Thank you, readers! That's all from the Supreme Court verdict on the plea of telecom majors Bharti Airtel, Vodafone Idea and Tata Teleservices to consider the computation of the adjusted gross revenue demand from the Department of Telecommunications.
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Vodafone Idea shares plunge 10%, Bharti Airtel down 1% after Supreme Court dismisses plea for AGR recomputation
The share prices of telecom companies declined by over 1-10 percent on Friday after the Supreme Court of India rejected Bharti Airtel, Vodafone Idea, and Tata Teleservices' applications seeking re-computation of the adjusted gross revenue (AGR) – related dues. Shares of Vodafone Idea were down 10 percent, Bharti Airtel fell over one percent, while Tata Teleservices (Maharashtra) declined five percent.
Senior advocate Sanjay Hegde on SC verdict in AGR case today: Can't expect court to rewirte its judgment; telcos should have raised it right from the beginning
The point is that all these errors must have existed right from the beginning, the DoT may have known of them, telecom companies must have known of them. If they did not point out to the Supreme Court much earlier on then, the case was yet at large before the court. Everything that you might be able to argue, you ought to argue at the first stage, you can’t hold back things and come back later and keep asking for a re-writing of a judgement. I think the Supreme Court has more than enough, this may not prevent other administrative or legislative measures but you can’t expect the Supreme Court to keep re-write its judgement.
Meet Malhotra, Senior Advocate reacts on SC verdict on AGR recomputation case today
This was expected, but still disappointing in the sense that when there are computational errors with self-evidence, I would have thought that may be the Supreme Court would have given it another look. But as I said last time Supreme Court could take a view that enough is enough, we have been back and forth on this and whichever figures for good or bad DoT threw up those have been accepted by the court and taken as sacrosanct, so go ahead and pay them. That is of course plausible view and one that Supreme Court has taken but I still say on a personal level it is disappointing.
Senior advocate Gopal Jain reacts on SC verdict in AGR case today
“The court had already pronounced this substantial order earlier and this order does not change that order. So to a large extent the issue had been dealt with in the earlier order passed by the court and this clarification on the computation thing, based on what you are saying the court has declined to intervene. So the situation remains unchanged from what it was in the past. So when the verdict is given people do factor in it implications and consequences in general.”
“It is always comes down to analysing the impact of an order and working out recourse which could be across the spectrum, need not necessarily be legal recourse so as to put it. But I think one should not write off all situations and scenarios.”
Stocks Updates: Vodafone Idea dips 10%, Bharti Airtel trades lower as Supreme Court rejects plea seeking correction of arithmetic errors in AGR demand.
Just In | Supreme Court dismisses plea by Bharti Airtel, Voda Idesa seeking correction of arithmetic errors in AGR demand
The Supreme Court had previously observed that on three occasions the apex court had held that there is no room for recomputation of AGR demand. READ MORE
AGR Case -
SC to pronounce judgment on Airtel, Voda-Idea plea seeking recomputation of AGR dues.
Voda Idea claimed that it is about to go under, cited dues of 1.8 lakh cr, sought correction of arithmetic errors.
Bharti Airtel claimed duplication, unaccounted payments, disallowed deductions.
Solicitor General had informed SC that DOT had not shared any instructions on allowing correction of errors.
SC had observed that previously on three occasions the court held that AGR demand cant be recomputed.
SC had reserved orders on Airtel, Voda-Idea on July 19