Dish TV shares jump 13% on lenders move to switch management

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Shares of Dish TV zoomed 13 per cent on Tuesday, following reports that one of its lenders, YES Bank, had sent a notice to the company to remove the top management, along with its independent directors after the company board decided to raise Rs 1,000 crore via a rights issue.


On Tuesday, Dish TV shares closed at Rs 15.54 a share, giving it a total market valuation of Rs 2,861 crore.





Although Indian lenders, who currently own a majority stake in the loss-making Dish TV, are planning to overhaul the direct-to-home service provider’s management, analysts say lenders have a slim chance of recovering their loans, given the dire financial metrics of the company. The company made a loss of Rs 1,178 crore in 2020-21 on revenues of Rs 3,249 crore.


The debt of the company, however, came down as several banks decided to swap their debt for equity due to default.


On Monday, Dish TV informed the stock exchanges that YES Bank had decided to remove the management, along with independent directors, citing corporate governance concerns.


Dish TV is led by Jawahar Lal Goel, brother of Essel Group founder, Subhash Chandra. Essel Group is also undergoing a separate debt restructuring, where 91 per cent of lenders decided to settle the debt after taking a haircut.


Indian lenders, saddled with debt, are taking several companies to the National Company Law Tribunal for debt resolution. After a recent Supreme Court judgment, banks are also invoking personal guarantees of promoters. In the bankruptcy process, the average haircut of lenders is as high as 60 per cent.


Dish TV did not comment on the issue on Tuesday.


In a communiqué, YES Bank has sought the removal of these directors, citing the present Dish TV board’s decision to approve a rights issue process of Rs 1,000 crore, despite objections raised with it time again, “solely to dilute the shareholding of the bank”, which is its single largest shareholder.


The bank said the Dish TV board is not acting in line with good corporate governance standards is not a fair representation of the incumbent significant shareholders of the company, being various banks financial institutions holding about 45 per cent shareholding in it.


It said the “board is purportedly acting at the behest of certain minority shareholders holding merely 6 per cent of shares in the company”.


It said this is reflected in the fact that even though the bank asked the board to desist from approving or conducting the proposed capital-raising exercise by way of a rights issue, without consulting the significant shareholders, it went ahead to make a press announcement on May 28, that it would proceed with a Rs 1,000-crore rights issue.


YES Bank notice says the board sidelined its multiple requests to reconstitute the board by appointment of nominee directors, that it acted in haste took arbitrary decisions to proceed with the rights issue process.


“The board has not acted on the legitimate request of the bank,” it said.


In this regard, YES Bank said it had issued a letter dated June 19 to the Dish TV board, emphasising the need for reconstitution of the board not proceed with the rights issue process till a new board is reconstituted.


On June 25, YES Bank sought the induction of Akash Suri Sanjay Nambiar as additional directors on the board of Dish TV.


“The management has completely disregarded other viable possible options for fund-raising that would be in the best interests of the company its stakeholders,” said YES Bank.


“This was done solely to cause prejudice to defeat the rights entitlements of the significant shareholders by diluting their stake in the company, even after being aware that the matter is under consideration before the Securities Exchange Board of India the stock exchanges pursuant to our letter dated June 19,” the bank added.

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RBI scraps one-click purchases from Jan 1; all stored details to be purged

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The Reserve Bank of India (RBI) on Tuesday made it impossible for one-click purchases on merchant sites from January 1, as it refused to extend its deadline for card tokenisation beyond the agreed January 1, 2022 date.


Tokenisation is used in online transactions where the actual card details keyed in are replaced by random digits. This way, the customer is protected by preventing leakage of sensitive card details.





“With effect from January 1, 2022, no entity in the card transaction / payment chain, other than the card issuers / or card networks, shall store the actual card data,” the central bank said in a statement, adding, “any such data stored previously shall be purged”.


With this, the RBI extended the tokenisation mandate to every device that connects with the Internet, including mobile phones, tablets, laptops, desktops, wearables (wrist watches, bands, etc.), Internet of Things (IoT) devices, etc. to the payment aggregators as well as merchants on-boarded by them.


In short, card details will not be saved anywhere, every time a customer has to do online transaction, she will have to key in the 16 digits all details afresh, that will reach the merchant in a state of random numbers unrelated to the numbers keyed in.


This will come as a blow to payment aggregators who were lobbying for keeping card details saved with them or in the merchant sites they serve. One-click purchases will no longer be possible after this mandate.


However, for transaction tracking, or reconciliation purposes, entities can store the last four digits of actual card number card issuer’s name – “in compliance with the applicable standards.”


The RBI also made card networks responsible for “complete ongoing compliance with the above by all entities involved”.


The RBI said card issuers can offer card tokenisation services as token service providers (TSPs), this service can be provided by them only for the cards issued or affiliated to them. The same TSPs will be able to tokenise de-tokenise card data.


The tokenisation has to be done based on customer consent, to be validated through an additional factor authentication, the RBI said in its notification.


The payments aggregators gateways had argued that the industry follows the best practice the RBI can always demstricter norms, the highest standards. They had demanded the RBI should let PCI DSS Level 1-certified merchants to store the card details. Level 1 is the highest standard available under PCI DSS, or Payment Card Industry Data Security Standard.

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Northwest, central south-central India new hotspots of intense heatwave

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Northwestern, central south-central India are new hotspots of intense heatwave over the past 50 years, a study has said.


The study also highlights the need for developing effective heat action plans in the three heatwave hotspot regions with a focus on different vulnerabilities among the inhabitants.


Heatwaves have emerged as a deadly health hazard, claiming thousands of lives across the globe in recent decades, with episodes strengthening in frequency, intensity duration in the past half-century in India as well.


This has caused severe impact on health, agriculture, economy infrastructure. In such a scenario, it is extremely important to identify the most heatwave vulnerable regions of the country to prioritise immediate policy intervention stringent mitigation adaptation strategies, the Department of Science Technology said.


A team of researchers led by R K Mall, including Saumya Singh Nidhi Singh from the Department of Science Technology, Mahamana Centre of Excellence in Climate Change Research (MCECCR) at Banaras Hindu University, studied the change in spatial temporal trends in Heatwaves (HW) Severe heatwaves (SHW) over the past seven decades in different meteorological subdivisions of India.


This work has been supported under the Climate Change Programme of the Department of Science Technology. The study published in the journal ‘International Journal of Climatology’ links the association of HW SHW with mortality over India.


The study was recently published in an international journal, ‘Atmospheric Research’.


“The study showed a shift in the spatio-temporal trend of HW events from the eastern region of Gangetic West Bengal Bihar to northwestern, central further to the south-central region of India.


“The research also observed an alarming southward expansion a spatial surge in SHW events in the last few decades that may put a greater population at additional risk of heat stress in a region already characterised by low diurnal temperature range (DTR), or the difference between the maximum minimum temperatures within one day high humidity,” the statement added.


Importantly, the HW SHW events were found to be positively correlated with mortality in Odisha Andhra Pradesh, highlighting that human health is highly susceptible to severe heatwave disasters.


With an ever-increasing extreme-temperature threshold, a heat resilient future is the need of the hour.


Dense population with an intensive outdoor work culture calls for equitable heat resilient mitigation adaptation strategies covering each section of the society depending on their vulnerability, it said.


The study highlights the need for developing effective heat action plans in the three heatwave hotspot regions.


To mitigate future disastrous implications of exacerbated heat extremes frame adequate adaptation measures in the wake of possible emergence of new hotspots, reliable future projections are needed.


This motivated the research team consisting of Saumya Singh, Jiteshwar Dadich, Sunita Verma, J V Singh, Akhilesh Gupta, R K Mall to evaluate the regional climate models (RCM) over the Indian subcontinent to find the best performing RCM.


This will help study the frequency, intensity, spatial surge of heatwaves in the future.


The study found models LMDZ4 GFDL-ESM2M to be the best-performing ones in simulating heatwaves over India in the present scenario, which can be reliably used for future projections as well. The two models have laid the grounds for preparation for a heatwave resilient future, it said.


In a separate study by meteorologists published earlier this year, heatwaves have claimed more than 17,000 lives in 50 years from 1971-2019. The paper, authored by M Rajeevan, former secretary of Ministry of Earth Science along with scientists Kamaljit Ray, S S Ray, R K Giri A P Dimri, said there were 706 heatwave incidents from 1971-2019. Kamaljit Ray is the lead author of the paper.

(Only the headline picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Idaho enacts crisis hospital care standards amid COVID surge

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Idaho public health leaders on Tuesday activated “crisis standards of care” for the state’s northern hospitals because there are more coronavirus patients than the institutions can handle.

The Idaho Department of Health Welfare quietly enacted the move Monday publicly announced it in a statement Tuesday morning — warning residents that they may get the care they would normally expect if they need to be hospitalized.

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It came as the state’s confirmed coronavirus cases skyrocketed in recent weeks. Idaho has one of the lowest vaccination rates in the U.S.

The agency cited “a severe shortage of staffing available beds in the northern area of the state caused by a massive increase in patients with COVID-19 who require hospitalization.”

The designation includes 10 hospitals healthcare systems in the Idaho panhandle in north-central Idaho. The agency said its goal is to extend care to as many patients as possible to save as many lives as possible.

CHILDREN 6 MONTHS AND UP SHOULD GET FLU SHOT, DELAY IF COVID-19 POSITIVE: PEDIATRICS GROUP

The move allows hospitals to allot scarce resources like intensive care unit rooms to patients most likely to survive.

Other patients will still receive care, but they may be placed in classrooms or conference rooms rather than traditional hospital rooms or go without some life-saving medical equipment.

“Crisis standards of care is a last resort. It means we have exhausted our resources to the point that our healthcare systems are unable to provide the treatment care we expect,” Idaho Department of Health Welfare Director Dave Jeppesen said in a statement.

He added: “This is a decision I was fervently hoping to avoid. The best tools we have to turn this around is for more people to get vaccinated to wear masks indoors in outdoor crowded public places. Please choose to get vaccinated as soon as possible – it is your very best protection against being hospitalized from COVID-19.”

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The designation will remain in effect until there are enough resources — including staffing, hospital beds equipment or a drop in the number of patients — to provide normal levels of treatment to all.

More than 500 people were hospitalized statewide with COVID-19 on Sept. 1 — the most recent data available on the Department of Health Welfare’s website — more than a third of them were in intensive care unit beds.

Idaho’s hospitals have struggled to fill empty nursing, housekeeping other health care positions, in part because some staffers have left because they are burned out by the strain of the pandemic because others have been quarantined because they were exposed to COVID-19.

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Hassan Akhund to lead new Taliban govt, Mullah Baradar to be his deputy

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The Taliban announced a new government filled with senior officials from the militant group, including the leader of a U.S.-designated terrorist organization.


Mullah Mohammad Hassan, the little-known head of the Taliban’s leadership council, was named as acting prime minister, spokesman Zabihullah Mujahed said at a press conference in Kabul on Tuesday. Taliban co-founder Mullah Abdul Ghani Baradar, the main public face of the group, will serve as his deputy.


Sirajuddin Haqqani — the leader of the Haqqani Network, a U.S.-designated terrorist organization — will serve as acting interior minister. That may complicate any moves by the U.S. to cooperate with the Taliban, particularly as President Joe Biden urges the Taliban to cut all ties with terrorist groups.


The U.S. its allies have been watching to see whether the Taliban would form an inclusive government that can stabilize the country prevent a return to civil war. Other demands include freedom of travel for those who want to leave Afghanistan rights for women, who faced extreme repression when the Taliban last held power at the turn of the century.




For the new Taliban government, lots is at stake. Signs of an economic crisis are brewing, with prices of essential goods rising in Kabul while banks run short on cash. The U.S. has frozen roughly $9 billion in assets belonging to Da Afghanistan Bank, or DAB, the nation’s central bank, the International Monetary Fund cut off the group from using fund reserve assets.



Taliban gunman points at anti-Pak protesters. Gunmen fired in the air on Tuesday to scatter protesters in Kabul, witnesses said, as video showed scores scurrying to escape volleys of gunfire. Hundreds of men women shouting slogans.(Reuters)



The regional wider security threats have already played at the Kabul airport, where a suicide bombing blamed on a local off-shoot of the Islamic State terror group killed nearly 170 Afghans 13 U.S. service personnel in the last days of the chaotic American evacuation from the country.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information commentary on developments that are of interest to you have wider political economic implications for the country the world. Your encouragement constant feedback on how to improve our offering have only made our resolve commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed updated with credible news, authoritative views incisive commentary on topical issues of relevance.

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As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better more relevant content. We believe in free, fair credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

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