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Posted On:
29-08-2024

Union Bank freezes accounts of telecom firm MTNL over non-payment of dues

Union Bank of India has frozen all accounts of state-run telecom company MTNL for non-payment of dues, a regulatory filing said on Wednesday. Union Bank of India informed the company on August 21 about freezing of all its accounts over non-payment of loans, debt-ridden MTNL said. "This is to inform you that Union Bank of India vide its Letter... dated August 21, 2024 has informed MTNL that its account has slipped to NPA with effect from August 12, 2024 due to which all accounts of MTNL with Union Bank of India have been freezed automatically," MTNL said. Earlier this month, MTNL informed stock exchanges that it has defaulted on bank loan payments worth Rs 422.05 crore. According to the details shared by MTNL, it has defaulted on the payment of Rs 155.76 crore on debt raised from Union Bank of India, Rs 140.37 crore from State Bank of India, Rs 40.33 crore from Bank of India, Rs 40.01 crore from Punjab & Sind Bank, Rs 41.54 crore from Punjab National Bank, and Rs 4.04 crore from UCO Bank.
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Posted On:
30-08-2024

Nokia to set up world's largest fixed network testbed in Chennai

Soon, the global vision of blazing-fast bandwidth with ultra-high-speed internet access — which could revolutionise virtual reality, augmented reality, and the technology landscape — will get a Chennai touch. On Friday morning, multinational telecommunications giant Nokia is set to sign a deal to establish the world’s largest fixed network testbed in Chennai. This testbed will spearhead Nokia’s technological innovations in 10 gigabit (G), 25G, 50G, and 100G passive optical networks. The centre, involving an investment of about Rs 450 crore, will be one of Nokia’s largest research and development (R&D) laboratories (labs). It will also focus on fixed wireless access, and multi-dwelling unit solutions, as well as access networks and home controllers. The deal will be signed in San Francisco on Friday morning in the presence of Tamil Nadu Chief Minister (CM) M K Stalin, who is on a 17-day trip to the US to attract fresh investments. This is his fifth overseas trip since the Dravida Munnetra Kazhagam came to power in 2021, following visits to the United Arab Emirates (UAE), Singapore, Japan, and Spain to attract investment proposals for Tamil Nadu. The Nokia centre will be established at the State Industries Promotion Corporation of Tamil Nadu in Siruseri.
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Posted On:
30-08-2024

LIC receives demand notice of Rs 605.58 cr for short payment of GST

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped a demand notice of about Rs 605.58 crore on it for short payment of Goods and Services Tax (GST) for financial year 2019-20. The corporation has received a communication/demand order for interest and penalty for Maharashtra, LIC said in a regulatory filing. The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said. The matter pertains to wrong availment and short reversal of Input Tax Credit (ITC) and interest on late payments, it said. LIC received a GST notice of Rs 294 crore with interest of Rs 281 crore and a penalty of Rs 29 crore from the Deputy Commissioner of State Tax, Mumbai. There is no material impact on financials, operations or other activities of the insurance behemoth, it added.
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Posted On:
30-08-2024

Cash crisis: SpiceJet puts 150 cabin crew on furlough for 3 months

Cash-strapped SpiceJet on Thursday announced it has temporarily put 150 cabin crew members on furlough for three months due to “lean travel season and reduced fleet size" and to ensure long-term stability of the airline. The airline has been making losses for the last six years, and is now finding it difficult to pay employee salaries, sources said. It is also entangled in legal battles over unpaid dues to aircraft lessors, engine lessors, lenders, and former promoter Kalanithi Maran. The airline said, “SpiceJet has made the difficult decision to temporarily place 150 cabin crew members on furlough for three months. This step has been taken in response to the current lean travel season and the reduced fleet size, with the long-term stability of the organisation in mind.” “We deeply value the contributions of our crew members. During this furlough period, they will continue to retain their status as employees of SpiceJet, with all health benefits and earned leave intact,” it added.
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Posted On:
31-08-2024

FM Nirmala Sitharaman approves 'Navratna' status for four CPSEs

Union Finance Minister Nirmala Sitharaman on Friday approved the upgradation of four Central Public Sector Enterprises (CPSEs), including Railtel Corporation of India, Solar Energy Corporation of India, Satluj Jal Vidyut Nigam, and National Hydroelectric Power Corporation, to a Navratna status. This takes the total number of Navratna CPSEs in India to 25. Completing its 13 years of incorporation, SECI is a leading CPSE dedicated to the development and expansion of renewable energy (RE) capacity in India, with a cumulative generation awarded capacity of 69.25 gigawatt (GW) and an annual power trading volume upwards of 42 billion units. SECI is the foremost Renewable Energy Implementing Agency (REIA) of India, continuously working towards fulfilling climate goals and striving for sustainable development. The company has posted a consolidated annual turnover of Rs 13,118.68 crore, registering an increase of 20.85 per cent over the previous year, and a Profit After Tax (PAT) of Rs 510.92 crore, registering a growth of 34.89 per cent in the financial year 2023-24. “Classification as a Navratna CPSE enables SECI towards enhanced autonomy in financial and operational matters and will accelerate the company’s growth path through better agility, improved geographical presence, and technology focus,” said the finance ministry statement.
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