MTNL has already made this payment of Minimum Alternate Tax (MAT), amounting to Rs 492 crore, and had sought relief from the government, which holds 56.25 percent stake in this publicly listed firm.
Government has decided to further deliberate on the issue of tax demand against loss-making MTNL , which had arisen due to a decision to provide pension support and refund of broadband spectrum payments to the state-run telecom firm.
MTNL has already made this payment of Minimum Alternate Tax (MAT), amounting to Rs 492 crore, and had sought relief from the government, which holds 56.25 percent stake in this publicly listed firm.
"Cabinet considered MTNL issue. We have taken a call on it. There was a tax demand and we have accepted that. The loss to MTNL was because of book value. We have not deferred the matter, but further deliberations are required," Telecom Minister Ravi Shankar Prasad told reporters after a Cabinet meeting this evening.
Government in September last year decided to refund about Rs 5,700 crore to MTNL which it has to pay for wireless broadband spectrum in Delhi and Mumbai in 2010.
In December 2013, the government also approved pension support to MTNL for about 43,000 employees who joined the state-run firm from Department of Telecom.
MTNL stock price
On November 05, 2014, Mahanagar Telephone Nigam closed at Rs 31.10, up Rs 1.00, or 3.32 percent. The 52-week high of the share was Rs 39.10 and the 52-week low was Rs 13.00.
The company's trailing 12-month (TTM) EPS was at Rs 132.51 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 0.23. The latest book value of the company is Rs 80.01 per share. At current value, the price-to-book value of the company is 0.39.
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