The review petitions challenge the inclusion of notional incomes as a part of AGR
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.
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.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.