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Vodafone Idea tanks 13% after SC order
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SME Times News Bureau | 14 Feb, 2020
Vodafone Idea tanked over 13 per
cent on the BSE after the Supreme Court on Friday came down heavily on
the telecom companies for non-compliance of its earlier order in the
adjusted gross revenue (AGR) case.
Vodafone Idea had said that it
may collapse without any relief from the court. The struggling company
has a Rs 53,000 crore AGR due, one of the highest among Indian telcos.
The
top court had asked the telcos to pay Rs 1.47 lakh crore to the
Department of Telecom (DoT). On Friday it summoned their top executives
to court to explain why its order on clearing dues was not followed.
However, Bharti Airtel and Reliance Industries which owns Jio managed to trade in the green after the court's strictures.
A
bench headed by Justice Arun Mishra also warned the telecom companies
that the court may initiate contempt proceedings against them and
government officials for not complying with its order.
The top
court has ordered the managing directors of Bharti Airtel , Vodafone,
MTNL, BSNL, Reliance Communications, Tata Telecommunication and others
to be present in the court on March 17.
The top court also
directed the Centre to immediately withdraw order passed by its desk
officer to not take coercive action against the telecom companies.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 02 Apr, 2020 |
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