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 Telecom rules not bent to save Anil Ambani several crores: Sibal

Telecom Minister Kapil Sibal has described as “malicious, motivated and defamatory” media reports and a Public Interest Litigation that suggest he bent the rules to help Anil Ambani’s Reliance Communications.
 A petition submitted by advocate Prashant Bhushan and his NGO, the Centre for Public Interest Litigation, said that instead of penalizing Mr Ambani Rs. 650 crore for a contract allegedly violated by him, Mr Sibal has asked for Rs. 5 crore. Mr Sibal said the PIL was being used to “settle personal scores.

Mining and metal shares tumble on draft law

In its current form, implementation of this bill could reduce Coal India’s earnings by 15% while impact on metal companies would range from 2% to 9%.

Shares of mining and metal companies tumbled after the Group of Ministers (GOM) approved the draft Mines and Minerals (Development and Regulation) bill. For entities involved in coal mining, 26% of the profits from this activity has to be shared. While for other mining activities, companies have to pay an amount equal to the royalty they are currently paying to the Government, i.e. an effective doubling of royalty payments. In its current form, implementation of this bill could reduce Coal India’s earnings by 15% while impact on metal companies would range from 2% to 9%. For More Live Stock Price and News Click here