Indus Towers deletes para from quarterly report that said Government prohibited from buying stake in Vi until stock price rises above face value

1 Nov 2022 , 12:28 PM

A significant paragraph from Indus Towers’ quarterly report for the period of July to September has been removed because it incorrectly stated that company law regulations prohibited the government from acquiring ownership in Vodafone Idea (Vi) if the telco’s shares are trading below their par value.

The government is not prohibited from buying equity in the telco even if the shares are trading below their par value, according to a late-night statement by Vi on Monday.

“The company is hereby revising the aforesaid quarterly report by deleting the aforesaid paragraph named ‘Govt shareholding in Vi’ which was included erroneously,” Indus Towers said in a filing to BSE. “Since the firm is not obligated to make any disclosures on this topic.”

Additionally, the tower company amended its Q2 quarterly report and submitted it to the exchange.

Vi has already claimed that Indus had misrepresented the existence of such a rule by referencing Company Law in its quarterly report. The joint venture between the UK’s Vodafone Group Plc and the Aditya Birla Group has stated: “We have come across certain media reports wrongly referencing to below par share price as the reason for the delay in VIL’s government equity conversion.” “We have brought this issue up with Indus Towers for remedial action.”

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