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- The COAI said blocking an entire app would âlikely impinge on the principles of freedom of speech and expressionâ and such an action would be disproportionate and âharm the constitutional rights of usersâ at large.
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Why Jet Airways may not come out of the woods anytime soonRising fuel costs make for an even shorter runway at Jet, which is burdened with $1.2 billion in net debt. How Kishore Biyani crashed IKEA's party NEW DELHI: IKEA had a gate-crasher of sort when the worldâs largest furniture retailer opened its first store in India: Kishore Biyani.Biyaniâs home furnishing chain, Home-Town, strategically placed ads on the walls just across the IKEA outlet. Those were visible even from the inside of the sprawling store in Hyderabadâs Hitec City.The ads sought to entice customers with 50% discounts. âWhat is not there ⦠is here,â they declared, with the word âthereâ written in dark blue with yellow background â" the signature colours of IKEA.âHereâ, of course, was in the red Home-Town colour. âFree lifetime maintenance in more than 50 cities across India,â the advertisements read.That indeed was ambush marketing, Biyani admitted. He also didnât see anything wrong in the ads.Neither did IKEA, with its India country manager Ulf Smedberg calling the interest from Biyani as âsuper interestingâ.âThat is fair,â Biyani said on the ads, while declaring his admiration for the Swedish giant as a retailer. In fact, âLeading by Design â" The IKEA Storyâ is his favourite book on retail.HomeTown, a local knock-off of IKEA that operates through much smaller stores, will benefit from the entry of the Swedish retailer to the market, Biyani said.âOur business is bound to increase, and the category will be created by IKEA.âA possible indication: On Thursday, when IKEA opened its first India store, âour sales have gone up at the three Hyderabad storesâ, he said.In an emailed response to ETâs questions, IKEAâs Smedberg said with many players together, the company believed the home furnishing sector in India would grow and there would be room for more growth. On the HomeTown ads, he said: âThis is a creative and fun way to reach out to us and we feel very welcome in India.âAn estimated 40,000 people visited IKEAâs 400,000 sq ft big box store on Thursday in Hitec City, a technology hub that houses offices of multinationals like Google, Microsoft, Amazon, Deloitte, Accenture and Dell. The retailer said it signed up about 9,000 loyalty members on the first day and its cafeteria, the largest for any store for the company, sold about 16,000 pieces of samosas and 5,000 cups of yogurt.Biyani saw it coming and seized the opportunity to troll IKEA and pitch his own chain.âIKEA is ranked from 1-100 and everybody else starts from 101. They are a unique and probably the best retailer of the world,â said the founder of the Future Group, which operate more than 2,000 outlets from supermarkets to department store chains. âIKEA is IKEA and they are an institution.âBiyani said the HomeTown ads were getting noticed. âWe are the largest furniture retailer in India but we donât get that kind of attention otherwise.â Delhi HC freezes Singh brothers' accounts NEW DELHI: The Delhi High Court restrained former Fortis Healthcare and Ranbaxy promoters Malvinder and Shivinder Singh from operating their bank accounts in India and Singapore while it executes Daiichi Sankyoâs Rs3,500-crore arbitration award against them. The court however didnât block a key Fortis Healthcare shareholder meeting to vote on the hospital chainâs acquisition by IHH.The Singhs, who were present in court on Friday, were questioned about their accounts and assets in India and overseas. This was the first time the brothers had appeared in court since Daiichi Sankyo initiated the arbitration award enforcement proceedings against them in 2016.Justice Rajiv Shakdher suggested the brothers declare themselves bankrupt if they were unable to pay the award. The next hearing will be on September 5.âIf they donât have the money, why donât they declare themselves insolvent? Either they have the money or they donât have the money,â Shakdher said.The judge didnât block an August 13 extraordinary general meeting (EGM) at which Fortis Healthcare shareholders will vote on a deal that will see the hospital chain being acquired by Malaysian healthcare group IHH. Daiichi had sought to stall the EGM on the grounds that a proposal to strip the Singhs of their promoter status would âcut the umbilical cordâ linking the brothers to Fortis Healthcare and leave the Japanese firm âwith nothing.âIHH didnât respond to queries.The court sought the Singhsâ account statements from April 2016 onward. Their holding companies RHC Holding Pvt Ltd and Oscar Investments Ltd have also been directed to submit bank statements for the period.Malvinder Singh was directed not to finalise any transaction related to his Singapore apartment, for which he had taken a loan from DBS bank. Heâs been asked to submit the apartmentâs title document and a gift deed for a sculpture valued at over Rs7 crore that he said he had given to his daughter last year. Any additional bank accounts not disclosed during proceedings on Friday would also have to be revealed, according to the judge.Shivinder Singh told the court that an inherited property in India he co-owned with his brother and mother had been pledged with IndiaBulls and had been sold for about Rs 185 crore to repay it. The Singhs did not receive any financial benefits from the sale, he added.He also told court that the Singh family had ânothingâ to do with Religare Health Trust in Singapore, which holds 12-14 assets that Fortis Healthcare plans to buy back following its proposed Rs4,000-crore deal with IHH. Daiichi had argued that the brothers held stakes in the trust.He also said the family âneverâ held any stake in Prius Commercial Real Estate Pvt. Ltd after Daiichi raised the issue over the brothersâ reported talks to sell six commercial properties held by the company to BlackRock for Rs 1,000 crore.Shakdher asked why the Singhs hadnât disclosed the existence of a top-up agreement pertaining to the brothersâ shares in Fortis pledged to various banks when they had disclosed the value of their unencumbered assets to the court last year. While the brothers did not divest the unencumbered shares following their disclosure, the top-up agreement allowed banks to encumber more shares if the value of the Fortis stock dropped below a certain threshold, their lawyer said.âHow can you file an affidavit that only speaks half-truth?â Shakdher asked.The Singhsâ âextensiveâ negotiations with âmotivatedâ buyers to secure a deal for their controlling stake in Fortis over the last year had been âthwartedâ by Daiichiâs constant interventions at court, according to the brothersâ reply at court.The brothersâ controlling stake in Fortis was diminished following an order by the Supreme Court in February this year that allowed banks to invoke and sell Fortis shares pledged to them, argued their senior counsel, Akhil Sibal. âWe were trying to avoid a fire sale,â he said. âAt every stage, we were trying a stake sale,â he added.At the last hearing on August 1, the court had directed the brothers to appear personally on Friday to understand the assurances that they had given last year and ensure that sufficient funds would be available to satisfy the arbitration award. Shakdher had told the Singhs' counsel that âsomebodyâ would have to âcough upâ Daiichi's money or âgo behind bars.âThe Delhi High Court had ordered the former Ranbaxy promoters to pay Daiichi Sankyo Rs 3,500 crore as part of the arbitration award earlier this year. A Singapore tribunal had said the brothers needed to pay the money for concealing information related to wrongdoing at Ranbaxy, once India's largest drug maker, when Daiichi acquired it from the brothers for $4.6 billion in 2008. Bullet train: Govt plans to connect these 6 cities In order to provide high-speed connectivity across the country, the government has identified six routes for feasibility studies for high-speed bullet trains, it informed the Parliament. Replying to a question in the Lok Sabha, the government recently announced that feasibility studies are being conducted on six routes to connect India's four key metro cities of Delhi, Chennai, Mumbai and Kolkata through a diamond quadrilateral network. The routes that have been identified for feasibility studies are Delhi-Mumbai; Delhi-Kolkata (via Lucknow); Mumbai-Chennai; Delhi Nagpur part of Delhi-Chennai route; Mumbai-Nagpur part of Mumbai-Kolkata route and Chennai-Bengaluru-Mysuru. The government is taking assistance from governments from France, Spain, China, Japan and Germany to complete these projects. These six routes are apart from Mumbai-Ahmedabad project. India's first Mumbai-Ahmedabad bullet train project is expected to be constructed by August 2022 with the help of Japan. Currently, travel between Mumbai and Ahmedabad takes about 7 hours but after completion of bullet train project the travel time will be reduced to just 2 hours. Japanese International Cooperation Agency (JICA) is providing a soft loan of Rs 88,000 crore for the Mumbai-Ahmedabad project for a period of 50 years at a nominal annual interest rate of 0.1 per cent. Japan has given a moratorium of 15 years to the railways, which means the railways will start paying only after 15 years from the date the loan was released. According to estimates, the ambitious project will cost around $17 billion. Government may defer 4G, 5G spectrum auctions to 2019 NEW DELHI: The government is unlikely to hold the spectrum auction this fiscal year as the financially stressed sector will take some more time to stabilise fully and an early sale could affect demand for airwaves, including the prized 5G.âWe need to give some time to the telcos after announcing the auction prices. Right now, who has the money to pay? Let the industry stabiliseâ¦we will most likely have the auctions next fiscal,â said an official who did not wish to be identified.The deferment will be relief to the sector which sought that the auctions to be held late 2019 on account of the financial stress exacerbated by debt of nearly Rs 8 lakh crore. A little over a week back, the Telecom Regulatory Authority of India (Trai) recommended the starting prices for spectrum in the 4G bands of 700 MHz, 800 MHz, 900 MHz, 1,800 MHz, 2100 MHz, 2300 MHz and 2500 MHz, besides 5G airwaves in the 3300-3600 MHz bands.Trai suggested that at least 8600 MHz of airwaves be offered to Bharti Airtel, Reliance Jio Infocomm and the Vodafone India-Idea Cellular, estimated to fetch over Rs 5 lakh crore, if all bandwidth is sold at base price. The regulator, though, left the timing of the sale to the Department of Telecommunications (DoT) in a nod to the financial stress in the sector but also said the auction should not be delayed.The DoT will now take a final decision on the pricing and timing before sending it to the Union cabinet for approval.Industry watchers say the department would want to avoid a situation where airwaves, especially the 5G ones as well as the ones in the premium 700 Mhz band â" whose starting price was cut 43% from the last sale â" go unsold once again. That would mean a major embarrassment for the government which has been very vocal about its intent to introduce 5G in tandem with the rest of the world.The DoT had managed to sell just 41% of all the airwaves on offer in the October 2016 auction, fetching nearly Rs 66,000 crore out of the over Rs 5 lakh crore worth of airwaves on sale.The communication ministry would need to factor in the views of the finance ministry which needs funds to meet its fiscal deficit target of 3.3% for FY18-19 and for social sector spending in the run-up to the general elections in 2019.The government has budgeted in FY19 revenue from the sector at Rs 48,661.42 crore, a 58% rise from the year ago, but far lower than the Rs 78,715 crore it received in FY16-17 with the October 2016 bandwidth sales.âWe think that the auction should take place in the second half of 2019, and even then, these rates are going to be expensive,â said Rajan Mathews, director general of industry body Cellular Operators Association of India.Trai has pegged the base price of 5G airwaves at Rs 492 crore per unit, or Rs 9,840 crore for pan-India airwaves and suggested the band âshould be put to auction in the block size of 20 MHz.â For 700 MHz, the authority proposed cutting the base price to Rs 6,568 crore a unit, or Rs 32,840 crore for a block of 5 MHz.âBesides the cost of acquiring spectrum, the rollout of networks is also burdensome for the debt weary industry. 5G is still settling down as specifications and the ecosystem could take until 2020 to settle down, when it might be more appropriate,â said industry veteran Sandip Das, now a senior adviser at consultancy firm Analysys Mason. Kishore Biyani ambushes IKEA party with HomeTown ads NEW DELHI: IKEA had a gate-crasher of sort when the worldâs largest furniture retailer opened its first store in India: Kishore Biyani.Biyaniâs home furnishing chain, Home-Town, strategically placed ads on the walls just across the IKEA outlet. Those were visible even from the inside of the sprawling store in Hyderabadâs Hitec City.The ads sought to entice customers with 50% discounts. âWhat is not there ⦠is here,â they declared, with the word âthereâ written in dark blue with yellow background â" the signature colours of IKEA.âHereâ, of course, was in the red Home-Town colour. âFree lifetime maintenance in more than 50 cities across India,â the advertisements read.That indeed was ambush marketing, Biyani admitted. He also didnât see anything wrong in the ads.Neither did IKEA, with its India country manager Ulf Smedberg calling the interest from Biyani as âsuper interestingâ.âThat is fair,â Biyani said on the ads, while declaring his admiration for the Swedish giant as a retailer. In fact, âLeading by Design â" The IKEA Storyâ is his favourite book on retail.HomeTown, a local knock-off of IKEA that operates through much smaller stores, will benefit from the entry of the Swedish retailer to the market, Biyani said.âOur business is bound to increase, and the category will be created by IKEA.âA possible indication: On Thursday, when IKEA opened its first India store, âour sales have gone up at the three Hyderabad storesâ, he said.In an emailed response to ETâs questions, IKEAâs Smedberg said with many players together, the company believed the home furnishing sector in India would grow and there would be room for more growth. On the HomeTown ads, he said: âThis is a creative and fun way to reach out to us and we feel very welcome in India.âAn estimated 40,000 people visited IKEAâs 400,000 sq ft big box store on Thursday in Hitec City, a technology hub that houses offices of multinationals like Google, Microsoft, Amazon, Deloitte, Accenture and Dell. The retailer said it signed up about 9,000 loyalty members on the first day and its cafeteria, the largest for any store for the company, sold about 16,000 pieces of samosas and 5,000 cups of yogurt.Biyani saw it coming and seized the opportunity to troll IKEA and pitch his own chain.âIKEA is ranked from 1-100 and everybody else starts from 101. They are a unique and probably the best retailer of the world,â said the founder of the Future Group, which operate more than 2,000 outlets from supermarkets to department store chains. âIKEA is IKEA and they are an institution.âBiyani said the HomeTown ads were getting noticed. âWe are the largest furniture retailer in India but we donât get that kind of attention otherwise.â - The mobile association has written back to the Telecom Department, which had sought the industry's views on technical measures which can be adopted for blocking mobile apps.
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Friday, August 10, 2018
Latest News Headlines Fri Aug 10 23:41:47 IST 2018
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