Vodafone Group makes accelerated payment to Vodafone Idea under the Contingent Liability Mechanism

Vodafone Group makes accelerated payment to Vodafone Idea under the Contingent Liability Mechanism

Please refresh the page and retry. M ukesh Ambani must be not only India’s richest man but also its luckiest. How else can Vodafone and his other rivals in the country’s brutally competitive telecoms explain the way the decisions of government, the courts and regulators always seem to favour him? It is truly uncanny. Take Prime Minister Narendra Modi’s move last year to double the import duties on the billions of pounds of telecoms equipment required each year to build and maintain the mobile networks on which hundreds of millions of Indians now rely. It was another cost piled onto Vodafone’s struggling business, but at least everyone in the market would suffer.

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Shares of Vodafone Idea on Tuesday tumbled nearly 10 per cent, a day after the Supreme Court said it was not reasonable to give 15 to 20 years period for paying AGR dues by telecom companies. The apex court also said it was not a reasonable proposal that a period of 15 to 20 years be given to the telecom companies to pay AGR dues.

Telecom companies, already hit by intense competition that is hurting their earnings, are also facing increased financial stress due to AGR dues. Thank you for subscribing to our daily newsletter.

October , India’s telecom operators became liable for licence fees, penalties and interest dating back over 14 years. “Vodafone Idea has.

The report noted that Vodafone Idea’s tax refund is related to a change in the Income Tax Act in The refund due to the company from the tax department is for multiple assessment years dating back to The report added that the Aditya Birla Group and Vodafone will not infuse further capital into the company. In the absence of a relaxation on the timeline for the repayment of dues, the National Company Law Tribunal NCLT is the only option left with the telecom company.

Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol. In the absence of relaxation of timeline for repayment of dues, the National Company Law Tribunal is the only option left with the telecom company. Moneycontrol News. Moneycontrol could not independently verify the report. Vodafone seeks adjustment of its AGR dues against Rs 7, cr owed by Fed Chair paves the way for a longer era of lower interest rates.

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Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred against any community. Help us delete comments that do not follow these guidelines by marking them offensive. Let’s work together to keep the conversation civil. British telecom giant Vodafone Plc on Wednesday said it has advanced infusion of USD million about Rs 1, crore in its Indian joint venture with Aditya Birla Group, that is facing a humongous liability of past statutory dues.

The amount is relatively small when seen in the context of over Rs 58, crore liability that the cash-strapped Vodafone-Idea Ltd faces just on account of past statutory dues as a fallout of a Supreme Court decision. Vodafone Group, in a statement, said it has “accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID pandemic.

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Vodafone-Idea’s long term viability remains under cloud, despite near-term liquidity support: Report. The USD million fund infusion by British telecom giant Vodafone offers near-term liquidity support to Vodafone Idea, but longer-term viability remains under cloud, Credit Suisse has said. Vodafone has advanced infusion of USD million about Rs 1, crore in its Indian joint venture with Aditya Birla Group, that is facing a humongous liability of past statutory dues.

The accelerated payment to Vodafone Idea VIL , which was otherwise due in September , was made under terms of ‘contingent liability mechanism’. The amount, however, is relatively small when seen in the context of over Rs 58, crore liability that the cash-strapped Vodafone-Idea Ltd faces just on account of past statutory dues as a fallout of a Supreme Court decision, say experts. Vodafone Group on Wednesday said it has “accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID pandemic.

Consequent to the decision by the Supreme Court on the definition of Adjusted Gross Revenue in October , India’s telecom operators became liable for licence fees, penalties and interest dating back over 14 years, it further said. Under the terms of the CLM contingent liability mechanism , Vodafone Group is obliged to make payments to Vodafone Idea where amounts paid pursuant to the contingent liabilities of Vodafone India exceed those of Idea Cellular.

The telecom industry is staring at massive AGR dues, it owes to the government. These dues arose after the Supreme Court, in October last year, upheld the government’s position on including revenue from non-core businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer. The Department of Telecommunications DoT , as per its own submission to the apex court last month seeking relief in payment tenure, had put dues of three companies — Bharti Airtel, Vodafone Idea and Tata Group — at Rs 1.

Operators have so far only paid part of DoT-calculated dues, citing self assessment.

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The U. Following a decision by India’s Supreme Court, the country’s telecoms operators became liable for license fees, penalties and interest dating back over 14 years and Vodafone Idea has made payments to the Indian government in relation to its liabilities, Vodafone said. Under the agreement, Vodafone Group is obliged to make payments to Vodafone Idea where amounts paid pursuant to the contingent liabilities of Vodafone India exceed those of Idea Cellular.

Vodafone Idea was created through the merger of Vodafone’s Indian operations and Idea Cellular in Log in.

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The payment will also help Vodafone Idea pay statutory dues to the government. Under the terms of the contingent liability mechanism CLM , it is obliged to make payments to Vodafone Idea where amounts paid “pursuant to the contingent liabilities of Vodafone India exceed those of Idea Cellular”, Vodafone Group said. Vodafone Group’s potential exposure under this mechanism is limited to Rs 8, crore.

Vodafone Group further stated that it has accelerated this payment to support the approximately 30 crore Indian citizens who are Vodafone Idea customers as well as employees during this phase of emergency health measures, taken as a result of the COVID pandemic. Earlier this week, Vodafone Idea, a joint venture between Vodafone Group and Aditya Birla Group, paid about Rs 1, crore to the government towards licence fee and spectrum usage charges SUC payment for the March quarter this year.

Last month, the telco had paid Rs 6, crore to Department of Telecommunications DoT towards the AGR payments, or its full principal dues, as per its self-assessment. Out of the Rs 23, crore, the telecom operator estimated its principal amount to be Rs 6, crore. Settings Logout. Vodafone Group has accelerated this payment to support the approximately 30 crore Indian citizens who are Vodafone Idea customers as well as employees during this phase of emergency health measures, taken as a result of the COVID pandemic.

Vodafone Group’s potential exposure under contingent liability mechanism is Rs 8, crore.

Vodafone Idea surges 15% on $200 mn advance payment from parent company

This is not any fresh equity infusion in the company but part of contingent liability mechanism entered between Vodafone and Idea Cellular at the time of merger, wherein Vodafone Group needed to pay for adjusted gross revenue dues if the amount paid exceeded that of Idea Cellular. As reported earlier, Vodafone Idea on Tuesday paid around Rs 1, crore to the department of telecommunications DoT towards its licence fee and spectrum usage charge for the January-March quarter.

Operators generally pay their licence fee and SUC to the DoT on a quarterly basis and this payment of the January-March period was supposed to be paid between March While other operators like Bharti Airtel and Reliance Jio had paid on time, Vodafone Idea had sought more time from the government citing the disruption due to coronavirus pandemic but the government did not agree to make an exception for a single operator. The payment and the dues made by Vodafone Idea on Tuesday is different than the one of AGR dues which is currently before the Supreme court but nevertheless it has dwindled its reducing cash reserves.

British telecom giant Vodafone Plc on Wednesday said it has advanced licence fees, penalties and interest dating back over 14 years, it further said. The CLM took effect at completion of the merger of Vodafone India and.

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This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Registered in England and Wales. Number India’s top court this week dealt another blow to the country’s service providers by asking them not to carry out any self-assessment of what they owe in licensing fees and other charges under the controversial Adjusted Gross Revenue AGR ruling. See India court decision a massive blow for telcos.

The decision follows weeks of turmoil in India after the government clashed with telcos over AGR charges, which are calculated as a percentage of revenues. Authorities say non-telecom revenues should be included in those calculations, landing Bharti Airtel and Vodafone Idea, two of the big three players, with a huge bill in unpaid fees dating back years.

Vodafone Group infuses Rs 1,530 crore into Vodafone Idea

This is a list of mobile network and satellite phone network operators measured by number of subscriptions. For a more comprehensive list of mobile phone operators, see Mobile country codes. This is a list of the world’s thirty largest terrestrial mobile phone network operators measured by number of subscriptions.

India’s telecoms operators became liable for licence fees, penalties and interest dating back over 14 years. Vodafone Plc on Wednesday.

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