Telecom

Vodafone Idea to Pay AGR Dues in Next Few Days, Informs Exchange

Vodafone Idea is currently assessing AGR dues and will pay this in the next few days, the company said in an exchange file.

“We would like to know that after yesterday’s hearing, the company received letters from the Ministry of Communications (DOT) to direct prompt payment,” Vodafone Idea said in an organizational file.

“The company proposes to pay the amount assessed in the next few days. As shown in the financial statements of the company for the quarter ended December 31, 2019, the company’s ability to continue as a going concern depends mainly on the positive outcome of the request to amend the supplementary order.”

The company is currently assessing how much you will be able to pay into DoT, and it is proposing to pay the amount assessed in the next few days, according to Vodafone Idea.

Although the company said that it would pay, but the fact that the company has mentioned again the company’s ability to continue as a continuous establishment depends mainly on the positive outcome of applying the amendment to the supplementary order, but it raises doubts about its long-term ability to bear due to heavy losses and the payment of these sums Big dues.

The company has not disclosed its plans to raise funds and the amount they will pay. This comes after the Supreme Court on Friday criticized mobile operators and the Department of Communications (DoT) for failing to comply with its ruling, which required telecom companies to pay the adjusted gross revenue receivables (AGR) of more than Rs. 1 lakh crore to the Department of Transport by January 23.

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This came as a new blow to Vodafone Idea, and raised doubts about its continuation as a continuing facility. According to DoT calculations, Airtel has to pay Rs. 35,500 crores, Tata Teleservices should be paid Rs. 14,000 crores and Vodafone Idea charges are Rs. 53,000 crores.

Airtel informed DoT on Friday that it will deposit Rs. 10,000 crores by February 20 and the rest before the next session on March 17. But much of the focus is on Vodafone Idea as a very weak financial position with the latest losses in the third quarter to Rs. 6000 crores, Rs. 1.20 crore, debt base, revenue and customer base. Its president K.M. Birla has made it clear several times that if she doesn’t get any relief from the government, she will have to consider closing operations. Parent of VIL – UK-based Vodafone has already ruled out any stock injection into VIL.

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