Emirates Telecommunications Corporation (Etisalat) has made a representation through the UAE government to request the Enforcement Directorate to withdraw a showcause notice over alleged violations of the Foreign Exchange Management Act (FEMA), insofar as it relates to the company and its directors on the board of its Indian joint venture Etisalat-DB Ltd. The UAE (United Arab Emirates) government owns 60 per cent of the Etisalat group.
UAE-based telecommunication services provider Emirates Telecommunications Corporation has pulled out of negotiations to acquire a stake in Indian wireless telephony service provider Spice Communications, citing high valuation. Separately, the promoters were expecting a deal to be signed in the next couple of days.
The UAE-based Emirates Telecommunication Corporation (Etisalat) on Thursday filed a petition against Shahid Balwa and Vinod Goenka, promoters of the beleaguered Swan Telecom, for "fraud and misrepresentation".
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.
'What we need to watch is how Saudi Arabia's financial assistance will be used by Pakistan. If the funds go to build their military hardware and operations, it should worry us.'
The deal with Nokia will be signed in San Francisco on Friday morning in the presence of Tamil Nadu Chief Minister M K Stalin, who is on a 17-day trip to the US to attract fresh investments.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
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