New Delhi: The Supreme Court verdict allowing the Centre to recover Rs 92,641 crore in total adjusted gross revenue (AGR) from telecom operators in India is a serious problem for Bharti Airtel and Vodafone Idea Ltd, Kotak Securities has said.
As per reports both Airtel and Vodafone Idea, in their respective press releases post the SC judgment, have appealed to the government to review the impact of the verdict on the industry and find ways to mitigate the financial burden on the sector.
“We wouldn’t be too hopeful of material relief. Vodafone Idea has also indicated that it could look at filing a review application if there are any technical or procedural grounds to do so. Our understanding, on the basis of discussions with legal experts, is that the case for a review application to be accepted is quite weak,” the report said.
On October 24, the Supreme Court ruled in favour of the Department of Telecommunications (DOT) in a long-standing dispute on the definition of adjusted gross revenue (AGR).