Aircel Files for Bankruptcy
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NO.: DL(S)-01/3420/2018-20 PUBLISHED FROM DELHI & KOLKATA VOL. 13, ISSUE 60 | Thursday, 1 March 2018 | New Delhi | Pages 16 | Rs 3.00 NO HALF TRUTHS qNIFTY 10,492.85 (-61.45) qSENSEX 34,184.04 (-162.35) pDOW JONES 25,543.77 (+133.74) pNASDAQ 7374.00 (+43.65) qRUPEE/DOLLAR 65.17 (-0.30) qRUPEE/EURO 79.56 (-0.01) qGOLD/10GM 31,390 (-460.00) qSILVER/K 39,300 (-250.00) SISODIA SLAMS LG, KANCHI 11 US SOLDIERS FALL I HAVE LOST A LIKENS IAS OFFICERS MUTT HEAD SICK AFTER LETTER GUIDING LIGHT IN ASSOCIATION WITH JAYENDRA DIES OPENED AT MILITARY MY LIFE: RANI ON ‘KHAAP PANCHYAT’ PG3 AT 82 PG7 BASE PG11 SRIDEVI’S DEATH PG16 Nirav Modi refuses With 7.2% Q3 growth, to join CBI probe Aircel files for bankruptcy; PNB chief auditor held India set to be fastest OUR CORRESPONDENT SBI, others to bear brunt MPOST BUREAU services sector as well as spending by the NEW DELHI: Billionaire jeweller Nirav Modi NEW DELHI: Show- Centre. has refused to join the CBI investigation in the ing signs of recovery, “India is on the USD 2 billion fraud in Punjab National Bank TOTAL DEBT the Indian economy right path to becom- citing his business engagements, prompting the `16,000 crore recorded a five-quar- ing one of the fastest agency to issue a stern letter on Wednesday ask- ter high growth of major economies in ing him to appear before it next week. 7.2 percent in the the World surpassing Meanwhile, the CBI has arrested PNB’s inter- INDIAN LENDERS October-December China,” Debroy said. nal chief auditor M K Sharma— a chief manager- `12,000 crore period on a good The economy is ranked official— in connection with the case, showing by critical expected to grow at 6.6 they said, adding that it is the first arrest of any sectors like agricul- percent in the current auditor of the bank. SBI’s DEBT ture, construction and fiscal ending March Sharma, a scale-IV officer, was responsible `5,000 crore manufacturing. 31, as per the second, for auditing the systems and practices of the Besides, the advanced estimates of bank’s Brady House branch--from Letters of OTHER BANKS HIT data for eight core the Central Statistics Undertakings (LoUs) were issued— and report infrastructure sec- Office (CSO), com- the deficiencies with zonal audit office, they said. PNB, BoB, tors including coal, pared to 7.1 percent Meanwhile, in a terse letter, the CBI Canara Bank steel, cement and in 2016-17. “directed” him to approach the Indian mission petroleum, showed The earlier esti- in the country where he is residing so that imme- improved growth of mate was 6.5 percent. diate arrangement can be made for his travel to OUR CORRESPONDENT intense competition following the dis- financial lenders and shareholders; the 6.7 per cent for Janu- The growth for the India, officials said. ruptive entry of a new player, legal and company could not reach a consensus ary, up from 3.4 per second quarter (July- The agency has told him that it is mandatory NEW DELHI: Telecom operator Aircel regulatory challenges, high level of concerning the restructuring of its debt cent in same month a September) has been for an accused to join the investigation whenever on Wednesday said it has filed for bank- unsustainable debt and increased losses and funding. Despite these discussions year ago. revised upwards to 6.5 they are asked to, they said. ruptcy as the company has been facing had together caused significant “nega- and the invoking of a Strategic Debt The finance min- percent, from 6.3 per- He has been asked to appear for questioning “troubled times” in “highly financially tive business and reputational impact” Restructuring scheme in January 2018... istry said that the data indicate a broad- cent estimated earlier by the CSO. next week, they said. stressed” industry. on the company. no agreement could be reached,” Air- based and significant acceleration of real The previous high was recorded at Meanwhile, I-T department has attached The Malaysian owned Maxis com- “The Board of Directors of the Cor- cel said. economic activity as projected in the 7.5 percent in the July-September quar- four assets of Nirav Modi worth Rs 70 crore. pany has a debt of over Rs 16,000 crore porate Debtor on Wednesday announced The company also said it believes that Economic Survey. ter of 2016-17. taken from a consortium of banks led by that they have filed an application under in the current circumstances, resolution “...robust growth in manufacturing The CSO said that the real GDP or State Bank of India. Section 10 of the Insolvency and Bank- process under the Insolvency and Bank- and significant acceleration in construc- Gross Domestic Product (GDP) at con- Indian lenders exposure stands at ruptcy Code 2016 for undertaking Cor- ruptcy Code is an “appropriate recourse”. tion mark a turnaround in the country s stant (2011-12) prices in 2017-18 is likely Bypoll win would around Rs 12,000 crore. SBI has the lion’s porate Insolvency Resolution Process for “The Company would like to empha- economic growth momentum,” the min- to be Rs 130.04 lakh crore, as against share of Aircel debt at over Rs 5,000 crore. the respective companies: Aircel Cellular, sise that CIRP is not a proceeding for liq- istry said in a statement. the first revised estimate for 2016-17 of SBI may provide for Rs 750-800 crore in Dishnet Wireless, Aircel Ltd,” the state- uidation, rather is a process to find best According to the chairman of EAC Rs 121.96 lakh crore, released on Janu- impact 2019 polls Q3 on Aircel account. Aircel bankruptcy ment said. possible resolution for the current situa- to PM, Bibek Debroy, the economy is ary 31. NAVEEN PATNAIK will also hit other public sector banks like Sources said that the filing was made tion and that would be in the best inter- on the right track to accelerate and the CII Director General Chandrajit PNB, BoB, Canara Bank. Lender banks in National Company Law Tribunal est of everyone (vendors, distributors, current expansion in the growth rate in Banerjee said: “The significant improve- to provide for Rs 1,800 crore provision in (NCLT) Mumbai. employees, etc.) to protect and preserve a reflection of the reforms initiated by ment in GDP growth, which has accel- Q3 on account of Aircel. The company statement also noted the value of the company and manage the the government. erated to a robust 7.2 percent in the The company shutting down is that efforts to merge wireless business operations,” it added. He said the growth would pick up third quarter as against 6.5 percent in In today’s expected to impact tower firms, ven- with another operator did not yield any Aircel said it would strive to provide further in the upcoming quarter driven the previous quarter is noteworthy and dors, distributors and 500 employees results and had ultimately lapsed in Sep- uninterrupted service connectivity to its by the government’s commitment to strengthens the perception that the paper associated with the operator. tember 2017. customers and sought their support in implement structural reforms and aided Indian economy is at the threshold of a ... In a statement here, Aircel said that “Post detailed discussions with the the “current difficult period”. by higher growth in the industrial and sustained rebound in growth.” CITY INX MEDIA CASE: INDRANI CLAIMS TO HAVE PAID KARTI `3.10 CR BJD wrests Bijepur; Cong retains Mungaoli & Kolaras THREE CHARRED TO DEATH IN GR NOIDA 4 NATION NEW DELHI: In what could epur Assembly constituency Court remands Karti to one-day CBI custody be described as a significant in Odisha from the Congress MANJHI DECIDES TO JOIN LALU CAMP 5 boost to the morale of the in a by-poll, with its candidate OUR CORRESPONDENT embattled opposition party Rita Sahu defeating her nearest EDIT before the concerned judge on ahead of the Madhya Pradesh rival, Ashok Panigrahi of the INDIA’S URBAN CHALLENGE 8 Thursday. When Karti was brought Assembly elections this year, BJP, by 41,933 votes. NEW DELHI: Karti Chidam- to the Patiala House district court the Congress has managed to While Congress’s Brijendra INTERNATIONAL baram, arrested in connection with premises and was taken to the retain both the Mungaoli and Singh Yadav won by 2124 votes the probe into the INX Media case, courtroom, he told the waiting Kolaras constituencies, when in Mungaoli, Mahendra Singh MALDIVES THROWS OUT FOREIGN LAWYERS 10 was on Wednesday remanded to scribes, “It is absolutely a political went to bypolls on February 24. ruling Biju Janata Dal on Yadav defeated BJP’s Devendra BUSINESS one-day CBI custody by a Delhi vendetta. I will be vindicated”. On the other hand, the Wednesday wrested the Bij- Jain in Kolaras. See P6 Court. In its remand application filed RAZORPAY TO POWER UPI ON IRCTC 13 Karti has been arrested based in the court, the CBI claimed that on the “confessional” statement sustained interrogation of Karti was SPORT recorded before a magistrate under needed to unearth the “total con- FEDERER BAGS TWIN HONOURS 14 164 CrPC of INX Media directors spiracy” hatched in the case and also Peter Mukerjea and wife Indrani. to find out the details of overseas In their statements, which is payments allegedly received by him admissible as evidence in the court, from INX Media as a “quid pro quo”.