Vodafone Idea on Wednesday said its board has approved availing the 4-year spectrum payment moratorium being offered by the government as part of its relief package for the telecom sector. Other options given in the DoT notification will be considered by the board of directors within the time frame prescribed, it said in a regulatory filing.
In proportion to the bold reforms announced of late for the telecom sector, the government last week wrote to tele-entities including Bharti Airtel, Vodafone Idea and Reliance Jio asking them to inform by October 29 whether they could clear the four-year dues. will choose. Moratorium It has given operators three months to indicate whether they want to opt for converting the interest amount into equity relating to the moratorium period.
According to the letter sent to the telcos, with this option, the audited financial statements for the immediate preceding financial year (2020-21) will have to be submitted. The government has introduced an option to defer the payment of spectrum auction installments for up to four years with immediate effect, except the installments due for spectrum auction 2021. This option is applicable from FY 2022-23 to FY 2025-26. These deferred amounts will be distributed equally among the remaining installments to be paid, without any increase in the existing time period specified for making installment payments. Interest will be charged as prescribed in the relevant year of auction of spectrum.