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Article 35-A: Supreme Court adjourns hearing till January next year

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New Delhi | The Supreme Court on Friday adjourned the hearing of the petitions challenging Article 35-A till January 19 next year.

Additional Solicitor General Tushar Mehta who was representing the Jammu and Kashmir informed the court that all the security agencies in Jammu and Kashmir are busy preparing for local elections. Therefore, the proceedings of the case should be forwarded. Similarly, KK Venugopal, appearing in the court on behalf of the Center, has also demanded the hearing on Section 35A after the Panchayat elections in Jammu and Kashmir.

Responding to the argument filed by lawyers, Jammu and Kashmir Government demanding an adjournment of the hearing, the bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud agreed to schedule the hearing the hearing after the local body election. The Panchayat elections are likely to be held in the month of September.

The apex court earlier postponed the petition filed by Bhartiya Janta Party (BJP) member and lawyer Ashwini Upadhyay demanding the abolition of article 35-A which grants special rights and privileges to the permanent residents of Jammu and Kashmir and scheduled the next date of hearing on August 31 along with other pleas.

NGO named We the Citizens along with Ikkjut Jammu and 3 other petitioners, had filed a petition in the top court demanding the abolition of Article 35-A on the grounds that it is unconstitutional and discriminatory. Article 35-A incorporated in the Constitution by a 1954 Presidential Order, disallows people from residing in Jammu and Kashmir, buying or owning immovable property in the state, settle permanently, or get state government jobs.

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Vodafone completes merger with Idea, creates India’s largest mobile operator

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New Delhi | The merger of Idea Cellular and Vodafone India has been completed, creating India’s biggest telecom service provider with over 408 million subscribers, the two companies said today.

A new board has been constituted for the merged entity “Vodafone Idea Ltd’ with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement.

The combination will have all India revenue market share of 32.2 percent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue. The telecom giant will topple Bharti Airtel from its current pole position and will have the firepower to take on competition in the Indian telecom market, which has intensified with the aggressive entry of Reliance Jio. It will have a broadband network of 3.4 lakh sites and distribution network with 17 lakh retail outlets.

“The merger is expected to generate Rs 14,000 crore annual synergy, including opex synergies of Rs 8,400 crore, equivalent to a net present value of approximately Rs 70,000 crore,” the statement said. The net debt of the company stood at Rs 1,09,200 crore on June 30, 2018.

“The equity infusion of Rs 6,750 crore at Idea and Rs 8,600 crore at Vodafone, coupled with monetisation of standalone towers of both companies for an enterprise value of Rs 7,850 crore, provides the company a strong cash balance of over Rs 19,300 crore post-payout of Rs 3,900 crore to the Department of Telecom (DoT),” the statement said. Moreover, it added, the company has an option to monetise over 11 percent stake in Indus (the tower company), amounting to a cash consideration of Rs 5,100 crore.

The combination will have a wide spectrum portfolio of about 1,850 MHz, over 2 lakh mobile sites and about 2.35 lakh km of fibre. This will allow it to offer “superior voice and broadband connectivity across the country, covering 92 percent of the population and reaching nearly 5,00,000 towns and villages,” it said.

Kumar Mangalam Birla, Chairman Aditya Birla Group and Vodafone Idea Limited said, “Today, we have created India’s leading telecom operator. It is truly a historic moment…As Vodafone Idea, we are partnering in this initiative by building a formidable company of international repute, scale and standards”.

Balesh Sharma, CEO of the new entity said, “We are committed to offering both our retail and enterprise customers an excellent experience while fulfilling their evolving digital and connectivity needs via new products, services and solutions”.

A regulatory filing by Idea said it will be renamed as Vodafone Idea Ltd, following the completion of all formalities and approvals. Post-merger, the paid-up equity share capital of Idea Cellular stands increased to Rs 8,735.13 crore.

Himanshu Kapania has stepped down from the position of Managing Director of Idea Cellular with effect from August 31, 2018, but shall serve as non-executive director of the new company. Shares of Idea Cellular were trading 1.10 percent higher at Rs 50.40 apiece on BSE.

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