After reporting massive losses in the second quarter after an adverse Supreme Court ruling on adjusted gross revenue issue, the companies decided to increase data charges
The company too announced new plans which will cost up to 42 per cent more compared to the price that Airtel pre-paid customers pay at present for plans in the "unlimited" category
The company has informed the bourses that its board meeting on December 4 would consider a proposal to raise funds through issues of equity or bonds
The proposal follows the Supreme Court judgment on adjusted gross revenue
The fund raising proposal follows the Supreme Court judgement on adjusted gross revenue
On October 24, the Supreme Court ruled that AGR for telcos should include all revenue accrued to carriers, including that from non-core activities, backing the DoT's stance in a 16-year-old case
Gross revenue of the telecom sector in 2016-17 was Rs 2.65 lakh crore, which had reduced to Rs 2.46 lakh crore a year later and then to Rs 2.24 lakh crore in 2018-19, the ministers said
In the morning session, shares of the company opened at Rs 444.35 and fell 4.71 per cent to intra-day low of Rs 430. The stock settled 4.34 per cent down at Rs 431.70 on the BSE
MTNL does not have any liability pending on account of AGR revenues unpaid to DoT: CMD
In October, the government had constituted a committee of secretaries (CoS) - headed by Cabinet Secretary Rajiv Gauba - to explore a financial bailout package for the telecom sector
Payouts related to AGR by non-telcos to far exceed demand made on telecom operators, including those that have either shut down or sold off
Airtel, Vodafone Idea, Tata Tele seek waiver of interest, penalty
One of the review petitions has sought open court hearing in the matter
The Supreme Court had on October 24 ruled that non-telecom revenues will be included while calculating statutory dues towards the government
Review petitions are to be filed within a month of original decision which came on October 24
Incumbent telcos Bharti Airtel and Vodafone Idea have said they would go for a review petition of the SC order, but they have limited time to move court
The company has got favourable rulings from High Courts and appellate tribunals in some and is now pressing the department to quickly refund the dues
The price hike by Bharti Airtel and Vodafone Idea, however, is a relief given that they are anchor tenants
Jio is waiting for the tariffs numbers announcement by the telcos duo and will react after that
Airtel, Vodafone Idea and other telecom operators have to pay the government a whopping Rs 1.4 trillion