Allahabad Bank revises interest rates on NRE rupee term deposits

Allahabad Bank has revised the interest rates for NRE deposits - for one year to less than two years, the revised interest rate is 9.50% for rupee term deposits.

Allahabad Bank has revised the interest rates on NRE (Rupee) term deposits with effect from 4 January 2012 for the following periods: For one year to less than two years, the revised interest rate is 9.50% vis-a-vis 7.50%, the existing interest rate. For two years to less than three years, the revised interest rate is 9.00% as opposed to 7.00%, the existing interest rate. For three years, the revised interest rate has been fixed at 8.75% as against 6.75% the existing interest rate.

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Hudco to raise up to Rs4,685 crore via tax-free bonds

‘The company proposes to make a public issue of tax-free bonds of face value of Rs1,000 each in the nature of secured, redeemable, non-convertible debentures, aggregating up to Rs4,684.72 crore,’ Hudco said in a statement.

Housing and Urban Development Corporation (Hudco) said it will raise up to Rs4,685 crore through a public issue of tax-free bonds. The company said that it had filed a draft prospectus for the same with the National Stock Exchange (NSE), where these bonds would be listed. These bonds would have tax benefits for subscribers under the Income Tax Act, 1961. Hudco is a public sector firm fully-owned by the government for financing of housing and urban infrastructure activities in India.

‘The company proposes to make a public issue of tax-free bonds of face value of Rs1,000 each in the nature of secured, redeemable, non-convertible debentures, aggregating up to Rs4,684.72 crore,’ Hudco said in a statement.

‘The Finance Ministry has given us approval for raising Rs5,000 crore through tax-free bonds. We have raised Rs315 crore through private placement of bonds. Now we are coming up with a public issue of tax-free bonds to raise up to Rs4,685 crore,’ Hudco senior executive director RK Khanna told PTI. The funds would be utilised in project financing, he said, adding that the public issue of tax-free bonds is likely to be launched by the month-end.

‘In the 2010-11 fiscal, we sanctioned Rs19,762 crore and out of that, Rs5,293 crore was in housing and about Rs14,500 crore in infrastructure projects. We are targeting the sanction of Rs24,000 crore this fiscal and out of that, 25% would be toward housing schemes,’ he said.

The lead managers of the issue are Enam Securities and SBI Capital Markets. The trustee for the bondholders is SBICAP Trustee Company.

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TDSAT sets aside penalties on new operators for delay in roll-out obligations

The DoT had imposed penalty over the operators who were allotted spectrum in 2008 during the tenure of former telecom minister A Raja for delay in raising necessary infrastructure to commence their service obligations

New Delhi: In a major development, the Telecom Dispute Settlement and Appellate Tribunal (TDSAT) today set aside all penalties imposed by the government on new telecom operators for delay in meeting roll-out obligations of services, reports PTI.

The TDSAT bench headed by justice SB Sinha said that DoT did not follow “principles of natural justice” and did not give any opportunity to the telecom operators before imposing penalty or liquidated damages.

The tribunal further directed the government to refund the amount collected from the operators with 12% interest within four weeks from today.

According to estimates available, the DoT has collected so far over Rs300 crore against claims of about Rs400 crore from the new telecom operators as liquidated damages during the last one year.

Penalties have been imposed on new telecom operators, including Etisalat DB, Videocon, Loop, Aircel and Uninor, among others.

TDSAT’s ruling came forward over a batch of 70 petitions filed by various telecom operators challenging liquidated damages imposed on them by DoT for various circles.

It also directed DoT to give a fresh hearing to the telecom operators on this issue in accordance with today’s judgement.

The tribunal further said that if there was any ambiguity in the terms of licence, the benefit has to be given in favour of licensee (operator) and it is against the licensor (DoT).

It also held that the DoT has not suffered any damages according to the law.

Earlier, passing an interim order in this matter, the tribunal had directed various telecom operators to deposit 60% of the liquidated damages imposed by the DoT.

Following today’s order, now the government will refund the amount along with the interest to the operators.

The DoT had imposed penalty over the operators who were allotted spectrum in 2008 during the tenure of former telecom minister A Raja for delay in raising necessary infrastructure to commence their service obligations.

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