Tribunal asks TRAI to re-examine Jio free offers, declines stay
The telecom tribunal on Thursday asked the sector regulator to re-examine issues pertaining to Reliance Jio's free promotional offers. However, no stay was given on the offers.
 
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) directed the Telecom Regulatory Authority of India (TRAI) to re-examine the issues and inform it within two weeks, according to sources.
 
The newcomer, Reliance Jio, had launched free voice and data plan in September 2016 and had extended it till March 31, 2017.
 
Incumbent players Bharti Airtel and Idea Cellular had lodged a complaint with the telecom tribunal against TRAI for letting Reliance Jio continue with promotional offers beyond 90 days.
 
However, the tribunal did not order a stay, as was sought by the incumbent telecom operators. Last week, the tribunal had reserved its order on an appeal by the two operators.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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    Printing of new Rs500, Rs2,000 notes costs Rs2.87 to Rs 3.77
    The cost of printing a new Rs 500 currency note is in the range of Rs 2.87 to Rs 3.09, and Rs 3.54 to Rs 3.77 for a Rs 2,000 note, Parliament was informed on Wednesday.
     
    "The approximate cost of printing each note of new Rs 500 currency note is in the range of Rs 2.87 to Rs 3.09 and for a Rs 2,000 note is Rs 3.54 to Rs 3.77," Minister of State for Finance Arjun Ram Meghwal said here in a written reply in the Rajya Sabha.
     
    The minister, however, said that it was too early to indicate the total cost of printing of new notes of Rs 500 and Rs 2,000, as those were still being printed. 
     
    The currency in circulation as on February 24 was Rs 11.641 lakh crore, Meghwal said.
     
    The old Rs 500 and Rs 1,000 notes returned to the Reserve Bank of India and currency chests amounted to Rs 12.44 lakh crore, as of December 10, 2016. 
     
    "Verification of returned notes for counterfeit notes and accounting reconciliation is in process," he added.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

     

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    The police cannot lift the corporate veil and arrest a company founder, CEO or other directors over a commercial deal - legal expert
    Lifting the corporate veil cannot be done as a matter of routine and certainly the police cannot do that on its own to arrest a company founder, CEO or other directors over a commercial deal, said a legal expert.
     
    He was referring to the arrest of Yogendra Vasupal, founder of Stayzilla an online homestay market place by the city police on Tuesday for not settling the dues of an advertising agency.
     
    The basic tenet on which a company is incorporated under the Companies Act is that it is a separate legal entity different from its promoters and shareholders. The liability of the shareholders is limited to the capital they have invested and does not extend to their private assets, they said.
     
    "The corporate veil cannot be lifted as a matter of routine. There are several parameters to be followed to lift the corporate veil. Normally corporate veil would be lifted in cases were the corporate structure is used for evasion of government taxes, to act against public interest," D. Varadarajan, Supreme Court advocate specialising in company/competition/insurance laws told IANS over phone from New Delhi on Thursday.
     
    "Unpaid vendors would rank as unsecured creditors and their dues would be settled only after the settlement of government dues, secured creditors," a company secretary of a Mumbai based private company told IANS not wanting to be named in the report.
     
    According to Varadarajan, there is no promoter shareholding threshold or shareholding index for lifting the corporate veil.
     
    "Similarly for the sake of a commercial transaction the corporate veil cannot be lifted," Varadarajan added.
     
    Queried about the recourse that a vendor who is also a start-up can have for recovering his dues from a wilful defaulter Varadarajan said: "Certainly it is a civil case and not a criminal one. The affected vendor can file a case in the courts for settling commercial disputes. Payment default is a business risk that a vendor faces."
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

     

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    COMMENTS

    T.c. Shivswamy

    3 years ago

    When a real estate company cheats thousands of investors whether CPA or Real estate act is applicable to prosecute the MD and directors of the
    company under criminal law?

    T.c. Shivswamy

    3 years ago

    what about real estate pvt ltd companies cheating their clients by false promises?

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