The Centre had asked the apex court to consider allowing the telecom operators, whose 2G licences were cancelled last year, to continue to operate after the 18th January deadline
New Delhi: The Supreme Court on Monday extended the 18th January deadline to 4th February, for existing operators of 2G spectrum to carry out operations and asked the Centre to spell out the price to be charged for continuing with their service after cancellation of licences last year, reports PTI.
“We want to know what is the price. Just put it in a sealed envelope what is the amount to be paid (by the existing operators of 2G) after our order of 2 February 2012,” a bench comprising justices GS Singhvi and KS Radhakrishnan said while posting the matter for hearing on 4th February.
“The existing operators are allowed to continue operations till the next date of hearing,” the bench further said.
The apex court had on 2nd February last year cancelled 122 licences for the 2G spectrum and had directed the Department of Telecom (DoT) to hold fresh auction for them within four months which has been extended by interim orders from time to time.
The bench asked DoT’s counsel and senior advocate PP Rao to collect information about the telecom companies which emerged as successful bidders in the first round of auction that took place between 12th to 14th November last year and what is going to be the proposed reserve or base price for second round of auction to be held on 11th March 2013.
It also wanted to know from the DoT as to how many operators, whose licences were cancelled by it on 2 February 2012, participated in the fresh auction and how many of them continued with their operation.
“How many licencees stopped operation and secondly you have to find out what decision you have taken to fix price for future auction,” the bench told Rao.
The court also said it has to be made clear whether those existing operators who did not participate in the auction would be allowed to continue or not.
During the hearing, the bench observed that the telecom operators enjoyed the benefit of its order to continue with operations till the fresh auction and they are liable to pay the reserved price after 18 January 2013.
The court also said the decision to reduce the bidding price after the first round of auction for spectrum is bound to evoke further litigation.
“The price in the first round of auction was different and now you are reducing the price in the second round of auction (to be held on 11 March) which is bound to generate litigation,” the bench said but added that “we are not concerned with litigation”.
Prashant Bhushan, appearing for the NGO, Centre for Public Interest Litigation (CPIL), which was one of the PIL petitioners on whose plea the licences of 2G were cancelled, said existing operators should not be allowed to continue as the consumers have the option to move to other service providers.
Senior advocate Harish Salve, appearing for some telecom companies, said the base price fixed for auction was not conducive for many to participate in the bidding process and as such the CDMA operators like Tata opted out and Sistema Shyam Teleservices also did not participate in the auction because of pricing model.
The Centre had asked the court to consider allowing the telecom operators, whose 2G licences were cancelled last year, to continue to operate after the 18th January deadline with a condition that they “will be liable to pay” for the spectrum as per the proposed price of the upcoming auction scheduled on 11th March.
The DoT had appraised its stand in an affidavit which assumes importance as the court had permitted the telecom operators to continue to operate till 18th January this year.
A team of CBI officials searched the office and residence of Yogendra Mittal, an IRS officer of the 2006 batch, in connection with allegations that search operations conducted by him in the Stock Guru scam were not genuine
NEW DELHI: The Central Bureau of Investigation (CBI) on Monday carried out searches at the office and residence of a deputy director at Income Tax (I-T) in connection with allegations that search operations conducted by him in the probe of the Rs500-crore Stock Guru scam were not genuine, reports PTI.
A team of CBI officials searched the residential premises of Yogendra Mittal, an IRS officer of the 2006 batch, at Kaushambi, Ghaziabad as well as his office on Monday, CBI sources said.
According to media reports, Mittal allegedly received Rs57 crore from promoters of StockGuruIndia to suppress the investigations.
The action came after registration of a case against the officer on the allegation that searches led by him in connection with the Stock Guru scam were not carried out with complete honesty and were aimed at extracting illegal gratification, they said.
The I-T department had carried out searches at various places during the probe of the scam which was also investigated by the Delhi Police, they said.
The Stock Guru scam involves Ulhas Prabhakar Khaire and his wife Raksha who were arrested last year by the Delhi Police from Maharashtra for allegedly duping around two lakh investors from seven states of nearly Rs493 crore by promising them high returns on their investment through their firm Stock Guru dealing in the share market.
After Delhi Police's Economic Offences Wing (EOW) exposed the scam, the I-T department and Enforcement Directorate (ED) also joined the probe.
The couple had had floated Stock Guru India in 2010 under false identity of Lokeshwar Dev and Priyanka Saraswat Dev.
They lured several people to invest in the firm promising them highly lucrative returns of 20% per month up to six months on the principal amount followed by a subsequent refund of the principal amount in the seventh month, through prudent and source based investments in the share market.
During the December quarter TCS' net profit rose 27% while total revenue increased 21% on productivity gains and expanded operating margins
Mumbai: Tata Consultancy Services (TCS), India’s largest software company, on Monday reported a 26.7%jump in its consolidated net profit to Rs3,550 crore for the quarter ended December 2012, reports PTI.
The Tata group company had posted net profit of Rs2,803 crore in the same quarter of the previous fiscal (2011-12).
During the third quarter its total revenues rose 21.7% to Rs16,070 crore from Rs13,204 crore in the year-ago period, TCS said in a statement.
“We have had an excellent quarter of well-rounded performance and have driven a higher quality of revenue and increased profitability through focus on productivity and innovation," TCS chief executive officer and managing director N Chandrasekaran said.
The company had good revenue growth, balanced across service lines, industries and geographies, he added.
“The overall performance has been in line with what we had outlined at the beginning of the year. Our superior execution in this seasonally weak quarter has delivered productivity gains and an expanded operating margins,” TCS CFO and executive director S Mahalingam said.
TCS operating margin expanded by 56 basis points to 27.3%.
The company saw addition of 17,145 (gross) and 9,561 (net) people, taking its total headcount to 2.63 lakh.
“We have hired almost 50,000 professionals in the first three quarters of this financial year to support business growth and we continue to forecast a healthy growth in the workforce numbers going forward," TCS Executive VP and Head (Global HR) Ajoy Mukherjee said.