Tata Communications Ltd said on Wednesday it will delist from the New York Stock Exchange and terminate its American Depositary Receipts (ADR) programme. "Our decision to delist, deregister and terminate our ADR program was the result of several factors, including the fact that our ADR program had not developed the trading volumes we had initially hoped when we listed," Chief Executive Vinod Kumar said in a statement.
Kumar said a rule set by the Indian market regulator for listed companies to have a minimum 25 per cent public shareholding, excluding ADRs, was also a "crucial factor" in the decision.
Money-losing Tata Communications, one of the world's biggest undersea cable network operators, is a former Indian state monopoly, now controlled by the salt-to-software Tata conglomerate.
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05:45 PM, May 15, 2013
Beijing: China-India relations have "strategic significance" and "global impact" as both are large developing countries and emerging markets, Chinese Premier Li Keqiang told India's visiting External Affairs Minister Salman Khurshid in Beijing on Friday. Later, Khurshid also met Chinese State Councillor Yang Jiechi, who also pledged to strengthen ties between the two countries. Premier Li highlighted the importance that the new Chinese government has placed on developing ties with India,...
04:25 AM, May 11, 2013
New Delhi: Former corporate lobbyist Niira Radia, a key prosecution witness in the 2G spectrum allocation scam, is likely to appear before a Delhi court on May 28 to depose in the case. The CBI on Thursday submitted before Special CBI Judge OP Saini its list of prosecution witnesses to be called for recording of their statements before the court and Radia's evidence is slated for May 28. Radia, who...
05:25 PM, May 09, 2013
Washington: The Obama administration may seek to end a long-running debate over Internet wiretaps with proposed legislation that would enable law-enforcement agencies to tap into many types of Internet communications, US officials with knowledge of the matter said. The proposal is aimed at getting past the technical and legal obstacles that make it difficult for the FBI and other agencies with court orders to check so-called voice-over-Internet-protocol (VoIP) services such...
06:20 AM, May 09, 2013
New Delhi: Reliance Communications on Monday raised mobile call rates by 20-30 per cent across India, a company statement said. "We have now corrected all commitment plans across the country and have increased tariffs by between 20 per cent and 30 per cent," Gurdeep Singh, chief executive officer, Wireless, Reliance Communications, said. "Our headline tariff increase from 1.2 to 1.5 paise per second in October last year did not see...
07:22 PM, May 06, 2013
London: Six major Vodafone investors said $100 billion was not enough for the British company's stake in its US joint venture with Verizon Communications, and urged the latter to come up with an offer of at least $120 billion. Their comments followed a Reuters report on Wednesday that Verizon had hired advisers to prepare a possible $100 billion bid to buy Vodafone's 45 per cent stake in their Verizon Wireless...
06:54 AM, Apr 27, 2013
Delhi: The Supreme Court on Monday ordered three nationalised banks associated with Nimbus Communications and the BCCI to deposit within 15 days the sum of Rs 400 crore after the Indian cricket board had filed an Special Leave Petition (SLP) regarding the scrapping of the broadcast deal with Nimbus citing the non-payment of dues owed for cricket coverage. The three banks - Punjab National Bank, Indian Bank and Union Bank...
06:35 PM, Apr 15, 2013
Mumbai: Morgan Stanley upgrades Reliance Communications Ltd to "overweight" from "equal-weight" on the back of the company's Rs 12 billion fiber optic network sharing deal with the telecom unit of Reliance Industries Ltd. The investment bank raises its fiscal 2014 earnings estimates for Reliance Comm by 125 per cent as a result of the deal and says additional deals could cut net debt by Rs 77 billion. "We see attractive...
09:42 AM, Apr 09, 2013
New Delhi: Moving forward on its plans to rope in the industry in its activities, ISRO is looking towards the launch of the first privately built rocket in the next five years. The Indian Space Research Organisation has embarked on hiving off production of communication satellites and polar satellite launch vehicles (PSLVs) to the industry. "We are now setting up a national committee to work out the modalities on how...
03:20 PM, Apr 08, 2013
Shares in Reliance Communications extended gains on Wednesday, a day after announcing a fiber optic network sharing deal with Reliance Jio Infocomm, a unit of Reliance Industries, which is widely seen as benefiting both companies. ...
10:10 AM, Apr 03, 2013
Billionaire Ambani brothers on Tuesday struck a Rs 1,200-crore deal wherein Mukesh will use his younger sibling's optic fibre network for launch of his telecom venture. Under the pact, Mukesh Ambani-led Reliance Industries' telecom arm will hire nationwide optical fibre network of Reliance Communications for the roll-out of 4G services. ...
03:59 PM, Apr 02, 2013
Morgan Stanley upgrades Reliance Communications Ltd to "equal-weight" from "underweight," citing improving outlook for the telecoms sector due to higher tariffs, falling capex, and "more attractive" valuations. ...
11:00 AM, Mar 26, 2013
Finance Minister P Chidambaram on Thursday expressed confidence that the present uncertainty in the telecom sector will be resolved and spectrum will be auctioned. "For the present there is lot of uncertainty about auction but I am sure that this uncertainty will be resolved and spectrum will be auctioned. If the spectrum is auctioned we should get the money," Chidambaram said. ...
01:24 AM, Mar 01, 2013
Vodafone, which has not applied for taking part in spectrum auction in March, on Tuesday said the reserve price set is too high and the company cannot afford to pay in India where there is uncertainty about airwaves and revenues are low. ...
04:06 AM, Feb 27, 2013
The CBI has registered a case against Bharti Airtel and Tata Communications Ltd for allegedly violating norms set down by the telecom department. The CBI claims it found that the companies had an arrangement with Singapore Telecom for international call facilities. ...
11:32 PM, Feb 24, 2013
The CBI has registered a case in a Delhi court against Bharti Airtel Ltd, Tata Communication Ltd and Singapore Telecommunications Ltd for allegedly causing a loss of nearly Rs 48 crore to the government since 2004 by illegally providing international long distance (ILD) services. ...
03:45 PM, Feb 24, 2013
Industry body ISPAI today said that rates of internet and broadband services may go up under new licenses framework due to high entry fee proposed by Department of Telecommunications (DoT). ...
11:50 AM, Feb 18, 2013
The list of URLs to be blocked also includes news reports from Firstpost, Outlook, Times of India, Rediff, Indian Express and Economic Times. ...
10:06 PM, Feb 15, 2013
The Supreme Court on Thursday dismissed curative petitions of several telecom firms for re-examination of its verdict cancelling 122 2G spectrum licences allocated during tenure of former telecom minister A Raja. ...
07:34 PM, Feb 14, 2013
An asteroid due to whizz past the Earth this week could take out vital telecommunications satellites, scientists warn. They are sure there is no chance of the 45.7 metre wide space rock hitting the planet. ...
10:54 AM, Feb 12, 2013
