Moneylife Events
Chennaites Learn How To Be Safe and Smart with Their Money
Moneylife Foundation hosted its second educative and highly interactive flagship seminar "Be Safe and Smart with Your Money" conducted by Sucheta Dalal, managing editor of Moneylife and Debashis Basu, editor of Moneylife. Popular television actor, Mohan V Raman, while introducing the subject, had the audience in splits. 
 
TS Krishnamurthy, former chief election commissioner of India and a trustee of Moneylife Foundation, inaugurated the programme. 
 
Among the eminent guests were: Krishnamurthy Vijayan, a mutual fund professional who is now the managing director & CEO, Tamil Nadu Infrastructure Corporation, Dr Rajeeva Karandikar, eminent mathematician and director of Chennai Mathematical Institute and NK Prasad, CEO of Computer Age Management Services (CAMS).
 
Ms Dalal’s session titled ‘How To Be Safe with Your Money’ focused on not losing money, insuring for a secure future, avoiding credit and investment traps, focusing on a few safe products, avoiding emotional traps and maintaining financial hygiene. Many have lost huge amounts of money in pyramid, Ponzi, multi-level marketing (MLM), chain marketing schemes and chit funds. 
 
In the second session, ‘Be Smart with Your Money’, Mr Basu took the audience through simple steps for investing smartly and explained that, to invest smartly, one needs to know which products to choose, when to invest and how much to invest in what kind of assets. The two and a half hours session concluded with a lively question & answer session.

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Vodafone told to deposit Rs.2,000 crore for merger of its 4 entities
The Supreme Court on Monday asked the Vodafone Mobile Services to deposit with the government Rs.2,000 crore under various heads, including one-time spectrum charge and licence fees, for the merger of its four entities Vodafone East, Vodafone South and Vodafone Cellular and Vodafone Digilink into it.
 
The apex court bench of Justice Jagdish Singh Khekar and Justice R. Banumathi while asking the Vodafone to deposit Rs.2,000 crore said soon after that the government would forthwith grant approval for the merger of four entities into VMSL.
 
It would be imperative for the central government to approve the merger forthwith after VMSL deposits the money, the court said observing in the course of the hearing that the "trivialist of the matters are being filed by telecom companies".
 
The court order came on the plea by the Centre challenging the Telecom Disputes Settlement and Appellate Tribunal's (TDSAT) November 6 order by which the telecom appellate tribunal had the DoT to "provisionally allow the merger of licences without insisting on payments of the impugned demands".
 
The government had asked the Vodafone Mobile Services to deposit Rs.6,678 crore in pursuance to its proposed merger of its four entities - Vodafone East, Vodafone South and Vodafone Cellular and Vodafone Digilink - into it. 
 
The amount of Rs.6,678 crore was the sum total of money that VMSL was asked to pay under different heads.
 
VMSL was asked to pay Rs.1,848 crore towards one time spectrum charges, Rs.880.58 towards spectrum usage charge, Rs.583.55 towards OTSC Rs.1,733 crore towards licences fees and interest on licence feee during the period of 2006-2011 etc.
 
However, the demand of Rs.6,678 crore by the DoT was contested by the VMSL which said that it had agreed to pay Rs.1,773 crore only.
 
Having directed the VMSL to deposit Rs.2,000 crore, the apex court asked the concerned courts and tribunals dealing with various disputes involving OTSC, SUC and the computation of AGR to dispose off the matters expeditiously. The court stressed on the urgency of the matter as a huge amount was involved.
 
The bench said that in case Vodafone Mobile Services Limited succeed, then the amount deposited by it would be returned to with an interest rate to be determined by the TDSAT.
 
Appearing for the Centre, Additional Solicited General P.S. Narsimha told the court that Vodafone on February 12 agreed to pay Rs.1,773 crore in pursuance to the merger scheme approved by the Delhi, Madras and Calcutta high courts in 2014.
 
ASG urged the court to direct the VMSL to pay undisputed amount of Rs.4,064 crore. He referred to the February 2014 guidelines under which spectrum was delinked from the licence and the operator was to pay separately at a market-determined price.
 
Referring to the apex court verdict of February 2012, ASG Narsimha said the acquiring company had to pay the difference between the entry fee that the company being acquired had paid at the time of entry and the market price of the spectrum.
 
However, this was contested by the senior counsel K.K. Vanugopal and Abhishek Manu Singhvi who told the court though there was merger of the companies but no transfer of licences and each one of them continue to operate in their respective sphere.
 
Appearing for Vodafone, they said the offer to pay Rs.1,773 crore was conditional and was not surviving today as approval for merger was not granted by March 9 as was sought then.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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