May 14, 2020

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National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/1, G Block, Bandra Kurla Complex Bandra (E), Mumbai – 400051 Scrip Code: DICIND Sub: Newspaper publication (prior to dispatch of Notice, Financials) Dear Sir/Madam, In terms of Circular no. 20/2020 dated May 5, 2020 issued by Ministry of Corporate Affairs read with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, please find enclosed herewith a copy of newspaper publication dated May 14, 2020 regarding convening of 72nd Annual General Meeting through video conferencing, in edition of following newspaper:

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NEW DELHI | THURSDAY, 14 MAY 2020 BRAND WORLD 11. <

ARUNDHUTI DASGUPTAMumbai, 13 May

A new post-pandemicplaybook is the need ofthe hour, not just for

sports and athletes, but also forsponsors and brands associatedwith the game. And thataccording to a report by ESP-GroupM, involves the develop-ment of innovative content for-mats, closer collaborationbetween broadcasters, organis-ers and athletes and a freshapproach towards mobile gam-ing and e-sports.

The sports fan has not van-ished, even if his or her access toa live game has and this createsa space for brands and sponsors,even when all the big eventsslated for the year stand indefi-nitely postponed. According tothe report, the sports sponsor-ship industry in India has beengrowing at a CAGR (compoundannual growth rate) of 12.8 percent over the last decade, withthe overall sports sponsorshipmarket in India crossing ~9,000crore in 2019 for the first time.Many expected a sharp rise thisyear, as 2020 was the year ofTokyo Olympics, the annual In-dian Premier League jamboree,the T20 World Cup and the Euro

2020. But now brands are star-ing at an empty calendar.

Sandeep Goyal, founder ofbranding and media consultan-cy, Mogae Media says that themoot question is whether sportssans spectators are possible.Also, he asks, “Should govern-ment allow it just because ofbroadcaster greed and/or spon-sor stakes? My view is that theBCCI (Board of Cricket Controlin India) will try its best to makeit (IPL) happen. Too much mon-ey at stake. But there will be nooverseas players, it will be singlelocation event and it will be akinto watching a specially curatedcricket circus.”

Even if the TV-only eventappeals to a select audience, willbrands and sponsors be willingto play along? The report isambiguous on the issue. “Whilethere are many speculationsaround sports to be conductedfor TV only with no fans or lim-ited fans in the stadium, any-thing is a possibility at this pointin time. But from an audienceappetite standpoint, fans arehungry and waiting for livesports,” it said.

Brands such as Adidas thathas just released a campaigncalled ‘Ready for sport’ aroundthe lockdown, are betting on

the hunger of sports-deprivedfans, as sales crash and the yearseems to be washing up in red.In a note released at the launchof the campaign, ManishSapra, senior brand marketingdirector, Adidas India said,“Ready for Sport aims to be aninspiring and optimistic rally-ing call for people everywhereto look forward and imaginehow incredible sport is goingto feel when the current situa-tion is over.” The brand has alsobeen working with its team ofathlete-ambassadors such asRohit Sharma, Hima Das,Mirabai Chanu and severalglobal figures to create shortinspirational videos aroundtheir lives.

Such instances of brandsand athletes coming togetherto talk to their fans will or oughtto gain ground in the comingmonths, the report said. Notjust promotional content, butalso shows that could helpbroadcasters fill the yawninggaps in their content sched-ules. “With dearth of live sport-ing action for some time now,it’s an opportunity for sportsbroadcasters to toy aroundwith various non-live sportain-ment formats,” it noted.

Goyal says that for brands

such as Nike/Adidas this is thetime for DIY (do-it-yourself)communication on exer-cise/gym routines that can bedone at home. But to expectbroadcasters to do the samewith sportspersons is a stretchof the imagination. “We mis-takenly presume that allcelebrities can sit at home andcut videos. The idea of ‘con-tent creation’ with them sit-ting at home is a bit of adream. The veterans who canspeak are just talking headsand their content is alreadythere in archives, in abun-dance,” he says.

The report also sees a bigpotential for e-sports in thepost-Covid-19 world. Already abillion-dollar industry, pre- pan-demic the business of e-sportscould grow manifold in theonline-only world for sportsacross the globe.

Brands, sponsors playthe game of uncertaintyCan teams, athletes and broadcasters come together to keep the show goingas the pandemic grinds all sports to an indefinite halt?

Areporton sponsorshipand brand deals for sportsin the post-pandemicworld suggests:

�� Innovative contentformats need to bethoughtofbetween thetalent (teams or players)and broadcasters �� Governmentpartnerships is the need ofthe hour�� Talentneeds to makefull use of the lockdown toenhance relationshipswith fans via social media�� Gaming and virtualsports should be in theconsideration set for activefan engagementSource: ESP-Group M

RESETTING THE PITCH

Empty stadiums will force a change in the way brands and sponsors engage with sports

FM’s next focus...The Centre is looking at options toimprove storage infrastructure for farmproducts in rural areas, for which somesort of incentives could be announced,apart from facilitating the setting up ofmore marketing options for farmers inline with Modi’s announcement onreforming the agriculture supply chain.

In late March, Sitharaman hadannounced free foodgrain for 800 mil-lion people for three months; front load-ing PM Kisan instalments; increase inwages under the Mahatma GandhiNational Rural Employment GuaranteeAct (MGNREGA); one-time payment tothe women Jan Dhan accountholdersand economically backward widows,pensioners, and differently abled; extrafree cylinders for the Ujjwala schemebeneficiaries; and hike in collateral-freeloans for self-help groups.

These measures are expected to beextended, especially to the thousandsof migrants who have left cities andgone back to their villages.

Sources said for farmers, disburse-ments under the PM-KISAN schemecould be expedited. For rural labourers,workdays under the MGNREGA mightbe raised to 150 as a special case toabsorb increased demand for workmainly from returning migrant labor-ers.

In the case of land, sources said therewas little the Centre could do becausemuch of the responsibility lay with thestates.

Industry is looking at four major

changes: First is legalising leases, sec-ond is the ease of purchasing agricul-tural land or changing its use, third isrelaxing the ceiling limits, and finallyleasing land for a long duration so thatbig agro-processing units could be setup.How far states will do these is a ques-tion.

‘Google tax’...Under the new levy, a taxpayer needs tofind out whether the IT services providedby a non-resident (parent firm) to anIndian subsidiary could attract the levy.

Prima-facie, it appears that, in addi-tion to normal e-commerce operators, itmay also impact other non-resident serv-ice providers/ tech companies selling soft-ware/ technological solutions or servicesonline through a digital platform owed/operated/ managed by them to any cus-tomer in India.

Thus, it may bring within its ambit allkinds of online software sale transactionsmade by a non-resident seller.

They are online trainings and otherservices provided by non-resident serviceprovider or even facilitated by a non-res-ident service provider through a digital/online platform owned, operated or man-aged by it, according to a report by NangiaAndersen LLP, a tax consulting firm.

Tax experts believes there are certainissues with the new levy which requireclarity and that is why it is difficult forcompanies to comply. For instance, it isnot clear what kind of business model ofa non-resident will qualify as an e-com-merce operator. Also, whether the taxtreaty has any applicability in case of new

levy as well as how to claimexemption and where a trans-action is subject to income tax.And, is there any mechanismin case a tax dispute arises overdifference of opinion on appli-cability of new levy betweennon-resident and Indian taxauthorities.

The government’s collectionon previous equalisation levyhas gone up to ~1,000 croresince its first began in 2016. Thishas prompted the governmentto widen jurisdiction of the taxto other areas of the digital sec-tor. The government wanted toensure that multinationals con-ducting significant business inplaces where they do not have aphysical presence be taxed insuch jurisdictions. However,taxing these global giants hasbeen going on at the 36-mem-ber OECD forum that will affectIndia’s right to tax these com-panies.

Fine dining...Dugar knows that won’t beenough, so she is also runningonline cooking classes, as sheknows the comeback is some

time away.Sarita Pereira, chef and founder of

restaurant LoveFools, said she was recent-ly in the process of shifting to a large bun-galow in Bandra, which had been designedin a manner that social distancing would berendered easy.

“It’s a big house with several rooms, anattic and outdoor area that will make six-feet-distance quite viable,” she said.

Angel investor-backed Caperberry, aEuropean restaurant that seats just 28 peo-ple, may have to shut down, says chef andpromoter Abhijit Saha. “Being in a mall, weare not allowed to do deliveries or take-aways,” he said. “There’s a chance we mayhave to completely shut down.”

Saha’s staff costs are unsustainable andhis investors have indicated they may pullthe plug. Saha’s fate could be the same asothers in the trade.

Govt plans to buy gold fromhouseholds

However, given that the gold bond marketisn’t very liquid, it could cause problems forsmaller households which do not have asubstantial amount of bonds. “If bond-holders come to sell for liquidity, it couldhurt the government and the private sec-tor’s borrowing plans,” said a gold industrysource.

At current market prices, Indian house-holds are estimated to be sitting on 25,000tonnes of gold, valued at $1.5 trillion.India’s foreign exchange reserve kitty hasover $480 billion. Even if five or 10 percent of this can be collateralised, the gov-ernment can easily print a few trillionworth of new currency without any fiscalpressure and help infuse more funds inthe hands of the people. This will alsohelp a lot of unproductive gold lying withhouseholds to be monetised. Sources saidif the response to this gold scheme wasbetter than expected, the portion of goldwhich was not collateralised could also beused to lease to jewellers and reduceimport of fresh gold import.

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