Essar group, Bhushan Steel and JSW group likely to be impacted by changes
Supreme Court on Tuesday granted bail to Soni Sori, a tribal teacher, and journalist Lingaram Kodopi in a case lodged against them for allegedly receiving money from Essar Group on behalf of Maoists.
Bharti Cellular Limited CMD Sunil Bharti Mittal and Essar Group promoter Ravi Ruia on Friday got a breather from the Supreme Court which exempted them from personal appearance in the trial court in a case of alleged irregularities related to allocation of additional 2G spectrum in 2002.
Singapore based telecom firm SingTel, which holds over 30 per cent stake in Bharti Airtel, on Wednesday said it has full faith in the company's corporate governance standards under the leadership of company's chairman Sunil Bharti Mittal.
The police had filed charges in December against Bharti Airtel and Vodafone's India unit.
Russian bank VTB will open a $1 billion credit line to India's Essar Group.
Mittal and Ruia did not appear in the Special CBI Court on Monday while one of the accused, Canada-based NRI Asim Ghosh, who was the then Managing Director of accused firm Hutchison Max Telecom Pvt Ltd, is yet to be served with the summons issued against him in the case.
Mittal, Ruia and former Telecom Secretary Shyamal Ghosh appeared before Special CBI Judge O P Saini and the court adjourned the matter in pursuance of the order passed by the Supreme Court on April 18.
Tribal teacher Soni Sori and her activist-nephew Lingaram Kodopi were released from Jagdalpur jail on Thursday after the Supreme Court granted them bail following their arrest two years ago for allegedly receiving money on behalf of Maoists from a corporate house in Chhattisgarh.
Both the accused placed on record the apex court's order and submitted separate personal bonds.
The court, after going through the apex court's order on separate petitions filed by Mittal and Ruia, listed the matter on April 16 for further proceedings. The apex court will hear their pleas on April 15.
A bench headed by Chief Justice Altamas Kabir issued notice to CBI seeking its response on the petition filed by Ruia challenging the Special CBI Court's order summoning him as an accused in the case.
Air India's plans to lease its headquarters in Nariman Point has been hit.
Without assigning any reason, Justice Dave, who was part of the bench headed by Chief Justice Altamas Kabir, opted out of hearing the pleas of Mittal and Ruia challenging the summons issued to them in the case.
On Thursday, the SC will resume hearing on Mittal's plea challenging the court's summons.
The port project work is to be undertaken by the group's African subsidiary, Essar Africa Holdings, and is not a part of the group's Essar Ports.
The Delhi high court on Tuesday allowed the Central Bureau of Investigation and the Enforcement Directorate's pleas seeking an early hearing into the appeals challenging the acquittal of former telecom minister A Raja and others in the 2G spectrum allocation case.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
With an expanding domestic market, increasing cost and higher attrition rate, outsourcing action is shifting to tier-III and IV cities.
The government on Tuesday filed an affidavit in the Supreme Court, rejecting the allegation of interference of an 'influential minister' in the investigation of 2G spectrum case as "baseless", and said it was not trying to "influence" the probe against Essar Group. In the affidavit, the Centre said such allegations were being made to tarnish and discredit the government's image.
The cable said the Maoists pose a real threat to development and security in the region and efforts to bring these areas back into the orbit of the government is warranted.
But analysts advise against dumping, say these could recover if market conditions improve.
The apex court would hear the matter on March 1 and the outcome would decide the forum and the course of trial.
The standoff between the government and the opposition in Parliament has showed no signs of easing after it erupted on the opening day of the Monsoon session on July 19.
May take Rs 1,000-crore hit to re-route country's longest slurry pipeline
Seeking exemption from personal appearance for Ruias, Rohatgi said he was appearing despite the fact that his clients, at present in UAE, have not been 'properly' served with the court summonses.
Central Bureau of Investigation has received a number of representations including some from legal luminaries saying the Essar group has no links with Loop Telecom which is under the scanner in the 2G spectrum allocation scam.
The Central Bureau of Investigation on Wednesday told the Supreme Court that it has got evidence against Dravida Munnetra Kazhagam MP Dayanidhi Maran in 2G spectrum scam and will file an FIR against him within a couple of days for various offences including showing "undue favour" shown to Aircel.
Ajit Issac started as a management trainee at Godrej.
Ruia's-owned Essar Group is among four consortia in race to buy Royal Dutch Shell Plc's stake in four Nigerian oil fields.
Aegis, the global outsourcing services arm of Essar Group, on Thursday announced its plans to enter the UK and European markets for the first time, creating 600 new jobs in Manchester.
Aegis has more than 50,000 employees across 11 countries.
Justice Brijesh Sethi held that the 2018 amendment to the Prevention of Corruption Act relating to Section 13 (1)(d) would not come to the rescue of the acquitted accused in this appeal.
Equinox plans to launch 1.4 million sq ft residential project in Bengaluru in the last quarter of calender year 2011 and a one-million housing project in Thane near Mumbai in the next one year.
Trade and commerce issues, bilateral and global, are expected to come up for debate.
Five months before the put option window closes, JP Morgan has come out with a report stating that Essar's stake in Vodafone Essar is around $2 billion, which is far less than what the shareholder agreement between the two companies in 2007 envisaged.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
The diversified steel-to-telecom Essar Group, with revenues of $ 15 billion, is readying to consolidate its retail initiatives under one roof to maximise synergies and explore new avenues of growth. To shape its plans, Essar is forming a centralised retail think-tank at a group level to strategise the conglomerate's future course of action.
Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
The Ruias of the Essar Group will now be getting around $750 million (about Rs 3,493 crore) more from their telecom joint venture partner, Vodafone Group, over and above the fair market price if they exercise the "put" option for their 33.02 per cent stake.
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