Ananda Krishnan's Maxis Com pumps RM56.4m into Aircel

KUALA LUMPUR: Maxis Communications Bhd, which is owned by T. Ananda Krishnan, has pumped in RM56.44mil to enable its bankrupt mobile phone operator Aircel in India to pay salaries to its around 5,000 employees and tide over immediate operational expenses. 

According to India's Economic Times, Maxis Communications is making the infusion through Mauritius-based subsidiary Global Communication Services Holdings (GCSH).

According to the newspaper, GCSH said it has infused Rs 95 crore at March end to pay salaries and to meet some expenses for about a month-and-a-half till when the Interim Resolution Professional (IRP) was appointed by the National Company Law Tribunal (NCLT). 

Aircel is a unit of Maxis Communications.

“Around 5,000 employees of Aircel, which filed for bankruptcy protection in the NCLT in February, have not been paid salaries since that month. 

“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,” the Economic Times reported.