From Supreme Court striking down amended Finance Act rules for tribunals to SpiceJet second quarter loss, Business Standard brings you the top business headlines for the day
The central government has objected to the reported comments of Nick Read, chief executive of Vodafone, that the India unit of the telecom major was headed for liquidation due to, among other factors, the Supreme Court decision requiring payment of Rs 28,300 crore as spectrum dues.According to media reports, Union telecom and communications minister Ravi Shankar Prasad spoke to Vodafone Idea chairman Kumar Mangalam Birla to express displeasure. Vodafone Plc, the parent entity, says its chief's comments were taken "out of context", presenting an incorrect picture. Vodafone Plc owns 44.3 per cent stake in Vodafone Idea; the Aditya Birla Group holds 26.5 per cent.According to the transcript of Read's utterances, he'd told analysts that due to the Supreme Court's ruling on the correct way to determine telecom company dues from their Adjusted Gross Revenue (AGR), on top of the financial stress already present, the situation of the telecom sector in India and at Vodafone Idea was a ...
What adds to Nick Read's worries is the Supreme Court judgment, which has directed the telcos to pay their outstanding amount within three months
Chief Executive Nick Read said he was pleased at the speed with which he was executing his plan.
Vodafone Group CEO wants a two-year delay on spectrum payments and lower license fees
Ravinder Takkar, an experienced global executive, is currently a Board member of Vodafone Idea and Indus Towers where he is responsible for all Vodafone Group interests in India
The global CEO is all too familiar with the issues in the Indian telecom market, having been closely linked with Vodafone's India business