Malaysian tycoon Tatparanandam Ananda Krishnan’s Maxis Communications Bhd, the parent company of embattled Indian telecommunications group Aircel Ltd, has pumped some Rs 95 crore (RM56.42 million) to assist the bankrupt company to pay the salaries of its employees.
In a report today, India’s The Economic Times said the Aircel management has been closely working with Maxis for the emergency infusion via Mauritius-based subsidiary Global Communication Services Holdings (GCSH).
The Economic Times quoted GCSH as saying it has infused Rs 95 crore at end-March to pay salaries and to meet some expenses for about a month-and-a-half till when the Interim Resolution Professional was appointed by the National Company Law Tribunal (NCLT).
The report said around 5,000 employees of Aircel, which filed for bankruptcy protection in the NCLT in February, have not been paid salaries since that month.
It added that security personnel and contract staff, too, have not received their dues, raising safety concerns for the operator that is struggling to service a debt of over Rs 50,000 crore due to falling revenue and dwindling cash flows amid fierce competition.