In an apparent U-turn, the Central Bureau of Investigation, which had filed a closure report in a coal blocks case involving industrialist Kumar Mangalam Birla, former coal secretary P C Parakh and others, on Monday told a special court there was enough evidence against the accused to take cognisance of offences.
"India will be home to a fifth of humanity, its economy 16 times bigger than today, and one of the world's largest consumer markets. India will be a world better in many areas"
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
Cleaning up India's grubby business climate is top of the agenda for both regulators and the government.
Mumbai is witnessing some big-ticket investments in bungalows by the city's billionaires.
If Vodafone Idea shuts, a bulk of the high-paying ARPU customers will move to Airtel as Reliance Jio does not have a comprehensive postpaid offering like it, and have aggressively preferred to play in the prepaid market. The bulk of Vodafone Idea customers use 2G phones and only a few of them use data. It will be easier for Airtel to woo these customers as they can shift seamlessly to its 2G network without changing handsets or even SIM cards,
On the telecom sector, he demanded auctioning of more spectrum.
Analysts have pointed out that with the dues arising out of the SC judgment there could soon be only two private telcos in the country, and not three - Reliance Jio, Bharti Airtel and Vodafone Idea - as now.
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.
'Aleris will bring in $3 billion of revenue. Novelis has $12 billion of revenues. If we add Hindalco's $6-billion revenue, then on a consolidated basis, we will become the world's largest aluminium company outside China.'
With the new entity coming in force, Bharti Airtel will lose the tag of India's biggest telecom service provider to the new entity.
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.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
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 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.
Idea Cellular will have to furnish an undertaking that it will entertain all the liabilities whenever a final decision is taken by the courts
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.
Idea may have to shell out Rs 4,500 crore in cash
'This is part of our efforts to make it easier to do business.'
Former Prime Minister Manmohan Singh, Birla and former Coal Secretary P C Parakh were summoned.
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.
As industry voiced concern over the CBI naming industrialist Kumar Mangalam Birla in a case, Oil Minister M Veerappa Moily on Friday said investigating agencies and the judiciary must ensure that India does not become like Russia, where investors are not prepared to go and billionaires are put behind bars.
Asserting that there is nothing wrong in allocation of coal blocks, former Union Coal Secretary Prakash Chandra Parakh on Wednesday said if the Central Bureau of Investigation considers a conspiracy in this case then Prime Minister Dr Manmohan Singh should be held equally responsible being the final decision maker.
The Central Bureau of Investigation was on Tuesday directed by a special court to record statements of former Prime Minister Manmohan Singh, who was holding charge as Coal Minister in 2005, and others in a coal blocks allocation scam case allegedly involving top industrialist Kumar Mangalam Birla.
Corporate Affairs Minister Sachin Pilot intoned, "Recent incidents will certainly dampen business confidence and investment sentiment, both domestic and foreign; and perhaps also negatively affect decision making by bureaucrats and policy makers."
The agency filed the report before Special CBI Judge Bharat Parashar and said that it contains a detailed report of investigation being carried out in the case.
Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore (Rs 44.60 billion).
Wishlist for new PM includes growth boosters, reining in inflation, faster project clearance and reversal of Land Acquisition Act
Supreme Court had on October 24 upheld government contention that non-core revenue in telecoms groups should be included in adjusted gross revenue. According to DoT's calculations, Bharti Airtel faces a liability of around Rs 42,000 crore after including licence fees and spectrum usage charges while Vodafone-Idea may have to pay about Rs 40,000 crore.
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.
Vodafone and Bharti have pointed out that, for data, their revenue realisation should be at Rs 30-35 per GB for them to cover their costs as opposed to the current figure of over Rs 11 per GB. But Jio has suggested a gradual increase to Rs 15 per GB and then maybe to Rs 20 per GB after six to nine months.
Mega rally on December 22 to have special enclosure for 10,000 tea vendors, says Sanjay Jog.
The Aditya Birla Group announced the merger of its two holding companies, Aditya Birla Nuvo and Grasim, to make the holding structure clearer, ensure stable cash flows and unlock value in its financial services arm
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.
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 average premium at $390 Main Japanese Port (MJP) was almost 47 per cent higher than 2013-14.
The brand integration not only marks the completion of the largest telecom merger in the world, but will also set the company on its future journey to offer strong digital experiences to 1 billion Indians on its 4G network.
'India Inc has been afraid to criticise the government of the day for many years now, and it is perhaps unfair to blame the current one alone,' says Shyamal Majumdar.
Impact of the slowdown is most visible among promoter/owner-CEOs
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