India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
National Commission concluded that false and baseless allegations had been made in the complaint to claim a highly exaggerated and atrocious amount of compensation.
The new licences will do away with different kinds of permits that are issued to telecom companies for offering various services.
The long-awaited 5G spectrum auction is expected to be held in May this year if the Telecom Regulatory Authority of India (Trai) submits by March its recommendations on the rules regarding the sale process, according to a senior official of the telecom department. Telecom Minister Ashwini Vaishnaw earlier this month said the Trai has informed that it will submit its recommendations for the 5G auction by March and the Department of Telecommunications (DoT) is simultaneously firming up other processes to hold the auction at the earliest. "Trai has indicated that they will send it (recommendations) by March. "Thereafter, it will take us a month to make a decision around it," telecom secretary K Rajaraman told PTI.
Life has come full circle for Nobel laureate Professor Mohammad Yunus, who faced persecution during Sheikh Hasina's regime for embezzlement, is now all set to head of the interim government in Bangladesh after she resigned and fled the country.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
TRAI may recommend the DoT to levy one-time non-refundable fee of Rs 50,000 per operator for each service area in which they opt for spectrum sharing.
Availability of Wi-Fi is also expected to provide local airlines an additional source of revenues amid stiff competition in the fast growing Indian aviation market.
For the PMO this is urgent as the Digital India framework would depend on how the telecom companies perform. It is also linked to the proposed auction of 5G airwaves.
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
There are different prices for spectrum up to contracted limit of 6.2 Mhz and for additional airwaves.
Collectively, these companies spent Rs 628 crore (Rs 6.28 billion) on political contributions in the past five years, according to their annual reports.
DoT plans to initiate move that might lower the revenues telcos share with government.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
'The expeditious enactment of labour codes and strategic measures to bridge the skills jobs gap are critical.'
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
The Telecom Commission, which is the highest decision making authority within the Department of Telecommunications, on Wednesday, accepted the recommendations of the Telecom Regulatory Authority of India on full-fledged mobile number portability.
Shareholders have given approval to the appointment of Ambani scions Akash, Isha and Anant on board of Reliance Industries, the company said in a stock exchange filing.
The government believes firms which are subject to China's laws could be forced to hand over information to Beijing's security services.
The govt is expected to achieve the revenue target of Rs 40,000 crore from spectrum sale this fiscal, Telecom Secretary M F Farooqui said.
The Telecom Disputes Settlement and Appellate Tribunal has decided to charge commission on the petitions, claims and suits for recovery of money or an outstanding amount.
Regulator puts price at average of 1.65 times 3G cost; Sibal's approval needed for rollout.
While the draft M&A policy for the telecom sector has been revised a few times over the past few months, DoT has not made any major changes to guidelines.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
The telecom industry, with a cumulative debt of around Rs 2,75,000 crore (Rs 2,750 billion), has been mired in various controversies, besides facing intense competition, low tariffs and falling margins.
After a two year run-in with controversies, telecom sector now looks stable and seems back on its feet with initial investment proposal of over Rs 11,000 crore (Rs 110 billion) received in 2013.
All existing emergency numbers will be phased out within a year of rolling out 112, depending upon the awareness about this new facility.
Flag Telecom, a Reliance group company, has awarded a multi-million dollar contract for construction of its Falcon submarine cable to Alcatel, a global networks and application service provider.\n\n
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
Responding to queries from the Central Vigilance Commission amid allegations from political parties that Rs 50,000 crore (Rs 500 billion) was squandered in distribution of spectrum, telecom ministry said it had gone by the book and had done nothing wrong.
Firms to pay Rs 24,700 cr if spectrum formula is accepted.
Narendra Modi is India's most successful prime minister and the greatest global leader of current generation, billionaire Mukesh Ambani said on Wednesday as he flaunted his group Reliance Industries' Gujarati heritage and its over USD 150 billion (Rs 12 lakh crore) investment in last 10 years.
Ahead of the coming auction of 2G telecom spectrum, the government has decided to allow all players to bid for all bands.
Telecom Commission says refarm all spectrum in 900-MHz band to 1,800-MHz band operators.
The regulator added that a split auction of 2100 MHz, used for 3G services, will 'artificially increase the market price of 2100 Mz in February 2015 (auction) because of the severe supply constraint'.
The government plans to remove the definition of broadcasting services altogether from the bill to help reduce confusion among stakeholders.
Earlier, the Telecom Commission, a decision-making arm of the Telecom Ministry, had recommended that the government pick up a majority stake in the special purpose vehicle created to execute the sale of surplus land lying with VSNL (now Tata Communications).
Earlier, during the day, Telecom Minister Kapil Sibal met various operators to discuss the national broadband policy.
The Cabinet last month approved rules for mega-spectrum auction in which airwaves worth Rs 5.66 lakh crore will be put up for sale.
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