Government will pay the bond interest of MTNL, the company is facing a crisis
The government will pay the bond dues of Mahanagar Telephone Nigam Limited (MTNL). According to sources in the Department of Telecommunications, there will be no default in this and this amount will be repaid before the due date of July 20. This step is important because it will avert the crisis facing MTNL. These days this government company is facing a crisis.
Muskan
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It would result in the Centre paying the bond dues of Mahanagar Telephone Nigam Limited. This information has been received from sources in the Department of Telecommunications where it was clearly stated that there would be no default on this and this amount would be paid before the due date of July 20. This step is important because it would avert the crisis facing MTNL.
The company has informed the stock market this week that it is unable to pay interest to some bond holders due to lack of sufficient funds payable on July 20, 2024. As per the tripartite agreement signed between MTNL, DoT and Beacon Trusteeship Ltd, MTNL was obligated to pay half yearly interest along with sufficient funds in the escrow account 10 days prior to the due date.
MTNL, however, expressed its inability to deposit adequate funds in the escrow account for want of sufficient funds.
