New Delhi: Lalit Modi’s is out- at least for now. On Monday The Board of Control for Cricket in India announced it had suspended the IPL chairman. Modi faces a chargesheet that alleges irregularities in several bids connected with the IPL.
The BCCI also announced Modi’s temporary replacement. Chirayu Amin took over as the interim chairman of the IPL. Amin is president of the Baroda Cricket Association.
Bharti Airtel is feeling the pinch from tariff wars but says its poor fourth quarter numbers have other reasons. The company’s net profit was worse than expected, falling 8% to a little more than Rs2,000 crore. That’s despite sales going up 2% to around Rs10,000 crore. Bharti said the fall in profits was because of a one-time acquisition and taxes from foreign exchange transactions.
In recent times Bharti has been hit by a price war that has sent call rates plummeting. While it added 8.7 million new subscribers during the quarter, its average revenue per user fell 4.3%. The company’s new focus appears to be the more profitable telemedia operations like broadband and data services. Bharti’s average revenue per user or ARPU from telemedia stood at Rs950 for the quarter. ARPU from simple mobile services was just Rs220.
New twists this week in the battle over Ulips between market regulator Sebi and insurance regulator Irda. On Thursday Sebi moved the Supreme Court on its own, leaving Irda out. Sebi’s petition sought a transfer of two cases currently in the Bombay and Allahabad high courts. Those cases name IRDA and the government as respondents. Sebi’s move came as a surprise because two regulators had earlier agreed to jointly take their dispute to the Supreme Court.
But that wasn’t the end of it. On Friday the Supreme Court took the next step, issuing notices to the government, Irda and fourteen life insurers. Supreme Court notices usually require that the recipients reply to the questions in the case. The court will hold its next hearing on the case on 8 July.