Vodafone Idea chairman Kumar Mangalam Birla met the telecom secretary Anshu Prakash after the company’s stock gained momentum. On the other hand, Vodafone Idea has paid Rs 1000 crore to telecom Department towards the statutory dues for adjusted gross income (AGR) arrears, after which company’s stock also show a boom on Thursday. Earlier on 17 February 2020, the company had deposited Rs 2,500 crore to DoT as a part of payment of dues.
Now Vodafone Idea owes Rs 49,538 crore, whereas earlier this amount was Rs 53,038 crore. Also, sources in the Department of Telecommunications have told that Tata Teleservices has also been sent a notice to pay the entire dues in one to two days.
After the payment, the stock of Vodafone Idea saw an increase. At 2:05 pm, the company’s stock was at 4.35 after gaining 3.57 per cent, while it closed at 4.20 on the previous trading day. After the Supreme Court rebuke on Monday, Bharti Airtel had deposited Rs 10,000 crore from the AGR dues to the government. After this, Vodafone Idea and Tata Teleservices had deposited Rs 2,500 crore and Rs 2,190 crore respectively.
Vodafone Idea had proposed to pay the statutory dues of AGR, which was turned down by the Supreme Court. Vodafone Idea had said that the future of business would depend on the outcome of the petition filed for amendment in the Supreme Court’s decision.
Telecom companies owed Rs 1.47 lakh crore
In October last year, the Supreme Court had directed telecom companies to deposit the outstanding of Rs 92,000 crore within 90 days. The companies owed about Rs 1.47 lakh crore including AGR and interest. On January 16, the court rejected the review petition filed by the companies. Further, Supreme Court said that whether there is anything called law in this country? Should we close the Supreme Court? The bench summoned the CMD and MD of these telecom companies and said clearly, you ware having a last chance to follow the court order otherwise be ready to bear the consequences if they fail.