financetom
Business
financetom
/
Business
/
COAI serving only the interests of Airtel and Vodafone Idea, says Reliance Jio in new letter to telecom minister
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
COAI serving only the interests of Airtel and Vodafone Idea, says Reliance Jio in new letter to telecom minister
Nov 3, 2019 5:34 AM

Reliance Jio has attacked COAI by claiming that the latter is only serving the interests of its rivals Airtel and Vodafone Idea. The telecom giant made the allegation in a letter sent to the minister of telecommunications Ravi Shankar Prasad.

The firm alleged that by continuing its partisan behaviour and by not taking in to account its views the association is going against the judgment made by the Supreme Court on AGR. Further, the letter claimed that the since the judgement has already been made regarding the matter by the apex court, the government does not have the option of going against the court in order to provide the relief that was requested by the association.

“Interest and penalty were being levied strictly as per the contract between the parties and that any reduction, modification or alteration of the interest and penalty provisions contained in the license agreement would amount to impermissibly rewriting the agreement,” argued the letter.

The Friday letter comes days after the telecom giant sent a letter on Thursday to the minister refuting COAI’s stance that the telecom industry would collapse without any support from the government. Further, the company added that its competitors could take care of all its financial obligations to the government by selling existing assets and issuing fresh equity.

The two strongly worded letters to the minister come as part of the rising tensions between Reliance and COAI. Earlier, the association had written to the government detailing troubles faced by the telecom sector and asked the centre to provide a complete waiver of statutory dues that its other members such as Bharti Airtel and Vodafone-Idea owe to the government following the Supreme Court ruling.

Reliance Jio had, in turn, reacted to this development by hitting out at the industry body for not taking its views into account. In a letter to COAI director general Rajan S Mathew, the former alleged that its letter did not represent the view of the industry and that the association was exploiting legitimate payout obligations to create an “alarmist propaganda for the doom of the telecom industry”.

Disclaimer:

RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

First Published:Nov 3, 2019 2:34 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Howmet lifts annual profit forecast on robust aerospace parts demand
Howmet lifts annual profit forecast on robust aerospace parts demand
Nov 6, 2024
Nov 6 (Reuters) - Howmet Aerospace ( HWM ) raised its full-year profit forecast on Wednesday, driven by robust demand for its engine products from planemakers looking to cater to a surge in air travel demand. Shares of the company, which supplies to both Airbus and Boeing ( BA ), jumped 4.2% as third-quarter profit also topped estimates. Howmet, one...
Sunoco Swings to Q3 Net Loss, Revenue Falls
Sunoco Swings to Q3 Net Loss, Revenue Falls
Nov 6, 2024
07:58 AM EST, 11/06/2024 (MT Newswires) -- Sunoco ( SUN ) reported a Q3 net loss Wednesday of $0.26 per diluted unit, swinging from earnings of $2.95 a year earlier. Analysts polled by Capital IQ expected earnings of $1.39 per share. Revenue for the quarter ended Sept. 30 was $5.75 billion, down from $6.32 billion a year earlier. Two analysts...
Johnson Controls forecasts Q1 profit above estimates on strong demand for building equipment
Johnson Controls forecasts Q1 profit above estimates on strong demand for building equipment
Nov 6, 2024
Nov 6 (Reuters) - Johnson Controls International ( JCI ) forecast first-quarter profit above Wall Street estimates on Wednesday, banking on sustained demand for building and industrial equipment from data centers. The global demand for data centers has remained resilient as more businesses integrate artificial intelligence into their offerings, benefiting companies such as Johnson Controls ( JCI ). Shares of...
Charles River Laboratories Q3 Non-GAAP Earnings, Revenue Decline; 2024 Outlook Lifted
Charles River Laboratories Q3 Non-GAAP Earnings, Revenue Decline; 2024 Outlook Lifted
Nov 6, 2024
08:03 AM EST, 11/06/2024 (MT Newswires) -- Charles River Laboratories International ( CRL ) reported Q3 non-GAAP earnings Wednesday of $2.59 per diluted share, down from $2.72 a year earlier. Analysts polled by Capital IQ expected $2.42. Revenue for the quarter ended Sept. 28 was $1.01 billion, down from $1.03 billion a year earlier. Analysts surveyed by Capital IQ expected...
Copyright 2023-2026 - www.financetom.com All Rights Reserved