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The Economic Times - Mumbai, 1/15/2020 Cropped page Page: 13 FORM G INVITATION FOR EXPRESSION OF INTEREST (Under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Co rpo rate Persons ) Re ulations 2016 Ho . Relevant Particulars 1 Name of the co Date debtor M/s GKC Pro j ects Limited 2. Date of hcorpcrabon of Corpo rate Deb.o' 05th April 2004 3. Authority under which Corporate Debtor is Reg ister of Companies Hyderabad (ROC Hyderabad) inco rporated i re is:ered 4. Corporate dentlty number / limited Iiabilty U4520OTG2004PLCO43015 identification number of cor porate debtor 5. Address of the registered off ice and principal SY. 140 .9 (P), C1 GREEN BUILDING LANE HFTEC CITY . offi ce 'd an of the Corporate Debtor KONDAPURHYDERABAD, TG. 500084 IN 6. I^sohrency commencement date n respect Of 21111019 Coporate Debtor 7 . Dare c ' nviato of expression of nterest 1501/2020 6. El g ibi:y for resolubon applcams ceder Can be obared by send ng end at gkc p©gnat , corn sedon 2512 {h1 of the Code is avabble at 9. Norms of ineli gblity app plicable under Avalable on webste of 1381 section 29A are available at: 10. _astdateforrece p t o ' ex 'essionofinterest 300112020 -1 . Date of ssue of pprovisional list of 09022020 pros pective resoL tion applicants 12 , Last date for submission of objections to 14/02/2020 provisional list 13. Date of issue of final list of prospectve 24/02/2020 resolution applcants 14 . Date of asue of infamalion memorandum , 14/02/2020 eval ation matrix and request for resolution 15. Manner of obtaining request for resolution Eligible Resolution Applicant (RA) may communicate plan , evaluation matrix , information wth RP at address mentioned in serial Ni for memorandum(1M')andfurther information obtaining Information Memorandum (IM), Evaluation 16. Lastda:eforsubmission ofresoutonplans 15/03/2020 17. Manner of submitting resolution plans to In electronic form on the emal id gkcrp@gmal. resolution professional comandb speed post orb hand deliv ery 18- Estimated date for submission of resolution 15/04/2020 plane Adjudicating Au t horit y for 19. Name and reggistration number of th e G.Madhusudh an Rao resolution professional IBBLIPA-001)IP.P00181f2017.18110360 20. Name , Address and e-email of the Nadtusudran Rao Gonugula resolution pr ofess i onal , as registered D.No 7-1-285 Flat '10.103 , Sr Se Swepna sanpada Apart rents with the Board Bakampet Sarieer Reddy Nagar. Hyderabad , TeW gaoa5C0338 madxsldoi 21 . Address and email to be used for cones DNo:7.1,285, Rat No. 103, Sri Sai Swap s ssm p ad a Apam eols. pondence with the resolution professional Balka mpet Sa4eev Reddy Nagar Hyderabad , Telangana50003 kc Lcoma malhucol L5g MILCO-n 22. Further Detals are available at or with Can be obtained by send ng erail at gkcrpggmaLcorn drrradrucst mat.com 23. Date of publcation of Form G 15'01;2020 G.Madhusudhan Rao Resolution Professional I B B N PA-00111 P-P00181 /2017.18/ 10 360 Date: 15/0112020 D,No: 7- 1-285 , Flat No . 103 , Sri Sai P lace : Hyderabad Swapna sampada Apartments ,Balkampet Sanjeev Reddy Nagar , H y derabad , Telangana , 500038 for M/s GKC Projects Limited
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Page 1: CUSTOMER CARE CHAT BOTS

The Economic Times - Mumbai, 1/15/2020 Cropped page Page: 13

13�THE ECONOMIC TIMES | MUMBAI | WEDNESDAY | 15 JANUARY 2020 | WWW.ECONOMICTIMES.COM

Companies & Economy

ment can look into, she said.“That’s an estimate of `75,000

crore, which is due from the go-vernment to the private sector. So,one is that these corporations aregoing bankrupt because their bu-siness model is completely skeweddue to cash flow problems. Andthen, they are not paying theirvendors,” Reddy said.

She recommended that the go-vernment should create a time-bo-und disinvestment plan so that itcan expand the fiscal deficit witho-ut an impact on India’s credit ra-tings. “We should not be too worriedabout a temporary expansion in thefiscal deficit,” she said. Reddy alsosaid that steps taken by the govern-ment to boost investor sentiment,including the corporate tax cut, wo-uld have a greater impact once the-re is a spur in consumption.

The economy would also benefitfrom global tailwinds such as sett-ling of US-China trade tensions andthe UK leaving the European Union

(EU), she added. Reddy said therewas a strong need for labour re-forms and labour laws were impac-ting competitiveness by reducingthe ability of corporations to investin research and innovation.

“Definitely, take care of the peo-ple, but don’t take care of the peo-ple at the cost of the corporation,”she said, adding that the currentlabour laws led to large corpora-tions spending on older labour in-stead of research and that the go-vernment should seek to “keep in-dustry competitive”.

She said that while India had mo-ved up in the global Ease of DoingBusiness rankings, the cost of do-ing business was still too high.

“We gave (to government) a list of8,759 permissions that a manufac-turing company needs to take,” saidReddy, adding that the environmentof regulations was leading to boardmeetings spending too much timeon “compliance and risk” instead ofon “growth and innovation.”

Should focus on ‘clusters’ to boost manufacturing: New Ficci chiefKarunjit Singh & Gulveen Aulakh

New Delhi: The government sho-uld step up expenditure to spurconsumption and improve ease ofdoing business to rev up the econo-my, Federation of Indian Cham-bers of Commerce & Industry’s(Ficci) new president Sangita Red-dy said on Tuesday.

Reddy, who is joint managing di-rector of Apollo Hospitals, also sa-id that the government needed tofocus on “clusters”, besides under-taking labour reforms, to boostmanufacturing in the country.

“To spur consumption, we needto put money into the system. Ourrecommendation to the govern-ment is to infuse `1.5-2 lakh croreinto the economy,” Reddy told ETin an interview, while adding thefund infusion, which must be usedto boost demand in rural economy,can be backed by a time-bound dis-investment plan of `3 lakh crore,which will expand fiscal deficit on-ly temporarily.

The government must addressunsold inventory in real estate andtransfer overdue payments to cor-porates. Front-loading of trans-fers and subventions, includingthrough the PM Kisan project, co-uld provide a “kicker effect” to theeconomy at a time when all indicesshow a fall in discretionary spen-ding in rural areas, Reddy said.

To boost demand in the real estatesector and reduce inventory of un-sold houses, Reddy suggested thatthe government should provide afront-end reduction in interest ra-tes for housing loans in the first twoyears. Delay in payments from thegovernment to corporates for ser-vices has a negative cascading ef-fect, a situation that the govern-

‘Govt Must Spend Moreto Drive Consumption’

bidders easing entry for in-terested firms, but will im-pose penalties strict eno-ugh to prevent companiesfrom squatting on mines.ET had also reported thatthe government will offerincentives for quick pro-duction from the mines.

The discussion paper onkey termsand condi-tions floatedby the coalministry ha-ve kept therevenue-sha-re based auc-tions openfor all firms.Bids by affili-ate compani-es will be re-jected.

The selec-ted companies have to sub-mit 0.5% of the value of esti-mated resources of coal mi-ne in four tranches based ona National Coal Index-we-ighted combination ofmonthly prices in variouschannels of transaction.

Selected firms will have topay performance guaranteeof 50% each of royalty andrevenue share payable to thegovernment in one year onpeak capacity of the mine.

Coal Auctions: 4%Revenue Share Setas Bid Parameter

[email protected]

New Delhi: The govern-ment has kept commercialcoal auctions open to allcompanies incorporated inIndia and has set a mini-mum 4% revenue sharefrom each mine as the bidparameter.

The coal ministry on Wed-nesday kickstarted thecommercial coal auctionsby releasing a list of 84 coalmines with about 22,360million tonnes reservesidentified for commercialcoal mining, including abo-ut ten mines with reservesupwards of 500 million ton-nes that are likely to be eyedby Indian and global majorfirms like Adani Group,JSW Energy, Peabody, BHPBilliton and Rio Tinto.

The blocks will be offeredin tranches, said a discus-sion paper. The ministrywill not start stakeholderconsultations and targetsthe first tranche of the auc-tions before fiscal end.

ET had on January 10 re-ported that India’s upco-ming coal auctions may ha-ve no financial or technicalqualification criteria for

Ministryreleases a listof 84 coalmines withabout 22,360MT reservesidentified forcoal mining

Take care of the peo-ple, but don’t takecare of the people atthe cost of the corpo-ration...environmentof regulations leadingto board meetingsspending too muchtime on compliance &risk instead of ongrowth, innovation

SANGITA REDDY President, FICCI

Birla House Can be Sold to RepayBPSL Depositors’ Dues: Court

[email protected]

Mumbai: A special court has saidauthorities could sell the heritageBirla House in the city, if the pro-ceeds from the auction of other se-ized properties belonging to acompany linked to industrialistYashovardhan Birla were insuffi-cient to repay investors in its depo-sit scheme.

Birla Power Solutions (BPSL) hasallegedly defaulted on repaymentof deposits it took between 2009and 2013. The outstanding amount,according to the probe agencies, isestimated to be more than 500 cro-re and both Birla and the companyare being probed by agencies inclu-ding the Mumbai Police, SeriousFraud Investigation Office and theEnforcement Directorate on alle-gations ranging from cheating tomoney laundering. The MumbaiPolice’s Economic Offence Winghas filed two charge sheets againstthem. Birla had denied the allega-tions against them.

The properties of BPSL attachedearlier should be sold first, the Ma-harashtra Protection of Interestof Depositors (MPID) Act court sa-id in an order in December. Theproperties attached subsequently,which include Birla House, can besold if the proceeds are found in-sufficient, it said.

Birla House is among three im-movable properties kept reserveduntil the other attached propertiesare sold. The 5,412.27-square-met-

Special court washearing plea by ShrinikaInfra which has claimedit owns Birla House

Hot PropertyHeritage property amongst 3 immovable properties keptreserved until other attached properties of accused are sold

Birla House and properties in Juhu and Mahim were attachedin 2016

Built by Yash’s grandfather Rameshwar Das, the house was used as a stopover by Mahatma Gandhi

`425.5 crTotal worth

5412.27 sq mTotal area

Address:MountPleasant Road in Malabar Hill

from the depositors is not availab-le for attachment or is insufficientfor repayment of the deposits,then only the government can looktowards other properties of the FEor its promoter or director or part-ner of manager,” the lawyer forthe firm had argued before the co-urt. SIL now plans to appeal aga-inst the order before the BombayHigh Court.

The Maharashtra governmenthad argued that the properties ini-tially attached were valued at 552crore, but there were encumbran-ces of `1,100 crore on those. Due to

this, these were insuffici-ent to repay the deposi-tors, it had claimed, whilebacking its 2016 decisionto attach Birla House anda property each in Juhuand Mahim.

The city police had ar-gued that Birla hadtransferred his share-

holding in favour of Shrikrish-na Arpan Trust — which owns92.92% of SIL — on October 16, 2013,which was after the case was filed.

In its order, the court said thiswas sufficient for accepting thathe had transferred his sharehol-ding to avoid the liability to repaydepositors. SIL has not producedany material to show as to who arethe actual beneficiaries of its pro-perties and three bank accounts, itsaid. “Considering those aspects, Iwould say that there is no substan-ce in the argument of SIL that pro-perties and bank accounts of app-licant are illegally attached,” thejudge said in the order.

In response to a query sent by ET,Anant Vardhan, president of cor-porate affairs & communication atthe Yash Birla Group, said SIL-ow-ned properties from pre-indepen-dence era and had no connectionwith BPSL.

re property on Mt Pleasant Road atMumbai’s Malabar Hill is estima-ted to be worth 425.50 crore. Builtby Yash Birla’s grandfather Ra-meshwar Das, the house was a sto-pover of Mahatma Gandhi, whohad often stayed here.

Judge PP Rajvaidya’s order camewhile hearing a petition filed byShrinika Infra (SIL), which hasclaimed that it was the owner ofBirla House. Yashovardhan Birlawas a director at the company inthe past. It argued that it had no fi-nancial dealings with BPSL anddid not owe any money to any ofthe accused in the case. Accordingto its petition, Birla House was ac-quired by SIL in 1946.

“MPID mandates that only if it istranspired that the property belie-ved to have acquired by the accu-sed FE (financial establishment)from the deposits received by it

IRDAI AcceptsJust 23 of 173Applicationsfor SandboxProject

Our Bureau

Mumbai: The Insurance Regu-latory and Development Autho-rity of India (IRDAI) has rejec-ted 150 of the 173 applications ithad received for its regulatorysandbox project.

Of the 23 applications that gotthe nod, 19 are in health insuran-ce sector, 2 are in non-life and 3 indistribution, the list released by

IRDAI on Tuesdayshowed.

An eight-memberevaluation com-mittee, headed byIIIT Bangalore di-rector S Sadago-pan, was in chargeof scrutinising the-se applications. EThad earlier repor-ted that the rejec-tion rates for theseapplications wouldbe on the higher si-de due to the high-risk factor of tes-ting these products

on a live audience.Max Bupa, Tata AIA, Bajaj Alli-

anz, Kotak General Insuranceand Acko were among the compa-nies whose applications were ac-cepted by IRDAI.

Solutions ranging from wearab-le fitness tracker to usage-basedmotor insurance and even theuse of AI for automatic claimsettlements were chosen.

The insurance sandbox projectwill allow insurers and technolo-gy companies to collaborativelyexperiment with new productsand technology on a live audien-ce under the supervision of theregulators.

Max Bupa,Tata AIA,Bajaj Allianz,KotakGeneralInsuranceand Ackowere amongcos whoseapplicationswereaccepted

IF PROCEEDS FROM AUCTION OF OTHER ASSETS ARE INSUFFICIENT...

Nalco Agrees to SellAlumina to Vedanta’s‘Foreign’ Entities

[email protected]

New Delhi: Odisha-based Nalco agreed in the SupremeCourt on Tuesday to sell alumina to any of Vedanta’s “fo-reign” entities which register and bid for it after refusingfor years to sell to a local Vedanta unit in Odisha citingcompetition.

Nalco had cited a 2005 policy to deny Vedanta’s local enti-ty, a smelting unit in a SEZ, in Jharsuguda, any alumina.Vedanta had gone to the high court over it and had wonthe case on March 26, 2019. The court had declared the lo-cal unit as a foreign unit by deemed legal fiction as it was

situated in a special economic zone.Nalco had then appealed to the top court

against the court ruling. At the least hearing before a three-judge

bench led by CJI SA Bobde, Nalco had thro-ugh senior advocate Ranjit Kumar, arguedthat Vedanta was one of Nalco’s biggestcompetitors showing a reluctance to partwith its surplus alumina to the local entity.

Vedanta through senior advocate MukulRohatgi had argued that it was a local unitlegally as it was in a SEZ.

He had offered to register as a foreign unitto buy alumina from Nalco provided it wasallowed to pick up the alumina not from

Vishakhapatnam port but from where it was stored to sa-ve on transport costs to its Jharsuguda unit.

CJI Bobde had initially wondered aloud whether the topcourt could force any corporate entity to enter into a cont-ract against its wishes in view of Nalco’s reluctance to en-ter into any dealings with a rival, but had later asked bothsides to settle the issue.

Nalco was unwilling to settle citing the reluctance of of-ficials to take any decision to this effect. “Criminal caseswill be filed and a CBI probe ordered years, decades later,”Nalco told the court. However, Nalco said that it would bewilling to abide by any court decision on this.

Today, the bench, also comprising Justices BR Gavaiand Surya Kant, formally passed an order facilitating asettlement between the two sides on the issue.

Nalco hadrefused foryears to sellto a localVedanta unitin Odishacitingcompetition

B’luru Co-opBank Hopeful of Meeting Dues by March-end

Our Bureau

Bengaluru: Sri Guru Ragha-vendra Sahakara Bank on Tu-esday said it can meet all itscommitments before March31this year.

The remark comes in thebackdrop of growing con-cerns among the bank’s cus-tomers about the fate of theirdeposits across eight bran-ches of the cooperative bankin Bengaluru.

Depositors have been flock-ing to the bank after the regu-lator RBI imposed restric-tions on its management, dis-allowing it from collecting de-posits, lending afresh andmaking investments withoutits approval.

The bank’s advisor Vasude-va Maiya, on Tuesday, main-tained that default by 62 bor-rowers has led to the crisis.The bank’s advances, he toldreporters, had been adequa-tely securitised.

The bank has taken steps torecover the dues from defaul-ters, he added.

According to sources, thebank’s non-performing as-sets (NPAs) are pegged at 375crore. The bank, Maiya said,has collected a collateral se-curity worth 2,200 crore aga-inst its total loan book of`1,700 crore.

CCI NG 3.7 Product: ETMumbaiBS PubDate: 15-01-2020 Zone: MumbaiCity Edition: 1 Page: ETMCPG13 User: kailash.korade Time: 01-14-2020 23:58 Color: CMYK

FORM GINVITATION FOR EXPRESSION OF INTEREST

(Under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency ResolutionProcess for Co rpo rate Persons ) Re ulations 2016

Ho. Relevant Particulars1 Name of the co Date debtor M/s GKC Pro

jects Limited

2. Date of hcor pcrabon of Corporate Deb.o' 05th April 20043. Authority under which Corporate Debtor is Register of Companies Hyderabad (ROC Hyderabad )

inco rporated i re is:ered4. Corporate dentlty number / limited Iiabilty U4520OTG2004PLCO43015

identification number of corporate debtor5. Address of the registered off ice and principal SY. 140.9 (P), C1 GREEN BUILDING LANE HFTEC CITY .

offi ce 'd an of the Corporate Debtor KONDAPURHYDERABAD, TG. 500084 IN6. I sohrency commencement date n respect Of 21111019

Coporate Debtor7 . Dare c' nviato of expression of nterest 1501/20206. Elg ibi:y for resolubon applcams ceder Can be obared by send ng end at gkc p©gnat ,corn

sedon 2512 {h1 of the Code is avabble at9. Norms of ineligblity app plicable under Avalable on webste of 1381

section 29A are available at:10. _ ast dateforrece p t o 'ex 'essionofinterest 300112020-1 . Date of ssue of pprovisional list of 09022020

pros pective resoL tion applicants12 , Last date for submission of objections to 14/02/2020

provisional list13. Date of issue of final list of prospectve 24/02/2020

resolution applcants14. Date of asue of infamalion memorandum, 14/02/2020

eval ation matrix and request for resolution

15. Manner of obtaining request for resolution Eligible Resolution Applicant (RA) may communicateplan , evaluation matrix , information wth RP at address mentioned in serial Ni formemorandum(1M')andfurther information obtaining Information Memorandum (IM), Evaluation

16. Lastda:eforsubmission of resoutonplans 15/03/202017. Manner of submitt ing resolution plans to In electronic form on the emal id gkcrp@gmal.

resolution professional comandb speed post orb hand delivery18- Estimated date for submission of resolution 15/04/2020

plane Adjudicating Authority for

19. Name and reggistration number of the G.Madhusudh an Raoresolution professional IBBLIPA-001)IP.P00181f2017.18110360

20. Name, Address and e-email of the Nadtusudran Rao Gonugularesolution profess ional, as registered D.No 7-1-285 Flat '10.103, Sr Se Swepna sanpada Apart rents

with the Board Bakampet Sarieer Reddy Nagar . Hyderabad , TeW gaoa5C0338madxsldoi

21. Address and email to be used for cones DNo:7.1,285, Rat No. 103, Sri Sai Swap s ssm pada Apam eols.pondence with the resolution professional Balka mpet Sa4eev Reddy Nagar Hyderabad, Telangana50003

kc Lcoma malhucol L5gMILCO-n22. Further Detals are available at or with Can be obtained by send ng erail at gkcrpggmaLcorn

drr radrucst mat.com23. Date of publcation of Form G 15'01;2020

G.Madhusudhan RaoResolution Professional

I B B N PA-00111 P-P00181 /2017.18/ 10 360Date: 15/0112020 D,No: 7-1-285 , Flat No. 103 , Sri SaiPlace : Hyderabad Swapna sampada Apartments ,Balkampet Sanjeev Reddy Nagar ,

Hyderabad , Telangana , 500038 for M/s GKC Projects Limited

ORDNANCE FACTORY KHAMARIA, JABALPUR (MP)GOVERNMENT OF INDIA, MINISTRY OF DEFENCENOTICE FOR ADVANCE VENDOR REGISTRATION

No. ORDFYS/OFK/03/19-20/PV/II/IV/50 Dt. 11.01.20201. Ordnance Factory Khamaria , Jabalpur (M.P.) seeks firms to be registered for various

materials and components.2. Prospective bidder should possess adequate infrastructure for manufacturing of

item(s) for which registration is sought.3. Interested firm may apply for Advance Registration for any Nos. of item(s). Details of

procedure for application is available on "http://ofb.gov.in/vendor/ " -> then click"Items Open for Registration " -> then click "Select Factory " -> then click -->"Apply" , Submit requisite Registration fee through NEFT. Please refer help menu(available at the same website) and "REGISTRATION SOP" (latest version) available atwebsite http://ofb.gov.in/.

4. Firm will get registered after requisite capacity verification/Assessment 0 F Khamaria.This registration process will continue in future.

5. After gett ing registered , firm has to enroll for at http://www.ofbeproc.gov.in -> thenclick Login -> then click Vendor Login . Firm should possess Digital SignatureCertificate as mention in Related Documents -> then click Digital Signature andhave system as per Related Documents -> then click System Requirement.

6. Firm will be eligible to participate in Open Tender Enquiry after registeration.After successful execution of supply order against Open Tender Enquiry, firm will beeligible for Limited Tender Enquiry for those items. Tender Enquiry will be issuedthrough e-Proc Portal (http://www .ofbeproc .gov .i ) only after enrolment as per Para5 above.

7. Items , for which OF Khamaria seeks registration request , are available onwww.ofb .aov.in/vendor .

8. For any query regarding Application , firm may contact Quality Control Officer , 0 FKhamaria , Jabalpur , contact No. - 0761-2743368 or E-Mail Id- ofkgc [email protected] any query regarding Advert isement firm may contact PV Section 0 F Khamaria ,Jabalpur on 0761-2743312/0761-2742452 or email Id at ofkpv4 [email protected] Forany query regarding Drawing and Specification firm may contact QPC Section , 0 FKhamaria , Jabalpur contact No.- 0761-2742232 , E-Mail ID- ofkapc .ofb@ofb .aov.in

(ARVIND KUMAR)DY. GENERAL MANAGER

FOR GENERAL MANAGERdavp 10201/11/0074/1920 ORDNANCE FACTORY KHAMARIA

www.e conomi ctimes .com THr: EcoNO I c TD1ES

CUSTOMER CARE CHAT BOTS

BRAND EQUITY CELEBRATING * YEARS OF BEING THE ONE CONSTANT IN AN EVER -CHAN GING INDUSTRY

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