Kumar Mangalam Birla has stepped down from struggling carrier as Vodafone Idea Ltd. chairman.
The board has accepted his request to resign from the post of Vodaphone Idea non-executive director as well as non-executive chairman from 4th August, said telecom operator in the exchanging filing.
A nominee, Himanshu Kapania has been elected as Aditya Birla Group non-executive chairman.
Also, Sushil Agarwal, an Aditya Birla Group nominee has been appointed by the board as additional director.
Birla Group had called the government on 7th June seeking immediate help for Vodaphone Idea. Telecom operator’s plea had not been allowed by the Supreme Court to correct unsettled dues that brings telecom’s survival in doubt. Vodafone Idea’s liabilities rolled up after last year the top court permitted the government to impose statutory charges on non-core returns as well.
ICICI Securities have shared a recent report about the liabilities on Vodafone Idea that is worth ₹23,200 crore liable for coming up repayments in next 12 months. As a comparison, the liquid assets of the company include ₹350 crore bank notes and cash equivalents, also the tax and land refunds value is ₹3,000 crore.
……a developing story