� (��l) ��e ( � - � �) GAIL (India) Limited (A Government of India Undertaking-A Maharatna Company) ND/GAIL/SECTT/2021 i 1. Listing Compliance 7 2. Listing Compliance National Stock Exchange of India BSE Limited �. 16 � � � �-110066, GAIL BHAWAN, 16 BHIKAIJI CAMA PLACE NEW DELHl-110066, INDIA m/ PHONE• +9111 26182955 ffi/FAX • +91 11 26185941 -/E-mail • info@gail.co.in 22.03.2021 Limited Floor 1, Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Dalal Street Plot No. C/1, G Block, Mumbai-400001 Bandra-Kurla Complex, Bandra (East) Mumbai - 400051 __S_c_rip Code:_ GAIL-EQ --�--------- Scr i p Co de: 5 32155 _________________________________________ : Sub.: Newspaper Publication of the Post Buyback Public Announcement Dear Sir/Madam, This is in compliance of Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. With reference to the subject cited above, please find the attachment. The above is r your inrmation and records. Thanking you, Yours ithlly, (A.K. Jha) Company Secretary Encl: As above �/CIN L40200DL1984GOl018976 www.gailonline.com
Transcript
� (��lll) ��e\$('lffiff mc!iR cnT � - � �)
GAIL (India) Limited (A Government of India Undertaking-A Maharatna Company)
ND/GAIL/SECTT /2021
i 1. Listing Compliance 7
2. Listing ComplianceNational Stock Exchange of India BSE Limited
�'l-'.fcl1. 16 � cnT1TT � � �-110066, 'IITTCl
GAIL BHAWAN, 16 BHIKAIJI CAMA PLACE NEW DELHl-110066, INDIA m/ PHONE• +9111 26182955 ffi/FAX • +91 11 26185941 't-t@/E-mail • [email protected]
Sub.: Newspaper Publication of the Post Buyback Public Announcement
Dear Sir/Madam,
This is in compliance of Regulation 4 7 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
With reference to the subject cited above, please find the attachment.
The above is for your information and records.
Thanking you, Yours faithfully,
rul (A.K. Jha)
.;r Company Secretary
Encl: As above
"ffi�/CIN L40200DL 1984GOl018976
www.gailonline.com
Tata,M&M...Mahindra Accelo, in a jointventure with state-ownedMSTCcalledCERO,has set uptwosuchfacilitiesinNoidaandChennai.Industrysourcessaidthe Tatas will enter vehiclescrapping through Tata Steel.
“Many top automakershave shown an interest in set-tingupsuchunits,” theofficialsaid. The government is plan-ning tosetupa large facility inAlang,Gujarat,whichispopu-lar for its ship-breaking indus-try. Setting up vehicle-scrap-ping units is part of thegovernment’s policy, throughwhich it intends to push outold,pollutingvehiclesthroughdisincentives like higher re-registrationcharges,whilegiv-ing incentives like waivers onroadtax,arebateongoodsandservices tax, and a 5 per centdiscountfrommanufacturers.
Thecentreswill be respon-sible for scrapping vehicles,segregating material, dispos-ing of non-reusable parts, andissuing certificates of vehiclescrapping to the registeredownerof themotor vehicle.
High-gradescrapwillrevertto high-grade steel, to be usedin industries such as equip-ment manufacturing andautomobiles.
A head of production in alarge passenger vehicle man-ufacturer said in scrapping,carswerestripped,andtheleft-overs —mostly steel and alu-minum—were shredded andthenmelted tomake recycledsteel. “Reusing steel can lowercarmakers’ costs by 20-40 percent.Extrapolatethatforvehi-cle manufacturers that havelarge-scale operations andchurn out more than 100,000vehicles per month. The sav-ings in cost are huge,” he said.
In order to make the busi-ness lucrative, the Ministry ofFinance in 2019 announcedcorporatetaxincentivesforset-tingupscrappingcentres.Thisbenefit is available to compa-nies that do not commencetheir production until April 1,2023. Also, such companieswill nothave topayminimumalternate tax.
R CBhargava, chairman ofMaruti Suzuki, when askedabout the potential of scrap-ping in India, said the cost ofsetting up such facilities washigh and the returns woulddependonthenumberofvehi-clesbeing scrapped.
“The companies have toimportequipmentfromtheUSand Europe for such plants.Only through effective scrap-pingpolicies,whereunfitvehi-cles have to goout of the road,can the business be viable,”Bhargava said.
RBI...“With the US 10-year bench-mark soaring to 1.6 per centfrom around 1 per cent, bondmarketsinIndiawerepit-roast-
ed by persistent selling andshorting. By March 5, thebenchmark in India hadtouched 6.23 per cent,” thereport noted. Yields havefirmed up subsequently onspillovers fromthespike inUSyields, it said.
The report went on torecordhowtheshort-livedtur-moil “gave a glimpse of thedestabilising impact of expec-tations running too far aheadofoutcomes”.
“As growth forecasts for2021areratchetedup, theyseeinthemthespectreoflongdor-mant inflation …With theselatent anxieties, bond vigi-lantes turnsceptical about thecentral bank’s promise toremain accommodative andstart the rout,” the report said,adding: “Bond vigilantes areriding again, ostensibly tryingto enforce law and order onlawlessgovernmentsandcen-tral banks but this timearound,theycouldunderminethe economic recovery andunsettle buoyant financialmarkets.”
Mentioning about the RBIgovernor’s promise of ampleliquidity in the market, thereport said “this type of calm-ing forward guidance fromcentral banks alsohides a ten-sion -- their nerves can fray ifthey see a painfully extractedeconomic revival, and finan-cial stability built at the altarof regulatory forbearance,threatened by adventurism”.
Central banks candomoreassetpurchases,butthestabil-ity in the market will come atthecostofmarketactivity.Thecentral banks can put a lid onyields if theywantto,butwhat“marketsdonotrealisebeyondthebreak-evens,TIPSandpol-icy stimulus is that there is noway the economy can with-stand higher interest rates initscurrentstate.It isrecoveringbut certainly not out of thewoods yet. There is muchsense in what the ReserveBank is doing in striving toensure anorderly evolutionoftheyield curve,” it said.
Accordingtothereport, thepresent stock of public debt ataround90percentofthegrossdomesticproduct(GDP)willgodown to about 85 per cent atend-March 2026 as the GDPgrowthrateexceeds therateofinterest on the stock of publicdebt. India’s monetary policyis also credible. Thus, “Indiacan decouple from otheremergingeconomiesforwhichrising financing costs and ris-ingpile-upsofdebthamstringthe recovery.”
TheUniongovernmenthasincreased its capital expendi-tures; capital expenditures of20 states have also picked uppacetothepre-pandemiclevel.Thethird-quarterresultsshowrevival of key capital goodsproducingfirms,withrevenuegrowth steadily improving.Infrastructure firms have alsorecorded a healthy expansion
in order books, with demandfrom transmission, distribu-tion, green energy business,roads and highways, railwaysandmetro services, the reportnoted. The real estate sectorhasshownsignsofrevival,andinvestment inmachinery andequipmenthas risen.
Creditgrowthofbanksmayhave bottomed out as it grewat6.6percentyear-on-yearonFebruary 26, 2021 comparedwith 6.1 per cent last year.Transmissionshaveimprovedinbanks.Inresponsetothe250basispointsreporatecutsinceFebruary 2019, the weightedaverage lending rate on freshrupee loans sanctioned bybanks declined by 183 bps, ofwhich112bpscutwasaffectedsinceMarch2020.
Expressway...Thebenefitofthesatellite-con-nected traffic managementsystem is that it prevents bot-tlenecksbymonitoring traffic,dealing promptly with acci-dentsandenforcingadherenceto the speed limit sensors onthe road.
Indeployingnewtechnolo-gies, theNHAI has not forgot-ten nature. The expresswaywill have a water harvestingstructure every 500metres onthe highway and it plans toplant 5,000 trees per everykilometre–atotalofsomefourcrore trees.
Theroadisaflagshipgreen-fieldprojectunderBharatmalaPariyojana, an umbrella proj-ectforthehighwayssectorthatfocusesonoptimisingtheeffi-ciencyoffreightandpassengermovement. It will reduce thetravel timebyhalf.
Theproject isbeingexecut-ed under 48 sub-projects, outofwhich17areHybridAnnuityModelprojects (theVadodara-Mumbai segment) and 31 areunder the EPC Model (theDelhi-Vadodara segment).
Ofthese48sub-projects,27are under construction and 17have been awardedwithworkexpectedtostartsoon.Therestare under process for award-ing. The completion target isMarch 2023, with one of thestretches to the JawaharlalNehru Port Terminal in NaviMumbai’sRaigaddistrict.
The total estimated cost ofthe greenfield project is about~87,500crore, includinga landacquisition cost of about~20,600crore.
Expenditure other thanland acquisition during theconstruction period will beabout~53,849crore,tobefund-ed through ~48,464 crore debtand equity of about ~5,385crore fromNHAI,with a debt-equity ratiomarkedat9:1.
Covid-19test...“Customers will be screenedand rapid antigen testswill becarriedoutona randombasis.
Themallswillbelinkedtocon-trolroomsinmunicipalwards,whichwillsendambulancestotransport positive patients totheir homesor isolation facili-ties,” a top civic official toldBusinessStandard.
According to the order, alldrama halls, auditoriums andprivate offices inMaharashtrawould operate at 50 per centcapacity. In case of violations,concerned theatres and audi-toriums would be ordered toremain closed till the end ofthe pandemic, and penaltieswouldbe slapped.
People in the know saidmarketplaces such as fruit,vegetable and flower hubs atDadar in Central Mumbai arelikelytobeshiftedtoanewsitetoensurecrowdmanagement.
Mall owners claimed theirproperties followed Covid-19rules. “We have implementedall notifications issued by thelocal authorities so far withregardtoCovid-19guidelines,”Mukesh Kumar, chief execu-tive officer of Infiniti Malls,which has two properties inMumbai, said.
No cap has beenannounced for the manufac-turing sector in Maharashtra,but the advisory is to ensureadequate social distancing onthe production floor throughreducedworkforce.
Thesurgeincasesto25,833on Thursday prompted chiefministerUddhavThackeraytoindicate that imposition oflockdown was an option.Subsequently, he said heexpectedpeopletoco-operate.Earlier in the week, the stategovernmenthadsaidcinemas,hotels and restaurants wouldoperateat50percentcapacity,while banning social, politicaland religious gatherings. Thestate government had alsocapped the number of peopleto 50 for weddings and 20 forfunerals.
Maharashtra, according tohealthministrydata,accountsfor 60 per cent of all cases inthecountry.
PunjabrestrictionsPunjab, which too is witness-ing a surge in Covid cases,Chief Minister AmarinderSingh has ordered severalrestrictions beginningSaturday.Thisincludesclosingall educational institutions tillmonth-end and curbs on cin-emaandmall capacities.
According to a Press Trustof India report, in the 11worst-hit districts of Punjab, a com-plete banhasbeenorderedonallsocialgatherings,exceptforfunerals andweddings,whichwill be allowed with only 20persons inattendance.
This will be enforced fromSunday.
The chief minister alsoappealed to people to keepsocial activity in their homesto the bare minimum for thenext two weeks to break thetransmissionchain.
> FROM PAGE 1
Centre to notify forensicauditing standards soonDEV CHATTERJEEMumbai, 19March
The government will soonannounce new forensic account-ingstandards fordefaultaccounts.
Themovewasnecessitatedafter forensicaudits on some accounts were classifiedas fraud by one bank while the sameaccount was classified as non-fraud byanother.
According to a source, theMinistry ofCorporate Affairs will shortly notify thenew standards, which will be applicableto all auditors conducting forensicaccounting for banks. Such audits aredone to complywith the variousReserveBank of India (RBI) circulars on non-cooperative borrowers, wilful defaultersand fraud classification.
Also, the Insolvency and BankruptcyBoard of India will use the same stan-dards toconduct forensicauditsofbank-rupt companies.
Auditors lauded the move, saying itwill help to have standard norms. “It is awelcomemove.Thiswill set thestandardguidelines for professionals in carryingout the assignment andmaintaining thenecessary documentation,” saidMahendra Chhajed, senior partner ofChhajed&Doshi, anda leading ICAI cer-tified forensic & fraud detection profes-sional. “Earlier, there have been ques-tionsontheconclusionsarrivedatby theforensic professionals. However, afterthese standards are issued, there wouldbe more consistency in reporting,” headded.
Corporate lawyers said courts acrossIndiaare saddledwithhundredsof casesfiled by borrowers, companies and indi-viduals objecting to forensic audits.
In December last year, the Telangana
HighCourthadsaid thedeclarationofanaccount as “fraud” in line with the RBI’scircular on fraud classification by banks,without following theprinciples of natu-ral justice, is arbitrary and illegal. Thisorderwas later challenged by State Bank
of India and other banks in the SupremeCourt.
TheRBI is also in the process of filingan appeal against the HC order. TheSupreme Court will hear this matter onMarch 26. The apex court in an earlierorderhadaskedbanks to followtheprin-ciples of natural justice while seeking toclassifyanaccountasa“wilfuldefaulter”.
Lenders generally declare an accountas ‘wilful defaulter’ or ‘fraud’ based on areport of a forensic auditor appointed bythe banks.
However,asof today, therearenopre-scribed forensic standards which man-date or guide how an auditor is requiredto approach any particular set of trans-actions before it. In the case ofDHFL, anauditingfirmgaveacleanchit to thecom-pany but later Grant Thornton detectedfrauds worth ~15,000 crore in the books.
Thus, the Institute of CharteredAccountants of India is seeking to intro-duce a set of forensic accounting stan-dardswhichwould need to be applied toevaluateand investigate the transactionsinquestion.TheSupremeCourtwill alsoclarify on the fate of accounts which arealreadydeclared frauds by banks.
