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AGR verdict: Airtel, Vodafone Idea and Tata get 10 years to pay off dues

AGR verdict: Airtel, Vodafone Idea and Tata get 10 years to pay off dues

Supreme Court has given 10 years to the Bharti Airtel, Tata Teleservices, and Vodafone Idea to pay off their Adjusted Gross Revenue (AGR). This time line starts from 1st April 2021 and ends on 31st March 2031. MR Shah, Arun Mishra, S Abdul Nazeer, bench comprising justices declares that telecom companies have to pay off 10% of dues untile March 31st 2021. They continue to say that this period has been extending due to current pandemic in the country that has affected the entire world and after that, 10 years period will start from 1st April 2021.

Supreme court says, the payment has to be paid every succeeding year by 7 February and non-payment of the dues can incite court proceeding. The Bench says, delay in the yearly payment would be punishable. According to the Supreme court direction, telecom company’s have to pay undertakings to pay AGR. Pranab Mukherjee State Funeral Updates

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The Bench says, bank guarantees given by the telecom company’s should be kept alive until the due is not paid off and the director of the telecom company has to give the undertaking to obey with the schedule. The topic of spectrum has been question mark, Whether spectrum can be sold or not, who will be liable for the dues of bankrupt telecoms like Aircel and Reliance communications?

AGR verdict: Airtel, Vodafone Idea and Tata get 10 years to pay off dues

Justice Mishra says that National Company Law Tribunal can take the decision whether spectrums are to be sold or not. According to the trading guidelines, spectrum seller has to satisy and clear all the pending dues before the sale. The supreme court has left the decision of selling spectrums on NCLT

According to the government’s calculation, Vodafone idea has the due of Rs 50,399 crore after paying off 7,854 crore, Bharti Airtel has 25,976 crore due amount after paying 18,004 crore and Tata teleservices has 12,601 crore due amount after paying off 4,197 crore. Stay connected with us to get the latest updates from India and around the world.

 

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tanya

tanya

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