Briefly Business

The government-appointed special auditor,looking into books of telecom firm Bharti Airtel for alleged under-payment of licence fee,is understood to have submitted its report to the Department of Telecom.

Spl auditor submits report on Bharti Airtel

New Delhi: The government-appointed special auditor,looking into books of telecom firm Bharti Airtel for alleged under-payment of licence fee,is understood to have submitted its report to the Department of Telecom. Sources in the know confirmed that the auditors,who probed if the company had shown more revenue under heads that attract lower licence fee,has been submitted but declined to divulge details about the findings. A similar audit has been ordered on Vodafone-Essar,Tata Teleservices,Idea Cellular and RCom.

Compensate PSU oil retailers: OilMin

New Delhi: After Finance Minister Pranab Mukherjee altered duties on auto fuels to raise revenues,the Oil Ministry is pressing for new ways to compensate state-owned retailers for losses they suffer on selling fuel below the cost price. Oil Secretary S Sundareshan said maintaining the financial health of retailers IOC,HPCL and BPCL,who currently incur a Rs 190 crore-loss per day on sale of petrol,diesel,LPG and kerosene below cost,was important to ensure supply lines dont run dry and investments are made for expansion.

BoA to consider SEZ proposals on Apr 9

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New Delhi: The Board of Approval (BoA),the nodal agency under the commerce ministry for SEZ related issues,will consider fresh applications for setting up of tax-free zones on April 9. … the (meeting of) BoA (which will) consider proposals for setting up of special economic zones (SEZs) and other miscellaneous requests,is scheduled to be held on April 9, a commerce ministry official said,adding this would be the first meeting of the BoA in the next financial year (2010-11).

DQE IPO subscribed nearly 86 times

New Delhi: Animation and gaming firm DQ Entertainment IPO got subscribed nearly 86 times at the end of last day of the issue on Wednesday. The Rs 128-crore initial public offer received total bids for over 113.37 crore shares against 1.32 crore equities on offer for public,thus getting subscribed 85.78 times,the National Stock Exchange data showed.

Hero Group to invest in residential project

New Delhi: Munjal family-promoted Hero Group is investing around Rs 500 crore over the next two-three years in a residential project in Haridwar,a top official of a group company said on Wednesday. We have already completed three industrial projects in Haridwar and now we are also setting up a 50-acre residential project, Hero Corporate Services chairman Sunil Kant Munjal said.

BPTP plans Rs 1,500 cr IPO early next fiscal

Mumbai: Real estate developer BPTP Ltd on Wednesday said it plans to raise around Rs 1,500 crore through an Initial Public Offer by early 2010-11. We have applied to Sebi for approval. We hope to launch our IPO of Rs 1,500 crore early next fiscal, BPTP MD Kabul Chawla said.