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Please refresh the page and retry. M ukesh Ambani must be not only India’s richest man but also its luckiest. How else can Vodafone and his other rivals in the country’s brutally competitive telecoms explain the way the decisions of government, the courts and regulators always seem to favour him? It is truly uncanny. Take Prime Minister Narendra Modi’s move last year to double the import duties on the billions of pounds of telecoms equipment required each year to build and maintain the mobile networks on which hundreds of millions of Indians now rely. It was another cost piled onto Vodafone’s struggling business, but at least everyone in the market would suffer. By sheer chance, Ambani’s mobile operator, Jio, buys its gear from Samsung in Korea. Under a trade deal signed by the Indian government three months earlier, Korean telecoms equipment would be exempt from the new tax rates.
Vodafone Group makes accelerated payment to Vodafone Idea under the Contingent Liability Mechanism
Telecom regulator Trai has issued a show-cause notice to Vodafone Idea over the contentious priority plan, saying the offer lacks transparency, is misleading and not in compliance with regulatory principles. Telecom regulator Trai has slapped a showcause notice on Vodafone Idea Ltd over its pay-more-for-priority treatment mobile plan, saying the tariff offer “lacks transparency”, is “misleading” and not in compliance with regulatory framework. Telecom consumer base in the country dipped to around Market players and sources within the insurance giant, however, said there were initial talks between the two, and that the government-run life insurer may look at the troubled telecom service provider to buy a large minority stake.
Telecom operator Vodafone Idea on Thursday posted a massive Rs 25, crore loss for the first quarter ended June due to provisions for statutory dues.
In October India’s Supreme Court ordered Bharti and Vodafone Idea to pay more than $10bn in charges for operations dating back to
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Vodafone pays India unit $200 million to comply with obligations
Vodafone’s hopes of expanding its presence in the Indian mobile phone market took a fresh knock yesterday after the billionaire Hinduja family entered the auction for the country’s fourth-biggest network operator. The auction began last month after Hutchison Whampoa, the Hong Kong-based conglomerate controlled by Li Ka-Shing, said it planned to sell its 67 per cent shareholding in the mobile network. Aside from the Hindujas, the Indian family at the centre of the passport scandal which cost Peter Mandelson his job as Northern Ireland Secretary, two other Indian bidders have declared their interest in Hutchison Essar.
These are Essar itself, which owns the remaining 33 per cent, and Reliance, which operates India’s third biggest mobile network.
The USD million fund infusion by British telecom giant Vodafone fees, penalties and interest dating back over 14 years, it further said.
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Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred against any community. Help us delete comments that do not follow these guidelines by marking them offensive. Let’s work together to keep the conversation civil. British telecom giant Vodafone Plc on Wednesday said it has advanced infusion of USD million about Rs 1, crore in its Indian joint venture with Aditya Birla Group, that is facing a humongous liability of past statutory dues.
The amount is relatively small when seen in the context of over Rs 58, crore liability that the cash-strapped Vodafone-Idea Ltd faces just on account of past statutory dues as a fallout of a Supreme Court decision. Vodafone Group, in a statement, said it has “accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID pandemic.
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The payment will also help Vodafone Idea pay statutory dues to the government. Under the terms of the contingent liability mechanism CLM , it is obliged to make payments to Vodafone Idea where amounts paid “pursuant to the contingent liabilities of Vodafone India exceed those of Idea Cellular”, Vodafone Group said. Vodafone Group’s potential exposure under this mechanism is limited to Rs 8, crore.
Vodafone Group further stated that it has accelerated this payment to support the approximately 30 crore Indian citizens who are Vodafone Idea customers as well as employees during this phase of emergency health measures, taken as a result of the COVID pandemic. Earlier this week, Vodafone Idea, a joint venture between Vodafone Group and Aditya Birla Group, paid about Rs 1, crore to the government towards licence fee and spectrum usage charges SUC payment for the March quarter this year.
Last month, the telco had paid Rs 6, crore to Department of Telecommunications DoT towards the AGR payments, or its full principal dues, as per its self-assessment. Out of the Rs 23, crore, the telecom operator estimated its principal amount to be Rs 6, crore. Settings Logout. Vodafone Group has accelerated this payment to support the approximately 30 crore Indian citizens who are Vodafone Idea customers as well as employees during this phase of emergency health measures, taken as a result of the COVID pandemic.
Vodafone Group’s potential exposure under contingent liability mechanism is Rs 8, crore.
On Thursday, shares of Vodafone Idea jumped as much as 15 percent to an intraday high of Rs 4. This payment under the terms of the contingent liability mechanism was due in September In a statement to the exchanges, Vodafone Group Plc, the UK-based parent of Vodafone Idea, said “Vodafone Group has accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID pandemic.
Vodafone’s hopes of expanding its presence in the Indian mobile phone market took a fresh knock yesterday after the billionaire Hinduja family.
We have extensive experience in connectivity, convergence and the Internet of Things, as well as championing mobile financial services and digital transformation in emerging markets. Vodafone Group has mobile operations in 23 countries, partners with mobile networks in 42 more, and fixed broadband operations in 18 markets. For more information, please visit: www. Vodafone Group Plc. Registered Office: Vodafone House.
Vodafone’s tough passage through India will end badly
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The report noted that Vodafone Idea’s tax refund is related to a change in the Income Tax Act in The refund due to the company from the tax department is for multiple assessment years dating back to The report added that the Aditya Birla Group and Vodafone will not infuse further capital into the company. In the absence of a relaxation on the timeline for the repayment of dues, the National Company Law Tribunal NCLT is the only option left with the telecom company. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.
In the absence of relaxation of timeline for repayment of dues, the National Company Law Tribunal is the only option left with the telecom company. Moneycontrol News. Moneycontrol could not independently verify the report. Vodafone seeks adjustment of its AGR dues against Rs 7, cr owed by