Tata Communications firm issues termination notice to Vodafone Idea
By MYBRANDBOOK
A subsidiary of Tata Communications has issued a termination notice to its customer, Vodafone Idea, after the Aditya Birla Group associate company did not pay the Tata Group firm in time. Tata Communication said it is in discussion on a disengagement transition plan with the "customer." In a notice to the stock exchange, the company said the carrying amount of trade receivables from the customer was Rs 221.19 crore as of December 2023.
"The group believes that the balance is a good and recoverable basis for its ongoing interactions with the customer," Tata Communication said.
The dues from Vodafone Idea increased from Rs 171.5 crore as of March last year.
"The customer in its declared unaudited results for the quarter ended September 30, 2023, had expressed its ability to continue as a going concern, to be dependent on raising additional funds as required, successful negotiations with lenders and vendors for continued support, and generation of cash flow from operations that it needs to settle its liabilities as they fall due," Tata Communications said in its note during the December quarter results.
"Further, the results stated that as of September 30, 2023, the said customer has met all its debt obligations payable to its lenders/banks and financial institutions along with applicable interest and has utilised an extended credit period to discharge some of its contractual obligations. The customer continues to be in discussion with its vendors to agree to a payment plan for the outstanding dues. Also, during February 2023, the customer allotted equity shares to the Department of Investment and Public Asset Management, Government of India, towards conversion of net present value of the interest amount relating to deferment of certain dues and accordingly, the Indian government now holds a 33.1 per cent stake in the said customer," Tata Communications said.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
NUMERIC INDIA, A Group Brand Legrand
DELL TECHNOLOGIES INDIA PVT. LTD.
AMARA RAJA POWER SYSTEMS LTD.
SECUREYE SERVICES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : Arjun Malhotra
Arjun Malhotra, the Chairman of Magic Software Inc., is widely recogni...
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
PARTNER SPEAKERS
PSU
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
