Suspense Crime Sach Ka Dam
Vodafone Idea shares returned to the uptrend after many days today. The stock closed at Rs 9.50, up 3.71%. At the same time, if we look at the 1-month chart, the stock has registered a huge decline of 28%. The stock has broken all supports. However, after a long time, there is good news today. Debt-ridden telecom company Vodafone Idea Ltd. (VIL) said on Tuesday that it is in discussions with the Department of Telecommunications to waive the bank guarantee. The company is required to provide a bank guarantee one year before the due date of payment for spectrum acquired before 2022.
A Bank guarantee is necessary for spectrum payment.
The Department of Telecommunications has asked Vodafone Idea Limited (VIL) to deposit a bank guarantee as an assurance of spectrum payment of Rs 24,747 crore due in September next year. According to the rules, the bank guarantee has to be deposited at least one year before the due date of payment. VIL said in a notice to the stock exchange that it has put forth its stand in detail with the Department of Telecommunications regarding the bank guarantee. The telecom company said, “We are in talks with the Department of Telecommunications to remove the conditions of bank guarantee for spectrum acquired before the year 2022. This is also the demand of the industry.”
The Finance Ministry contacted for an exemption
According to sources, the Department of Telecommunications has also approached the Finance Ministry on the issue of exempting telecom companies from depositing bank guarantees for spectrum payment dues. Vodafone Idea has sought relief from the bank guarantee provision, citing the spectrum auction rules for 2022 and 2024. In these rules, the provision of giving bank guarantees for annual installments has been removed. The telecom company, which is going through a financial crisis, has already paid interest liability of about Rs 16,000 crore on pending payments and has also offered to give a stake in the company to the government. The government holds about a 23 percent stake in VIL. VIL has sought relief from the government on adjusted gross revenue (AGR) dues of Rs 70,000 crore.
