Do not have enough money to pay June salaries, says BSNL

Ailing state-owned telecom firm BSNL has sent an SOS to the government, seeking immediate cash infusion as it is finding it “nearly impossible” to continue operations and even manage Rs 850 crore salary liability for June as outstanding liabilities of nearly Rs 13,000 crore have made its business “unsustainable”.

“The gap between monthly revenues and bare expenses to continue operations as a going concern has reached to a level where continuing with the BSNL operations would be nearly impossible without immediate infusion of adequate equity,” Puran Chandra, senior general manager at BSNL’s corporate budget and banking division, said in a letter to the joint secretary in the telecom ministry (who also sits on the board of BSNL).