The government has a 48.99 percent stake in VIL.
There is no plan to increase its stake in the government’s telecom company Vodafone Idea (VIL). On Wednesday, this was made clear by Communications Minister Jyotiraditya Scindia. The Union Minister said that he does not want the telecom company to turn into a public sector undertaking (PSU). According to the language news, the Communications Minister gave strict message to Vodafone Idea Limited and said that the company would have to ensure good performance.
How much is the government’s share
According to the news, a few days ago, after converting the outstanding outstanding of Rs 36,950 crore of spectrum auction into equity, the government has a 48.99 percent stake in VIL. Earlier this stake was 22.6 percent. Let me tell you, if the government now increases the stake after this, then Vodafone Idea will turn into a government company. Also, the company will come under the purview of the CAG (Comptroller and Auditor General) and other inspection bodies. The minister said that we will remain on our current stake.
Company’s Vodafone Idea
In response to a question asked about the company’s ability to fulfill the payment obligations, the minister said that this question should be asked by Vodafone Idea. Now it is their job to ensure that they perform well. According to analysts, VIL has been relieved in the near period due to converting the outstanding amount by the government into equity, but structural challenges remain for it. These include factors such as preventing customers, increasing fees and debt hike. On the issue of MTNL not repaying the bank loan, the minister said that the company has enough land and its asset will be offered to the market to repay the loan.
The company received a tax notice
Let us tell you, about a month ago, Vodafone Idea (VIL) received a demand order of Rs 16.73 crore from the Deputy Commissioner of the big taxpayer unit of West Bengal and a demand order of Rs 16.73 crore. The telecom company said it did not agree with the order and will take appropriate action to file an appeal against it. The company received an order under the Central Goods and Services Tax Act, 2017.
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