RCom, Brookfield to revise mobile tower deal
Canadian alternative asset manager Brookfield will have to pay less than originally agreed for a 51% stake in Reliance Communications Ltd’s (RCom) mobile tower arm to reflect the reduced value of the asset after merger talks between the Anil Ambani-controlled telecom firm and Aircel Ltd collapsed. “RCom and Brookfield are in discussions on the tower arm stake sale and are deeply engaged. The final deal value will be different due to the lack of additional Aircel tenancies, which would have come in, and will be announced in the next few weeks,” Punit Garg, president (telecom business) and executive director of RCom, said in an interview.
Cyrus Mistry firms move NCLT seeking transfer of case against Tata Sons
Mistry investment firms moved the National Company Law Tribunal (NCLT) on Tuesday seeking transfer of the case against Tata Sons Ltd for alleged mismanagement and oppression of minority shareholders. The transfer was sought from the Mumbai branch of NCLT to an appropriate bench at the Delhi forum. Under a 21 September order passed by the National Company Law Appellate Tribunal (NCLAT), the family firms were directed to approach the Mumbai bench of the NCLT that would hear arguments and dispose of the case in three months.
Vijay Mallya arrested, gets bail in ED money laundering case
Business tycoon Vijay Mallya was arrested for the second time by the British police on Tuesday, this time in a case of alleged money laundering brought by the Enforcement Directorate (ED). The charges are part of an investigation into defaults of loans worth around Rs9,000 crore by Mallya’s defunct Kingfisher Airlines Ltd. The flamboyant millionaire was presented before the Westminster Court and later released on bail until 4 December. He was arrested earlier on 18 April based on a chargesheet filed by the Central Bureau of Investigation (CBI) and later released on bail. The CBI also filed an extradition plea in London, where Mallya is currently residing.
Excise on petrol, diesel cut by Rs 2/L; Govt may suffer Rs 26,000 cr loss
Facing public resentment over the recent spike in fuel prices, the government on Tuesday cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday. According to sources, the finance ministry was initially reluctant to reduce the duty due to revenue concerns, but relented after discussions with the petroleum ministry on implementing steps to bring down petrol prices to Rs 60-65 a litre. While this would hit the revenues of the exchequer by Rs 13,000 crore in the second half of the current financial year at a time when the fiscal deficit has already touched 96 per cent of the Budget Estimates, consumers will get relief as the move would reduce the consumer price index (CPI)-based inflation rate by 9 basis points as a first round impact.
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