NEW DELHI: In a setback to Airtel and Vodafone Idea, Supreme Court on Monday dismissed their plea for waiver of interest and penalty relating to adjusted gross revenue (AGR) dues, which are to the tune of Rs 80,000 crore.The order will also impact Tata Teleservices.The outstanding AGR following the original SC ruling in 2019 to…
ED arrests UCO Bank exchairman Subodh Goel in connection with Rs 6210 fraud case. (Representative photo) NEW DELHI: Enforcement Directorate (ED) on Saturday arrested Subodh Goel, retired chairman and MD of UCO Bank, from his residence here for allegedly taking bribes to sanction loans of more than Rs 6,200 crore.Goel, who had been appointed to…
NEW DELHI: Elon Musk‘s Starlink looks set to clear the final regulatory hurdle for beginning satcom services in India. IN-SPACe, the nodal agency under the department of space (DoS), is likely to grant approval to the company for launching commercial satellite broadband services.The inter-ministerial standing committee of IN-SPACe (Indian National Space Promotion and Authorisation Centre),…
Hon Hai Precision Industry Co., the main manufacturer of Apple Inc.‘s iPhones, will inject $1.5 billion into its India unit as production shifts away from China.The Taiwan-based company said in an exchange filing on Monday that it had made the investment through its Singaporean subsidiary. Hon Hai, which is building new plants and adding production…
MUMBAI: Sebi has threatened two Mauritus-based funds with investments in the Adani Group that they could face penalties and cancellation of licences for not sharing shareholding details despite repeated requests over two years, according to a document reviewed by Reuters.The Adani Group and its 13 offshore investors have been facing an investigation by the Sebi,…
MUMBAI: State Bank of India has cut fixed deposit rates by 20 basis points across all tenors for both the general public and senior citizens from May 16. The move follows a 25 bps repo rate cut by RBI in April and comes ahead of another expected cut in June.RBI also infused nearly Rs 5…
MUMBAI: Instant beverage maker Rasna on Monday announced that it has acquired the brand Jumpin from Hershey’s India for expanding into the ready-to-drink category. Rasna did not disclose the amount it has paid for the 100% acquisition of the brand. However, it indicated that independent agencies have valued the brand at Rs 350 crore. Piruz…
The Centre has released draft rules proposing the delicensing of the lower segment of the 6 GHz band for unlicensed indoor use. The move, which applies to the 5925–6425 MHz frequency band, is aimed at enabling next-generation Wi-Fi technologies and supporting data-heavy applications.According to the draft, no authorisation or frequency assignment will be required for…
NEW DELHI: Apple’s key supplier Foxconn has invested $1.48 billion (approximately Rs 12,800 crore) in its India operations over the past five days, the company disclosed in a regulatory filing.The investment was made into Yuzhan Technology (India) Private Limited, Foxconn’s Tamil Nadu-based unit, via its Singapore arm, Foxconn Singapore Pte Ltd. Under the transaction, the…
Kotak Mahindra Mutual Fund on Monday bought a 6.6 per cent stake in pharmaceutical companyAmi Organics for nearly Rs 301 crore through open market transactions. According to the block deal data available on the National Stock Exchange (NSE), Kotak Mahindra Mutual Fund (Kotak MF) purchased 26.97 lakh shares or 6.59 per cent stake in two…
