Vodafone completes merger with Idea

Agencies
August 31, 2018

New Delhi, Aug 31: The merger of Idea Cellular and Vodafone India has been completed, creating India’s biggest telecom service provider with over 408 million subscribers, the two companies said on Friday.

A new board has been constituted for the merged entity "Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement.

The combination will have all India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.

The telecom giant will topple Bharti Airtel from its current pole position, and will have the firepower to take on competition in the Indian telecom market, which has intensified with the aggressive entry of Reliance Jio.

It will have a broadband network of 3.4 lakh sites and distribution network with 17 lakh retail outlets.

"The merger is expected to generate Rs 14,000 crore annual synergy, including opex synergies of Rs 8,400 crore, equivalent to a net present value of approximately Rs 70,000 crore," the statement said.

The net debt of the company stood at Rs 1,09,200 crore on June 30, 2018.

"The equity infusion of Rs 6,750 crore at Idea and Rs 8,600 crore at Vodafone, coupled with monetisation of standalone towers of both companies for an enterprise value of Rs 7,850 crore, provides the company a strong cash balance of over Rs 19,300 crore post payout of Rs 3,900 crore to the Department of Telecom (DoT)," the statement said.

Moreover, it added, the company has an option to monetise over 11 per cent stake in Indus (the tower company), amounting to a cash consideration of Rs 5,100 crore.

The combination will have a wide spectrum portfolio of about 1,850 MHz, over 2 lakh mobile sites and about 2.35 lakh kms of fibre. This will allow it to offer "superior voice and broadband connectivity across the country, covering 92 per cent of the population and reaching nearly 5,00,000 towns and villages," it said.

Kumar Mangalam Birla, Chairman Aditya Birla Group and Vodafone Idea Limited said, "Today, we have created India’s leading telecom operator. It is truly a historic moment...As Vodafone Idea, we are partnering in this initiative by building a formidable company of international repute, scale and standards".

Balesh Sharma, CEO of the new entity said, "We are committed to offer both our retail and enterprise customers an excellent experience while fulfilling their evolving digital and connectivity needs via new products, services and solutions".

A regulatory filing by Idea said it will be renamed as Vodafone Idea Ltd, following the completion of all formalities and approvals. Post merger, the paid-up equity share capital of Idea Cellular stands increased to Rs 8,735.13 crore.

Himanshu Kapania has stepped down from the position of Managing Director of Idea Cellular with effect from August 31, 2018, but shall serve as non-executive director of the new company.

Shares of Idea Cellular were trading 1.10 per cent higher at Rs 50.40 apiece on BSE.

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Agencies
June 7,2020

New Delhi, Jun 7: The Government of India (GoI) must strengthen the laws to protect animals, said People for the Ethical Treatment of Animals (PETA) India CEO Dr Manilal Valliyate on Sunday, following an elephant's death in Kerala and cow injured due to ingestion of explosives in Himachal Pradesh.

"Such incidents are not just restricted to certain regions but are happening all across the country. PETA receives more than 100 similar cases every day. People send in their complaints to us, not just for cows and elephants but for so many other animals as well," he said.

The PETA chief urged the GoI to strengthen the laws established to protect animals.

"As per the current laws set out against animal cruelty, the perpetrator would only be charged Rs 50,000 as a fine. That is equivalent to no punishment at all," added PETA India CEO.

He expressed his anguish against municipal agencies as well, saying that they are not doing "serious" work. He also highlighted how cows are left on the roads to wander, after milking them, to feed on garbage, in several parts of the country.

"These injustices against animals through explosives has been going on for quite a while. But for the first time, it has received such public attention," he said.

After a pregnant elephant was fed cracker-filled pineapple and her eventual death on May 27 in Kerala's Palakkad district, a pregnant cow sustained fatal injuries on May 25 due to accidental ingestion of explosives in Dadh village of Bilaspur district of Himachal Pradesh.

One person has been arrested in the Dadh village for allegedly hurting the cow.

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Agencies
July 25,2020

In a study conducted in 117 countries, researchers have found that the world is experiencing the most dramatic reduction in the seismic noise (the hum of vibrations in the planet's crust) in recorded history due to global COVID-19 lockdowns.

Measured by instruments called seismometers, seismic noise is caused by vibrations within the Earth, which travel like waves and the waves can be triggered by earthquakes, volcanoes, and bombs - but also by daily human activity like travel and industry.

This quiet period was likely caused by the total global effect of social distancing measures, closure of services and industry, and drops in tourism and travel, the study published in the journal Science, reported.

The new research, led by the Royal Observatory of Belgium and five other institutions around the world including Imperial College London (ICL), showed that the dampening of 'seismic noise' caused by humans was more pronounced in more densely populated areas.

"Our study uniquely highlights just how much human activities impact the solid Earth, and could let us see more clearly than ever what differentiates human and natural noise," said study co-author Stephen Hicks from ICL in the UK.

For the findings, the research team looked at seismic data from a global network of 268 seismic stations in 117 countries and found significant noise reductions compared to before any lockdown at 185 of those stations.

Researchers tracked the 'wave' of quietening between March and May as worldwide lockdown measures took hold.

The largest drops in vibrations were seen in the most densely populated areas, like Singapore and New York City, but drops were also seen in remote areas like Germany's the Black Forest and Rundu in Namibia.

Citizen-owned seismometers, which tend to measure more localised noise, noted large drops around universities and schools around Cornwall, UK and Boston, US - a drop in noise 20 per cent larger than seen during school holidays.

The findings showed that countries like Barbados, where lockdown coincided with the tourist season, saw a 50 per cent decrease in noise.

"The changes have also given us the opportunity to listen in to the Earth's natural vibrations without the distortions of human input," the study authors wrote.

Earlier in April, a study published in the journal Nature, reported at least a 30 per cent reduction in that amount of ambient human noise since lockdown began in Belgium.

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Agencies
July 10,2020

In a first, the Supreme Court on Friday allowed the service of summons and notices, a necessity in almost all legal proceedings, through instant messenger like WhatsApp as well as by e-mail and fax.

A bench headed by Chief Justice SA Bobde observed that it has been brought to the notice of the court that it is not feasible to visit post offices for service of notices, summons, and pleadings. The bench also comprising Justices AS Bopanna and R Subhash Reddy observed that notice and summons should be sent through e-mail on the same day along with instant message through WhatsApp and other phone messenger services.

The bench clarified that all methods should be deployed for a valid service on the party. "Two blue ticks would convey that the receiver has seen the notice," noted the bench.

The bench declined the request of the Attorney General for specifically naming WhatsApp as a mode of effectuating service. The top court noted that it would not be practical to specify only WhatsApp. The apex court also permitted RBI to extend the validity of cheques in the backdrop of lockdown to contain the coronavirus outbreak.

Senior advocate V Giri representing RBI informed the bench that he had circulated the note regarding validity of a cheque as directions issued on the previous hearing.

The bench noted that it will be in discretion of the RBI to issue orders which are suitable to alter the validity of the period of a cheque.

During an earlier hearing on the matter on July 7, the Attorney General contended before the top court that the Centre had some reservations in connection with the utilization of mobile applications like WhatsApp and other apps for service of summons. The Centre's top law officer informed the apex court that these apps claimed to be encrypted, and they were not trustworthy.

The RBI counsel had contended before the top court that it was considering clarifying the validity of a cheque which has been reduced to 3 months from 6 months.

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