Presidential Elections: Support Dr.Meira Kumar

Bihar and Jharkhand governments have no choice but to support Dr.Meira Kumar. As defeat of "Bihar ki Beti" will invariably bring Shame to the Biharis and Jharkhandis (or erstwhile unified Bihar). Do you think that, people of Bihar will leave Nitish Kumar Scott - free, if Dr.Meira Kumar loses ? So, Nitish Kumar has very little option left but to support, Dr.Meira Kumar.

Moreover, if Nitish Kumar wants to fall in the BJP's well calculated electoral TRAP no one can save him in the next election.

Also, I am surprised to see Mr.Navin Pattanayak, so easily chewing the RSS bait. Orissa is a state, where there is large chunk of Tribal Christian voters loyal to the BJD (Biju Janata Dal). I am still to fathom, BJD's sudden electoral gamble of siding with the RSS and the BJP; when Mr.Pattanayak has been maintaining distance from them since some time.

Besides, the election of Dr.Meira Kumar, who is educated, experienced and very sober, might also correct some of the historical mistakes of not making her father, the Prime Minister of India.

Also, I don't think all the Muslim and Christian MPs and MLAs from the TDP and TRS will ever support a RSS backed Candidate, who acted against Dalit Christian and Muslin reservations. Therefore, invariably cross voting will take place, which might give the underdog, Ms.Kumar, a win. Support Dr.Meira Kumar, give a conscience vote and make her the 2nd Female President of India.

All the best to Dr.Meira Kumar.....👍✌

Wednesday, March 13, 2013

Tulip’s Rs.1,800-cr loan rejig decision likely by month end
~~Pranav Nambiar, Vishwanath Nair: Mumbai
Tulip Telecom is in for some relief with bankers likely to approve a Rs.1,800-crore loan restructuring package for the debt-laden telecom services and IT solutions provider. The corporate debt restructuring (CDR) cell will have one more meeting by March-end and a final decision on the loan recast should be taken by then.

“Approvals from a majority of the lenders are expected by the month end, by when a final decision is expected,” said a banker in the know of developments.

For a CDR package to go through, at least 75% of creditors by value and 60% by number need to give their go-ahead. ICICI Bank is the lead banker of the consortium.

Tulip had approached lenders for a debt recast during the October-December period. The company had made big investments in data centres, which do not seem to have yielded desired results. It defaulted on redemption of foreign currency convertible bonds (FCCBs) worth $140 million, which were due in August, apart from delaying salaries last year.

The company exited its joint venture with Qualcomm for fourth-generation broadband services in May last year after selling its 13% stake to Bharti Airtel. It had publicly stated that the proceeds from this sale would be used to repay the FCCB debt.

Tulip Telecom owes nearly Rs.2,700 crore, which includes Rs780 crore in FCCBs, Rs.600 crore of term loans, non-convertible debentures worth Rs.545 crore and external commercial borrowings (ECBs) of Rs.340 crore.

The company reported consolidated net loss of Rs.85 crore for the quarter ended December, due to subdued macro-environment which led to prolonged conversion of prospective clients to order book. Total revenues for the company also declined 23% to Rs.528.67 crore for the reported quarter.

The Indian banking industry — especially state-owned lenders — has been grappling with the issue of higher restructured assets over the last few quarters.

According to Crisil, loans restructured by Indian banks are estimated to go up to Rs.3.25 lakh crore in FY13. The proportion of restructured loans in this period will be around 5.7% of advances. The majority of restructuring will be in loans to state power utilities and the construction and infrastructure sectors.

Bogged down:

* Company defaulted on FCCB redemption worth $140 million due in Aug
* It owes nearly Rs.2,700 Cr to creditors
* This includes Rs.780 Cr in FCCBs, Rs.600 Cr of term loans, NCDs worth Rs.545 Cr and ECBs of Rs.340 C