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Last Updated : Nov 22, 2019 04:39 PM IST | Source: Moneycontrol.com

Bharti Airtel, Vodafone Idea file review petitions of AGR judgement: Report

The review petitions challenge the inclusion of notional incomes as a part of AGR

 
 
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Bharti Airtel and Vodafone Idea have filed applications before the Supreme Court, seeking the review of its judgment on Adjusted Gross Revenue (AGR), according to a CNBC-TV18 report.

The report noted that the review petitions challenge the inclusion of notional incomes as a part of AGR and that it sought to challenge the imposition of interest on outstanding dues.

The review petitions also seek to contest the levy of penalties as upheld by the apex court, and agitate computation and imposition of interest on outstanding dues.

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Also read: Supreme Court dismisses telcos' definition of AGR, upholds all dues payable to govt

Vodafone Idea and Bharti Airtel reported a combined loss of Rs 74,000 crore for the quarter that ended in September, mainly on account of statutory dues arising from the recent Supreme Court order on AGR.

Supreme Court, on October 24, ruled against the telcos in a 14-year-old dispute on the definition of AGR which formed the basis for payment of statutory dues. The court ruled that non-telecom revenues should be included in AGR for the payment of licence fee and spectrum usage charge.

On November 20, the government announced plans to suspend payment of deferred spectrum dues for two years, which will ease cash flow pressure on all three telcos. Vodafone Idea and Bharti will benefit the most as their negative free cash flow will reduce by $1.7 billion and $850 million a year respectively for the financial year ending in March 2021 (FY21) and FY22.

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First Published on Nov 22, 2019 04:39 pm
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