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FinMin not opposing new FDI norms
Shedding earlier reservations over some aspects of the controversial new FDI guidelines, the Finance Ministry now says it does not have any objection to new rules that changed the criteria for calculation of foreign ownership in a company and its downstream investment.

IIP numbers, Infy results fail to shore up market
The benchmark indices fell today despite robust industrial production data for November and Infosys’ better-than-expected results. Fears that the central bank will tighten monetary policy at its January 29 meeting dented the sentiment on the Street.

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Corus may get the Tata tag next year
The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn.
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Govt to prosecute RCom for reporting less revenue

The government today said in the Lok Sabha that a special audit has observed that Reliance Communication and its other subsidiaries under reported revenues during 2006-07 and 2007-08. - Govt earns Rs 8,308 cr from mobile companies - DoT moves SC againt HC order on 2G licence cut-off date - Wkly Tech Analysis: Weakness seen in first half - 3G auction shortly: PM - Passing the buck - Making banking mobile There was an under reporting of Rs 1,000 crore to Rs 1,500 crore by the telecom firms, to avoid payment of licence fee, and the government may have lost about Rs 250 crore due to this, Telecom Minister A Raja said during Question Hour. The Department of Telecom (DoT) had appointed special auditors to look into financial accounts of five leading telecom companies for allegedly indulging in fudging of accounts and under-reporting of revenue to the telecom regulator TRAI during 2006-07 and 2007-08 to avoid payment of licence fee. Out of five auditors the one for RCom has submitted the report, the Minister said. "The auditor has observed that three companies -- RCom, Reliance Telecom and Reliance Communications Infrastructure Ltd (all belonging to Anil Ambani group) -- under reported their revenues to the TRAI during 2006-07 and 2007-08," the minister said. The observations are under examination of the DoT, he said adding whatever action is needed, it would be taken by the end of January next year. A committee, headed by Member (Finance), DoT is looking into the nearly 900-page report. Raja said the DoT shall raise additional demands including interest and penalty, as per licence terms, on the concerned licencees (RCom and others), after examination of special auditor"s report. Replying to a supplementary, Minister of State for Telecom Sachin Pilot said another case has been reported that a private internet service provider Tikona Private Limited was using wireless broadband even as the operator has not been assigned any spectrum. "This is being examined by the Wireless Planning and Coordination (WPC) wing of the Telecom Ministry," he added.


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