Tower damage case: Airtel writes to DoT, says Jio’s charges are baseless

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After Jio’s purported allegations that channel partners of rival telcos were inciting and provoking agitators involved in tower disruption, has shot-off a letter to the telecom department slamming the charges as baseless and outrageous.


has told the Department of Telecom (DoT) that Jio’s allegations against it did not demonstrate any evidence that Bharti had any hand in the ongoing issues that the company is facing, and that the complaint should be dismissed “with the contempt that it deserves”.



The letter by to Telecom Secretary Anshu Prakash said the company is aware of a complaint made by to the department dated December 28, in reference to the disruption of RJIL (Reliance Jio) services due to farmer’s protests in Punjab and Haryana.


Airtel noted that a similar allegation had been levelled by Jio in a letter to the telecom regulator earlier in December to which the company had responded.


“The baseless allegation made by Jio that Airtel is behind the farmer agitation to ‘sabotage’ their network and to force customers to switch to Airtel is therefore simply outrageous,” Bharti Airtel’s Chief Regulatory Officer Rahul

Auto sales take fast lane in Dec; carmakers see double-digit rise in sales

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Indian automakers replenished stocks before the new year, helping wholesale witness healthy growth.


Inventory was lower than usual for passenger vehicles and tractors, leaving headroom for higher inventory filling in the coming months, industry executives said. They said spillover demand from the festive season and inventory refilling would drive demand for passenger vehicles and tractors.



India’s largest carmaker, Maruti Suzuki India, reported a robust 17.8 per cent year-on-year growth in wholesale for December to 146,480 units. This was aided by a sustained demand recovery for entry-level cars, hatchbacks, and utility vehicles after the festive season. The automaker also replenished inventory at dealerships after improved sales during the Diwali festival in November.


The country’s largest passenger vehicle manufacturer sold 124,375 units in the year-ago period.


Hyundai Motor India recorded the highest-ever domestic December sales at 47,400 units, a 24.89 per cent growth year-on-year, the company said in a statement. Exports rose 58.84 per cent at 19,350 units, making up a cumulative sales growth of 33.14 per cent. The carmaker also achieved the highest-ever single month production at 71,178 units in December. With domestic sales of 4,23,642

63 Moons moves NCLT seeking to ensure recovery from DHFL benefit creditors

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63 Moons Technologies, formerly Financial Technologies, on Thursday said it has moved the National Company Law Tribunal (NCLT) seeking to ensure that recovery from benefit all creditors, including NCD-holders.


The company holds over Rs 200 crore of NCD (non-convertible debentures) of the crippled mortgage player.



“We have filed an application with the National Company Law Tribunal, Mumbai, seeking that the benefit of avoidance applications for around Rs 30,000 crore filed by the administrator under Section 66 of IBC come to the committee of creditors, including NCD holders, who are the actual sufferers of the default by the company,” said 63 Moons in a statement.


Currently, according to the resolution plans, which will be voted by the committee of creditors, the recovery amount will go to resolution applicant, the company said.


on Thursday adjourned the 63 Moons application for hearing to January 13.


Reportedly, the committee of creditors have opposed the resolution as they stand to benefit from the personal guarantees of the promoters but NCD holders have no such recourse.


63 Moons had earlier also filed a cheating case

Housing sales recover in Oct-Dec; industry expects momentum to continue

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India’s residential real estate market seems to have bottomed out in 2020 and sales momentum that picked up during October-December is likely to continue through the next year to reach pre-COVID level or even surpass it provided there are no further unforeseen negative events, according to top property developers and consultants.


The prevailing low-interest rates on home loans, stagnant housing prices, discounts, attractive payment plans, the stamp duty cut by some States, and increased importance of homeownership amid pandemic are some of the factors that will drive sales during the next year, they added.


According to Anarock data, in the October-December rose to 50,900 units across seven big cities from 29,520 units in the previous quarter. Nevertheless, the sales fell 47 per cent to 1.38 lakh units in 2020 against 2.61 lakh units last year.


“The residential real estate segment seems to have bottomed out now. We have every reason to look to 2021 with real hope and optimism and with renewed confidence in the strong fundamentals that drive the Indian housing story,” Anarock Chairman Anuj Puri said.


Tata Realty & Infrastructure Managing Director (MD) and Chief Executive

PE/VC investments into India from China, Hong Kong fall 72% in CY20

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Private equity/venture capital (PE/VC) investments into India from China and Hong Kong have seen a substantial drop in 2020.


Investments from these two regions combined have declined 72 per cent to $952 million this calendar year, from $3.4 billion in 2019, the data from Venture Intelligence shows. Investments from Mainland China have reduced 64 per cent to $377 million, while those from Hong Kong have fallen 75 per cent to $575 million in 2020. Also, over 150 applications concerning investments from Chinese entities have been pending since the introduction of press note 3 (PN3) for in April, according to law firm Khaitan & Co.



The new PN3 norms and lack of clarity on what constitutes beneficial ownership are the primary reasons for the decline in investments from China and Hong Kong, experts believe. PN3 has especially dealt a major blow to start-ups by depriving them of funds from cash-rich China/Hong Kong-based investors.


The PN3 guidelines state that an entity of a country that shares a land border with India can invest only under the government route. The guidelines also included the beneficial owner (BO) of an investment into India who is located

Reliance Capital raises objection to PFL stake sale by Credit Suisse

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Debt-ridden firm on Monday raised objection to the proposed 33.12 per cent stake sale of Prime Focus (PFL) by to PFL’s promoter group at ~44.15 per share.


Anil Ambani’s Reliance Group company termed the proposed transaction as a blatant abuse of the purported rights by under certain lending agreements with the RCAP Group, the company said in a statement.



However, did not share the details of the “blatant abuse of the purported rights”.


Reliance Mediaworks Financial Services Private Limited, an RCAP Group company, is one of the investors in PFL — promoted by Naresh Malhotra and Namit Malhotra.


Reliance Mediaworks holds 10.57 per cent stake in the PFL.


The company’s statement further alleged that the proposed sale is being attempted privately and clandestinely between 2 foreign entities, without any open, fair and transparent process being conducted to realise the true value of the shares and disregarding basic norms of conflict of interest.

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