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Vodafone, Idea has to shut down if it has to pay 2 lakh crore overnight

Published : Feb 18, 2020 11:03 AM

Vodafone, Idea has to shut down if it has to pay 2 lakh crore overnight

Feb 18, 2020 11:03 AM

 Vodafone, Idea will have to shut down if the government asked them to pay their dues overnight. This would make 10,000 people jobless and 30 crore subscribers would face inconvenience.

Airtel has paid a sum of Rs. 10000 crores to the central government following the Supreme Court's warning. Vodafone Idea and Tata have already paid a portion of their outstanding due. Earlier, the Supreme Court warned telecommunication companies that they will be issued contempt of court since they don't acknowledge to court's trials.

Following this, Bharti Airtel yesterday paid Rs. 10000 crores. Vodafone Idea and Tata have already paid a portion of their outstanding balance. Airtel, which owes a total of Rs 35,586 crore to the telecom sector, has to pay a further Rs 25,586 crore.

Vodafone, Idea has to pay a total of Rs 53,000 crore. Of this, Rs 2,500 crore has been paid already and the rest Rs 50,500 has to be paid. Tata has to pay a total of Rs 13,800 crore. The deadline to pay these amounts is March 17.

Nirmala Sitharaman, in an interview with the press, said that following the Supreme Court order, the telecommunication ministry is engaged in intense negotiations with telecommunication companies. She said she will ask the telecommunication department about the situation of this issue.

Meanwhile, as telecommunication companies are under pressure to pay the government, the RBI is concerned about how the banks could repay bank loans. Following this, Reserve Bank Governor Shakti Kantha Das said that the current situation in telecommunication companies is being closely watched.

Further, he said, "We are closely monitoring how the relevant companies can repay the loan, if and when they can pay it off.