by Harish Gupta, National Editor, Lokmat Group
Govt. makes Last ditch efforts to save Voda-Idea
Harish Gupta
New Delhi, Feb 17
Efforts at the highest level in the government are being made to convince the Vodafone-Idea telecom company not to declare bankruptcy before the NCLT.
Vodafone-Idea has made it clear it is unable cough up Rs 53000 crores old dues of AGR and can pay only in 15 to 20 equal installments. Accordingly, it deposited Rs 2500 crores as first tranche. The Bharti Airtel owes Rs 35000 crores and willing pay in installments running into ten year without penalty & interest. It deposited Rs 10000 crores. The Tata Group has also made part payment of over Rs 2,190 crore to the telecom department towards statutory dues.
The government is making serious efforts to save the sector which is facing huge financial crisis. The Prime Minister, Narendra Modi had summoned the Telecom Minister Ravi Shankar Prasad to update himself of the consequences of a British telecom company winding up its operations in view of huge liability slapped at the company. Prasad briefed the PM last week. Unconfirmed reports also suggest that Prasad paid a courtesy call on Justice Arun Mishra on Sunday last who headed the Supreme Court bench which had strongly rebuked temecom companies for not paying dues running into over Rs one lakh crores. Both had also bumped into each other at the marriage reception of son of late Arun Jaitley on Saturday last. What transpired between them is not known.
But Vodafone-Idea has made it clear that if the SC doesn't grant relief on March 17, it will knock at the doors of National Company Law Tribunal (NCLT) and go for insolvency..
The operations of Vodafone-Idea had been taken over by the Aditya Birla group's Idea and holds 45% equity. But the company says it has no monies to pay and would prefer to shut shop. Aditya Birla was in the city last week and held prolonged parleys with his legal team headed by noted lawyer & former Attorney General of India Mukul Rohtagi.
Ends
