U.S. satellite broadband provider Hughes Network Systems may have to shut its In...
NEW DELHI - U.S. satellite broadband provider Hughes Network Systems may have to shut its Indian operations due to unpaid levies owed to the government, which could put thousands of banking services at risk, a company letter seen by Reuters showed.
Hughes’ India unit provides services to defense, education and banking sectors in the country and told India’s telecoms minister in a letter dated Feb. 20 that it faces bankruptcy as it can’t pay the 6 billion rupees it owes. “This is an SOS request,” he added. The company says the government’s telecoms department had made an incorrect calculation of the dues more than a decade ago which has ballooned to $84 million with interest and penalties.
While the $84 million Hughes owes is significantly smaller than the sums owed by larger peers, a company document from December showed it was still more than three times its net worth in India.
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