Thursday, Oct 01, 2020 | Last Update : 12:57 AM IST

189th Day Of Lockdown

Maharashtra1351153104994735751 Andhra Pradesh6811616123005745 Tamil Nadu5863975307089383 Karnataka5824584697508641 Uttar Pradesh3908753312705652 Delhi2730982407035272 West Bengal2505802198444837 Odisha212609177585866 Telangana1872111564311107 Kerala179923121264698 Bihar178882164537888 Assam169985139977655 Gujarat1332191132403417 Rajasthan1288591077181441 Haryana1237821059901307 Madhya Pradesh117588932382207 Punjab107096840253134 Chhatisgarh9856566860777 Jharkhand7770964515661 Jammu and Kashmir69832495571105 Uttarakhand4533233642555 Goa3107125071386 Puducherry2548919781494 Tripura2412717464262 Himachal Pradesh136799526152 Chandigarh112128677145 Manipur9791760263 Arunachal Pradesh8649623014 Nagaland5768469311 Meghalaya5158334343 Sikkim2707199431 Mizoram178612880
  Business   In Other News  16 Nov 2019  Govt intends to address concerns of telecom sector, says Sitharaman

Govt intends to address concerns of telecom sector, says Sitharaman

PTI
Published : Nov 16, 2019, 10:48 am IST
Updated : Nov 16, 2019, 10:48 am IST

The SC last month ruled in favour of the govt and directed telecom companies to pay as much as Rs 1.42 lakh crore.

Sitharaman also said that no bank has approached the finance ministry raising concern over their exposure to the telecom sector.
 Sitharaman also said that no bank has approached the finance ministry raising concern over their exposure to the telecom sector.

New Delhi: Finance Minister Nirmala Sitharaman on Friday said the government intends to address the concerns of the crisis-ridden telecom companies which are facing billions of dollars of fresh statutory liability following a recent Supreme Court ruling.

"I want no company to shut operations. I want everyone to be up and running. We want the economy to have good number of companies in business and flourish in their business.

 

"Not just telecom sector, my wish is all companies in all sector(s) be able to do business, service their market customer and survive. So with that approach, the finance ministry has always been talking and in telecom too that's the approach we have taken," the minister said in reply to a query regarding stress in the telecom sector.

While announcing its financial results on Thursday, telecom major Vodafone Idea (VIL) had said its ability to continue as a going concern is dependent on obtaining relief from the government and positive outcome of the legal remedy post the apex court ruling on the Adjusted Gross Revenue (AGR) issue.

The Supreme Court last month ruled in favour of the government and directed telecom companies to pay as much as Rs 1.42 lakh crore in past statutory dues to the government. Days after the Supreme Court verdict, the government had set up a Committee of Secretaries (CoS) under the Cabinet Secretary to suggest measures to mitigate financial stress in the sector. Sitharaman said "it is the intention" to address concerns of all those who have approached the government with serious concerns post the court's decision.

 

"We are also conscious that there is a Supreme Court order that the government has won and therefore, the department concerned has to take a call that would be a collective call, taking into account... understanding implication for the sector and finances of the government," she said. Regarding CoS, the minister said "it is yet to take a call".

Sitharaman also said that no bank has approached the finance ministry raising concern over their exposure to the telecom sector. VIL posted a loss of Rs 50,921 crore -- the highest-ever quarterly loss by any corporate in India, mainly on account of provisioning for paying the statutory dues.

VIL said it is in the process of filing a review petition on the AGR matter. Telecom major Bharti Airtel too reported a loss to the tune of Rs 23,045 crore for the September quarter.

 

Tags: telecom sector, dues, nirmala sitharaman, debts, government
Location: India, Delhi, New Delhi