Lawstreet Journal

AGR-DoT Case: SC Refuses To Accept Vodafone's Request To Pay Rs. 2,500 Crores By Feb 17 & Rs. 1000 Crores By Feb 21

Lawstreet Journal 18 Feb 2020 3:32pm

Image courtesy: Lawstreet Journal Judiciary AGR-DoT Case: SC Refuses To Accept Vodafone's Request To Pay Rs. 2,500 Crores By Feb 17 & Rs. 1000 Crores By Feb 21

The Supreme Court dismissed Vodafone's request to pay Rs. 2,500 crore by the end of the day yesterday (February 17, 2020) and Rs. 1,000 crores by 21 February, 2020 against Adjusted Gross Revenue (AGR) payments, while also denying its plea that no punitive action should be taken against it.

The bench led by Justice Arun Mishra refused to accept the suggestion submitted by senior Advocate Mukul Rohatgi, who appeared on Vodafone's behalf after discussing the case.

The telecom argued that the Rs. 3,500 crores amounted to 50 per cent of its total principal AGR dues of Rs. 7,000 crores, and appealed to the SC that the Telecoms Department should not take any unilateral action and focus on bank assurances as it would obstruct their operations.

The Apex Court did not grant any relief to the telco, inflicting a major blow on Vodafone Idea Limited, which had to pay Rs. 53,000 crores to the government as part of its AGR dues, and informed on 15 February, 2020, that it was assessing how much AGR dues it could "pay" to the government and plans to pay in the next few days.

Vodafone Idea shares rose by 9.59 percent to Rs. 3.77 on BSE on Monday. Telecom sought to seek relief from the SC on the same issue, including a longer payment period and a waiver of interest and penalties. The replacement petition was dismissed, causing the Telecom, and others such as Bharti Airtel NSE-0.03 per cent, to file an extension petition to require a longer period… Continue Reading...

Tagged: Vodafone's Request  
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