A day after Vodafone Idea posted a staggering loss of Rs 50,897 crore for Q2FY20, its MD and CEO Ravinder Takkar said that it would be "very, very helpful" if the government allowed the company a generous payment plan, spread over a large period of time to pay the Adjusted Gross Revenue (AGR) dues. Reducing the rate of calculating the AGR interest would be a “significant” help, he added. In comparison, the company had posted a net loss of Rs 4,908 crore in the previous quarter, meaning that losses soared by over 10x this quarter. This is the biggest quarterly loss in India’s corporate history, according to an Economic Times report. Adding to Vodafone Idea's financial woes, its parent company, the UK-based Vodafone Group has said that it will not inject further group equity in the company. Vodafone Group did not specify for how long they would not inject equity into Vodafone Idea. Vodafone will file a review petition, might file a curative petition: During a call with the investors, Takkar said that the company is currently working on filing a review petition, challenging the Supreme Court's recent ruling on AGR. He also said that a curative petition could be filed in front of a five judge bench, which will be different from the one that gave the AGR ruling. What was SC’s verdict on AGR? Last month, the apex court had ordered telecom companies to include non-core income for calculation of Adjusted Gross Revenue (AGR), and asked them to pay Rs 92,640 crores…
News
Day after posting a Rs 50,897 cr loss, Vodafone Idea CEO calls for generous payment option for AGR dues
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
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...
Advert
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...
News
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...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...