Vi pays 10% of Q4 licence fee dues, seeks time till July 31 to clear balance
Vodafone Idea (Vi) has asked the Indian government for more time to pay its licence fee dues for the March quarter, proposing to pay just 10% now and the balance of 90% over the next four months. The firm said it was struggling financially, but insisted that it had paid all statutory dues until the end of the previous quarter. The request for extra time follows the government's conversion of some of Vi's accrued interest towards AGRs into equity earlier this year. Key Points
Economic TimesVoda Idea may get more time to pay Q1 licence & spectrum fees
Vi has not made the full payment of levies for the past three quarters but has been clearing dues regularly on the extended timeline granted by the department. The company paid INR77 crore for the licence fee against INR770 crore due in the April-June quarter. Key Points
Economic TimesSpiceJet's offer to settle unpaid dues not good enough, lessor tells India tribunal
The Ireland-based lessor earlier this month sought to initiate bankruptcy proceedings against SpiceJet over non payment of lease rentals and other dues. The airline owes Aircastle around 500 million rupees ($6 million), a lawyer present at the hearing told Reuters. Key Points
Economic TimesVodafone Idea pays Rs 300 crore of old dues to Indus Towers
Prior to the latest Rs 300 crore payment, Vis past dues to Indus were estimated upwards of Rs 10,000 crore as per industry estimates. Indus leadership, though, remained non-committal on dividend payouts amid improved collections from Vi, saying any board decision could be taken only by end-FY24, post-evaluation of collection trends and its impact on the tower companys free cash flow (FCF) situation. Key Points
Economic TimesSC asks new owners of Jet Airways how much they paid towards PF, gratuity dues of employees
The Supreme Court has raised questions regarding the payment of dues owed to former employees of Jet Airways by the Jalan-Kalrock consortium, the new owners of the financially troubled airline. During the hearing of various petitions, including one filed by the Jet Aircraft Maintenance Engineers Welfare Association, the apex court sought information on the amount paid towards provident fund and gratuity. Key Points
Economic Times
Noida: UP industry commissioner directs three authorities to go digital to offer hassle-free services
In Noida, there are approximately 80,000 individual property allottees, 400 group housing allottees, around 12,000 industrial plots, and other category allottees. In Greater Noida, the number of allottees is around 60,000, including individuals and others. Yeida has at least 30,000 property allottees Key Points
Hindustan TimesWaste collection affected for third consecutive day in Gurugram
Garbage collection in Gurugram was severely affected for the third consecutive day due to non-payment of dues to the waste collection concessionaire. The private firm responsible for waste management has refused to collect garbage until their pending dues worth ?48 crore ($7 million) are cleared. The Municipal Corporation of Gurugram is planning alternative waste collection plans to ensure clean city roads. Key Points
Hindustan TimesDiscoms' dues down by a third to Rs 93,000 crore in less than a year of enforcing Late Payment Surcharge R
The outstanding dues of electricity distribution utilities (discoms) have decreased by one-third to around Rs 93,000 crore in less than a year since the implementation of the Late Payment Surcharge (LPS) Rules in June 2022. The LPS scheme has led to financial discipline among discoms, ensuring that outstanding dues and current bills are paid in time. Strict implementation of the LPS Rules can make the power sector more viable, and non-payment of current dues can result in the regulation of power supply. The power ministry has also made it mandatory for discoms to open credit letters or make timely payments for power supply to ensure financial discipline. Key Points
Economic TimesNo progress made in Vodafone Idea funding talks with US' DFC, says DoT
The Department of Telecommunications (DoT) has criticized Vodafone Idea (Vi) for failing to secure funding from the US International Development Finance Corporation (DFC) for the deployment of Open-RAN and related technologies. Vi had previously assured the DoT that it would secure this funding four months ago. The government is the biggest shareholder in the cash-strapped carrier. Key Points
Economic TimesWill pay 2.1 million Nrega workers soon: Mamata Banerjee
West Bengal CM Mamata Banerjee announced that her government will clear the dues of 2.1 million workers under MGNREGA by February 21. The MGNREGA dues in the state amount to Rs 6,913 crore. Banerjee led a protest against the central government's delay in releasing wages and financial help under MGNREGA and PM Awas Yojana scheme. She assured that the wages of 21 lakh workers will be transferred to their bank accounts by February 21. Banerjee also mentioned planning for the prospective beneficiaries of the PM Awas Yojana scheme after the budget session. Key Points
Economic Times
Vi now seeks time till Dec to clear its statutory dues
Vodafone Idea has requested an extension until the end of December to clear all of its outstanding statutory dues citing liquidity issues and slower fundraising. In a reply to the Department of Telecommunications input, Vodafone Idea said it hopes to secure cash from banks and third party investors in the near future, and its promoters are committed to supporting the business. Key Points
Economic TimesTDSAT directs DoT to adjust excess Rs 755.52 cr collected from Voda Idea towards statutory dues
“…we hereby direct the respondent (read: Government of India) to adjust Rs 755.52 crore towards liability of this petitioner (read: Vi) for licence fee and towards spectrum usage charges (SUC) within 15 days from today,” the Telecom Disputes Settlement & Appellate Tribunal (TDSAT) said in an order, dated December 15, 2023. Key Points
Economic TimesVodafone Idea plans to clear about Rs 2,400 cr dues by September
Vodafone Idea plans to clear about Rs 2,400 crore of dues to the government by September, sources privy to the development said. Vodafone Idea had to pay a licence fee of around Rs 770 crore by July and Rs 1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year. Key Points
Economic TimesNon-payment of dues: Adani Group arm begins power disconnection drive in Mumbai locality
Mumbai, Jun 14 (PTI) Adani Electricity Mumbai (AEML) on Friday said it has begun a power disconnection drive against 1,100 residents of suburban Chembur’s Siddharth Colony over non-payment of dues. Nearly 100 customers with unpaid dues faced action on Wednesday, the power utility said in a statement on Friday. In a statement, the Adani Group […] Key Points
ThePrintIndian businesses fear higher taxes over unsettled dues to small vendors as March 31 deadline inches close
Indian businesses are facing a higher tax outgo due to a new law that requires them to clear outstanding dues to small and micro vendors within 45 days. The law, passed in 2023 and unchanged in the 2024 budget, treats incurred expenditures as income on which tax must be paid for FY 24-25. Many businesses are consulting auditors and tax experts to estimate the extent of the impact and find ways to avoid a tax blow. Some small units are even considering surrendering their 'small and micro' registrations to protect their order books. Key Points
Economic Times
Mumbai-based business couple Harihara and Preeti Mahapatra to invest Rs 1,100 crore in SpiceJet
The airline said it will use the aforementioned Rs 2,241.5 crore to pay statutory obligations such as Tax Deducted at Source (TDS), Goods and Services Tax (GST), Provident Fund (PF), etc.; settle past dues with creditors; unground its grounded planes and acquire new aircraft; pay for aviation turbine fuel; pay salaries to employees; and for general corporate purposes. Key Points
Economic TimesAsked to pay bribe to get dues cleared, TN JCB owner attempts self-immolation inside municipal office
A JCB owner, who approached the municipal authorities to get his dues cleared, was asked to pay a bribe of Rs 25,000. This angered him and he poured petrol on himself inside Koothanallur municipal office in Tamil Nadu. Key Points
India TodayBSNL AGR dues payment: DoT seeks ₹33.1k cr
The increased amount is towards the payment of AGR dues to BSNL, which is a part of its revival package. The Department had proposed an amount of ₹33,111.00 crore for the AGR dues. The payment will be made once BSNL claims the amount and is most likely to happen in the first quarter of FY24, the DoT informed in a written reply to the panel. Key Points
Economic TimesPay arrears to pensioners, gallantry winners of armed forces; SC gives deadline to Centre
Eligible pensioners above 70 years must be paid by June 30. Check other deadlines given by the Supreme Court. Key Points
mintTaarak Mehta producer Asit Modi says Shailesh Lodha quit over ‘minor tiff’; actor says will respond with ‘all documents’
Actor Shailesh Lodha had claimed his dues hadn't been cleared by the Taarak Mehta Ka Ooltah Chashmah team. The actor had quit the show last year and was replaced by Sachin Shroff. Key Points
The Indian Express
Reliance, Lightrock representatives exit Dunzo board amid legal notices, pending dues
Quick commerce startup Dunzo has experienced several board of directors exits over the past two months, reportedly due to cash-flow issues and pending dues. The exits are said to be temporary, with board members potentially returning after a planned funding round and dues are resolved. Key Points
Economic TimesSunny Deol’s Juhu bungalow auction: Gadar 2 star approached the bank to settle dues, says BoB
Sunny Deol Juhu villa auction: The bank’s statement comes after it issued a corrigendum on Monday morning withdrawing its e-auction notice. Bank of Baroda had cited “technical reasons” behind the withdrawal of the auction notice. Key Points
Business TodaySpectre of retrospective taxation hangs again: EAC-PM member on mining royalty verdict
The Supreme Court's July 25 verdict permitted states to collect past royalties and taxes on mining since April 2005, causing concerns over retrospective taxation. The judgement directs the Centre and mining companies to pay arrears, estimated between Rs 1.5-2 lakh crore, over a 12-year period. The decision has significant financial implications. Key Points
Economic TimesVodafone UK may offer Rs 2,000 crore equity topup to Vi
Vi may also make more substantial payments to Indus towards cutting its dues after the telco raises debt of ₹23,000-25,000 crore through term loans as planned, analysts added. After the recent sale of its 18% stake in Indus, UK's Vodafone holds 3.1% of the tower company and is said to be in talks with Bharti Airtel to sell these shares, people familiar said. Key Points
Economic TimesI-T recovers ₹73,500 cr in pending bills
The income tax department has recovered ₹73,500 crore of pending dues in the current financial year up to March 15, with corporate tax dues amounting to ₹56,000 crore, personal income tax at ₹16,500 crore, and undisclosed income from foreign assets at ₹50 crore. The recovery is part of a targeted plan to increase collection of outstanding tax arrears. The department has seen an improvement in recovery efficiency, with efforts including using technology to track defaulters and setting zone-wise targets for field formations. Key Points
Economic Times
Rules amended to push sale of surplus power on bourses
Amendments have also been made to align the rules with statutory provisions related to accessing the national power grid. The rules lay that if outstanding dues are paid, the regulation of access will end and need to be restored within a day after the payment. Key Points
Economic TimesOne month before IPL, Sawai Man Singh Stadium and RCA office sealed by Rajasthan Sports Council
The Rajasthan Sports Council has sealed the Sawai Man Singh Stadium, the venue to host Indian Premier League matches, one month before the event. The council claims that the state cricket body failed to fulfill its liabilities, including payment of dues. The Rajasthan Cricket Association's office and academy were also sealed, along with the stadium. Key Points
Economic TimesTMC slams CAG, calls fund-blocking ‘fiscal terrorism’
India News: Trinamool Congress accuses BJP-led NDA government of blocking funds for Bengal, labeling it as 'fiscal federal terrorism'. TMC highlights the significance of CM Mamata Banerjee's announcement regarding the clearance of dues for NREGS workers. Key Points
Times Of IndiaCBIC extends GST dues recovery date
The deadline for tax officials to recover dues from businesses for FY19 and FY20 has been extended to April 2024 and August 2025 respectively. This extension aims to address backlogs and provide more time for assessing tax discrepancies. Key Points
mintYour govt taking India's economy to 'defaulter kaal': Mallikarjun Kharge slams PM
Congress President Mallikarjun Kharge criticized Prime Minister Narendra Modi, suggesting that his government is leading India's economy into a defaulter kaal. Kharge pointed to a media report claiming that the outstanding dues from wilful defaulters have been increasing at a rate of more than Rs 100 crore per day since March 2019. Key Points
Economic Times
Drunk man makes bomb hoax call on Taj, held
Man arrested for making bomb threats to Taj Hotel in Mumbai. Accused claimed he was drunk and stressed about unpaid dues. Investigation ongoing. | Mumbai news Key Points
Hindustan TimesBJP leader Shahnawaz Hussain suffers cardiac arrest; admitted to Mumbai's Lilavati Hospital
Shahnawaz Hussain was admitted to Mumbai's Lilavati Hospital after a complaint of high blood pressure earlier today. The ECG and 2D Eco reports showed he suffered a minor heart attack. Key Points
Economic TimesZee in settlement talks with creditors to close Sony merger: Sources
Zee’s founders are in separate discussions with Axis Bank Ltd. and JC Flowers & Co.’s asset reconstruction unit to settle dues of 400 million rupees Key Points
FinancialexpressVodafone Idea shareholders okay Rs 1,600-crore OCD issue to ATC
The government on February 3 cleared the equity conversion, which gave it a 33.1% stake in the distressed telco, making it the single-largest shareholder. This holding will be diluted after the issue to ATC. Analysts said that the transaction marks a respite for the telco, which is finding it difficult to pay off the dues of other vendors such as tower firm Indus Towers Key Points
Economic Times