Telecom major Vodafone Idea Limited on August 4 informed that Kumar Mangalam Birla will step down as non-executive director and non-executive chairman of the board with effect from close of business hours on August 4, 2021.

The board of directors of Vodafone -Idea Limited at its meeting has accepted the request of Birla. The board, within the meanwhile, has unanimously elected current Non-Executive Director Himanshu Kapania because the non-executive chairman of the firm.

Last month, the Aditya Birla Group chairman had written a letter to the govt of India during which he offered handy over his stake in Vodafone-Idea (Vi) to any public sector entity considering the “looming crisis” before the telecom operator. After Birla’s letter came call at public, the shares of Vi tumbled over 16 percent on August 4.

In his letter to Cabinet Secretary Rajiv Gauba, Birla had said that investors aren’t willing to take a position within the company within the absence of clarity on adjusted gross sales (AGR) liability, an adequate moratorium on spectrum payments and most significantly floor pricing regime above the value of service.

“It is with a way of duty towards the 27 crore Indians connected by VIL, i’m quite willing handy over my stake within the company to any entity- public sector/government/domestic financial entity or the other that the govt may consider deserve keeping the corporate as a going concern,” stated Birla, who holds around 27 percent stake within the Vi, while the telecom company’s UK parent owns a forty five percent stake.

According to official data, VIL had an AGR liability of Rs 58,254 crore out of which the corporate has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding. the corporate has self-assessed the dues to be Rs 21,533 crore. The Supreme Court on July 23 dismissed a petition seeking re-computation of AGR dues.