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MTNL seeks Rs 500 crore from DoT to pay January salary
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SME Times News Bureau | 11 Feb, 2019
Unable to pay salaries to its employees for a third consecutive month in
January, state-run MTNL has raised pending dues of Rs 500 crore from
the Department of Telecom (DoT) for the period 2000-13.
The
Mahanagar Telephone Nigam Ltd (MTNL) seeks reimbursement of pension and
GPF totalling Rs 488 crore paid to employees absorbed from DoT in MTNL
and also for rendering telephone services to DoT employees.
The
DoT had leased the lands and buildings of MTNL during this period for
which the public sector undertaking wants Rs 12 crore in rentals.
An amount of Rs 200 crore from this is meant to settle the wage bill of MTNL employees for January, DoT sources said.
A
senior DoT official said the department was examining the MTNL invoices
and would release some cash towards the salary payment. The rest would
be given after due scrutiny of MTNL documents in support of their claim
of Rs 500 crore.
MTNL has an employee strength of around 23,000.
Its stock price closed at Rs 12.20 a piece on Monday, just about 1 per
cent higher than the previous close.
Earlier, MTNL was paying
pension to its employees. But three years back, DoT started funding
pensions of MTNL employees. It is on this basis that MTNL is now
reclaiming the amount what it has already paid to tide over its current
financial crunch.
MTNL reported widening of its loss to Rs 859
crore on standalone basis in the quarter ended on September 30, 2018,
mainly on account of increase in finance cost and decline in sales.
The debt-ridden firm posted a loss of Rs 730.64 crore in the same period a year ago.
The
finance cost of the company during the period under review increased to
Rs 422.72 crore from Rs 366.22 crore. The total income declined by
about 21 per cent to Rs 621.26 crore in the reported quarter from Rs
791.1 crore in July-September 2017 quarter.
The auditors of MTNL
in a note said that the net worth of the company had been fully eroded.
MTNL has a debt of around Rs 19,000 crore.
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