Active Stocks
Mon Apr 22 2024 15:57:16
  1. Tata Steel share price
  2. 161.85 -0.15%
  1. HDFC Bank share price
  2. 1,512.30 -1.24%
  1. State Bank Of India share price
  2. 765.85 2.00%
  1. ICICI Bank share price
  2. 1,087.00 1.93%
  1. Wipro share price
  2. 461.95 2.01%
Business News/ Industry / Telecom/  Supreme Court to pronounce AGR verdict today at 11:30 am

Supreme Court to pronounce AGR verdict today at 11:30 am

Justice Arun Mishra, who is demitting office on Tuesday, is all set to pronounce key judgement in the case involving timelines for payment of AGR dues by telcos

(Photo: Mint)Premium
(Photo: Mint)

Justice Arun Mishra-led Supreme Court bench will pronounce the much awaited Adjusted Gross Revenue dues' verdict relating to telecom companies on Tuesday at 11:30 am.

Justice Mishra, who became an apex court judge on July 7, 2014, is demitting office on Tuesday and superannuating on 2 September, is all set to pronounce key judgements in the case involving timelines for payment of AGR dues by telcos.

Telecom firms have to pay AGR related dues along with interest and penalty -- estimated to be around 1.6 lakh crore. The telcos have been keen on an extended timeline to pay up their statutory dues, in a staggered manner.

On July 20, the top court made it clear it will not hear "even for a second" the arguments on reassessment or re-calculation of the AGR related dues of telecom companies which run into about 1.6 lakh crore.

The apex court had observed that it was not a reasonable proposal that a period of 15 to 20 years be given to the telecom companies to pay AGR dues.

The top court, which on June 18 had asked the telecom companies including Bharti Airtel, Vodafone to file their books of accounts for the last ten year and give a reasonable time frame for paying the AGR dues.

The Centre had earlier urged the top court that up to 20 years be given to telecom companies for the payment of dues in a staggered manner.

On June 18, the top court was informed by the Centre that the DoT has decided to withdraw 96 per cent of the 4 lakh crore demand for AGR related dues raised against non-telecom PSUs like GAIL.

The apex court had in October 2019 delivered the verdict on the AGR issue for calculating government dues of telecom companies such as licence fee and spectrum usage charges.

After the top court had rejected pleas by Vodafone Idea, Bharti Airtel and Tata Teleservices seeking review of the judgement which widened the definition of AGR by including non-telecom revenues, the DoT had in March moved a plea seeking staggered payment over 20 years.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 31 Aug 2020, 08:41 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App