PRESS TRUST OF INDIA

Mumbai, 9 December

Union Shipping and PortsMinister Nitin Gadkari onSaturday said 24 companieshave offered to invest over~60,000 crore in a special eco-nomic zone (SEZ) adjoiningthe country’s largest contain-er port Jawaharlal Nehru PortTrust (JNPT).

“24 companies havealready offered to come (and)set up (ventures) in JNPT SEZwho will use it for exports,”Gadkari said, speaking at aseminar here. This wouldentail an investment of~60,000 crore and createemployment for 1.25-1.50 lakhpeople, he said.

Prime Minister NarendraModi had laid the foundationfor the facility months afterbeing sworn-in on May 2014.The government was target-ing to create 1.50 lakh jobs inthe facility. Without disclos-ing the name of the company,Gadkari on Saturday said oneof the companies has said it“on an affidavit” that it wouldinvest ~6,000 crore and cre-ate employment for 40,000people.

The comments from theminister came in the back-drop of recent media reportsthat said Taiwanese contractmanufacturer Foxconn mightbe one of the interested firms,which would create a highnumber of jobs for mobilehandset manufacturing at thefacility. The government washopeful of getting Tesla to theSEZ, but Gadkari had recent-ly said the battery and trans-port major is not interested.

JNPT, which has alsoawarded an over ~7,900-croreproject to more than doubleits container handling capac-ity, is investing ~4,000 crore inthe SEZ which is supposed tobe spread over 277 hectares.

Gadkari on Saturday saidworks of over ~2 lakh crorehave already started under theambitious ‘Sagarmala’ projectand added that port-rail con-nectivity would alone witnessinvestment of ~1 lakh crore

under the project.He said the ministry is

constructing the Indore-Manmad railway line at aninvestment of ~6,000 croreand is also looking to connectneighbouring Thane district’sKasara and JNPT directly.

MUMBAI | 10 DECEMBER 2017 COMPANIES 3. <

ARNAB DUTTA

New Delhi, 9 December

Food Safety and StandardsAuthority of India (FSSAI), theapex food regulator, is in the

process of withdrawing all old casesagainst food business operators (FBO)which are now redundant under revisedregulation. FSSAI has issued a circularto all local administrations in this regardbringing relief to many major multina-tional food producers and thousands ofFBOs in the country.

The circular issued on Friday seeks toreduce confusion among stakeholders,including food manufacturers, statefood and drug administration (FDA) offi-cials and the FSSAI itself.“Commissioners of food safety areadvised to withdraw, or, at least not pur-sue, cases for violation of old norms andstandards unless these are still not inconformity with the new or revised stan-dards so that avoidable harassment ofFBOs could be prevented”, it said.

The new advisory is aimed at avoid-ing any Maggi-like incidence. In the lat-est round of controversy, district FDAofficials had claimed presence of excessash in Maggi noodle’s samples, collecteda year ago. However, after review it wasfound that ash content in the samplesconfirmed to revised standards, while itsurpassed the level allowed earlier.

The move has brought relief to manyFBO in the country, who had been find-ing it difficult to deal with frequentchange in norms and had cases filedagainst them. In the past few years,thousands of cases has been lodgedagainst FBOs.

Fortune oil from Adani Wilmar,Frooti mango drink from Parle Agro,

Safola Gold cooking oil from Marico andMirinda from PepsiCo were found ‘sub-standard’ by various local authorities.Apart from Maggi instant noodles,Nestle’s Cerelac Wheat also came underregulator’s scanner.

“We are pleased that the FSSAI hasissued an order bringing clarity onpending cases filed on the basis of old

norms and standards, and where theproducts are in conformity with stan-dards which have since been introducedor revised”, a Nestle India spokesper-son said.

Welcoming the step, a PepsiCo Indiaspokesperson said, “This is a progres-sive step that augurs well for the indus-try”. However, “PepsiCo complies withlabelling and other regulations issuedby the Food Safety and StandardsAuthority of India. All products, includ-ing Mirinda, comply with the food reg-ulations and are completely safe”, headded.

Data shows, during 2014-15 some13,700 food samples were found adul-terated by various regulators and 10,269cases were launched. Next year, 9,745

cases were filed after over 14,000 sam-ples were found to be adulterated ormisbranded.

Post the Maggi controversy thatrocked the sector in 2015, engagementbetween the food regulator and foodcompanies has increased significantly.According to industry insiders, majorfood companies are now in constantdialogue with FSSAI over requiredchanges in norms.

According to Rodrigo Lima, manag-ing director, Danone India, exchange ofideas and concerns between the com-panies and FSSAI is now more open.According to Mike Robach, vice-presi-dent ( corporate food safety and quali-ty), Cargill, the regulator now seeksmore insights from the industry.

FSSAI moves closer to ‘engage’ with food firmsFood regulator is in the process of withdrawing all old cases against food companies

ON THE PLATTERCases launched againstFBOs & convictions

| 2014-15 | 2015-16

Newlicences and registrations issued

Source: FSSAI

‘12-13 ‘13-14 ‘14-15 ‘15-16No. of adulterated Total cases Convictions& misbranded launched

samples

13,6

97

359,4

46 1,19

5,30

2

466,0

57

2,073

,405

552,

113

2,37

8,0

82

708,6

64

2,76

4,6

00

14,1

79

10,2

69

9,7

45

1,28

0

1,05,

520 | Licences | Registrations

PRESS TRUST OF INDIA

Bengaluru, 9 December

Former Infosys chief financial officer (CFO) V Balakrishnan (pictured) on Saturday soughtthe discontinuance of certain board membersin light of the company filing a settlementplea with the Securities and Exchange Boardof India (Sebi) on corporate governance laps-es relating to severance payment to its formerCFO Rajiv Bansal.

“I think the continuation of certain boardmembers like the erstwhile co-chairman (RaviVenkatesan) and the audit committee chair-man (Roopa Kudva) looks highly untenable inlight of the current development of the com-pany filing consent agreement with Sebi overBansal’s severance payment case,”Balakrishnan told PTI here.

In view of the current development it is allthe more important to restructure the boardand fill it with people of high integrity andstature, he added.

The scathing communication to the stockexchanges blaming Infosys Co-Founder N RNarayana Murthy for all of the board’s lapseswas ‘unprecedented,’ said Balakrishnan, who isa known supporter of Murthy.

He also said all along, the board had con-sistently denied any wrongdoing and in factblamed Murthy terming his questioning asa “misguided campaign”. Earlier, Murthyhad accused Infosys and its board of failingin disclosure and corporate governancenorms.

The board of Infosys owes an apology toMurthy and should take steps to retract thatstatement, he said. “Murthy always stood forhigh level of corporate governance and onlyacted in the interest of protecting a great insti-tution like Infosys,” Balakrishnan said.

On December 6, Infosys said it hadapproached Sebi with an application to settlethe issues arising out of alleged disclosure laps-es on the severance package paid to Bansal.

India’s second-largest IT firm, in a regulato-ry filing to the BSE, had said the settlementapplication made to Sebi was neither admissionof guilt nor a denial.

It, however, did not disclose what it had pro-posed in the settlement application.

Infy’s ex-CFO demandsdiscontinuance ofsome board members

AVISHEKRAKSHIT

Kolkata, 9 December

Over a year after the world’s largestcoal miner, Coal India Ltd (CIL),tried to secure self-sufficiency inobtaining explosives — a key com-ponent in scaling up production —the company continues to rely onthird-party sources and has spentover ~1,609 crore so far in the cur-rent financial year.

In February last year, the coalmonolith signed an agreementwith the Indian Oil Corporation Ltd(IOCL) to float a joint venture (JV)firm, which would acquire assets ofthe oil major’s 12 explosive-pro-ducing plants and would ensure asteady and quality supply to CIL.

“For production to go in theplanned way, timely supply of

explosives is crucial. We comeacross situations when the third-party supplier is unable to supplythe requisite explosive and thusblasting gets postponed”, a CoalIndia official told BusinessStandard.

It was perceived that the JV,

which would have been a coal andpetroleum ministry venture, wouldaddress this crucial problem.

The JV’s formation and pro-duction under it was supposed tocommence from April this year.However, this plan has taken abackseat as the company is now

fighting means to de-bottleneck itssupply lines and improve logistics.

While the cost of explosivescomprise 25 per cent of the totalcost of raw materials, which stoodat ~7,083 crore in the last fiscal year,timely and quality supply of explo-sives are of paramount importancefor the miner both to extract coaland expose coal seams to makethem ready for future production.

Sources at CIL said the propos-al has not passed its initial stageeven after signing the agreement.Internal clearance and Niti Aayog’snod is required before it can be sentto the ministry for approval. And inthis case, Niti Aayog’s go-ahead isstill awaited.

“Last year, we faced the prob-lem of excessive coal and the pri-mary stress was on how to sell it.

This year, while we see the demandreviving, we need to focus onincreasing production as well asevacuate the coal to reach the pow-er plants”, the official told thispaper. From April-November thisyear, CIL is trailing by five per centbehind its production target of347.69 million tonne (mt) and has toachieve a mammoth 252.31 mt in a4-month timeframe to meet thetarget set by the coal ministry.

Queries sent to IOCL over thestatus of the JV did not elicit anyresponse.

Currently, IOCL caters to about30 per cent of CIL’s explosivesrequirement. CIL’s move to be self-reliant on explosives stems fromthe need for timely supply, andwould help in cost reduction.

“Once, the JV is operational,

assured quantity and good qualityof explosives at the rates finalisedby JV will reduce the dependenceof CIL on other manufacturers”,said another CIL official.

In 2012, following a CIL com-plaint on cartelisation, the Compe-tition Commission of India hadimposed a penalty of ~60 crore onten explosives manufacturers forviolating the Competition Act,2002. The miner had filed the com-plaint under the provisions deal-ing with anti-competition agree-ment and abuse of dominantmarket position.

It was then that the black dia-mond extractor decided to secureits own uninterrupted supply ofthese chemical components andtalks with IOCL began for a JVproject.

Coal India’s explosives JV takes a backseat

FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18

CRUNCHING THE NUMBERS| Cost of explosives | Cost of raw material consumed figures in ~ cr

54,900 59,107 62,150 NATotal expenses

1,541

7,022

1,794

7,256

*Till november 2017 Source – Coal India

1,780

7,083

1,609* NA

24 firms to invest~60,000 cr in largestcontainer port

FORM A

PUBLIC ANNOUNCEMENT(Regulation 14 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process)

Regulations, 2017)

FOR THE ATTENTION OF THE STAKEHOLDERS OF ONE-RED INDIA LICENSING PRIVATE LIMITED

1. Name of Corporate Person One-Red India Licensing Private Limited

2. Date of Incorporation of Corporate Person 14th June, 2011

3. Authority under which Corporate Person is Registrar of Companies, Mumbaiincorporated / registered

4. Corporate Identity Number / Limited Liability U74999MH2011FTC218620Identity Number of Corporate Person

5. Address of the Registered Office and Regus Time Square, Unit 1, Level 2,Principal Office (if any) of Corporate Person B Wing, Andheri Kurla Road, Andheri (East),

Mumbai - 400059

6. Liquidation commencement date of 5th December, 2017Corporate Person

7. Name, Address, Email Address, Telephone CS Manish BaldevaNumber and the Registration Number of the Add: Office No. 2, TirupatiLiquidator Darshan Bldg. No. 2 CHS Ltd., Balaji Nagar,

Station Road, Bhayander (West),Dist. Thane – 401 101E-mail: liquidator@csmanishb.inTel No.: 022- 28185738Reg. No.: IBBI/IPA-002/IP-N00043/2016-17/10082

8. Last date for submission of claims 4th January, 2018

Notice is hereby given that One-Red India Licensing Private Limited has commenced voluntary liquidationon 5th December, 2017.

The stakeholders of One-Red India Licensing Private Limited are hereby called upon to submit a proofof their claims, on or before 4th January, 2018 to the liquidator at the address mentioned against item 7.

The financial creditors shall submit their proof of claims by electronic means only. All other stakeholdersmay submit the proof of claims in person, by post or by electronic means.

Submission of false or misleading proofs of claim shall attract penalties.

Sd/-Place: Thane CS Manish BaldevaDate: 9th December, 2017 Liquidator, One-Red India Licencing Pvt. Ltd.