Idea-Vodafone merger

Idea-Vodafone Merger

Debt-ridden firms Idea and Vodafone India are in process of merging their businesses in India as it is expected to bring down cost of their operations and give them relief from cut-throat competition in the market where margins have hit rock bottom with free voice calls. The two companies decided to merge their business after the sector witnessed a huge tariff war and reduction in margins with entry of new telecom operator Reliance Jio, and their merger is conditionally approved by the Department of Telecommunications.

Vodafone Idea will have the capacity to provide 4G spectrum in all telecom circles of the country. The combined 4G spectrum of both the companies is capable of offering up to 450 megabit per second broadband speed on mobile phones in 12 telecom areas in the country. Vodafone will own 45.1 per cent stake in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group will hold 26 per cent and Idea, 28.9 per cent. The Aditya Birla Group has the right to acquire up to 9.5 per cent additional stake from Vodafone under an agreed mechanism with a view to equalising the shareholding over time.

If Vodafone and the Aditya Birla Group’s shareholdings in the combined company are not equal after four years, Vodafone will sell down shares in the combined company to equalise its shareholding to that of the Aditya Birla Group over the following five-year period.

SUPREME COURT

Supreme Court: Bank of Baroda should recover money from builder not buyers

Hearing the petition against Amrapali Group lodged by the flat buyers, the Supreme Court said that the money of flat buyers belongs to them and no one can take it. The Supreme Court conveyed it to the Bank of Baroda that they have lent money to the builder and not to the falt buyers, therefore, they can’t ask people to pay the bank back.

Legal Alert

MADHYA PRADESH HIGH COURT TO STATE: GOVT. BUNGALOWS ALLOTTED TO FORMER CHIEF MINISTERS SHOULD BE VACATED WITHIN 1 MONTH

The Bench comprising Chief Justice Hemant Gupta and Justice A.K. Srivastava struck down as unconstitutional Section 5(1) of The Madhya Pradesh Mantri (Vetan Tatha Bhatta) Sanshodhan Adhiniyam, 2017. This provision allowed former Chief Ministers to use Government bungalows throughout their lives without payment of any rent. With the order, former Chief Ministers Kailash Joshi, Digvijay Singh and Uma Bharti are set to lose their government bungalows in the state capital. The Court was hearing a petition filed by one Mr. Raunak Yadav, who had challenged the allotment of bungalows to former Chief Ministers alleging that the same was in violation of Article 14 of the Constitution of India.

Legal Alert

KERALA HC REJECTS PLEA BY MAN ORDERED TO STAY AWAY FROM RESIDENCE ON MOTHER’S COMPLAINT OF DOMESTIC VIOLENCE

The Kerala High Court has dismissed a plea challenging constitutionality of Section 19(1)(b) of the Protection of Women from Domestic Violence Act 2005. The Section under challenge empowers the Magistrate, on being satisfied that domestic violence has taken place, to pass a residence order directing the ‘respondent’ to remove himself from the shared household. Justice Sunil Thomas, who heard the plea, observed that the Protection of Women from Domestic Violence Act is ‘a self-contained Statute intended to protect the interest of aggrieved women, who are exposed to domestic violence’. The court also observed that the Act is brought in to give effect to the constitutional mandate and also in accordance with international convention adopted by the United Nations and is binding on the member countries.

Legal Alert

DELHI HIGH COURT STAYS FELLING OF 20,000 TREES FOR RE-DEVELOPMENT OF SOUTH DELHI COLONIES TILL 4 JULY

The Delhi High Court has stayed till 4 July the cutting down of around 20,000 trees for re-development of six south Delhi colonies by the National Buildings Construction Corporation (NBCC) and the Central Public Works Department (CPWD). The Bench comprising Justice Vinod Goel and Justice Rekha Palli issued the order on a petition filed by an orthopaedic surgeon, Dr. Kaushal Kant Mishra, represented through Advocate Gopal Sankaranarayan. The Petition seeks setting aside the Terms of Reference (ToR) and the Environment Clearances (EC) granted to the project by the Environment Ministry. Mr. Mishra has alleged that the permissions have been granted “wholly ignoring the air pollution and serious environmental concerns that affect the health of the citizens of the capital”. He relies on the recent report submitted by Niti Ayog, which had claimed that India is facing an emergent water crisis, and asserts that the project would “force the city and its residents into an abyss”.

PUNJAB & HARYANA HIGH COURT

PUNJAB & HARYANA HIGH COURT: ANOTHER PERSON CANNOT BE BLAMED FOR WRONG DECISION OF A “COWARD”: SUICIDE NOTE NOT ENOUGH TO CHARGE WITH ABETMENT

The Punjab and Haryana High Court has ruled that Charges of abetment to suicide cannot be leveled if a “person of weak mentality” names somebody in his suicide note but a subsequent investigation fails to establish the accused person’s guilt. Justice P.B. Bajanthri said, “Merely because a person has been so named in the suicide note one cannot immediately jump to the conclusion that he is an offender under Section 306 I.P.C. The contents of the suicide note and other attending circumstances have to be examined to find out whether it is abetment within the meaning of Section 306 I.P.C. read with Section 107 I.P.C.

SUPREME COURT

PIL IN SUPREME COURT SEEKING TO MAKE BRIBERY & OTHER ELECTION OFFENCES COGNIZABLE, PUNISHABLE WITH MIN 2-YR JAIL TERM

A PIL filed by Advocate Ashwini Kumar Upadhyay reiterates the February 15, 1992 proposal of the Election Commission of India wherein it had told the government to make election offences cognizable with minimum two years of imprisonment.

The Advocate said that these election offences have caused injury to the public and affected free and fair elections while submitting that “2000 onwards, not only the Parliament and State Assembly General Election, even in the by-election bribery is used to support particular political parties and candidates, which is against the basic dictum of democracy and free and fair election in spirit of Articles 14, 19 and 324 of the Constitution of India”.

HOME-BUYERS RECOGNIZED AS FINANCIAL CREDITORS

PRESIDENT PROMULGATES INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2018; HOME-BUYERS RECOGNIZED AS FINANCIAL CREDITORS

Homebuyers will now be recognized as financial creditors, with the promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The recognition would give them due representation in the Committee of Creditors, and would also enable them to initiate corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers.

South Korea, Supreme Court, Bitcoin

KOREA’S SUPREME COURT ORDERS SEIZURE OF $1.4 MILLION IN BITCOIN IN CRIMINAL CASE

News Date: 31 May 2018
South Korea’s Supreme Court has said that cryptocurrency can be deemed a forfeitable asset in a criminal prosecution.

Bombay High Court, Environment

FELLING OF EVEN A SINGLE TREE CAN IMPACT THE ENVIRONMENT: BOMBAY HIGH COURT

News Date: 31 May 2018
Bombay High Court has said that felling of even a single tree can have an adverse impact on the environment.

NCLAT STAYS INSOLVENCY PROCEEDINGS AGAINST RCOM

NCLAT STAYS INSOLVENCY PROCEEDINGS AGAINST RCOM

News Date: 31 May 2018
National Company Law Appellate Tribunal (NCLAT) has stayed insolvency proceedings against the debt-laden company, paving the way for sale of RCom’s assets worth ?25,000 crore to Reliance Jio.

BOMBAY HIGH COURT BARS SGX’S NEW INDIA CONTRACTS TILL ARBITRATION IS COMPLETE

BOMBAY HIGH COURT BARS SGX’S NEW INDIA CONTRACTS TILL ARBITRATION IS COMPLETE

News Date: 30 May 2018
Bombay High Court has barred Singapore Exchange Ltd. from launching its new derivatives mirroring the National Stock Exchange Ltd.’s indices till the Indian bourse’s plea challenging the contracts is decided by an Arbitrator.

justice

JUSTICE R.K. AGRAWAL APPOINTED AS NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION’S PRESIDENT

Justice R.K. Agrawal, who retired as an Apex Court Judge earlier this month, has been appointed as the President of the National Consumer Disputes Redressal Commission. He will take over from Justice D.K. Jain, who will complete his term on 31st May, 2018.

SUPREME COURT STAYS ARREST OF ACTIVIST TRUPTI DESAI IN A CASE FILED UNDER SC/ST (PREVENTION OF ATROCITIES) ACT

SUPREME COURT STAYS ARREST OF ACTIVIST TRUPTI DESAI IN A CASE FILED UNDER SC/ST (PREVENTION OF ATROCITIES) ACT

Amidst pendency of review petitions by the Union as well as several states against the controversial judgment in Subhash Kashinath Mahajan v. State of Maharashtra, where the Apex Court, in directing preliminary enquiry prior to arrest and lifting the absolute ban on anticipatory bail, diluted the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act of 1989, the Supreme Court on 28.05.2018 granted an interim stay on the arrest of activist Trupti Prashant Desai in connection with a FIR under the said Act.

bitcoin

SC ASKS HCS NOT TO ENTERTAIN PETITIONS RELATING TO RBI CIRCULAR PROHIBITING VIRTUAL CURRENCIES

The Supreme Court has asked high courts across the country not to entertain any petition relating to the circular issued by the Reserve Bank of India on “Prohibition on dealing in Virtual Currencies’. A bench headed by the Chief Justice of India Dipak Misra issued this order while staying further proceedings pending before Delhi and Calcutta High Courts.