Mukesh, Nita's help saves day for Anil

Agencies
March 19, 2019

New Delhi, Mar 19: Embattled billionaire Anil Ambani on Monday warded off a possible jail term as RCom cleared dues of a Swedish service provider at the eleventh hour with money received from elder brother Mukesh and his wife Nita, whom he thanked for standing by him in trying times and extending "timely support".

Anil's heavily debt-laden Reliance Communications made a Rs 550 crore payment, including interest, to Ericsson just a day before the expiry of the deadline set by the Supreme Court to clear dues or face a three-month jail term.

Soon after making the payment, RCom announced the termination of a Rs 17,000 crore deal to sell telecom assets like spectrum, fibre and tower to Mukesh's Reliance Jio, citing delays in approvals from the government and lenders.

Anil, whose businesses in telecom and power sectors went into heavy debt in the face of regulatory headwinds and intense competition, thanked Mukesh and his wife Nita for bailing him out.

"My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support," a late night statement issued by Anil's firm quoted him as saying.

Anil said he and his family "are grateful" and "deeply touched with this gesture" that they "have moved beyond the past".

In the statement, RCom said Rs 550 crore dues to Ericsson, including interest dues, has been made in compliance with the Supreme Court judgement.

However, the company did not give details about the source of funds but cited "timely support" from Mukesh in the trying times.

The two brothers had fought a bitter public battle after his father Dhirubhai died without leaving a will. They split his businesses between themselves, with Anil getting telecom and power while Mukesh retained oil and petrochemical businesses.

The split did not end the feud and the two bickered over the commitment of Mukesh' Reliance Industries for the supply of gas to Anil's power plants. In 2008, Anil's RCom wanted to merge with South Africa's MTN but the move was thwarted by Mukesh citing his holding right of the first refusal.

Since then, the two brothers scrapped a no-compete agreement and Mukesh re-entered telecom business in 2016 offering free voice call for life and data at dirt cheap prices.

As debt grew, RCom, in December 2017, entered into a deal with Jio to sell spectrum and other assets such as fibre network and telecom towers for an estimated Rs 17,000 crore.

But the deal could not progress amid regulatory hurdles faced as the Department of Telecommunications wanted a written assurance on who would pay for RCom's dues such as spectrum fee.

Jio refused to make a commitment to pay for such fee and lenders to RCom also played hardball, resulting in the deal falling through.

In separate statements, RCom and Jio announced the scrapping of the deal, citing delays in getting approvals from the government and lenders.

"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements nearly 15 months ago...," RCom said.

Jio said the master agreement for the acquisition of certain specific assets of RCom and the spectrum trading agreement for change in allotment of the certain specific spectrum stand terminated.

This, it said, also follows the Board of Directors of RCom passing a resolution to seek fast track resolution through bankruptcy court and the National Company Law Appellate Tribunal (NCLAT) on February 4 restricting the sale, transfer or alienation of any movable or immovable property of RCom.

"The termination of the master agreement shall not, in any manner, affect the rights and obligations of the parties, accrued prior to the date of termination," it said.

An Ericsson spokesperson confirmed that it has received balance payment of Rs 458.77 crore (principal amount) from RCom on Monday. Together with Rs 118 crore, it had previously paid, RCom has cleared all dues including interest.

Last month, the Supreme Court held Ambani in contempt for not paying Ericsson's dues despite promising to do so. The court had warned to send Anil as well as Chhaya Virani and Satish Seth - chairmen of two RCom units -- to jail if they fail to pay the dues in four weeks. The deadline expires on Tuesday. The company suffered a blow when National Company Law Appellate Tribunal (NCLAT), last week, refused to free up Rs 260 crore tax refunds withheld by the lenders. Banks had opposed release of the tax refunds.

In 2017, Ericsson moved a bankruptcy court alleging it had not been paid dues around Rs 1,600 crore after signing a deal in 2013 to operate, maintain and manage the telco's nationwide network. It extracted a personal guarantee from Ambani to pay the dues.

RCom scrip closed at Rs 4 a share on the BSE Monday, 9.30 per cent lower than the previous close.

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News Network
May 28,2020

May 28: Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.

One of the nation's biggest manufacturers will lay off 6,770 U.S. employees this week, and another 5,520 workers are taking buyout offers to leave voluntarily in the coming wee

Air travel within the U.S. tumbled 96% by mid-April, to fewer than 100,000 people on some days. It has recovered slightly. The Transportation Security Administration said it screened 264,843 people at airports on Tuesday, a drop of 89% compared with the same Tuesday a year ago.

Boeing had said it would cut 10% of a work force that numbered about 160,000. A Boeing spokesperson said Wednesday's actions represent the largest number of job cuts, but several thousand additional jobs will be eliminated in the next few months.

The layoffs are expected to be concentrated in the Seattle area, home to Boeing's commercial-airplanes business. The defense and space division is stable and will help blunt the impact of the decline in air travel and demand for passenger jets, the company said.

Boeing said additional job cuts will be made in international locations, but it did not specify numbers.

"The COVID-19 pandemic's devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices," CEO David Calhoun said Wednesday in a memo to employees.

Calhoun said the company faces the challenges of keeping employees safe and working with suppliers and airlines "to assure the traveling public that it can fly safe from infection."

Calhoun warned that Boeing will have to adjust business plans constantly because the pandemic makes it hard to predict the impact on the company's business.

Boeing's crisis began with two crashes of its 737 Max, which led regulators around the world to ground the jetliner last year. The company's problems have deepened with the coronavirus, which has cut global air traffic by up to 90% and caused airlines to postpone or cancel orders and deliveries for new planes.

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Agencies
May 12,2020

New Delhi, May 13: Prime Minister Narendra on Tuesday announced Rs 20 lakh crore special economic package for the country to be 'self-reliant' and deal with COVID-19.

"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. This is 10 per cent of India's GDP," said Prime Minister Modi in his address to the nation. The Prime Minister said that humanity would not accept defeat from the coronavirus but the people have to stay safe and move forward.

"We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. It is unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward," he said.

Talking about the gravity of the virus, Modi said: "It has been four months the world is fighting COVID-19. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them."

"Today when the entire world is in crisis, we will have to further firm our resolve," he added.

The Prime Minister on Monday held a video conference meeting with Chief Ministers of all states to discuss the road ahead in India's fight against COVID-19 and noted that he was of the firm view that measures needed during the third phase of lockdown will not be needed in the fourth phase.

Prime Minister Modi had said the need was to reduce the transmission rate of the disease and to increase public activity gradually while adhering to all the guidelines and efforts to be made towards achieving both these objectives.

The phase three of the lockdown is coming to an end on May 17.

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Agencies
February 17,2020

New Delhi, Feb 17: The Supreme Court said on Monday that people have a fundamental right to protest against a law but the blocking of public roads is a matter of concern and there has to be a balancing factor.

Hearing pleas over the road blocks due to the ongoing protests at Shaheen Bagh against the Citizenship Amendment Act (CAA), a bench comprising Justices S K Kaul and K M Joseph said its concern is about what will happen if people start protesting on roads.

Democracy works on expressing views but there are lines and boundaries for it, the bench said.

It asked senior advocate Sanjay Hegde and advocate Sadhana Ramachandran to talk to Shaheen Bagh protestors and persuade them to move to an alternative site where no public place is blocked.

The matter has been posted for next hearing on February 24.

People have a fundamental right to protest but the thing which is troubling us is the blocking of public roads, the bench said.

Solicitor General Tushar Mehta said Shaheen Bagh protestors should not be given a message that every institution is on its knees trying to persuade them on this issue.

The apex court said that if nothing works, we will leave it to the authorities to deal with the situation.

Protestors have made their made their point and the protests have gone on for quite some time, it said.

Restrictions have been imposed on the Kalindi Kunj-Shaheen Bagh stretch and the Okhla underpass, which were closed on December 15 last year due to the protests against CAA and Register of Citizens.

The top court had earlier said the anti-CAA protesters at Delhi's Shaheen Bagh cannot block public roads and create inconvenience for others.

The apex court was hearing an appeal filed by advocate Amit Sahni, who had approached the Delhi high court seeking directions to the Delhi Police to ensure smooth traffic flow on the Kalindi Kunj-Shaheen Bagh stretch, which was blocked by anti-CAA protesters on December 15.

While dealing with Sahni's plea, the high court had asked local authorities to deal with the situation keeping in mind law and order.

Separately, former BJP MLA Nand Kishore Garg has filed a petition in the apex court seeking directions to the authorities to remove the protestors from Shaheen Bagh.

One of the pleas has sought laying down of comprehensive and exhaustive guidelines relating to outright restrictions for holding protests or agitations leading to obstruction of public place.

In his plea, Garg has said that law enforcement machinery was being "held hostage to the whims and fancies of the protesters" who have blocked vehicular and pedestrian movement from the road connecting Delhi to Noida.

State has the duty to protect fundamental rights of citizen who were continuously being harassed by the blockage of arterial road, it said.

"It is disappointing that the state machinery is muted and a silent spectator to hooliganism and vandalism of the protesters who are threatening the existential efficacy of the democracy and the rule of law and had already taken the law and order situation in their own hand," the plea had said.

In his appeal, Sahni had sought supervision of the situation in Shaheen Bagh, where several women are sitting on protest, by a retired Supreme Court judge or a sitting judge of the Delhi High Court.

Sahni has said in his plea that protests in Shaheen Bagh has inspired similar demonstrations in other cities and to allow it to continue would set a wrong precedent.

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