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“Vodafone Group announces that it has accelerated a payment of $ for licence fees, penalties and interest dating back over 14 years, it further said. “Vodafone Idea has made payments to the Government of India in.
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. E-mail Password Remember Forgot password? Sign up. New member. United States. United Kingdom.
Vodafone seeks adjustment of its AGR dues against Rs 7,000 cr owed by tax dept: Report
Telecom regulator Trai has issued a show-cause notice to Vodafone Idea over the contentious priority plan, saying the offer lacks transparency, is misleading and not in compliance with regulatory principles. Telecom regulator Trai has slapped a showcause notice on Vodafone Idea Ltd over its pay-more-for-priority treatment mobile plan, saying the tariff offer “lacks transparency”, is “misleading” and not in compliance with regulatory framework.
Telecom consumer base in the country dipped to around Market players and sources within the insurance giant, however, said there were initial talks between the two, and that the government-run life insurer may look at the troubled telecom service provider to buy a large minority stake. Telecom operator Vodafone Idea on Thursday posted a massive Rs 25, crore loss for the first quarter ended June due to provisions for statutory dues.
Why Jio And Facebook Have Come Together To Build India’s First Super-App food, farming, fashion, dating, professional networking, and so forth. If Vodafone-Idea ends up shutting shop, Jio could be looking at
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Vodafone pays India unit $200 million to comply with obligations
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. Over million poor now have access to banks: Finance ministry.
October , India’s telecoms operators became liable for licence fees, penalties and interest dating back over 14 years. Vodafone Idea has.
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 injects $200 million in Vodafone Idea
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Vodafone, the world’s second biggest mobile phone group, said it would meet the “lower end” of its earnings guidance for the full year as its.
Vodafone Group has mobile operations in 23 countries, partners with mobile networks in 42 more, and fixed broadband operations in 18 markets. For more information, please visit: www. Vodafone Group Plc. Registered Office: Vodafone House. Registered in England No
Indian court says no to Vodafone claim for $629m tax refund
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.
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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.