Vodafone Idea shares tank nearly 10%

This is not any fresh equity infusion in the company but part of contingent liability mechanism entered between Vodafone and Idea Cellular at the time of merger, wherein Vodafone Group needed to pay for adjusted gross revenue dues if the amount paid exceeded that of Idea Cellular. As reported earlier, Vodafone Idea on Tuesday paid around Rs 1, crore to the department of telecommunications DoT towards its licence fee and spectrum usage charge for the January-March quarter. Operators generally pay their licence fee and SUC to the DoT on a quarterly basis and this payment of the January-March period was supposed to be paid between March While other operators like Bharti Airtel and Reliance Jio had paid on time, Vodafone Idea had sought more time from the government citing the disruption due to coronavirus pandemic but the government did not agree to make an exception for a single operator. The payment and the dues made by Vodafone Idea on Tuesday is different than the one of AGR dues which is currently before the Supreme court but nevertheless it has dwindled its reducing cash reserves. Like us on Facebook and follow us on Twitter.

Vodafone seeks adjustment of its AGR dues against Rs 7,000 cr owed by tax dept: Report

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Vodafone, the world’s second biggest mobile phone group, said it would meet the “lower end” of its earnings guidance for the full year as its.

The prime minister can be forgiven a touch of political hyperbole. In a world transformed by telecommunications technology, India has stood out. In the s merely getting a fixed phone line required a deposit and maybe a bribe , then waiting six months, or six years. Now it takes minutes. India has 1. Prices are among the lowest in the world.

In one in 30 Indians had a phone. Now just two in 30 do not. India has more than m internet users, who shop online with Amazon or Flipkart owned by Walmart , book rides with Uber and its homespun rival, Ola, and order takeaway with Zomato. At night the darkness of poorer streets is pierced by Bollywood films or cricket matches flickering on mobile screens. Look more closely, though, and the physical foundation of this buzzing digital marketplace looks shaky.

Many of the companies that built the underlying telecommunications infrastructure are in trouble: unprofitable, indebted, overtaxed and exposed to political whims. His aim was to create a mobile network and a broad digital platform on top of it, offering services from e-commerce to video-streaming.

India Threatens to Scrap Tax Talks With Vodafone

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In October India’s Supreme Court ordered Bharti and Vodafone Idea to pay more than $10bn in charges for operations dating back to

Vodafone-Idea’s long term viability remains under cloud, despite near-term liquidity support: Report. The USD million fund infusion by British telecom giant Vodafone offers near-term liquidity support to Vodafone Idea, but longer-term viability remains under cloud, Credit Suisse has said. Vodafone 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 accelerated payment to Vodafone Idea VIL , which was otherwise due in September , was made under terms of ‘contingent liability mechanism’. The amount, however, 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, say experts. Vodafone Group on Wednesday 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.

Consequent to the decision by the Supreme Court on the definition of Adjusted Gross Revenue in October , India’s telecom operators became liable for licence fees, penalties and interest dating back over 14 years, it further said. Under the terms of the CLM contingent liability mechanism , Vodafone Group is obliged to make payments to Vodafone Idea where amounts paid pursuant to the contingent liabilities of Vodafone India exceed those of Idea Cellular.

The telecom industry is staring at massive AGR dues, it owes to the government. These dues arose after the Supreme Court, in October last year, upheld the government’s position on including revenue from non-core businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer.

Google rolls out carrier billing option to Vodafone, Airtel subscribers

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British telecom giant Vodafone Plc on Wednesday said it has advanced licence fees, penalties and interest dating back over 14 years, it further said. The CLM took effect at completion of the merger of Vodafone India and.

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.

Consequent to the decision by the Supreme Court on the definition of Adjusted Gross Revenue in October , India’s telecom operators became liable for licence fees, penalties and interest dating back over 14 years, it further said. Under the terms of the CLM contingent liability mechanism , Vodafone Group is obliged to make payments to Vodafone Idea where amounts paid pursuant to the contingent liabilities of Vodafone India exceed those of Idea Cellular.

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Vodafone Group injects Rs 1,530 crore into Vodafone Idea

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Registered in England and Wales. Number India’s top court this week dealt another blow to the country’s service providers by asking them not to carry out any self-assessment of what they owe in licensing fees and other charges under the controversial Adjusted Gross Revenue AGR ruling.

Following a decision by India’s Supreme Court, the country’s telecoms operators became liable for license fees, penalties and interest dating.

The court hearings had gone on through all of August. On September 8, , the Bombay High Court was packed to the rafters with newspaper reporters of all hues. There was a battery of lawyers representing the Government of India and telecom giant Vodafone. There were two judges who had been hearing the famous Vodafone tax case: D. Chandrachud and J. As the judgement began to be read out, there was some buoyancy in the Vodafone camp.

And then they turned their attention to the specific issue on which they were supposed to pass a judgement—that Indian tax authorities simply did not have any jurisdiction, any basis to even analyse the transaction. The match was lost on the last ball. The two people who were slugging it out—Mohan Parasaran on the side of the government and against him Harish Salve who was representing Vodafone—were both not there in the court that day. That would have to wait for another day. Perhaps no case in corporate history has evoked as much interest as the Vodafone tax case.

For all the right reasons, one might add. For the first time in the history of free India, the Indian tax authorities were going after a fat-pursed multinational that had bought a business in India. In , the Indian mobile telecom market was growing very rapidly.

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