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Supreme Court Permits 10 Yrs For Staggered Payment Of AGR Dues; Vodafone Idea Falls 20%
The apex court in its adjusted gross revenue (AGR) verdict given out today allowed telecom companies to clear their AGR dues in a staggered manner in 10 years time. Further, 10% of the outstanding dues have to be cleared by March 31, 2021. And the rest in installments is to be paid out by February 7 every year.
The timeline of 10 year for payment of AGR dues shall begin from April 1, 2021, and the payments can be made in instalments till March 31, 2031, said the bench of ustices Arun Mishra, S Abdul Nazeer and MR Shah.
In its judgement, the Supreme Court said any default on the part of telco shall result in levy of interest, penalty and non-payment shall amount to contempt of court proceedings.Existing bank guarantee given to be kept alive and Managing Director to give the undertaking to comply with the schedule.
After the scope of AGR was broadened to include non-telecom revenues, the Department of Telecom moved a plea in March this year seeking timeframe of over 20 years for staggered payment of AGR dues. The SC concluded with hearing the AGR matter on August 24.
On the judgement, the stock of Vodafone Idea tumbled close to 20% to Rs. 8.16 per share on the BSE.
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