CURRENT AFFAIRS

Detailed explanation-1: -In a clear indication that the 25-year old telecom business is beyond redemption for the Aditya Birla group, Kumar Mangalam Birla has stepped down as the non-Executive Director and Non-Executive Chairman of Vodafone Idea with immediate effect.

Detailed explanation-2: -Uncertain future. In the letter, Birla, who holds around 27 per cent stake in VIL, said investors are not willing to invest in the company in the absence of clarity on AGR liability, adequate moratorium on spectrum payments and most importantly floor pricing regime above the cost of service.

Detailed explanation-3: -Birla is being replaced by Himanshu Kapania. He had taken over as non-executive chairman of Vodafone Idea in August 2018. This comes less than two months after he offered to hand over the group’s 27.66 % stake in Vi to any public sector or domestic financial entity who could keep the company afloat.

Detailed explanation-4: -Mr. Kumar Mangalam Birla is the Chairman of the Indian multinational Aditya Birla Group, which operates in 36 countries across six continents.

Detailed explanation-5: -"The Board of Directors of Vodafone Idea, at its meeting held today, have accepted the request of Kumar Mangalam Birla to step down as Non-Executive Director and Non Executive Chairman of the Board with effect from close of business hours on 4 August, 2021, ” it said in a regulatory filing.