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7 months ago 01:37:01pm Television

Vodafone Idea’s director of regulatory affairs P Balaji resigns

New Delhi, 03-January-2024, By IBW Team


In a high-profile exit, Vodafone Idea’s director, regulatory and corporate affairs officer, P Balaji has resigned, and he will be relieved on January 10.

Balaji was the key person who used to interact with officials in the government and was the company’s largest shareholder. He is leaving amid the efforts of the company to raise critical funding.

“We wish to inform you that P Balaji, chief regulatory and corporate affairs officer of the company has resigned. Accordingly, he will cease to be a senior management personnel of the company w.e.f. close of business hours on January 10, 2024,” Vodafone Idea (Vi) said in a regulatory filing.

Balaji resigned yesterday and sought a waiver of the contractual notice period obligation, PTI reported.

“I appreciate the opportunity given to me by Vodafone Idea to serve for over 9 years and am proud of the work we have done together to help transform the company. However, at this point in my life, I am eager to pursue my personal and professional goals outside of VIL. Accordingly, I would like to resign from the services of the company with immediate effect,” Balaji said in his resignation.

The company, which is struggling to raise funds, has denied any talks with Elon Musk-owned Starlink for a stake sale. The shares of the company had hit a 52-week high intraday Monday, gaining nearly 40% in two trading sessions after a media report emerged on the Starlink talks.

The company, for the past three years, has been struggling to raise funds that are needed to pay its large vendors like Indus Towers and the government, expand 4G coverage, and invest in 5G rollout to compete effectively with bigger rivals Reliance Jio and Bharti Airtel.

The loss-making company’s cash and cash equivalents declined to Rs 119.6 crore at the end of September from Rs 250 crore three months earlier.

Chief executive Akshaya Moondra had earlier said that discussions with potential investors would close in the December quarter, followed by debt funding from banks. But ET reported that the equity fundraising had been delayed and might close in this January-March quarter.

While Vodafone Idea had earlier announced that it was looking to mobilize about Rs 20,000 crore from a mix of debt and equity, the company has lately been refraining from giving an update on the plan.

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