SC dismisses curative plea by telcos seeking correction in AGR calculation
In a big setback for telecom companies, the Supreme Court has dismissed their curative pleas seeking correction of alleged errors in Adjusted Gross Revenue (AGR) calculation.
In a big setback for telecom companies, the Supreme Court has dismissed their curative pleas seeking correction of alleged errors in Adjusted Gross Revenue (AGR) calculation.
In September last year, the top court had given 10 years' time to telcos, who were struggling to pay Rs 93,520 crore in AGR dues outstanding amount to the government
The court also said that the National Company Law Tribunal (NCLT) should decide whether or not spectrum can be sold under the Insolvency and Bankruptcy Code.
The court is likely to consider the issue of allowing the telcos to pay their AGR dues worth Rs 1.43 lakh crore over 20 years.
The Centre had on Monday moved the Supreme Court seeking approval of a formula to allow telecom service providers to make annual installments of around Rs 1.47 lakh crore AGR dues in the next 20 years or more.
The Department of Telecommunications also sought the apex court's nod for a formula arrived at for recovery of dues from telecom companies after detailed deliberation by government and cabinet.
Last week witnessed a flurry of meetings in the national capital between senior executives of the telecom firms and the government representatives.
Mittal's remarks came after a meeting with telecom minister Ravi Shankar Prasad to give an overall view of the industry.
Taking note of the surprise surge in its stock price, exchanges sought a clarification from the company.
The Supreme Court, last Friday, came down heavily on the telecom companies for not paying dues to the tune of Rs 1.47 lakh crore to the government.
