Vodafone CEO Nick Read Apologizes To Government Over Liquidation Comments

After blaming the government for not reducing the spectrum charges, Vodafone CEO Nick Read CEO took a u-turn, claiming that he was wrongly quoted by the media, and re-affirmed the company's commitment to the Indian market. Read in his letter to the Prime Minister and telecom minister Ravi Shankar Prasad intimated that the company will continue its operations in India. Apart from that, Read appreciated the government's decision for setting up the committee of secretaries to look the matter.

The statement comes a day after the government expressed displeasure over his statement and uncertainty remark. According to the sources close to the development informed that the government disapproves his statement.

"The coverage in India has been distorted and I apologize for the impression that the coverage conveys. It doesn't accurately represent my comments," Nick Read was quoted by ET. Adding to that, "I would like to express my gratitude to the Indian government for designing a relief package in the light of the recent AGR (adjusted gross revenue) judgment and the financial stress the telecom industry is undergoing."

On the other hand, the Department of Telecom (DOT) has issued notices to all telecom operators asking them to pay all dues, as per the Supreme Court ruling. DOT has given the option to all telcos to clear all dues on a self-assessment basis. In fact, DOT has asked the same from internet service providers and virtual network operators.

Besides, DOT has come up with a new break up of dues, where all telecom operators have to pay Rs.2.27 lakh crore, including penalties. However, in the earlier estimate, Vodafone Idea has to pay around Rs.28,000 crore and Airtel has to pay about Rs. 20,000 crore. To recall, last month the Supreme Court has given three months of time to operators to pay all their dues.