AGR-hit Vodafone Concept postpones Q3 analyst name scheduled for right now; no causes given for cancellation
New Delhi: Vodafone Concept, which is looking at statutory dues of about Rs 53,000 crore, has postponed its post-earnings convention name with analysts, which was earlier scheduled for Friday.
“…further to our letter dated February 11, 2020 on results conference call scheduled for February 14, 2020. We hereby wish to inform that the aforesaid conference call has been postponed,” Vodafone Concept mentioned in a regulatory submitting.
The submitting, within the late night on Thursday, mentioned the brand new date of the decision will likely be intimated individually however didn’t give any purpose for the postponement.
The Supreme Court docket on Friday directed the highest echelons of telecom companies to clarify why contempt motion shouldn’t be taken towards them for non-compliance of its order to pay adjusted gross income of Rs 1.47 lakh crore to the telecom division.
Taking sturdy be aware of the non-compliance of its order, the highest courtroom expressed displeasure over an order handed by the Division of Telecom’s desk officer, staying the impact of its verdict within the adjusted gross income (AGR) matter.
Of the three non-public gamers working within the Indian telecom market, Vodafone Concept is taken into account to be in probably the most susceptible place.
It’s looking at dues price Rs 53,000 crore that features as much as Rs 24,729 crore of spectrum dues and one other Rs 28,309 crore in licence charge, and the corporate had earlier warned of shutdown if no aid was given.
Vodafone Concept in its earnings assertion on Thursday had additionally sounded out warnings on “material uncertainty” casting “significant doubt” on its capability to proceed as a going concern.
The corporate’s capability to proceed as a going concern is basically depending on a optimistic consequence of its modification utility within the Supreme Court docket on the AGR matter and any aid from the telecom division on funds, VIL had mentioned on Thursday.
Final week, Vodafone Chief Government Officer Nick Learn had mentioned the state of affairs in India is essential, following the AGR ruling of the Supreme Court docket. The British telecom main holds 45.39 p.c stake in VIL.
VIL had suffered staggering Rs 50,922 crore loss within the September quarter (highest ever loss posted by any Indian company), when it had made provisions for statutory dues following the Supreme Court docket’s order within the adjusted gross income matter, though its losses in December quarter stood at Rs 6,439 crore.
Rival Bharti Airtel’s liabilities added as much as almost Rs 35,586 crore, together with licence charge and spectrum utilization cost dues. However, Airtel had already mentioned that the previously-mentioned materials uncertainty on the group’s capability to proceed as a going concern “no longer exists” after the latest Rs 21,502 crore fund elevating by it.
Many of the remaining legal responsibility is with state-owned BSNL/MTNL and a number of the shut/bankrupt telecom corporations.
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