Reliance Communications Ltd (RCom) said on Friday it received the National Company Law Appellate Tribunal's (NCLAT) approval to proceed with the sale of its tower and fibre business.

The National Company Law Tribunal had prevented RCom from selling any asset without its permission, following a legal challenge from Swedish telecoms gear maker Ericsson, seeking payment of unpaid dues of Rs 11.55 billion ($177.7 million) by RCom and two of its units.

Mumbai: This could be the Jio moment for India’s Rs22 trillion mutual funds industry. Asset management companies, which have as many as 18 million investors, are about to get a distributor in Paytm, which boasts of a customer base that is more than 16 times bigger.

Paytm, which claims to have a user base of more than 300 million, is set to kick off its mutual funds distribution business with the launch of its digital platform by the end of April.

New Delhi: India’s telecom regulator is considering taking legal action against Apple for a delay in taking steps to support the authority’s app and enable iPhone users to flag unsolicited calls and messages, deepening a spat between both sides.

“We will consider taking legal action,” RS Sharma, chairman of the Telecom Regulatory Authority of India, told reporters Thursday.

Johnson & Johnson (JNJ.N) suffered its first trial loss in a lawsuit claiming its talc-based products including Johnson's Baby Powder contain cancer-causing asbestos, with a New Jersey jury on Thursday ordering J&J and another company to pay $37 million in damages.

Sensex, Nifty opened lower on Friday amidst the global trade worries due to friction between US and China. Key indices opened on a colourless note then soon turned into red.

The benchmark BSE index traded lower by 34.43 points to 33,562.37, while the Nifty 50 edged down 10.20 points, or 0.10%, to 10,314.95.

IndiGo, India’s largest airline, has pulled out of the race for Air India, dealing a blow to the government’s disinvestment plans. IndiGo was the only airline that had officially expressed an interest to buy the state-owned carrier.

IndiGo said it was pulling out as it was not interested in taking over Air India’s domestic operations. Last year, IndiGo had made it clear it was primarily interested in Air India’s international business and its low-cost subsidiary Air India Express, which operates in West Asia.

The counsel for Essar Steel’s resolution professional on Thursday defended the disqualification of Numetal and ArcelorMittal in the first round of bids for the stressed asset, at the Ahmedabad Bench of the National Company Law Tribunal (NCLT).

Essar Steel’s resolution professional is Satish Kumar Gupta of Alvarez & Marsal. He is being represented by former advocate general of Maharashtra, Darius Khambatta.

The Securities and Exchange Board of India (Sebi), and the Reserve Bank of India (RBI), have issued a circular on changes in the monitoring of foreign investment holdings in listed companies.

This was triggered by a breach in the rule on foreign shareholding at HDFC Bank a year before.

Ahmedabad: The battle for India’s biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal, two of the bidders for Essar Steel Ltd, seeking disqualification of each other before the Ahmedabad bench of National Company Law Tribunal (NCLT).

New Delhi: The Supreme Court on Thursday rejected the plea of Reliance Infratel, a subsidiary of Reliance Communications Ltd (RCom) and the State Bank of India (SBI) challenging an order of the National Company Law Tribunal (NCLT) that stayed an asset sale to Reliance Jio Infocomm Ltd.

A two-judge bench headed by Justice A.K. Goel asked the parties to approach the National Company Law Appellate Tribunal (NCLAT) in accordance with law.

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