No salary for Etisalat DB staff till court clears winding up
Etisalat DB, which is in the process of winding up its telecom business in the country, has informed its employees that it would not pay salaries without the approval of the court.
“…it is no longer possible for the company to pay its employees (or any creditor for that matter) without the approval of the Court or a liquidator approved by the Court,” the company said in an e-mail sent to its staff. [via]
Also, the Russian Ambassador to India, Mr Alexander M. Kadakin, has said that “It is the responsibility of the Indian Government to ensure that $3.1 billion invested by Sistema in its Indian project is returned.
“We will not allow $3.1 billion of our people’s money to be just thrown out. Everything was done according to the existing regulation. We shall wait and see what steps are being taken,” [source]
Telecom regulator says no refund for cancelled licences
The Telecom Regulatory Authority of India (TRAI) plans to recommend that carriers be denied a refund of their licence fees if they lose or surrender permits, in a further blow to companies whose licences are set to be revoked after a court order.
The Supreme Court has ordered the withdrawal of 122 zonal telecoms licences awarded to eight carriers in a scandal-tainted 2008 sale. It has asked the government to reoffer the licences and radio spectrum via an open auction. [source]
Tata Communications plans to hive off data centre business to raise finances
Tata Communications (TCL) plans to hive off its data centre business into a subsidiary. The company says this business requires investments of Rs 1,500 crore over next five years, and carving it out as a separate entity will enable it to raise finances independently. TCL, which is evaluating the possibilities of an all-cash bid of over $1 billion for UK’s Cable and Wireless Worldwide, must get the government’s approval before hiving off its data centre business. [source]
Telecom links in all villages by 2014: BSNL
“The Rs.20,000 crore project for the creation of a ‘National Optical Fibre Network’ (NOFN) for providing internet and other telecommunications connectivity to villages has been launched recently. It would be completed by the next two years,” [source]