Coming as a relief for the debt-ridden Vodafone Idea, the company’s board has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore.
British telecom company Vodafone has confirmed it is holding discussions with Hong Kong conglomerate CK Hutchison, owner of rival telecoms group Three, to combine their businesses in the UK.
Four rounds under the hammer of the 5G spectrum auction were finished on Tuesday, which saw telecom operators - Reliance Jio, Adani Group, Bharti Airtel, and Vodafone Idea bid for the spectrum.
As per official sources, the mobile SIM of a customer was damaged and he applied for a duplicate. However, his SIM was issued to another customer without any verification by the telecom player, and this individual managed to withdraw Rs 68 lakh from the first customer's account as the mobile SIM was connected with his overdraft facility.
Vodafone and Cairn may have taken advantage of tax loopholes by using tax havens like all multinationals, but applying a coercive instrument like retrospective tax only ends up in destroying companies and eroding investor confidence in the stability and predictability of a tax regime. The country has paid dearly for this blunder.
The Centre had on Monday moved the Supreme Court seeking approval of a formula to allow telecom service providers to make annual installments of around Rs 1.47 lakh crore AGR dues in the next 20 years or more.
The merger of the two companies will pave the way for the largest telecom tower company in the world outside China.
The companies left because the project got into trouble with sceptical regulators across the globe.
Additional Solicitor General (ASG) Sanjay Jain, appearing for the Centre, told the court the disruption was only for four hours on December 19 and was no longer continuing.
The refund was approved but the refund was not issued due to an error while reading by CPC-ITR. A complaint was lodged for the same by the IT Department.
