Discrimination faced by Mumbaikars...

If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.

Friday, May 10, 2013

Tulip Telecom gets formal nod for CDR proposal
NEW DELHI: Enterprise data services provider Tulip TelecomBSE -4.88 % on Thursday got a formal approval to restructure its debt from the Empowered Group of the Corporate Debt Restructuring Cell, it said in a statement.

The company's domestic lenders, a consortium of 13 banks and financial institutions, approved the company's corporate debt restructuring package that includes a 30-month moratorium on principal and 18-month moratorium on interest.

Tulip was servicing a debt of more than Rs 2,700 crore as of September last year and was facing trouble paying up salaries to employees. The company's share price almost completely eroded in a year as the scrip fell from Rs 105.3 in January 2012 to less than Rs 35 in the beginning of this year. On Thursday, the company's scrip closed at Rs 18.5 on BSE, down over 4%.

Tulip Telecom chairman and managing director Lt Col (Retd) HS Bedi said that promoters had already infused the required promoter's contribution of Rs 60 crore which will be converted into equity. However, the foreign currency convertible bonds' redemption still remains an issue.

The company has failed to redeem outstanding FCCB worth $145 million that have a face value of $97 million and missed two maturity deadlines for redeeming the bonds that were issued in June 2007. The company said it was engaging with bondholders and expected to reach an acceptable solution for all stakeholders at the earliest possible date.

"Tulip has built a strong infrastructure for its enterprise data business and this approval shows the long-term commercial viability of our business. I am confident that this CDR package will enable the company to quickly return to a position of strength. We have been able to retain all our marquee customers over the past year and intend to quickly turn our business around with the strong support of our customers, employees, vendors and partners," Bedi said.

Courtesy: The Economic Times