IDFC says it lent Rs500-cr to TTSL for expansion

IDFC, today said it has lent Rs500-crore to Tata Teleservices (TTSL) as a long-term debt for carrying out its expansion plans

Mumbai: Infrastructure finance company, IDFC, today said it has lent Rs500-crore to Tata Teleservices (TTSL) as a long-term debt for carrying out its expansion plans, PTI reports

In March 2011, IDFC "assisted the Company (TTSL) by lending Rs500-crore by way of a 6-year bullet repayment loan with a put/call option at the end of every three-years," a statement from IDFC issued here said.

TTSL, which has the Tata Group and NTT DoCoMo as its major shareholders, proposes to raise both debt and equity to finance its capex at a time when it is carrying out fast-paced expansion programme and also incurring cash losses during the initial 3-4-year period, the release said.

The company, which operates in 20 telecom circles across the country, also intends to generate cash by part-selling its investment in mobile towers operator Viom Networks before the latter's Initial Public Offer (IPO) valued at over USD 3.5-billion where TTSL owns over 50 per cent stake.

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Govt open to suggestions on Lokpal, never said no to joint committee: Law minister

Veerappa Moily says government is prepared to put proposed Bill for public discussion

New Delhi: A day after social activist Anna Hazare launched his indefinite fast demanding the implementation of the Lokpal Bill to deal with corruption, the government today said it was open to any suggestion on the proposed legislation and that it had not turned down his demand for a joint committee.

Law minister M Veerappa Moily said that the government was open to suggestions even though it was "anxious to introduce the Bill in the next session". Mr Moily said the government "did not say no" to the demand for a joint committee to draft the bill, after a sub-committee of the group of ministers (GoM) on the issue of corruption held discussions with representatives of Mr Hazare and other citizens, PTI reports.
"Even on the demand for a joint committee, we said we were open. We never closed our mind even on the formation of a joint committee...In principle we did not say no," Mr Moily said. He said that the prime minister was open to all suggestions on the Bill.

The minister said that though the Bill was already drafted, it would not "find a finality" unless it goes to a Parliamentary Standing Committee.

"The Standing Committee can always throw it open to discussion and deliberation. No bill is passed in hide and seek manner. Parliament has the most transparent way of functioning in our country," Mr Moily said.
Mr Hazare, 72, is on a fast to demand enactment of the anti-corruption bill that will give wider powers to the ombudsman. He is pushing for the formation of a joint committee comprising 50% officials and the remaining citizens and intellectuals to draft the Bill.

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Maruti to recall 13,157 vehicles for faulty engine part

Company says it wants to inspect possible fault in ‘connecting rod bolt’

New Delhi: The country's largest carmaker Maruti Suzuki India today said it will recall 13,157 units of its three diesel driven models of Dzire, Swift and Ritz, due to a possible faulty engine part.

"Maruti Suzuki India today announced that it will inspect the 'Connecting Rod Bolt' for 13,157 units of Swift Dzire, Swift and Ritz diesel cars with engines manufactured between 13 November 2010 and 4 December 2010," the company stated, PTI reports.

Of the total number of vehicles being recalled, 4,505 units are of Swift Dzire, 6,841 units of Swift and 1811 units of Ritz diesel cars. "If the Connecting Rod Bolt is found defective, the company will replace the component free of cost," Maruti said.

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