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Vol 11 Issue No.125 Mar - Apr 2022 USD 0.70`50AED 5BD 0.500

MANAPPURAM'S MSME AND OTHER VERTICALS’ LOANS ABusiness of Rs.800 Crore Built from Scratch in 3 Years

Shri V.P. Nandakumar, MD & CEO Manappuram Finance Ltd.

Travelogue

Paris –The City of Dreams and Love Auto

Kia Carens

Chief Mentor Mr. V.P. Nandakumar Director & CEO Jebitha Ajit Editor Jebitha Ajit Legal Advisor Latha Anand B.S.Krishnan Associates bskrishnanassociates@gmail.com Sub-Editor Anusha Varghese Consulting Editor Sujit Chandra Kumar Associate Editor Ravi Saini Athulya Pradip Correspondents Dr. Thomas Nechupadam Vivek Venugopal- Quarter Mile Amrutha V Kumar Creative Design PEGASUS Cover Photographer PEGASUS Marketing USA 725, burning tree lane, punta gorda Florida-33982 Mob: +1 (863) 558-5234 UAE Jolly Tel: +971 50 307 1125 Shaji N Palakkal 415, Building 23, Al Khail Gate, Al Quoz-2, Dubai, UAE Tel: +9714 4511075 Maharashtra Jayasankar M a/101, New Prathamesh Niwas, OPP. Laxmi Park, Thakurli East, Dombivli post, Thane District, 421201 Mob: +91 9820708662 Tamil Nadu Joe Michael 305 1st Main Road, 3rd Cross Street, M K B Nagar, Vyasarpadi, Chennai, Tamil Nadu, Pin- 600039 Mob: +91 9791006426 Karnataka, Telangana, Andhrapradesh PEGASUS Ph: 09288800999 Sunilkumar NN Director Vineeth Nair Ambalika Saikia, Ambalika_saikia@yahoo.com Published at Pegasus Global Pvt. Ltd. L5-106, Changampuzha Nagar Kalamassery, Ernakulam-682 033 e-mail: editor@uniquetimes.org uniquetimesindia@gmail.com Ph:0484 2532040, 2532080, Mob:9288800999

Editorial

“Y

ou must not lose faith in humanity. Humanity is like an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty.” - Mahatma Gandhi Russia's invasion of Ukraine, which began last week, is the biggest significant strike in a European country since World War II. The evacuation of Indians is on but it is not only those who got caught in the cross-fire who are affected. The clash maybe in a far-off land but it can still affect us in unexpected ways. For instance, Ukraine is a major supplier of sunflower oilseeds and fertilisers, according to Finance Minister Nirmala Sitharaman, and a disruption in supplies would affect key goods like edible oil. A rise in motor fuel prices will put a strain on consumers' budgets, as they will be responsible for the majority of the cost of rising gasoline, diesel, and LPG prices. While supplies appear to be of little concern to India at the time, it is the rising costs that is causing anxiety. We just celebrated International Women’s Day and the whole of March will be observed as Women’s History Month. We know that often, women are the worst sufferers when the family budget goes topsy turvy. But it is also the women who come up with practical solutions. In this edition, Manappuram Finance Limited MD and CEO V P Nandakumar discusses Manappuram's MSME and Other Verticals’ Loans. We also have our regular columns on auto, beauty, movies and travel. “Reading is an act of civilization; it’s one of the greatest acts of civilization because it takes the free raw material of the mind and builds castles of possibilities.” - Ben Okri Let’s build more civilized people and more castles. Enjoy Reading! Thank You Sd/Jebitha Ajit

Cover Photograph FMCG Product

Printer & publisher Pegasus Global Pvt. Ltd. Cochin (682033) on behalf of Ajit Ravi. Printed at S.T.Reddiar & Sons, P.B. No: 3627, Veekshanam Road, Cochin-18.

CONTENTS

Pegasus Comes Up with Another Brand New Idea - DQUE Hand Wash

COVERSTORY 20

Manappuram's MSME And Other Verticals’ Loans

BUSINESS BUSINESS

A Business Of Rs.800 Crore Built From Scratch In 3 Years

Changing Landscape For The Management Professionals Of Today

Does High Cholesterol Increase The Risk For Stroke

CONTENTS 46

AUTO REVIEW

GADGETS

Azadi Bachao Andolan: Its Role In Development Of Tax Jurisprudence In India?

Gadgets

Reap The Beauty Benefits Of Papaya

TRAVELOGUE

BEAUTY

Paris – The City of Dreams And Love

Kia Carens

UNIQUE DIARY

COVID Positive Rate Lowers, Hope for a Third Wave Drops

ccording to the Union Health Ministry, as many as 34 states and UTs are reporting a decrease in Covid-19 cases as well as positive rates, indicating that the Omicron-fueled third wave may be on the decline. According to data given by the government on 3rd February, 297 districts had a positive rate of more than 10% in the week ending February 2. In the week ending January 26, 406 districts reported a positivity rate of more than 10%. There are eight states with more than 50,000 active cases, 12 states with 10,000-50,000 active cases, and 16 states with fewer than 10,000 instances. The government also stated that districts with less than a 5% Covid positivity rate can consider reopening schools, but it is up to the state governments to make the decision. "There are 268 districts where the positivity is less than 5%, and clearly these districts can now move in the direction of non-covid care, as well as other economic activities and school openings." "The declining trend of pandemics allows us to consider those options," NITI Aayog member Dr VK Paul said.

Hero Fincorp: First Indian Company to Obtain a New Benchmark Loan

“There is nothing more beautiful than someone who goes out of their way to make life beautiful for others.” Mandy Hale

Mar - Apr 2022

ero FinCorp has become the first Indian company to raise a secured overnight financing rate (SOFR)-linked syndicated loan. The non-bank finance company, promoted by Hero MotoCorp, raised $350 million (approximately Rs 2,631 crore) at 168 basis points above SOFR, a new international benchmark that replaced the London Interbank Offered Rate or LIBOR on January 1. Through a circular issued on July 8, last year, the Reserve Bank of India instructed banks to stop writing contracts in the LIBOR on December 31, by the global phaseout of that benchmark rate. Though Indian corporations have raised overseas loans linked to SOFR since the beginning of the year, Hero FinCorp is the first to raise a syndicated loan marked to the new charge. According to market experts, loans of this type may become more common amongst a wide range of debtors.

UNIQUE DIARY

India and the United Arab Emirates to Sign the World’s First Bilateral Free Trade Agreement

n 18th February, PM Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al Nahyan will hold a virtual summit to sign the two countries' first bilateral Free Trade Agreement. The FTA-Comprehensive Economic Partnership Agreement (CEPA)-is expected to be a priority, with countries "discussing bilateral cooperation and exchanging views on regional and international issues of mutual interest," according to a statement released by the Ministry of External Affairs. The UAE is India's third-largest trade partner, and CEPA will significantly strengthen bilateral trade and investment ties. India and the United Arab Emirates are attempting to restore trade to pre-pandemic levels of $60 billion. In 2014, the UAE invested nearly $17 billion in India, compared to $3 billion in 2014. Furthermore, India took part in the Dubai Expo and was given one of the largest plots, as well as the right to keep the Indian Pavilion after the Expo.

‘We’re Ready to Go Green,’ Says Indigo as Its First SAF Flight Takes Off

“The most successful entrepreneurs I know are optimistic. It’s part of the job description.” Caterina Fake

Mar - Apr 2022

ndiGo, a low-cost airline, posted photos of the first aircraft to use sustainable aviation fuel (SAF) on its Twitter account. IndiGo also shared a screenshot of a flight navigation map depicting its first SAF aircraft taking off from Toulouse to Delhi. "Fasten your seatbelts, because we're ready to go green," IndiGo tweeted. "Are you sure?" "Today, there's a green streak in the sky." "Can you spot our first ever SAF aircraft conquering the blue Indian skies?" said the airline in another tweet. IndiGo signed an agreement with the Dehradun-based Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIR-IIP) in December last year to manufacture and deploy sustainable aviation fuel (SAF) globally. According to news agency PTI, IndiGo stated that it wanted to be an anchor partner to such institutes and oil refining companies in the future to address the carbon emissions issue and take the lead in demonstrating its commitment to sustainable and responsible growth.

The 'Ayush Start-up Challenge' Launched by the All India Institute of Ayurveda

he All India Institute of Ayurveda (AIIA) has launched the 'Ayush Start-up Challenge' in collaboration with Startup India to encourage start-ups and individuals working on innovations in the field of Ayurveda and alternative healing. The winners of the 'Ayush Start-up Challenge' will receive a cash prize as well as AIIA incubation support. According to a statement issued by the AIIA on 22nd February, the Ayush market is currently valued at around $10 billion and is expected to grow by 50% over the next five years. The 'Ayush Start-up Challenge' is open to both early-stage start-ups and individuals as a group. Ayush Food Innovations, Ayush Bio-instrumentation (Hardware solutions), and Ayush IT Solutions are the three entry categories for participating start-ups (Software solutions). Each category's winner will receive a cash prize of Rs 1 lakh, while the runner-up will receive Rs 50,000.

MK Stalin Applauds Rahul House’s Statement “On Behalf of All Tamilans”

“When you find an idea that you just can’t stop thinking about, that’s probably a good one to pursue.” Josh James

day after Rahul Gandhi argued in Lok Sabha that the Centre cannot oppress states' languages, cultures, and histories, citing Tamil Nadu as an example, Chief Minister M K Stalin commended the Congress leader for his "rousing speech in Parliament" and for addressing Tamilians "long-standing arguments." The two leaders have a cordial connection, and the DMK chairman first offered Rahul as the Opposition's Prime Minister Candidate for the 2019 Lok Sabha elections in 2018. Last year, he requested Rahul to take the lead in uniting opposition parties to take on the BJP. Stalin said on a stage with Rahul in March 2021, before the Tamil Nadu Assembly elections: "I have a kind request to Rahul Gandhi... No, it's a firm request. When we talk on the phone, I sometimes address him as 'Sir.' He would then correct me, asking me to refer to him as brother. My brother Rahul, please accept my humble and heartfelt request. India is currently being destroyed by a fascist government. You are responsible for protecting India at this time.... I implore you to take the initiative, to step forward, and to lead India."

Mar - Apr 2022

Serbian Officials Claim That Djokovic’s COVID Tests Were Valid

rosecutors in Serbia said there is no evidence that Novak Djokovic fabricated Covid test certificates and presented them to Australian authorities. A BBC article this week questioned the testing, claiming that the serial numbers were out of sequence with others from the same time period. The tests were given to him in order to exempt him from restrictions that prohibited unvaccinated people from entering the country. Serbian officials have not provided an explanation for the disparities discovered by the BBC. Djokovic's visa was denied, and he was deported before the start of the Australian Open. That was because of the country's Covid immunisation restrictions, not because his documents were forged. The Belgrade Public Prosecutor's Office has now said that the Health Ministry certified the authenticity of the documents.

Hundreds of People Evacuated from the Olympia Fire off the Coast of Corfu

reek and Italian ships rushed to rescue 290 people aboard a ferry that caught fire near Corfu in the Ionian Sea. The Euroferry Olympia had left Igoumenitsa, Greece, and was on its way to Brindisi, Italy, when a fire allegedly broke out on a deck. The captain ordered passengers and crew to disembark, and footage showed the ferry engulfed in flames. According to unconfirmed reports, ten people are still missing. The ferry was carrying mostly Italians, according to Ionian Islands Governor Rodi Kratsa-Tsagaropoulou, who spoke to the ANA-MPA news agency. The ferry, owned by the Italian company Grimaldi Lines, was carrying 239 passengers and 51 crew members, according to the Greek coastguard. However, not all passengers were confirmed to have boarded the lifeboats. Corfu officials were still waiting for a complete count, despite reports of a rescue operation to free two people trapped on the car deck.

Mar - Apr 2022

Ukraine: Russia Accused of Imposing Sea Blockade

kraine has accused Russia of obstructing its access to the sea, as Russia prepares for naval exercises next week amid rising regional tensions. According to Ukrainian Foreign Minister Dmytro Kuleba, Russian forces have completely blocked the Sea of Azov and have cut off almost all access to the Black Sea. Despite amassing more than 100,000 troops at the border, Russia has repeatedly denied any intention of invading Ukraine. However, it has only recently begun massive military drills with neighbouring Belarus. Belarus is a close Russian ally with a long border with Ukraine. The drills, which are believed to be Russia's largest deployment to Belarus since the Cold War, were dubbed a "violent gesture" by France. Ukraine claims they are the result of "psychological pressure." The US urged Americans in Ukraine to leave immediately due to "increased threats of Russian military action" on 10th February. Meanwhile, amid the tensions, UK Prime Minister Boris Johnson declared that Europe was facing its worst security crisis in decades.

Winter Olympics: Kamila Valieva’s Entourage’s Treatment of Her Is ‘Chilling’

ccording to International Olympic Committee President Thomas Bach, it was "chilling" to see how distraught Kamila Valieva was treated by her Russian coach after falls in her figure skating routine at Beijing 2022. Valieva finished fourth on 17th February, hampered by a doping scandal and questions about the wisdom of allowing her to compete. When the 15-year-old exited the ice, there was no hug or comfort from Coach Eteri Tutberidze; instead, she was asked, "Why did you stop fighting?" Valieva was the overwhelming favourite to win the women's event, having set several world records in the short time since her senior debut in October. She had led after 15th February’s short program, but a series of falls and sloppy landings on 17th February knocked her off the podium. Valieva is being investigated for doping after testing positive for the angina drug trimetazidine. The World Anti-Doping Agency (Wada) has also stated that it will investigate Valieva's entourage, which includes coaches, doctors, and other adults. For more info: europetimes.co

Mar - Apr 2022

COVER STORY COVERSTORY

Pegasus Comes Up with Another Brand New Idea:

DQUE Hand Wash

It is an idea whose time has come and it takes only a few seconds to protect your hands from deadly germs and bacteria

lthough we take it for granted, sanitation is a physical measure that has probably done more to increase human life span than any kind of drug or surgery - Deepak Chopra The majority of diseases, including colds and gastroenteritis, are contracted when we put our dirty, germ-infested hands into our mouths. We can also catch some illnesses when other people's dirty hands come into contact with the food we eat. Hand washing frequently and thoroughly is one of the most effective strategies to prevent the spread of infectious diseases, and it is the first line of defence against COVID-19. Coronaviruses are transferred through droplets from a person coughing or sneezing, as well as contaminated surfaces, much like in

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the case of a cold. To avoid spreading and catching it, good hygiene is essential. Pegasus Global Pvt Ltd is one of India's most well-known event production companies, with a strong presence in fashion and a variety of other allied fields. They have successfully hosted some of the most renowned national and international fashion events in our country. They are still going strong, with approximately 2,310 events under their belt. Besides events, the company has made a name for itself in the film and media industries, too. What is more, they have made their presence felt in the field of product marketing under the brand name DQUE with DQUE masks, sanitizers, watches, soap, and other unique products.

What exactly is DQUE?

The concept of producing and

promoting high-quality, timely, and relevant items for consumers at a low cost was devised and put into action quickly. The health industry was chosen as a focus area, and daily basic commodities were manufactured. DQUE is a product brand under the group Pegasus Global Private Limited. DQUE watches, DQUE masks, and DQUE hand sanitisers have already made this brand wellknown. Every inventive company's dream is to break into product marketing. Pegasus, for example, has recently launched its own soap under the brand name DQUE, marking another milestone in the FMCG product marketing field. Now they are ready to launch their next product, DQUE Hand Wash.

DQUE HAND WASH

DQUE hand wash is a powerful cleanser that leaves your skin glowing, fresh, and healthy. Its deli-

DQUE is a product brand under the group Pegasus Global Private Limited. DQUE watches, DQUE masks, and DQUE hand sanitisers have already made this brand wellknown.

Mar - Apr 2022

COVER STORY COVERSTORY

Simply dispense a pump of this nourishing hand wash into your hands and whip it up into a thick lather before rinsing away to turn your daily hand washing routine into an act of beauty for your skin.

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cate and mild composition, which is infused with moisturising cream, not only protects you from diseasecausing bacteria but also nourishes your skin, leaving your hands soft and smooth after each wash. Simply dispense a pump of this nourishing hand wash into your hands and whip it up into a thick lather before rinsing away to turn your daily hand washing routine into an act of beauty for your skin. When a sick person sneezes, coughs or chats close to you, bacteria and viruses are easily shared. When you touch germinfected surfaces and then touch your face, you can get sick. Hand washing is still one of the most effective strategies to stay healthy and protect us from the spread of bacteria and germs. The main elements included in DQUE hand wash are Vitamin A, E, and C. Vitamin A is necessary for the health of your skin and serves a number of important jobs in the body. It helps your skin operate and appear its best by assisting in the development of fresh, new cells. Vitamin A contains retinoid, chemicals that are well known for performing various skinfriendly functions. Vitamin E is an essential fat-soluble substance

that has anti-inflammatory properties. Vitamin E is a fat-soluble antioxidant that supports the immune system, cell function, and skin health. It's an antioxidant, which means it can help fight the effects of free radicals produced by food metabolism and environmental pollutants. Vitamin C is involved in the formation of the skin barrier and collagen in the dermis, as well as playing a physiological role in the skin against oxidation, wrinkles, ageing, and promotes cell growth and differentiation. Thereby, this vitamin performs a key role in preventing the occurrence and progression of various skin diseases. In the aftermath of the Covid outbreak, people all around the world are appreciating the importance of healthcare. Many of the substances we consume in our daily lives are unquestionably damaging our health and bodies. When individuals become ill as a result of poisonous food, drink, or cosmetics, a rethink is required. When you wash your hands with a hand wash, you unleash molecular assassins who attack and kill bacteria and practically all other diseasecausing germs. Hand washing is an easy and efficient approach

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COVER STORY COVERSTORY

Hand washing is an easy and efficient approach to prevent illnesses and stay healthy. It's simple to accomplish, cheap and takes only a few seconds of your time. to prevent illnesses and stay healthy. It's simple to accomplish, cheap and takes only a few seconds of your time. As a result, you'll be able to scrub your skin without causing irritation. In fact, it's the most beneficial time you'll ever spend on your own health and the health of those around you. The most important factors we consider when selecting the best overall hand wash are price, effectiveness, safety, and environmental friendliness. This set of criteria is met by DQUE Hand wash. The brand takes pride in using carefully selected ingredients that leave your hands feeling

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clean and smelling nice. Pegasus is expanding its reach into the garment business as part of its efforts to popularise the DQUE brand. Pegasus has grown to become one of the most sought-after event production firms on the global fashion map via hard work and commitment. Men's shirts and T-shirts will be manufactured in the near future. To develop highquality products, Pegasus has adopted a policy of collecting and processing high-quality raw materials. As a result, Pegasus' success story continues, and there is no question that they will break and set many more records in the future!

BUSINESS

Many of the MSMEs were on the verge of downing their shutters. The pandemic disrupted our disbursements and its negative impact on asset quality affected sentiments and morale.

Shri V.P.Nandakumar MD & CEO Manappuram Finance Ltd.

Mar - Apr 2022

MANAPPURAM'S MSME AND OTHER VERTICALS’ LOANS A business of Rs.800 crore built from scratch in 3 years

n 14 February 2022, Manappuram Finance Limited published its results for the 3rd quarter ending December 2021. The key takeaway was that despite the impact of the omicron variant (which was particularly severe in December), we achieved good growth in our business volumes. Our consolidated AUM stood at Rs.30,400 crore, registering a sequential (or quarter-on-quarter) growth of 7 per cent. In our core business of gold loans, the loan book crossed the Rs.20,000 crore landmark while our microfinance subsidiary’s portfolio surged past the Rs.7,000 crore mark. There was good growth in vehicle and equipment finance division which contributed over Rs.1,500 crore

while our home loans subsidiary accounted for about Rs.800 crore in business. These figures were extensively reported in the media and it is not my intention to talk more about it now. Indeed, for the purpose of this article, I would like to focus on another number that did not get the attention it deserved. That number, also Rs.800 crore, is the business achieved by what we refer to internally as our ‘other verticals’ which mainly includes MSME loans besides micro-home finance and personal loans. Within this Rs.800 crore, the largest chunk of about Rs.350 crore is contributed by MSME loans followed by micro home finance at about Rs.250 crore. At first sight, there is nothing remark-

able about any line of business reaching a level of Rs.800 crore in a company where the total loan book is north of Rs.30,000 crore. But then, keep in mind that as late as three years ago, this business did not exist in our books. Yes, it was only in January 2019 that we kicked off this business with the first MSME loans disbursed to a small shop owner specializing in hardware at Angamaly, a small town close to where the Kochi airport is located.

The start

Having started MSME lending from a zero base in January 2019, we could easily see there was good demand for such loans. Accordingly, within a short period, we

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BUSINESS

We have proved that the market can be wrong in many of its preconceived risk perceptions, such as the belief that when starting a new line of business you require people with industry experience, or that each business would require a separate HR, a distinct business culture etc. went ahead and scaled up the business to new geographies like Tamil Nadu, Karnataka, Andhra Pradesh etc. Our initial focus remained on the southern states where we targeted the local ‘Kirana’ shops and small industrial establishments. We were careful to exercise due care when vetting the loan applications and in this we were helped by our pool of existing gold loan customers who gave us good leads about quality borrowers. Interestingly, we started this new line of business without recruiting anyone from the market with prior experience in MSME lending. Instead, the employees were selected from our home-grown gold loan employees based on their connect with the relevant micro-markets, and after assessing their aptitude to handle this new line of business. We also chose to explore a different path by recruiting fresh youngsters as field sales representatives for the purpose of interfacing with quality MSME borrowers. We were confident that MSME lending would be one of the major growth areas for us given that entrepreneurship at the grassroots is taking off in a big way. To serve a broader range of customers, we started to offer a wider range of loan

Mar - Apr 2022

products across different categories – health care industry loans, small scale industrial finance, food industry loans, restaurant finance etc. We disburse fully secured loans and only for business purpose. The maximum loan amount was limited to Rs. 15 lakhs for shops and establishments.

The pandemic setback

The onset of the Covid-19 pandemic from March 2020 onwards was a disaster for almost all sectors of the economy and the MSME sector was particularly hard hit. With rising uncertainty, the financial services sector went into a freeze and fresh lending slowed down to a trickle. The squeeze on working capital coupled with the disruption to their regular activities from the lockdowns played havoc with their cash flows and resulted in non-payment of loan EMIs. Many of the MSMEs were on the verge of downing their shutters. The pandemic disrupted our disbursements and its negative impact on asset quality affected sentiments and morale. For a brief period, we had to stop fresh disbursements as we focused on collections instead. However, by June 2020 things began to look up, and we became active in the market once again to resume disbursement of loans. By this time, the Reserve Bank of India (RBI) had

come out with its guidelines on the moratorium to be extended to borrowers affected by the pandemic. Accordingly, we too extended a moratorium to our eligible borrowers facing genuine challenges. Against the backdrop of a sharp fall in business, most MSMEs were faced with an acute cash crunch at this point, and they needed immediate liquidity to tide over the situation. The disruptions gave us an excellent opportunity to serve these MSMEs by speedily catering to their urgent requirement of working capital. We seized the opportunity and expanded the business to the rest of India, adding states like Odisha, West Bengal, Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Maharashtra, Gujarat, Rajasthan, Haryana etc.

Keeping NPAs in check

Perhaps the most important factor in any lending business is its asset quality, and how successful you are in holding down non-performing assets (NPAs). An important factor that enabled us to maintain good asset quality is our use of novel methods for loan appraisal. Before sanctioning any loan, we thoroughly analyse the repayment behaviour of the applicant. It helps us to assess the credibility and financial status of the borrower and that is taken to their credit score. After the loan is disbursed, we provide our customer with user friendly online payment options like Google Pay, Paytm, PhonePe etc. so that loan repayments can be made easily, thus improving our collections. Further, we have established collection and customer relations team to exclusively cater to MSME borrowers and they have played a crucial role in holding down our cheque bounce rate to below 4 per cent, and the NPA level to well below 5 per cent despite the severe challenges of the pandemic. It may also be mentioned that the NPA level for the total portfolio (i.e., MSME and other verticals put together) is less than 3 per cent.

As things stand today

Today, Manappuram’s MSME and other verticals boast of customers from many states across India. Tamil Nadu contributes around one-

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BUSINESS

fourth of the total business. We have more than 10,000 satisfied MSME customers and this portfolio generates a yield of about 21 per cent. The collection efficiency stands at more than 100 per cent including advance collections. We take special pride in having built a hardcore MSME portfolio of over Rs. 350 crore from scratch in three years, even as the last two years saw major disruptions from the pandemic. We did not hire any senior managers from the market as the entire business is managed by employees from our gold loans side. When we set out to do this, many questions were raised about whether employees from gold loans would be competent enough to run the show given that they lacked experience in credit appraisal, cashflow analysis, or the valuation of non-gold security. Today, we have

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been able to demonstrate that business can be done differently without having to adhere to the conventional path. We have proved that the market can be wrong in many of its preconceived risk perceptions, such as the belief that when starting a new line of business you require people with industry experience, or that each business would require a separate HR, a distinct business culture etc. We now expect that business from the MSME and other verticals will approach the Rs. 1,000 crore milestone by the end of this fiscal year, and thereafter cross Rs.5,000 crore within five years. In the post Covid environment, we have seen for ourselves the grim situation that small enterprises across India find themselves in due to the sudden fall in business. Unlike large and medium enterprises that have ac-

cess to institutional finance, small enterprises depend on regular cash flows for their sheer survival. They face an acute cash crunch and need immediate liquidity to help them survive in these challenging circumstance. It highlights the need for policy action to ensure the survival of small enterprises. The government should continue with its measures in support and see to it that small enterprises have uninterrupted access to liquidity to keep their businesses running and generate jobs for our workforce. Manappuram’s MSME business has made a strong start and we look forward to becoming a part of this process of keeping our small enterprises humming (V.P. Nandakumar is MD & CEO of Manappuram Finance Ltd. Views are personal.)

BUSINESS

Rajesh Nair Associate Partner, Ernst & Young LLP

Mar - Apr 2022

The entire first wave of digitization has adequately addressed the easy monotonous and set tasks and made them literally ‘hands-free’ or people-free. Artificial Intelligence goes in deeper and builds algorithms of possible outcomes.

Changing Landscape for the Management Professionals of Today

e have seen multifarious changes in business cycles, black swan events like pandemics, recessions, and turmoil of the nature we are seeing in Ukraine and Russia. The world has always been in a state of flux. With half a century under my belt in terms of years on Earth, I realise that while several of the events have happened for the first time in my lifetime, history has seen different versions of these in a variety of forms. Perhaps some of the disciplines we broadly classify under ‘Arts’ and relegate to lower status, need a more focused pondering. Management education and the organisational zeitgeist of today needs to incorporate some of this theory into academic textbooks like never in the past. Several paradigm shifts have occurred in management thought. The pace of change and the relevance of experience is being questioned in every field, as the truisms of yesterday seem like an afterthought today. The experience accumulated over repetitive tasks has limited use today as artificial intelligence mediums are taking over and bringing unprecedented efficiencies there. The entire first wave of digitization has adequately addressed the easy monotonous and set tasks and made them literally ‘hands-free’ or people-free. Artificial Intelligence goes in deeper and builds algorithms of possible outcomes. The entire subject of digital radicalization is not the

Mar - Apr 2022

BUSINESS

Mar - Apr 2022

Organising your institutional data, identifying templates to gather and store data will give you a treasure trove of information and will help you analyse the past and make intelligent predictions of the future.

subject I am delving here and hence I digress. The moot point is, what are the skills professionals today need to add to their armoury and how do they constantly upgrade, pivot, learn and unlearn in record speed. Agility has a new meaning. Transformation engagements typically used in consulting assignments of the past had a trajectory of four to five years and perhaps even more. Today that cycle of time is totally unpredictable and heads of companies want change to be driven with a much shorter leash. The questions management professionals have to address in most organisation is – RELEVANCE and RESULTS. The new business models and delivery mechanisms beg for a rethink of whether some of the organisations across industries are relevant in today’s context. Can they have ambitious business plans as there is no more tolerance of low single-digit growth rates? What level of maturity are your products and services? Are some of them ebbing the slow death and reaching the end of the milking cycle? Likewise, the question on results – where you once watched the

horizon and made predictions of the future, the quarter to quarter performance is the new norm and no investor wants to be told to come back after the five-year plan fructifies. Where are the short-term wins? What are milestones which constantly give confidence that the journey is in the right direction and not impervious to course corrections? Stability is important but so is agility and hence the coinage of the term – STAGILITY! You want to have a fine balance of both the aspects and are not satisfied with only one. Perhaps the most important skill to retain by the professional is the ability to embrace learning – not as a hobby but as a regular habit. Working knowledge of technology is of high importance and while the technicalities can be left to hardcore tech folks, one has to have the ability to understand and evaluate. Most decision dynamics today need that sprinkle of technical understanding to clarify the eventual direction. Management of technology is far more difficult than the mastery of technology itself and one needs to develop that critical mindset to constantly weigh economics with the quantum of change. Another im-

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BUSINESS

portant decision—when is the time right for a change. Answering these questions often needs a learner mindset than an expert mindset because the variables in the equation are relatively known and you may lack the luxury of spreadsheets of experience. Your ability to manage, read, and mine data is the next skill. History has given us gazillion data points but we need to know how to dig and what we are digging for. Often scientists say, the final output of mining may not be gold but the process and the rigour itself help you understand a lot and prepare to make more data-driven knowledgeable decisions. Organising your institutional data, identifying templates to gather and store data will give you a treasure

Mar - Apr 2022

trove of information and will help you analyse the past and make intelligent predictions of the future. ‘Work from home’ forced by the pandemic has left us feeling like a group of freelancers under a loose organisational umbrella. We still have not gotten back to the meet and greet phase and that has its challenges. On the other hand, we hear the doomsday predictions of the end of the office space, etc. But in all this the most important part of that working model is CONNECTIONS – are you able to connect to the other person? Whether it is your colleague, a junior, or a customer? If the connection is right, it often does not matter the mechanics of meeting. With this wide avenue of chang-

es, the new professional has her hands full. The average term of an employee in an organisation is reducing and I am not sure that is the right thing. Organisations, like people, are complicated. Culture does not get built in a day nor can it be understood in a day. In the same way as change needs to be the essence, one must also realise that change is difficult even though the natural order of things is from biology to psychology. For the young professional entering the portals of a career – observe, think, take time and learn. The opportunities today are the highest in any time of human history – you just need the patience to find the right wave which suits your interest and then commit to it!

HEALTH

Dr Arun Oommen MBBS, MS (Gen Surg), MCh (Neurosurgery), MRCSEd,MBA Senior Consultant Neurosurgeon VPS Lakeshore Hospital NH-47, Bypass, Maradu, Nettoor PO, Kochi 682040, India.

Your body converts extra calories into triglycerides, which are stored in your fat cells. If you tend to eat more calories than you burn, you may have high triglycerides - a condition known as hypertriglyceridemia.

Does High Cholesterol

Increase The Risk for Stroke

holesterol is a waxy substance that contributes to the buildup of deposits, known as plaques, within blood vessels. Plaques can accumulate in the carotid arteries, which supply oxygen to the brain. A stroke can result from the blockage of an artery that supplies oxygen to the brain. Along with high blood pressure, diabetes, smoking, and obesity, high cholesterol levels are well-established as a risk factor for stroke risk. Cholesterol often gets a bad reputation, but you actually need a certain amount of cholesterol to make substances that are essential for good health, such as:  Bile acids, which help you absorb fat-soluble vitamins  Hormones, like estrogen and androgen  Cell membranes

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However, early research in this area has yielded mixed conclusions on the role of cholesterol in stroke. The connection between cholesterol and stroke is complicated because their relationship varies based on the type of stroke and the type of cholesterol involved.

Types of Stroke There are two major types of stroke. The most common type of stroke, ischemic stroke, is caused by the blockage of blood flow. The risk factors for ischemic strokes include high cholesterol. High blood cholesterol levels can specifically increase your risk of an ischemic stroke. That’s because high cholesterol contributes to plaque buildup in the arteries, a condition called atherosclerosis. Plaque is a fatty substance that’s made of:  Cholesterol  Cellular waste products

 Fibrin  Calcium Plaque buildup can make your arteries narrower and stiffer. In turn, this can restrict blood flow in your arteries, including the arteries in your brain. The other major type of stroke, hemorrhagic stroke, is caused by the rupture of a blood vessel, which bleeds into the brain. Elevated cholesterol is not associated with a high risk of this type of stroke.

Types of Cholesterol The cholesterol in our blood is made by our liver. Our lifestyle and the foods we eat can affect our cholesterol levels. Not all cholesterol is the same. Different types of cholesterol can have very different effects on the body. Cholesterol is unable to travel through our blood on its own. Our liver makes lipoproteins, or particles that transport cholesterol

in our arteries.

There are different types of cholesterol:  LDL cholesterol: Low-density lipoprotein cholesterol, or “bad“ cholesterol, transports cholesterol from the liver to other cells. This unhealthy type of cholesterol can contribute to the buildup of plaque, which can narrow and clog our arteries. Thus harming the heart and brain. Levels of LDL cholesterol higher than 130 milligrams per deciliter (mg/dL) are linked to an increased risk for ischemic stroke.  HDL cholesterol: High-density lipoprotein is known as “good”

cholesterol. This healthy type of cholesterol helps clear LDL cholesterol from your arteries, which reduces your risk of stroke. Unlike LDL cholesterol, you want to have higher levels of HDL cholesterol in your blood. HDL levels higher than 35 mg/dL protect against ischemic stroke by helping ferry LDL to the liver and out of the bloodstream and by helping stabilize existing plaques.  Triglycerides: Triglycerides are a type of fat that’s found in your blood. Your body converts extra calories into triglycerides, which are stored in your fat cells. If you tend to eat more calories than you burn,

you may have high triglycerides - a condition known as hypertriglyceridemia. Having high triglyceride levels plus high LDL or low HDL increases the risk of plaque buildup in your arteries.  Total cholesterol: Total cholesterol is the sum of your LDL and HDL cholesterol levels, along with 20 percent of your triglyceride levels. Since high cholesterol causes no symptoms, the best way to check your levels is to get a blood test Higher levels of HDL to continue to add protection, with the greatest benefits conferred by HDL levels over 60 mg/dL., while HDL levels

Mar - Apr 2022

HEALTH

below 35 mg/dL are associated with higher stroke risk. When a plaque ruptures, pieces of the plaque break free and are carried away in the bloodstream, where they may lodge in the arteries that supply oxygen to the brain. The ruptured plaque can trigger the blood to clot, which further increases the risk of blocked blood flow.

High Cholesterol Risk Factors There are many factors that may increase one’s risk for high blood cholesterol levels.  Genetics - People who have parents or siblings with high cholesterol are more likely to have the condition too. Familial hypercholesterolemia is a genetic disorder in which your body is unable to properly remove LDL cholesterol from your blood. This causes high levels of LDL choles-

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terol.  Obesity - Obesity, or a body mass index (BMI) of 30 or more, puts a person at risk of having high cholesterol.  Unhealthy eating habits - Consuming high amounts of saturated fats or trans fats can boost the levels of low-density lipoproteins in the blood. When you eat more calories than you can burn, your body converts the extra calories into triglycerides, which can lead to more plaque buildup in your arteries.  Lack of physical activity Spending a lot of time sitting or lying down, without exercising, has been associated with lower levels of HDL and increased levels of LDL, triglycerides, and cholesterol levels, and an increased risk of stroke.  Smoking - Smoking can lower the amounts of HDL, particularly

Cholesterol-Lowering Tips  Eat a nutritious, balanced diet: Avoid or limit foods high in saturated and trans fats, like fried foods, red meat, and processed foods. Also, avoid too many refined sugars. Aim to eat more fruits, vegetables, whole grains, and lean meats.  Focus on soluble fiber: Soluble fiber may help reduce your total and LDL cholesterol levels. Foods high in soluble fiber include whole grains, beans, and vegetables like broccoli and carrots.  Stay active: Aim for 150 minutes of physical activity a week.  Consider quitting smoking  Take cholesterol-lowering medications: This may include drugs like statins, bile acid sequestrants, or cholesterol absorption inhibitors.

in women. It also increases the levels of LDL cholesterol and triglyceride in the blood.  Diabetes - People with high blood sugar levels are at a greater risk of developing high cholesterol, with low levels of high-density lipoprotein (HDL), and high levels of bad cholesterol or LDL. People with diabetes are more than twice as likely to have an ischemic stroke compared with people who don’t have diabetes.  Older age - Over time, it becomes harder for the body to remove cholesterol from the blood. This can lead to higher cholesterol levels.

Cholesterol Guidelines for Reducing Stroke Risk Guidelines generally recommend that people without existing heart disease who do not smoke and have no other heart disease risk factors (such as diabetes, high blood pressure, obesity, family history of heart disease) should maintain a total cholesterol level of less than 240 mg/ dL, with LDL below 130 mg/dL and HDL above 40 mg/dL. People with cardiovascular risk factors are advised to aim for even better cholesterol levels to better

protect against heart disease and stroke. These individuals should maintain a total cholesterol level below 200 mg/dL, with LDL below 100 mg/dL, and HDL above 60 mg/dL. Triglycerides are recommended to be kept below 150 mg/dl.

The Role of CholesterolLowering Medications Medications used to lower cholesterol levels - in particular, the class of drugs known as statins have been shown to lower the risk of having a stroke and may reduce the severity of a stroke by reducing levels of LDL. Statins and other cholesterol-lowering drugs help prevent plaque formation, which prevents stroke. In fact, statins have even been shown to reduce stroke risk in patients with normal cholesterol levels.

Statins have several effects:  Prevent plaques from forming  Help stabilize existing plaque deposits  Help make plaques less fatty and more fibrous, making them more resistant to rupture  Reduce inflammation and help prevent clots from forming

Large research studies have drawn clear ties between the use of statins and reduced stroke risk. One study found that statin use reduces stroke risk by 21% and that every 10% reduction in LDL levels resulted in a 15.6% reduction in stroke risk. Several studies have found that while statins offer a general reduction in stroke risk, the greatest benefit is seen in those who have not had a prior stroke. Though statins confer benefits to those who have already had at least one stroke or mini-stroke, the impact is weaker. Other cholesterol-lowering medications have not matched the efficacy of statins. However, some small studies have shown protective effects, particularly by helping raise the level of HDL cholesterol. Once your cholesterol levels are within a normal range, it’s important to continue following a healthpromoting lifestyle in order to keep your cholesterol levels within a normal range.

Stroke Risk Factors Modifiable Risk Factor  High blood pressure. Blood pres-

Mar - Apr 2022

HEALTH

Mar - Apr 2022

Several studies have found that while statins offer a general reduction in stroke risk, the greatest benefit is seen in those who have not had a prior stroke. Though statins confer benefits to those who have already had at least one stroke or mini-stroke, the impact is weaker.

sure of 140/90 or higher can damage blood vessels (arteries) that supply blood to the brain.  Heart disease. Heart disease is the second most important risk factor for stroke and the major cause of death among survivors of stroke. Heart disease and stroke have many of the same risk factors.  Diabetes. People with diabetes are at greater risk for a stroke than someone without diabetes.  Smoking. Smoking almost doubles your risk for an ischemic stroke.  Birth control pills (oral contraceptives)  History of TIAs (transient ischemic attacks). TIAs are often called mini-strokes. They have the same symptoms as stroke, but the symptoms don’t last. If you have had one or more TIAs, you are almost 10 times more likely to have a stroke than someone of the same age and sex who has not had a TIA.  High red blood cell count. A significant increase in the number of red blood cells thickens the blood and makes clots more likely. This raises the risk for stroke.  High blood cholesterol and lipids. High cholesterol levels can contribute to the thickening or hardening of the arteries (atherosclerosis) caused by a buildup of plaque. Plaque is the deposit of fatty substances, cholesterol, and calcium. Plaque buildup on the inside of the artery walls can decrease the amount of blood flow to the brain.  Lack of exercise

 Obesity  Excessive alcohol use. Binge drinking increases the risk of stroke.  Illegal drugs. IV (intravenous) drug abuse carries a high risk of stroke from blood clots (cerebral embolisms). Cocaine and other drugs have been closely linked to strokes, heart attacks, and many other cardiovascular problems.  Abnormal heart rhythm. Some types of heart disease can raise your risk for stroke. Having an irregular heartbeat (atrial fibrillation) is the most powerful and treatable heart risk factor of stroke.  Cardiac structural abnormalities. Damaged heart valves (valvular heart disease) can cause long-term (chronic) heart damage. Over time, this can raise our risk for stroke. Non-Modifiable Risk Factor  Heredity or genetics. The chance of stroke is greater in people with a family history of stroke.  Older age. For each decade of life after age 55, your chance of having a stroke more than doubles.  Race. African-Americans have a much higher risk for death and disability from a stroke than whites. This is partly because the AfricanAmerican population has a greater incidence of high blood pressure.  Gender. A stroke occurs more often in men, but more women than men die from stroke.  History of prior stroke. You are at higher risk for having a second stroke after you have already had a stroke

Mar - Apr 2022

FINANCE

Adv Sherry Samuel Oommen This article is authored by Adv Sherry Samuel Oommen. Adv Oommen, who specializes in constitution, tax and corporate laws has also cleared the final exams of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India. He has also completed his Masters Degree in Commerce, apart from obtaining a Post Graduate Diploma in Business and Corporate Laws from Symbiosis Pune. The views expressly are personal and should not be construed as a legal opinion.sherryoommen@nashcp.com.

Treaties should be seen in the context of “aiding commercial relations” between treaty partners, and a “bargain” agreed to between treaty countries as to the division of tax revenues between them in respect of income falling to be taxed in both jurisdictions.

AZADI BACHAO ANDOLAN: ITS ROLE IN DEVELOPMENT OF TAX JURISPRUDENCE IN INDIA 1. A brief precursor The issue regarding whether a route adopted by a taxpayer qualifies as methodology of tax planning, tax avoidance or tax evasion has been an aspect that has haunted various courts in India. While the taxpayer has sought to reduce his tax liability, arguably through bona fide ‘tax planning’ tools, the argument of the department has pivoted around the ‘tool’ being a device of tax avoidance. From the angle of the department; it has been their contention that such stratagem ought to be ferreted by the courts. The Honourable Supreme

Mar - Apr 2022

Court has been faced with this controversy a number of times, arguably dating back to its judgment in the case of McDowell & Co Limited Vs CTO [1985] 154 ITR 148. From the angle of first principles, it would augur well to recall the landmark decision in the case of Inland Revenue Commissioner Vs Duke of Westminster [1939] AC 1 where it was held that unless a subject falls clearly within the letter of the law, it would be totally in apposite for the Crown to recover taxes from the said subject. On the contrary, if a person clearly fell within the

letter of the law, he must be taxed however great the hardship may appear to the judicial mind to be. The freedom to arrange one’s affairs having regard to the letter of the law, so as to not attract taxes, apart from being accepted by the Courts in England was accepted by a few courts in India including by the Honourable Gauhati High Court in the case of George Williamson (Assam) Limited (2004) 265 ITR 626. In the context of tax treaties and the availment of its benefits, the said issue regarding tax avoidance

vs tax planning has also had a role to play. For instance, the Honourable Calcutta High Court in the case of Davy Ashmore India Limited [1991] 190 ITR 626 whilst considering the correctness of Circular No 333 dated April 2, 1982 issued by the Central Board of Direct Taxes (‘CBDT’), held that the provisions of the tax treaty would override the generic provisions under the Incometax Act, 1961 (‘the Act’), notably, sections 4 and 5 of the Act. The said view was endorsed by Honourable Karnataka High Court in the case of CIT Vs RM Muthaiah [1993] 202 ITR 508, where the Court undertook an evaluation of the contours of section 90 of the Act qua distribution of powers of taxation between the signatories to a tax treaty and there-

upon upheld its sanctity. The overriding provisions contained in section 90 of the Act was also endorsed by the Honourable Gujarat High Court in the case of Arabian Express Line Limited [1995] 212 ITR 31.

2. Azadi – The case at hand The issue in the case of Azadi Bachao Andolan [2003] 263 ITR 706 required the Honourable Supreme Court to consider a number of issues. The judgment centred around Circular No 682 dated 30.03.1994 issued by the Central Board of Direct Taxes, whereby the Government, having regard to Article 13(4) of the India-Mauritius Double Taxation Avoidance Agreement (DTAA), clarified that capital gains of any resident in Mauritius by alienation of shares of an Indian company

shall be taxable only in Mauritius according to the laws of Mauritius. The said circular was challenged before the Honourable Delhi High Court, which had quashed the said circular on various grounds. One of the grounds of quashing the circular was after having placed reliance on judgment of the Honourable Supreme Court in the case of McDowell & Co Vs CTO [1985] 154 ITR 148, as it interfered with the quasi-judicial function of the Assessing Officer. Against the judgment of the Honourable Delhi High Court, the appeal was preferred before the Honourable Supreme Court. 2.1 Propositions of law expounded by the Honourable Supreme Court After detailed arguments, the

Mar - Apr 2022

FINANCE Honourable Supreme Court upheld certain key propositions in tax jurisprudence which have held their forte even with the passage of time. These propositions have stood the test of time and have formed a key basis in the development of jurisprudence governing international taxation. Some of the key tenets of law laid down by the Honourable Supreme Court in the case of Azadi Bachao have been summarised in the ensuing paragraphs:  The power to enter into a tax treaty stands circumscribed by section 90)(2) of the Act. The power to enter into tax treaties to the Central Government was through the issuance of a notification having regard to section 90(2) of the Act.  Once the requisite notification was issued under section 90(2) of the Act by the delegate, i.e., the Central Government, the concerned assessee is entitled to seek the benefits under the concerned tax treaty even if the provisions of the tax treaty were inconsistent with the provisions of the Act.  After a combined reading of sections 4 and 5 of the Act, the Court held that the said sections were embedded with the phrase “subject to the provisions of this Act”. Consequently, the provisions of section 90 of the Act would take precedence over the provisions of sections 4

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and 5 of the Act. The Honourable Court accepted the dictum of the Honourable Andhra Pradesh High Court in the case of CIT Vs Vishakapatnam Port Trust [1983] 144 ITR 146.  The Court upheld the power of the Government to issue the said circular having regard to the provisions of section 119 of the Act. Additionally, the Court upheld some of the cardinal principles in the interpretation of circulars including on its binding effect considering the judgments laid down in the case of Navnit Lal C Javeri [1965] 56 ITR 198 (SC), Ellerman Lines Limited (1971) 82 ITR 913 (SC), CCE v. Dhiren Chemical Industries [2002] 2 SCC 127. The Court held that restriction on the power to issue a circular by the CBDT was to prevent the Board from interfering with the course of assessment of any particular assessee or the discretion of the Commissioner of Income-tax (Appeals).  The Court, following the dictum laid down in the case of Kasinka Trading [1995] 1 SCC 274 held that the grant of an exemption by the Mauritian Government qua taxability of capital gains would still hold the concerned resident as being “liable to tax”. Consequently, as the person concerned was “liable to tax” in Mauritius, despite the exemption, he would be in a position

to claim the benefits under the tax treaty.  The Court held that the principles governing interpretation of tax treaties are not the same as those in the interpretation of a statutory legislation. Treaties should be seen in the context of “aiding commercial relations” between treaty partners, and a “bargain” agreed to between treaty countries as to the division of tax revenues between them in respect of income falling to be taxed in both jurisdictions.  The Court after considering the judgment of the Honourable Supreme Court in the case of McDowell & Co Limited [1985] 154 ITR 148, upheld the observations laid down by Justice Shah in the decision of CIT Vs A Raman & Co [1968] 67 ITR 11. In the said case, the Honourable Supreme Court held as follows, “Avoidance of tax liability by so arranging commercial affairs that charge of tax is distributed is not prohibited. A taxpayer may resort to a device to divert the income before it accrues or arises to him. Effectiveness of the device depends not upon considerations of morality, but on the operation of the Income-tax Act. Legislative injunction in taxing statutes may not, except on peril of penalty, be violated, but it may lawfully be circumvented.”

3. Is it still relevant?

The issue of General Anti Avoidance Rules, with acronym the ‘GAAR’ is currently holding the centre stage. Questions have now been raised whether the provisions of GAAR which have been introduced with effect from 01.04.2017 would override tax treaties. As stated earlier, the principles laid down by the Honourable Supreme Court in the case of Azadi Bachao Andolan are now fairly ensconced in jurisprudence governing international tax. The landmark decision of the Honourable Supreme Court in the case of Vodafone International Holdings BV Vs Union of India (2012) 6 SCC 613 reiterated the principle of treaty override laid down in the

case of Azadi Bachao. Coincidentally, the judgment of the Honourable Supreme Court in the case of Vodafone International Holdings BV has virtually changed the tax landscape in India through the series of amendments effected vide Finance Act, 2012. The said changes in the domestic tax laws and their effect on the tax treaties was a subject matter of consideration before the Honour-

able Delhi High Court in the case of New Skies Satellite BV [2016] 382 ITR 114. The Honourable Delhi High Court held that a unilateral change in the domestic tax laws would have no bearing on the interpretation of tax treaty, unless, the concerned treaty was amended and signed by the Parties. The need for there to be an agreement between the signatories to a tax treaty for the purpose of amending the same

FINANCE

stands reiterated in Article 39 of the Vienna Convention. While the judgment is indeed a locus classicus, the dictum reiterates that states are expected to honour their treaty commitment in good faith. Pertinently, this customary principle in customary international law could not be breached. The Honourable Delhi High Court also observed that Article 51(c) of the Indian Constitution endorsed the said principle, thereby limiting the powers of the Parliament. It would be indeed apt that this article is being penned at a time when the Government vide Circular No 3 of 2022 has specified the need for a separate notification to be issued for the purpose of importing the beneficial treatment from another Double Taxation Avoidance Agreement. This circular is being issued in the wake of the recent decision of the Delhi High Court in the case of Concentrix Services Netherlands BV Vs ITO (TDS) [2021] 434 ITR 516, which upheld the grant of benefits to a person covered under the India-Netherlands tax treaty, based on the grounds of parity, having regard to the lower rates of deduction stated in the tax treaties with

Mar - Apr 2022

Slovenia, Lithuania and Columbia. Coincidentally, the Pune Tribunal in the case of GRI Renewable Industries Limited (TS-79-ITAT2022(Pun) held that once a treaty was notified under section 90(2) of the Act, the protocol importing the benefits of another tax treaty stand automatically notified pro tanto, thereby there was no requirement of issuing a separate notification. In the said ruling, the Honourable Pune Tribunal had specifically considered the applicability of Circular No 3 of 2022. The issue of General Anti Avoidance Rules, with acronym the ‘GAAR’ is currently holding the centre stage. Questions have now been raised whether the provisions of GAAR which have been introduced with effect from 01.04.2017 would override tax treaties. In a recent judgment of the Honourable Supreme Court in the case of Engineering Analysis Centre of Excellence Private Limited Limited v. CIT [2021] 281 Taxman 19 it was further reiterated that in determining the tax liability of any assessee in respect of an international transaction, the beneficial provisions of the concerned tax treaty would prevail

over the inconsistent provisions of the Act. Quite frankly, in my view, it is indeed a matter of agony, that the stance of Government through the unilateral amendment in the tax laws, whether through the legislative processes or by way of circulars, appears to be in conflict with Article 26 of the Vienna Convention, which deals with pacta sunt servanda and Article 18 of the said convention, which provides that a State, which is party to a treaty, is obliged to refrain from acts, which would defeat the object and purpose of the treaty. I would also beg to add that the overriding contours of Article 253 of the Constitution of India vis-à-vis Articles 245 and 246 of the Constitution of India, has been upheld by the Hon’ble Andhra Pradesh High Court in the case of Sanofi Pasteur Holding SA [2013] 213 Taxman 504, where their Lordship held that once a law has been enacted pursuant to Article 253 of the Constitution of India, it cannot be amended pursuant to the generic powers conferred under Article 246 of the Constitution of India. Clearly, whether one looks at por una parte or por otra patre, the dust is unlikely to settle soon

MOTIVATION

Dolly Neena Dolly Neena is founder of THE IGNIST, a training company born out of a noble cause and spirit. She holds a decade long experience being a passionate mentor and entrepreneur.

The most important thing is first to believe that you can achieve what you are going to manifest. You should always have a specific clear picture of what you want/need.

WHAT YOU SEEK IS SEEKING YOU..!

uccessful entrepreneurs always set goals – big, specific, and timebound plans that we meticulously target to achieve. Thanks to the internet and a growing number of affordable tools, it is indeed largely a positive development for entrepreneurs able to map out realistic goals and visions for themselves and the company. Past decades have been buzzing with the ideas of Visualizations, Vision boards, Law of attraction, and Manifestations. The business world is pretty serious about Visualization when it comes to Planning. We know about the importance of creating personal and professional vision boards also and how that helps manifest your future reality. A vision board, as you know, is just a visual collage of images and affirmatory words that represent your goals and dreams for your future self. It becomes more impressive on your mind when you write it down, or when you see

Mar - Apr 2022

it in images – It helps you be reminded and subconsciously assured about your future dreams. A vision board helps make clarity and concentrate on specific goals. It apparently acts as a compass or a guiding star to keep you moving in a higher desired right direction. Because distractions and speed-bumps are expected and inevitable in life. Having a vision board will actually help you to overlook these obstacles and distractions on the road, and aids you to keep focusing on your quintessential goal, eventually getting you closer to your dreams. It is important to keep yourself reminded of the bigger picture, always. Life keeps throwing lemons at you – Make a gala time out of it making lemonades! It depends on what increase you should expect for life - I’d take a leap of faith and say – it just depends on person to person – it all depends exactly on the amount of Faith you have, in yourself and the Universe.

Have you ever thought about how this Universe really works… What are we… Is everything we see & experience ‘reality’ or just ‘illusion’…..? What really shapes our reality…? We all have dreams and goals, We want to possess and achieve a lot of things in life – But how do we achieve them…? Anyone would like to have a mysterious power within us to ‘manifest’ the kind of life we want. A little magnetic pull in the right direction from the Universe. ‘Manifestation’ is the belief that your thoughts can create your reality. It is turning an idea, a concept into tangible reality. We all have tread that path – knowingly or unknowingly. Let me tell you, consciously or unconsciously you have been instrumental in choosing what you have in life right now. Ironically, whatever you possess right now would have definitely been something that you always wanted some time in the past. Now think – have you manifested anything that you really didn’t want…?

Mar - Apr 2022

MOTIVATION

“Everything you want is out there waiting for you to ask. Everything you want also wants you. But you have to take action to get it.” Jack Canfield. As per Quantum Physics, the universe is made up of energy – and the particles behave differently depending on how and whether they are observed. In other words, ‘The observer effect’ says that the world presents itself as you see it! Now as per the Quantum Entanglement concept (Einstein termed it as ‘spooky action at distance’), “ two objects can become connected and act as one of communicating with one another, regardless of how far apart they are”! A part of the world is thinking about how to activate the law of attraction; how to collapse the wave function, remove time, and manifest desires on purpose. We are the co-creators with the universe, of our reality. That indeed is the beautiful nature of life. Once you accept that great profound fact, your life changes magically. The way your think and the way you perceive the world shift wonderfully. Once you realize the power you have within, to co-create, and once you shed your ego-self, then it becomes easy for you to “be in the flow”, the universal flow of abundance. You’d have noticed that your positive con-

Mar - Apr 2022

fident expectations on yourselves have been confirmed out to be selffulfilling prophecies. This is a form of manifestation. Now comes the question – What exactly should we do to “manifest” something? – There are age-old patterns, tried and tested methods, and several case studies on how people have manifested their dreams and goals. The most important thing is first to believe that you can achieve what you are going to manifest. You should always have a specific clear picture of what you want/need. What you desire should emotionally matter to you – unless you really need it, your mind won’t project the needed intensity in connection with Universe. Your thoughts should magnetically be able to attract your goal towards you. Everything is energy – whether it be money or a house. Thus, the energy frequency you emanate matters, in order to ensure manifestation. The real power is in your thoughts. What you believe, you receive! It’s as simple as that. It is all about “asking”. Remind yourself not to be tied down by limiting negative thoughts when you try to manifest – Your inner language programming is the most important thing in this entire process. Self-doubt, negative self-talks, overthinking, and too much worrying are all obvious roadblocks that you must

clear out to manifest fruitfully. You need to understand yourself – shed all the past conditioning you’ve gone through, Have a fresh clear mind which only believes fundamentally in the reality you want to create. Statutory warning – It might not manifest as per your timeline, Universe always has its own divine timing, when it comes to larger manifestations. But I agree, you can definitely achieve the usual professional realistic goals in the exact time frame you’ve drawn for the team. Human beings, by nature, are creatures of their own habits, are so engrossed & engaged in self-fulfilling mechanisms that only helps to reinforce their existing beliefs. The solution is to start thinking and attracting more consciously, mindfully (feeding it to the deep-rooted subconscious beliefs), and behaving in accordance to the process of manifestation. When you make a conscious shift, you’ll naturally change your beliefs, change the way you look at things, and eventually, you’ll notice a stark difference in your surrounding reality. You are the artist – You are the creator – Creation is brought forth by your desire, focus, care, attention, intensity, beliefs, and your certainty that a thing is done now! Where your focus goes your energy flows!

GADGETS

One Plus Nord CE 2 5G

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Vivo V23 5G

Rs 29, 990 (Approximately) Android v12 6.44 inches (16.36 cm) Display 64 MP + 8 MP + 2 MP Primary Cameras 50 MP + 8 MP Front Camera 8 GB RAM 128 GB Internal Memory 4200 mAh Battery Capacity

Mar - Apr 2022

Vivo T1

Rs 15, 990 (Approximately) Android v12 6.58 inches (16.71 cm) Display 50 MP + 2 MP + 2 MP Primary Cameras 16 MP Front Camera 4 GB RAM 128 GB Internal Memory 5000 mAh Battery Capacity

Realme C25s

Rs 10, 999 (Approximately) Android v11 6.5 inches (16.51 cm) Display 13 MP + 2 MP + 2 MP Primary Cameras 8 MP Front Camera 4 GB RAM 64 GB Internal Memory 60000 mAh Battery Capacity

Mar - Apr 2022

BEAUTY

Reap The Beauty Benefits of Papaya

ature provides you with specific fruits and vegetables that nourish you from the inside out and help you overcome some frequent health issues. Papaya is one of those fruits that may be eaten raw, ripe, or cooked and still provide considerable health advantages. The immune-boosting vitamin C content of one small papaya is roughly 300 percent of the daily intake. It's also high in beta-carotene and antioxidants, which protect your body from free radical damage and improve the health of your skin and hair. Papayas are becoming increasingly popular as a natural home remedy and in skin and hair care products. Papaya contains an enzyme called papain, which is good for your overall health as well as your skin. Papaya is high in vitamin A, which aids in the treatment of visual disorders. This pulpy fruit's extract is also a key element in a variety of skin and hair care products. Papaya's high concentrations of important vitamins A and C, as well as the antioxidant lycopene, help your skin seem vibrant, toned, and youthful. Here are some of papaya's beauty benefits and how to include them into your skincare and haircare routine.

Skin is Moisturised

For those with dry skin, papaya can be a boon. Your skin will be soft and silky after using a papaya face pack. The en-

Dr. Elizabath Chacko, MD-Kalpana International

Mob: 9388618112

Mar - Apr 2022

zymes found in papaya can help to moisturise and cure dry, flaking skin. Mix papaya and honey in a bowl. Apply the mask to your face and let it dry. It should be worn for 30 minutes. Rinse well with cold water.

Pigmentation is Removed

Papaya contains skin-lightening qualities that aid in the removal of acne and discoloration. Papaya's beta-carotene, enzymes, and phytochemicals also contribute to fairness. Together with the alpha-hydroxy acids, the enzyme papain functions as a strong exfoliator, dissolving inactive proteins and dead skin cells. As a result, your skin may appear lighter and softer. In a bowl, soak the cotton balls in papaya juice. This should be applied to the afflicted regions. Leave it on for 15 minutes before rinsing it off with cool water.

Wrinkles are Reduced

The peel of papaya can aid in the reduction of age signs. Some say it's just as good as Retin-A. The peel contains enzymes that help to exfoliate dead skin cells from the skin's surface. This aids in the removal of wrinkles and age spots. The papaya peel should be rubbed all over your face and neck. Rinse with cold water after 20 minutes.

Acne Breakout Control

Papaya cures acne and helps to prevent future breakouts. Papaya is a good acne therapy because of the proteolytic enzyme papain. Aside from the fruit itself, specific enzymes can be found in the leaves, skin, and seeds, which can help to reduce scars and blemishes. Apply a face mask made from the thick, even pulp of ripe papaya and leave it for upto 15-20 minutes. This

paste should be washed off with cold water. You will notice a significant change if you use it on a regular basis. You can also apply raw papaya juice directly to the acne-affected region to reduce inflammation and alleviate pain.

of infections that might harm your scalp. Take 1 cup papaya, 1 cup carrier oil, and 12 cup Aloe Vera juice, blend it well. Allow 15-30 minutes for this combination to sit on your scalp. Rinse it thoroughly.

Encourages Hair Growth

Dandruff is Controlled

Papaya increases hair development and prevents balding. It contains folic acid and antioxidants, which improve blood, oxygen, and nutrient circulation to the hair follicles and promote healthy hair development. Papaya's antibacterial capabilities aid to prevent a variety

When used as a hair pack, one of the biggest papaya seeds advantages is that it can help alleviate dandruff. A fungal infection is one of the most common causes of dandruff. Papaya seeds have antifungal qualities that help regulate and prevent dandruff.

To make a smooth paste, peel the papaya and combine the pulp and seeds together. Massage the paste into your scalp by evenly applying it throughout your hair. Allow it to sit for one hour before shampooing as usual. You now understand how to consume papaya in a healthy manner. Include papaya in your diet and reap the benefits. This readily available fruit can be quite beneficial to your health.

Stay Healthy! Stay Beautiful!

Mar - Apr 2022

TRAVELOGUE

The Boulevard SaintGermain-des-Prés in the 6th arrondissement is the best place to start if you want to discover the legendary Paris cafés. This wide treelined boulevard is lined with designer fashion boutiques, prestigious cafés, and traditional brasseries.

Mar - Apr 2022

Paris - The City of Dreams and Love T

he immaculately manicured streets, the Haussmannian architecture, and the intoxicating aroma of pâtisseries and freshly baked bread wafting through the air. When it comes to romance, Paris has that special something that draws millions of visitors every day.

Best Time to Visit Paris

The myth that everything in Europe closes down in August is not a myth at all; it happens all the time, especially in countries like Italy, Spain, and, yes, France. This month, most locals go on vacation, and many restaurants and small businesses close for weeks at a time. But, in reality, every month in Paris has its advantages - even August, if avoiding large crowds of Parisians sounds appealing. Winters aren't too cold, and Christmas in Paris is like something out of a movie. And, of course, Paris in the spring is unrivalled.

Most Beautiful Places in Paris

Eiffel Tower What would Paris be like without the iconic Eiffel Tower? Gustave Eiffel designed it to commemorate the centennial of the French Revolution and it debuted at the Exposition

Universelle in Paris in 1889. The Eiffel Tower (la Tour Eiffel) is the most visited tourist attraction in the world and ranks high on the list of places to visit in France. It's difficult to believe that when it was first unveiled, the structure was dismissed as a monstrosity. Alexandre-Gustave Eiffel designed the iconic tower for the 1889 Paris Exhibition, which commemorated the centennial of the French Revolution. The tower is made up of 18,000 strong iron held together by 2.5 million rivets. This innovative structure is now regarded as a masterful architectural feat and is the most recognisable landmark in Paris. The tower, which stood 324 metres tall, was the world's tallest building until the Empire State Building was built. Musée du Louvre The Louvre, a sumptuous palace that was once home to France's kings, is the most important of Paris' top museums. Visitors enter the museum through the glass pyramid in the palace courtyard (designed by Ieoh Ming Pei in 1917). The Louvre houses 35,000 artworks (many of which are considered masterpieces) ranging from antiquities to European paintings from the 15th to the 19th centuries.

Mar - Apr 2022

TRAVELOGUE It is impossible to see everything in one visit, but tourists can concentrate on a specific gallery, such as classical sculpture, Italian Renaissance art, or 17th-century French paintings, or take a selfguided tour to see the highlights of the Louvre Museum. The Mona Lisa, also known as La Gioconda (or La Joconde in French), was painted by Leonardo da Vinci in 1503-1505. Many visitors rush through the museum just to see this one piece, but even if time is limited, there are many other must-see works of art to admire. Cathédrale Notre-Dame de Paris Notre-Dame is located on the Île-de-la-Cité, next to the Latin Quarter, in the heart of Paris. The Île-de-la-Cité, an island in the Seine River, is the historical and geographical centre of Paris. The Romans built the Gallo-Roman city of Lutetia on this small plot of land, and the Kings of France lived here from the 6th to

Mar - Apr 2022

the 14th centuries. The Cathédrale Notre-Dame de Paris was founded in 1163 by King Louis IX (Saint Louis) and Bishop Maurice de Sully, and it took over 150 years to complete. The cathedral was built in the Early Gothic style at first, but later additions (the west front and the nave) demonstrate the transition to the High Gothic style. This magnificent mediaeval monument is a Gothic architectural triumph. Tourists are immediately drawn to the facade's ornamental design, which includes a plethora of sculptures and gargoyles, while elaborate flying buttresses provide structural integrity for the massive structure. Versailles Palace This magnificent mediaeval monument is a Gothic architectural triumph. Tourists are immediately drawn to the facade's ornamental design, which includes a plethora of sculptures and gargoyles, while

elaborate flying buttresses provide structural integrity for the massive structure. Versailles was built in the 17th century as a symbol of French military power and a demonstration of French supremacy in Europe, and it served as the seat of political power in the Kingdom of France from 1682 to 1789. This massive complex of buildings, gardens, and terraces is a must-see for any visitor who will be captivated by exceptional accommodations, lavish decorations, furniture, and gilded Renaissance art. Disneyland Disneyland is a vibrant, colourful, cheerful, and always bustling amusement park that is one of the most popular tourist destinations and best places to visit in Paris. Disneyland in Paris is popular not only with children but also with adults. This one of the most famous places to visit in Paris, formerly known as Euro Disney Resort, is

One of the most famous places to visit in Paris, formerly known as Euro Disney Resort, is known for super fun rides, shows, animation movies, rallies, and exciting moments of meeting your favourite characters.

Mar - Apr 2022

TRAVELOGUE

known for super fun rides, shows, animation movies, rallies, and exciting moments of meeting your favourite characters. The list includes everything from exploring the Disney arcade to riding in horse-drawn street vehicles, discovering 'the little word,' visiting the princess pavilion, and taking pictures with favourite characters like Mickey and Pooh. If you want to spend a fun-filled day with your children in Paris, this is the place to be. Seine River Cruises A boat ride down the Seine River is one of the best ways to take in the allure of Paris. Tourists can see the sights from a different perspective by taking a Seine River Cruise. From a riverboat, the Seine River bridges, Eiffel Tower, Notre-Dame Cathedral, and Louvre Museum are breathtaking. While a daytime cruise allows tourists to appreciate the splendour of the monuments as they are illuminated by the sun, an evening cruise

Mar - Apr 2022

is the most romantic experience. After sunset, the city's landmarks are illuminated, creating a unique effect and making the city appear more magical. Bustling Boulevards and Legendary Cafés A trip to the City of Light would be incomplete without time spent on the sidewalk terrace or the bustling interior of a famous café. It's the ultimate Parisian people-watching location, as well as a chance to imagine the historic meeting that took place here. The Boulevard Saint-Germaindes-Prés in the 6th arrondissement is the best place to start if you want to discover the legendary Paris cafés. This wide tree-lined boulevard is lined with designer fashion boutiques, prestigious cafés, and traditional brasseries. The most famous cafés are the Café de Flore (172 Boulevard SaintGermain-des-Prés), where Jean Paul Sartre and Simone de Beauvoir

met, and Les Deux Magots (6 Place Saint-Germain-des-Prés), which was frequented by Rimbaud, Verlaine, James Joyce, Picasso, Hemingway, and other creative types.

Treat Your Wanderlust for Treaty Holiday to This Dreamy City

When visiting Europe, Paris, a global centre for fashion, gastronomy, and culture, is a must-see. As you get ready to cross France's capital city off your bucket list, keep some of these Paris facts in mind. They will assist you in saving money and visiting Paris with greater knowledge and confidence. A trip to Paris should be relaxing, joyful, and inspiring, so don't be concerned about anything else. An open, friendly demeanour gets you through the majority of situations in style. Exploring the ways of different cultures is one of the joys of travel.

Happy travelling!!

AUTO REVIEW

Vivek Venugopal is one of India’s top automotive writers with over a decade’s experience in road-testing and reviewing cars. He is currently the Editor of Quarter Mile magazine and a columnist in several leading magazines and newspapers. He is also a highly sought after consulting engineer and market analyst for many automobile manufacturers.

Mar - Apr 2022

While Hyundai went on the SUV route giving it a massive presence, more equipment, bigger 18-inch wheels, etc making it costlier in the process, Kia went the other direction to make it look more like an MPV and crucially, more affordable. The headlamps are connected by a knurled finish.

ell, it could have been the shortest review if we just said ‘Prices start at Rs.8.99 for this big, spacious, comfortable, well equipped seven-seater car. The end’. That’s enough information for most people to queue up at their nearest Kia showroom to book one. And that’s what most have already done. The Carens gathered about 7700 bookings on the day of its launch and as of writing this, there is an eleven-month waiting list on certain models. So instead of penning down the shortest review, let’s dig deeper into how they have done it. The Carens is a stretched version of the Seltos with a third-row seat, much like the Alcazar is a blown-up version of the Creta. While Hyundai went on the SUV route giving it a massive presence, more equipment, bigger 18-inch wheels, etc making it costlier in the process, Kia went the other direction to make it look more like an MPV and crucially, more affordable. How they made it longer, fitted two extra seats, and still managed to make it cheaper than the Seltos they started with, is beyond us. The headlamps are connected by a knurled finish

trim in gloss black that also becomes the applique for the headlamps. The side and rear profile are much more tame in comparison but the 16-inch wheels and the SUV-like cladding look neat. The Carens is a fairly big vehicle at 4540mm long and has a wheelbase of 2780mm. It is 225mm longer than a Seltos, 80mm taller, and has a wheelbase that’s 160mm longer. You can have it in 6/7 seater configurations where the middle row is two individual bucket seats or a bench. Get inside and you will love the cream and dark blue interiors which is a combo we recently saw in the Mercedes E350d facelift. The general cabin quality is great with good textures and a tight fit and finish. The upper part of the dashboard is crescent in shape with a gloss black trim that runs the full width. The Carens come with a 10.25-inch touchscreen, Bose sound system, connected features, 64-colour ambient lighting, LCD instruments, a sunroof, auto climate control, onboard air purifier, cruise control, rear camera, tyre pressure monitoring, etc. It also has six airbags, rear disc brakes, and an electronic stability program as standard. The front seats are great, the

driver has good visibility out and while the seats aren’t electrically adjustable, they are ventilated. The middle row seats are good too with ample legroom and plenty of adjustabilities. You get a fold-out table on the left seatback while an air puri-

fier rests behind the driver seat and that’s a bit noisy in its operation. Access to the third row is easy thanks to a one-touch electric tumble-down button for the middle row and wideopening doors. The third-row seats are reasonably comfortable and

spacious even for medium-sized adults and you don’t have to sit in an awkward knees-up position as you would in most three-row people carriers. Kia has opted for suitably large AC vents on the roof instead of a panoramic sunroof. The choice

Mar - Apr 2022

AUTO REVIEW of colors and fairly large windows make for a cabin that’s quite airy. Even the seven-seater version has a flat floor for a comfortable middle-row experience. The boot isn’t enough to take on everyone’s vacation bags, but it’s still a respectable 216 liters. In typical Hyundai/Kia fashion, there are three engine options each with a choice of its own automatic transmission. The base 1.5L naturally aspirated 115bhp petrol engine is adequate for most people and has the option of a CVT transmission. The 1.4L turbo petrol with 140bhp and 240Nm gives more driving thrills and is the one to have. Mated to an optional dualclutch automatic this one takes 10.1 sec to do 0-100kmph and feels a lot more flexible. The gearbox is a bit sedate by DCT standards but does manage to keep the engine in the powerband most of the time. The efficient 1.5L diesel is the most sensible of the lot if you do long distances and has 115bhp and 250Nm. However, it does struggle a bit on inclines with a full complement of passengers. It comes with the option of a 6-speed torque converter automatic. The Carens drives well with good ride quality. Bumps are filtered without

Mar - Apr 2022

too much suspension noise or body movement. This is very much appreciated in the last row where you don’t get thrown around much if you hit a bad patch or bump all of a sudden. The handling is quite predictable with decent grip from the front. There is a hint of body roll but that’s to be expected of the soft suspension setup. The diesel has a firmer setup but its slow-speed ride isn’t as good as that of the petrol. Despite the extra size, the Carens is as easy to drive as a Seltos. To sum up, it’s a comfortable, cleverly designed seven-seater with loads of space, a lengthy equipment list, decent engines, friendly road manners, and good ride quality. With prices starting from Rs.8.99 lakhs, it is fantastic value for money. However, these are introductory prices to get your attention and Kia might be making losses with every base model they sell and would limit their numbers or take them away altogether soon. But right now, we think if you are in the market for a people carrier, this one should be on top of your list

Mar - Apr 2022

MOVIE REVIEW

Gangubai Kathiawadi

angubai Kathiawadi is an Indian biographical crime drama film directed by Sanjay Leela Bhansali. Alia Bhatt plays the title character in the film. A kind adolescent girl is forced to visit a brothel with the man she loves. The film depicts her subsequent struggles and how she came to be known as 'Gangubai.' Alia Bhatt's character evolves into a woman capable of making her own decisions. Alia's helplessness, pain, and innocence in the sequences that became the symbol of every woman dragged into the meat trade will linger in the minds of moviegoers. Ajay Devgn's portrayal of 'Rahim Lala' is also fantastic. Shantanu Maheshwari makes an unexpected appearance in the film. Vijay Raaz also appears in the film. Everyone will be expecting a visual feast when Sanjay Leela Bhansali takes over as director. When you think of Sanjay Leela Bhansali's film, you probably think of beautiful sets, costumes, plots, and a large ensemble cast and it is also a pivotal factor in Gangubai too.

Valimai

alimai is a Tamil-language action thriller written and directed by H. Vinoth. The plot is when Chennai has been taken over by a motorcycle gang. They smuggle drugs, kidnap chains, and carry out contract killings. The city cops have reached the end of their rope. To give the crooks a run for their money, a super cop is rushed in from Madurai. Valimai is the ideal vehicle for an experienced action star. H. Vinoth, the film's writer and director, successfully transposes Ajith Kumar's real-life motor racing persona to the big screen. Valimai was expected to be a mass film starring Ajith Kumar on screen in the way that fans wanted to see him, with action and punch dialogues. Not only were those expectations met, but Valimai is the best entertainment bundle available for non-Ajith fans. The filmmaker has provided excellent fan service to Thala fans, and the film is worth watching at least once for the bike stunts.

Mar - Apr 2022

A Thursday

Thursday is an Indian Hindi-language thriller film written and directed by Behzad Khambata. The story is when a playschool teacher, Naina, abducts 16 small children and makes a series of demands, it not only disturbs the Mumbai police and city, but it also sends ripples across the country and among politicians. The film stars Yami Gautam Dhar, Neha Dhupia, Atul Kulkarni, and Dimple Kapadia in pivotal roles. It is one of the most challenging thrillers of recent times, and the layer and motive of the film are not only to give a thriller but also a slap in the face of social media justice seekers for every single inequality and crime happening around us. A very shocking message through a thriller film is a beautiful choice to keep the viewer engaged throughout the film and leaves us with a heavy heart and also deep down leaves us with a pang of guilt for something that happened.

Kimi

imi is an American thriller film directed by Steven Soderbergh and written and produced by David Koepp. It is a pandemic-era thriller that is uncannily similar to our current situation. The plot is when an agoraphobic IT worker discovers video proof of a horrific crime, she is faced with resistance when she attempts to report it. In order to seek justice, she must do the one thing she despises: she must leave her apartment. With a superb blend of pulp-type fiction, black comedy, and suspense, the picture depicts many of the sentiments we all felt throughout the pandemic, including isolation, fear, paranoia, distrust, and so on. In other words, Angela is only human, and while most viewers may not share her agoraphobia, many of us can relate to her fears of going out after months of isolation. That's why, when she finally musters the courage to leave home, it's both terrifying and moving. Soderbergh, who shot and edited the film, conveys Angela's disorientation through tilted camera angles and bustling city noises. However, as she progresses, Angela adjusts, and Kimi becomes a story about what it's like to reconnect with the world.

Mar - Apr 2022

BOOK REVIEW

A Lullaby for Witches Author Price

: Hester Fox : ` 1,158 (Paperback)

ester Fox wrote the Gothic fiction novel A Lullaby for Witches. Augusta's life centres on her job as a tour guide in a Salem jail, which is a dead-end job. She's even in an on-again, off-again relationship. She's merely there to make you feel better. One day while looking for work, she comes to find one that is right up her alley and matches her college degree. She makes a spur-of-the-moment application and is accepted. What happens when she walks into the house is something she never expected. Margaret, the ghost in residence, takes care of things. A Lullaby for Witches employs two timeframes with alternating views. The voices of both points of view are incredibly distinct. Margaret's point of view is lyrical, whereas Augusta's is more modern and less flowery, but no less entertaining. It is a story of love, betrayal, obsession, and revenge. Anyone who appreciates a good atmospheric read with gothic feelings should read this book you will not be dissatisfied!

Lease on Love Author Price

: Falon Ballard : ` 966 (Paperback)

ease on Love by Falon Ballard is a Romantic Comedy novel. The story is about Sadie Green, a hardworking, charming, and self-deprecating lady who is laid off from her dreadful financial job. She aptly celebrates her newfound freedom by getting drunk and then drunk right-swiping on a dating app. She shows up unprepared for a roommate interview with Jack Thomas, the aloof and mysterious landlord of a fancy Park Slope townhouse, instead of a first date. It does an excellent job of balancing serious themes with laugh-out-loud moments. Both Sadie and Jack were complex individuals with many dimensions. Not only as individuals, but also in terms of their backstories, friendships, and what made them who they are. Sadie and Jack began as roommates, then became friends, and finally became much more. Their romance progressed naturally, and we will never be bored or wish them to hurry up. The Lease on Love takes you on a journey you won't want to end, with realistic characters, relatable issues, and a rediscovered self and family.

Mar - Apr 2022

Black Cake Author Price

: Charmaine Wilkerson : ` 1,348 (Hardcover)

lack Cake is a contemporary literary fiction novel written by Charmaine Wilkerson. The story is about an unknown Caribbean island in the 1960s to present-day America, the Bennett family is followed. When one generation passes on, secrets that have been kept buried for decades must be revealed. It’s a story of how the inheritance of betrayals, secrets, memories, and even names, can shape relationships and history. Deeply evocative and beautifully written, Black Cake is an extraordinary journey through the life of a family changed forever by the choices of its matriarch. Wilkerson's astounding debut Black Cake is a lovely multigenerational drama that takes you through a variety of locations tells the stories of individual family members and shows how withholding the truth and replacing it with lies intended to protect leads to separation. Black Cake is a beautiful, deeply moving story about children attempting to comprehend the loss of their mother. Charmaine Wilkerson takes you through the decades and around the world, accompanied by complex, beautifully drawn characters.

Bright Ruined Things Author Price

: Samantha Cohoe : ` 1,286 (Hardcover)

right Ruined Things is a historical fiction fantasy penned by Samantha Cohoe. It is a Tempest-inspired narrative if you look closely. This narrative begins brightly, with strange islands brimming with magic and spirits, a legendary family, and a magnificent night to remember. However, as the night progresses, things begin to unravel. The magical magic's secrets are revealed, and the close-knit family's scars are revealed. Bright Ruined Things is a deftly constructed story about ambition and belonging that effectively reimagines themes of family and love from Shakespeare's The Tempest. Cohoe's writing has a mystical quality to it that both dazzles and cuts to the core. Cohoe takes the themes from Shakespeare's The Tempest and turns them into a spectacular night of magic, intrigue, and secrets. Bright Ruined Things is an engrossing mystery about the lies people will tell and the lives they will destroy to reach the top. Samantha Cohoe's new page-turner will appeal to fans of Karen M. McManus and Maureen Johnson.

Mar - Apr 2022

EASY & BREEZY

Face to face with a new situation

ost of us are aware and scared about the debilitating possibilities of post-Covid complications. But the restrictions imposed by the governments and by ourselves have changed our collective behaviour so much that it would be difficult to return to previous, normal, maskless existence. There was this troll recently about a dating couple exchanging virtual love. When the guy asks her to remove her mask so that he could enjoy her beauty during a video call, the girl tells him that ‘all that’ could wait till marriage! After Covid struck, the face, even though for purely health reasons, has become a body part that needs to be covered and kept private. Is it going to be all that easy and smooth to bare the part that functions as the mirror of one’s body, even when Covid is receding and the possibility opens to walk around with a naked face? In a classroom the other day, students and teachers removed their masks for a second or two for a group photo. The teacher looked at his own students with wonderment, wearing an ‘oh, this is how you look like’ expression. He seemed so confused that he thought of asking some of them to put their masks back on

Mar - Apr 2022

so that he could identify them. In the offices, you have people sitting within their solitary cabins, with very low risk of getting infected from another human, and yet wearing their double mask tightly. Others travel alone in their SUVs over long distances, retaining that N-95 even though there is no virus within striking distance. This is not to forget the officer in khaki who may be lying in wait for a potential victim who could be slapped with a fine. Of course, the masking habit must have saved us not only from Covid-19 and its many variants but from a range of other microbes. This column is definitely not to advocate that we abandon the practice, till of course the experts and Union health ministry advises us that it is safe to do so. Yet, one yearns for the day when we can once again have ‘faceto-face’ meetings instead of ‘maskto-mask’ ones and the piece of cloth stops being a ‘pain in the ear’. Let’s ‘face’ it. Somewhere along the way, in the last couple of years, the mask has turned out to be much more than a simple safety device. It has become something that protects one’s privacy in the same way as a veil, giving one the power to hide behind or emerge out of it. If the citizens had to be forced and coerced,

Sujit Chandra Kumar has been working as an editor with leading publications for over three decades

with advisories and threats, to wear the mask, it has now become a habit that is difficult to give up. Don’t you remember the day when you forgot to wear one and left for office, only to rush back, guilt-ridden and bewildered on what onlookers would have thought about you? Finally, just imagine for a second that TPR all over the country finally drops down to zero and that there are no fresh cases of Covid. The government gives the green signal to take off that mask and happy-golucky days are here again. Visualise the face of your favourite politician, whom you have only seen with a mask for the last two years. Does he look like a spent force now or retain the same radiance that he once floored you with? Or, that colleague who joined 18 months ago in your firm, whose tiny forehead and mischievous eyes are all that you have for reference? Will you be looking at him/her in a new light? Will there be love at second sight?

Printed On 09/ 03/ 2022

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