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Vodafone Idea surges 15% on $200 mn advance payment from parent company
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This is a list of mobile network and satellite phone network operators measured by number of subscriptions. For a more comprehensive list of mobile phone operators, see Mobile country codes. This is a list of the world’s thirty largest terrestrial mobile phone network operators measured by number of subscriptions. This is a list of the world’s five largest satellite phone network operators measured by number of subscribers.
From Wikipedia, the free encyclopedia. Wikimedia list article. China Mobile. Retrieved 8 August Telecom Regulatory Authority of India. Reliance industries. China Telecom. China Unicom. MTN Group. Vodafone Group plc.
Vodafone Dating India
The U. Following a decision by India’s Supreme Court, the country’s telecoms operators became liable for license fees, penalties and interest dating back over 14 years and Vodafone Idea has made payments to the Indian government in relation to its liabilities, Vodafone said. Under the agreement, Vodafone Group is obliged to make payments to Vodafone Idea where amounts paid pursuant to the contingent liabilities of Vodafone India exceed those of Idea Cellular.
Vodafone Idea was created through the merger of Vodafone’s Indian operations and Idea Cellular in
Reliance Jio has become the largest telco operator in India by registering over million subscribers, beating Vodafone and Airtel.
The report noted that Vodafone Idea’s tax refund is related to a change in the Income Tax Act in The refund due to the company from the tax department is for multiple assessment years dating back to The report added that the Aditya Birla Group and Vodafone will not infuse further capital into the company. In the absence of a relaxation on the timeline for the repayment of dues, the National Company Law Tribunal NCLT is the only option left with the telecom company.
Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol. In the absence of relaxation of timeline for repayment of dues, the National Company Law Tribunal is the only option left with the telecom company.
Vodafone Group makes about Rs 1,530 crore accelerated payment to Vodafone-Idea
On Thursday, shares of Vodafone Idea jumped as much as 15 percent to an intraday high of Rs 4. This payment under the terms of the contingent liability mechanism was due in September In a statement to the exchanges, Vodafone Group Plc, the UK-based parent of Vodafone Idea, said “Vodafone Group has accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID pandemic.
It also said that after the Supreme Court’s verdict on the definition of adjusted gross revenue in October , telecom operators in India are liable for licence fees, penalties and interest dating back over 14 years.
Budget proposed back-dating tax claims on overseas deals Vodafone won a five-year legal battle in January when India’s Supreme Court dismissed a $
Please refresh the page and retry. M ukesh Ambani must be not only India’s richest man but also its luckiest. How else can Vodafone and his other rivals in the country’s brutally competitive telecoms explain the way the decisions of government, the courts and regulators always seem to favour him? It is truly uncanny. Take Prime Minister Narendra Modi’s move last year to double the import duties on the billions of pounds of telecoms equipment required each year to build and maintain the mobile networks on which hundreds of millions of Indians now rely.
It was another cost piled onto Vodafone’s struggling business, but at least everyone in the market would suffer. By sheer chance, Ambani’s mobile operator, Jio, buys its gear from Samsung in Korea.
Vodafone Group injects Rs 1,530 crore into Vodafone Idea
Vodafone’s hopes of expanding its presence in the Indian mobile phone market took a fresh knock yesterday after the billionaire Hinduja family entered the auction for the country’s fourth-biggest network operator. The auction began last month after Hutchison Whampoa, the Hong Kong-based conglomerate controlled by Li Ka-Shing, said it planned to sell its 67 per cent shareholding in the mobile network. Aside from the Hindujas, the Indian family at the centre of the passport scandal which cost Peter Mandelson his job as Northern Ireland Secretary, two other Indian bidders have declared their interest in Hutchison Essar.
These are Essar itself, which owns the remaining 33 per cent, and Reliance, which operates India’s third biggest mobile network.
In October India’s Supreme Court ordered Bharti and Vodafone Idea to pay more than $10bn in charges for operations dating back to
Choose your reason below and click on the Report button. This will alert our moderators to take action. Nifty 11, DLF Market Watch. Telecom News Telecom Policy. Font Size Abc Small. Abc Medium. Abc Large. This mechanism was inked while completing the largest merger of India Inc. Vodafone Group, Aditya Birla Group and Idea Cellular agreed that Vodafone Group and Vodafone Idea would reimburse each other on set dates for certain identified pre-merger liabilities and assets that could crystallise in future.
The liquidity infusion will also help the telco to pay part of its adjusted gross revenue AGR -based dues.
Vodafone seeks adjustment of its AGR dues against Rs 7,000 cr owed by tax dept: Report
The prime minister can be forgiven a touch of political hyperbole. In a world transformed by telecommunications technology, India has stood out. In the s merely getting a fixed phone line required a deposit and maybe a bribe , then waiting six months, or six years.
India’s telecoms operators became liable for licence fees, penalties and interest dating back over 14 years. Vodafone Plc on Wednesday.
Users on Airtel and Vodafone, two carriers with over million subscribers between them, can now pay for their purchases on Google Play using credit on their mobile phone. The company had told developers about this upcoming change at an event in October. Carrier billing feature has long been requested by Android users in India. Unlike Western nations, the penetration of debit and credit card is very low in India, stranding many with little choice to make digital purchases.
It should help remove the friction in making payments in a market like India. Previously, carrier billing was only available to Idea subscribers. The company last year rolled out Google Play prepaid vouchers in the country to make it a little convenient for people to purchase items from Google Play. With carrier billing also known as operator billing , a user is able to pay for his or her purchases with the credit on their phone in case of a prepaid connection or it reflects in their monthly bill.
This is one of the most convenient payment modes for digital purchases in emerging regions. Google was also recently testing net banking option in India , with several users already seeing the payment modes on their Android phones. Interestingly, Google Play doesn’t yet support mobile wallet apps, which have grown immensely popular in India in the wake of demonetization. We’re using cookies to improve your experience.
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Vodafone Idea and Amdocs Consolidate Postpaid Customers on Single Platform
Vodafone Group makes about Rs 1, cr accelerated payment to Voda-Idea. The amount is relatively small when seen in the context of over Rs 58, crore liability that the cash-strapped Vodafone-Idea Ltd faces just on account of past statutory dues as a fallout of a Supreme Court decision. Vodafone Group, in a statement, said it has “accelerated this payment to provide Vodafone Idea with liquidity to manage its operations, and to support the approximately million Indian citizens who are Vodafone Idea customers as well as the thousands of Vodafone Idea employees during this phase of emergency health measures, taken as a result of the COVID pandemic.
Consequent to the decision by the Supreme Court on the definition of Adjusted Gross Revenue in October , India”s telecom operators became liable for licence fees, penalties and interest dating back over 14 years, it further said.
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This is a list of mobile network and satellite phone network operators measured by number of Telecom Regulatory Authority of India. 26 August ^ “Financial “Q1-Report-FY By Vodafone Idea Limited” (PDF). 6 August Charms · Comics · Dating · Japanese culture · Novels · Ringtones · silent mode.
This is not any fresh equity infusion in the company but part of contingent liability mechanism entered between Vodafone and Idea Cellular at the time of merger, wherein Vodafone Group needed to pay for adjusted gross revenue dues if the amount paid exceeded that of Idea Cellular. As reported earlier, Vodafone Idea on Tuesday paid around Rs 1, crore to the department of telecommunications DoT towards its licence fee and spectrum usage charge for the January-March quarter.
Operators generally pay their licence fee and SUC to the DoT on a quarterly basis and this payment of the January-March period was supposed to be paid between March While other operators like Bharti Airtel and Reliance Jio had paid on time, Vodafone Idea had sought more time from the government citing the disruption due to coronavirus pandemic but the government did not agree to make an exception for a single operator.
The payment and the dues made by Vodafone Idea on Tuesday is different than the one of AGR dues which is currently before the Supreme court but nevertheless it has dwindled its reducing cash reserves. Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram.