As per the Supreme Court order, the pending charge of AGR is Rs. Vodafone Idea may be forced to file bankruptcy notice in the event of a loss of Tk 1.5 crore.
Economists say Vodafone and Aditya Birla Group will likely shake and quake in Indian telecom market and stock market
However, if Vodafone Idea is legal in avoiding contempt of court cases, NCLT is likely to file bankruptcy notice.
Vodafone Idea, a UK-based company, has said on a stock exchange that it will soon raise its AGR balance by Rs 1.5 crore. Vodafone, however, did not say how much it should pay.
In a stock exchange filing, Vodafone Idea stated, “We will provide telecommunications companies a share of revenue in the next few days, but we continue to do business in India.
However, the Supreme Court directed telecommunication companies to pay their AGR balances before the March 5 hearing and all telecommunications chiefs should come to court.
However, as of December last year, Vodafone had about Rs 12,530 crore in cash and cash payments. Since this amount is one-fourth of what Vodafone needs to pay the AGR balance, it is unclear what action Vodafone will take in the coming days.
Meanwhile, opposition parties have alleged that the Modi government has taken the path of flexibility in telecommunications companies Bharti Airtel, Vodafone Idea and Tata Tele Services.
Opposition parties have accused the central government of slowing down the process because these three telecommunications companies are so important in granting electoral funding to the BJP.
As per the results of the 2017-18 elections, the Prudential Eldorel Trust (Rs. 154.30 crore) is 38 per cent of the grant given to the BJP. The General Electric Trust (Tk 12.5 crore) comes through two large companies through
According to media reports, between January 1, 2018 and March 31, 2018, the BJP received a grant of Tk 1,000.
Bharti Airtel, DLF and Hero Group have jointly donated Tk 67 billion to the Prudential Electoral Trust. Congress has been given Rs 1 crore.
Aditya Birla General Electoral Trust has donated Rs 20 crore to the BJP and Rs 2 crore to the Congress.