The Supreme Court directed Vodafone India to deposit Rs.2,000 crore with the department of telecommunications, paving the way for the phone company to go ahead with a three-year-old process to merge six group units amid a plan to revive an initial public offering (IPO).
Once Vodafone has paid up, DoT will issue the company a merger licence, speeding up a process initiated in 2012 that hit a bottleneck over dues demanded by the department.
DoT had demanded Rs.6,930 crore from the company for the merger on various counts, including one-time spectrum fee, airwave usage charges and market-linked price for bandwidth under merger and acquisition rules.
SC asks Vodafone to deposit Rs.2,000 cr
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