SC dismisses pleas of Vodafone, Airtel, Tata seeking dues waiver
Further, the Supreme Court refused to come in the way of the government wanting to help the telecom companies.
Further, the Supreme Court refused to come in the way of the government wanting to help the telecom companies.
Coming as a relief for the debt-ridden Vodafone Idea, the company’s board has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore.
British telecom company Vodafone has confirmed it is holding discussions with Hong Kong conglomerate CK Hutchison, owner of rival telecoms group Three, to combine their businesses in the UK.
Four rounds under the hammer of the 5G spectrum auction were finished on Tuesday, which saw telecom operators - Reliance Jio, Adani Group, Bharti Airtel, and Vodafone Idea bid for the spectrum.
As per official sources, the mobile SIM of a customer was damaged and he applied for a duplicate. However, his SIM was issued to another customer without any verification by the telecom player, and this individual managed to withdraw Rs 68 lakh from the first customer's account as the mobile SIM was connected with his overdraft facility.
The refund was approved but the refund was not issued due to an error while reading by CPC-ITR. A complaint was lodged for the same by the IT Department.
In April 2018, Bharti Airtel, Idea Cellular, and Vodafone Group had announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China.
Vodafone Idea lost 49.56 lakh subscribers in August, bringing down its subscriber base to 37.50 crore. Whereas the country's third-largest telecom operator, Bharti Airtel, witnessed 5.61 lakh customers exiting its network.
The loss to the small investors on this account for rights subscribed is Rs 2,014.85, while for the rights not subscribed it is Rs 2,105 which translates into a per-share loss of Rs 6.15 for rights subscribed, and Rs 21.05 for rights not subscribed.
The entities will now approach Registrar of Companies (RoC) for stipulated filings for approval, completing the last leg of formalities.
