LICENCES
Government may be on target on telecom revenues despite weak auction
The Department of Telecommunications (DoT) is expected to earn around Rs 1.20 lakh crore in revenue receipts this fiscal, with state-run BSNL contributing significantly, despite a tepid response to the recent spectrum sale. The government is likely to retain its revenue target from the telecom sector in the upcoming budget, with estimates suggesting a significant portion will come from past auction dues, spectrum usage charges, and licence fees.
Zomato gets shareholder approval for Esop plan, gives up pursuit of NBFC licence
Food delivery company Zomato had proposed an Esop pool of 183 million shares. The new plan would mean a 2% stake dilution for existing shareholders, founder and CEO Deepinder Goyal had told shareholders in May, adding that the new pool would be sufficient for the next five years.
Trai inputs sought on rolling out authorisation mechanism
"Trai met the telecom operators and internet service providers today (Thursday) to seek their inputs on the authorisation structure. The players can provide their comments by early next week, following which Trai will issue a consultation paper," an official told ET on condition of anonymity. The Telecommunications Act, which came into force on June 26, calls for a simple regulatory framework by abolishing the license regime and replacing it with an authorisation mechanism.
Crypto firm Abra reaches settlement with US states for operating without licences
Last year, Abra agreed to discontinue accepting cryptocurrency from its US Abra Trade account customers for use in its products and services, according to a statement from the Conference of State Bank Supervisors (CSBS). Abra announced last year that it would wind down operations for its US retail customers, following multiple enforcement actions from state securities regulators.
Know all about the Telecom Act which came into effect on June 26
(DoT) initiated the process in July 2022 and a draft Bill was put out for consultation in September that year. During the consultation process, 60 ministries, 35 associations, 89 companies including seven telcos and internet service providers, and over 700 other entities responded. The Bill was introduced in the Lok Sabha on December 18, 2023, and was passed by the Lower House of Parliament on December 20, 2023 and the Rajya Sabha on the following day.
Goa to have liquor sales near educational institutions and regional places
Although the relaxation does not give the excise agency complete authority to grant licenses in these previously restricted locations, the move has startled many. Apart from the applicant needing to pay twice the licence price, the excise commissioner must obtain government clearance before granting such an application.
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Broadcasters cannot transfer operations of TV channels to third party, warns MIB
In an advisory on Tuesday, the ministry directed all permitted broadcasters to follow the policy guidelines in letter and spirit by ensuring that the operations and core functions of the channel are managed by the permission holder only. "Therefore, it is hereby clarified that the letting of the channels to any third party, including the group entities, without the prior permission of the ministry is not allowed as per the existing policy guidelines," the MIB advisory reads.
MP distillery, where children were found working, sealed; manufacturing licence suspended
A distillery linked to Som Group in Raisen, MP, was sealed for alleged child labor violations. The plant, part of Som Distilleries & Breweries, an ISO-certified group, had its license suspended after 58 children were found working there illegally.
India to impound liquor firm Som's distillery over child labour
Police launched an investigation into Som after the National Commission for Protection of Child Rights (NCPCR) last week found 39 boys and 20 girls working at the factory. The agency also released photos of children's hands it said showed burns due to contact with chemicals. "We have sent the police force to ensure there are no issues during the sealing process," Vikas Kumar Shahwal, a senior Madhya Pradesh police official, told Reuters.
RBI cancels licence of Mumbai-based The City Co-operative Bank
The Reserve Bank cancelled The City Co-operative Bank's licence in Maharashtra for insufficient capital and earning prospects. The bank will be wound up, and a liquidator appointed. Depositors can claim up to Rs 5 lakh from DICGC. 87% of depositors are eligible for full deposit insurance claim.
RBI cancels licence of Purvanchal Co-op Bank, Ghazipur
The Reserve Bank of India (RBI) has revoked the licence of Purvanchal Co-operative Bank in Ghazipur, Uttar Pradesh, citing insufficient capital and earnings prospects. The bank will be liquidated, with depositors entitled to claims up to Rs 5 lakh from DICGC. Currently, 99.51% of depositors are eligible for full refunds. As of May 30, 2024, DICGC has disbursed Rs 12.63 crore to depositors who agreed to the claim settlement.
Delhi banquet halls, hotels now need licence for amusement activities: MCD order
Banquet halls and hotels in Delhi now need a licence for amusement activities, according to a Municipal Corporation of Delhi (MCD) order. This licence, costing Rs 10,000 with a Rs 15,000 annual registration fee, aims to regulate activities like music, dancing, and virtual shows under the Health Trade License network. Permanent and non-permanent establishments must provide site plans and ensure facilities like drinking water and washrooms. The licence duration varies, with up to three years for permanent and one year for temporary establishments. Auditoriums with existing Health Trade Licenses are exempt.
Neobanking startup Jupiter gets RBI nod for mobile wallet licence
Neobanking startup Jupiter, backed by Tiger Global and Peak XV Partners, secures a prepaid payments instrument licence from the RBI to offer digital wallets for UPI payments, fund transfers, and bill payments.
MHA grants SRK's NGO, Meer Foundation, FCRA licence
Shah Rukh Khan's NGO, Meer Foundation, granted FCRA licence by MHA for 5 years to support acid attack survivors.
Uno Minda ties up with Chinese firm for production of EV components
Uno Minda has partnered with Suzhou Inovance Automotive Co to manufacture electric vehicle components, including charging control units, inverters, motors, and electric drive systems for passenger and commercial vehicles. The company plans to expand its electric four-wheeler portfolio and potentially establish a joint venture with Suzhou. Inovance, founded in 2003, specializes in providing products for rail transit and new-energy vehicles.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
How Jaipur-based AU Small Finance Bank plans to plug a $400 billion credit gap
India’s largest small finance bank has recently bulked up and is now looking to utilise its heft to increase its presence in MSME lending. How successful would it be, is the billion-dollar question.
Excise Policy Case: Delhi HC rejects Manish Sisodia's bail pleas in ED, CBI cases
The Delhi High Court rejected the bail pleas of former Deputy CM Manish Sisodia in cases related to the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) concerning the excise policy. Earlier today, the judicial custody of Sisodia was extended by Delhi's Rouse Avenue Court until May 31.
IFSC regulator looking to allow NBFCs operate as risk aggregators
The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.
Nestle India shareholders reject proposal to hike royalty to parent
Majority of Nestle India shareholders reject proposal to increase royalty payout to Swiss parent Nestle SA. 57.18% shareholders voted against, including 70.8% public shareholders. The board approved a 5-year royalty increase from 4.5% to 5.25% of net sales. Proposal included Maggi instant noodles and Nescafe instant coffee.
Interim stay on order suspending manufacture of 14 Patanjali drugs: Official
An interim stay has been placed on the implementation of an order suspending manufacturing licenses for over a dozen medicines produced by Patanjali Ayurved Ltd and Divya Pharmacy. The stay follows a preliminary inquiry report from a high-level committee, stating that the suspension order was illegal and should not have been issued in the manner it was. The firms challenged the suspension order issued last month by the Uttarakhand state licensing authority, citing a lack of adherence to established legal procedures.
What we know so far about Slovak PM Robert Fico's attacker
Slovak Prime Minister Robert Fico is in a 'very serious' but stable condition in an intensive care unit after being shot five times in an assassination attempt, as reported by a hospital official.
Zomato surrenders payment aggregator licence, writes down Rs 39 crore worth of investments
Food delivery platform Zomato on Monday reported a consolidated net profit of Rs 175 crore for the quarter ended March 31, 2024, as against a loss of Rs 188 crore reported in the year-ago period.
HC asks govt not to renew licence of liquor shop near Kanpur school after LKG student moves court
Allahabad High Court stops renewal of liquor shop license near Kanpur school following Atharva Dixit's PIL. Possible closure of Azad Nagar shop after March 31, 2025, due to 'anti-social elements' and legal regulations.
Govt favours level playing field in telecom amid satcom entry
The government is committed to maintaining a fair "level-playing field" in the telecom sector, especially regarding satcom services. Spectrum will be allocated administratively but at fair pricing. A letter will be sent to Trai for suggestions on pricing and modalities for satellite spectrum allocation. Parliament has not sought to change the 2012 Supreme Court judgment favoring auction as the preferred method for spectrum allocation. The government's recent filing with the Supreme Court was to inform them about specific cases requiring administrative allocation of airwaves, not to seek a change in the verdict.
2G spectrum case: Govt moves Supreme Court seeking modification of 2012 verdict
In 2012, the top court had set aside the 122 spectrum 2G spectrum licences that were allotted on a first-come-first-served basis. It held that for spectrum and all natural resources, auctions would be the only method for allocation that would fulfil the constitutional requirements of fairness, equality and transparency guaranteed under the Right to Equality enshrined in the Constitution of India.
Licence application of Starlink in process; security aspects being examined: Sources
The FDI and financial aspects are in sync with the requirements and conditions, sources said, adding that the ownership 'declaration' has also been received from Starlink.
Telecom licence fee collection rises 8.23% to Rs 5,326 cr in Sep 2023 quarter
In the September 2023 quarter, the government's collection of licence fees from telecom service providers rose by 8.23% year-on-year to Rs 5,326 crore, while spectrum usage charge (SUC) revenue decreased by about 40% to Rs 836 crore, as per the latest report from the Telecom Regulatory Authority of India (Trai). Despite a 1.22% decline in operators' gross revenue (GR) to Rs 82,741 crore, adjusted gross revenue (AGR) increased by 7.43% year-on-year to Rs 66,583 crore during this period.
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