Vodafone Concept has to pay Rs 50,400 crore to the federal government in dues.
Shares of Vodafone Concept surged as a lot as 13.52 per cent to hit an intraday excessive of Rs 11.25 after a report urged that Amazon and US-based telecom firm – Verizon – have resumed talks to purchase stake within the firm. Amazon and Verizon resumed talks to purchase vital stake in Vodafone Concept for greater than $Four billion, Mint newspaper reported citing two individuals conscious of the negotiations. The talks have resumed after the Supreme Court docket’s verdict on staggered cost of presidency dues, the report added.
Earlier this week, the highest courtroom gave telecom corporations gave telecom corporations 10 years to clear their adjusted gross income (AGR) dues, thus ending the uncertainty over dues and re-payment tenure.
A 3-judge bench of the Supreme Court docket had directed the telecom corporations to pay 10 per cent of the dues by March 31 subsequent yr. It additional mentioned the 10-year timeline for cost of AGR dues will start on April 1, 2021 and the funds must be made in instalments until March 31, 2031.
Vodafone Concept has to pay Rs 50,400 crore to the federal government in licence payment, spectrum utilization expenses, curiosity and penalties and it has already paid Rs 6,854 crore.
Vodafone Concept had reported lack of Rs 25,460 crore in quarter ended June 30 from lack of Rs 4,874 crore in similar quarter final yr. The Mumbai-based telecom operator’s income from operations fell eight per cent yearly to Rs 10,659.30 crore.
As of 12:37 pm, Vodafone Concept traded 10 per cent greater at Rs 10.87, outperforming the Sensex which was down 0.2 per cent.
