iWorld
DoT moves Supreme Court to secure dues worth Rs 33,000 cr
MUMBAI: A recent move from the Department of telecommunications (DoT) may push telecom players in the country deeper into trouble. According to a report from Economic Times, DoT has moved the Supreme Court for approval to secure dues worth almost Rs 33,000 crore from all operators. The department in favour of the move has argued that existing bank guarantees aren’t enough to cover the “huge public money” at stake.
According to the report, DoT(http://www.indiantelevision.com/regulators/trai/trai-stands-up-to-dot-on-use-of-foreign-satellites-for-comms-services-on-aircrafts-180605) filed two petitions pleading the court to ensure that the “government’s interests are secured”. In the separate but identical petitions, they claimed that fresh bank guarantees for Rs 28.70 crore and Rs 32,655.58 crore are needed from the operators.
DoT(http://www.indiantelevision.com/regulators/ib-ministry/dot-seeks-views-on-blocking-mobile-apps-like-fb-whatsapp-180807 )said in the petitions that it is “not adequate security towards its outstanding assessed annual license fee and SUC dues” even with existing financial bank guarantees and withholding the performance bank guarantee of the licensee companies.
Telcos think it will increase the financial burden on them if the court speaks in favour of the petition.
Shares of telecom companies including Bharti Airtel, Vodafone Idea, Reliance Communications and Tata Teleservices (Maharashtra) plunged up to 6 per cent in morning trade following the move of DoT.
Reliance Communications would be in deep trouble as it is already debt burdened. Any decision favouring DoT could add to its financial liabilities which could lead to delay of the sale of its spectrum to Reliance Jio.
iWorld
Pocketful appoints Prateek Singh as CEO to drive next growth phase
Ex-Bajaj Broking executive to scale digital investing platform in India
MUMBAI: Pocketful has appointed Prateek Singh as its chief executive officer, marking a key leadership move as the company looks to scale its presence in India’s fast-evolving investment market.
Backed by the three-decade legacy of Pace Group, Pocketful is positioning the appointment as a strategic step to accelerate growth and strengthen its foothold among retail investors.
Singh brings over 13 years of experience in building digital financial platforms, with expertise spanning customer acquisition, product development and business expansion. He joins from Bajaj Broking, where he served as chief growth officer and played a key role in enhancing the company’s digital capabilities and platform experience.
Commenting on the appointment, Pocketful co-founder Sarvam Goel said, “Prateek’s appointment represents an essential milestone for Pocketful as we expand our operations and strengthen our position in the Indian investment market.” He added that Singh’s experience aligns closely with the company’s vision of building a user-focused, technology-driven platform.
For his part, Singh said, “I am truly excited to join Pocketful at such a pivotal stage of its growth journey,” highlighting the rising retail participation and shift towards digital investing in India. He added that the focus will be on simplifying the investing experience and enabling more informed participation in capital markets.
Pocketful offers zero brokerage on equity delivery trades, along with no account opening charges and lifetime zero annual maintenance fees, positioning itself as an accessible platform for new-age investors. It also caters to active traders with advanced tools and features such as margin trading and its in-house intelligence layer, Pocketful GPT, designed to assist with trade ideas and portfolio analysis.
The company has recently expanded into mutual funds, signalling its ambition to evolve into a full-stack investment platform. With Singh at the helm, Pocketful is looking to ride the wave of India’s growing retail investor base and sharpen its competitive edge in the crowded brokerage space.
