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Vodafone Idea may shut shop in India

Vodafone Idea Chairman Kumar Mangalam Birla on Tuesday (18) met Telecom Secretary Anshu Prakash.

Post the meeting Birla said he “cannot say anything at the moment.”


Reports say that the JV company is seeking more time to repay dues.

Vodafone Idea owes $4 billion in past dues for spectrum and licenses to the Indian government.

Birla was accompanied by Ravinder Takkar, MD & CEO of Vodafone Idea. The meeting lasted over an hour.

Vodafone Idea on Monday (17) paid Rs 25 billion to the Department of Telecom DoT and promised to pay another Rs 10 billion before the end of the week.

The Supreme Court on Monday refused to stop DoT from taking any coercive steps for recovery of dues from Vodafone Idea.

In another development, Senior advocate Mukul Rohatgi, representing Vodafone Idea in the Adjusted Gross Revenue (AGR) case, said that if the telecom company's bank guarantees are encashed, the entity may force to ‘shut the shop’.

If it happens, it will badly affect over 300 million customers across the country, he said.

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Asda sales plunge, chair blames government of low confidence

The supermarket struggled with technology issues during a lengthy effort to separate IT systems from former owner Walmart.

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Asda reports sharp sales fall, chair blames government for 'killing consumer confidence'

Highlights

  • Asda sales fall 3.8 per cent to £5.1 bn in three months to September, with comparable store sales down 2.8 per cent.
  • Chair Allan Leighton blames IT system problems from separating technology from former owner Walmart.
  • Leighton criticises government for hampering business investment and depressing consumer sentiment.
Asda has reported a sharp sales decline while criticising the government for "killing confidence" among consumers, though its chair admitted "self-inflicted" technology problems had set back turnaround plans by six months.

Total sales at Britain's third-largest supermarket fell 3.8 per cent to £5.1 bn in the three months ending September compared with the same period last year, reversing 0.2 per cent growth from the previous quarter. Comparable store sales dropped 2.8 per cent.

Chair Allan Leighton, who returned last year to revive the business for a second time, told the guardian that the fall in sales and market share was "totally self-inflicted." The supermarket struggled with technology issues during a lengthy effort to separate IT systems from former owner Walmart.

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