New Delhi: Facing the supreme court’s ire, debt-ridden telecom operator Vodafone Idea on Saturday said that it is currently assessing the amount that can be paid towards AGR dues while flagging concerns over the continuation of its business. The company added that it is in the process to pay the adjusted gross revenue dues as per the top court’s order. Also Read - After Supreme Court Rap, Airtel Bharti to Deposit Rs 10,000 Crore by Feb 20
“Company is currently assessing the amount it’ll be able to pay to Dept of Telecommunications towards the dues calculated based on AGR, as interpreted by Supreme Court in its order dated 24 Oct 2019. The Company proposes to pay the amount so assessed in next few days,” Vodafone Idea said in a BSE filing. Also Read - SC Dismisses Plea of Telcos Seeking Review of Verdict on Recovery of Past Dues of Rs 1.47 Lakh Crore
Vodafone Idea Ltd (VIL), whose liability is estimated to be around Rs 53,038 crore, including Rs 24,729 crore of spectrum dues and Rs 28,309 crore in licence fee, has already warned of shutdown if no relief is given.
“As disclosed in the company’s financial statements for quarter ending December 31, 2019, the company’s ability to continue as a going concern is essentially dependent on a positive outcome of the application for modification of the supplementary order,” it said.
The next date of hearing is scheduled for March 17.
On Friday, the Supreme Court had insisted that telecom companies must pay their adjusted gross revenue (AGR) dues worth Rs 1.47 lakh crore to the exchequer. If not the whole amount, the apex court said that companies must pay a “sizeable” part of it to prove their “bonafides” and get more time to pay up the rest of the amount.
The payments to be made by the companies include Rs 53,000 crore by Vodafone Idea, Rs 35,500 crore by Bharti Airtel and Rs 14,000 crore by the now-defunct Tata Teleservices.
(With agency inputs)