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Setting 'example', Mukesh takes pay cut
Reliance Industries (RIL) Chairman Mukesh Ambani has decided to take a big pay cut. His pay for 2008-09 has come down by 66 per cent, or nearly two-thirds, to Rs 15 crore from Rs 44 crore in the previous year.

Arbitrator's award restored
The Supreme Court last week set aside the judgement of the Rajasthan high court and restored the award of the arbitrator in the case, Indian Hume Pipe Co Ltd vs State of Rajasthan. The company was granted contract for laying pipeline in the Kota division. Following disputes between the company and the state government, the matter was referred to three arbitrators. They allowed the claim of the company along with interest from the pre-reference period, during the arbitration and ‘future interest’ from the date of the award till the date of payment. On appeal by the state government, the high court set aside the award of interest at the above three stages. The company appealed to the Supreme Court. It ruled that the arbitrator has the power to award interest at all the three stages.

News of the day

Sensex gains most in 11 weeks, up 4.27%
Stock markets were propelled by robust industrial growth data, the government’s reform initiatives and strong global markets. The Sensex ended the week higher by 690.55 points, or 4.27 per cent, at 16,848.83, while the Nifty closed at 4,998.95, up 202.80 points, or 4.23 per cent.
Small Business

EGoM insists on four 3G-players at least in metros

The Empowered Group of Ministers (EGoM) on 3G is divided on the number of private players to be allowed as some members have demanded four players in each metro against the Telecom Department"s suggestion of three operators. - Govt may again delay 3G auction - EGoM on 3G fails to resolve major issues - PowerMin wants gas at $2.34 for NTPC - DoT again seeks Pranab"s help on 3G spectrum issue - DoT may sell three blocks of 3G; bidders to pay 100% by March - Sovereign guarantee to NHAI on per case basis According to the minutes of the last meeting of the EGoM, few members felt that at least four blocks of 3G spectrum should be auctioned pan-Indian or at least at the very minimum in metros by moving two telecom PSUs -- BSNL and MTNL -- to some other frequency band to avoid oligopolistic structure which would need agreement of the defence. This was, however, opposed by representatives of the defence. It was suggested that the MoU between the defence and DoT should be re-looked at before the auction or taking any such decision. The EGoM felt that of four blocks pan-Indian available for commercial use, one block would be retained for BSNL/MTNL and three blocks pan-Indian are available for auction. With EGoM failing to reach a consensus on number of players to be accommodated in each telecom circle for third generation (3G) mobile services, the much-awaited auction of spectrum could be further delayed, said one of the prospective bidders. The EGoM had met to finalise the notice inviting applications (NIA) prepared by the DoT. The draft NIA had allowed only three private telecom players to offer 3G services. The auction process has already been delayed three times, and as per revised schedule, it was to begin on January 14. In its last meeting, the EGoM had agreed to allow four blocks (four private players per circle) of 3G spectrum. The Finance Ministry is expecting Rs 35,000 crore from the 3G spectrum auction.


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