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The Union Cabinet has approved 9 structural reforms and 5 procedure reforms for the telecom sector, geared toward giving comfort to businesses along with Vodafone Idea (Vi) that must pay thousands of crores in unprovisioned past statutory dues.
This announcement will certainly provide a cash flow relief on an interim basis to battle with the heavy impending dues.
Enterprise maintains to stay under unsustainable financial duress, amid “unsustainable pricing” and “hyper-competition” in the market.
Reliance Jio added 54.6 lakh subscribers in June as against 35.5 lakh subscribers in May, while Bharti Airtel added 38.12 subscribers in June. In May Bharti Airtel lost nearly 46 lakh subscribers.
"VIL has paid its license fee dues for first quarter 2021-22," a VIL spokesperson said in response to an email query by PTI.
Currently, the price stands at Rs. 6.35 apiece. The share touched a 52-week high of Rs 13.80 and a 52-week low of Rs 4.55 on 15 January 2021 and 05 August 2021, respectively.
The telecom operator is set to declare its Q1FY22 results tomorrow.
The petition comes after the apex court rejected telecom companies’ petition to rectify errors in the AGR dues payable by them. The new plea will be heard by the same SC bench headed by Justice LN Rao.
Chairman of the Aditya Birla Group Kumar Mangalam gave away his company stakes in the VIL to the government in the quest for the means of survival.
As shown by the Telecom Regulatory Authority of India, Vodafone had over 277.6 million wireless subscribers as of May 31.
Board of Directors of Vodafone Idea Limited in a meeting which was held today, accepted the request of Mr Kumar Mangalam Birla for stepping down as the Non-Executive Director and Non Executive Chairman of the Board with the effect from close of business hours on August 4th, 2021.
Earlier in the day, shares dropped to a 52-week low of Rs 6.03 per share. With today's fall, the shares of telecom services providers have tanked 26 per cent in two days.
The Supreme Court bench was headed by Justice L. N. Rao.
The top court is hearing the plea of telecom companies Airtel, Tata Teleservices, and Vodafone Idea asking for recomputation of AGR dues
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