Corporate ministry documents show that the Siva's firm kept taking loans from public sector banks like State Bank of India, Punjab National Bank which gradually turned to bad loans.
RPG Enterprises Chairperson Harsh Goenka on Tuesday said the NCLT should be the next institution to be cleansed by the government to prevent "hard earned public money being stolen" as companies' promoters stash away money on the side and get "80-90% haircut" from bankers during the insolvency resolution process. In an apparent reference to recent cases of insolvency proceedings of some firms wherein creditors have taken huge haircuts on their dues, Goenka said it is the "new game in town". Insolvency resolution plans require approval of the National Company Law Tribunal (NCLT).
The Central Bureau of Investigation on Monday recorded statement of former Aircel chief C Sivasankaran in connection with its ongoing investigations in the second generation spectrum allocation scam during UPA-I regime.
Maxis Communications Berhad (MCB), which has been named in a CBI chargesheet for alleged wrong doing in sale of Aircel, on Tuesday denied charges of using illegal means to acquire the firm from Siva Ventures and said it will pursue all legal remedies to defend itself and its officials.
The Central Bureau of Investigation on Wednesday sought clarifications from Standard Chartered Bank officials in connection with its probe into former Aircel chief C Sivasankaran's allegations that the then Telecom Minister Dayanidhi Maran forced him to sell his company to Malaysia-based Maxis group in 2006.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
The Bharatiya Janata Party on Thursday said Union Textiles Minister Dayanidhi Maran's continuation in the cabinet was "untenable" in the wake of allegations that he could have indirectly benefitted from payoffs in a telecom deal.
Eight-acre defunct mill land near the Siddivinayak Temple in Prabhadevi area has a development potential of two million square feet.
Former Telecom Minister Dayanidhi Maran may be 'examined' soon by the Central Bureau of Investigation in connection with his alleged role in coercing former Aircel Chief C Sivasankaran to sell his stake to a Malaysia-based group.
The telecom tribunal TDSAT on Wednesday asked new operators S Tel and Videocon Teleservices to pay 60 per cent of the penalty within two weeks, imposed on them by the Department of Telecom for failing to meet their roll-out obligations.
Former Aircel Chief C Sivasankaran has told the Central Bureau of Investigation that the then telecom minister Dayanidhi Maran and his brother Kalanidhi had allegedly issued life threats forcing him to sell his firm to a Malayasia-based tycoon, a charge rejected by the Dravida Munnetra Kazhagam leader.
Non-resident Indian businessman C Sivasankaran's Sterling Infotech group is in talks with the Seychelles government to lease an island for 99 years, on which it plans to build an integrated mega township and tourism project.
Etisalat, which is mulling an Indian foray, has since started discussions with several telecom companies including the Videocon Group's Datacom Solutions and Essar-controlled Loop Telecom for equity. Ravi Sharma, CEO of Datacom confirmed that Etilasat was one of the companies to which the company was talking but declined to offer details. Loop Telecom declined to comment.
The deal size could be in excess of Rs 2,000 crore, though this could not be verified. Sivasankaran had invested close to Rs 1,800 crore in 2007 to take a 41 per cent stake in Aamby Valley. The Sahara Group is the majority investor, with a 51 per cent stake.
Days after NTT DoCoMo of Japan announced that it will buy 26 per cent in Tata Teleservices for $2.7 billion, NRI businessman C Sivasankaran has decided to put on the block his eight per cent stake in the company.
India's well-known investors who are known for their Midas touch have spotted an opportunity in bio-fuel, betting big on ethanol, bio-mass and even bio-fuel equipment makers in India and other parts of the globe.
Sources close to the development said Lavazza would acquire the majority stake in Barista from ace investor C Sivasankaran
P Chidambaram's son Karti was arrested on February 28 at the Chennai airport on his return from the United Kingdom, for his alleged role in facilitating Foreign Investment Promotion Board clearance for INX Media Ltd. and its directors, Peter and Indrani Mukerjea.
Tata Teleservices on Thursday offloaded another 8 per cent equity in favour of Sterling Infotech owned by C Sivasankaran, presumably for about Rs 1,200 crore (Rs 12 billion).
Sources in the industry said Tata Teleservices had made an attempt to sale one-third stake to South Korean Telecom. But the deal did not materialise because of differences over valuation.
Providence Equity Partners of the US, which had made an abortive attempt to enter India through the acquisition of C Sivasankaran's stake in Aircel last year, has picked up a 15 per cent stake in the Aditya Birla Group-controlled Idea Cellular.
Cellphone service provider Aircel Televentures on Friday said it was evaluating various offers from Indian and overseas telecom firms including a Russian firm which has offered to buy its 49 per cent stake.
Siva group defaulted on payment in 2016 and is also facing CBI investigation
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