Govt clears converting Rs 16,133 cr interest dues of Vodafone Idea into equity
New Delhi, Feb 3: The government has approved conversion of over Rs 16,133 crore interest dues of debt-ridden Vodafone Idea into equity, the company said in a regulatory filing on Friday.
Equity shares of face value of Rs 10 each will be issued to the government at the same price.
"Ministry of Communications...passed an order today ie 3 February, 2023...directing the Company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR Dues into equity shares to be issued to the Government of India," the filing said.
The relief for the company comes as part of the reforms package announced by the government in September 2021.
"The total amount to be converted into equity shares is Rs 16133,18,48,990. The Company has been directed to issue 1613,31,84,899 equity shares of the face value of Rs 10 each at an issue price of Rs 10 each," the filing added.
Earlier, VIL had said that with conversion of dues into equity, the government will get around 35 per cent stake in the company.
Shares of VIL closed at Rs 6.89 apiece on Friday at the BSE, up by 1.03 per cent compared to previous close. The filing came after market hours.
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Delhi High Court withdraws judicial work from District Judge after viral video of misconduct
New Delhi: The Delhi High Court has withdrawn judicial duties from District Judge Aman Pratap Singh, currently serving as District Judge 1 in South West, Dwarka.
The decision was made during a full court meeting last week, following concerns over the judge's indiscipline, low case disposal rate, and failure to adhere to court schedules.
An official order issued by the High Court Registrar General on September 19 confirmed the withdrawal of Singh's judicial work with immediate effect. Sources indicate that a video of the judge behaving inappropriately in the courtroom, which went viral on social media, contributed to the decision.
In the video of the court proceedings which was circulated, the judge can be seen standing up from his chair and yelling while addressing the court staff and the counsel of an accused.
A viral WhatsApp video of a Delhi Judge - District Judge Aman Pratap Singh pic.twitter.com/uLteC69YBY
— Bar and Bench (@barandbench) September 20, 2024
