BSNL to approach NCLT against Reliance to recover Rs 700 cr

Agencies
March 17, 2019

New Delhi, Mar 17: State-owned telecom firm BSNL will approach National Company Law Tribunal (NCLAT) this week to recover dues of about Rs 700 crore from Reliance Communications (RCom), according to official sources.

Earlier, debt-ridden RCom in its plea before the NCLAT said that it wants to voluntarily go back into the insolvency process, as it will help selling its assets in a time-bound manner. It had moved the appellate tribunal, seeking directions to the 37 lenders led by SBI to release Rs 260 crore directly to Ericsson. However, lenders of RCom have opposed the plea, saying that it will lead to the outgo of public money for settling payment of a private party.

"BSNL has already invoked bank guarantee of around Rs 100 crore submitted by RCom for default on payments. A decision was taken on January 4 by BSNL Chairman and Managing Director Anupam Shrivastava to start legal proceedings against RCom for recovery of dues of around Rs 700 crore," the sources told PTI. BSNL has roped Singh and Kohli law firm for the suit. The case filing got delayed due to collection of invoices from all circle offices.

RCom has been struggling to pay Rs 453 crore out of Rs 550 crore to Ericsson under a settlement reached between the two firms before NCLAT. The Supreme Court has given time till March 19 to RCom Group to make payment to Ericsson, failing which its chairman Anil Ambani will have to serve a three-month jail term.

RCom has already paid Rs 118 crore to Ericsson. It approached the NCLAT to direct SBI to release Rs 260 crore which the company has received as an income tax refund in trust and retentionship account held at the public sector bank as it will help the company in making payment to Ericsson and purge contempt of court. The NCLAT on Friday declined to issue any direction to SBI and has asked for an update on development with regard to payment of Ericsson due on March 19. The tribunal will hear the case of April 8.

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News Network
February 29,2020

New Delhi, Feb 29: The father of Intelligence Bureau staffer Ankit Sharma, whose body was pulled out of a drain in northeast Delhi's riot-hit Chand Bagh, complained to police that goons had assembled at the residence of former AAP counselor Tahir Hussain and were throwing petrol bombs from the rooftop.

According to the FIR which was registered on Thursday on the basis of the complaint lodged by Ankit's father Ravinder, the goons were also firing from the rooftop.

On Tuesday, Ankit returned from his office at 5 pm and then went outside to buy groceries. When he did not return, the family started looking for him and later filed a missing report, the FIR stated.

They got to know from their neighbours that a body has been recovered from a drain… later it was found to be that of Anikt, it said, adding the body had multiple stab injuries on the face, head, back, and chest.

The family has alleged in the FIR that it was Hussain and the goons at his residence who killed Ankit. In the FIR, Hussain has been accused of murder, destruction of evidence and abduction.

Soon after the FIR was registered on Thursday, the AAP suspended Tahir Hussain from the primary membership of the party till the police completed its probe.

The death toll in Delhi's communal violence rose to 42 on Friday as the situation showed some signs of returning to normalcy and clouds of smoke cleared to reveal the extent of the damage from the worst riots in the city in over three decades.

A total of 148 FIRs have been registered and 630 people have been either arrested or detained so far in connection with the communal violence, a Delhi Police spokesperson said.

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News Network
May 13,2020

May 13: Senior Congress leader P Chidambaram on Wednesday mocked the prime minister's announcement of a Rs 20 lakh crore financial package as a "headline and blank page", and said he was looking forward to the finance minister filling the blank page.

Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.

Chidambaram said he would count every additional rupee the government infuses into the economy and examine what the poor, hungry and devastated migrant workers get after walking hundreds of kilometres to their home states.

"Yesterday, PM gave us a headline and a blank page. Naturally, my reaction was a blank!

"Today, we look forward to the FM filling the blank page. We will carefully count every ADDITIONAL rupee that the government will actually infuse into the economy," he said on Twitter.

The former finance minister said "We will also carefully examine who gets what?".

"And the first thing we will look for is what the poor, hungry and devastated migrant workers can expect after they have walked hundreds of kilometres to their home states.

"We will also examine what the bottom half of the population (13 crore families) will get in terms of REAL MONEY," he said in a series of tweets.

Congress leader Jairam Ramesh also slammed the prime minister's announcement.

"Last night the Prime Minister did what comes to him best. Maximum packaging, Minimum meaning.It was a case of classic NAMO. No Action Message Only," he said on Twitter.

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News Network
May 13,2020

New Delhi, May 13: Union Finance Minister Nirmala Sitharaman will address a press conference in New Delhi at 4 pm on Wednesday.

The information regarding the press conference by the Union Finance Minister was given through a tweet by the Ministry of Finance today morning.

Sitharaman's press conference comes a day after Prime Minister Narendra Modi announced USD 265 billion fiscal stimulus to deal with COVID-19 situation in the country. The package is the second largest in Asia after Japan.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore (USD 265 billion). This is 10 per cent of India's GDP," the Prime Minister said in his address to the nation on Tuesday.

"This economic package is for our small-scale industries, MSMEs, which are the means of livelihood of crores of people and is the strong base of our resolve for self-reliant India. To prove the resolve of self-reliant India, the emphasis has been given on land, labour, liquidity and laws, in this package," he added.

The PM had also said that the economic package is for "the country's workers, farmers, who are working hard day and night for the countrymen in every season. This economic package is for the middle class of our country, who pays tax honestly and contributes to the development of the country."

He had announced that the fourth phase of the nationwide COVID-19 induced lockdown would be in "new form with new rules."

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