Kumar Mangalam Birla Steps Down As Vodafone Idea Non-Executive Chairman

Mumbai: Aditya Birla Group chairman Kumar Mangalam Birla has stepped down as the non-executive chairman of Vodafone Idea Limited, news agency PTI quoted the firm as saying in its company filing. 

The telecom firm earlier informed that Birla will step down as the non-executive director and non-executive chairman of the board with effect from close of business hours on August 4, 2021.

This came after Vodafone Idea Limited’s board of directors accepted Birla’s request.

Birla had last month written to the Central government in which he offered to hand over his stake in Vodafone Idea to any public sector entity considering the looming crisis before the telecom operator.

Birla had in his letter to Union Cabinet Secretary Rajiv Gauba said the investors are not willing to invest in the company in the absence of clarity on AGR liability, an adequate moratorium on spectrum payments and most importantly floor pricing regime above the cost of service.

The Supreme Court had last month rejected the applications of major telecom companies, including Vodafone Idea, seeking corrections of what they called errors in the government’s calculation of their dues.

The apex court had earlier in September 2020 granted the telecom companies 10 years to clear their pending dues to the Centre with 10 percent payment to be made every year.