New Delhi: The Board of Directors of Vodafone Ideas Limited on Wednesday approved the request of Kumar Mangalam Birla to resign from his position in the company.
In a statement to the exchange, the company that lacked money told that Birla would resign as a non-executive director and non-executive board chairman with the Securities from August 4.
As a result, the Board has agreed to the appointment of Himanshu Kapadia as the Chair of a non-executive company.
The announcement came a few days after reporting that Birla offered to hand over ownership in the idea of vodafone which was full of debt to the government or to other entities that might be considered appropriate for the company to maintain the operational company.
The telecommunications company has a gross income (AGR) obligation adjusted by RS 58.254 Crore where the company has paid Rs 7,854.37 Crore and Rs 50.399.63 Crore extraordinary.
In a letter to the cabinet Secretary of Rajiv Gauba on June 7, Birla – which holds around 27 percent of the shares in Vil – said investors did not want to invest in companies in the absence of AGR accountability clarity, adequate moratorium for spectrum payments and the most important price determination regime above service fee.
Without the immediate active support from the government on three problems in July, the VIL’s financial situation will come to “the point of destruction that cannot be repaired,” he wrote.
In September 2020, Vil had received approval from the council to increase up to RS 25,000 Crore.
However, the company has not been able to raise funds so far.
The idea of Vodafone continued to fall when completed by 18.51 percent lower at Rs 6.03 on BSE.
The Idea Board Voda approved the KM Birla request to retreat
