TDSAT restrains Etisalat from taking telecom equipments at RInfra

Etisalat DB signed an agreement with RInfra for sharing telecom infrastructure on a 10-year lease. However, following the recent Supreme Court decision cancelling the licences of Etisalat and winding up petition filed by Etisalat Mauritius Ltd, RInfra moved to TDSAT for recovery of Rs1,270 crore

New Delhi: The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) on Friday restrained Etisalat DB from transferring its equipment that is lying with the Anil Ambani group company Reliance Infrastructure Ltd (RInfra), which has claimed dues of Rs1,270 crore from the operator.

Passing an interim order on RInfra's plea, the telecom tribunal held that Etisalat DB is 'restrained from disturbing the possession' of its transmission equipment installed on the towers of the ADAG group company.

The tribunal did not agreed with the submissions of the Etisalat DB that it should not pass any order as the matter related to the recovery was pending before various forums.

"Petitioner (RInfra) cannot be put to any disadvantage only because other creditors of the Respondent (Etisalat DB) have approached the other forums," said the TDSAT bench headed by Justice SB Sinha.

However, it would apply for the equipment, which is not hypothecated to banks, said the TDSAT.

"We are of the opinion that interest of justice will be sub-served if in respect of the equipments of the Etisalat DB, which are in possession and control of the RInfra in terms of the agreement, it is restrained from interfering with the possession or transferring the said equipments," TDSAT said.

One Viom Network has already taken Etislat DB before the Delhi High Court and Standard Chartered Bank, which is a secured creditor, has approached the Debt Recovery Tribunal.

Moreover, an application for winding up has also been filed at the Bombay High Court by Etisalat Mauritius Ltd to liquidate Etisalat DB.

The DRT has already appointed a receiver to take the possession of Etisalat DB's inventory.

However, in its order TDSAT has said that if the DRT asks receiver to take possession of the equipment installed on RInfra towers, "it must give access to the Receiver with regard thereto".

Etisalat DB, a JV between UAE-based telecom major Etisalat and DB group, had entered into an agreement with the RInfra for sharing telecom infrastructure on a 10-year lease in 2009.

However, following the recent Supreme Court decision cancelling the licences of Etisalat along with other new entrants, RInfra moved TDSAT for recovery of its dues.

TDSAT's directions came over a petition filed by RInfra against Etisalat DB claiming Rs1,270 crore in dues for the use of its telecom infrastructure.


RBI holding gold reserves worth $27 billion

RBI holds 557.75 tonnes of gold valued at about $27 billion as part of foreign exchange reserve

New Delhi: The Reserve Bank of India (RBI) is holding gold reserves of 557.75 tonne valued at $27.02 billion, Parliament was informed on Friday.

"As on 20 April 2012, the value of gold reserve was $27.02 billion, which accounts for 9.2% of foreign exchange reserves of $294.6 billion," Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

RBI holds 557.75 tonnes of gold as part of foreign exchange reserves. The gold held by RBI is revalued on monthly basis as per accounting policies, he said.

On whether the government has earned huge profit due to steep hike in global gold prices, Mr Meena said that gains and losses on valuation of gold due to movements in the price of gold are not taken to the profit and loss account but booked under a balance sheet head.

On steps taken to boost gold reserves in the coming years, Mr Meena said RBI had purchased 200 tonnes of gold at the cost of $6.7 billion from the International Monetary Fund (IMF) as part of the foreign exchanges reserves management operations in 2009.


Securities Scam: Custodian puts Fairgrowth’s Delhi property under hammer

The residential property in Delhi's upmarket Greater Kailash areas belongs to Fairgrowth Financial Services, one of the entities notified by the Custodian in the securities scam

The office of the Custodian, appointed under the Special Courts Act of 1992, has put a Delhi-based residential property of Fairgrowth Financial Services under the hammer. Fairgrowth is one of the entities notified by the Custodian under Section 3(2) of the Act in the 1992 securities scam.
The property, plot no E-162 in Greater Kailash area is a free-hold plot of about 250 sq yards together with two and a half storeyed residential building with a basement. The Custodian has not mentioned any reserve price for the property in the public notice released in the newspapers, but the earnest money deposit (EMD) for the bid is Rs50 lakh.

B Ratnakar, the late former chairman of Canara Bank, was the promoter-chairman of Fairgrowth . In his last interview ever in 1991, given to the Business Today magazine, Mr Ratnakar had articulated his vision to convert Fairgrowth Financial Services into a massive financial services conglomerate.

Fairgrowth was later bought over by Acharya Arun Dev, a controversial person who surfaced in 1994 to bail out the Harshad Mehta group by claiming ownership of the ‘benami’ shares they had introduced into the market. Mr Dev later sold Fairgrowth to one Karsanbhai Patel (not from Nirma). Mr Patel was allowed to take the company, but without touching properties and assets that were attached by the Custodian under the Special Court Act.

In 2002, the Fairgrowth issue was back in the Special Court , with the Custodian filing a contempt petition against the KK Patel management and seeking their imprisonment. It alleged that Mr Patel and company had no new business to speak of, but had instead transferred staff provident fund money and various dividends receivable by Fairgrowth into the new account.

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Property Dealers in Delhi NCR

5 years ago

Thanks for sharing awesome information, keep it up.

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