Justice Arun Mishra is hearing the plea by telecom companies Bharti Airtel, Vodafone Idea, and others
Tough Time Ahead For Telecom Sector In India, On the last day of hearing on Monday, on the adjusted gross revenue (AGR) case the Supreme Court has observed that if telecom companies are unwilling to pay their dues, it would direct the Union government to cancel their spectrum allocation and licence.
Vodafone Idea owes balance dues of around Rs 50,399 crore, while Bharti Airtel’s outstanding amount is Rs 25,976 crore. Since Justice Arun Mishra is due to retire on September 2, a judgment is likely within the next seven working days.
While the court’s verdict on the tenure of paying AGR dues is expected to decide the future of Vodafone Idea, Sunil Mittal of airtel also pointed out that AGR payments have put an “extraordinary” load of penalties and interests.
He added that the companies will have to bow before the Supreme Court’s order nevertheless and could reduce the Indian telecom sector to two companies due to the current financial stress faced by the sector.
More details can be read at- AGR Hearing Highlights | SC reserves judgment on the recovery of AGR dues from insolvent telcos