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New Delhi. 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 the amount will be paid before the due date of July 20. This move is important because it will avert the crisis faced by MTNL.
Amid growing financial crisis, the company had told the stock market this week that it is unable to pay interest to some bond holders due to insufficient funds. This interest is payable on July 20, 2024. As per the tripartite agreement (TPA) signed between MTNL, Department of Telecommunications and Beacon Trusteeship Limited, MTNL was to pay half-yearly interest with sufficient amount in the escrow account 10 days before the due date.
However, MTNL said that it could not deposit sufficient amount in the escrow account due to insufficient funds.
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