Moneycontrol PRO
Upcoming Event:Experts and leaders discuss how modern digital tools are transforming the media industry. Register now
you are here: HomeNewsBusiness

Vodafone-Idea says ability to continue doing business dependent on outcome of AGR case

Vodafone Idea said has already made payments of Rs 68.5 billion (Rs 6,850 crore) in three instalments during the quarter ended March 31, 2020 towards AGR dues.

July 01, 2020 / 09:52 AM IST

Vodafone Idea on July 1 said its ability to continue as going concern is  dependent on a positive outcome in the adjusted gross revenue (AGR) case.

"We continue to actively engage with the Government to provide relief on various industry related concerns. Separately, the Telecom Regulatory Authority of India (TRAI) has initiated a consultation on floor pricing at the request of all the operators, through COAI," the telecom major said in a statement to stock exchanges.

Also read: Vodafone Idea to divest stake in Indus Towers after Infratel merger

Vodafone Idea said that it has already made payments of Rs 68.5 billion (Rs 6,850 crore) in three instalments during the quarter ended March 31, 2020 towards AGR dues.

The Supreme Court will next hear the AGR case in the third week of July. The apex court had on June 11 said telecom companies cannot make staggered payments over 20 years without providing any security.

Close

Also read: Explained | AGR woes: Will Vodafone Idea survive, or is India’s telecom sector headed for a duopoly?

The Supreme Court on June 18 asked telecom companies to provide their financial documents and gave the Department of Telecommunication (DoT) time until the third week of July to consider the proposals by the companies on making payment for the AGR dues.

Vodafone Idea on July 1 reported a loss of Rs 11,643.5 crore for the fourth quarter of FY20 - driven by statutory dues and a decaying subscriber base.

In Q3FY20, Vodafone Idea recorded loss of Rs 6,439 crore.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Moneycontrol News
first published: Jul 1, 2020 07:32 am
Sections
ISO 27001 - BSI Assurance Mark