Passing an interim order, the telecom tribunal directed Bharti Airtel, the country’s largest telecom operator, to pay 50% of the Rs50 crore penalty imposed by the DoT within a period of two weeks. The penalty relates to alleged violation of licence terms and conditions by the private operator for issuing bulk mobile connections
New Delhi: The Telecom Disputes and Appellate Tribunal (TDSAT) today directed Bharti Airtel to pay 50% of the Rs50 crore penalty imposed by the telecom ministry in the matter of alleged violation of licence terms and conditions by the private operator for issuing bulk mobile connections, reports PTI.
Passing an interim order, the tribunal directed the country’s largest telecom operator to pay 50% of the Rs50 crore penalty imposed by the Department of Telecommunications (DoT) within a period of two weeks.
The TDSAT said it would be in the interest of justice to direct the company to pay the sum, but underlined that it would not prejudice the hearing of a plea filed by Bharti Airtel against imposition of the penalty.
The tribunal’s interim order came over a petition filed by Bharti Airtel challenging the penalty.
On 19th September, the DoT had imposed a penalty on the telecom operator after it found that the company had issued 1,847 bulk mobile connections to Falcon Business Resource Pvt Ltd and 741 to Galaxy Rent, violating the terms and conditions of its licence agreement.
However, the penalty was stayed by the TDSAT on 5th October till its further order on the plea of Airtel.
“In the meantime, the respondent (DoT) may not take coercive steps to implement the impugned order dated 19 September 2011,” TDSAT had said while issuing the notice to the DoT.
During the proceedings, DoT had submitted before the tribunal that by issuing SIM cards to the companies, which later transferred them to NRIs and foreigners, Airtel breached the security conditions of the licences.
It further submitted that the government suffered a loss in Adjusted Gross Revenue (AGR).
However, the charge was opposed by Bharti, which said the right AGR was paid by the company to the government.
The company had further said that the two firm selling SIM cards were actually franchisees and were distributing them on behalf of Airtel.
Motilal Oswal Financial Services has reported an EPS of Rs2.41 for the September 2011 quarter compared to Rs2.30 for the same quarter last fiscal
Motilal Oswal Financial Services Ltd has announced the financial results for the period ended 30 September 2011.
The company has reported net sales of Rs109.82 crore for the quarter ended 30 September 2011 compared to Rs151.03 crore for the same quarter corresponding year.
During the same period, the net profit stood at Rs34.95 crore against Rs33.11 crore.
The company has reported an EPS of Rs2.41 for the September 2011 quarter compared to Rs2.30 for the same quarter last fiscal.
In the early morning, the stock was trading at around Rs90 per share on the Bombay Stock Exchange, 2.70% down from the previous close.
MindTree is giving out an interim dividend of 25%
Bangalore-based IT firm MindTree said that it has achieved more than doubled its profits for the quarter ended 30 September 2011, indicating its return to healthy growth after one of its founders quit more than six months back. The company has reported revenues of $100 million in a single quarter.
In the previous quarter, Mindtree’s revenues had grown by 5.6% to Rs413.1 crore.
"The third quarter is seasonally weak due to lower number of working days and clients nearing the end of their budget cycle. Also, we are seeing a slowdown in the consumer and semi conductor sector in our product engineering services (PES) business," said MindTree CEO and managing director, Krishnakumar Natarajan. PES business brings in nearly 35% revenues of the company of which the company's exposure to semiconductor and consumer sector is 20%.
"Our ability to re-invent ourselves will take us to our next target of $1 billion in revenues. We will grow ahead of the industry as we continue to demonstrate optimism," said Natarajan. The company, which added 15 new clients and 1,003 employees in the quarter, is giving out an interim dividend of 25% (Rs2.50 per equity share of par value 10 each).
In the early morning, MindTree was trading at around Rs402 per share on the Bombay Stock Exchange, 3.98% up from the previous close.