28 January Friday

SC Rejects Vodafone’s Offer to Pay Rs 2500 today; No Protection To Bank Guarantees Either

Web Desk‌Updated: Monday Feb 17, 2020

 

NEW DELHI : Telecom major Vodafone took another hit as supreme court on Monday refused its AGR dues payment plan and its plea against use of any coercive measure. The telecom operator told the Apex court that it can pay only 2,500 crore in AGR dues today and another 1000 crores on Friday.

Vodafone lawyers urged the court that Rs. 3,500 crore makes up for 50% of the estimated principle AGR dues which totals to Rs. 7,000 crores. They further appealed that the authorities should not be allowed to invoke the bank guarantees lying with the government as it would affect their operations. .The apex court however declined both these requests.

 Vodafone owes Rs. 53,000 crores to the government as part of its total AGR dues.

The Backdrop

In mid of last year, the Supreme Court had put an end a 14-year-old legal battle regarding interpretation of adjusted gross revenue (AGR) and said the telecom operators have to shell out a whopping Rs 92,000 crore in past dues.

The case was one between Union of India Vs Association of Unified Telecom Service Providers of India.
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