Shares of Vodafone Idea have risen nearly 10 percent since the Supreme Court’s Adjusted Gross Revenue (AGR). The apex court has given Telcos 10 years to clear the arrears related to AGR. In fact, shares of Vodafone Idea traded at Rs 9.15 (12.43 pm on the NSE).
Shares of Vodafone Idea traded at Rs 8.67 on the BSE.
The telecom company asked the government for more time to pay the AGR in April, By report, There were not even enough bank guarantee deposits for his spectrum payments.
According to self-assessment, telecom firms collect about three or four percent of their AGR as license fee and spectrum usage fee.
Unlike Vodafone Idea, Bharti Airtel’s share price has risen nearly five percent (up 12.43 pm on the NSE).
The arrears of AGRs of telecom firms are around Rs 1.6 lakh crore. The Supreme Court has asked Telescope to pay 10 percent of the arrears by March 31, 2021.
Arun Mishra Statement:
A three-judge bench of Justice Arun Mishra said the firms would have to pay installments. Company needs to pay installment by February 7 of each successful year. They pay interest if the due payment is fail. Further, failure to pay will result in contempt of court.
Requests relating to reassessment of ACR arrears will not have to meet by the Scheduled Castes.
The Center had agreed to provide 20 years to pay the arrears. However, the apex court granted 10 years, said Kapil Sibal, representing Bharti Airtel, on CNBC-TV-1 Bhar.
It is now up to the telecom firms to decide whether to file a review petition or not.
In March, the Department of Telecommunications requested the SC to give Telecom 20 years to pay AGR arrears. However, it includes spectrum usage charges, license fees, interest, penalties and interest on penalties.
However, at the time the Supreme Court had given a reservation for giving telecom firms 20 years.
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