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Voda Idea Puts AGR Dues At MUMBAI | 7 MARCH 2020 COMPANIES 3 . < Promoters of HDFC Bank in talks Voda Idea puts AGR dues at IndusInd Bank ~21K cr as Read calls on FM to hike stake with Goldman Sachs’ ABHIJIT LELE Talwar for CEO role Telco, seeking to make a new start, was advised to pay principal amount soon Mumbai, 6 March BLOOMBERG MEGHA MANCHANDA IndusInd Bank's promoters will hike their New York/Mumbai, 6 March New Delhi, 6 March stake in the private sector lender by buy- ing extra shares from the market. Harit Talwar, the head of Goldman ust a few hours before The promoters of the bank — Sachs Group’s consumer-banking Vodafone Group CEO Nick IndusInd International Holdings (IIHL) business, is in the running for one of JRead’s meeting with and IndusInd — plan to acquire addi- India’s top banking jobs. Union Finance Minister tional shares from HDFC Bank, India’s largest Nirmala Sitharaman and then open market in private-sector lender, has held talks Telecom Minister Ravi Shankar India. This will be with Talwar for the top role, according to Prasad on Friday, the company within the overall people with knowledge of the matter. announced that it had com- regulatory cap pre- The bank has been looking for a new pleted assessing its dues linked scribed for promot- leader to replace Aditya Puri, one of the to adjusted gross revenue (AGR). er holding in pri- longest-serving banking chiefs in India, At ~21,533 crore, Vodafone Idea’s vate banks, the whose term ends in October. calculation of the AGR liability bank informed the The Mumbai-based lender has a turned out to be less than half of BSE on Friday. The stake hike market capitalisation of about $86 Harit Talwar is now the head of Goldman the government estimate. Promoters held will be within billion, giving it a bigger standing than Sachs Group’s consumer-banking While Read offered “no- 14.38 per cent stake the overall major US banks like Goldman and business comments” after his meetings in the bank at the regulatory Morgan Stanley. A spokesman for HDFC with the ministers, sources in end of December cap prescribed Bank declined to comment and replacement should be better than him the Department of Telecom- 2019. IIHL had for promoter Goldman representatives didn’t and shouldn’t require 18 months munications (DoT) indicated 10.59 per cent stake holding in immediately respond to an emailed of handholding for the job. The bank has that the company was “positive” while IndusInd private banks request for comment. largely skirted the crisis in India’s shadow about India and that it wanted FM Nirmala Sitharaman and Vodafone CEO Nick Read (centre) during a meeting in New Delhi on held 3.79 per cent. Talwar joined Goldman in 2015 and lending sector that fueled bad loans and to make a ‘’new and good begin- Friday. Read is visiting India at a time when the telecom industry is facing a crisis PHOTO: PTI On Friday, was the face of its push into consumer weighed on the fortunes of some of its ning’’ in the country. IndusInd stock closed 5.62 per cent low- banking. The Wall Street giant had peers. However, it’s vulnerable to Read, who’s maintained that will at least have to pay the this, the company has paid Last month, the apex court er at ~1,014.3 per share on the BSE. eschewed business with Main Street for weakening consumer demand as the it would be tough to continue principal amount to avoid ~3,500 crore. rejected a plea by companies The bank will see a leadership change most of its more than 150 years in nation’s economic growth slows. as a going concern without relief contempt from the apex court,” A few days ago, Vodafone such as Bharti Airtel and with Sumant Kathpalia taking charge as existence. That has changed as it seeks Puri, 69, has led HDFC Bank since from the government, was the official added. had made a strong plea for Vodafone Idea for extension in managing director (MD) and chief exec- new business lines to help boost growth. 1994 when it was incorporated in advised to pay up at least the Earlier in the day, Vodafone setting off ~8,000 crore of GST the payment schedule and utive officer (CEO) from March 24, for a Before joining Goldman, Talwar led Mumbai. It is India's largest private- principal amount of the AGR Idea, the UK telco’s joint ven- (goods and services tax) credits, asked them to deposit the full three-year term. the US cards division for Discover sector bank both by assets and market dues before March 17, the next ture with Kumar Mangalam a three-year moratorium along AGR dues, estimated at ~1.47 tril- Kathpalia will succeed current MD & Financial Services. He also spent 15 years value, and has more than 5,000 branches date of the Supreme Court hear- Birla-led Idea, in a statement to with 15-year staggered payment lion for the industry. It threat- CEO Romesh Sobti, who has been at the at Citigroup, with roles tied to cards, across almost 2,800 cities. The lender’s ing. “We want Vodafone Idea the stock exchanges said, "The of AGR dues at a simple interest ened to start contempt proceed- helm of affairs for over a decade now. loans, and retail banking. profit rose 33 per cent to ~7420 crore to stay invested in India…. With company has today filed its self- rate of 6 per cent, drastic cut in ings against top executives of Sobti’s term as MD & CEO will end on HDFC Bank has had a panel in place to ($1 billion) in the three months ended the digital push by the govern- assessment of the AGR liabili- licence fee and fixing of a floor these firms for non-payment. March 23. find a successor to Puri, who has said his December 31. ment of the day, there’s enor- ties with the DoT. The self- price for calls and data. Last October, the Supreme mous business opportunity in assessment discloses the In December, Birla had said Court had upheld the govern- India. But there was need for company’s AGR liabilities to Vodafone Idea may have to shut ment’s definition of AGR, by the company to upgrade its aggregate ~21,533 crore, includ- if there was no relief on the which it calculates levies on technology,” a top official said. ing a principal amount of ~6,854 statutory dues. “If we are not telecom operators. The order Future Group probing financial abilities rumours It is learnt that the Vodafone crore for the period from FY getting anything, then I think it dealt a blow to the telecom brass “acknowledged” not mak- 2006-07 to FY 2018-19 and inter- is the end of the story for industry, which had for years PRESS TRUST OF INDIA company stocks in the last few specifically, one WhatsApp this and if required shall also be ing provision for AGR dues in est up to February 2020.” Vodafone Idea,” Birla had said. argued that AGR should only New Delhi, 6 March days” and it may approach the message portraying names of approaching the regulatory the books of accounts earlier. However, according to offi- “It does not make sense to put include revenue from core “regulatory authorities for suit- lenders and debt numbers for authorities for suitable action “The company was in con- cial calculations by the DoT, good money after bad... We will telecom operations. Telecom Kishore Biyani-led Future able action thereof”, according Future Group, Biyani said it is thereof,” Biyani said. tempt of the Supreme Court, as Vodafone Idea owes the gov- shut shop." Read in a post-earn- operators now have to pay dues Group on Friday said it is inves- to a regulatory filing by the impacting its listed entities. Future Group has presence it has not paid the entire ernment more than ~53,000 ings call a few months ago had of the past 14 years along tigating the “rumours” regard- group firm Future Retail. “Apart from the weak market in the Indian retail and fashion amount assessed by the DoT. It crore as part of the AGR dues. Of made a similar point. with interest and fines. ing its financial abilities, a list “Any such rumours, mes- conditions emanating from the sectors, with popular super- of lenders and debt numbers sages on the fundamentals or coronavirus fear, these baseless market chains like Big Bazaar circulating on social media that our operational and financial rumours or messages have and Food Bazaar, and lifestyle have led to hammering of stock abilities as a Group are totally apparently impacted some of stores such as Brand Factory BSNL loss widens over prices of its listed entities. baseless and false,” said Future our listed company stocks in the and Central. FinMin to Infosys: Make Such “baseless rumours or Group founder Kishore Biyani. past few days,” he said in a mes- Shares of Future Retail on messages” have apparently Referring to rumours that sage to its stakeholders. Friday fell by 1.66 per cent to 2.5 times to ~39K cr “impacted some of our listed have been doing rounds and, “We are investigating into ~290 apiece. PRESS TRUST OF INDIA GSTN portal efficient New Delhi, 6 March DILASHA SETH & DEBASIS MOHAPATRA State-owned BSNL’s loss swelled by over 2.5 times New Delhi/Bengaluru, 6 March Lincoln Pharma all to ~39,089 crore during the April-December 2019 period, Minister of State for Telecommunications The finance ministry has asked Infosys Sanjay Dhotre has told the Rajya Sabha.
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