The Supreme Court of India has reserved its order in the adjusted gross revenue (AGR) case. This after Vodafone Idea and Bharti Airtel sought 15 years to repay their dues to the government while Tata Teleservices has said that a seven to 10 year period should suffice for them. The next hearing has been scheduled for August 10.
The apex court sought to know about the collateral which the companies will have to provide for a timeline extension, if granted. The Solicitor General of India on behalf of the government accepted the telcos proposal for securing the dues by taking the allocated spectrum as security.
During the hearing, Vodafone Idea also accepted the demand of Rs 58,000 crore as dues and initially sought a 20 year period for repayment but later revised it to 15 years.
The Supreme Court observed that telcos should be reasonable in seeking time. "Telcos are dragging us to a corner where we have no options. Telcos are making much more than the dues sought," it noted.
The apex court on June 18 had adjourned the case, asking Vodafone Idea, Bharti Airtel and Tata Teleservice to submit financial statements and books of accounts of the last 10 years. Bharti Airtel owes a sum of about Rs 44,000 crore whereas Vodafone Idea owes a sum of about Rs 58,000 crore.
Two days back, on July 18, Vodafone Idea paid an additional Rs 1,000 crore to the government towards the statutory dues, taking its total payment to an aggregate Rs 7,854 crore. The company had earlier deposited Rs 6,854 crore in three tranches, said the company's regulatory filing.