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.
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