The Anil Ambani group company is seeking to recover Rs1,200 crore from Etisalat DB which had taken its telecom infrastructure on lease. Reliance Infratel further said that the company wanted to secure its due amount, which is around Rs1,200 crore
New Delhi: The Telecom Dispute Settlement and Appellate Tribunal (TDSAT) today issued a notice to Etisalat DB on Reliance Infratel’s (RITL) plea seeking to recover Rs1,200 crore from the operator, reports PTI.
A TDSAT bench headed by its chairman justice SB Sinha asked the company to file a short reply within two weeks and posted the matter on 5th March for next hearing.
The Anil Ambani group company is seeking to recover Rs1,200 crore from Etisalat DB which had taken its telecom infrastructure on lease.
The counsel appearing for the Anil Ambani group company told the tribunal that Reliance Infratel was under pressure after the recent developments concerning Etisalat DB, which has decided to shut down its Indian operations.
Reliance Infratel further said that the company wanted to secure its due amount, which is around Rs1,200 crore.
Etisalat DB is a joint venture between Etisalat of United Arab Emirates and Dynamix Balwas Group of India. The JV had telecom services license to operate in 15 circles.
In its petition, the ADAG group firm has urged the tribunal to attach the property and freeze the account of Etisalat DB to secure its dues.
In 2009, Etisalat DB had entered into 10-year pact with RITL, a subsidiary of Reliance Communications, for infrastructure leasing to provide GSM services after getting second generation (2G) spectrum.
However, the ADAG group firm discontinued services to Etisalat in January following non-payment of dues.
Earlier this month, the UAE-based firm said that it has written off $827 million value of its Indian operations, by way of an impairment charge, after the Supreme Court cancelled 122 2G licences, including that of Etisalat DB.
Etisalat DB has telecom services licence to operate in 15 circles.
These circles include Andhra Pradesh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Mumbai, Punjab, Rajasthan, Tamil Nadu (including Chennai), Uttar Pradesh (East and West), Madhya Pradesh and Bihar.
Net sales of Ranbaxy rose to Rs3,738 crore for the fourth quarter ended 31 December 2011.
Drug firm Ranbaxy Laboratories said its consolidated net loss widened to Rs2,982.7 crore in the fourth quarter ended 31 December 2011, over the same period previous year. The company had posted a net loss of Rs97.4 crore in the same period of previous year, Ranbaxy Laboratories said in a filing to the BSE.
Net sales of the company, however, rose to Rs3,738 crore for the fourth quarter ended 31 December 2011, against Rs2,086.4 crore in the same period in the previous year.
For the year ended 31 December 2011, the company posted a net loss of Rs2,899.7 crore against a net profit of Rs1,496.7 crore in 2010.
On a standalone basis, the company posted a net loss of Rs2,710.3 crore for the fourth quarter ended 31 December 2011. It had a net profit of Rs55.2 crore in the same period last year.
For the year ended 31 December 2011, the company posted a standalone net loss of Rs3,052 crore, while it had a net profit of Rs1,148.7 crore in the previous year.
In the late afternoon, Ranbaxy Laboratories was trading at around Rs439.95 per share on the Bombay Stock Exchange, 0.25% up from the previous close.
‘Long queues and inconveniences can be avoided at the RBI counters:’ RBI
For hassle free income tax collection, the Reserve Bank of India (RBI) designated a total of 926 computerised branches of public and private sector banks to receive advance income tax for people residing in Mumbai and Navi Mumbai.
"These arrangements have been made for the convenience of the income tax assessees," RBI said.
Of the total of 926 bank branches, 862 are that of public sector lenders, while the rest are of private sector banks, including HDFC, ICICI and Axis Bank.
Long queues and inconveniences can be avoided at the RBI counters, if the assessees in Mumbai and Navi Mumbai utilize the services being made available at various designated branches of the banks, and deposit their income tax dues well in advance of the last date, the RBI statement said.