Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
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.
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.
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.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
Jio's Estonia arm and Finland-based University of Oulu have signed an agreement to collaborate for development of 6G technology as well as to foster entrepreneurship. The collaboration with the university is expected to extend Jio's 5G capabilities and will help explore use cases in the 6G era. Jio Platforms is the parent of telecom player Reliance Jio.
HDFC chairman Deepak Parekh on Friday exuded confidence that the synergies between HDFC Bank and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday. As chairman of HDFC Ltd, Parekh in the last message to the shareholders said home loans will now be complemented with HDFC Bank's core strengths -- its sales engine, execution capabilities at scale and deep insights on consumer behaviour. The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1.
The government has upgraded the security cover of billionaire industrialist Mukesh Ambani to the top category of 'Z+' after a review of perceived threat perception to him by central intelligence and security agencies, official sources said on Thursday.
The case relates to the company allegedly developing a software that helps users increase probability of a child of particular gender.
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.'
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.
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.
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.
RCom and Aircel have permits for 3G services in 13 out of 22 service areas while Tata Teleservices has permit in 9 circles.
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
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.
Cellular Operators Association of India (COAI) and Association of Unified Telcom Service Providers of India (AUSPI) have opposed the proposal to compensate consumers.
DoT though failed to implement TRAI's recommendations to levy spectrum usage charge
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.
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.
WhatsApp's advantage is that it is the first app millions of Indian check first thing in the morning and innumerable times during the day and night.
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.
Reliance Jio submitted the highest pre-auction deposit.
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.
Another major announcement that came was an MoU signed between GE and Hindustan Aeronautics Limited to jointly produce fighter jet engines for the Indian Air Force.
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.
Telecom operator Vodafone has been the top gainer of customers through mobile number portability facility while Reliance Communications is the biggest loser.
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.
RIL says Sebi has not asked for revision of offer price, expecting clearance soon.
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.
'We will likely never know why Xi decided not to travel to New Delhi. One possible explanation could be his desire to avoid a meeting with US President Joe Biden.'
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.
RCom intends to utilise the proceeds of the proposed transaction to reduce its debt.
Telecom complaints against other players were below 500 in the first half of 2016.
