Troubled Vodafone Idea Ltd (VIL) has filed a review petition in the Supreme Court after the apex court recently dismissed its plea for rectification of the alleged errors in the calculation of adjusted gross revenues-related dues. In the petition, filed earlier this week, VIL has said it is "a travesty of justice" that the company is restrained from questioning the arithmetical errors/ omission which are going to cost it about Rs 25,000 crore (Rs 5,932 crore of principal plus interest, penalty and interest on penalty). VIL has said its contentions have been rejected by the order under review and added that this denial could result in the company going under and its about 27.3 crore subscribers being left "high and dry".
Noting that farmers are suffering due to problems in the food supply chain, Congress Vice President Rahul Gandhi on Monday said there is a need for ensuring better compensation for the farmers against their produce.
The question mark over Vodafone Idea's survival is gone after the government's telecom package, managing director and chief executive officer Ravinder Takkar said in an interaction recently. The extended moratorium for spectrum payments and adjusted gross revenue (AGR) dues has indeed ensured that Vodafone Idea survives, at least for the time being, but questions remain. Answers to those questions may determine the future of Vodafone Idea and its power to stay in a difficult telecom market in the coming years.
A court asked for further investigation into an illegal coalfield allocation case involving Hindalco Industries on Tuesday, rejecting an earlier report from the CBI that said the probe was likely to be closed.
In the Forbes rich list Mukesh Ambani is ranked 39th.
Wishlist for new PM includes growth boosters, reining in inflation, faster project clearance and reversal of Land Acquisition Act
'This is part of our efforts to make it easier to do business.'
Vodafone Idea, which reported a loss of Rs 6,439 crore in the December quarter, said it had received letters from the department of telecommunications (DoT) directing immediate payment of dues amounting to Rs 54,000 crores after the SC judgment. "The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR, as interpreted by the Supreme Court in its order dated October 24, 2019. The company proposes to pay the amount so assessed in the next few days," it stated.
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Reliance, Birla Group, Airtel eye small finance banks.
The Central Bureau of Investigation on Tuesday filed a fresh status report in a sealed envelop in the Supreme Court on coal block allocation scam giving details of the ongoing probe in which companies, business tycoons and bureaucrats have come under its scanner.
Fast cars, marathons, golfing and shooting - nothing stops these high-power tycoons from pursuing their passion.
The Coal Ministry has issued show-cause to eight firms including Hindalco Industries and Mahanadi Coalfields, and sought explanation from five firms for delays in commencing production from mines allocated to them.
Over Lebanese delicacies, the daughter of billionaire Kumar Mangalam Birla talks money, relationships, her passions and how she outpaced her peers.
The Supreme Court on Tuesday a plea seeking its direction to the Central Bureau of Investigation to name Prime Minister Manmohan Singh in its First Information Repotfiled against industrialist Kumar Mangalam Birla and former Coal Secretary P C Parakh in a coal block allocation case.
India produced 179 more super-rich people this year led by Adani Group's Gautam Adani who amassed a whopping wealth of Rs 365,700 crore or more than Rs 1,000 crore daily, and the number of such individuals has crossed the 1,000-mark. Geographically, five more cities are home to super-rich taking the total number of super-rich cities to 119 and these 1,007 individuals cumulatively added 51 per cent more wealth in 2021. The average wealth increased by 25 per cent this year that also saw the livelihoods of thousands of people being hit by the coronavirus pandemic.
A Vodafone Group insider with more than 25 years in the telco across geographies, he's like the eyes and ears of the multinational in India.
The plan was activated in October last year.
Reliance Industries chairman Mukesh Ambani and his wife Nita Ambani topped a list of power couples dominated by celebrity pairs from Bollywood, according to the annual survey results released by the Indian Institute of Human Brands (IIHB) in Mumbai on Wednesday. Ranveer Singh and Deepika Padukone followed the Ambanis at No 2, and Virat Kohli and Anushka Sharma occupied the third position. Five other couples from the corporate world made it to the list - Infosys founder Narayana Murthy and Sudha Murty at 10th, Adar and Natasha Poonawala (Serum Institute) at 11th, Azim and Yasmeen Premji (Wipro) at 16th, Anand and Anuradha Mahindra (Mahindra Group) at 19th, and Kumar Mangalam and Neerja Birla (Aditya Birla Group) at 20th position.
Idea may have to shell out Rs 4,500 crore in cash
The year gone by saw the high and mighty of the corporate world face the music in the Delhi High Court which held that the telecom majors are amenable to CAG audit and Mukesh Ambani's RIL struggling hard to get rid of an FIR lodged on gas pricing by the 49-day-old AAP regime.
Tatas, Adani, Bharti, HDFC and Sun Groups have clocked huge gains.
Vodafone Idea (Vi) lost 12.4 million subscribers in the first quarter of FY22, the most since the fourth quarter of FY20, as the second wave of Covid hurt its operational and financial performance. Vi had managed to trim subscriber losses in the third and fourth quarters of FY21. However, it lost 12.4 million subscribers and its customer base shrunk to 255.4 million in the first quarter of FY22. Sequential fall in 4G users was modest, indicating that most of the loss was in the low-margin 2G segment.
The numbers in India may not be as big but the opportunity for serious growth is all there.
Just before the 2008 financial crisis made headlines, Indian companies were on a global buying spree. In the fifth part of the series, Dev Chatterjee and Krishna Kant discuss how the crisis came as a black swan event for some, changing the mood from exuberance to despair.
The Birlas are investing $100 million in the financial services business in fiscal beginning April 1.
Aditya Aluminium project ready but clearances still stuck for mine
Five others, including one retired and another serving public servant -- K S Kropha and K C Samria -- were held guilty for various offences under the Prevention of Corruption Act and Indian Penal Code.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
Hindalco has already bagged 4 mines in Jharkhand and Chhattisgarh
Impact of the slowdown is most visible among promoter/owner-CEOs
With their net debt estimated at Rs 1.15 trillion, the merged entity will not be in much of a position to dole out freebies, says Romita Majumdar.
In Friday's market rally post the corporate tax cut, the country's top business promoters recouped more than two-thirds of the losses that they suffered in the post-Budget sell-off in equity markets.
The scrutiny is expected to be over this month itself.
An alumnus of IIM-A from the 1983 batch, Nanda was a Robert Braucher Professor of Practice at Harvard Law School and later a Harvard Business School faculty member, before he took charge on September 2, 2013.
Mega rally on December 22 to have special enclosure for 10,000 tea vendors, says Sanjay Jog.
A change in recommendation in favour of Birla did certainly happen but the question is whether it was a bona fide decision. Jyoti Mukul reports
The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
The merger will result in substantial cost and capex synergies with an estimated net present value of around USD 10 billion after integration costs and spectrum liberalisation payments, with estimated savings of USD 2.1 billion annually from the fourth year of the merger.
The sale of the Lincoln House in the Breach Candy area of south Mumbai, which used to house the US consulate, to the billionaire chairman of the Pune-based Serum Institute, makes it the largest real estate deal in the country's financial capital.
The two companies were earlier expecting to complete the merger formalities and regulatory approvals by June 30 and to start operating as one entity from July 1.
