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Government may hold 35.8 percent stake of Vodafone Idea, decides to convert dues liability into equity share

Vodafone Idea had decided to convert Rs 16,000 crore interest due into 35.8 percent of the company to the government. After this board of meeting and approval of the conversion of the stake of Vodaphone Idea goes down. Now, the current share is about 19 percent.

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Telecom operator Vodafone Idea holds a meeting on Tuesday. In the meeting, it has been decided that the government will own around 35.8 percent stake in the company.

Vodafone Idea’s board approved the conversion of the full amount of interest related to spectrum auction installments and dues owed to the government for use of the airwaves into equity.

Besides this, the board of directors of Vodafone Idea has approved the conversation of all interests related to frequency auction rates. Also, they have allowed the fees payable to the government to use radio waves in their stake.

According to Dot, the average price value was below par value at the relevant date of 4.08.2021. Therefore, the equity will be issued at the par value of Rs 10/- per share to the government.

What are the key points about the Board Meeting?

  • The government will become the largest shareholder of Voda Idea after the conversions of all dues into the equity.
  • The promoter shareholder of the Vodafone group will be around 28.5 percent. Besides this, Aditya Birla Group will hold a 17.8 percent stake in the telecom company.

What are the current dues of the company?

Currently, the telecom company Vodafone has paid Rs 7,854 crore in dues to the government. But still, the company owes about 50,000 crores.

What is the current share of Vodaphone Idea?

After this board of meeting and approval of the conversion of the stake of Vodafone Idea goes down. Now, the current share is about 19 percent.

What has been decided by Bharat Airtel?

Last year, the second’s largest telecom player Bharat Airtel has opted for spectrum dues along with a four-year moratorium on AGR dues. But, earlier in this month, it has been decided by them that they will not go further for the conversion of interest on the deferred spectrum and AGR dues

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Maharashtra assembly election: BVA accuses BJP leader of distributing cash, Congress asks Election Commission to take strict action

The BVA has alleged that BJP candidate from Nalasopara Rajan Naik was distributing cash, allegedly to influence voters, in the presence of former minister Vinod Tawde.

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Maharashtra assembly election: BVA accuses BJP leader of distributing cash, Congress asks Election Commission to take strict action

Just a few hours before Maharashtra conducts the assembly elections, Bahujan Vikas Aghadi (BVA), a regional party, accused BJP leaders, including general secretary and former minister Vinod Tawde, of distributing cash at a hotel in Virar in Palghar district. 

The BVA has alleged that BJP candidate from Nalasopara Rajan Naik was distributing cash, allegedly to influence voters, in the presence of former minister Vinod Tawde. Kshitij Thakur, who is the sitting BVA MLA , reached the hotel with his supporters and a high drama followed.

Reportedly, the BVA supporters gheraoed Vinod Tawde and raised slogans. The supporters claimed that they found envelopes with cash and diaries at the meeting venue. Several viral videos show BVA supporters waving currency notes in front of Vinod Tawde. 

Reports said that an FIR has been registered in this connection. BVA President Hitendra Thakur alleged that a sum of Rs 5 crore was distributed at the Virar hotel. He added that former minister Tawde had a diary that carried details of the cash.

Furthermore, the Congress has also shared a video from the hotel and accused the BJP of trying to use money power to influence the election. The party added that even top leaders are involved, and asked the Election Commission to take note and strict action.

Meanwhile, the BJP has trashed the allegations and termed them baseless and a political stunt by the Bahujan Vikas Aghadi on the eve of elections. The BJP said that Vinod Tawde was at the hotel for a meeting with party workers to discuss poll preparations. It also said the Election Commission must investigate the matter and scan CCTV footage to get to the root of the matter. 

Additional Chief Electoral Officer of Maharashtra Kiran Kulkarni has said they have received a complaint in this connection and necessary action will be taken.

Maharashtra will vote on November 20, and the counting of votes will take place on November 23.

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Russian President Vladimir Putin to visit India soon, says Kremlin spokesperson Dmitry Peskov

The Russian President is under an arrest warrant from the International Criminal Court (ICC) for alleged war crimes in Ukraine.

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Russian President Vladimir Putin to visit India soon, says Kremlin spokesperson Dmitry Peskov

Kremlin spokesperson Dmitry Peskov on Tuesday said that Russian President Vladimir Putin will visit India soon, and the announcement of dates will also be made soon.

He added that specific dates of President Vladimir Putin’s visit to India will soon be announced and Russia will begin preparing for it. He noted that they will work out the precise date of his visit soon. He continued that after two visits of Prime Minister Narendra Modi, they have a visit of President Vladimir Putin to India.

Notably, the Russian President is under an arrest warrant from the International Criminal Court (ICC) for alleged war crimes in Ukraine. Earlier in March 2023, nearly a year after the conflict began, the ICC issued arrest warrants against both Putin and Maria Lvova-Belova, Russia’s commissioner for child rights, for the alleged war crimes.

Reportedly, under the Rome Statute, the court’s binding treaty, individuals against whom an ICC warrant has been issued, must be detained if the person visits a country, which is a member state of the ICC. Nonetheless, India has not signed or ratified the Rome Statue. Therefore, the ex-KGB agent cannot be arrested here.

Additionally, India has repeatedly abstained from voting against Moscow on resolutions in the United Nations on the Ukraine war. Also, India has continued to purchase oil from Russia, adding to the annoyance of the United States-led western bloc of nations.

Earlier in October, Prime Minister Narendra Modi visited Russia’s Kazan for the annual summit of the leaders of the BRICS (Brazil, Russia, India, China, South Africa) group of nations. Both the two leaders held a bilateral meeting on the sidelines of the summit.

During the summit, Russian President Vladimir Putin also discussed India’s economic growth under Prime Minister Narendra Modi. He further thanked Prime Minister Narendra Modi for his participation in the three-day summit.

The Russian President said that all the countries talk about the need to ensure high economic growth rates but India has been doing it successfully for several years. He hailed that achieving high economic growth of 7.5 per cent sets an example for other countries.

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Uttar Pradesh: Two bikers killed, dozens injured after vehicles pile-up due to low visibility

Multiple car occupants were injured and sent to Saifai Medical College, while one was admitted to Shikohabad Hospital. 

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Uttar Pradesh: Two bikers killed, dozens injured after vehicles pile-up due to low visibility

In an unfortunate incident, two bikers lost their lives, and nearly three dozen people were injured in multiple road accidents early on Tuesday as dense smog blanketed Noida and other parts of western Uttar Pradesh, severely impacting visibility.

Low visibility due to thick fog on the Agra-Lucknow Expressway led to multiple collisions with a broken truck. Multiple car occupants were injured and sent to Saifai Medical College, while one was admitted to Shikohabad Hospital. 

Reportedly, on the Eastern Peripheral Expressway, a truck collided with another due to low visibility, triggering a chain reaction. Further, a bus travelling from Panipat to Mathura crashed into the stationary trucks, injuring around a dozen passengers who were rushed to the hospital. Police were deployed to the scene to clear the pile-up.

Additionally, in Firozabad, near Agra, nearly six vehicles collided on the Agra-Lucknow Expressway after a pick-up truck broke down near Nasirpur. After the drivers failed to spot the stalled vehicle due to the smog, leading to a pile-up of SUVs and other cars.

Meanwhile, a speeding truck rammed a bike on National Highway-34, killing Mansharam, a Manipuri resident in Bulandshahr. The police have detained the truck driver. Another fatal accident occurred in Badaun, where an unidentified vehicle struck the bike of Santosh Singh, a teacher commuting to his school in Mau, leading to his death. Ten other people sustained injuries in similar incidents in the region.

Notably, these accidents come as North India grapples with hazardous air quality, with pollution levels in the ‘severe plus’ category. The air pollution has created a health emergency in the National Capital Region (NCR), with residents reporting sore throats, headaches, and breathing difficulties. Authorities have also urged people to remain indoors to minimise exposure to the toxic air.

Reportedly, the local police and administrations are on high alert as they manage the fallout from the hazardous conditions, which continue to threaten road safety and public health.

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