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Telecom operator Bharti Airtel on Thursday mentioned it has opted to defer the cost of AGR dues as much as FY 2018-19, that aren’t tabulated within the Supreme Courtroom’s order, by as much as 4 years.
It has retained the precise to pre-pay instalment quantities and wouldn’t avail the choice of conversion of the curiosity dues that may accrue into fairness.
Sources on the firm mentioned the quantity of dues add as much as about Rs 3,000 crore for the extra years.
“We want to inform you that the corporate has knowledgeable to DoT (Division of Telecom) that the corporate shall avail the choice to defer the cost of the AGR (Adjusted Gross Income) dues as much as FY 2018-19 which aren’t tabulated within the Hon’ble Supreme Courtroom order, as much as 4 years (relevant from FY 2021-22 to FY 2024-25) whereas retaining the precise to pre-pay the instalment quantities,” Bharti Airtel mentioned in a regulatory submitting.
The corporate additionally made it clear that it’s going to “not avail the choice of conversion of the curiosity dues that accrue underneath aforesaid choice into fairness”.
Airtel mentioned DoT had supplied the choice of four-year moratorium (relevant from FY 2021-22 to FY 2024-25) for AGR dues as much as FY 2018-19 which aren’t tabulated within the Supreme Courtroom order pertaining to statutory dues in addition to for the conversion of the curiosity dues that accrue into fairness.
The federal government calculates its share of income from telecom operators primarily based on their AGR, which is taken into account to have been earned by them from the sale of companies.
Final week, debt-ridden telecom operator Vodafone Concept Ltd (VIL) determined to defer cost of extra AGR dues of Rs 8,837 crore by a interval of 4 years.
In a submitting on June 22, the corporate mentioned DoT, on June 15, raised AGR demand for added two monetary years past 2016-17, which weren’t lined underneath the Supreme Courtroom order on the statutory dues.
VIL had talked about that its board of administrators “has permitted the train of the choice of deferment of the AGR associated dues by a interval of 4 years with instant impact, in accordance with the mentioned DoT letter”.
“The quantity of the AGR associated dues as said within the mentioned DoT letter is Rs 8,837 crore, which is topic to revision on account of disposal of assorted representations,” it had mentioned.
Telecom service suppliers had acquired a shot within the arm with the federal government final 12 months approving a blockbuster aid bundle that included a four-year break for corporations from paying statutory dues, permission to share scarce airwaves, change within the definition of income on which levies are paid and 100 per cent international funding by way of the automated route.
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