AGR: SC Rejects Vodafone Plea Seeking ‘No Coercive Action’
[ By Bobby Anthony ]Vodafone Idea has moved the Supreme Court stating that as of now, it can pay only Rs 2,500 crore of adjusted gross revenue (AGR) dues to the government and will follow it up with another Rs 1,000 crore by February 21, after the company.The telecom company also appealed to the Supreme Court that the Department of Telecom (DoT) should refrain from taking any coercive action...
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Vodafone Idea has moved the Supreme Court stating that as of now, it can pay only Rs 2,500 crore of adjusted gross revenue (AGR) dues to the government and will follow it up with another Rs 1,000 crore by February 21, after the company.
The telecom company also appealed to the Supreme Court that the Department of Telecom (DoT) should refrain from taking any coercive action and invoke its bank guarantees, since this would have consequences and eventually hamper its operations.
However, the Supreme Court declined to entertain Vodafone Idea’s plea seeking “no coercive action”.
According to its lawyers, Vodafone Idea contended before the Supreme Court that Rs 3,500 crore is 50% of its estimated principle AGR dues of Rs 7,000 crore.
Vodafone Idea is estimated to pay Rs 53,000 crore to the government as part of its AGR dues. According to reports, it has informed the government that it is examining all avenues as to how much of AGR dues it could pay off.
