Reliance Communications Ltd (RCom) on Friday announced the sale of 51 per cent stake in its telecom tower business to Canada-based Brookfield Infrastructure Group, for an upfront cash payment of Rs 11,000 crore.
During the hearing, the Central Bureau of Investigation told the court that it has already filed its reply in the case.
The court directed Chidambaram to cooperate with the ED's investigation.
'I had done 23 years of very satisfying service -- 10 years in the police and 13 years in the Enforcement Directorate.' 'I had done law enforcement and thought the next step should be towards contributing to make good laws.'
The UTOO 'soft' launch was in June and the full commercial launch is slated for September.
The probe agency made the submission in an affidavit filed before Justice A K Pathak, who listed the matter for hearing on August 1 and extended till then the interim protection against arrest granted to Chidambaram on May 31.
The man who led this journey is 50-year-old Kalanithi Maran, chairman and managing director of the Sun Group.
CBI had lodged an FIR on May 15, 2017, alleging irregularities in Foreign Investment Promotion Board clearance granted to INX Media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as union finance minister.
A seventy-two-year-old man from Bhadur village in Bihar was duped of Rs 1.5 lakh by a group of men who informed him that he had his Aircel mobile number had won a prize of Rs 25 lakh. They told him that his number was selected by none other than film star Amitabh Bachchan.
Right from the early days of liberalisation, there have been political controversies surrounding several cases that landed on the FIPB table and which, in turn, have often led to court battles.
Senior lawyer Prashant Bhushan filed a fresh affidavit in the Supreme Court on Tuesday, stating that investigation into former textiles minister Dayanidhi Maran's role in the 2G spectrum scam has not been honestly conducted by the Central Bureau of Investigation.
At a dinner banquet last year at the Taj Mahal rooftop - after successfully concluding a merger between Aircel's towers and group company GTL Infrastructure - Tirodkar was hailed as sagacious, humble and hands-on by a motley bunch of suave bankers, analysts and media persons.
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.
Dravida Munnetra Kazhagam Member of Parliament Dayanidhi Maran has not so far been given a clean chit in 2G scam case, the Central Bureau of Investigation on Thursday told the Supreme Court and objected to the allegation that its investigation in this case is "less than honest".
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.
It is a tale of two deals: One completed and the other, announced and later aborted.
The company has defaulted on some of the payments to lenders and it has received time till December for strategic restructuring plan
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
The government on Tuesday invited financial bids from all the nine applicants, including Bharti Airtel, Vodafone, Tata Teleservices and RCom, who had applied for participating in 3G spectrum auction.
When, recently, Bharti Airtel announced a Rs 21,000 crore rights issue, analysts pointed out that its structure was similar to that of Reliance's issue in June 2020. One similarity is that shareholders in both companies have to pay only 25 per cent of the money on application. The rest is to be paid in two tranches. In Bharti Airtel's case, it is within 36 months; in Reliance Jio's, it is within 17 months.
Tata Teleservices and Reliance Communications have said that they had been denied extra spectrum even as the old GSM operators like Bharti, Vodafone and Idea were been allocated excess spectrum in many circles.
Spectrum auction ends, brings Rs 1.09 tln to govt kitty.
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.
A consummate deal-maker, the former Aircel boss raked in the moolah in many, but lost a packet in several others.
Chidambaram, who was accompanied by police personnel in the police bus, was put in a special cell in the Asia's biggest prison complex as per the orders of the CBI court.
With the home ministry rejecting the renewal of broadcast licences to Sun group, is it end of the road for Maran brothers? R Ramasubramanian reports from Chennai.
Objective of the examination is to study the tax implications of such deals.
The Central Bureau of Investigation had registered an FIR on May 15, 2017 alleging irregularities in the Foreign Investment Promotion Board clearance granted to the media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as finance minister.
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.
In effect, companies which put their money in telecom in India would have done much better to keep the cash in bank and earn interest.
E-commerce, Rs 1,000 crore (Rs 10 billion) as an advertising category, is expected to bring at least Rs 200 crore (Rs 2 billion) in ad spending next month, when there would be both Dussehra and Diwali.
Maran's penchant for taking risks was visible last year again when he acquired Indian Premier League's Hyderabad cricket franchisee and named it Sun Risers.
The trial court had earlier said that the allegations against Chidambaram were found serious, therefore, he was remanded to police custody.
DoT still working on final AGR dues due to varying accounting practices. Telecom operators have been submitting two separate audited details of deduction towards interconnection usage charges and roaming fee to the DoT.
Sources say companies will have to keep the market share of merged entities below 50% in all circles
While posting the matter for hearing on Thursday, the bench said: "We are conscious that we should not usurp the jurisdiction of the concerned trial court".
NCLT in its judgement said: "The removal of Cyrus Mistry as executive chairperson was because the board lost confidence and not because they were contemplating that he would cause discomfort to Ratan Tata, N Soonawala and others.' "The Board is competent to remove an executive chairman. Mr Mistry's removal from the position of director came because he admittedly sent out company information to the I-T (department), press, and came out in public against the board and the trust."
A series of failed loan recast programmes continues to haunt banks.
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