Kumar Mangalam Birla: Vodafone Thought board approves KM Birla’s request to step down as non-executive director, chairman | India Enterprise Information

NEW DELHI: The board of administrators of Vodafone Thought Restricted on Wednesday accredited 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 accredited the appointment of Himanshu Kapadia because the non-executive chairman of the corporate.
The announcement comes few days after stories that Birla supplied handy over his stake in debt-laden Vodafone Thought to the federal government or to some other entity that the federal government might think about 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 — stated traders are usually not prepared to put money into the corporate within the absence of readability on AGR legal responsibility, sufficient moratorium on spectrum funds and most significantly flooring pricing regime above the price of service.
With out fast energetic assist from the federal government on the three points by July, the monetary state of affairs of VIL will come to an “irretrievable level of collapse,” he wrote.
In September 2020, VIL had acquired approval from its board to lift as much as Rs 25,000 crore. Nevertheless, the corporate has not been capable of elevate the funds thus far.
Shares of Vodafone Thought continued to tumble because it settled 18.51 per cent decrease at Rs 6.03 on the BSE.

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