The Tata group company says that it has applied for the dual-technology license after the policy announcement and is still waiting for spectrum in the Delhi circle, while RCom had applied for a license before the policy announcement and has got the spectrum across the country
Tata Teleservices Ltd (TTSL) has said that it was the only operator which had applied for the dual-technology license after the policy announcement and is still waiting for spectrum after three years in the crucial Delhi circle.
In what could be called a hard-hitting clarification on the Reliance Communications Ltd (RCom) statement, the Tata group company said, "It is indeed special and intriguing that Reliance Communications and two other operators applied and got DoT (Department of Telecom) approval even before the (dual technology) policy was announced. It is even more intriguing that Reliance Communications was allotted spectrum in all the circles immediately, in January 2008, whereas TTSL got DoT approval after 83 days, and that TTSL, even after 3 years, is still awaiting spectrum allocation in the crucial Delhi Circle and in 39 commercially crucial districts in 9 telecom circles."
According to Tata Tele, yesterday, RCom in a statement had said that it was granted the dual technology on identical terms and payment identical to three other companies, including the Tata group company.
"The grant of dual technology approval to RCom, against its application that had been pending from February 2006 for more than 18 months, was on identical terms and payment of identical fees as for three other companies-Shri Ratan Tata group's Tata Teleservices, Himachal Futuristic Communications and Shyam Telecom (now known as Sistema)-and there is nothing special or untoward in the same," RCom was quoted as saying by Tata Tele in a statement.
Taking objection to labelling Tata Tele as a 'Shri Ratan Tata group' company, the telecom operator said, "Tata Teleservices Limited and (the) Tata Group are not family-owned or family-run concerns, or owned by Mr Ratan Tata. Hence, to refer to them as 'Shri Ratan Tata group's Tata Teleservices Limited' is not appropriate."
Rajeev Chandrasekhar (former telecom player and now Rajya Sabha MP) had openly charged that the Tatas were a big beneficiary of dubious telecom policies. Although Mr Tata has retaliated with counter-charges, it is, indeed, a fact that former telecom regulator Pradip Baijal, who favoured the Tatas, quickly became a consultant with Niira Radia's firm for a fat fee and was recently raided and questioned by the Central Bureau of Investigation (CBI).
The insurance regulator has released an ad about ULIPs, which hides the reality of these products. ‘Promoting Insurance, Protecting Insured’ is the slogan of IRDA; it should read ‘Promoting ULIPs, Protecting Insurers’
The Insurance Regulatory and Development Authority (IRDA) has launched another series in its consumer awareness campaign 'Bima Bemisaal' which is being advertised in leading newspapers. It is supposed to help consumers, just like the last campaign urging consumers to contact IRDA by email or phone for any grievance.
We had readers mention lack of IRDA response to several complaints like Reliance HealthWise's unhealthy premium increase by 500%. (Reliance General Insurance's HealthWise Plan: It's time to act).
So much for IRDA's response to the insured.
IRDA's new campaign is on ULIPs, titled 'ULIPs ke chaar sutra'. It will leave you no wiser about the dark side of ULIPs.
Click here to see the advertisement
People have strange ideas about insurance and think that insurance is supposed to grow wealth rather than act as risk protection. And ULIPs are terrible as investment products.
ULIPs or traditional endowment/money-back plans (that combine insurance and savings) often leave the policyholder underinsured, as well as give pathetic returns on savings.
Why doesn't IRDA create awareness of insurance as pure risk protection rather than selectively highlighting some aspects of ULIPs?
Can we have an IRDA 'Term plan ke chaar sutra' too? How about 'chaar sutra' for the toxic Variable Insurance Plan (VIP) that LIC is heavily advertising after conveniently hiding information of astronomical charges?
IRDA banned Universal Life Policies (ULPs) and revamped them as Variable Insurance Plans (VIPs). LIC is the first to launch these instruments under the new norms and is currently heavily advertising about 6% guaranteed returns with no mention that the returns are after deduction of 27.5% charge in 1st year, 7.5% charge in 2nd and 3rd years and 5% every year thereafter. How did IRDA approve the full-page colour advertisements in leading newspapers and financial websites?
Here is what readers need to know about ULIPs beyond what IRDA is advertising.
The CBI, in its plea for extension of the remand, said the duo needed to be confronted with some more documents recovered by the investigating agency
New Delhi: Former telecom minister A Raja was today sent to Central Bureau of Investigation (CBI) remand for three more days by a Delhi court which also extended the custody of Swan Telecom promoter Shahid Usman Balwa for four days in the 2G spectrum case after the CBI said it wanted to confront them on the money trail, reports PTI.
"Considering the enormity of crime, complex and complicated nature of the investigation, voluminous documents involved in the case, I find that the prayer for further custodial interrogation of the accused persons is justified," special CBI judge OP Saini said.
During the hearing on its plea for extension of the remand for Mr Raja and Mr Balwa, the CBI said the duo needed to be confronted with some more documents recovered by the investigating agency.
"They (Mr Raja and Mr Balwa) are further required to be put under sustained custodial interrogation and confronted with each other on the trail of money as well as with other suspects and witnesses so that the real facts and elements of criminal conspiracy including omission and commission committed in this case, can be unearthed and taken to light." the CBI said in its remand application.
The CBI initially had sought only two days" custody for Mr Raja but the court remanded him in the agency's custody for three more days after the former minister's counsel pointed out to the judge that it will be a national holiday on account of Milad-un-Nabi on February 16 and Mr Raja may remain in custody for an additional day.
Opposing the CBI's plea for extension of Mr Balwa's custody, his counsel Vijay Aggarwal contended before the court that his client was merely engaged in bonafide commercial transactions and had not violated any law.
"The CBI has not put forward any specific evidence (of Balwa's criminal culpability) for seeking extension of his remand and has made only a general statement without any substance," Mr Aggarwal said.
The CBI, however, pointed out to the court that the agency has added two more sections of the Indian Penal Code relating to cheating and forgery in the case against the accused.
"While investigation is in progress, things are coming to light and so sections 420 (cheating) and 468 (forgery) of IPC have been added," senior public prosecutor Akhilesh, appearing for the CBI, said.
While seeking extension of the custody, the CBI said the case was "complicated and highly technical".
"It is an important case. Vastness of the documents and ramifications of this case are much wider and so we need further custodial interrogation of the accused," the CBI said.
With the court remanding Mr Raja to three more days of CBI's custody, the former minister will be completing the maximum number of 14 days for which any investigating agency can keep an accused in its custody for questioning.
After spending 14 days in the custody of any investigating agency, the accused is sent to judicial custody.
Mr Raja was arrested on 2nd February and remanded in CBI custody initially for five days. On 8th February, he was again remanded in CBI custody for two more days after the agency told the court that he was not cooperating during questioning and was being evasive.
The former minister's custody was again extended by two more days on 10th February on a CBI plea.