NEW DELHI: Vodafone Thought, in its submission just before the Supreme Court docket on Monday, reported that over Rs 1 lakh crore of equity brought in by promoters has been eroded.
“We have submitted economic files like income tax returns. Above the past 15 a long time, the complete web-truly worth of the company has been wiped out,” the debt-laden telecom business explained in the court, which is listening to pleas by telecom operators to provide reduction in the AGR issue.
Shares of Vodafone Concept pared gains and have been trading up 2.25 for every cent at 9.09 on BSE.
The company included that whichever it attained has been expended as expense to operate the telecom infrastructure, reiterating its lack of ability to shell out AGR dues right away.
The firm explained revenue really worth Rs 4.95 lakh crore out of Rs 6.27 lakh crore has been applied for operational price tag. It even more stated all of its tangible assets are secured with banking institutions and no lender is willing to lend it extra.
In reply to apex court’s issue on why the corporation did not supply for AGR dues, the Kumar Mangalam Birla-led business stated that was for the reason that of the reason that Telecom Tribunal experienced awarded the scenario in its favour.
Casting doubt on the future means to shell out the dues, apex court docket reported it finds it challenging to rely in the corporation.
On Saturday, the telecom operator said it paid an extra Rs 1,000 crore to the federal government in the direction of the statutory dues, in advance of the Supreme Courtroom hea