The Delhi high court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings related to recovery of Rs 1200 crore loan granted to two of his companies. The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now. This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.
The company is looking at demerger of land banks from RCom and then go for separate listing.
US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi), to take action as is necessary to comply with the Supreme Court Judgment, related to the $3.4-billion merger deal between Future Group and Reliance. Amazon has requested Sebi to direct the Indian stock exchanges to withdraw the Observation Letters related to this deal with immediate effect. In January this year, Sebi had given a go-ahead onto Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore ($3.4 billion) deal.
Reliance earned $11.50 for every barrel of crude that it processed during the last three months of the calendar year - almost 60 per cent more than a year earlier.
Bidding for the sixth round of spectrum auction for radiowaves worth Rs 3.92 lakh crore will start from March 1, according to a notice issued by the Department of Telecom on Wednesday. The long-awaited spectrum auction is being held after a gap of four years and over two years after the Telecom Regulatory Authority of India (Trai) calculated and recommended base price for the radiowaves. The DoT has fixed January 12 for the pre-bid conference and January 28 as the last date for seeking clarification to the notice.
If Reliance Jio resets the rules of the game with low voice and data tariffs, most incumbents will find themselves back to square one.
RCom and Tata Teleservices are the top net losers of subscribers under mobile number portability (MNP) services.
The company has made payment in compliance with Telecom Department's instructions for self assessment, Mittal said, adding that the Supreme Court had not mentioned specific amounts.
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
The minister said the companies have given representation which is being examined by the DoT before taking a final decision.
RCom shares fell 0.34 per cent to Rs 145.50 at the close on the BSE.
India's largest mobile operator Reliance Jio Infocomm will land the multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives, according to a statement on Monday. The high capacity and high-speed IAX system will connect Hulhumale directly with world's major internet hubs in India and Singapore. Jio's IAX project will land in the Maldives in collaboration with Ocean Connect Maldives, the statement said. The IAX system originates in Mumbai in the west and connects directly to Singapore, with branches including additional landings in India, Malaysia, and Thailand.
The government is looking at a time frame within the first two weeks of July to kick off and complete the upcoming 5G auctions, according to discussions between officials and stakeholders. It is expected that the Telecom Regulatory Authority of India (TRAI) will give its recommendations on the base price by March, after which the necessary cabinet clearances will be given. The Department of Telecommunications (DoT) had earlier looked at undertaking the auction in the first quarter of 2022 but decided to push it back. Communications Minister Ashwini Vaishnaw had also said that the auctions are likely to take place in April-May.
It offers a discount of up to 96 per cent on data and and up to 92 per cent on call charges.
Programmes offers pared-down web services on mobile phones along with Facebook' s own social network and messaging services cost free
'As the world goes digital, we cannot afford to be left behind.'
The case relates to the company allegedly developing a software that helps users increase probability of a child of particular gender.
Telecom Minister Ravi Shankar Prasad had told Parliament in November that Bharti Airtel, Vodafone Idea and other telecom companies owe the government as much as Rs 1.47 lakh crore in past statutory dues.
Private equity investments into domestic companies fell sharply year-on-year by 42 per cent to $23.3 billion in 2022, which is the lowest since 2019, when it was $15.8 billion, according to an industry report. The numbers reflect the overall funding winter that the startup space in particular, and the overall foreign investments in general have been witnessing since the Ukraine war began last February. Private equity investment inflows into the country fell by a sharp 42 per cent in 2022 from last year to $23.3 billion -- the lowest annual inflows since 2019 when it was a low $15.8 billion, but still relatively elevated compared to historical levels, said Elaine Tan, a senior analyst at Refinitiv, the LSEG business arm that provides financial markets data and insights.
GenNext Innovation Hub is also pursuing a new global partnership program to collaborate with organizations in US, Europe and Asia.
Ambani said, in the telecom space, the focus will be on debt reduction, and the virtual merger did away with the need for major capex and will help towards this
The long-overdue consolidation makes indebted RCom an even more attractive partner for a soon-to-launch upstart led by older brother Mukesh.
Jio is in a neck and neck battle with Airtel, which added a similar number of subscribers as Jio in the 15 months from February 2017 to April 2018
Spectrum auction on Thursday entered the 10th day of bidding and started off from Rs 61,091.83 crore (Rs 610.91 billion) in terms of value.
The CAG report, tabled in Parliament, states the interest on the short payment stood at Rs 1,052.13 crore for the period up to March 2016.
Investors' wealth eroded by a massive Rs 8,21,666.77 crore on Monday as the market saw a massive sell-off not seen in many months. The BSE benchmark Sensex plunged 1,170.12 points or 1.96 per cent to close at 58,465.89. This is the worst single-day drop for the gauge in over seven months. This was also the fourth straight session of decline for the Sensex.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
While the company insisted it had enough spectrum across circles, analysts said the company might soon need to acquire some spectrum to ensure uninterrupted service.
RCom and Aircel have permits for 3G services in 13 out of 22 service areas while Tata Teleservices has permit in 9 circles.
The government expects the rollout of 5G services to start from early October in the country, Union minister Ashwini Vaishnaw said on Saturday. "As soon as the spectrum auction ends, within a few days itself, we will allocate the spectrum. "We expect that the 5G roll-out will happen from the beginning of October and within a year or so, we should have a good rollout in the country," the Union Minister for Communications, Electronics and Information Technology Ashwini Vaishnaw told reporters in New Delhi.
The Department of Telecom (DoT) has slapped a penalty of Rs 2,000 crore on Vodafone Idea and Rs 1,050 crore on Bharti Airtel based on sector regulator Trai's recommendation five years ago, according to sources. The DoT has given three weeks time to the telecom operators to pay the penalty, a source said while sharing the content of the demand notice served to the companies on Thursday. When contacted Bharti Airtel spokesperson said, "We are deeply disappointed with the arbitrary and unfair demand based on Trai recommendations of 2016 relating to provisions of point of interconnect to a new operator.
Cellular Operators Association of India (COAI) and Association of Unified Telcom Service Providers of India (AUSPI) have opposed the proposal to compensate consumers.
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
In a meeting on Thursday evening, the RCom management, led by CEO Punit Garg, requested the bank representatives to release Rs 260 crore it received as I-T refund so that it could repay the dues to Ericsson.
DoT though failed to implement TRAI's recommendations to levy spectrum usage charge
Billionaire Mukesh Ambani on Monday pressed for bridging the digital divide "both among nations and within nations", saying connectivity and communications have become the fundamental rights of every person. Also, there is a need to bring back the economies around the globe. Speaking at the Qatar Economic Forum, he said it is difficult to imagine what India would have been without the 4G telecom network during the pandemic. "The digital divide must be bridged, both among nations and within nations.
Reliance Jio submitted the highest pre-auction deposit.
Telecom operator Vodafone has been the top gainer of customers through mobile number portability facility while Reliance Communications is the biggest loser.
Telecom regulator TRAI has imposed cumulative penalty of Rs 50 lakh on nine mobile operators for failing to meet quality of service benchmarks in the second quarter ended June 2013, official sources said.
The uniform SUC, if implemented as per recommendations made by Telecom Regulatory Authority of India, will provide relief for mobile operators such as Airtel, Vodafone and Idea, but will increase rates for broadband wireless access spectrum holders like RJIL.
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