news details |
|
|
| J-K HC stays fine on telecom companies | | | early times report
Srinagar, Feb 1: The Jammu and Kashmir High Court today ordered a stay on a fine of Rs 10 lakh each imposed by its single bench on seven major telecommunication companies but directed them to upgrade their bank guarantees and pay entry tax on bringing in equipment as demanded by the state government. The division bench comprising Chief Justice F M Kalifulla and Justice Virender Singh gave the stay order after Justice Muzaffar Hussain Attar imposed the fine on the companies on February 6. The fine amount was to be used for the welfare of orphans in the state. However, the bench at Jammu directed the telecom companies to update their bank guarantees on account of the entry tax on import of equipment claimed against them by the state government. The companies will now have to furnish bank guarantees to the tune of Rs 359 crores in addition to the Rs 100 crore already pledged during the course of hearing before the single bench. The telecom companies were also directed to pay entry tax as and when they import any new equipment into the state. The seven companies, which included Bharti Airtel, Idea Cellular, Relaince Commu-nications, Tata Services and Dishnet Communication, had filed a revision petition before the division bench against the single bench order. The telecom companies had filed separate writ petitions before the High Court challenging the constitutionality of J&K Entry Tax Act on the ground that it violates Article 301 of the Constitution of India. The state government had contested the petition on the grounds that the Entry Tax act was a regulatory measure to prevent evasion of sales tax by unscrupulous traders. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
