Name: Rel Comm seeks NCLAT help for paying Ericsson dues
Uploaded: 2019-02-25T13:26:13.0+05:30
Duration: T00M18S
Channel: editorji
Description: Debt laden telecom player Reliance Communications has moved the NCLAT, seeking that it direct banks to release funds. The NCLAT will hear Rel Comm’s plea on the 27th of February. The Supreme Court had earlier directed Rel Comm to pay Ericsson ₹450 crore in 4 weeks.

Debt laden telecom player Reliance Communications has moved the NCLAT, seeking that it direct banks to release funds. The NCLAT will hear Rel Comm’s plea on the 27th of

Rel Comm seeks NCLAT help for paying Ericsson dues

Debt laden telecom player Reliance Communications has moved the  NCLAT, seeking that it direct banks to release funds. The NCLAT will hear Rel Comm’s plea on the 27th of February. The Supreme Court had earlier directed Rel Comm to pay Ericsson ₹450 crore in 4 weeks.

Rel Comm seeks NCLAT help for paying Ericsson dues 

The $100 billion education tech or edtech sector has had a torrid weekend with China banning companies that teach the school curriculum from making profits, raisin

China bans profit making in edtech, sweeping changes leaves $100,000,000 industry in a limbo with PE investment wiped out. Click here for the details.&nbsp; (Please tag ronnie&nbsp;screwvala, tag byjus, tag education minister)

China bans profit making in edtech

The $100 billion education tech or edtech sector has had a torrid weekend with China&nbsp;banning companies that teach the school curriculum from making profits, raising capital or going public. So basically none of the tutoring companies will be allowed to list and would have convert to being a not-for-profit entity. This wipes out billions worth of investments by Private Equity (PE) in the sector.&nbsp; Temasek, Sequoia China, Tiger, SoftBank Vision Fund,&nbsp;Warburg Pincus&nbsp;are just few of the big PE players invested in China's top 4 edtech&nbsp;firms. According to Bloomberg&nbsp;online education platforms attracted about 103 billion yuan of capital in 2020 alone in China.&nbsp; Here is a complete list of the new Regulations for China&rsquo;s Education Sector:
<ul>
<li>Companies and institutions that teach the school curriculum must go non-profit</li>
<li>Such institutions cannot pursue IPOs, or take foreign capital</li>
<li>Listed companies will be prohibited from issuing stock or raising money in capital markets to invest in school-subject tutoring institutions, or acquiring their assets via stock or cash</li>
<li>Foreign firms are banned from acquiring or holding shares in school curriculum tutoring institutions</li>
<li>All vacation and holiday curriculum tutoring is off-limits</li>
<li>Online tutoring and school-curriculum teaching for kids below six years of age is forbidden</li>
<li>Agencies cannot teach foreign curriculums or hire foreigners outside of China to teach </li>
</ul>

Just as the buzz grew that Tesla is lobbying to get an import tax cut from the Indian govt, Elon Musk took to twitter to appeal to the decision makers. "We want t

Ready to open a Tesla factory in India but first reduce import tax; Musk tweets ( i will change this)

Import duty vs Tesla factory; Musk's negotiates with Indian Govt via twitter

Just as the buzz grew that Tesla is lobbying to get an import tax cut from the Indian govt, Elon&nbsp;Musk took to twitter to appeal to the decision makers.
"We want to do so, but import duties are the highest in the world by far of any large country," Musk said in reply to a tweet about launching the company's cars in India.&nbsp;
When questioned why a tax break should be given and why Musk would not set up shop in India, the Technoking of Tesla replied that they were open to the idea of setting up a factory in India but it is important they are able find success with imported cars first.&nbsp; So now the ball is in the Indian govt court!&nbsp; Read/Watch Also: <a href="https://www.edtr.ai/9ys8">Import duty cut demanded by Tesla, is it really too high?</a>

Debt laden telecom player Reliance Communications has moved the NCLAT, seeking that it direct banks to release funds. The NCLAT will hear Rel Comm’s plea on the 27th of February. The Supreme Court had earlier directed Rel Comm to pay Ericsson ₹450 crore in 4 weeks.

Elon Musk backed Tesla is hoping to drive into India with lower taxes on importing electric vehicles. As per Reuters, Tesla has written to Indian ministries seekin

Elon Musk backed Tesla is hoping to drive into India with lower taxes on imported electric vehicles. As per Reuters, Tesla&nbsp;has written to Indian ministries seeking a big reduction in import duties on electric vehicles (EVs). Tesla is in gear to start sales in India this year and is hoping to get import tax lowered to 40% from the current level of 60% for cars costing up to&nbsp;$40,000&nbsp;and 100% for those above $40,000. Read/Watch Also: <a href="https://www.edtr.ai/9ymz">Mercedes to be all electric in 4 years</a> According to Tesla's U.S. website, only one model - the Model 3 Standard Range Plus - is priced below $40,000.
Tesla registered a local company in India in January and has ramped up local hiring while also scouting for showroom space.

India's most valuable company Reliance Industries Ltd (RIL) reported earnings for Q1 and despite a 7% drop in profit have beaten the street estimates. Operating number

India's most valuable company Reliance Industries Ltd (RIL) reported earnings for Q1 and despite a 7% drop in profit have beaten the street estimates.
Operating numbers showed resilience during the pandemic with the consolidated operating profit of the company growing 27.6 per cent on-year to a record high of ₹27,550 cr. The revenue from the main business of oil-to-chemical also saw a significant surge, up 75% on a year-on-year basis.&nbsp; The telecom&nbsp;vertical with&nbsp;Jio Platforms outperformed estimates on all parameters. Revenues and profit grew 4 per cent each and the platform reported that&nbsp;total users stood at 440 million at the end of June.&nbsp; The focus from here on though moves to clean energy as RIL&nbsp;chief Mukesh&nbsp;Ambani&nbsp;told shareholders in the earnings release;&nbsp; "I am most excited by the swift start to our new Clean and Green Energy business initiative. We have started investment across all verticals. We are also resolutely implementing our vision of net carbon zero before 2035, which is our highest priority." 
&nbsp;

Google boss Sundar Pichai was going old school with offline video games on Friday night as he tweeted that he might need to work on his "surfing skills". Pich

Google boss Sundar Pichai&nbsp;was going old school with offline video games on Friday night as he tweeted that he&nbsp;might need to work on his "surfing skills". Pichai&nbsp;was tweeting about the dinosaur game that&rsquo;s built-in into the Chrome web browser, which users play to kill time till their internet connection is restored. The Google chrome-based game is focused on a&nbsp;pixelated Tyrannosaurus rex, which keeps running endlessly across a landscape while users need to duck or jump over&nbsp;obstacles on the way to achieve a high score Google has revamped the game to have an Olympics-theme where the&nbsp;T-rex will pick up the Olympic torch and get transformed into one of the avatars playing at the Olympics. Read/Watch Also: <a href="https://www.edtr.ai/9yn7">The spectator-less start to the Olympics</a>

A big win for Elon Musk's space exploration firm SpaceX as it was selected by NASA for a mission to Jupiter's icy moon Europa. The mission will get a det

A big win for Elon&nbsp;Musk's space exploration firm SpaceX&nbsp;as it was selected by NASA&nbsp;for a mission to Jupiter's icy moon Europa. The mission will get a detailed survey of Europa and use a sophisticated suite of science instruments to investigate whether the icy moon has conditions suitable for life as per NASA's&nbsp;statement.&nbsp; Europa Clipper mission, scheduled to launch in October 2024, is worth $178 million and the journey of over 630 million kilometers is&nbsp;expected to take more than five years. Read/Watch Also: <a href="https://www.edtr.ai/9v87">SpaceX&nbsp;to partner with Indian firms</a>

The Indian Olympic Association (IOA) on Friday announced that it has roped in Adani Group as a sponsor for the 2020 Tokyo Olympics and the future. Making the annou

The Indian Olympic Association (IOA) on Friday announced that it has roped in Adani Group as a sponsor for the Tokyo 2020 Olympic Games&nbsp;and the future.&nbsp; Making the announcement on social media, India's second richest man Gautam&nbsp;Adani&nbsp;tweeted "The world rises as the greatest sporting event is finally back - and where better than in the Land of the Rising Sun! The Tokyo Olympics is an inspiring testimony of human resilience. The Adani Group is honoured to be supporting our nation's athletes. Jai Hind! #GarvHai" IOA Secretary-General Rajeev Mehta&nbsp;stated that the sponsorship goes beyond the Tokyo Olympic Games. He stated, "Adani Group has confirmed to us a good sponsorship association and support for future". The IOA had earlier entered into sponsorship deals with various private entities, including dairy giant Amul, mobile gaming platform MPL Sports Foundation, JSW Sports among others.

The Delhi High Court on Friday issued a notice to the government and e-commerce giant Amazon over a petition seeking a ban on Chinese retailer Shein's trade i

The Delhi High Court on Friday issued a notice e-commerce giant Amazon over a petition seeking a ban on Chinese retailer Shein's&nbsp;trade&nbsp;in India.
Shein is an&nbsp;online retail brand for women's clothing and accessories that was banned by the Centre last year. However, Amazon has announced a sale of Shein's products during its 'prime day' sale between July 26-27.
The court, although, declined to pass any order to suspend the sale scheduled next week.
Due to the sale of Shein products on Amazon's platform, the Chinese brand would have &ldquo;access to personal and sensitive data of several millions of Indian citizens,&rdquo; as mentioned by the petitioner.

Zomato bulls are all set to have a rocking Friday night as it saw a stellar listing even as many on the street were cautious about its high valuations. Scrip

Day 1 had investors of&nbsp;Zomato&nbsp;grinning ear to ear as the food tech giant defied valuation and worries to soar at opening and the buy orders just did not stop.&nbsp;
Zomato made a&nbsp;debut with more than 60% premium. It got locked in the upper circuit many times during the session due to tremendous&nbsp;demand.
Offered between a price band of Rs 72 to 76 in the IPO, shares of the food tech giant closed the day 1 at Rs 125, which is almost 65% higher. This stellar debut propelled the unicorn into the top 100 valued firms of Dalal&nbsp;street and got high praise from veteran investor Sanjeev Bikhchandani&nbsp;who&nbsp;thanked&nbsp;Zomato&nbsp;for making him and others look like a "smart investors".&nbsp; Founder Deepinder&nbsp;Goyal acknowledged his rival Swiggy and the entire startup&nbsp;ecosystem as it raised the bar for all startups that will follow the act.&nbsp; With a Rs 1 lakh crore&nbsp;valuation on debut, all worries of price can be postponed to another day and the only question onlookers have is, who will be brave enough to follow this act?&nbsp;

As a rare collectors item Apple founder Steve Jobs' handwritten job application is up for grabs for auction as an original document or in the NFT form. As the sell

As a rare collectors item Apple founder Steve Jobs' handwritten job application is up for grabs for auction as an original document or in the NFT&nbsp;form. As the sellers faces off the old school way with the popular digital mode.&nbsp; The job application's gone up for auction several times before,&nbsp;selling in 2017 for $18,750, in 2018 for $174,757, and just&nbsp;this last March&nbsp;for&nbsp;a reported $222,400. Steve Jobs in the application says he was interested in electronics tech or design engineer positions. His skills listed included computer and calculator experience. This was written out in 1973, three years before Apple was founded.&nbsp;

In a big setback to e-commerce giants Flipkart and Amazon, a Karnataka High Court division bench on Friday rejected their plea challenging a June 11

In a big&nbsp;setback to e-commerce giants Flipkart and Amazon, a Karnataka&nbsp;High Court division&nbsp;bench on Friday rejected their plea challenging&nbsp;a June 11 order that allowed&nbsp;CCI&nbsp;probe into the companies. Read/Watch Also: <a href="https://www.edtr.ai/9y48">Did Amazon hide facts</a>?
A single-judge bench had allowed the Competition Commission of India (CCI) to probe the companies over alleged anti-competitive practices.
The bench said that&nbsp;the applicants should not feel shy in facing an inquiry by CCI if they are not in violation of the Competition Act.
The CCI order came on a complaint filed by Delhi Vyapar Mahasangh (an organization of retailers) who alleged that Amazon and Flipkart were giving biased treatment to select vendors where the e-commerce firms had a stake.&nbsp;

In a big setback to telecom companies, the Supreme Court has dismissed telecom firms' plea seeking recomputation of the adjusted gross revenue (AGR) – r

In a big setback to telecom&nbsp;companies, the Supreme Court has dismissed&nbsp;telecom firms' plea seeking recomputation of the adjusted gross revenue (AGR) &ndash; related dues. The apex court stating there is no room for adjustment in the decade-long dispute.&nbsp;
Here is the hit on different telcos-:&nbsp;
Bharti Airtel
Total Demand - Rs 43980 cr Self Assessment&nbsp;- Rs 13004 cr Paid -&nbsp; Rs 18004cr VI&nbsp;
Total Demand - Rs 58254cr Self Assessment - Rs 21533 cr Paid - Rs 7854cr. Tata Tele&nbsp;
Total Demand - 16798cr Self Assessment - 2197cr Paid - 4197cr The biggest hit comes in for VI that is struggling for survival as is.&nbsp;Vodafone had said it is about to go under owing to dues of Rs 1.8 lakh crore, and sought correction of arithmetic errors.. Vodafone-Idea had argued that the only way to repay such a huge sum would be to &lsquo;earn and pay&rsquo; and sought more time.&nbsp;
&nbsp;

Zomato the first unicorn to list has set the benchmark at historic highs. Food tech giant listed with a a 60% premium at Rs 119/share and continued to move h

Zomato&nbsp; the first unicorn to list has set the benchmark at historic highs. Food tech giant listed with a&nbsp;a 60% premium at Rs 119/share and continued to move higher as it debuted on Dalal&nbsp;Street with a marketcap over to Rs 90,000&nbsp;crore.
ALSO WATCH:<a href="https://www.edtr.ai/9w85" target="_blank"> Can Paytm follow in Zomato's footsteps</a> Speaking on what the company is calling Day Zero founder Deepinder&nbsp;Goyal&nbsp;blogged to say "Today is a big day for us. A new Day Zero. But we couldn&rsquo;t have gotten here without the incredible efforts of India&rsquo;s entire internet ecosystem". Deepinder&nbsp;also thanked the startup&nbsp;ecosystem including IPO&nbsp;in waiting Paytm&nbsp;for paving the way for startups to succeed.&nbsp; 
With its mega listing, Zomato&nbsp;is part of the of Top 100 listed companies in value terms.&nbsp;
&nbsp;

As the legality of cryptocurrency in India remains murky the Reserve Bank of India is working toward a “phased implementation strategy” of a Central Bank Di

As the legality of cryptocurrency in India remains murky the Reserve Bank of India is working toward a &ldquo;phased implementation strategy&rdquo; of a Central Bank Digital Currency (CBDC). Which essentially means the RBI&nbsp;is looking for a pilot project to roll out a Digital Rupee.
Deputy Governor T. Rabi Sankar said&nbsp;introduction of a digital rupee will protect people from the volatility of private virtual currencies.&nbsp; &ldquo;Central banks have increased their attention on digital currencies,&rdquo; in recent years, Sankar said, adding that the introduction of such currencies -- which will be backed by the sovereign -- will help in bringing down the usage of cash in the economy, while minimizing the damage to the public from the usage of private currencies. The RBI has&nbsp;expressed&nbsp;concern about cryptocurrencies on a number of occasions, citing issues such as money laundering and terrorism financing. China has led the way in introducing a digital currency as it rolls out the Digital Yuan amongst citizens in the mainland.&nbsp; Read/Watch Also: <a href="https://www.edtr.ai/9xdx">Bitcoin's&nbsp;volatile ride</a>

Here are the top global business news headlines you need to know-: Uber's Big Buy: Uber Freight, the rideshare company’s trucking divisionto buy a co

Here are the top global business news headlines you need to know-:
<ul>
<li>Uber's&nbsp;Big Buy:&nbsp;Uber Freight, the rideshare company&rsquo;s trucking divisionto buy a company that makes software to manage shipping for $2.25 billion.&nbsp;The deal is expected to help Uber&rsquo;s trucking division reach profitability</li>
<li>Twitter Earnings Boost:&nbsp;Twitter posts fastest revenue growth since 2014 in pandemic rebound,&nbsp;Twitter&rsquo;s revenue grew 74% year over year. Clocking in revenue worth&nbsp;$1.19 billion which exceeded analyst estimates.</li>
</ul>
Read/Watch Also: <a href="https://www.edtr.ai/9v5s">Twitter's&nbsp;new privacy policy</a>
<ul>
<li>JPMorgan's <a href="https://www.edtr.ai/9v5s">Crypto&nbsp;Catch</a>: Becomes the first bank to give retail wealth clients access to crypto&nbsp;funds. The bank reportedly old advisors in a memo that they can now take orders to buy and sell five cryptocurrency products,</li>
</ul>

Sorry The Internet is Down! that was the message gripping worldwide web users as a global outage due to a technical issue at Akamai which provides domain name

Sorry The Internet is Down! that was the message gripping worldwide web users as a global outage due to&nbsp;a technical issue at Akamai&nbsp;which provides domain name system services. At the peak of the disruption, at least 33,000 websites worldwide were offline due to Akamai experiencing DNS failures. The Domain Name System is like a phone book for websites. The technology figures out the right IP addresses to use when people try to go to individual websites.&nbsp;Akamai&nbsp;and Oracle took to social media to inform clients and users of the 'glitch' which took a few hours to rectify and bought down key global websites. Akamai&nbsp;services marquee names across the globe from Amazon, McDonalds, Delta, HBO, HSBC, Barclays, Airbnb&nbsp;et al.&nbsp; Closer to home several popular Indian apps and websites including food delivery app&nbsp;Zomato&nbsp;and payments app Paytm among others were impacted as part of a global Internet outage This is the third major internet outage in two months, and the second involving Akamai.&nbsp;

In a big blow to Amazon and a big boost to the Future-Reliance deal, the Anti-Trust body CCI has accused Amazon of concealing facts when it sought approval for dea

In a big blow to Amazon and a big boost to the Future-Reliance deal, the Anti-Trust body CCI&nbsp;has accused Amazon of concealing facts when it sought approval for deal with Biyani led Future retail in 2019.
 What is CCI&nbsp;accusing Amazon of?
Reuters reports that in a letter dated June 4, the Competition Commission of India (CCI) said Amazon hid factual aspects of the transaction by not revealing its strategic interest in Future Retail when it sought approval for the 2019 deal. What is the next step for Amazon?
E-commerce giant Amazon acknowledged the&nbsp;received a letter, was committed to complying with India's laws and told Reuters it would extend its full cooperation to the CCI. The Anti-trust body has asked&nbsp; Amazon why it should not take action and penalise the company for providing false information. 
What does it mean for the Future-Reliance deal?
Legal experts say this could be a game changer for the Future-Reliance deal which has been blocked due to Amazon's appeals against it.&nbsp;The CCI&nbsp;could direct&nbsp;Amazon&nbsp;to re-file the approval application for it's deal with Future Retail in 2019&nbsp;and has powers to even revoke the approval under exceptional circumstances.

$15.4 billion, that is the numeric answer for anyone questioning why the Tokyo Olympics have not been cancelled despite the rising covid cases and pushback from lo

$15.4 billion, that is&nbsp;the numeric answer for anyone questioning why the Tokyo Olympics have not been canceled despite the rising covid cases and pushback from locals in Japan.&nbsp;
The Tokyo Olympics are touted to be the most expensive summer Olympics till date. The bill however is actually much higher; as the &nbsp;$15.4 billion does not account for sponsorship losses that may have to be incurred if the already spectator-less games are altogether canceled.&nbsp; Companies have spent more than $1 billion on ads timed to the Tokyo Games, which will take place in empty arenas as the pandemic lingers. But these sponsors are also feeling the backlash and are retreating taking in some losses.&nbsp;Panasonic, a top sponsor, will not send its chief executive to the opening ceremony, . Neither will Toyota, one of Japan&rsquo;s most influential companies, which also delivered a&nbsp;blow&nbsp;to the Games on Monday when it said it had abandoned its plans to run Olympics-themed television commercials in Japan. Also&nbsp;According to news reports, the Olympic Committee&nbsp;may have to refund TV rights fees of around $4 billion if the event is not held at all. Already postponing the event has cost a whopping $3 billion, this is when the merchandise et al has not been rebranded and is being used with the signage of 2020 itself.&nbsp; There is also a large insurance cost at play, according to Reuters, the International Olympic Committee (IOC) takes out about $800 million worth of insurance to cover most of the $1 billion it invests in every host city. On top of that insurance, local Tokyo organizers took out a $650 million policy and another $600 million for hospitality.&nbsp; But it is not just the International Olympic Committee that has finances to worry about.&nbsp;The Games are also important to individual participating nations and their National Olympic Committees. According to&nbsp;The NYT, $549 million is distributed among these organisations, and for most this is a matter of survival. Without the Games being held, there may not be a payday. The money assumes added significance during the pandemic when the sporting schedules around the world have taken a big hit, and most of the events that have taken place have seen no or reduced spectators. So with a total cost of over $20 billion, the balancing act for the Olympic Committee has been a tough one.&nbsp;

Bulls are back after a one day break with big bets on trading favourites as Sensex and Nifty move up on strong global cues. Here are the stocks you need to watch o

Bulls are back after a one day break with big bets on trading favourites as Sensex&nbsp;and Nifty move up on strong global cues. Here are the stocks you need to watch out for-:
<ul>
<li>IDFC:&nbsp;RBI allows promoter&nbsp;IDFC to exit IDFC First Bank as five-year lock-in period ends</li>
<li>Jubilant Food: Better than expected Q1 earnings, Sales growth of 131%. HSBC, Kotak&nbsp;Instl&nbsp;Equities retain bullish Buy call on the stock&nbsp;</li>
<li>Bajaj&nbsp;Finance: Stock gains despite weak Q1 as brokerages see asset quality concerns to be well contained. IIFL&nbsp;raises EPS outlook for next two years&nbsp;</li>
<li>Indiabulls Housing: Regulatory filings showed that&nbsp;Rakesh Jhunjhunwala picked 2.2% stake in the company in the quarter gone by.&nbsp;</li>
<li>Network 18 Media: Q1 turns around to net profit of Rs9.57cr against net loss of Rs-62.2cr year ago</li>
</ul>

Signalling some normalcy tech giant Infosys is opening it's offices to employees almost after a year and a half. According to Reuters, Infosys has sent a memo

Signalling some normalcy tech giant Infosys&nbsp;is opening it's offices to employees almost after a year and a half. According to Reuters, Infosys&nbsp;has sent a memo to it's employees that they could resume work from offices.&nbsp;
 Read/Watch Also: <a href="https://www.edtr.ai/9ghx">Will September mark the end of the WFH&nbsp;era?</a> However the wind down from WFH&nbsp;culture will be a long and slow one.&nbsp;In its memo, Infosys&nbsp;said the country's safety situation seems to be improving, with growing vaccination coverage. During the press briefing post quarterly earning the $190 billion tech company said that roughly 99% of its staff was working from home, and the company would make efforts to get "more and more people to come to office" over the next couple of quarters. Tata Consultancy Services&nbsp;said earlier this month that it hoped to vaccinate all its employees and their families by September post which they would take a call on any 'return to office' plans.&nbsp;

Rel Comm seeks NCLAT help for paying Ericsson dues

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China's big hit for edtech, Investors worried as new ban comes into play wiping out billions

Ready to open a Tesla factory in India but first reduce import tax; Musk tweets

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Tokyo 2020: Indian Olympic Association ropes in Adani Group as sponsor

Another blow for Amazon: Court issue notice against sale of Shein products

Zomato Listing what a Day 1! Debut into Top 100, Rs 1 lakh crore marketcap

Steve Jobs’ handwritten job application from 1973 is up for auction as a NFT

Setback to Flipkart, Amazon: Court says CCI probe can continue

Massive setback for Bharti Airtel, VI and Tata Tele, SC dismisses plea to recompute AGR dues

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Get your wallets ready for Digital Rupee; RBI says digital currency to have phased introduction

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Internet down! Global outage takes down 33,000 websites on Thursday

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Infosys reopens offices as WFH starts to wind down for India Inc

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