Tribune News Service
New Delhi, September 1
The Supreme Court on Tuesday granted 10 years to telecom companies, including Vodafone Idea, Bharti Airtel and Tata Teleservices, to pay thousands of crores of rupees due from them on account of adjusted gross revenue (AGR).
A Bench led by Justice Arun Mishra directed the telecom companies to pay 10 per cent of their Rs 1,43,271.74 crore AGR-related dues to the Department of Telecommunications (DoT) by March 31, 2021.
Annual instalments
- The payment has to be made in yearly instalments commencing from April 1, 2021, up to March 31, 2031
- The telecom firms and DoT will file compliance reports by April 7 of each succeeding year
The top court made it clear that the companies couldn't dispute the demand raised by the DoT in respect of the AGR dues on the basis of its October 2019 judgment and that there shall not be any reshy;assessment.
The payment had to be made in yearly instalments commencing from April 1, 2021, up to March 31, 2031, payable by March 31 of every succeeding financial year, it said, directing the telecom firms and DoT to file compliance reports by April 7 of each succeeding year.
It ordered the managing director/chairman or other authorised officer of each company to furnish an undertaking within four weeks regarding the payment of arrears as per its order. The existing bank guarantees submitted regarding the spectrum shall be kept alive by the telecom service providers until the payment was made, it said.
"In the event of any default, interest would be payable along with penalty and interest on penalty automatically without reference to court. Besides, it would be punishable for contempt of court," said the Bench, which also included Justice S Abdul Nazeer and Justice MR Shah.
from The Tribune https://ift.tt/3lINpjJ
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