Bharti Airtel had moved the TDSAT early this month against the DoT order asking it to pay a Rs50 crore fine for issuing SIM cards in bulk to firms. However, the tribunal asked it to first pay half of the penalty for being heard. The company then approached the Delhi High Court, which too rejected its plea and asked it to pursue the case before the tribunal itself
New Delhi: The Delhi High Court has dismissed Bharti Airtel’s plea against the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) that asked it to first pay half the Rs50 crore fine imposed on it by the Department of Telecom (DoT) before the hearing, reports PTI.
The DoT had imposed a Rs50 crore fine on the country’s largest telecom operator for issuing SIM cards in bulk to two firms for distribution among foreigners and non-resident Indians (NRIs), allegedly violating security conditions in the licence agreement.
As Bharti Airtel moved the TDSAT early this month against the DoT order, the tribunal asked it to first pay half of the penalty for being heard.
Bharti Airtel then approached the Delhi High Court, which too rejected its plea with the bench of justice Vipin Sanghi asking it to pursue the case before the tribunal itself.
Former solicitor general Gopal Subramaniam, appearing for the private operator, contended that the tribunal was not right in directing it to pay half the fine, as it had noted in the order that DoT had not given any reason for imposing the penalty.
Bharti Airtel also contended that it had only issued SIM cards/connections in bulk, and it had already terminated the rental agreements or contracts for them 19 months before the demand of penalty by DoT.
The tribunal’s interim order had come on a petition by Bharti Airtel challenging the penalty demanded by DoT.
The DoT had imposed the penalty on the telecom operator on 19th September after it found that the company had issued 1,847 bulk mobile connections to Falcon Business Resource Pvt Ltd and 741 to Galaxy Rent, violating the terms and conditions of its licence agreement.
During the proceedings, DoT had submitted before the tribunal that by issuing SIM cards to the companies, which later transferred them to NRIs and foreigners, Airtel breached the security conditions of the licences.
It further submitted that the government suffered a loss in Adjusted Gross Revenue (AGR).
Bharti Airtel, however, opposed the DoT charge, saying that the right AGR was paid by the company to the government.
The company had further said that the two firm selling SIM cards were actually franchisees and were distributing them on behalf of Airtel.
The subsidiaries of stock exchanges had requested SEBI to consider the ‘in-person’ verification carried out by their sub-brokers since they are also the stock brokers of the parent stock exchange and the subsidiaries are not permitted to register direct clients
Mumbai: Market watchdog Securities and Exchange Board of India (SEBI) has allowed sub-brokers to carry out ‘in-person’ verification (IPV) of clients, reports PTI.
“... the subsidiaries of stock exchanges, acting as stock brokers, may rely upon the ‘in-person’ verification done by their sub-brokers (who are also registered with SEBI as stock brokers of the parent stock exchange) for their respective clients,” SEBI said in a circular.
However, the ultimate responsibility for ‘in-person’ verification would remain with the subsidiaries and they shall obtain the necessary IPV documents for their records, it added.
The subsidiaries of stock exchanges had requested SEBI to consider the ‘in-person’ verification carried out by their sub-brokers since they are also the stock brokers of the parent stock exchange and the subsidiaries are not permitted to register direct clients.
In July 2008, SEBI mandated the stock brokers to carry out ‘in-person’ verification of their clients by their staff while registering them and also ensure that this function is not outsourced.
While imposing a complete ban on mining in Karnataka, in August, the apex court had directed to conduct a macro level environment impact assessment of the areas by Indian Council of Forestry Research and Education, together with other expert agencies in the field of forestry
New Delhi: Sesa Goa expects the mining ban in Karnataka to be lifted by December, enabling the Vedanta group firm to resume normal production in the state from early 2012, reports PTI.
In an investor conference call, the top company management said the case on illegal mining, pending before the Supreme Court, is likely to be resolved in the next two months.
“Inspection of our mine (by apex court nominated agency) is over... Hopefully, by this quarter, it (the case) will come to a conclusion and by next quarter, we can have normal production and sales from the state,” Sesa Goa managing director PK Mukherjee said.
“We are one of the cleanest. That is what we get to feel from the way they (the inspecting agency team) were talking,” he added while talking about the company’s second quarter results on Tuesday.
While imposing a complete ban on mining in Karnataka, in August, the apex court had directed to conduct a macro level environment impact assessment (EIA) of the areas by Indian Council of Forestry Research and Education (ICFRE), together with other expert agencies in the field of forestry.
The court had directed to submit the EIA report within three months.
Following the ban, Sesa Goa had stopped production from its only mine in Karnataka’s Chitradurga district. The mine has an annual production capacity of 6 million tonnes.
Mr Mukherjee said annual production of the company will remain at the last year’s level or marginally higher, if production from Karnataka resumes in the January-March quarter.
He added that the company can produce up to 2 million tonnes of iron ore from the state in the fourth quarter, if the mining ban is lifted.
The private sector mining major, which produced 18.8 million tonnes of iron ore in the last fiscal, had earlier said that ban on mining in Chitradurga will affect its gross revenues by up to 15%.
Before the mining ban, the company had an inventory of 8,00,000 tonnes of iron ore in its mine from Karnataka. Of this, 2,92,000 tonnes were sold through e-auction, which is being monitored by an apex court appointed panel.
The company is expecting to sell rest of the stock in the coming months via the e-auction route, Mr Mukherjee said.
For the quarter ended 30 September 2011, Sesa Goa’s consolidated net profit plunged over 99% to Rs1.28 crore due to foreign exchange losses and lower realisation from iron ore.