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Vodafone Concept board approves KM Birla’s request to step down as non-executive director, chairman


NEW DELHI: The board of administrators of Vodafone Concept Restricted on Wednesday authorized Kumar Mangalam Birla‘s request to step down from his place within the firm.
In a press release to the bourses, the cash-strapped firm knowledgeable that Birla will step down as non-executive director and non-executive chairman of the board with impact from August 4.
Consequently, the board has authorized the appointment of Himanshu Kapadia because the non-executive chairman of the corporate.
The announcement comes few days after stories that Birla provided handy over his stake in debt-laden Vodafone Concept to the federal government or to every other entity that the federal government might take into account worthy to maintain the corporate operational.
The telecom firm had an had an adjusted gross income (AGR) legal responsibility of Rs 58,254 crore out of which the corporate has paid Rs 7,854.37 crore and Rs 50,399.63 crore is excellent.
In a letter to cupboard secretary Rajiv Gauba on June 7, Birla — who holds round 27 per cent stake in VIL — mentioned buyers will not be prepared to put money into the corporate within the absence of readability on AGR legal responsibility, ample moratorium on spectrum funds and most significantly ground pricing regime above the price of service.
With out quick energetic help from the federal government on the three points by July, the monetary scenario of VIL will come to an “irretrievable level of collapse,” he wrote.
In September 2020, VIL had acquired approval from its board to boost as much as Rs 25,000 crore. Nonetheless, the corporate has not been capable of increase the funds to date.
Shares of Vodafone Concept continued to tumble because it settled 18.51 per cent decrease at Rs 6.03 on the BSE.





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