While Reliance’s influence over the domestic media may be huge, it is now big enough to attract...
We could see the Nifty head higher till around the end of the current F&O settlement albeit with a small dip after the 13th. One should remain long with a strict stop loss pegged below 4,588 points. We are likely to witness good swings in the market in the next couple of weeks
S&P Nifty close: 4,746.90
1. The bears are finding it difficult to sustain the pressure at lower levels.
2. Resistance in rallies is pegged at 4,815 and 4,882 points (50% and 61.8% retracement levels of the fall from 5,099-4,531 points).
3. Assuming that this corrective rise shows strength then resistance is pegged at 4,862, 4,965 and 5,068 points (38.2%, 50% and 61.8% retracement levels of the fall from 5,399-4,531 points) in the weeks ahead.
4. The Nifty has corrected more than 61.8% retracement level of the recent rise from 4,531-4,800 points and held above the recent low which could result in a small recovery in the second half of this month.
The bears have been able to defend the trendline resistance till now, which for this week is pegged around 4,815 points. We could see the Nifty head higher till around the end of the current F&O settlement albeit with a small dip after the 13th. One should remain long with a strict stop loss pegged below 4,588 points as a contra trend rise seems to be in the offing. We are likely to witness good swings in the market in the next couple of weeks.
(Vidur Pendharkar works as a consultant technical analyst & chief strategist, www.trend4casting.com)
Filing an affidavit, telecom operators have termed the government’s move to question the TDSAT’s jurisdiction as “a desperate attempt to avoid adjudication of the present dispute” and requested the tribunal to dismiss the Department of Telecom’s (DoT) application moved last week
New Delhi: The face-off between private telecom operators and the government over third generation (3G) roaming controversy continues with both questioning each other over the jurisdiction of telecom tribunal to decide over the issue, reports PTI.
Filing an affidavit, telecom operators have termed the government’s move to question the Telecom Dispute Settlement and Appellate Tribunal (TDSAT) jurisdiction as “a desperate attempt to avoid adjudication of the present dispute” and requested the tribunal to dismiss the Department of Telecom’s (DoT) application moved last week.
The telecom operators have also opposed the submissions of the DoT that for 3G they need a separate licence.
“The DoT as a licensor should be aware that there is no 2G or 3G licence and the licence is common under UASL. This basic and fundamental error of perception colours the entire prospective and action of DoT,” said the operators in their reply.
Operators reply came over the new application moved by the DoT opposing tribunal’s jurisdiction to decide 3G roaming issue. The tribunal had directed the operators—Airtel, Vodafone, Idea, Aircel and Tata Tele—to file their reply on the government’s move.
Over DoT’s claim that tribunal cannot decide over any dispute under the licence agreements, the operators submitted that “the licence itself contemplates that any dispute under the licence will be adjudicated by the TDSAT”.
They further said that even section 14 of the TRAI Act says that TDSAT has jurisdiction “as the expert body to decide all disputes pertaining to the license between the licensor and the licensee”.
Moreover, in the present dispute, they have not challenged the validity of terms of their licence but they stand with it that it supports 3G roaming.
On the recent judgement of the Supreme Court on AGR issue cited by the DoT in its application, the operators said that in that case TDSAT had struck down parts of the licence terms which authorised government to levy charges. Hence the apex court held that TDSAT could not have done so as it does not have the power to go behind the terms of licence.
On DoT’s plea that TDSAT should stay its proceedings and vacate the interim order passed by it as the same issue was sub-judice before the Delhi High Court in a writ petition, the operators said that the case has no significance and no notice has been issued yet.
“If the pendency of the PIL was of such significance then the DoT ought not to have taken any precipitative action during the pendency of the said case,” the operators said.
Filing a new application, the DoT has told TDSAT that it cannot entertain a petition seeking determination of contractual agreements and it is “not vested with the jurisdiction to grant declaration as prayed for”.
“This tribunal has no jurisdiction to declare and/or pass an order of judicial determination/declaration to any right under the licence agreement, therefore it cannot adjudicate the validity of any terms or include/add any other/further term in the agreement and add/read into it,” said DoT in the new application filed by its counsel Maneesha Dhir.
Passing an order on 24th December, the tribunal had directed the DoT not to take any coercive action against the telecom operators.
A day prior to that the government had asked five telecom operators to stop their inter-circle roaming on 3G bandwidth within 24 hours and it was challenged by Airtel, Vodafone, Idea, Aircel and Tata Tele before TDSAT.