New Delhi. The difficulties of Vodafone Idea are growing. The firm has obtained one other setback from the Supreme Court. The Supreme Court has presently rejected Vodafone Idea's supply to repay Rs 2500 crore within the AGR dues case. The lawyer current on behalf of Vodafone had proposed to pay Rs 2500 crore at current and Rs 1000 crore on 21 February as AGR. But the Supreme Court didn’t settle for it. At the identical time, the Supreme Court additionally rejected Vodafone's plea through which the corporate appealed to not take any strict motion in opposition to itself. A bench headed by Justice Arun Mishra refused to simply accept the movement made by senior advocate Mukul Rohatgi, showing for Vodafone. <! –
This is a giant setback for Vodafone. Vodafone has an impressive AGR of Rs 53000 crore.
Vodafone is assessing
Explain that AGR is a utilization and license cost, which the Department of Telecom takes from the telecom operators. Due to the controversy over its definition, the matter has reached the Supreme Court. Vodafone mentioned on Saturday that it’s assessing how a lot AGR it has. Also, the corporate had additionally mentioned to repay within the subsequent few days. On the opposite hand, Airtel has paid Rs 10000 crore as AGR today. They have additionally mentioned that they may give the remaining dues earlier than the deadline of March 17. Vodafone is making an attempt to get reduction from the court docket on this regard, together with longer fee tenure and exemption from curiosity and penalty.
Airtel and Vodafone estimates
However, Airtel and Vodafone are additionally calculating AGR at their degree. According to Airtel's calculations, its excellent AGR stands at Rs 15000-18000 crore, whereas the Department of Telecommunications has requested for an AGR of Rs 35,500 crore from the corporate. At the identical time, Vodafone's preliminary calculations say that the excellent dues of Rs 18000-23000 crore have been requested, whereas Vodafone has been requested to pay the excellent AGR of Rs 53000 crore.
What have you learnt
Reliance Jio has already paid its 195 crore AGR. Vodafone Idea was left within the large corporations, which is below growing strain. Analysts say promoters of Vodafone Idea (UK-based Vodafone Group and Aditya Birla Group of India) must inject new capital into the corporate instantly, in any other case loss-making Vodafone Idea could have no choice however to use for chapter. . The firm has indicated about 2-Three occasions in India.
– Vodafone Idea might be closed, there is just one means left