Regulations
No NGT stay on AoL event

New Delhi : The National Green Tribunal (NGT) on Wednesday did not stay spiritual guru Sri Sri Ravi Shankar's Art of Living's World Culture Festival on the Yamuna floodplains but slapped an initial fine of Rs.5 crore on it.

 

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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TRAI extends date for call drop compensation report
New Delhi : The telecom regulator has extended the date of submission of call drops compensation compliance report for the service providers to March 14, according to industry sources.
 
“TRAI has extended compliance report submission to March 14,” the source said.
 
The telecom service providers on March 7 requested the Telecom Regulatory Authority of India (TRAI) not to enforce its order on call drops compensation from Monday, as the matter will be heard by the apex court on March 10.
 
In a joint letter to the TRAI on March 7, the Cellular Operators' Association of India (COAI) and Association of Unified Telecom Service Providers of India (AUSPI) said: "Please note that the Supreme Court has directed the matters to be listed on March 10, 2016 for final disposal."
 
"In view of the above and since the aforesaid matters are sub-judice before the court, we request you to keep your letter dated March 2, 2016 in abeyance," it added.
 
The TRAI had given the telecom service providers time till March 7 to submit a compliance report regarding compensating customers for call drops.
 
The Supreme Court on March 4 refused to pass any interim order on compensations for call drop as it will hold a hearing on March 10 on a plea by the associations of telecom operators challenging the regulator's decision.
 
The COAI and the AUSPI had earlier challenged the TRAI's October 16, 2015, decision making it mandatory for telecom companies to compensate subscribers from January 1, 2016.
 
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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Mallya has left the country, SC told
New Delhi : The Supreme Court on Wednesday issued notice to beleaguered liquor baron Vijay Mallya on a plea by a consortium of 17 banks led by the SBI seeking his personal appearance before it alongwith his passport as it was told that Mallya has already left the country.
 
The apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman issued notice as Attorney General Mukul Rohatgi told the court that Mallya left the country soon after they moved applications on March 2 before Bengaluru-based Debt Recovery Tribunal to restrain Diageo from paying him $75 million.
 
The consortium of 17 banks led by the State Bank of India had sought order restraining Mallya from leaving the country, his arrest and impounding of his passport. Banks have challenged March 4 order of the Karnataka High Court not accepting their plea.
 
The notice will be issued to him personally, through his company, through his lawyers who appeared for him in the Karnataka High Court and in DRT and through the Indian High Commission in London.
 
The notice will also be served on him on his official Rajya Sabha email ID.
 
Addressing the court, Rohatgi said that the secured assets which Mallya has pledged are not even 1/15th of more than Rs.9,000 crore which he had taken for his now defunct Kingfisher Airlines.
 
As the court asked, how the banks could advance such a huge loan without matching securities, Rohatgi told the court that they were given against the brand and logo of Kingfisher Airlines which at that point of time was huge but now has collapsed.
 
Issuing notice, the court gave Mallya two weeks to respond as it directed the next hearing of the matter on March 30.
 
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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COMMENTS

Simple Indian

9 months ago

Vijay Mallya obviously had his sources within the govt who advised him to leave the country before any action could be taken by them or the Courts. In fact, all his loans were probably sanctioned by PSU Banks due to political pressure across parties. Hence, all this drama in the media is just an eyewash to fool people. The Govt will pretend to take action, but as the saying goes, it is the case of closing the barn door after the horse has bolted.

PPM

9 months ago

This is a high drama enacted by the banks, as they moved the court only after ensuring that Vijay Mallya has left the country.

For the question of how the banks could advance such a huge loan without matching securities, the Bank Managers who approve the loan get part of the loan as commission. Let the court ask the investigation agencies to check the assets of the Bank General Managers from 1990 onwards to know the secret.

Mohan Krishnan

9 months ago

Kindly request Moneylife to guide us on how to survive in a banana republic.

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