Connect with us
Saturday,19-June-2021

Business

Supreme Court threatens to jail MDs of telcos over AGR fiasco

Published

on

Supreme-Court-of-India

The Supreme Court on Wednesday came down heavily on Telcos, the government and even the media as it said no further objection to its adjusted gross revenue (AGR) order will be allowed against the payable dues which sums up to Rs 1.47 lakh crore.

“Won’t tolerate this. Companies want to hoodwink us. If required we will summon the MDs of all the telecom companies and send them to jail from here only. These companies are the usurpers of public money and don’t even want to pay a fraction of revenue earned,” said Justice Arun Mishra.

“All the newspapers are trying to influence courts. All the companies are trying to influence us through the media,” said Justice Arun Mishra.

The court said: “Actions of telecom companies tantamount to seeking to bypass our judgement. All dues as per our judgement will have to be paid, including interest and penalty.”

In its order, the three-judge bench led by Justice Arun Mishra, and comprising Justices S. Abdul Nazeer and M.R. Shah held that no self-assessment can be done on AGR dues and no further objection on its verdict would be entertained.

The apex court noted that the same government that had fought tooth and nail, and suggested penalty during arguments earlier was now wishing to do away with the interest. “If reassessment is permitted – it is fraud on this court,” Justice Arun Mishra said and added he cannot begin a third round of litigation and asked the Centre who has permitted “self assessment of dues”.

This was after the Department of Telecommunications (DoT) on Monday moved the Supreme Court seeking its approval for a 20-year window for payment of around Rs 1.47 lakh crore AGR dues, as adverse functioning of the telecom firms could put a negative impact on the economy and consumers across the country.

The DoT demand has been confirmed by this court, Justice Mishra said on Wednesday and asked “how can there be self assessment. This cannot be allowed when the Supreme Court clearly spells out the dues.”

While hearing the Centre’s plea seeking a 20-year window for payment of dues by telecom firms, Justice Mishra said: “Where did the concept of self-assessment come in? Who permitted self-assessment without permission of this court? This is sheer contempt of court.”

He did not mince any words against the media and said the newspapers are trying to influence courts. The court said it will consider a government rescue plan for telecom companies in AGR case on next hearing which will be after two weeks.

Justice Mishra also said: “This is a question of apex court prestige ‘Do companies feel they are more powerful on earth?” he asked Solicitor General Tushar Mehta representing the Department of Telecommunications.

The bench – comprising Mishra, Nazeer and Shah had upheld the DoT definition of AGR in the court ruling on October 24, 2019.

The top court observed that the DoT demand has been confirmed by this court, “how can there be self-assessment? This is impermissible”.

The court observed that some telecom players have suggested they need 8-10 months’ time to corroborate numbers of self-assessment, but “this cannot be allowed”. Instead, the top court insisted that dues have been finalised by the court.

On March 16, the Solicitor General appearing for the DoT had sought staggered payment over 20 years of AGR dues by telecom companies.

Centre cited adverse impact on the economy, telecom sector and banking sectors. The telecom companies total AGR dues are a staggering Rs 1.47 lakh crore.

Business

Hiked again, petrol nears century mark pan-India

Published

on

Petrol-pump-strike

Fuel prices increased again across the country on Friday adding more misery to common man’s woe, as he already grapples with rising food prices amid shrinking income.

Petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per-litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.

On Friday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 23-30 paisa per litre across the four metros.

Accordingly, the price of petrol increased by 27 paisa per litre to Rs 96.93 per litre and diesel by 28 paisa per litre to Rs 87.69 per litre in Delhi.

In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 103.08 per litre on Friday. Diesel price also increased in the city by 30 paisa per litre to reach Rs 95.14 a litre, the highest among metros.

Across the country petrol and diesel prices increased on Friday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in the two other metros have also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continued to firm up, this mark could also be breached in other places by month-end.

With Friday’s price hike, fuel prices have now increased on 26 days and remained unchanged on 23 days since May 1. The 26 increases have taken up the petrol prices by Rs 6.54 per litre in Delhi. Similarly, diesel have increased by Rs 6.96 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of worlds largest fuel guzzler — the US, retail prices of fuel in India is expected to firm up further in coming days.

The benchmark Brent crude which reached multi year high level of over $75 on ICE or Intercontinental Exchange a couple of days back had diverted slightly to remain at around $73 a barrel currently.

Continue Reading

Business

Aster DM Healthcare ties-up with Dr. Reddy’s Laboratories on Sputnik V vax

Published

on

Sputnik

Aster DM Healthcare has partnered with Dr. Reddy’s Laboratories to administer the Sputnik V Vaccine as part of a limited pilot soft launch.

To help bolster the vaccine implementation drive by the Government of India, Aster DM Healthcare will initially inoculate beneficiaries in Kochi (Kerala) and Kolhapur (Maharashtra) through Aster Medcity, Kochi and Aster Aadhar, Kolhapur hospitals.

At Aster, over a hundred staff have been trained at the 14 hospitals spread across the country. Beneficiary protocols have been established as per Standard Operating Procedures recommended by the Government which includes registration, waiting area allocation along with patient education & awareness displays and post-vaccination observation, Aster said in a statement.

Trained medical staff along with emergency care support, will be stationed to administer appropriate care in case of an adverse event, the statement added.

Dr. Reddy’s has facilitated the necessary cold storage infrastructure for vaccine storage at the hospitals.

Speaking about the association, Harish Pillai, CEO – Aster India, Aster DM Healthcare, said: “We are pleased to collaborate with Dr. Reddy’s Labs to administer the Sputnik V Vaccine, through its pilot program and are certain that it will further accelerate the overall vaccination drive. We look forward to building a strong partnership with Dr. Reddy’s across our network of hospitals to further strengthen our efforts in providing easy access and vaccinating the community”.

Commenting on the alliance, M.V. Ramana, CEO – Branded Markets (India & Emerging Markets), Dr. Reddy’s, said: “We are pleased to collaborate with Aster DM Healthcare in Kochi and Kolhapur as we scale up our soft pilot launch of the Sputnik V vaccine in India to more cities ahead of its commercial launch. In the upcoming months, we hope to inoculate as many Indians as possible.”

Aster DM Healthcare Limited is one of the largest integrated healthcare service providers operating in GCC and an emerging healthcare player in India.

Continue Reading

Business

Hyundai Motor hopes to beef up SUV sales with Alcazar

Published

on

Hyundai-Motor

India’s second largest car maker Hyundai Motor India Ltd is hoping to notch up good sales volumes in its sport utility vehicle (SUV) segment with the launch of 6/7 seater Alcazar, said a senior official.

Nearly 45 per cent of the company’s sales volume is contributed by its SUVs. The SUV sales volume is expected to go up further with the launch of premium SUV 6/7 seater Alcazar, he added.

Last fiscal, the company logged a total sales (domestic and exports) of 575,877 units.

Launching the company’s new premium SUV 6/7 seater, Alcazar on Friday, Tarun Garg, Director, Marketing and Sales told reporters that 45 per cent of company’s sales is contributed by SUVs (Venue, Creta, Kona and Tucson) and the numbers will go up with Alcazar coming into play.

Presently the company commands 25 per cent market share in the SUV segment.

Garg said with Covid-19 happening people are preferring personal mobility and with vaccination going on, economic growth projected in double digit the prospects are good.

As regards the waiting period, Garg said it may come down as the third shift at the factory near here will start operating from Monday onwards.

The new model has a waiting period of 6-8 weeks.

The Alcazar available in 6/7 seater, petrol/diesel, manual/automatic transmission modes is priced between Rs 16.30 lakh to Rs 19.99 lakh depending on the model.

Garg said the company has followed only three trims for Alcazar and there is no base model and is positioned between Creta and Tucson.

Hyundai Motor has received about 4,000 bookings for Alcazar with all the models getting equal bookings.

According to Garg, Alcazar is developed mainly for the Indian market and may also be exported to some countries.

Queried about the status of mass market electric car project, Garg said it will be launched in three years’ time.

Continue Reading
Advertisement
Advertisement

Trending