DoT dismisses Vodafone Idea’s objections on license fee demand, shares fall 2%

The company’s representation and objections were in respect to license fee demand of Rs. 1,749 crore and Rs. 1,524 crore for FY2015-16 and FY2016-17, respectively.

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Shares of Vodafone Idea fell nearly 2 percent at open on the NSE on October 6. In an October 5 regulatory filing, the Department of Telecommunication had dismissed the company’s representation and objections in respect of license fee demands of Rs. 1,749 crore and Rs. 1,524 crore for FY2015-16 and FY2016-17, respectively, in an order dated October 4. As of 10 am, the shares were trading at Rs 10.90, nearly 3 percent lower than close on October 5.

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Vodafone Idea, in its filing, said it had in the past written to the DoT to correct the errors in demands up to FY 2016-17, which the “DoT has not acted upon so far”. It also noted that “in the event it is permissible for DoT to modify the demands for the period covered by the Supreme Court judgment, then there are various errors which need to be corrected and which would reduce the demand crystallised by the Supreme Court”.

The company added that it would be studying the communication to decide the next course of action.

Also read: Telecom user base stays flattish for last 9 months, says Motilal Oswal

CNBC TV-18 had reported on October 5 that tower company Indus Tower had written to the Telecom Regulatory Authority of India (TRAI) on Vodafone Idea’s failure to meet its contractual payments. According to the report, Indus Towers said this failure to make payments had significantly affected Indus Towers, causing serious financial and operational problems.

“This non-payment has severely impacted cash flow, working capital, and overall financial performance,” the CNBC TV-18 report quoted MD & CEO Prachur Sah, from the letter. As of September 30, 2023, Vodafone Idea owes Rs 7,864.5 crore to Indus Towers.

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