finalizing investment banks for the issue.

Maruti Suzuki Dzire overtakes Alto as India’s best-selling car in August

Maruti Suzuki India Ltd’s compact sedan Dzire, in its new avatar, became the best selling car in India for the first time in August, taking the pole position from its sibling Alto.

Govt to take steps to create jobs, but no abrupt change in public spending

The government is working on measures that will create more jobs and help raise income levels in view of the slowing economy, but no step impacting its revenue and spending balance will be taken outside the annual budget, two finance ministry officials said.

Supertech raises Rs350 crore from L&T Finance for housing project

Realty firm Supertech has raised Rs350 crore from L&T Finance to fund an ongoing housing project in Greater Noida. Read more.



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Centre cracks down as gold imports from Indonesia zoom from nil to 600 kg


gold imports, Indonesia, FTA, South Korea, GST launch, South Korea, CVD, Dubai, ban imports of gold, India,  gold imports, GST launch, India free trade agreement The customs department has been asked to step up the scrutiny of consignments to establish the actual place of origin and check such abuses,” said the official. (Reuters)

As gold imports from Indonesia, an unlikely source, spiked since late July, a concerned government has asked the customs department to harden a crackdown on unscrupulous elements seeking to abuse India’s free trade agreement (FTA) with that country for duty evasion, a top government official told FE. There are apprehensions that these elements may be illegally tweaking the place of origin of the precious metal and, consequently, gold from other countries may be landing up in India as imported from Indonesia. From almost nil earlier this fiscal, gold imports from Indonesia exceeded 600 kg since July, more so after India restricted the precious metal purchases from South Korea in late August to curb similar violations or rules.

“It’s not possible to amend the terms and conditions of FTAs we have already signed with Asean members. But there is a fear that some unscrupulous elements are abusing the rules of origin of the imported products for duty evasion. The customs department has been asked to step up the scrutiny of consignments to establish the actual place of origin and check such abuses,” said the official. However, the government is unlikely to ban imports of gold from Indonesia — one of the 10 members of the Asean with which India has an FTA — as it did in the case of South Korea, another free trade partner, last month unless the situation spirals out of control. India currently imposes a 10% basic customs duty on gold imports.

Gold imports from South Korea jumped to around 27 tonnes worth around $1.2 billion from negligible amount before. Senior government officials say much of the gold was actually from places like Dubai, which was imported to India after minor finishing touches in South Korea to exploit the duty advantage. The reason for the unusual spurt in imports from nations other than traditional suppliers is the introduction of the goods and services tax regime since July 1, and the consequent abolition of the countervailing duty (CVD).

Prior to the launch of the GST in July, a 12.5% CVD–which was in lieu of domestic  taxes—was imposed on gold imports, even from India’s free trade partners. With the abolition of the CVD following the GST launch, gold imports from India’s FTA partners are taxed at 3% (only GST), while those from others attract both the customs duty (10%) and the GST (3%). Such duty disparity has driven up imports first from South Korea and now from Indonesia. However, while South Korea is not a gold producer, Indonesia is, although it hasn’t been a key supplier to India traditionally. This may make things complicated for customs officials to ascertain the origin of gold. Some estimates suggest Indonesia produced around 100 tonnes of gold in 2016, though much less than India’s usual annual imports of around 800 tonnes in recent years.



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PremjiInvest acquires 45% stake in Shubham Housing


Wipro chairman Azim Premji. The PremjiInvest investment values Shubham Housing at Rs500 crore. Photo: Aniruddha Chowdhury/Mint

Wipro chairman Azim Premji. The PremjiInvest investment values Shubham Housing at Rs500 crore. Photo: Aniruddha Chowdhury/Mint

Mumbai: PremjiInvest, the family investment arm of Wipro chairman and billionaire Azim Premji, has acquired a significant minority stake in Shubham Housing Development Finance Co. Ltd, two people aware of the development said.

PremjiInvest invested about $35 million (Rs225 crore) for about a 45% stake in the affordable housing finance company from promoters as well as existing investors, one of the two people said on condition of anonymity. This makes PremjiInvest the single-largest shareholder in Shubham Housing. The transaction values Shubham Housing at Rs500 crore.

Shubham Housing provides housing credit to people employed in the informal sector. According to its website, it is present in 12 states, with a loan portfolio of nearly Rs1,200 crore. “The deal has been signed last week and the announcement is expected soon,” said the second person, also on condition of anonymity.

Founded in 2010, Shubham Housing raised Rs122 crore in a round led by Motilal Oswal Private Equity Advisors and existing investors including Helion Advisors, Elevar Equity, Accion Frontier Inclusion Fund and Saama Capital India Advisors in 2014. The company had previously raised $8 million in 2012. With the PremjiInvest deal, Saama Capital and Accion Frontier will exit Shubham Housing while Motilal Oswal, Helion Advisors and Elevar Equity will remain, the second person said.

Investment bank Avendus Capital (Pvt. Ltd) advised Shubham Housing on the transaction.

When contacted, Rajesh Ramaiah, director and chief financial officer at Premji Invest; Suresh Shanmugham, managing partner and co-founder of Saama Capital; and Ganesh Rengaswamy, partner at Quona Capital, which manages Accion Frontier Inclusion Fund declined to comment, while an email sent to Sanjay Chaturvedi, chief executive officer of Shubham Housing, went unanswered.

Shubham Housing had been looking to raise around $100 million from private equity (PE) funds as the company looks to increase its loan portfolio and expand its network nationally and hired Avendus Capital to manage the fund-raising, Mint reported in August last year.

“As a lending company, a key ingredient for accelerated growth is regular infusion of equity capital. We continue to evaluate such opportunities that can help accelerate the growth of Shubham,” Chaturvedi said in an interview last year. According to data from the Registrar of Companies (RoC), Shubham more than doubled revenue to Rs51.9 crore in 2014-15 from Rs24.8 crore a year earlier. Profit, however, declined to Rs1.03 crore in 2014-15 from Rs1.2 crore the previous year.

Several non-banking financial companies (NBFCs) are raising money to tap opportunities in affordable housing.

Affordable housing finance is set to be a Rs6 trillion opportunity by 2022, said a 23 June India Ratings and Research report. There is demand for 25 million homes over FY17-FY22 in the medium-income group and lower-income group categories, the report said.

A combination of factors such as government financial and policy thrust, regulatory support, rising urbanization, nuclearization of families and increasing affordability is converting latent demand into a commercially lucrative business opportunity, the report said.

“Massive opportunity and secured lending makes housing finance an attractive sector. Companies that maintain their basics right and balance this exuberance with disciplined lending will go a long way and will be sought after,” said Kaushal Shah, head of financial services at Kotak Investment Banking.

In May, Delhi-based affordable home financier Ummeed Housing Finance Pvt. Ltd raised a series B round of funding of $5.6 million from impact investor Lok Capital, and Duane Park, to expand to new locations in north and central India and for investments in technology. Another housing finance company Aavas Financiers Ltd, a unit of Jaipur-based NBFC, AU Small Finance Bank Ltd, also raised $40 million in May from International Finance Corp. (IFC).



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Indian stocks see net outflows from FIIs so far in FY18


FII outflows, earnings growth for Indian companies has been hard to come by with initial hurdles such as demonetisation and GST adding to the woes of already sluggish demand scenario. Photo: Hemant Mishra/Mint

FII outflows, earnings growth for Indian companies has been hard to come by with initial hurdles such as demonetisation and GST adding to the woes of already sluggish demand scenario. Photo: Hemant Mishra/Mint

Mumbai: Foreign investments in Indian stocks so far in this fiscal year, show net outflows as expensive valuations and tensions in Korean peninsula weighed on investor sentiment. US Federal Reserve’s unwinding plan also bothered investors, but asset managers say the impact of it is already factored in.

For the fiscal year to date, FIIs are net sellers of Indian shares to the tune of $450 million, even as Sensex has climbed 7.77% in the same period. However, Sensex has declined 2.34% from the record high of 32,686.48, seen on 2 August.

“We have reduced a bit (of) India’s weight, because valuation level is on the high side and more importantly, because the outlook has become better in many other countries like China, Brazil and Russia,” said Hertta Alava, the Helsinki, Finland-based director of emerging market funds at FIM Asset Management Ltd.

India’s benchmark equity Sensex trades at 18.64 times one-year forward price-to-earnings (P/E) ratio, higher than its peers in China, Brazil and Russia which trade at 13.48 times, 13.43 times and 5.66 times, respectively. Sensex trades at a 46.2% premium to MSCI index which trades at 15.63 times one-year forward earnings.

“For the last couple of years, all the other major emerging economies were looking pretty weak (Brazil, Russia) or unstable (China). Now these economies have clearly improved,” she added.

Earnings growth has indeed been hard to come by for Indian companies, with initial hurdles of structural reforms, such as demonetisation and goods and services tax (GST), adding to the woes of already sluggish demand scenario.

Earnings downgrades are likely to continue, experts say, and a revival in earnings growth is not in sight for now.

While strong reforms and macroeconomic parameters has ensured that Indian equities have been one of the favourites in the emerging markets space, the lack of earnings revival cannot be ignored.

Sensex (earnings per share ) EPS estimates for fiscal year 2018, has declined 9.71% since the start of the current fiscal year to Rs1,553.27, while that for fiscal year 2019, has declined 4.98% to Rs1,936.12.

Meanwhile, on Wednesday, the US Federal Reserve left interest rates unchanged but signalled there could be one more rate increase by the end of the year despite a recent bout of low inflation in the US.

The Fed said also said it would begin in October to reduce its approximately $4.2 trillion in holdings of US treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis rattled markets from New York to Tokyo.

“The Fed has more or less delivered what the market was expecting. The repricing of the December rate hike is in the margin perhaps a bit hawkish, but nothing dramatic,” said Maarten-Jan Bakkum, senior emerging markets strategist at NN Investment Partners, in an e-mail from The Hague, Netherlands.

That was the popular view.

“I think Fed is doing what is necessary and I would be more worried if their balance sheet would grow forever,” Alava of FIM said.

“Tightening will be anyway very gradual and I don’t see that being a big negative for EM. We already experienced taper tantrum and most emerging economies are now less vulnerable than those days,” Alava added.

Many believed Indian markets would be insulated from the strong outflows, if any from the EM space due to Fed’s unwinding. Revival of earnings growth though, remains a big risk.

“We expect this (US Fed’s decision to shrink its balance sheet) to be a gradual process and the Fed will likely watch its impact for a while before taking a call on a rate hike,” Robert F. Baur, executive director and chief global economist at US-based Principal Global Investors Llc, said in an interview on Thursday, adding that the impact on flows into EMs will not be material till the rates go up meaningfully.

“However within the EM universe, India is relatively differentiated as it is a commodity importer, with economic recovery likely as uncertainty around GST and lingering effects of GST settle down,” Baur added.



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Tax raids on Cafe Coffee Day find Rs 650 crore concealed income


The Income Tax Department raids on Cafe Coffee Day (CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized, said an official on Sunday.

cafe coffee day, CCD raid, CCD owners raided, CCD chariman raided, VG Siddhartha, cafe coffee day founder, cafe coffee day owner, industry news The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT and other areas. (Reuters)

The Income Tax Department raids on Cafe Coffee Day (CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized, said an official on Sunday. “Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore,” a senior tax official told IANS here. The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT and other areas.

“The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure,” said another tax official in an e-mail to IANS. The offices and residence of CCD’s founder owner V.G. Siddhartha and its other officials in Bengaluru, Chikkamagaluru, Hassan and Mysuru across Karnataka were also searched during the last four days. Siddhartha is the elder son-in-law of former External Affairs Minister S.M. Krishna, who was also Chief Minister from 1999 to 2004 but earlier this year left the Congress to join the Bharatiya Janata Party.

“There are a number of other issues, including violations of other statutes on which there is no disclosure but relevant evidence has been found. These will be pursued effectively as part of our investigation,” added the official in the e-mail. The raids were conducted under the directions and supervision of the Income Tax Department’s Investigation Cell Director-General B.R. Balakrishnan.

The corporate office of the Amalgamated Bean Coffee (ABC) Trading Company, which runs the CCD’s retail outlets across the country, its branch offices at Chikkamagaluru, Mudigere and Sakeleshpur in Karnatakas’ Malnad region were also searched during the exercise. “Though we have found and seized a number of documents related to properties, business transactions and other dealings, they are subject to scrutiny for violations, if any,” added the official.



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Engine snag: IndiGo grounds one more A320neo aircraft


By: ENS Economic Bureau | New Delhi |
Published:September 25, 2017 1:59 am


indigo, indigo airlines, indigo aircraft, indigo engine, indigo engine snag, indian express news When reached out for comments on this matter, an IndiGo spokesperson said the company had “nothing to share”. (Representational)

Low-cost airline IndiGo, which earlier denied any safety issues due to the faulty Pratt & Whitney engines equipped on its Airbus A320neo aircraft, grounded yet another plane after vibrations were witnessed on one of the engines mid-air, according to a source. The aircraft, with VT-ITF registration, was on its way to Bengaluru on September 20 landed back at Bhubaneswar airport after the snag surfaced, and hasn’t been operated since then.

The flight 6E3869 took off from Bhubaneswar at 8:50 pm, and was airborne for nearly 20 minutes before it landed back at the airport following the engine vibrations. In March, IndiGo had asked its pilots to not ascend A320neo aircraft over 30,000 feet to manage the strain on the faulty engines, but revoked this altitude restriction earlier this month.

However, according to flight tracking website flightradar24, the aircraft grounded on September 20, had barely climbed to the altitude of 3,800 feet, after which it returned to Bhubaneswar. When reached out for comments on this matter, an IndiGo spokesperson said the company had “nothing to share”.

Earlier IndiGo had admitted to grounding as many as nine A320neo aircraft on certain days due to engine snags, which had led to cancellations of its flights. However, it had pointed out that there were no safety issues. In a statement issued on August 20, IndiGo had said: “While not a safety issue, we report all the relevant data on these engines to the DGCA and they are also continuously monitoring these issues as part of their oversight authority and responsibility.”

Recently, the Directorate General of Civil Aviation (DGCA) had expressed its concern with grounding of aircraft due to engine issues and had asked Pratt & Whitney to prioritise Indian carriers for sending new engines.

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200,000 more directors disqualified for holding posts in defaulting companies


NEW DELHI: The corporate affairs ministry has disqualified another 200,000 directors for holding posts in defaulting companies that have not filed their financial returns for the last three years or more, taking the total number to over 300,000, while cancelling the registration of another 10,000 companies.

These directors won’t be able to hold board seats in other companies as well and may have to resign soon from them, potentially impacting other firms as well.

While the current law does not provide for any appeal, the government is thinking of exercising “the review power to take any such plea into consideration,” PP Chaudhary, minister of state for corporate affairs, told ET. “By operation of law, these directors are disqualified but we have to see under what provision of law we can examine this. If we need to frame a rule we will do it.”

According to Section 167 of the Companies Act, a director is disqualified automatically from all other posts of director once barred under Section 164, said Chaudhary, a lawyer by profession.

200,000 more directors disqualified for holding posts in defaulting companies

The government has struck off more than 200,000 firms that have not complied with the provision of the law from the list maintained by the Registrar of Companies and frozen their bank accounts to check any siphoning off of funds.

“This exercise is part of demonetisation. No one had the guts to stop all this till now. It will prove a catalyst for the Indian economy,” said the minister of state, who took over this responsibility after the recent reshuffle. He said the money trail will be traced after data mining of these companies.

The government will prioritise those cases where there is evidence of a large movement of cash. He rejected the criticism that the action was retrospective in nature.

“Law has not been retrospective. Companies had two years to file returns… there was healing time,” the minister of state said. So far the shell firm chase has been limited to defaulting firms that have not filed their financial returns for the last three years or more but the government will soon go after compliant firms as well to check their holding companies structures and fund flows.

Chaudhary said the intent is to restore trust in the corporate structure and also improve ease of doing business in the country.

“We do not want to create any terror. Trust in the corporate structure is gone and we want to increase the investor confidence, not interfere in the corporate structure,” Chaudhary said.

The government wants to promote ease of doing business to ensure investors that their money is safe in India, he added.

“This exercise has been triggered due to governance. We have shown scale and speed in an unparalleled way in the way we have acted against these companies and directors,” Chaudhary said.

Last week, the government made public the names of 55,000 directors who were disqualified under Section 164 (2) (A) of the Companies Act. The list included the names of prominent politicians including former Jammu and Kashmir chief minister Omar Abdullah and Malayalam filmstar Mohanlal among others.

While the government will not impose any penalty on the directors of government-owned companies that figured in the list of defaulters, those in private firms will have to resign from other board seats and won’t be eligible for reappointment for up to five years.

The corporate affairs ministry will also look into these companies to identify shell companies to see if they have been used for money laundering or any other illegal activity. “We need to find who the shell company’s real beneficiary is… It could be in the name of the cook or a driver. We are taking stock of the money in these companies pre and post demonetisation,” Chaudhary said.

While spotting defaulting companies is an ongoing process, Chaudhary said that, using artificial intelligence, the government will sift out the shell companies from among those that are compliant with regulations and also create an early warning system. “The system will trigger alerts every time we see unusual activity taking place in a company. It will also help us find out the beneficial owner of the shell companies,” he said.



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