Anvita Bansal gives your your daily dose of the top stories from India. Tune in for more.
A bench headed by Justice Arun Mishra declined to accept the proposal given by senior advocate Mukul Rohatgi, appearing for Vodafone, after he mentioned the matter.
Anvita Bansal gives you your daily dose of the top news stories from India and around the world.
Vodafone also confirmed that prepaid customers wouldn’t be affected by the announcement. All prepaid products will be offered under both Vodafone and Idea brands across all circles through all retail and digital channels.
"We have now decided, as a result of the EU (recommendations) and the UK government's decision, to take out Huawei equipment from the core," Vodafone CEO Nick Read said in a conference call on its third quarter.
This formula of easier payment schedule to meet statutory obligations would offer the much-needed reprieve to telcos such as Bharti Airtel and Vodafone Idea, whose combined liabilities after the recent SC verdict run into billions of dollars, according to the Cellular Operators' Association of India (COAI).
The non-binding deal values Vodafone Egypt at $4.4 billion and the two companies have agreed a arrangement over the long-term use of the Vodafone brand and other services in Egypt.
While Bharti Airtel and Vodafone Idea did not pay the dues, billionaire Mukesh Ambani-led Reliance Jio paid Rs 195 crore to clear all outstanding against it, official sources said.
The apex court had earlier set January 23 as the deadline for the companies to pay their AGR dues.
Following the cancellation of the CoA, the company cannot transact the business of issuance and operation of prepaid payment instruments, the central bank said.
The apex court's ruling will also have significant repercussions for India's banking sector as well as the country's broader economic outlook, it added.
Vodafone is also giving customers who opt for any one of these plans free ZEE5 (Worth Rs 999) and Vodafone Play subscriptions.
After the Supreme Court's ruling on the adjusted gross revenues (AGR) that created a liability of Rs 1.4 lakh crore for telecom firms, Vodafone's global leadership had cast doubts over the future of the company in India.
Telecom operator Vodafone Idea on December 1 said it will charge 6 paise per minute for every outgoing call made by customers to the network of other operators.
The review petitions challenge the inclusion of notional incomes as a part of AGR
In broadband connectivity, Jio leads the pack with 35.6 crore users, followed by Bharti Airtel at 12.8 crore subscribers and Vodafone Idea at 11.2 crore.
According to a release, the plan to raise these tariffs sought to comply with the regulatory regime.
"I want no company to shut operations. I want everyone to be up and running. We want the economy to have good number of companies in business and flourish in their business." said Sitharaman
Gross debt on Vodafone Idea as of September 30, 2019 was Rs 1,17,300 crore including deferred spectrum payment obligations of Rs 89,170 crore to the government .
Moneycontrol's Jerome Anthony talks to Corporate Bureau Chief Prince Thomas to find out the top developments in the corporate world.
In a post-earnings investor call, Vodafone Idea CEO Ravinder Takkar said the company has been engaging "very positively" with the government and that its discussions on telecom stress began even before the AGR ruling was pronounced by the Supreme Court.
CEO Nick Read has blamed the media for distorting his remarks
Vodafone CEO Nick Read has called the situation “critical"
Bharti Airtel had, last month, told the exchange that it has deferred the September quarter result announcement till November 14, due to the adjusted gross revenue (AGR) issue.