On the last date of hearing, the CBI had told the court that more steps were needed to be taken to secure the presence of Krishnan and Marshall, who were charge-sheeted along with former Telecom Minister Dayanidhi Maran and his brother Kalanithi, in the case.
RCom, in September last year, had announced it will merge its wireless telecom business with smaller rival Aircel to create the country's fourth-biggest mobile phone operator.
Moreover, the RJio's extended free services for prime members till June, may also continue to keep the performance of telecom companies muted for the first quarter (April-June) of the current fiscal, according to ICICI Securities' latest earnings preview of the sector.
Telecom operators Aircel, Reliance Communications and Airtel did not meet regulator TRAI's various quality norms for 2G services in multiple licence areas for the quarter ended December 2016.
Bharti Airtel led the subscriber growth by adding 1.25 million new mobile customers, followed by Idea Cellular (1.21 million), Vodafone (0.79 million) and Aircel (10,000 new customers).
Dark clouds of job cuts loom over the telecom sector. The risk running with mergers is that as many as 10,000 employees may lose their jobs over the next year.
Reliance Communications today said it has received approval of the Competition Commission of India (CCI) for the demerger of its wireless division into Aircel Ltd and Dishnet Wireless Ltd.
"Reliance Communications has received approval of the Securities and Exchange Board of India (SEBI), BSE and NSE for the proposed scheme of arrangement for demerger of the wireless division of the company into Aircel Ltd and Dishnet Wireless Ltd," the company said in a regulatory filing.
The company has filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said scheme
Regulator TRAI today stressed the need to identify bottlenecks that make the functioning of telecom business difficult in India and listed out processes such as licence acquisition, spectrum allotment and mergers that can be reviewed.
Speaking to CNBC-TV18, Manisha Girotra of Moelis India said that India urgently needs capital and restructuring of stressed assets should be undertaken through any means possible.
Ample liquidity in the market could help it go up further but one needs be cautious of the risk-reward balance from a fundamental perspective, says Sanjeev Prasad, Senior Executive Director & Co-Head, Kotak Institutional Equities.
The deal is likely to be speeded up by the truce that was announced on Tuesday between Tata Sons and Japanese telecom giant NTT Docomo in the long-standing USD 1.17-billion dispute over their failed joint venture.
According to a GSMA report, India‘s telecom sector directly employs 2.2 million people and 1.8 million indirectly. Consolidation in the sector could cause nearly a third of these jobs to be shed.
On one hand, these mergers could help bigger incumbents increase their subscriber base, and provide competitive pricing but on the other hand, this is also likely to wipe off 10-15 percent of jobs in the telecom space, reports an article in Business Standard.
A late entry into India's crowded telcom sector, Telenor (formerly Uninor) from the start of its India operations, was never able to find its footing in the cut-throat industry.
Mukesh Ambani continues to maintain a large amount of pressure on other telcom players, said Mahesh Uppal of Com First India. He expects further consolidation in market.
Telecom operator Reliance Communications today hoped that the ongoing case against Maxis top officials will not impact the merger of its wireless business with that of Aircel.
Idea cellular, which is Aditya Birla group‘s flagship telecom venture has posted one of the worst quarterly results since its listing. It has clocked in losses of Rs 385.5 crores in the third quarter. Prakash Diwan of Altamount Capital says that the stock will slip when the market opens on Monday morning.
Telecom regulator Trai has imposed over Rs 11 crore penalty on service providers, highest on Aircel, for poor service quality including call drops, Telecom Minister Manoj Sinha informed the Rajya Sabha today.
This price spike came on the back of news that ex-telecom minister Dayanidhi Maran, his brother Kalanithi Maran and the latter's wife Kaveri Kalanithi, were discharged by a special court on Thursday on charges of bribery and money laundering in the Aircel-Maxis deal.
Special Judge O P Saini, who was scheduled to pass the order today on framing of charges as well as on bail applications of the Maran brothers and other accused persons, deferred it to the next date, saying the order was not ready.
A bench headed by Chief Justice J S Khehar said that it would hear the plea on the date fixed in the case when Attorney General Mukul Rohatgi, appearing for banks, sought urgent hearing on the ground that the PSU financial institutions had lent money to Aircel.
The government has asked Aircel to help its 2G mobile customers port their numbers to other telephony operators in case the Supreme Court was to pass an adverse order
The Supreme Court (SC) last week had proposed that they could cancel the 2G licence and the spectrum granted to Aircel if the Maxis promoters do not present themselves before the court.