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NEW DELHI (Reuters) – India’s highest court on Tuesday awarded telecommunications companies 10 years to pay the contributions they owe to the federal government after failing to make the payment before the January deadline.
India’s telecommunications providers pay the Department of Telecommunications (DoT) nearly 3 to 5% of their adjusted gross revenue source (AGR) in spectrum or airwave fares and 8% of GRR in licensing fees, however, they did not agree with the definition of AGR.
The resolution would give Vodafone Idea Ltd, a joint venture between Great Britain’s Vodafone Group Plc and India’s Idea Cellular group, a breathing space, even though it had asked the court for 15 years to make the payments.
However, the Supreme Court has asked telecommunications to pay 10% of the dues due as of March 31, 2021.
Vodafone Idea, the highest vulnerable if the court did not allow installment payments, has so far paid 78.54 billion Indian rupees ($1.08 billion), but still owes the government about 500 billion.
Bharti Airtel said it had paid an additional 180 billion rupees on the basis of self-assessment, but still had to pay an additional 259.76 billion rupees, according to government estimates.
Vodafone Idea’s shares fell by 14.7%, while Bharti’s shares rose 5.3% to 0623 GMT.
($1 – 72,7800 Indian rupees)
(Report through Suchitra Mohanty; Edited through Ana Nicolaci da Costa)