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Thursday, October 17, 2013

TDSAT cancels relief to Tulip against dues claimed by TTSL
[Editor: This news is simply a nuisance and is used the by the Financial Daily to make something out of air. Does Rs.81 lakhs or Rs.0.81 Cr make any sense, when Tulip Telecom Ld (Rs.7.70) is expecting to secure orders worth Rs.6 billion (Rs.600 Cr) in 2014-15, which are likely to deliver revenues to the tune of Rs.1.2 billion (Rs.120 Cr) on an annual basis in the coming months? CLICK HERE. You have got an opportunity to buy it at a cheaper rate, so don't miss it.  CLICK HERE.  Glodyne Tech (Rs.11.99) and Geodesic Ltd (Rs.6.70) hit their respective buyer freezes. Those persons who do not take risk CANNOT make money from the stock market. The problem is that equity market literacy is very poor in India]
Tulip Telecom Data Center
New Delhi, OCT 16: Telecom Tribunal TDSAT has asked Tulip Telecom to pay Rs 81 lakhs to Tata Teleservices Ltd failing which it will face disconnection of services.

TTSL provides telecom solutions for business as well as residential customers, while Tulip provides infrastructural IT solutions to mission critical industries.

Recalling its earlier order directing TTSL to restore the links of Tulip Telecom, the Telecom Disputes Settlement and Appellate Tribunal said it has observed that Tulip “has no intention even to comply with” its order.

Passing an interim order on Tulip Telcom’s petition, TDSAT on July 12, 2013 directed TTSL to restore Tulip’s connection subject to payment of Rs 81 lakhs by July 17.

Later, saying that no such payment was made, TTSL moved an application before the tribunal to set aside the order.

TTSL and Tulip Telecom declined to comment on the matter.

Agreeing with TTSL’s submission, a TDSAT Bench headed by its Chairman Justice Aftab Alam observed: “It is, thus, clear to us that the petitioner (Tulip) has no intention even to comply with the condition subject to which the ad interim order was passed in its favour.

“We are, thus, left with no option but to allow the application and to recall the ad interim order dated July 12, 2013. We order accordingly,” said TDSAT in its order dated September 2, 2013.