Vijaya Diagnostic Centre IPO opens September 1; issue entirely an OFS

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Vijaya Diagnostic Centre IPO will open for subscription on 1 September 2021 and close on 3 September. The issue is entirely an offer-for-sale (OFS) of 3.56 crore shares by the selling shareholders, comprising up to 50.98 lakh shares by Dr S Surendranath Reddy, up to 2.94 crore equity shares by Karakoram Ltd and up to 11.02 lakh shares by Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1. The public issue also includes the reservation of up to 1.5 lakh equity shares for eligible employees. ICICI Securities, Edelweiss Financial Services and Kotak Mahindra Capital Company have been appointed as investment bankers for advising the company on its IPO. KFin Technologies Private Ltd is the registrar to the issue. Upon successful listing, Vijaya Diagnostic Centre will join the likes of Dr. Lal Path Labs, and Metropolis Healthcare. The industry peer group P\/E ratio stands at 90.8, and the weighted average on return on net worth is at 23.14 per cent. Vijaya Diagnostic Centre said that as the offer consists only of an offer for sale by the Selling Shareholders, there will be no change in the net worth post-completion of the offer. Kedaara Capital-backed Vijaya Diagnostic Centre offers one-stop solution for pathology and radiology testing services to customers through its extensive network, which consists of 80 diagnostic centres and 11 reference laboratories across 13 cities and towns in the states of Telangana and Andhra Pradesh, and the National Capital Region and Kolkata. For the financial year ended March 2021, the company posted a profit of Rs 84.91 crore compared to Rs 62.5 crore in the preceding fiscal. Its total income rose to Rs 388.59 crore from Rs 354.18 crore. The company will not receive any proceeds from the OFS. The Selling Shareholders will receive the net proceeds from the OFS. Diagnostic services currently have an 8 to 14% share in the overall healthcare spending on account of variation between rural and urban across institutions such as government-owned, charitable\/trust-based and private. With diagnostic services becoming the cornerstone for recommending requisite treatments, as well as monitoring recovery posttreatment, the industry has posted healthy growth over the past few years. Between fiscal years 2020 and 2023, the industry is expected to return to a healthy growth trajectory of 12 to 13% CAGR, reaching The industry is however expected to achieve a higher CAGR between fiscal year 2021 and fiscal year 2023 in the range of 14 to 16% on account of a low growth in fiscal year 2021 due to the COVID-19 pandemic impact on the industry.

Govt releases draft of declaration to be given by companies to enable withdrawal of retro tax demands

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In a move that will aid closure of retro tax demands against companies such as Cairn Energy and Vodafone PLC, the Income Tax Department on Saturday released draft of rules to drop such demands provided companies concerned give an irrevocable undertaking to withdraw all legal cases against the government as well as undertake not to pursue any in future. Earlier this month, the government enacted the Taxation Laws (Amendment) Act 2021 to scrap a tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. That rule had been used to levy a cumulative of Rs 1.10 lakh crore of taxes on 17 entities, including Rs 10,247 crore on Cairn and Rs 22,100 crore on Vodafone. Cairn was levied tax for a 2006 internal reorganisation of India business before listing while Vodafone was charged for not withholding tax from consideration it paid for acquiring Hutchison stake in India telecom unit. Scraping such demands, the government undertook to refund Rs 8,100 crore it had collected from companies to enforce the retro tax demand. A bulk – Rs 7,900 crore – is due to Cairn Energy of UK alone. This was to be done only if the companies concerned gave an undertaking to withdraw all present legal challenges as well as not take such recourse in the future. The amendment made by 2021 Act also provides that the demand raised for offshore indirect transfer of Indian assets made before 28th May, 2012 (including the validation of demand provided under Section 119 of the Finance Act 2012) shall be nullified on fulfillment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc. shall be filed and such other conditions are fulfilled as may be prescribed, the tax department said in a statement. The amount paid\/collected in these cases shall be refunded, without any interest, on fulfillment of the said conditions, it said, adding a draft of the undertaking is being released for comments. The declaration provides for irrevocably withdraw, discontinue and not pursue any present or future legal challenge against the tax demand. Both Cairn and Vodafone had challenged the retro tax demand before international arbitration panels which ruled their favour. Other companies too have got relief from various Indian courts. In the case of Cairn, the British firm was awarded USD 1.2 billion in claims for the value of its shares that were seized and sold by the tax department, dividend seized and tax refund withheld. The government failed to pay and the company moved jurisdictions such as the US and France to recover the money due by seizing Indian assets. The new law will require all the companies to withdraw Indian challenges and Cairn dropping its pursuits of Indian assets in the US, France and other foreign countries. The aim of the amendment made by the 2021 Act is to bring tax certainty and ensure that once specified conditions are fulfilled, the pending Income-tax proceedings shall be withdrawn, demand, if any, raised shall be nullified, and amount, if any, collected shall be refunded to the taxpayer without any interest, the statement said. To implement the amendment made by 2021 Act, draft rules have been prepared to amend the Income-tax Rules, 1962 which specify the conditions to be fulfilled and the process to be followed to give effect to the amendment made by the 2021 Act, it said. Suggestions\/comments on the draft notification are invited from all stakeholders and the public and can be furnished electronically latest by 4th September, 2021. Nangia Andersen LLP Partner Sandeep Jhunjhunwala said in principle, the draft rule proposes that the taxpayer in whose case a specified order has been passed is required to irrevocably withdraw, discontinue and not to pursue any proceedings before the appellate forum, including proceedings for arbitration, conciliation or mediation and for enforcing or pursuing attachments in respect of any award, order or judgement. Interestingly, any dispute with respect to any of the prescribed forms or orders under these rules would be governed by the Indian laws and Indian courts would have the exclusive jurisdiction to decide disputes, Jhunjhunwala added.

After July, August too set to record less than normal rainfall, says IMD

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The rainfall in August has been deficient by 26 per cent so far, with shortfalls in two successive months triggering fear of a below normal monsoon this year. According to India Meteorological Department (IMD) data, the rainfall in July was seven per cent less than normal. August recorded 26 per cent deficiency till yesterday (August 28), IMD Director General Mrutunjay Mohapatra said, adding that the shortfall has been recorded in north and central India. June recorded 10 per cent more rainfall. The IMD will soon release a forecast for September, he said. The shortfalls in two successive months in the four-month Southwest Monsoon season from June 1 to September 30 have triggered fear of a below normal monsoon this year. The IMD had earlier predicted a normal monsoon this year. Skymet Weather, a private weather forecasting agency, has downgraded their forecast to a According to the IMD data, the country received 10 per cent less rainfall from June 1 to August 28. The IMD had predicted normal rainfall for August (94 to 106 per cent of Long Period Average or LPA), but it appears that the forecast will be off the mark. Rainfall over the country as a whole during the second half (August to September) of the 2021 Southwest Monsoon season is most likely to be normal with a tendency to be in the positive side of the normal, the IMD had said earlier this month. Data released by the Agriculture Ministry on Friday showed that the area of paddy cultivation was marginally down by 1.23 per cent to 388.56 lakh hectare so far in the 2021-22 kharif season due to deficit rains in some states. The IMD has four meteorological divisions covering different parts of the country. The northwest India which covers the north Indian plains and the hill states has recorded 13 per cent less rainfall than normal. The central India division which encompasses Gujarat, Goa, Madhya Pradesh, Chhattisgarh, Odisha and Maharashtra has recorded 14 per cent deficiency. The east and northeast India division that includes Bihar, Jharkhand, West Bengal and the northeastern states has recorded eight per cent deficiency. The south peninsula division which covers all the southern states has recorded 5 per cent more rainfall than normal.

Coal India augments fuel supply to 1.7 MT per day

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The coal ministry said on Tuesday state-run Coal India (CIL) has raised coal supply to 1.7 million tonne per day over the last five days of August to address the shortage of raw material to fuel power. The average offtake recorded in August last year was 1.4 million tonne per day. Of the 1.7 million tonne this time around, 1.4 million tonne was dispatched to the power sector daily. After numerous power plants complained of coal shortage due to a surge in electricity demand, the government decided to regulate supply to plants with coal stock of more than 14 days, and send it to generating stations with low stock. According to government data, units with combined capacity of 95,527 megawatt (MW) had fuel stocks that would last for less than eight days as of August 29. As of August 25, more than 5,000 MW of generating capacity were already shut down, citing coal shortage. Power supply shortage on August 28 was a massive of 77.7 million units (MU), compared to the shortage of 2.3 MU recorded on the same day in 2020 and 18.9 MU in 2019. However, on August 30 this year, supply shortage was 10.4 MU.

RITES 2009 report on Metro scrapped! Fresh mobility plan to be made for Chandigarh; details

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On Monday, the Chandigarh Administration asked RITES to come up with a fresh mobility plan for Chandigarh after it said that the agencys 2009 report, which recommended a Metro, is outdated for the city. A meeting was held on Monday with officials of RITES and the Union Territory Adviser. The 2009 report made by RITES included a comprehensive mobility plan (CMP) for the UT administration proposed Metro system, bus rapid transit system as well as commuters A fresh mobility plan will be created, Chandigarh Adviser Dharam Pal said. He was quoted in an IE report saying that the RITES has been asked for a fresh plans preparation since there are many new features that have to be added. The report of 2009 is now outdated. Also, multiple things have to be included in the new plan such as the updated traffic data along with other actuals on the ground, Pal said. The new report which is yet to be created will consider the new criteria for various transport modes after the data on traffic is taken into consideration. In the fresh mobility plan, new modes of transport will be recommended. What was recommended in the 2009 RITES report? In the year 2009, it was proposed by RITES that the Metro network will cover 52.4 km distance, of which 40.4 km distance will fall in Chandigarh, while the rest in Mohali. The underground metro system was estimated to cost Rs 320 crore per km while the surface alignment of the system was expected to cost Rs 140 crore per km. The proposed project of MRTS suggested a Metro, bus rapid transit system as well as rail service for commuters, which was likely to cost around Rs 15, 000 crore. The project was expected to take about four years time to complete but it never took off. For the traffic project, RITES (Rail India Technical and Economic Services) was selected as a consultant. The draft CMP for Chandigarh, which was presented covered aspects related to routes of Metro system, BRT corridors, NMT pathways, grade separators, RUB\/ROBs, parking facilities, integrated freight complex as well as cost and revenue modes which were required in the entire project. As per the draft CMP, RITES had proposed as many as 18 corridors under the MRTS project, of which five corridors were to be for Metro network, three corridors for commuter rail services and the remaining ones for the BRTS. Why did the Metro system never take off? According to the report, when BJP came to power and MP Kirron Kher was elected, she opposed the metro project in Chandigarh. She would never want a small city like Chandigarh to get uprooted for the Metro system, Kher had stated earlier. The MP had also mentioned that the financial viability is not being fulfilled by the Metro. In the year 2017, the proposal for having a Metro system in Chandigarh was also rejected by the Centre, stating that it was not feasible. A monorail was suggested by Kher for the city. But after that, no step was taken in this regard. A French firm was also asked to prepare a report on Chandigarhs traffic issues. But its proposal was shelved citing wrong methodology, the report added.

Sony PlayStation 5, PlayStation 5 Digital Edition India pre-orders go live on August 26: How and where to reserve your PS5 unit

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Gaming enthusiasts can get their hands on Sony PlayStation 5 and its stand-alone Digital Edition on August 26, 12 noon onwards. Sony Vijay Sales is also stocking PS 5, both standard and digital versions on August 26 for pre-order. Sony PS5 was launched in India in February and has been on limited period sale several times now. It was last available for pre-order on July 26 and was sold -out in a few minutes. A month later, gamers get another chance to buy the latest gaming console by Sony. While other websites such as Flipkart, Amazon, Games The Shop, Vijay Sales, Prepaid Gamer Card, Croma, and Game Loot have the console listed and will go live via these listings on the same date, August 26. Sonys online store Shopatsc.com on the other hand has revealed the date to be August 26 from 12 pm (noon). The standard edition for PS5 costs Rs 49,990 while the digital edition is priced at Rs 39,990. In the box, you get the console and one DualSense controller Sony has sold over 10 million PS5 consoles globally since launch. Even facing sock issues globally, it has become the fastest-selling console ever.

Foreign direct investments rise to $12.1 billion in May: Piyush Goyal

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Foreign direct investments into the country is on the rise, jumping to USD 12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said on Monday. He also said the government is working on a mission mode to achieve exports target of USD 400 billion in 2021-22. India has received the highest ever FDI inflow in 2020-21. It surged by 10 per cent to USD 81.72 billion and FDI during May 2021 is USD 12.1 billion, i.e. 203 per cent higher than May 2020, he said while addressing a meeting of different industry associations on promoting exports. He said that exports are recording healthy growth and during August 1-14, the outbound shipments grew 71 per cent over 2020-21 and 23 per cent over 2019-20. According to the minister, Indias average applied import tariff (duty) has dropped to 15 per cent in 2020 from 17.6 per cent in 2019, and the countrys applied tariffs are way below the bound rate of 50.8 per cent (permissible limit under the World Trade Organization). Talking about employment, he said more than 54,000 startups were providing about 5.5 lakh jobs and over 20 lakh jobs will be created by 50,000 new startups in the next five years. It is time for our industry to expand our capacity, capability and commitment to develop resilient global supply chains, he said, adding that the Centre expects that the Indian industry should suggest areas for intervention through research, handholding of exporters\/ manufacturers, and deeper engagement with states and Missions. During the meeting, industry suggested steps like increasing export competitiveness, addressing logistic problems, active role of states in building capacity of exporters and developing international markets for Indian products. They also suggested inclusion of pharma and chemicals under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. Industry body PHDCCIs President Sanjay Aggarwal said these sectors are essential to achieve the target of USD 400 billion exports and it is therefore requested to consider these sectors in RoDTEP scheme. The government has budgeted only Rs 17,000 crore for a scheme that is supposed to reimburse embedded levies paid on inputs consumed in exports in FY22. It is far less than the governments initial estimate of Rs 50,000 crore each year. The budget for the RoDTEP scheme, including all tariff lines, need to be increased, he said.

Drone Rules 2021: No security clearance before registration, reduction of forms, coloured zones; see features

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Drone Rules 2021: In the month of March this year, the Ministry of Civil Aviation published the UAS Rules, 2021. According to the Civil Aviation Ministry, they were perceived by startups, academia, end-users as well as other stakeholders as being restrictive in nature as they involved considerable amount of paperwork, needed permissions for each and every drone flight and very limited The Modi government, based on the feedback, has decided to repeal the UAS Rules 2021 and replace it with the liberalized Drone Rules 2021. Take a look at some of the key features of Drone Rules 2021: Built on trust, self-certification as well as non-intrusive monitoring Designed in a way to usher in an era of super-normal growth while balancing security and safety considerations Various approvals have been abolished such as unique prototype identification number, unique authorisation number, certificate of conformance, certificate of manufacturing and airworthiness, certificate of maintenance, import clearance, operator permit, acceptance of existing drones, RD organisation authorisation, student remote pilot licence, drone port authorisation, remote pilot instructor authorisation, etc. Forms number reduced from 25 to 5 Fee types reduced from 72 to 4 Fee quantum reduced to nominal levels and delinked with drone size The development of the digital sky platform will be done as a user-friendly single-window system. The human interface will be minimal and most permissions will be self-generated. On the digital sky platform, interactive airspace map with green zone, yellow zone and red zone will be displayed within 30 days of publication of these rules No need of permission for operating drones in green zones Reduction of Yellow zone from 45 kilometres to 12 kilometres from the airport perimeter Remote pilot licence not required for micro drones (for non-commercial use) as well as nano drones No need for security clearance before issuance of any licence or registration There is no requirement of unique identification number, Type Certificate, and remote pilot licence by RD entities operating drones in rented or own premises, situated in a green zone There is no restriction on foreign ownership in Indian drone firms Drones import to be regulated by DGFT Import clearance from DGCA requirement abolished Under Drone Rules 2021, coverage of drones increased from 300 kg to 500 kg DGCA will prescribe requirements of drone training, oversee drone schools as well as provide pilot licences online DGCA will issue remote pilot licence within 15 days of pilot receiving the remote pilot certificate through the digital sky platform from the authorised drone school Drones testing for issuance of Type Certificate to be conducted by Quality Council of India or by authorised testing entities Type Certificate is needed only when a drone is to be operated in India. Nano as well as model drones are exempt from type certification Importers and manufacturers may generate the unique identification number of their drones on the digital sky platform through the self-certification route For transfer and deregistration of drones through the digital sky platform, an easier process has been specified. A unique identification number will be issued to drones present in India on or before 30 November 2021 through the digital sky platform provided, they have a DAN, a GST-paid invoice as well as are part of the list of DGCA-approved drones DGCA will prescribe Standard operating procedures (SOP) as well as training procedure manuals (TPM) on the digital sky platform for self-monitoring by users. For violations, the maximum penalty reduced to Rs lakh Features of safety and security such as no permission to be notified in future. For compliance, industry will be provided with a six-month lead time. Development of drone corridors for cargo deliveries Government to set up drone promotion council with participation from academia, startups as well as other stakeholders in order to facilitate a growth-oriented regulatory regime

Is westernising education the way forward?

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By Subrato Banerjee I see an increased devotion to the idea of westernising education, perhaps as a subtle resistance to an apparently anachronistic system of instruction prevalent in India To be fair, these concerns may not be without merit This system, through its very construct, has been misused by a few who knew that none of their actions would be questioned or challenged This lot has benefited from being surrounded by excessively obedient pupils and followers, for whom the very idea of questioning is either absent, or not without an element of compunction. To me, this celebrated lack of ability to question anything is the beginning of the end of progress. To make matters worse, the fear of falling short is magnified in our nation. Where half a mark is all that makes the difference between enrolment in a top institute and in one with a lower rank, it is understandable that the cost of making mistakes is high. Learning is driven not by the love for a subject, but by the fear of staying behind. All this stress exhausts a significant part of a student In the pursuit of quixotic measures of academic performance (reflected in the progressively higher cut-offs for college admissions with each passing year), a student isn In this current realm of education, therefore, nobody is used to questioning anymore, and everybody fears making mistakes. Having taught in both the developed and developing worlds, it is impossible for me not to notice the stark differences between the different cultures of education. I have talked about the element of sanctity attached to education in the East. Once that sanctity is removed, and education commercialised, we have the model of the West: one in which the student is the client, the teacher is the service provider, and the degree is the product. Obtaining education, therefore, isn One buys the degree instead of earning it. Once the fee is paid, the student is entitled to the degree. It is the professor To understand the consequences of this, we need to look around. Supermarket owners sell mugs for revenue, and similarly if degrees are being traded, then one can imagine institutions Core departments of economics, for instance, that haven Departments that have survived this have done so by increasing student intake by lowering bar for admissions. Thus, unlike in India, where the bar is being raised over time (due to competitive pressures), the bar is being lowered in places like Australia. There is an associated pressure to display high rates of graduation (lower failure rates) to allure more and more students to join courses, and this requires setting easy question papers. The combustible mix of the ease of graduating and the intake of lower-performing students compromises the long-term objective of education Imagine a world where all doctors, pilots, educators and law-keepers are products of a fully commercialised education system! The least one could acknowledge here is that skilled labour from the East (mostly from India, Japan, China and Russia) has made contributions to the success stories of the developed world. However, in this developed world, all non-marketable fields such as theoretical physics, pure mathematics, sociology, anthropology and history are unfortunately witnessing lower student intake by the year. We are probably making way for an idea of a professional that is no longer distinguishable from a money-driven reprobate. We need to collectively look for a healthy balance between the eastern and the western ways in education. The East, while counting education sacred, observes a very hierarchical system The western model offers this freedom of inquisition, but a great deal of it is being used up in confidently asking for answers that are elementary5 are the same, and that The author is assistant professor of Economics, Indian Institute of Technology Bombay

MapmyIndia files IPO papers with SEBI; issue entirely an offer-for-sale

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MapmyIndia has filed a draft red herring prospectus (DRHP) with capital market regulator SEBI, to launch an IPO. The public issue is entirely an offer-for-sale (OFS) of up to 75.47 lakh shares by selling shareholders. The OFS comprises sale of up to 30.70 lakh equity shares by Rashmi Verma, up to 20.26 lakh equity shares by Qualcomm Asia Pacific Pte Ltd and up to 10.27 lakh equity shares by Zenrin Co Ltd. MapMyIndia, also known as CE Info Systems, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue. Link Intime India Private Ltd is the registrar to the issue. There are no listed companies in India that engage in a business similar to that of MapmyIndia. The company will not receive any proceeds from the offer and all the offer proceeds will be received by the respective selling shareholders. MapmyIndia has partnered with the Indian government and has been in the market for over 25 years, also has industry partners like Honda, Apple etc. which are their clients as well as tech partners. Some publicly available deployment details reveal that Apple products use MapmyIndia maps as do payment gateways like Paytm, PhonePe, or e-commerce food delivery platforms like McDonalds, REBEL Food Eat Sure, Grofers, Cars24. Store locators by companies like SBI Branch Locator, Bajaj Finserv, Single Interface, BFL, Prasar Bharti DTH Dealer locator use the same. Ride-hailing apps like Malbork or web apps like Magic Bricks, 99acres use MapmyIndia too. Customer complaint app of India Emergency response apps by Paras Hospital, Cowin, or the GVK EMRI Emergency Ambulance Dispatching. FMCGs like Patanjali Ayurveda or Asian paint and utilities like Tata Power use their products and services too. MapmyIndias business model is primarily to charge customers royalties, subscriptions, and annuities in return for providing licenses and usage rights to its intellectual property-based digital map data, platforms, APIs and software. MapmyIndia has some clear advantages in the context of business in India, that are not easily replicable, putting up high barriers to entry in the map and navigation business in India. In its DRHP, MapmyIndia said that as its products and solutions specifically localised for a challenging geography like India, which has a high level of complexity, dynamic and constantly evolving nature of geographical expanse, also provides MapmyIndia with a base and preparedness to offer robust offerings for the global market as well, having covered challenging geography like India under its belt.