The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (DoT) of making only partial payment, as per their representatives.
Telecom operator Tata Teleservices on Thursday said the Department of Telecom (DoT) has approved the merger of its consumer mobile business with Bharti Airtel. Tata Teleservices listed arm said in a regulatory filing said the DoT through its letter dated February 6, 2020 has conveyed approval of the competent authority in DoT for taking on record demerger of consumer mobile business undertaking of the company into Bharti Airtel Limited (BAL).
Telecom operator Tata Teleservices (Maharashtra) on Friday posted a loss of Rs 2,335 crore on account of provisioning for liabilities after the Supreme Court ruling on statutory dues.
"The company has considered it appropriate to write off the entire investment of Rs 28,651.69 crore in Tata Teleservices Limited," Tata Sons said in a filing.
As per the CAG report, the five companies understated revenue to the tune of Rs 14,813.97 crore.
The development comes close on the heels of Tata Group announcing the sale of its consumer mobile business to Bharti Airtel.
The acquisition is subject to requisite regulatory approvals, Bharti Airtel and Tatas said in a statement without revealing the acquisition amount.
The High Court will now have to adjudicate the RBI’s objections to Tata’s application to buy back Docomo’s stake at Rs 58.5 a share
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Mumbai, Dec 28 : A look at major milestones achieved by Tata Sons under Ratan Tata as chairman:1996: Forayed into telecom sector with the launch of Tata Teleservices1998: Oversaw Tata Motors producing India's first indegeniously
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