283

Analyst Call Indian Mobile Market Too Expensive To Operate

New Delhi:  Now it’s more like a nightmare with losses for overseas companies rising to at least $23 billion. Making money in a booming Indian mobile-phone market that soared from fewer than 2 million users to more than a billion in less than two decades might have seemed like a no-brainer.

“The promise of a market with over one billion potential users is very attractive,” Chris Lane, a Hong Kong-based analyst at Sanford C. Bernstein, said. “Too many licenses, too little spectrum, high taxes and supply-constrained airwave auctions has made this a very expensive market to operate in.”

259

Over 2100 Companies Settle Their Dues Out Of Fear Of Losing Control

New Delhi: Over 2,100 companies have cleared their outstanding amounts due to fear of losing control over their companies. This has prompted promoters, who have defaulted on repayment of loans to banks, to settle their dues of around Rs 83,000 crore before action was initiated under the newly-enacted Insolvency and Bankruptcy Code (IBC).

On last count, data compiled by the ministry of corporate affairs (MCA) showed that over 2,100 companies have cleared their outstanding amounts, a majority of which came after the government amended the IBC to explicitly bar promoters of companies that were classified as a non-performing assets (NPAs) from bidding for these companies where the National Company Law Tribunal, the bankruptcy court, initiated action. A loan is classified as an NPA if dues are unpaid for 90 days.

244

Pradhan Hints At AttempTo Bring Down Petroleum Prices

New Delhi:Union petroleum minister DharmendraPradhanhas said the government would work out a solution.Record fuel prices have triggered a political row, with the Opposition attacking the NDA government for not taking enough measures to cut taxes on fuel so as to provide some relief to consumers.

Petrol prices touched fresh highs in Delhi and Mumbai on Monday, at Rs 76.57/litre and RS 84.40/litre respectively. Diesel prices in the two cities reached Rs 67.82 and RS 72.21 per litre.The Congress tweeted saying the Modi government was “fleecing” consumers. “The ModiGovt continues to fleece Indians on fuel prices. Petrol price in Mumbai has crossed Rs 84/L. This is the highest ever price for petrol in India,” the party said in a tweet.

219

CBI To Approach Interpol For A Red Corner Notice Against Nirav,Choksi

New Delhi: The Central Bureau of Investigation (CBI) is likely to approach Interpol for a Red Corner Notice against absconding billionaire jewellersNiravModi and MehulChoksi. They are allegedly the brains behind the over $2 billion scam in Punjab National Bank.

Modi along with his wife Ami -- a US citizen, brother Nishal -- a Belgian, and uncle Choksi -- Gitanjali group's promoter, had fled the country before the bank approached the CBI with a complaint against his companies for allegedly cheating through fraudulent issuance of Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs).

The agency recently chargesheeted both Modi and Choksi separately in the scam and will now approach the Interpol for a Red Corner Notice aimed at bringing them back for facing trial in the cases against them, the sources said.

191

Petrol Prices Surge Seven Year High As The Finance Ministry Refuses To Cut Excise

New Delhi: Petrol price in the national capital of Delhi hit Rs 75.61 on Friday, up 29 paise from Rs 75.32 on Thursday. The Finance Ministry in the meantime once again ruled out an excise duty cut, which means that retail fuel prices are unlikely to cool down any time soon as crude oil prices went past the $80 mark on Thursday, one could feel the singe of boiling oil prices. Fuel bills have been inching up literally every day across the country.

But, let's take a step back and see which major metro in the country actually witnessed the highest surge in petrol over the last seven years.It is the commercial capital of Mumbai which holds this distinction having witnessed the steepest hike since 2011. On May 15, 2011 a litre of petrol would cost Rs 68.33 in Mumbai, a good Rs 14.35 less than what you would pay today.