Dish TV says YES Bank cannot sell Dish shares

Adding another dimension to the legal battle over the impending extraordinary general meeting called by Dish TV’s largest shareholder YES Bank, the DTH operator said a local office of Uttar Pradesh Police has asked the company to ensure that YES Bank does not deal in or liquidate its Dish TV shares, pending an investigation by […]

Yes Bank says Dish TV resorting to ‘dilatory tactics’, seeks EGM

Yes Bank, which holds around 26% of Dish TV India, accused the direct-to-home satellite provider of resorting to what it called dilatory tactics in seeking shareholder approval for its proposal to reorganize the company’s board of directors. As such, said Yes Bank, it was calling for an extraordinary general meeting under the relevant laws of […]

Brickwork Ratings says telecom reforms not enough

Brickwork Ratings, a credit rating agency that gives advice on the ability of companies to service their debt, has hailed the slew of measures announced by the government yesterday to give relief to the telecom sector, but added they’re not enough to save the industry. FLIP FLOP The most import measure announced yesterday was a […]

NCLT admits insolvency plea against Ortel Communications by Sony Pictures

The National Company Law Tribunal has admitted a petition filed by Sony Pictures Networks India Ltd against cable and broadband operator Ortel Communications. The petition, under Section 9 of the Insolvency and Bankruptcy Code of India, was for initiating insolvency proceedings against the cash-strapped cable and broadband operator. The NCLT also appointed an interim resolution […]

Reliance Power wins Rs 390 cr arbitration against Indonesian coal group

Reliance Power said it has been awarded damages of $56 Million, or about Rs 390 cr, by an arbitration panel in Singapore in relation to the acquisition of three mines in Indonesia. Reliance Power, an Anil Ambani Group company, had signed an agreement with Indonesia’s Sugico Group eight years ago to acquire three coal mines. […]

RCom says will overcome Ericsson, Infratel challenges to Jio asset sale

Anil Ambani-led Reliance Communications said it was confident of overcoming the twin legal challenges posed by shareholders in its tower subsidiary and one of the company’s unsecured creditors, Ericsson. The company is selling much of its spectrum, fiber, towers and other network assets to Reliance Jio Infocomm, led by Anil Ambani’s brother Mukesh, for an […]

High Court upholds Rs 5,000 cr compensation to Reliance Infra from DMRCL

The Delhi High Court has upheld the award of a Rs 5,060 cr compensation by the Delhi Metro Rail Corporation for circumstances leading to cancellation of Reliance Infra’s airport metro service. The compensation was originally awarded by an arbitration panel last year. Along with interest, said the Anil Ambani company, the total amount will coem […]

SKIL Infra counter sues Reliance Infra over Pipavav deal, seeks Rs 8130 cr

Within hours of getting an arbitration notice from Reliance Infrastructure seeking damages of Rs 5,440 cr, SKIL Infrastructure has counter sued the Anil Ambani Group firm for a higher amount. The infrastructure company, the former promoter of Pipavav Defence, also denied the charges made by Reliance Infrastructure on Monday. In a statement, Reliance Infrastructure had […]

Reliance Infrastructure starts Rs 5,440 cr arbitration against Pipavav founders

Anil Ambani Group controlled Reliance Infrastructure said it has issued a notice of arbitration against the founders of Pipavav Defence and Engineering Limited seeking Rs 5,440 cr for “breach of warranties”. Reliance Infrastructure emerged as the biggest shareholder in Pipavav Defence and Engineering Limited in 2015, and subsequently renamed it to Reliance Naval and Engineering Limited. […]

Majesco sued for $10 mln by US customer for breach of agreement

Majesco, the India-based provider of IT solutions to the insurance industry, said its subsidiary has been sued by a customer in the US for $10 mln (Rs 64 cr). In a filing on Sunday, Jan 28, the company said that on Jan 24, its subsidiary Majesco Software and Solutions Inc received a summons with notice […]

Reliance Naval says not worried about IFC’s insolvency petition

Reliance Naval and Engineering, the defence production arm of the Anil Ambani group, said it was not worried about the petition filed by bankruptcy petition filed by IFC. It said the international organization does not have its loan secured against the assets of the company. Unsecured creditors come lower in priority compared to secured creditors, […]

RCom sends legal notice to rivals for spreading rumors

Anil Ambani Group’s Reliance Communication said it has sent ‘cease and desist’ notices to its rivals trying to win over its enterprise customers by creating fear about the company shutting down. The development comes in the wake of announcements by the company that it was gradually shutting down its GSM and 3G network to focus […]

Anil Ambani group company wins Rs 2,950 cr from DMRC

Delhi Airport Metro Express Private Ltd, an associate company of Reliance Infrastructure, said it was awarded compensation of Rs 2,950 crore by a three member Arbitration Tribunal in a dispute with Delhi Metro Rail Corporation or DMRC. The tribunal was constituted from a panel nominated by DMRC. The Award to RInfra has been granted on […]

EXCLUSIVE: Reliance Jio resolves interconnect dispute with Bharti Airtel, Idea & Vodafone

The interconnection dispute between Reliance Jio and incumbent operators like Idea Cellular, Vodafone and Bharti Airtel has been “largely resolved,” an official with one of the incumbent operators said. “We have provided enough points to avoid any congestion-related problems in the foreseeable future,” said an official with one of the three incumbents. According to the […]

Reliance Jio interconnect dispute with Airtel, Idea to end this month

The dispute over providing interconnection facility is set to end in the next two weeks, with Bharti Airtel, Idea Cellular and Vodafone giving in to the demands of new operator Reliance Jio and the regulator. The decision to comply comes in the wake of a recommendation for a fine of Rs 3,050 cr to be […]

Interconnect fight with Reliance Jio seems over with Airtel’s latest move

Reliance Jio welcomed Bharti Airtel’s move to set up 7,007 additional points of interconnection to ease traffic between the two players, even as Airtel promised that it would uphold the law. The moves indicate the end of a bitter battle between the newcomer and India’s largest operator over connection rights to each others’ networks. Airtel […]

Reliance Jio refutes Bharti Airtel’s statement about its ‘unpreparedness’

Reliance Jio Infocomm refuted Bharti Airtel’s claim that the current call drop situation was the result of underpreparedness by the new telecom operator, and alleged that it is the result of anti-competitive strategies by the incumbent operator. “RJIL denies that there has been any delay at its end in operationalising the E1s. On the contrary, […]

Welspun says ‘Egyptian Cotton’ related US lawsuits not yet material

Welspun said it believed that two complaints against the company for allegedly using non-Egyptian cotton may or may not be allowed to proceed as class action lawsuits, and are therefore not yet ‘material’. The company was responding to a question by the stock exchanges of India on media reports that alleged that millions of dollars […]