Vodafone Idea Chairman says the company may have to shutdown in the absence of govt relief.
The End May Be Near: Vodafone Idea Chairman Kumar Mangalam Birla in response to a query posed at the Hindustan Times Leadership Summit about the company's course of action going forward in the absence of government relief said that the telecom operator will have to be shutdown if the government doesn't provide relief that the company has sought. He also added that the company will have to opt for insolvency route in the absence of relief.
The comment comes shortly after Vodafone Group CEO Nick Read in November said that the company may head for liquidation of its India business if the government does not ease spectrum fees. Moneycontrol
Bonus Read: A per this Business Standard report, Subhash Chandra-led Essel Group is in for a rocky ride after losing control over two of its biggest cash cows — Zee Entertainment and Essel Propack, both of which accounted for the bulk of the group companies combined post-tax profits last financial year and were debt-free on a net basis, unlike the rest. Read more for the full scoop.
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