The Supreme Court has given the Department of Telecommunication (DoT) time until July third week to consider the proposals by telecom companies.
DoT seeks time from SC to respond to telcos replies on payment of AGR related dues by them
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SGX Nifty is also down around 40 points, indicating a flat to lower opening for the Indian indices
Franklin Templeton MF, which had exposure to the debt papers of the company in six of its schemes (that are being wound up), also received payment.
Counsels of both the mobile operators had sought a fortnight for submission of the affidavit
The financially distressed Vodafone Idea has paid Rs 6,854 crore of its dues, of the Rs 58,254 crore-demand raised by the DoT. The company's own assessment, however, pegs the dues at Rs 21,533 crore
The SC has not dictated the telcos to pay the dues right away, which shows its flexibility on the matter
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The apex court questioned the Department of Telecommunications on the AGR demands raised against the public sector undertakings. The court said its order never dealt with PSUs.
Payment timeline for AGR dues would be critical
The AGR issue is a 14-year-old case that had mobile operators locked in a legal battle with the government over the definition of of the term
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Among the major highlights of the hearing were Supreme Court's direction to the Department of Telecom to reconsider demands raised against the PSUs
A Bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah raised questions on the demand raised by the government from PSUs and said its verdict in the case had been misinterpreted
Telecom stocks are expected to remain active today as the Supreme Court will hear the AGR matter later in the day
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A bench headed by Justice Arun Mishra will hear the matter tomorrow
The DoT also raised a demand of over Rs 3 trillion from non-telecom PSUs such as GAIL, Oil India