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Business Briefs

Tata Tele in apex court

New Delhi, Sept. 21: Tata Teleservices today challenged the TDSAT order in the Supreme Court, which classified the company's fixed wireless phone service, Walky, as limited mobile. With the TDSAT verdict, the private operator would have to pay a staggering Rs 300 crore as levy to state-owned BSNL, as well as increase the call tariff to Rs 2.10 for a three-minute call from Rs 1.20 now. Tata Teleservices spokesperson has confirmed that they have moved the apex court against the TDSAT order.

Ceat merger

New Delhi, Sept. 21: The board of Ceat Ltd will meet on Friday to consider the proposal to merge its wholly-owned subsidiaries ' Ceat Ventures Ltd, Ceat Holdings Ltd and Meteoric Industrial Finance Ltd ' with itself.

Service tax

New Delhi, Sept. 21: The finance ministry has proposed levying service tax on maintenance or repair of computer software following a Supreme Court ruling that said sale of computer software falls within the scope of sale of goods.

Videocon issue

Mumbai, Sept. 21: Videocon Communications Ltd today said it would issue shares on a rights basis in the ratio of 1:3. The board has approved the proposal, the company informed the Bombay Stock Exchange.

Fed move

Los Angeles, Sept. 21: The Federal Reserve raised the benchmark short-term interest rates by a quarter-point to 3.75 per cent on Tuesday.


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