The tax department has in past adjusted refunds against a company’s other liabilities towards the government. It had famously adjusted ₹1,500 crore in tax refunds due to Cairn Energy plc of UK to part settle a retrospective tax demand of ₹10,247 crore even though the matter was under arbitration.
It’s an all-out war between Reliance Jio and rest of the telecom industry regarding review of interconnect usage charges (IUC), which currently stand at 6 paisa per minute. The incumbent operators including Bharti Airtel, Vodafone Idea, BSNL and MTNL support delaying the implementation of ‘bill and keep’ (BAK) regime, under which IUC will become zero, while Jio wants the original schedule to be followed.
BSE Sense and NSE’s Nifty 50 opened lower today as a selloff in global markets continued for a second day after the US Federal Reserve’s outlook on future rate hike path. Asian stocks fell and Japanese equities dropped deeper into a bear market, with regional shares on course to round out the worst week since October.
The BSE Sensex traded 153.66 points, or 0.42%, down at 36,116.41, and the Nifty 50 fell 47.45 points, or 0.44%, to 10,840.90. Intraday, the Sensex declined 222.58 points to 36,047.49, and the Nifty 50 dropped 62.15 points to 10,826.20.
Two largest telecom operators of India, struggling amid a bruising tariff war, have signalled that they are not willing to invest in the high-speed fifth-generation networks even as the government eyes a rollout by 2022.
Bharti Airtel Ltd. is raising more than $2 billion in loans from banks, as India’s second-biggest wireless carrier faces increased competition at home and the threat of a ratings downgrade to junk.