SC to hear Fri Bharti Airtel, Vodafone Idea curative plea on AGR dues
This story was originally published at 18:15 IST on 28 August 2024
Register to read our real-time news.Informist, Wednesday, Aug 28, 2024
NEW DELHI – The Supreme Court will hear on Friday a batch of curative petitions filed by telecom companies including Bharti Airtel Ltd and Vodafone Idea Ltd against the court's earlier order on adjusted gross revenue calculations. The matter will be heard in chambers by a bench led by Chief Justice of India D.Y. Chandrachud at 1330 IST.
The apex court had earlier rejected their petition for rectification of alleged errors in the calculation of adjusted gross revenue dues payable by the company. Bharti Airtel and Vodafone Idea had moved curative petitions against the rejection in the apex court last year.
The petitions arise from a top court order in 2020, which granted 10 years to the telecom companies to clear their adjusted gross revenue dues to the Department of Telecommunications. The apex court had also asked telecom companies to pay 10% of the adjusted gross revenue dues upfront.
The top court had then said that no revaluation of adjusted gross revenue dues would be allowed, and any default would invite interest, penalty, and contempt of court.
The Department of Telecommunications has estimated Bharti Airtel dues at 439.80 bln rupees, way higher than the company's estimate of 130.04 bln rupees. The department has estimated Vodafone Idea's dues at 582.54 bln rupees compared with the company's assessment of 215.33 bln rupees.
The curative petitions also challenged the apex court's order in 2019 under which it asked telecom companies to pay a penalty of 50% of the entire amount of short-payment and interest at a rate which will be 2?ove the prime lending rate of State Bank of India and that too compounded monthly.
Today, the shares of Bharti Airtel ended 2.2% higher at 1,556.35 rupees on the National Stock Exchange, and those of Vodafone Idea ended 0.4% lower at 15.97 rupees. End
Reported by Surya Tripathi
Edited by Akul Nishant Akhoury
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
