Key Points
Cash-strapped Vodafone Idea has sought time till the end of December to clear its remaining statutory dues, saying it hopes to close its fundraising from banks and third-party investors in the "near future" and reiterating that its promoters are "committed" to supporting the telco...
The DoT had on July 21 sent a letter to the loss-making mobile services provider for coming up short on payments of licence fees and spectrum usage charges (SUC)...
In a July 28 note, Vodafone Idea requested additional time till the quarter ending December, to pay the remaining 50% and 90% licence fees and SUC for the March quarter of FY23 and June quarter of FY24, respectively..
Vodafone Idea is working in a focused manner to secure fundraise from banks and third parties, (and its) promoters too are committed to support the company as indicated to the government before...We would be grateful for the support of the DoT on this matter," the company said in its letter to the telecom department seen by ET...
In an earlier letter in April, it had sought time from DoT till July 31 to clear the balance licence fee/SUC dues for the March quarter of FY23, ultimately paying only 50% of the amount...
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Vi pays 10% of Q4 licence fee dues, seeks time till July 31 to clear balance
08, Apr, 23Vodafone 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.