BSNL employees plan indefinite strike as Modi govt gives priority to Reliance Jio

Agencies
November 29, 2018

New Delhi, Nov 29: Blaming Reliance Jiofor financial woes of the telecom sector, employee unions of BSNL on Wednesday alleged that the government was favouring the latest entrant over other firms and said they will go on an indefinite strike from December 3.

The employee unions claimed that the government has not allotted spectrum for 4G services to BSNL in order to prevent it from competing against Reliance Jio.

Reliance Jio did not comment on the allegations.

"As of now, the whole telecom industry is gripped with a crisis...All these have happened due to the predatory pricing of the Mukesh Ambani owned Reliance Jio. The whole game plane of Reliance Jio is to wipe out its competitors, which includes the state owned BSNL," BSNL unions said in a joint statement.

All Unions and Associations of BSNL (AUAB) alleged that with its huge financial muscle, Reliance Jio is offering services at 'below-cost' rates. It said that private telecom companies like Aircel, Tata Teleservices, Anil Ambani-owned Reliance Communications and Telenor have already closed their mobile service businesses.

It alleged that Reliance Jio will steeply raise call and data tariffs once the entire competition is wiped out.

"It will loot the people by steeply raising the call and data charges. It is a matter of deep concern that, Reliance Jio is being openly patronised by the Narendra Modigovernment," the statement said.

No immediate comments were received from the Prime Minister's Office. AUAB said the public sector firm has been demanding allotment of 4G spectrum but "the government has turned a deaf ear to this demand, with the ulterior motive of preventing the public sector company from putting up an effective competition to Reliance Jio".

All officers and workers of BSNL are going on an indefinite strike from December 3, 2018, the AUAB said.

"Demands of the strike include the immediate allotment of 4G spectrum to BSNL for rolling out its 4G service, implementation of the government rule in respect of payment of pension contribution by BSNL, wage revision of the employees and pension revision of the retirees, from January 1, 2017," the statement said.

It also alleged that whosoever tried to act against Reliance Jio had to pay the price, including former telecom secretary J S Deepak.

"JS Deepak wrote to the Trai demanding action on Reliance Jio, for adopting predatory pricing. As a result, JS Deepak was instantaneously shunted out of the DoT... This was a clear signal given by the Narendra Modi government, as to what would happen to any one who dares to speak against Rliance Jio," the unions alleged.

Deepak was named India's Ambassador to the World Trade Organisation (WTO) when he was abroad to attend the Mobile World Congress 2017 in Spain.

The unions said that BSNL was in a loss of more than Rs 8,800 crore in 2011-12 but due to the combined efforts taken by the employees and the management, the PSU posted an operating profit of Rs 672.57 crore in 2014-15.

"BSNL's improved performance is reflected in the expansion of it's customer base also. It must be remembered that all these achievements are made by BSNL without 4G technology and with only 2G and 3G technologies, while all the private companies are armed with 4G technology," the statement said.

Apart from the allotment of 4G spectrum, the AUAB is also demanding the implementation of the government's rule in the matter of BSNL's payment of pension contribution.

"It is atrocious that, the Narendra Modi government is violating it's own rule, and is fleecing a huge amount from BSNL every year, in the name of Pension Contribution. This is seriously affecting the financial health of the Company," the unions said.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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News Network
March 19,2020

New Delhi, Mar 19: Lawyer of Mukesh Singh, who is one of the four death row convicts in the Nirbhaya gang-rape and murder case, on Thursday mentioned a petition before the Registrar of the Supreme Court seeking an urgent hearing in the matter.

Advocate Manohar Lal Sharma, through the petition, sought directions to bring call record, documents and reports of his client through any probe agency and passed appropriate directions and measure to ensure justice in the matter.

The petition, however, has not sought a stay on the execution, which is scheduled for the morning of March 20. The petition is likely to be taken up for hearing today.

Earlier today, the apex court dismissed the curative petition of Pawan Gupta, another convict in the matter, who claimed juvenility at the time of the crime.

This comes as the four convicts -- Mukesh Singh, Akshay Singh Thakur, Vinay Sharma and Pawan Gupta -- are scheduled to be hanged at 5.30 am on March 20.

Meanwhile, several other petitions are also pending in the matter in different courts.

The case pertains to the brutal gang-rape and killing of a 23-year-old paramedical student in a moving bus on the night of December 16, 2012, by six people including a juvenile in the national capital. The woman had died at a Singapore hospital a few days later.

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News Network
April 17,2020

New Delhi, Apr 17: Prime minister Narendra Modi on Thursday held talks with Jordan King Abdullah II and discussed the challenges posed to the world by the COVID-19 pandemic.

"The two leaders discussed the challenges posed to the world by the COVID-19 pandemic, and the steps being taken in their respective countries to limit its impact," an official statement said.

Prime Minister conveyed his greetings to Abdullah II and the people of Jordan for the upcoming Holy month of Ramadan which commences late next week.

The leaders agreed that their teams would remain in touch on issues related to COVID-19, as well as on other regional and global issues.

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Wellwisher
 - 
Friday, 17 Apr 2020

Fit for only discuss and diya and to lit candles.Rest of world leaders are struggling to save their citizen and Nation from this pandemic. Till when -----?.

 

For India only the organisation's and social welfare group and well wishers are in the field and helping.

Definitely with the blessings of patriot Indians they will succeed and they all will continue with their noble cause.

Jai Hind

 

 

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