Nokia Android Smartphone 2017 Lineup’s Processors Leaked

Nokia Android Smartphone 2017 Lineup's Processors Leaked

Nokia Android Smartphone 2017 Lineup’s Processors Leaked

Although we are still waiting for the announcement of Nokia 9 HMD Global, a new leak would have revealed the processors across the range of Nokia smartphones to be published in 2017.

While some processors are in line with previous leaks, new information suggests that the company will also launch a budget segment later this year.

According to the information disclosed, provided by a consultant on the Chinese site Baidu, Nokia and Nokia Nokia 7 8 9 will be equipped with Snapdragon 630 Snapdragon Snapdragon 660 and 835 SoC, says NokiaPowerUser.

While we already know the processors in Nokia 3 Nokia 5 and Nokia 6, the new leak suggests the presence of a budget segment Nokia smart phone 2 that will either include a Snapdragon 202 SoC, a MediaTek processor.

As you will recall, the Nokia 9 has been pushed to pack Snapdragon SoC 835 earlier leaks.

In particular, the recently unveiled for the smartphone case also reaffirmed the presence of a two-camera configuration and said it would come with a curved design.

In other specs, the flagship Nokia 9 will run Android 7.1.1 Nougat out-of-the-box and display a 5.3-inch QHD screen (1440×2560 pixels).

The smartphone was designed to be powered by Snapdragon 835 SoC paired with up to 8GB of RAM.

The Nokia 9 was inclined to come with 64GB of built-in storage.

Moto E4 and Moto E4 Plus First Impressions

Moto E4 and Moto E4 Plus First Impressions

Moto E4 and Moto E4 Plus First Impressions

The Moto E4 Plus was launched Wednesday in India, and the company announced that it would be available for Rs. 9,999 on Flipkart.

The Moto E4 smartphone was also officially launched during the event, although it has been available online since last month. The Moto E4 is priced at Rs. 8 999. They managed to get hold of the two new E4 motorcycle models at the launch event, and here are our first impressions.

There are some differences between the two models. The Moto E4 Plus has a 5.5-inch HD display (720×1280 pixels), while the Moto E4 has a 5-inch HD display. Due to the difference in size, but no display resolution Moto E4 seems more accurate than its big brother. The highlight of the E4 Moto Plus is its huge 5000mAh battery, while its brothers and sisters have a 2800mAh unit.

When switching to other specifications, the Moto E4 Plus has 3 GB of RAM and 32 GB of storage, while the Moto E4 pays 2 GB and 16 GB respectively. The storage is expandable by means of a microSD card in both models.

Both smartphones run Android 7.1.1 from the nougat box. In our time with both models, no major problems were found with their performance and the two were able to function perfectly. However, I only had a little time with them and had display units had preinstalled applications only standard.

History of e4 display motorcycles more 134117 094 141 2997 Moto E4 E4 More DisplayMoto More
The Moto E4 Plus has a 13 megapixel rear camera while the 4 e bike has a small 8-megapixel rear handle. Both have a 5 megapixel front camera with a flash on a single LED. The sample images that we captured using the cameras on the phones in both seemed impressive, while those taken with the rear camera turned out to be average.

Compared to previous generations of Moto E, the most striking point in the design of Moto E4 and E4 Moto Plus.

The new phones include both the metal body and have the circular camera module that has become a brand for the current range of the motorcycle.

On the hand, the Moto E4 and E4 feel more robust but not very high quality, but this can be overlooked as they are both budget offers.

The Moto E4 capable 144.5x72x9.3 mm and weighs 150 grams. On the other hand, the battery and the larger screen of the Moto E4 Plus make it bigger and thicker, which measures 155×77.5×9.55mm and weighs 181 grams. However, none of them is difficult to remember and use.

This brings us to the functionality ‘Moto A navigation key. Both models have Home buttons on the front with built-in fingerprint scanners, and navigation gestures can be made through them to make navigating the Android interface one-handed.

Although this feature can be useful in many situations, it may be impossible for everyone to get used to it.

At these prices, the Moto E4 will compete against Xiaomi Redmi 4 and Yu Yureka Black, while the E4 Moto Plus on other smartphones with large battery capacities, including InFocus 5 Turbo, Lenovo and Asus Zenfone K6 Power 3 Max.

Bengaluru garment hub’s dirty secret: Sexual harassment in the workplace

Bengaluru garment hub’s dirty secret: Sexual harassment in the workplace

Sakina * a department in the department of work in Bengaluru to see who practices it on the next date of their hearing. Elle savait well the disposition du bâtiment, comme sa maison, or are dernier lieu de travail – the usual plant in it is a game of three years. In addition to the greenhouses, the gardes de sécurité, les péones au bureau, et ils ont répondu avec des sourires soucieux.

Vers 13 heures, dont ils ont dit that the fonctionnaire du gouvernement that conviennenter prender plus of temps pour le voir. Ainsi, Sakina, age of 42 ans, has been assis sous an arbre à l’extérieur, deserré le burkha autour de son et ou sa sa boîte à lunch in acer. “Je ne vais pas rentrer chez moi jusqu’à ce qu’il soit le soir”, a-tle el déclaré à Kannada. “De toute façon, je ne peux pas aller à la maison avec les nouvelles désespérées, ou je vais perdre leur soutien.”

Sakina’s family and friends are conditioned by her decision to put the 25-year career, a job in a clothing factory and family stability into a challenge, as at the time, a time of sexual harness at work. Sakina started a collage of the factory she had worked for, demanded the sexual favelas and the punishment for the ne pas to conform.

“Presque tout le monde m’a dit que je suis d’un harcèlement prouverait que je n’étais pas harcelé”, dit Sakina en tenant sa tête. “Parce que dans notre culture, une femme qui est harcelée ne parle général pas”. More this waiting for silence. Sakina has completed her work at work and, if she has not satisfied the answer, she has submitted an application in the Karnataka work service. Alors who roues de la justice is révoltent lentement, elle est devenue plus déterminée à voir jusqu’à la fin. “Ce n’est pas seulement pour moi”, en-elle dit. “Demain, ma fille peut aller à un bureau ou une usine – il doit être en sécurité pour elle”.

Une étude menée in 2016 by the non-governmental organization, Sisters of Change, to révélé that 60% of women workers verbal, physical or sexual violence. More of the National Commission for women who received 522 plants in 2015, do not travellers des business étaient négligeables. Sakina industry works in textiles and clothing, is the second employer after agriculture in India. Près des Trois Quarts de as active population of 24 lakh sont des jeunes femmes.

To Bangalore, which is 1 200 millimeters more than the number of women aged 18 to 40 years. Hours work eight hours to 10 hours per day and receive a minimum wage – less than 7,500 per month. Moreover, in a sector that relies heavily on women, sexual harcèlement is the normal and little approached. The recruiting practices they create for young people are dedicated to the rural villages of Geneva or other states and the auberges where these workers are confined to create an environment conducive to exploitation.

A woman on the sept works at the Bengaluru mills make face to a harcèlement. Female workers at the same time as they are educated at school are handled by unions, wages, and labor surcharges, and are no more than vulgar verbal abuses and sexes in the factory, but Less susceptible to protester et de reservoir réparation.

Des femmes comme Sakina, qui se salt plants, sontars. Plus of 60 Bengaluru workers who were published in the newspaper and in April and who were told that the demands of degradation of the uses of dresses – and routine abuse – due to financial pressures and the Social stigmatization associated with the ‘Admission harcelées sexuellement. “Workers in the economy are economically vulnerable and at risk of losing their jobs,” said Yashoda, a member of the clothing trade union, a women’s union based in Bengaluru.

In Arunachal Pradesh, the Army owned up to killing an innocent civilian. What happens next?

In Arunachal Pradesh, the Army owned up to killing an innocent civilian. What happens next?

On the night of June 14, Indian Army 21 (Special Forces) troops Thingtu Nemu, 35, were killed in the town of Kongsa in the Changlang district of Arunachal Pradesh, in alleged anti-terrorist operations. The village is on the border between India and Myanmar.

The next morning, the army issued a statement saying that it had mistakenly killed Thingtu NGemu, the caller as a “wrong identity.” The statement said:

“Army troops had ambushed that particular area because of their difficult intelligence regarding the movement of a group of hardcore terrorists. It was during this period that the person who died, went into ambush and was challenged , He made very suspicious moves and rushed to the ambush, forcing them to open a shot that would cause a fatal injury. ‘C’ is a case of mistaken identity. ”

While the army version meant that there was a provocation behind Thingtu NGemu and that he had “suspicious motions and rushed to the ambush,” relatives of the deceased and other residents of Kongsa dispute the claim.

Rajesh Singpho, a father, said Thingtu NGemu spent the night in search of Tuwang NGemu, a village elder who had left his factory in the afternoon and did not return since. Thingtu said NGemu was accompanied by seven others when he was shot. The rest survived and recounted the sequence of events in their statement, he said.

Roitun Taikam, a member of the panchayat, was corroborated. He said: “As it was a Wednesday, the weekly heat day [local market], Tuwang went in the morning to rip leaves paan [betel] When he did not come back that night, his family.concerns and children are sent to look for him.

The plantation where jhum Tuwang NGemu worked, said Taikam was a 15-20 minute walk from the city. When he left the plantation, he was stopped by the Army parachutists, who did not release despite repeated requests, said Taikam.

The eight men then started looking for Tuwang NGemu at 10 o’clock. “They approached the region, calling it by its name aloud,” said Singpho. “They have clearly demonstrated that they were civilians of the people in search of a lost old man, but the soldiers opened fire without warning.”

Taikam said Thingtu NGemu died on the spot. “Even after the ball has hit Thingtu, they have not stopped shooting,” he said. “The other guys were lucky enough to survive.”

And he added: “Thingtu was shot only 30 meters from the paratroopers have night vision goggles and all the boys had flashlights, but opened fire. Is this how a professional army ..?”

The army, however, was next to the statement issued the day after the incident. Speaking to Scroll.in, his public relations Lieutenant Colonel Guwahati, Suneet Newton, said: “The original statement is based on empirical facts and the actual sequence of events on the ground.” He said that an internal investigation was commissioned by the military In the incident.

When asked if the Army intended to compensate the deceased’s family in any way, the officer said it was not within the mandate of the force to do so. Changlang police, the head of Amit Sharma, said a case had been registered at the local police station Namtok based on a complaint filed by the woman Thingtu NGemu, but refused to disclose the charges that the policy provided support. “It’s not going to be fair for him to reveal at this stage,” Sharma said.

Hockey World League: When India ‘quietly’ hammered Pakistan

Hockey World League: When India ‘quietly’ hammered Pakistan

London: There was no clash of stands. There were no hard times on the field. The good English applause continued to enjoy an ingenious trick, again or a separation. If there was a target, the punch was getting a little stronger. It was perhaps the most generous victory in a match between the sport between India and Pakistan. At the end, score 6-1 read in India. A hammering, but less fuss occurs when these two nations play. But that was not surprising.

India was still in recovery mode. A defeat against Malaysia reduced their confidence in half, to win the semifinals of the World Hockey League (HWL) no longer existed.

Pakistan’s reasons for closing were different. They are a messy team, playing like Hungarian hockey and struggling to qualify for the World Cup. On Saturday, after fitting his 27th goal of the tournament without winning a single penalty corner throughout the match, Pakistan could not book a spot in the final HWL Final this year.

And what killed the fans’ interest was the mundane shot – a 5/8 positioning match. But the victory of India assured that they play for the 5th position against Canada on Sunday, while Pakistan will meet China in the seventh. The concern in Indian body language was clear. Despite having goals to beat Pakistan, thoughts of quarter-finals defeat there 48 hours, he is still worried.

“There is always time to deal with disappointment and this is the moment we gave them.” The next day (Friday), they started to focus on this game (against Pakistan).You should make sure you get it (disappointment) and start Again, “Coach Roelant Oltmans said after India’s second victory in Pakistan in less than a week.

They won 7-1 in a pool game earlier in the tournament, which is India’s biggest victory against Pakistan.

“In this tournament, we’re not going to be happy. I think we should have finished higher than we will,” Oltmans said. It is strange to hear that you lose a team ranked eight places further down, then complain that you have not had enough competition in the tournament.

India lost 2-3 to Malaysia, which was the second time in a month and a half that they have descended on their Asian neighbors in a must-play. The last time was in Ipoh to the Sultan Azlan Shah Cup. It was a 0-1 loss that led India to score for the final.

Yes, Oltmans complains about the lack of competitive games in London.

“It is necessary to compete in tournaments of this type.This is my biggest disappointment.We could play Argentina or Holland again, as it is good for the development of young players, and we have a number here,” said Oltmans.

A coach saying that, especially after the difficult defeat to remember against Malaysia, sends the wrong signal. Of course, it will be encouraging to see India regularly can team like Germany, the Netherlands, and Australia. But this will happen after winning becomes a habit, which is not the case now.

We lose or tie games where victory is the only way forward. He came to the Rio Olympic Games against Canada and Germany twice this year against Malaysia and against Belgium in the invitation to three nations in Dusseldorf.

Open ATMs only after software update: RBI

 

MUMBAI: The RBI has directed banks to operate their ATM networks only after machines receive a Windows update to protect them from malware impacting systems across the world.MUMBAI: Le RBI a demandé aux banques d’exploiter leurs réseaux ATM uniquement après que les machines The RBI has directed banks to operate their ATM networks only after the machines receive a Windows upgrade. The RBI has directed banks to operate their ATM networks only after the machines receive a Windows upgrade To protect them from malware affecting systems worldwide. MUMBAI: Le RBI asked banks to exploit their ATM networks only after the machines Receiving une mise à jour Windows for the protectors against impact systems The programs malveillants a travers le monde.MUMBAI: The RBI has directed banks to operate their ATM networks only after machines receive a Windows update to protect them fro Malware impacting systems across the world.MUMBAI: The RBI to sue the banks of exploiters leurs réseaux ATM uniquement après les machines reçoivent une mise à jour Windows to protect them against the systèmes d’impact sur les logiciels malveillants à travers le monde .MUMBAI: The RBI has directed banks to operate their ATM networks only after the machines receive a Windows update to protect them from malware affecting systems around the world. MUMBAI: Le RBI asked banks Of exploiting their ATM networks only after the machines Receiving une mise à jour The windows for the protectors against the impact systems on malveillants programs travers le monde.
The directive was in response to the WannaCry redistribution system that an information systems advocate across the world for blocking critical and demanding bitcoins in so many that rançon for the output.
Les guichets automatiques sont déclarés comme vulnérables car presque tous fonctionnent sur un logiciel Windows. Of plus, plus of 60% of automatic distributers of 2.25 lakh dans le pay function sur Windows XP obsolète.
The directive was in response to the WannaCry rescue program that wiped out computer systems around the world, blocking critical data and demanding bitcoins as a rescue for their release.
ATMs are viewed as vulnerable because almost all of them work with Windows software. Also over 60% of the 2.25 lakh ATM machines in the country run on the outdated Windows XP.
The directive is in place and is intended to provide information on the way in which information is to be provided to the Commission in order to ensure the accuracy of the information required.
Les guichets automatiques sont considérés comme vulnérables car presque tous fonctionnent sur un logiciel Windows. Of plus, plus of 60% of automatic distributers of 2.25 lakh in the pays fonctionnent sur Windows XP obsolète.
The directive was in response to the WannaCry ransomware that took down computer systems across the world locking up critical data and demanding bitcoins as ransom for its release.
ATM machines are seen to be vulnerable since almost all of them run on Windows software. Also over 60% of the 2.25 lakh ATMs in the country run on the outdated Windows XP.
The directive was in response to the WannaCry redistribution system that an information systems advocate across the world for blocking critical and demanding bitcoins in so many that rançon for the output.
Les guichets automatiques sont déclarés comme vulnérables car presque tous fonctionnent sur un logiciel Windows. Of plus, plus of 60% of automatic distributers of 2.25 lakh dans le pay function sur Windows XP obsolète.

Your PAN, Aadhaar Details Don’t Match. How To Correct Online

Your PAN, Aadhaar Details Don’t Match. How To Correct Online

The income tax department has a taxpayers to link Aadhaar with PAN immediately. The Income Tax Service prompted taxpayers to immediately connect Aadhaar to PAN. This will be useful for the electronic verification of income tax returns using OTP (unique password) sent to their registered mobile to the Aidhaar with PAN immediately . The Income Tax Service promptly taxpayers to connect Aadhaar to PAN. Aadhaar NAP inmediatamente. AAPAA, AAP, AAP. Esto será útil para el servicio de correo de verificación El impuesto sobre la renta instó a los contributantes para conectar inmediatamente Aadhaar PAN. Esto será útil para la verificación electrónica de declaraciones de impuestos utilizando. Apostolica of acupressos of impuestos. In fete felt, the ingresos of servicios of impuestos ha puesto a servicio in línea para enlazar con Aadhaar PAN. In case of divergencia in the number of Aadhaar proportions of the Aadhaar, One Time Password (OTP Aadhaar) enviará el móvil registrado con Aadhaar. In Aarhaar, in which the number of Aadhaar is completely different, the conqión fallará y is the pedirá al contyente para cambiar and number in the database of Aadhaar o PAN, of acuerdo con el departamento de impuestos. Para el beneficio de los contribuyentes, los ingresos de la servicios de impuestos a la maría a servicio en línea para corregir los errores of numbers y otros detalles en el número de cuenta permanent (PAN) y el documento Aadhaar.of declaraciones de impuestos usando OTP (Contraseña de una sola vez) enviado a su domicilio móvil con Aadhaar, dijo el departamento de impuestos. In the same way, a declaration of impuestos en línea para enlazar con Aadhaar PAN in caso de cualquier discrepancia menor in number of Aadhaar proportionales de los contributors cuando comparar con los datos reales of Aadhaar, OTP Aadhaar al móvil registrado con Aadhaar. In casos inusuales Donde number Aadhaar es diferente del number in completo Llame PAN, entonces el enlace fallará and contributing it the pedirá that cambie el number in oro in the base of datos del frame Aadhaar, dijo el departamento de impuestos. Para el beneficio de los contribuyentes, the lanza departamento de servicio en línea ejercicio fiscalo a la año de la presente de cuenta (PAN) and the documento Aadhaar.es de Aadhaar, according to the tax service. In this regard, the Income Tax Service has an online facility to link Aadhaar with PAN. In case of inconsistency in the name of Aadhaar provided by the taxpayer in relation to the actual data of Aadhaar, One Time Password (Aadhaar OTP) will be sent to the registered mobile with Aadhaar. In rare cases where the name of Aadhaar is completely different from the name in PAN, the link will fail and the taxpayer will be prompted to change the name in Aadhaar or the PAN database, according to the tax department. For the benefit of taxpayers, the Income Tax Service and the document Aadhaar.of income tax returns Using OTP (one-time password) to Aadhaar, The tax department said. Aadhaar with PAN, A case of any minor mismatch in Aadhaar (Aadhaar OTP) will be sent to the mobile registered with Aadhaar. In rare cases where Aadhaar name is completely different from name in PAN, then the linking will fail and taxpayer will be prompted to change the name in either Aadhaar or PAN database, the tax department said. For the benefit of taxpayers, the income tax department has a permanent account number (PAN) and Aadhaar document.tiempo Aadhaar NAP inmediatamente. Esto será útil para el servicio de correo de verificación El impuesto sobre la renta instó a los contributantes para conectar inmediatamente Aadhaar PAN. Esto será útil para la verificación electrónica de declaraciones de impuestos utilizando. Apostolica de acupressos de impuestos. In fete felt, the ingresos of servicios de impuestos ha puesto walked a servicio in línea para enlazar con Aadhaar PAN. In case of divergencia in the number of Aadhaar proporcionada por el contributing from the datos reales of Aadhaar, One Time Password (OTP Aadhaar) enviará el móvil registrado con Aadhaar. In raros casos in which the number of Aadhaar is completely different in number of PAN, the conexión fallará y is the pedirá al contribuyente para cambiar el number in the base of datos Aadhaar o PAN, of acuerdo co

 

10 Stereotypes About beauty services at home in Mumbai That Aren’t Always True.

10 Stereotypes About beauty services at home in Mumbai That Aren't Always True.

1)Some beauty parlours are advertising and giving trust but they are not so good with their work

So first we have to take the whole information of the salon which you want. Then you should see the reviews, ratings and people comments if it has good reviews and high rate then only you should go with that salon.

There are many chain salons that offer over-hyped services that are not really satisfactory.

2)When you consider laser hair removal…and they don’t require a consultation

3)When you ask for a hairstyle…and your stylist doesn’t even glance at the picture.

4)When you a massage …and your treatment room isn’t spic and span

5)When you run in for a manicure …and they use toxic polish

6)When you want highlights …and your colourist uses food reference instead of images

7)When you get a blowout ….an your stylist uses old tools

8)Blow drying becomes a damaging nightmare

9)Your example picture is disregarded

10)A trim should mean a trim

“that’s not looking how I wanted it to”. These words should never, ever be uttered during a hair appointment. whether it is cut or colour, you need to be able to trust your hairdresser, or problems will inevitably follow. Hearing this could mean that the hairdresser is inexperienced, wasn’t paying attention or any number of other things. Even if the hair is not coming out how it’s expected to, the hairdresser should never stay that to the client in the middle of the appointment.

There aren’t any licenses displayed

First and foremost, you only want to go to a place that employs technicians trained in proper manicure and pedicure procedures, as well as of the related hygiene and safety issue.

Most states require that licenses be prominently displayed, and any legit salon will most certainly have them up-usually right where you check in, near the cash register.

Don’t just glance; make sure the licenses are current and represent the people who are actually working there. Take note if there are many more beauticians working than there are licenses displayed.

 

On The Mat Over MAT

The controversy over retrospective tax is a pointer to how India functions, or to be specific, how it chooses not to function

Saw some numbers crunched by a newspaper the other day. For the last eight years, it shows that average monthly foreign institutional investor (FII) flows into India dry up in May and are at the lowest for the year — 1 per cent of total FII inflows for the year. The best month for inflows, according to the deep dive is September when as much as 16.55 per cent of the flows have come on an average over the last eight years. That is why sometimes the adage is completed by saying ‘sell in May and come back in September’.T IS CALLED THE HALLOWEEN INDICATOR — sell in May and go away. This theory points to the fact that November to April are the best months in terms of stock market fund flows. This has been empirically proven across the world markets. It holds good for India too.

Thanks to the retrospective tax overhang,

April was a lousy month this year, with FII inflows strangled. The BSE Sensex, which was going along swimmingly was down close to 3.5 per cent in April. But there is a bigger story that needs attention. Some­thing material to the controversial retro tax and once again throwing into stark reliefhow India functions or, should I say chooses not to function.

Symptomatic of this dysfunctionality is as always a case pending in the courts. The government and Castleton Invest­ment have agreed to expeditious hearings in the Supreme Court on a tax dispute, which is at the kernel of the current problem. The dispute pending since 2013 could settle the Minimum Alternate Tax (MAT) issue one way or the other.

Castleton approached the Supreme Court against a 2012 ruling by the Authority for Advanced Rulings, which said

By Sandeep Bamzai

that it would have to pay MAT on capital gains arising fron the sale of shares. With a similar announcement in the Bud­get, it allowed the income-tax (I-T) authorities to swoop down again. Since I-T authorities can reopen tax assess ments going back six years, panic gripped foreign portfoli; investors (FPI). Then news came that 68 notices amounting to unrealised gains of Rs 602 crore had been sent out. State­ments like as much as Rs 40,000 crore could be garnerec through this route didn’t help; neither did talk that portfolio investment routed through countries with double taxatior. avoidance treaties would not be taxed. The seed of doubt hac been planted. This led to widespread consternation once again, convincing foreign investors that India will allow retrospective taxation through the backdoor. Markets hac slumped nearly 3,000 points from their top. The pervading mood was that FPIs had been dry-gulched.

BMR Advisors tried to provide some clarity on this highly contentious issue, which has led to a flight of capital from Indian stock markets. Here is a quick gander at what BMR said after finance minister Arun Jaitley’s clarification on the Finance Bill in Parliament:

The original Bill proposed an explicit exemption to foreign institutional investors or foreign portfolio investors from

applicability of MAT on income in the form of capital gains from transactions in securities (other than short-term capi­tal gains on transactions on which securities transaction tax does not apply).

While the proposal addressed the controversy on applica­bility of MAT to FIIs/FPIs for the future, it raised concerns over MAT becoming applicable, by inference, to foreign companies, especially given the conflicting judicial rulings on the matter.

The revised Bill proposes to extend the explicit exemption to any foreign company that earns income in the form of capital gains on securities or earns income in the nature of interest, royalties and fees for technical services, which are taxable on a gross basis, pro­vided tax payable on such in­come is at a rate less than the rate of MAT, i.e. 18.5 per cent.

The amendment only reas­serts the government’s posi­tion that provisions of MAT apply to all foreign companies as well. This controversy on applicability ofM AT to all for­eign companies is likely to get addressed through a ruling of the Supreme Court, which is currently examining this is­sue in a particular case that also forms the basis for the government’s view and the controversial notices to Fils/

FPIs to collect MAT on capital gains transactions.

The amendment also does not align with the industry’s demand that explicit exemption be made to apply with ret­rospective effect. The finance minister excluded this aspect while addressing the Lok Sabha. Several FPIs have filed a writ in the Bombay High Court against the notices issued by the government. The fate of these notices rests materi­ally on the view the court takes in the weeks ahead. The FPI writ, which wants this lethal tax withdrawn, revoked and cancelled states: “because provision of Section 115JB is in plain language applicable only to domestic companies and given the fact that the petitioner is aforeign company, which has no place of business in India, the imposition of MAT on the petitioner is an illegal extension of a law meant to apply to domestic assesses to book profits that are in financial statements outside India — thereby imparting extra ter­
ritorial application to domestic tax law — and that too in a manner contrary to its plain language”. The petition further argues, because holding that the provision of Section 115 JB applies tothe petitioner, defeats the obvious objective of the law to exempt Fils from regular tax on such income, thereby to promote investments in Indian capital markets by Fils”.

Under the current regime, foreign institutions are not re­quired to pay any tax on long-term capital gains (gains from investments exceeding one year). Institutions are liable to pay short-term capital gains tax (tax on investment less than one year) at 15 per cent. Given the sensitivities and sentiment

involved and the fact that the matter is pending before the Supreme Court for a couple of years now, and the fact that we are going into a summer recess, an expeditious re­sponse from India’s judicial system is vital. The only way out is a vacation bench hear­ing the matter and giving a decision.

What does all this tell you? That babudom continues to call the shots, tax terrorism is an integral part of the Indian administration, that even reformist politicos succumb to rabid populism and most importantly, we remain one of the most litigious nations in the world. The matter is pend­ing before the apex court for three years and we continue to wait for relief.

Meanwhile, we go ahead and do what we always do: set up a committee. On May 20, the finance ministry con­stituted athree-member committee to look into the appli­cability of MAT on Fils before April 2015. The committee is headed by A.P. Shah, chairman of the Law Commission of India. The other members are former chief economic advisor Ashok Lahiri and Girish Ahuja, former associate professor of commerce at Shri Ram College of Commerce, University of Delhi. More damagingly, Reuters put out a story recently, which said the finance ministry ignored warnings on notices sent out September 2014 onwards on this issue, allowing the sore to fester. Typically, doing business Indian ishstyle.

 

SEA OFRED Revenue(Rscr) NetProfit(Rscr) Net Loss(Rscr) LACKING SPICE

 

The Deal And After

As part of share sale and purchase agreement, Maran transferred his 58.46 per cent of SpiceJet stake to Singh in February 2015. The deal also received requisite statutory clearances, though not everyone agrees with the level of transparency. The most vocal among those who criticise the deal is senior BJP leader Subramanian Swamy. He has already written a letter to PM Modi seeking an inquiry into the manner in which the deal was made. In Mid-May, Swamy also filed a petition in the Supreme Court seeking an inquiry into the matter. “Maran offloaded 58 per cent of SpiceJet shares to Ajay Singh. But, at what price? How can you keep that a secret? It is against company law, it is against the Sehi regulations,” says Swamy.

Swamy also complained that the deal occured without a mandatory open offer, which is against company law.

“Sebi claims that it made an exception. How can it do
that? What is his (Singh’s) net worth? How is he running the airline? Where does the money come from? Did it come from some offshore bank in Britain?” he asks. In his petition in the Supreme Court, Swamy illustrates the SpiceJet deal in the context of black money. “I have sought an inquiry. The court has on 13 May asked the govern­ment to respond,” he says. Singh refutes all the allegations raised against him. “We acted completely as per Sebi’s rules and regulations. There were provisions in the Sebi law that permitted an exception under certain conditions. And we used those provisions,” he clarifies.

On the larger ground of equity and fair play, Singh says that Sebi has only done its job of protecting investor inter­est. “If this acquisition had not happened, the value of the shares held by small investors would have gone to zero.

So, by doing what we did, we protected the small inves­tors. They would have been zero. They are at 20 bucks now. I followed the law, I acted in the interest of SpiceJet, and its small investors.”

Singh says that the money (Rs 550 crore) that he has infused since acquisition has come from a mix of investors and banks. “We are getting a lot of funding offers from various players such as private equity, debt providers, hybrid products and even foreign airlines. We will choose the mode of investment that comes at the lowest cost. If any further dilu­tion of stake is needed, that will be done at better valuation. Our im-

CHANGEIN FORTUNES

 

MAY 2015

 

Daily Flights

 

Fleet size

41Boeing737-

800/900ER

aircrafts+15

BombardierQ400

Fleet size

32Boeing737-

800and6Boeing

737-900ER+15

BombardierQ-400

300

 

Source: Company

 

proved performance will reflect in our stock price. We would need another Rs 500 crore for complete revival of the company.” So how much time to reach the 2010 level?

Singh says that he is still planning. “The first order of business was to stabilise. To make sure that flights start on time, as we were down to almost 40 per cent on time performance. In March and April, we have crossed the 80 per cent margin,” he claims. The company has stabi­lised that. It has brought some of the most outlier costs under control. “We shut down some airports and cur­tailed the network to get back to low-cost model — which is fewer stations and higher frequency to these stations,” he adds.Singh is also renegotiating debt-re­structuring plans. “We have amended the contracts. We are re-negotiating a large number of contracts to bring the costs back in line.”

A new SpiceJet board is also in the making. “We have applied for four members in the board. Security clear­ances have come for three. Harsha Vardhan Singh, former deputy director general of World Trade Organisation, is one of them. As we expand, we look to get aviation profes­sionals, finance professionals on board,” he adds.

He also refutes the charges of nonpayment of dues. “Ever since I joined I have cleared all the statutory debts and every single rupee of bad debt, all employee salaries are up to date and oil companies are paid,” says Singh. The company’s cash flow has become much stronger than an­ticipated, according to Singh who so far has pumped in Rs 550 crore and has a larger funding plan to infuse capital as and when required. They were reports that the Lessors aircraft owners had sought the return of their Boeing air­craft and a payment of millions of dollars from SpiceJet to cover several months of unpaid rent and maintenance costs. ‘We have cleared debts of Lessors and are in the process of paying large creditors, in some cases, vendors have agreed to be paid in instalments, things are under control at the moment,” says Singh.

The crisis had also resulted in an exodus of top-level management, pilots, cabin crew etc., says Kiran Kotesh- war, chief financial officer and acting human resource head of SpiceJet. “Since Maran was not physically present in a day-to-day business, there was an environment of gloom among employees especially during the crisis time that the airline went through in the last few months. But Singh’s presence in the office exudes confidence and moti­vation among employees that things will go right because he is a very hands-on executive,” says Koteshwar.

According to him, the company is still looking for a full­time HR Head. “We will hire about 100 pilots, 50 com­manders and as many co-pilots. We will also hire 200-odd cabin crew and flight engineers,” adds Koteshwar. At pre­sent, SpiceJet has a fleet of 17 leased Boeing 737s and 15 Bombardier Q400s that it owns.

Singh believes in a flat and leaner organisational set up. He is hiring old hands who left the place during Maran’s time. With Singh back in SpiceJet, many who had quit are returning now. Singh had made it clear that he would give first opportunity of joining to those who had either quit or had been laid off during the airline’s difficult days. Some have already returned. As part of his cost-reduction strat­egy, Singh has trimmed his expensive top management. “I want a leaner management with responsibilities dispersed equally at the mid-level,” says Singh, who fired the top load that were drawing salary of Rs 2 crore per annum.

With all the revamping and restructuring, Singh has no more time to spin off his mantra: “Fly our flights on time, make sure they are safe, clean, and the people who are flying are happy. The fares are reasonable. Just stick to the basics.” Ed

[email protected] & [email protected] *0 @joecmathew & 0 @monicabehura For more on the aviation sector, znsitimow.businessworld.in