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Central Government converting Rs 16000 crore: All India Trade Union Congress

That will leave the Central Government with 35.8 per cent shares of Vi; and Vodafone Idea holding 28.5 per cent shares (down from 45 per cent)

Statesman News Service | New Delhi |

The All India Trade Union Congress (AITUC) today described as shocking reports that the Central Government had decided to convert Rs 16000 crore interest dues from Vi (Vodafone Idea) into equity shares.

That will leave the Central Government with 35.8 per cent shares of Vi; and Vodafone Idea holding 28.5 per cent shares (down from 45 per cent), AITUC said.

In a statement, AITUC asked “why buy shares of a bankrupt company when the Government swears by the philosophy the government has no business to be in business?” The company has a huge debt liability that will come to the Government, the Union said.

AITUC said “the Government has no right to go about waiving off taxes like this when multitude of our people are reeling under pathetic living conditions. We demand that the Government simply withdraw this anti-people step.”