Regulations
TRAI extends date for call drop compensation report
New Delhi : The telecom regulator has extended the date of submission of call drops compensation compliance report for the service providers to March 14, according to industry sources.
 
“TRAI has extended compliance report submission to March 14,” the source said.
 
The telecom service providers on March 7 requested the Telecom Regulatory Authority of India (TRAI) not to enforce its order on call drops compensation from Monday, as the matter will be heard by the apex court on March 10.
 
In a joint letter to the TRAI on March 7, the Cellular Operators' Association of India (COAI) and Association of Unified Telecom Service Providers of India (AUSPI) said: "Please note that the Supreme Court has directed the matters to be listed on March 10, 2016 for final disposal."
 
"In view of the above and since the aforesaid matters are sub-judice before the court, we request you to keep your letter dated March 2, 2016 in abeyance," it added.
 
The TRAI had given the telecom service providers time till March 7 to submit a compliance report regarding compensating customers for call drops.
 
The Supreme Court on March 4 refused to pass any interim order on compensations for call drop as it will hold a hearing on March 10 on a plea by the associations of telecom operators challenging the regulator's decision.
 
The COAI and the AUSPI had earlier challenged the TRAI's October 16, 2015, decision making it mandatory for telecom companies to compensate subscribers from January 1, 2016.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Mallya has left the country, SC told
New Delhi : The Supreme Court on Wednesday issued notice to beleaguered liquor baron Vijay Mallya on a plea by a consortium of 17 banks led by the SBI seeking his personal appearance before it alongwith his passport as it was told that Mallya has already left the country.
 
The apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman issued notice as Attorney General Mukul Rohatgi told the court that Mallya left the country soon after they moved applications on March 2 before Bengaluru-based Debt Recovery Tribunal to restrain Diageo from paying him $75 million.
 
The consortium of 17 banks led by the State Bank of India had sought order restraining Mallya from leaving the country, his arrest and impounding of his passport. Banks have challenged March 4 order of the Karnataka High Court not accepting their plea.
 
The notice will be issued to him personally, through his company, through his lawyers who appeared for him in the Karnataka High Court and in DRT and through the Indian High Commission in London.
 
The notice will also be served on him on his official Rajya Sabha email ID.
 
Addressing the court, Rohatgi said that the secured assets which Mallya has pledged are not even 1/15th of more than Rs.9,000 crore which he had taken for his now defunct Kingfisher Airlines.
 
As the court asked, how the banks could advance such a huge loan without matching securities, Rohatgi told the court that they were given against the brand and logo of Kingfisher Airlines which at that point of time was huge but now has collapsed.
 
Issuing notice, the court gave Mallya two weeks to respond as it directed the next hearing of the matter on March 30.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

Simple Indian

9 months ago

Vijay Mallya obviously had his sources within the govt who advised him to leave the country before any action could be taken by them or the Courts. In fact, all his loans were probably sanctioned by PSU Banks due to political pressure across parties. Hence, all this drama in the media is just an eyewash to fool people. The Govt will pretend to take action, but as the saying goes, it is the case of closing the barn door after the horse has bolted.

PPM

9 months ago

This is a high drama enacted by the banks, as they moved the court only after ensuring that Vijay Mallya has left the country.

For the question of how the banks could advance such a huge loan without matching securities, the Bank Managers who approve the loan get part of the loan as commission. Let the court ask the investigation agencies to check the assets of the Bank General Managers from 1990 onwards to know the secret.

Mohan Krishnan

9 months ago

Kindly request Moneylife to guide us on how to survive in a banana republic.

Action against Vijay Mallya will have chain reaction, says INBEF
According to the bank employees union, action against liquor baron Mallya will definitely have a chain reaction and the state machinery will have to take similar steps against all wilful defaulters of banks
 
The Indian National Bank Employees' Federation (INBEF), banking wing of INTUC (Indian National Trade Union Congress), has demanded state machinery to take appropriate steps to prevent Vijay Mallya from leaving the country after creating a non-performing asset (NPA) of about Rs7,000 crore in nationalised banks and also recover the public fund from the assets created by him. Any action against the UB group chief will have a chain reaction, the bank employees' union says.
 
"We are of the firm opinion that the action on the liquor baron (Mallya) will definitely have a chained reaction in as much as the state machinery shall have to take similar steps in case of all wilful defaulters. Though the steps initiated by Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are encouraging, lot more has to be done and swords are needed to be more sharpened against such defaulters before it is too late. Detailed investigation is also needed into why banks took so long for any action (against defaulters) and officials responsible for the delay, also should be booked," Subhash Sawant, General Secretary, of INBEF said in a statement.
 
He said, "It is also a welcome feature that other bank unions like the All India Bank Employees' Association (AIBEA) are demanding action against Mallya. However, it also raises a question as to why unions are a passive onlooker when INBEF was bleeding due to unwarranted attacks of the bank managements."
 
According to the statement, on 10 December 2014, INBEF had filed a public interest litigation (PIL) in Bombay High Court about rising NPAs in public sector banks. "However, other bank unions have not come forward and given any support in the Court matter," Sawant added. 
 
He said, "We feel that till date the bank unions have the capacity to confront the conspiracy of unscrupulous borrowers and a section of corrupt bank officials combined and stop unabated looting of public money. We also need to ask as to what the workmen directors, representing unions, were doing on the bank boards, when such doubtful loans were being doled out.” It is a fact that bank unions have workmen directors on bank boards, but very few of them, if any, have raised their voice or recorded dissenting notes.  
 
Last week, INBEF held a dharna at Jantar Mantar in New Delhi for several long pending demands as well as for introducing an agriculture loan restructuring policy for farmers. Prashant Bhushan, senior counsel at the Supreme Court, while congratulating INBEF for taking up the issue of the recovery of NPAs of banks, criticised functioning of the government, particularly, in the banking sector.  
 
INBEF says it is on the path of agitation since long on the burning issue of NPAs, writing off of huge quantum of bad debts, one time settlement of mounting bad debts in a throw away price in the banking industry, which are paving the way to big corporates to enjoy the public funds at their whims and caprices.

User

COMMENTS

Dhanaji Kenjle

9 months ago

Enough is enough.....ever since the disease of nationalization gripped India in the late 50's, PSU's gradually but steadily immersed themselves into the cesspool of corrupt practices and and became as opaque as possible in their dealings. This sickness became chronic in the PSU banks and the malignancy now is exhibited as the Mallya Syndrome. The best cure is first consolidation of several different banks under fewer names. Yearly forensic audits and severe punishments to defaulters and corrupt bankers.

Anoop Chaudhary

9 months ago

Mallya should not bailed out and bank needs to recover the tax payer money as we do not want to pay again Mallya cess in next budget

Sriramkartik

9 months ago

Mallya will never be brought to book. If he is, the names of aome very rich and powerful politicians as well as the past and present senior management of various PSU and private banks will be out in the open for their corrupt practices in allowing Mallya to first take such huge sums with negligble collateral and then brazenly default without fear of penal action.

Ramesh Bajaj

9 months ago

Now that the Government is thinking of taking action against defaulters, that is indeed good news.

The Government should also start studying loopholes is Registration act, where so many fraudulent deeds are being registered.
This act is over 100 years old (1908)

REPLY

Nalin Patel

In Reply to Ramesh Bajaj 9 months ago

like

Ashok m Rane

9 months ago

Instead of fighting in the Parliament on the issue" Who allowed Mallya to escape from the country", the opposition and the ruling party/ Govt should take action for bringing him back and investigate the matter and should recover the amount from disposing off the assets.
If Unions try to raise the matter they are harassed/ victimised by the managements through vindictive actions.
The acts of Banks CEOs/CMDs are not punishable as they are President's appointees.Unless and untill the rules are framed for making them accountable, it will be very difficult to stop the loot of Public Funds through such Loans.

REPLY

Nalin Patel

In Reply to Ashok m Rane 9 months ago

like

manoharlalsharma

9 months ago

flight of fancy POLITICAL will ignores the 11 lac crores bank NPA because this was the PURE profit earned to ERADICATE Poowarity from the country but it is distributed as POLL funding.

REPLY

Nalin Patel

In Reply to manoharlalsharma 9 months ago

delink economy from politics, why india is behind? political disruptions, disrupts economy. as result econ omy suffers and political parties are unable to contrubute to political thought of india.

MG Warrier

9 months ago

Sharing such views held by unions with media is welcome. Perhaps, instead of scaring stakeholders about 'chain reaction', unions could take up with the managements of organisations they represent, the harm delay in action against wilful defaulters can cause to the financial sector.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)