SC junks pleas on miscalculation in AGR dues; Indus Towers, Airtel, Vodafone Idea shares fall up to 4%

SC junks pleas on miscalculation in AGR dues; Indus Towers, Airtel, Vodafone Idea shares fall up to 4%

Shares of Indus Towers, Bharti Airtel, Vodafone Idea fell up to 4% on February 14 as Supreme Court rejected Bharti Airtel, Vodafone Idea pleas on miscalculation in Adjusted Gross Revenue (AGR) related dues.

"We have carefully perused the review petitions as also the grounds in support thereof. In our opinion, no case for review of the order dated Jul. 23, 2021 passed in Miscellaneous Applications is made out. The review petitions are, accordingly, dismissed. Pending application(s), if any, shall stand disposed of," said the bench of Chief Justice of India Sanjiv Khanna, Justice Abhay S Oka and Justice Sanjay Kumar, reported Informist.

In July 2021, the Supreme Court dismissed a plea seeking correction of errors in the demand of AGR dues. The telecom companies had moved the top court claiming there were several errors in arriving at the AGR dues which totalled over Rs 1 lakh crore.

Vodafone Idea’s total liability was Rs 58,254 crore and Bharti Airtel’s Rs 43,980 crore. Earlier, the top court had given the telecom companies 10 years to clear their outstanding dues to the government.