· RBI impose penalty on 4 coop banks
· Idea denies breach of M&A norms
RBI impose penalty on 4 coop banks
The Reserve Bank of India (RBI) on Tuesday imposed penalties of `1 lakh each on four cooperative banks on various charges including violation of antimoney laundering guidelines. The banks are the Jamnagar Mahila Sahakari Bank, Amreli Nagarik Sahkari Bank, Shri Mahila Sewa Sahakari Bank and the Virambam Mercantile Cooperative Bank, the RBI said.
Idea denies breach of M&A norms
Denying any breach of merger and acquisition (M&A) norms, Aditya Birla group firm Idea Cellular Ltd on Tuesday said the company's merger with Spice Communications Ltd was approved by court and consummated with the full knowledge of the department of telecommunications.
Idea's reaction comes a day after the additional solicitor general of India (ASGI) held that the company was in violation of merger and acquisition (M&A) norms and suggested the imposition of stringent penalties, including a `300 crore fine, withdrawal of 3G spectrum in four circles and cancellation of 2G licences in six circles.
“The Idea and Spice merger, since approved by the courts, happened to involve six overlapping licenses. Despite being issued spectrum for five of these, it is Idea which advised the DoT that it was not using such spectrum; in effect, placing overlapping licences in a de facto escrow pending receipt of the DoT's for mal letter of merger, including surrender, if at all that was attracted,“ Idea Cellular said in a statement.
