Companies & Sectors
Bank credit offtake declines in the first half of July

For the fortnight ended 13th July, total outstanding credit was Rs48.7 lakh crore while deposit growth has also declined to Rs80,536 crore

 
Mumbai: Growth of credit offtake from banks has declined by Rs34,500 crore in the first half of July compared to previous fortnight, reflecting slowdown in demand, reports PTI.
 
The total outstanding credit was Rs48.7 lakh crore for the fortnight ended 13th July down from Rs49.1 lakh crore in 29 June 2012, RBI said.
 
At the same time, deposit growth has also declined by Rs3,600 crore in the first half of this month.
 
Total bank deposits have fallen to Rs80,536 crore in the latest fortnight against Rs84,136 crore.
 

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Unitech objects to Uninor's FIPB proposal on rights issue

Unitech, which holds 32.75% stake in Uninor, said that the telecom operator misrepresented facts that its nominee directors on the board of the JV approved the proposal for rights offer

 
New Delhi: Realty company Unitech has shot off a letter to the Foreign Investment Promotion Board (FIPB) objecting to its telecom partner Uninor's proposal to raise Rs1,200 crore through a rights issue, saying it had never agreed to the move as was being claimed by Uninor, reports PTI.
 
Unitech Wireless - the joint venture of Unitech Ltd and Norway's Telenor which operate under Uninor brand, had applied to FIPB for permission to raise funds to meet operational and capital expenditure.
 
Unitech, which holds 32.75% stake in Uninor, said that the telecom firm misrepresented facts that its nominee directors on the board of the JV approved the proposal for rights offer in its letter to FIPB.
 
"We note that the letter (from Uninor seeking FIPB nod) stated that the nominee directors appointed by Unitech Ltd and its associates on the board of Uninor have also consented to the rights offer in the Board meeting of 23 May 2012," it said. "This is wrong and a misrepresentation of facts."
 
Unitech said its directors on Uninor have already written to the company pointing that "the issue of rights offer was not even an agenda item in the meeting dated 23rd May."
 
"There was only some discussion on the rights issue. No decision was or could have been made especially since the proposed rights issue is a matter of arbitration between the shareholders," it said.
 
The realty firm said that matter of rights issue is pending before arbitration tribunal and next date for hearing in the matter is on 24th September in Singapore.
 
Unitech alleged that the proposal of rights issue is probably an attempt by its Norwegian partner Telenor in the JV to introduce a new partner in an indirect manner.
 
"Telenor has made its intent to continue the telecom business in India with a new partner of its choice clear.
 
Telenor's FIPB proposal should be taken up only after the credentials of this new partner," Unitech alleged.
 
The realty firm said that shareholders agreement of Uninor contains gives priority of funding business by way of project finance and option of 'rights issue' come later.
 
"Telenor breached the hierarchy by not fully exploring the possibility of obtaining long term project finance and indeed, when at one point of time when project finance was available through State Bank of India, it was deliberately not taken," Unitech letter said.
 
Comments of Uninor and Telenor were not received till the time this report was filed.
 

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Goa to cancel licenses of 40 mining companies

Goa would cancel licences of 40 mines whose delay in filing of `J form' had been condoned by the previous governments in the state

Panaji: The Goa government has decided to cancel licences of 40 mines, whose delay in filing of `J form' under the `Goa, Daman and Diu Mining Concession Act 1987' had been condoned by the previous Congress-led governments, reports PTI.

 

Chief Minister Manohar Parrikar said in the state Legislative Assembly that all the 40 licences would be cancelled within two weeks.

 

Deadline for filing J form was 22 November 1988. But some of the forms were filed as late as 2005.

 

J form is necessary for conversion of old mining concessions granted during the Portuguese rule into formal leases.

 

Parrikar said that only Union Government had the power to condone the delay. Goa has 90-odd mining leases.

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