Vodafone Idea Says It Will Pay AGR Dues, Continuation of Business Depends on Supreme Court Order
Debt-ridden telecom operator Vodafone Idea on Saturday said it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business. The company said it is in the process to pay adjusted gross revenue dues as per the Supreme Court order.
However, the continuation of business in India will depend on favourable order on its modification plea filed before the apex court, it added.
“The Company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR (Adjusted Gross Revenue), as interpreted by the Hon’ble Supreme Court in its order dated 24 October 2019. The Company proposes to pay the amount so assessed in the next few days,” Vodafone Idea said in a BSE filing.
Vodafone Idea Ltd (VIL), whose liability is estimated to be around Rs. 53,038 crores, including Rs. 24,729 crores of spectrum dues and Rs. 28,309 crores in licence fee, has already warned of shutdown if no relief is given.
“As disclosed in the Company’s financial statements for quarter ending December 31, 2019, the Company’s ability to continue as a going concern is essentially dependent on a positive outcome of the application for modification of the Supplementary Order,” the company said in the filing.
The next date of hearing is scheduled for March 17, 2020.
