New Delhi On Thursday, Reliance Jio wrote a letter to Communications Minister Ravi Shankar Prasad warning that the government should not succumb to the blackmail of Airtel and Vodafone-Idea and the government should recover the dues from these companies as per the Supreme Court's decision. Citing COAI's letter, Jio said that COAI has become a puppet in the hands of Airtel and Voda-Idea. To benefit both these companies, COAI is presenting a false picture of the telecom industry. Reliance Jio has written a letter to the government that according to the order of the Supreme Court, 93 thousand crore rupees from the telecom companies should be recovered in time.
Let us know that earlier on Tuesday, COAI wrote a letter to the government to give relief to Airtel and Voda-Idea. In a letter to the Minister of Communications, Jio has said that they do not agree with COAI's argument that if the government does not help these companies, the telecom sector will collapse. Jio alleged that COAI is using threatening tone to prove its point. The government should not succumb to such threats.
Reliance Jio has today written a letter to Telecom Minister Ravi Shankar Prasad, emphasizing that the firms which have been asked by the Supreme Court to pay their old statutory dues, have sufficient financial capacity to repay their liabilities. In this way, the Jio company has clearly opposed giving bailout packages to the telecom companies with the taxpayers' money. It has targeted the Cellular Operators Association of India (COAI), saying that it has written a one-sided letter to the government regarding the economic crisis in the telecom sector and is adopting the path of blackmailing to get relief from the government.
Jio has said in a letter to Ravi Shankar Prasad that the affected telecom service providers have enough financial capacity to pay the government dues. For this, companies can monetize their existing assets and investments and can also use their fresh equity.
Jio said that it completely opposes this matter, under which the COAI has said that if the government does not give immediate relief to the telecom sector, then the telecom sector will collapse. At the same time, COAI has also said that an unprecedented crisis will be seen in the telecom sector as two or three private operators will have to face terrible economic crisis. Jio has also disagreed with this.
Reliance Jio says that Airtel and Voda-Idea are capable companies. It has many profitable businesses in many countries including India and abroad. These companies have earned a lot of money in India itself. Now that the Supreme Court has passed the order of payment of arrears, they should not back down. Reliance Jio suggested that they could easily repay the government dues by selling some part of their profitable business for payment.
In the letter, Reliance Jio alleged that Airtel and Voda-Idea have also broken the trust of their investors. When companies knew the stance of the government, the regulator and the Supreme Court on AGR dues, why did the companies not make advance provision to repay the dues. In contrast, companies remained firm on their stand and paid to the government on their own. These companies, claiming to have worsened financial conditions, are actually victims of their own poor operational decisions.
Reliance Jio completely rejected the statement of poor financial condition of COAI and Airtel, Voda-Idea. Reliance Jio alleged that these companies made a lot of money in India, but the company kept cutting from new investments. This is the reason that today these companies look backward. The government should not bear the brunt of the poor commercial decisions of these companies.
Published: 31 Oct 2019 05:03 PM
. (tagsToTranslate) Jio (t) Reliance Jio (t) Telecom Companies (t) COAI (t) Cellular Operators Association of India (t) Ravishankar Prasad