Supreme Court grants 10-years time to telecom firm to pay AGR-related dues
The apex court said telecos should pay 10 per cent of the AGR-related dues by March 31, 2021.
The Supreme Court on Tuesday granted 10-year time to telecom firms like Vodafone Idea, Bharti Airtel and Tata Teleservices for paying the Adjusted Gross Revenue (AGR)-related dues to the Department of Telecommunications (DoT) with certain conditions.
The apex court said telecoms should pay 10 per cent of the AGR-related dues by March 31, 2021.
A bench headed by Justice Arun Mishra held that the demand made by the DoT and the verdict delivered by the top court in the matter is final.
The bench asked the Managing Director (MDs) or Chief Executive Officer (CEOs) of telecoms concerned to furnish undertaking or personal guarantee within four weeks for payment of dues.
It cautioned the telecom firms and said that failure to pay installments of AGR-related dues would incur penalty, interest and contempt of court.
The top court said that issue of sale of spectrum by telecos facing insolvency proceedings shall be decided by the National Company Law Tribunal (NCLT).
The bench delivered its verdict on the issues, including the timeline for staggered payment of AGR-related dues amounting to about Rs 1.6 lakh crore.
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