The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed two notices issued by the department of telecommunications (DoT) to debt-ridden Reliance Communications for cancellation of its spectrum licence for delay in payment.

A bench headed by chairman Justice SJ Mukhopadhaya also stayed DoT’s March 20 letter to Axis Bank to encash the bank guarantee of Rs 2,000 crore given by RCom.

Tech major Microsoft wants a relaxation in the data storage norms under the government’s proposed e-commerce policy and is in favour of allowing data to be shared among group companies, which it feels will help business development and help entities provide better services to customers.

The development relates to the first meeting of stakeholders, which took place earlier this month, after the department for promotion of industry and internal trade (DPIIT) came out with its draft e-commerce policy, government sources said, adding that during the deliberations some of the stakeholders wanted relaxation in data storage rules.

The Supreme Court will hear on Thursday Reliance Communications’ plea seeking permission to withdraw its appeal against initiation of insolvency proceedings by Ericsson India last year. A Bench led by Justice RF Nariman will also hear on Thursday another application by Ericsson which also wants to end the insolvency proceedings it had initiated against RCom and its two group firms – Reliance Infratel and Reliance Telecom – last year as the beleaguered telecom company had paid Rs 550 crore to Ericsson as per the apex court’s orders.

Cash-strapped telecom player BSNL, which faced issues with salary payments last month, plans to hive off its fibre assets into a separate company, which is expected to have a valuation of Rs 10,000-15,000 crore.

BSNL has about eight lakh route km of fibre infrastructure across India compared with Reliance Jio with 4.78 lakh route km (including 178,000 route km that it acquired from Reliance Communications) and Airtel’s 2.46 lakh route km and Vodafone Idea’s 1.56 lakh km, according to estimates.

A consortium including India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 80 billion ($1.2 billion) to buy a stake in GMR Airports Ltd.

The deal will pump Rs 10 billion into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 70 billion of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., the country’s biggest airport.

The corporate battle between L&T and Mindtree entered the next phase on Tuesday with the construction-to-engineering major issuing a public statement on its open offer, which will start on May 14, while the board of the Bengaluru-headquartered firm decided to drop its buyback plan.

After its previous board meeting on March 20, the Mindtree board informed the exchanges it would constitute a committee of independent directors to evaluate the open offer proposal of L&T.

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the two notices issued by the Department of Telecommunications (DoT) to debt-ridden Reliance Communications for cancellation of its spectrum licence for delay in payment.

New Delhi: Profitability of state-owned refiners such as Indian Oil Corp (IOC) may come under pressure if the government asks them to temporarily freeze the prices of petrol, diesel and other fuels ahead of general elections, Moody's Investors Service said Tuesday.

Telecom regulator Trai will hold a consultation on spectrum allocation with state-owned firms BSNL and MTNL soon, a top official said Tuesday.

"We have received a reference from the DoT couple of days back on the allocation of spectrum for 4G services to BSNL and MTNL. We will issue a consultation paper and hold open house discussion on it," Trai Chairman R S Sharma told reporters on sidelines of an ICEA event.

Reliance Industries Ltd said on Tuesday its unit Reliance Retail Ltd (RRL) has acquired consumer goods company ITC Ltd’s menswear brand John Players.

The acquisition would strengthen RRL’s readymade garments and accessories portfolio in the fashion and lifestyle retail space, Reliance told Reuters in an email.

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