Update: The Economic Times has reported that Aircel, along with its units-Aircel Cellular and Dishnet Wireless, has filed for bankruptcy in the National Companies Law Tribunal in Mumbai on Wednesday. "Post detailed discussions with the financial lenders and shareholders, the company could not reach consensus with respect to restructuring of its debt and funding," Aircel reportedly said in a statement. The Telecom Regulatory Authority of India (TRAI) has directed Aircel to issue additional unique porting codes to allow its subscribers the facility to switch service providers. Earlier: Telecom company Aircel is reportedly set to file for bankruptcy at the National Company Law Tribunal (NCLT) and its board has been dissolved ahead of the move. This development has been reported by the Economic Times. The impending bankruptcy and the upcoming merger between Vodafone and Idea will mean that the mobile telecom business in the country could be left with only 3 major private players. Aircel's Malaysian parent company Maxis had earlier proposed a cash infusion to support the debt-laden company but has pulled the plug, the ET report says quoting an anonymous source. In January, Aircel had tried to enter a strategic debt restructuring (SDR) process where lenders led by State Bank of India agreed to take shares in Aircel to replace their loans and recover their dues in an eventual sale of assets of the company. “There is no cash to run the business and no visibility to free any more up,” an individual familiar to the matter told ET, adding…
- Why did the Delhi High Court restrict use of Amitabh Bachchan’s image and voice? November 25, 2022
- Why did an Indian exchange, CoinDCX, publish its Proof of Reserves days after releasing its R2L ratio? November 25, 2022
- DPDP Bill, 2022 Has Received Good Response From Stakeholders: MeitY’s Ashwini Vaishnaw November 25, 2022
- Twitter Blocks Tweet of CJ Werleman’s YouTube Show Discussing Police Violence Against Indian Muslims November 25, 2022
- Unique Identification Authority of India (UIDAI) says verify Aadhaar as ID proof using QR November 25, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...