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<keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s corporate jet of the now-defunct <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> will be auctioned by the <keyword id="58923" type="ORGANIZATION" weightage="20" keywordseo="Service-tax-department">Service Tax Department</keyword> so they can recover dues worth Rs 535 crore. 
 Online bids for the sale of <keyword id="3788874" type="UNKNOWN" weightage="20" keywordseo="corporate-jet-airbus">Corporate Jet Airbus</keyword> A319 belonging to Kingfisher Airlines have been invited by the department in Mumbai. The bidding will be conducted by <keyword id="267502" type="COMPANY" weightage="20" keywordseo="MSTC">MSTC</keyword>, the selling agent of the Service Tax Department, on November 28th-29th an auction notice said. 
 
So as to verify the pre-bid queries, bidders can seek information from the department regarding the aircraft, its particulars, equipment and any related documents. 
 
"The bidder would not raise any dispute regarding the terms and conditions of the e-auction or about the particulars of the aircraft or contest the same once he has been declared as the successful bidder for the aircraft," said the guidelines for the e-auction. 
 
The interested bidders will have to submit pre-Bid Earnest Money Deposit (EMD) to MSTC by November 27th. 
 
The aircraft is stationed at the Mumbai International Airport. 
(image: Indiatimes) 
 
Mallya, whose group company owes over Rs 9,000 crore to 17 banks, had left the country on March 2 and is believed to be in the UK.

Vijay Mallya’s aircraft to be auctioned; expected to fetch around Rs 535 crore

Just after exploring new avenues in the digital arena, the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> is now set to introduce its<a href="http://www.businessinsider.in/searchresult.cms?query=property+portal"> property portal.</a> The primary details – floor area, pictures – of around 50,000 residential properties will be initially given to the user via this portal. 
 The portal will auction the properties that the <keyword id="5011762" type="UNKNOWN" weightage="20" keywordseo="debt-recovery-tribunals">Debt Recovery Tribunals</keyword> (DRTs) have allowed banks to sell after their owners defaulted on loan repayment, reported The Economic Times. With the help of the portal, that is yet to go live, buyers will be able to bid directly after depositing the earnest money electronically. 
 
A senior government official, requesting anonymity, said, "We will list all such properties where there are no encumbrances and hold auction for them on an ongoing basis. As of now, we have around 50,000 residential properties which are ready to be auctioned." 
 
While elaborating the need of transparency in auctioning, the official said, "We have earlier received reports that in some cases auctions conducted by DRTs are controlled by certain groups and general public is not able participate in these auctions." 
 The auction will be managed by <keyword id="267502" type="COMPANY" weightage="20" keywordseo="MSTC">MSTC</keyword>, a public sector trading firm, which has so far e-auctioned commodities and assets varying from human hair from temple town of Tirupati to agriculture commodities and house plots. 
 
The firm also manages the government’s auction of coal blocks, the financial daily reported. 
 
The new portal will remove banks – who advertise the auction after receiving a notice from recovery officer – from the auction process. However, the process will include the bank accounts for loan recovery. 
 
Interestingly, this plan too will ask for the Aadhar and PAN numbers of those looking forward to participate in the auction. 
 
While explaining the proposed process of registration, an official said, "Once you have registered, a one-time pin will be sent to your registered mobile for confirmation." Once registered, user will get all auction-related information on the portal itself. 
 
The officials further informed that in its second round of auction the government might take-up commercial properties as well. 
 
The initiative is made at a time when the central bank has eased the rules for commercial banks to recover bad loans that are weighing heavily on their performances. The non-performing assets of state-run banks were increased to 5.2% of their total outstanding loans at the end of March 2015 from 4.72% a year earlier, according to Reserve Bank of India data. 
 
Many of the debt recovery cases reach DRTs, which are are required to adjudicate on a case within a span of 180 days. Still, many such cases are pending for more than a decade. 
 According to the data by <keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword>, there were about 59,000 cases pending before the country’s 33 DRTs at the end of 2014. These involved assets worth Rs 3.7 lakh crore. 
 
Annually, DRTs dispose of 11,000 cases covering loans worth Rs 21,000 crore. With new debt-recovery regulations in place, more assets pledged by defaulting borrowers are expected to come to the market. 
 
"Some of these cases have three or four properties which were mortgaged. These include both residential and commercial properties," the official said. 
Image: indiatimes

Here’s what the NaMo government is planning under its ‘Digital India’ initiative

The government has received about Rs 307 crore and Rs 20 crore from Oil India Ltd and MSTC, respectively, as dividend tranches. This was tweeted by the Department of Investment and Public Asset Management (DIPAM). Last week, the government had received Rs 81 crore and Rs 31 crore from IRCTC and Bhartiya Rail Bijlee Co Ltd, respectively, as dividend tranches. It had also received Rs 604 crore, Rs 450 crore and Rs 37 crore from SAIL, HUDCO and IREL, respectively, as dividend tranches last week. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/slowdown-hasnt-affected-deal-wins-yet-but-seeing-softness-in-long-term-deals-tcs/articleshow/94766700.cms">Slowdown hasn’t affected deal wins yet but seeing softness in long-term deals: TCS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/moonlighting-is-an-ethical-issue-says-tcs-hr-head/articleshow/94765592.cms">Moonlighting is an ethical issue, says TCS HR head</a>

Government gets ₹307 crore as dividend from Oil India

The <keyword id="6356303" type="General" weightage="20" keywordseo="centre" source="Orion">Centre</keyword> has begun the non-core asset monetisation of telecos — <keyword id="30351" type="General" weightage="20" keywordseo="bsnl" source="Orion">BSNL</keyword> and <keyword id="28256" type="General" weightage="20" keywordseo="mtnl" source="Orion">MTNL</keyword>. Accordingly, DIPAM (Department of Investment and Public Asset Management) has begun auction of BSNL and MTNL assets. The monetisation commenced with the auction of first set of six properties belonging to the telecos. "Non core asset monetisation commences with the first set of six properties of BSNL/MTNL bid out on the MSTC portal," DIPAM Secretary Tuhin Kanta Pandey tweeted on Saturday. As per DIPAM website, asset monetisation involves creation of new sources of revenue by unlocking of value of hitherto unutilised or under-utilised public assets. SEE ALSO: <a class="list-title-link" href="https://www.businessinsider.in/investment/news/binances-ceo-is-buying-his-1st-home-in-crypto-friendly-dubai-and-confirms-its-us-affiliate-will-close-a-multi-million-dollar-funding-round-soon/articleshow/87807571.cms">Binance's CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon</a> <h2 style="margin-bottom: 8px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.5; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; order: 3; color: rgb(17, 17, 17); background-color: rgb(255, 255, 255);"><a class="list-title-link" href="https://www.businessinsider.in/thelife/news/tesla-app-outage-that-led-to-hundreds-of-drivers-being-locked-out-of-their-cars-is-being-resolved-elon-musk-says/articleshow/87817784.cms">Tesla app outage that led to hundreds of drivers being locked out of their cars is being resolved, Elon Musk says</a></h2>

Centre begins auction of BSNL, MTNL assets

<ul><li>Indian benchmark indices Sensex and Nifty50 hit new all-time highs on Monday. </li><li>While Sensex hit a new all-time high of 62,701, Nifty50 touched 18,614. </li><li>Earlier in the morning, the 30-stock index Sensex<a href="https://www.businessinsider.in/stock-market/news/indian-markets-open-lower-amid-unrest-in-china-over-zero-covid-paytm-adani-transmission-hero-motocorp-in-focus/articleshow/95815834.cms"> opened</a> 277 points lower at 62,016 while the Nifty50 opened 82 points lower at 18,431. </li><li>Bharat Petroleum, Reliance Industries, and Hero MotoCorp were amongst the top gainers on Nifty50, while metal companies’ stocks dragged. </li></ul>Indian benchmark indices hit new all-time highs on Monday led by oil and gas stocks, overcoming morning trade jitters. While the Sensex hit a new all-time high of 62,701, the Nifty50 scaled 18,614. Earlier in the morning, the 30-stock Sensex<a href="https://www.businessinsider.in/stock-market/news/indian-markets-open-lower-amid-unrest-in-china-over-zero-covid-paytm-adani-transmission-hero-motocorp-in-focus/articleshow/95815834.cms"> opened</a> 277 points lower at 62,016 while the Nifty50 opened 82 points lower at 18,431. On Friday, the Sensex had closed at 62,293 and the Nifty50 at 18,513. “Nifty today touched its all-time high after its recent rally of more than 10% over last two months. Strong domestic macros, robust earnings growth and sharp correction in oil prices is big positive for Indian equities. For Q2FY23, Nifty companies grew by 9% as compared to expectations of flattish growth,” said Ajay Menon, MD and CEO, broking and distribution, Motilal Oswal. Brent crude was trading 2.8% down at $81.35 a barrel. Bharat Petroleum Corporation and Reliance Industries were amongst the top gainers on the Nifty50 index at 1:30 p.m., while metal companies Hindalco, JSW Steel and Tata Steel were amongst the top losers. The Nifty IT and Auto indices were amongst the top sectoral gainers, while the Nifty Metal and Realty indices were amongst the top losers. <cmsannotation type="cmsannotation" annotationid="Buoyant festive demand, cooling crude oil prices amongst tailwinds for Indian economy" comment="subhead" text="Buoyant festive demand, cooling crude oil prices amongst tailwinds for Indian economy">Buoyant festive demand, cooling crude oil prices amongst tailwinds for Indian economy</cmsannotation> According to Menon, the buoyancy in festive demand, which has boosted the auto sector among others, is expected to continue thanks to the marriage season. This year’s festive season was also the first uninterrupted one since 2020, giving buyers enough reason to splurge. For instance, the auto sector has seen <a href="https://www.businessinsider.in/business/auto/news/indian-car-makers-drive-the-festive-boom-two-wheelers-showing-signs-of-revival/articleshow/95257140.cms">registrations</a> of passenger vehicles, commercial vehicles and tractors for October rise 35-66% from the 2019 levels. “The Fed's commentary on slowing down the pace of rate hike has given a boost to the global sentiments, which, along with strong domestic fundamentals, is proving to be a boom for the Indian equities,” Menon said. On the jobs front, too, around 4,000 openings were posted every day during the festive season, which saw the<a href="https://www.businessinsider.in/careers/news/over-2-lakh-jobs-created-each-day-this-festive-season-says-report/articleshow/95204035.cms"> creation of 2 lakh jobs</a>. “Going ahead too we expect the momentum to remain strong with expectation of Nifty earnings compounded annual growth rate (CAGR) of 17% over the next two years. The oil prices have corrected by ~15% and fallen to just above $80 per barrel which is positive for our oil import dependent economy,” Menon added. Top gainers and losers on the Nifty500 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MSTC </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.73% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dish TV </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.85% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tanla Platforms </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.99% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">West Coast Paper Mills </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.73% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rail Vikas Nigam </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.96% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fino Payments Bank </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.02% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JK Tyre </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.74% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Foods </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.76% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cosmo First </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.68% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ingersoll Rand (India) </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.27% </td></tr></tbody></table> Source: NSE, Nifty500 as at 1:40 p.m., November 28, 2022 (With inputs from IANS) SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/digital-lending-platforms-see-3x-year-on-year-rise-in-disbursals-to-14016-crore-in-q2-fy23/articleshow/95821140.cms">Digital lending platforms see 3x year-on-year rise in disbursals to ₹14,016 crore in Q2 FY23</a> <a href="https://www.businessinsider.in/india/news/sp-cuts-indias-growth-forecast-to-7-for-fy23/articleshow/95821441.cms">S&amp;P cuts India's growth forecast to 7% for FY23</a> <a href="https://www.businessinsider.in/science/health/news/can-diabetic-drugs-help-you-lose-weight-heres-what-experts-say/articleshow/95817157.cms">Can diabetic drugs help you lose weight? Here’s what experts say</a>

Sensex, Nifty50 hit fresh all-time highs – Bharat Petroleum, Reliance Industries surge

Automobile major <keyword id="6357096" type="COMPANY" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> has initiated a new end-to-end solution for scrapping of old <keyword id="36810" type="ORGANIZATION" weightage="20" keywordseo="vehicles">vehicles</keyword>. The company has signed an MoU with <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> MSTC Recycling Private Ltd (MMRPL) towards offering its customers first of its kind end-to-end solution for scrapping of vehicles. At present, MMRPL is engaged in the business of acquiring used or end of life vehicles to dismantle and scrap it under the brand name of CERO. "Any customer intending to purchase a new Mahindra vehicle by scrapping or exchanging the old vehicle which is more than 15 years can do so at any Mahindra dealership. "These services would provide utmost convenience to the customer without the need to look for a vehicle scrapping agency or dealer," a company statement said. Last month, <keyword id="61316" type="COMPANY" weightage="20" keywordseo="Road-transport">Road Transport</keyword> and Highways Minister <keyword id="26680" type="PERSON" weightage="20" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> announced a new vehicle scrappage policy aimed at creating an eco-system to eliminate old and polluting vehicles. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/rbi-has-increased-mobile-wallets-limit-with-2-lakh-and-need-full-kyc-also-for-mobile-wallets/articleshow/81946037.cms">You need to do full KYC for mobile wallets too – but you can store twice the amount of money</a> <a href="https://www.businessinsider.in/tech/news/how-to-check-if-your-phone-number-was-leaked-in-facebook-data-breach/articleshow/81946319.cms">How to check if your phone number was leaked in Facebook data breach of 533 million users</a> <a href="https://www.businessinsider.in/finance/news/rbi-forecast-shows-that-narendra-modi-administration-is-facing-its-worst-inflation-period-so-far/articleshow/81946820.cms">RBI forecast shows that Narendra Modi administration is facing its worst inflation period so far</a>

Mahindra & Mahindra initiates new end-to-end solution for old vehicle scrappage

New Delhi, Jan 29 () State-run Hindustan Fluorocarbons Ltd (HFL) on Wednesday said it will shut down its operations as per the directive from the government which will provide a Rs 77.2 crore interest-free loan to meet closure-related expenditure.
 In a BSE filing, the Hyderabad-based company said it has been asked to repay the interest-free loan to the central government from the sale proceeds of land and other assets of the company.
 A decision to shut down HFL was taken by the Cabinet Committee on Economic Affairs (CCEA), and the nodal Fertiliser and Chemicals Ministry has conveyed the same to the company recently.
 In the letter, HFL said that the ministry has informed that interest-free loan of Rs 77.20 crore to be provided by the central government should be utilised exclusively for closure related expenditure.
 The expenditure include implementation of VRS/VSS for HFL employees, payment of their outstanding salary and statutory dues, payment of suppliers/contractors/utilities dues and repayment of SBI working capital loan, it said.
 It would also include salary/wages and administrative expenses of HFL's skeletal staff to be temporarily retained for completing the closure of HFL for two years. In case of retention of skeletal staff beyond two years, necessary budgetary support for the skeletal staff may be provided with the approval of the Ministry of Finance, it added.
 For facilitating disposal of HFL's land, NBCC (India) Ltd will be appointed as Land Management Agency (LMA) to manage and assist in the land disposal subject to outcome of the decision of Telangana government on purchasing land of HFL.
 The disposal of plant/machinery and movable assets will be done by HFL through e-auction by MSTC Ltd.
 The terms of appointment of NBCC and MSTC Ltd and disposal of land will be done in accordance with the Department of Public Enterprises' revised guidelines on closure of CPSEs dated June 14, 2018, the company said quoting the ministry's letter. LUX MR

Hindustan Fluorocarbons to shut down operations

New Delhi, Apr 16 () To contain the spread of Covid-19, Steel Minister Dharmendra Pradhan has instructed state-run steel companies to ensure lockdown guidelines and social distancing are followed at their plants and townships. Pradhan, through a video conference with the chiefs of steel public sector undertakings (PSUs) also took stock of the situation at the plants and their mines, and reviewed the arrangements to deal with Covid-19 spread. "The minister in a review meeting with CMDs of all PSUs has instructed to ensure lockdown guidelines are followed, social distancing is maintained in steel plants and colonies. He also reviewed the ongoing activities of steel sector towards the fight against the pandemic," an official said.There are seven PSUs under control of Ministry of Steel. While Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) are into steel making, NMDC and MOIL are mining companies of the ministry. KIOCL is pellet maker, MECON is a consultancy firm and MSTC is an e-commerce company. ABI ANSANS

Steel Minister instructs PSUs to ensure lockdown guidelines, social distancing at plants, townships

New Delhi, Feb 14 () The telecom department has again deferred the last date to March 6, 2020 for selection of auctioneer to pick software developer for the proposed Rs 5.22 lakh crore spectrum auction.This is the second time that the government has shifted the last date. The department has shortlisted C1 India Pvt Ltd based in Harayana, mjunction Services, MSTC Limited based in Kolkata, and e-Procurement Technologies based out of Ahmedabad for technical round, which is now scheduled for February 17.Financial bids of qualified firms will open on February 28 and the auctioneer will be finalised on March 6.Earlier, the DoT had plans to finalise auctioneer by January 26 but deferred it to February 4 and now March 6.The delay is likely to push spectrum auction to July-August this year, according to sources.mjunction and e-Procurement Technologies have experience to design module for spectrum auction.While the government is gearing up to conduct spectrum auction, telecom operators have raised alarm on high base price suggested by the Telecom Regulatory Authority of India (Trai).Bharti Airtel has already said that it will not bid for 5G spectrum at the current proposed price of Rs 492 crore per megahertz. Vodafone Idea on the other hand is facing critical situation on its survival in the wake of the Supreme Court order.However, both Bharti Airtel and Vodafone Idea will need to bid for spectrum in 8 circles where their right to use spectrum is expiring.Bharti Airtel has liability to clear nearly Rs 35,586 crore, including licence fee and spectrum usage charge dues. Vodafone Idea is staring at unpaid statutory dues of Rs 53,038 crore, including Rs 24,729 crore of spectrum dues and Rs 28,309 crore in licence fee.The DoT has already opined against participation of BSNL and MTNL in the spectrum auction. PRS PRS BALBAL

DoT to finalise firm to develop spectrum auction software on Mar 6

New Delhi, Jan 22 () The Union Cabinet on Wednesday approved closure of Hindustan Fluorocarbons Ltd (HFL), a central public sector enterprise with just 88 employees.
 The decision was taken in a meeting of Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
 "CCEA approves closure of HFL, a central public sector enterprise under the department of chemicals and petrochemicals," an official statement said.
 HFL has been making losses since 2013-14 and has negative net worth. As on March 31, 2019, it had accumulated losses of Rs 62.81 crore and net worth of (-) Rs 43.20 crore.
 It was also registered with the erstwhile Board for Industrial and Financial Construction (BIFR) as a sick company.
 According to the statement, financial implications of the proposal for the closure involve providing a support of Rs 77.20 crore to the company in the form of interest free loan for settling closure related liabilities of HFL.
 The liabilities include implementation of VRS/VSS, payment of outstanding salary and statutory dues, and repayment of SBI working capital credit and salary/wages and administrative expenses of HFL skeletal staff to be retained for implementing the closure plan for two years.
 It said the interest free loan is proposed to be repaid from the proceeds of the disposal of land and other assets of HFL after settling all the liabilities relating to closure of the company.
 If the land/assets sale proceeds are not sufficient to fully repay the loan amount, then the balance loan amount is to be written off, it said.
 "With unviable scale of operations, very old plants and technology and only one revenue earning product but of no strategic significance, sustainable revival of HFL is not economically viable," it said.
 Further the inevitable reduction in quota of HFL in 2020 will make the company's operations completely non-viable from March this year onwards.
 "Closure of the company's operations will not only avoid any future risks / liabilities but also protect the interest and welfare of HFL employees by separating them through VRS/VSS," it added.
 Thereafter, it said disposal of the company's land assets will enable their redeployment for more productive use which can attract both domestic and foreign investments.
 The statement said NBCC (India) will be appointed as land management agency for facilitating disposal of land assets.
 Disposal of plant/machinery and movable assets will be done by HFL through e-auction by MSTC, it added.
 HFL, which is a subsidiary of Hindustan Organic Chemicals, is engaged in the manufacture of Poly Tetra Fluoro Ethylene and Chloro Di Fluoro Methane. RR ANU
ANU

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