Supreme Court refuses to give relief to Vodafone Idea ZNDM NEWS |
Vodafone Idea Supreme Court has dismissed the petition of Vodafone Idea in which Rs 2500 crore was offered to give 1000 crores. The company had also demanded in its petition that no strict action should be taken against it. Earlier too, the Supreme Court refused to give any relief to Vodafone Idea.
Vodafone Idea Supreme Court has dismissed the petition of Vodafone Idea in which Rs 2500 crore was offered to give 1000 crores.
The company had also demanded in its petition that no strict action should be taken against it. Earlier too, the Supreme Court refused to give any relief to Vodafone Idea. This amount may be recorded as additional revenue in government revenue, but it is believed that the entire telecom industry is going to suffer a big setback.
India may be one of the largest telecom markets in the world but its major players have recently Are going through bad times in time.
Telecom companies have to pay $ 13 billion to the government and for this the Supreme Court has fixed the period till March 17. The court has also asked the companies that why not take contempt action against the telecom companies for not paying the money on time? The decision of the country's largest court has added to their worries. This decision has come in their difficult times for Vodafone Idea, one of the country's largest telecom companies.
Last week, the company reported a quarterly loss of Rs 6453 crore, last year the loss was Rs 4998 crore.
The seriousness of the situation can also be gauged from the fact that the chairman of the company Kumar Mangalam Birla officially said that if the government or the court did not get help, the company would have to shut down its business. Vodafone Idea and its competitor Airtel are seeking more time to pay this money at a time when they are burdened with falling calls and data rates and rising debt. The March 17 time period and no initiative towards the government In the event of this, the question has started to arise whether this is the beginning of the end of Vodafone's business in India?
British company Vodafone is one of the largest and oldest companies in India's telecom market. If the British company Vodafone completes its business in India, the effect will be extraordinary. After all, the company has more than 300 million consumers and employs thousands of people. Also, the lockout of the company is likely to have a negative impact on the entire telecom market.
If Vodafone Idea decides to join the Indian market, the result will be that only two companies will remain in the telecom sector and they will be Reliance Jio and Airtel.
The situation of Bharti Airtel is also not very good. In the last quarter, the company reported a loss of $ 3 billion and has to pay the government about $ 5 billion.
This is the situation for Reliance Jio, the newest player in the telecom market. Many people blame Reliance Jio only for this changed situation of the telecom market.
Three years ago, as Jio entered the telecom market, mobile internet rates were reduced so much that the call market changed to data market. With this, India became the country to provide mobile internet service at the cheapest rates in the world. But the business model of Vodafone Idea and Airtel remained scattered.