Airtel-Vodafone Idea shocked by Supreme Court, assessment petition dismissed in AGR case

by Jeremy Spirogis
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Supreme Court rejects Airtel-Vodafone Idea assessment petition: Supreme Court has rejected the assessment petition associated to AGR of telecom firms Airtel and Vodafone Idea. The telecom firms had requested the Supreme Court to assessment its October 24 resolution. In this resolution, the Supreme Court had requested the telecom firms to pay an quantity of 92,000 crores in a 14-year lengthy dispute.

In the Supreme Court's resolution, a three-judge bench outlined the AGR. <! –

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                 In this case, the Department of Telecommunications had demanded the income from the non-telecom business of the license-holding telecom firms. At a operate final month, Kumar Mangalam Birla, president of the Aditya Birla Group, stated that Vodafone Idea might must shut down the corporate if it doesn’t get any reduction from the federal government on AGR.

After this resolution of the Supreme Court, the telecom firms had elevated their tariff costs lots. Two telecom firms together with Reliance Jio elevated the costs of their companies by as much as 47% within the first week of December. The Cellular Operators Association of India had sought leisure of penalties and curiosity for a interval of 14 years for paying AGR dues and principal dues of AGR dues.

Following this resolution, Vodafone Idea and Bharti Airtel had reported document losses for the September quarter. In the September quarter, Vodafone Idea had a lack of 50,922 crore, the very best in India's company historical past.

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