- Birla said 2 months ago that the company will have to be closed if there is no relief in the AGR case
- AGR’s 53038 crores outstanding on Vodafone-Idea, the company paid 2500 crore
Kumar Mangalam Birla, chairman of Vodafone-Idea, in adjusted gross revenue (AGR) case, met telecom secretary Anshu Prakash on Tuesday. However, Birla did not say what was discussed in the meeting. He said that nothing can be said about it right now. Vodafone-Idea paid AGR Rs 2,500 crore to DoT on Monday. It was said to give Rs 1,000 crore by Friday. However, according to the assessment of the DoT, the company owes 53,038 crores. Vodafone-Idea appealed to the Supreme Court on Monday to stop the Department of Telecommunications from taking action. However, the court refused.
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Telecom department warned to seize bank guarantee
The Supreme Court had warned telecom companies on February 14 that contempt action would be taken if they did not deposit the AGR amount by March 17. The court had also reprimanded the Department of Telecommunications, as the department had stayed the recovery despite the Supreme Court ordering AGR recovery from telecom companies. When the court showed strictness, the department ordered the telecom companies to pay them immediately. Warned of forfeiting bank guarantee if not paid.
Risk of going to 11700 jobs if Vodafone-Idea is closed
Vodafone-Idea is the most difficult because of liability in the AGR case. Company chairman Kumar Mangalam Birla Birla had said in December that the company would have to be closed if there was no relief in payment. In such a situation, Birla’s meeting with the telecom secretary is very important. According to a report by news agency PTI, 11,700 direct and 1 lakh indirect jobs have also come under threat due to uncertainty on Vodafone-Idea.
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