The insolvency pleas follow two separate insolvency petitions filed by China Development Bank and telecoms gearmaker Ericsson.
The Reliance Group head was meant to be a star witness for the prosecution against his own executives. But on the stand, he remembered little.
Days before the PM replaced the deal with one that would eventually exclude HAL and favour Reliance, the Dassault CEO had said ‘contract finalisation and signature could come very soon.’ So what changed?
The defence minister clarified that not “a single procedure was violated” during the purchase and that when the Modi government came to power, “the situation was grim” and that it had “to move forward fast”.
Breaking down the details of the defence contract and key political debates around it.
With a net debt of 443 billion rupees as of end-March, RCom is the most leveraged among listed Indian telecom companies.
Given his government’s record of inaction, however, the latest disclosures are also likely to sink without a trace.
RCom, controlled by billionaire Anil Ambani, had a net debt of Rs 44,345 crores ($6.92 billion) at the end of March.
Industry observers say that the big winner could be Reliance Jio, which is looking to accumulate and directly control a large chunk of spectrum.
The CBI’s decision to go after NDTV and its founders – while ignoring cases against the Adanis, Ambanis and other powerful businesses despite serious evidence – doesn’t bode well for the agency.
The company has two deals in the pipeline which are projected to reduce its debt by 60%.
At a media briefing on Friday, Ambani reassured investors and said that the lenders would allow the company to pause debt repayments until December.
The company’s shares plunged as much as 20% on Monday on the back of a $150-million fourth-quarter loss and after a media report said that at least 10 lenders had classified its loans as SMA1 or SMA2.
Reliance said the additional investment is required for its fibre network as it expands Jio’s 4G reach.
According to sources, while Bharat Electronics and Samtel still may get a piece of the Rafale offset money, it is Reliance Defence that will execute a decent portion of the Rs. 30,000 crore that will flow in.
Suren Uppal spoke to The Wire about the timeline of events in the ‘Essar tapes’ case, how the company intercepted the calls of many government officials and businessmen, the nature of these calls and the implications of the recordings.
Local players don’t have sufficient technology capability and foreign players are reluctant to engage in technology transfer without ownership rights. Prime Minister Modi had promised to tackle this problem but it is not clear the new policy will do that.
An excerpt from Sue the Messenger: How legal harassment by corporates is shackling reportage and undermining democracy in India
The scam is conservatively estimated by government officials at no less than Rs 29,000 crore, a third of which is in the form of higher power tariffs.
Auctions, whether at Christie’s or Sotheby’s for works of art, or of telecommunications spectrum by the government of India, are fascinating psychological games. When the interests of large competing corporate groups are involved, not surprisingly, allegations are aired of criminal intent by manipulation of rules. Even as the […]
1. Sexual harassment claims rock Greenpeace An ex-employee of the NGO Greenpeace has come out with a post on an online forum outlining her experience of sexual harassment and rape when she worked at the organisation. The victim had earlier shared her experience on Facebook, and had got […]