Vodafone Thought (Vi), the third-largest telecom operator within the nation has determined to defer Rs 8837 crore value of adjusted gross income (AGR) dues for 4 years. The choice to do that was given to the telco by the Division of Telecommunications (DoT). Vodafone Thought will now pay the stated quantity in six equal instalments submit the moratorium interval ranging from March 31, 2026.
The corporate stated that the previous communication from DoT dated October 14, 2021, offered deferment of AGR-related dues as decided by the Supreme Court docket (SC) within the AGR case, by a interval of 4 years. This coated all of the AGR dues as much as the interval FY2016-17 (dues which had been included within the SC order).
However on June 15, 2022, DoT additional communicated with Vodafone Thought that the telco can go for a moratorium of 4 years for all AGR-related dues as much as FY2018-19, which weren’t included within the SC order dated September 1, 2020.
DoT Requested for an Reply from Vodafone Thought Withing 15 Days
DoT had given Vi fifteen days for responding. Thus, the final date for responding was June 30, 2022, because the letter was given on June 15, 2022. DoT stated that the corporate may also give fairness to the federal government towards the curiosity dues for these AGR-related funds. The reply for this must be offered by Vi inside 90 days. If Vi decides to train this proper, the federal government would get an excellent bigger stake within the telco.
Vodafone Thought’s board on Wednesday stated that it approves the train for the choice of deferment of AGR-related dues by a interval of 4 years with speedy impact. The telco stated that the AGR-related dues quantity talked about within the DoT letter was Rs 8,837 crore. However the quantity is topic to revision on account of the disposal of assorted representations. It will likely be fascinating to see whether or not the identical possibility is exercised by Bharti Airtel.