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Vodafone Idea should either recapitalize or go to IBC: Rajeev Chandrasekhar

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New Delhi, Feb 15 : Rajya Sabha MP Rajeev Chandrasekhar said on Saturday that Vodafone Idea should either recapitalize or follow the Insolvency and Bankruptcy Code (INC).

“The solution is straight forward — Vodafone-Idea either recapitalizes or follows Insolvency and Bankruptcy Code resolution with creditors and looks for new investors like other bankruptcies, Chandrashekhar said while commenting on the Supreme Court hearing on the adjusted gross revenue (AGR) of telecom operators.

“After Insolvency and Bankruptcy Code law has been implemented by the Modi government, the only path for companies and creditors is resolution/insolvency,” said Chandrasekhar who is also a member of the Joint Parliamentary Committee which is looking into the Personal Data Protection Bill, 2019.

The Supreme Court on Friday came down heavily on both telecom companies and the telecom department (DoT) over non-payment of AGR dues amounting to Rs 1.47 lakh crore.

Commenting on the SC ruling, former telecom entrepreneur and Rajya Sabha MP Rajeev Chandrasekhar said, “I agree telecom sector has made things difficult…But a solution has to be proper and not knee-jerk.”

Commenting on Vodafone Idea , Rajeev Chandrasekhar said: “Vodafone Idea is very valuable company — with assets, spectrum, and customers. Creditors must be pro-active and ensure it is a going concern, and then look at promoter’s interests. Vodafone Idea if referred to Insolvency and Bankruptcy Code can be solved with minimum prejudice to creditors”.

“Telcos have very little basis to argue against AGR ruling. It is a decades old and substantive dispute that they have kept kicking down the road. Now that the Supreme Court has ruled, there is no way of avoiding it,” he said.

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Wall Street tumbles after US tops world in COVID-19 cases

A shocking number of Americans applied for jobless benefits last week due to the coronavirus outbreak.

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New York, March 28 : US stocks ended significantly lower amid the fast-growing spread of coronavirus in the country.

On Friday, the Dow Jones Industrial Average slumped 915.39 points, or 4.06 per cent, to 21,636.78. The S&P 500 decreased 88.60 points, or 3.37 per cent, to 2,541.47. The Nasdaq Composite Index shed 295.16 points, or 3.79 per cent, to 7,502.38, Xinhua news agency reported.

10 of the 11 primary S&P 500 sectors traded lower, with energy down 6.93 per cent, becoming the worst-performing group. Utilities climbed 0.53 per cent, the only gainer among the sectors.

The United States became the country with the most COVID-19 cases worldwide on Thursday afternoon US Eastern Time, according to Johns Hopkins University.

As of 2 p.m. Eastern Time on Friday (1800 GMT), there were 94,238 confirmed cases in the United States, with 1,438 deaths, data from the university’s Center for Systems Science and Engineering showed.

A shocking number of Americans applied for jobless benefits last week due to the coronavirus outbreak.

US initial jobless claims, a rough way to measure layoffs, were registered at 3,283,000 in the week ending March 21, an increase of 3,001,000 from the previous week’s revised level, the Department of Labor reported Thursday. The reading easily crushed the previous record rise of 695,000 in October 1982.

Following a Senate approval earlier this week, the US House of Representatives on Friday passed a US $2 trillion COVID-19 stimulus package by voice vote, sending it to President Donald Trump for signature.

The bill, aimed at cushioning the economy from COVID-19 ravages, will provide small businesses emergency loans, business tax breaks, expanded unemployment benefits, more than US $1,000 direct payments for working Americans, government aid for industries such as airlines and hotels, as well as more support for hospitals and state and local governments.

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Sensex up 1,100 points on RBI relief hopes

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Reserve Bank of India RBI

Mumbai, March 27 The Indian stock market witnessed a gap-up opening on Friday and the Sensex traded over 1,100 points higher of hopes of further relief by the Reserve Bank of India (RBI).

RBI Governor Shaktikanta Das is scheduled to address the media at 10 a.m. There are expectations that the central bank may announce an emergency rate cut apart from further liquidity measures.

At 9.33 a.m., it was trading at 31,050.05, higher by 1,103.28 or 3.68 per cent from 29,946.77 points.

It had opened at 30,747.81 and it had touched an intra-day high of 31,105.11 and a low of 30,679.04 points.

The Nifty50 on the National Stock Exchange was trading at 8,985.95, higher by 344.50 points or 3.99 per cent from its per cent.

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MTNL to Provide 1-month Free Access to Corporate Servers for Work From Home During Nation-wide Lockdown

Generally, MTNL charges Rs 2,000-Rs 2,500 per connection for accessing corporate servers located on its network.

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State-owned telecom firm MTNL on Thursday started offering free access to office server to its enterprise customers’ employees to support work from home during the lockdown.

The employees of MTNL’s corporate customers using its broadband connection will be able to avail this service free for one month, MTNL Chairman and Managing Director Sunil Kumar told PTI.

“Many organisations have their main server on MTNL MPLS Network. Employees of such organisations who have MTNL Broadband can be enabled with MTNL VPNoBB (Virtual Private Network Over Broadband). Through this, they can access their office servers. This will be a secure medium,” Kumar said.

He said this system will give them access to all service that their company offers in office to carry out their task.

“Using this, corporate employees can do all the works for which otherwise they have to come to office. It will be just extension of office up to their home. No access limitations. MTNL will be extending this facility for one month without any additional charge, just to enable smooth work from home,” he said.

Generally, MTNL charges Rs 2,000-Rs 2,500 per connection for accessing corporate servers located on its network.

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