The Supreme Court on Friday slammed the telecom operators saying that they were in contempt of its order to pay the dues amounting to Rs 1.47 lakh crore.
Vodafone Idea shares surged as much as 18.89 per cent to Rs 4.09 apiece on BSE after the company on Saturday informed the exchange that it is assessing the amount that can be paid to the Department of Telecommunication (DoT) towards the dues calculated based on AGR. The company has proposed to pay the amount so assessed in the next few days. Around 9.30 AM, Vodafone Idea was trading 9.88 per cent higher at Rs 3.78 apiece. “We wish to inform that post the hearing yesterday, company has received letters from Department of Telecommunications (DoT) directing immediate payment. The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR (Adjusted Gross Revenue), as interpreted by the Hon’ble Supreme Court in its order dated 24 October 2019. The Company proposes to pay the amount so assessed in the next few days,” the company said in a BSE filing.
The Supreme Court on Friday slammed the telecom operators saying that they were in contempt of its order to pay the dues amounting to Rs 1.47 lakh crore. The apex court directed the Managing Directors and CMDs of telecom companies to be present in the court on its next hearing which is scheduled for March 17, 2020 to explain why contempt proceedings should not be launched against them for not following the SC order. “We don’t know who is creating this nonsense. Is there no law left in the country? It is better not to live in this country and rather leave the country,” the bench headed by Justice Arun Mishra observed.
Earlier on January 16, Supreme Court had dismissed the review petitions of telecom companies seeking review of its earlier order asking them to pay Rs 1.47 lakh crore in past statutory dues by January 23. Vodafone Idea faces statutory dues of Rs 53,039 crore, which includes up to Rs 24,729 crore of spectrum dues and another Rs 28,309 crore in licence fees, while Bharti Airtel has to pay Rs 35,586 crore. However, Airtel has already $3billion through a combination of the private placement of shares and an overseas sale of convertible bonds. Among the telecom companies, only Mukesh Ambani’s Reliance Jio has paid its AGR dues. Even state-owned BSNL and MTNL have also not paid the dues.