AGR verdict: SC allows telcos 10 years to clear dues, but with conditions
Chairmen of telcos will have to give undertaking to pay annual AGR dues and those defaulting on payments will face penalty and contempt of court
- Sep 1, 2020,
- Updated Sep 1, 2020 1:15 PM IST
In a big relief to telecom companies, the Supreme Court has allowed telcos 10 years to make staggered payment of the pending AGR dues worth thousands of crores. The apex court bench, head by Justice Arun Mishra, said the telecom companies will have to pay 10 per cent of total pending dues upfront by March 31, 2021, and can't default on the annual payments.
As per the verdict, the respective telecom company chairmen will have to give an undertaking and those defaulting on payments will face penalty and contempt of court. The SC has also fixed February 7 as the date for annual instalment.
In a big relief to telecom companies, the Supreme Court has allowed telcos 10 years to make staggered payment of the pending AGR dues worth thousands of crores. The apex court bench, head by Justice Arun Mishra, said the telecom companies will have to pay 10 per cent of total pending dues upfront by March 31, 2021, and can't default on the annual payments.
As per the verdict, the respective telecom company chairmen will have to give an undertaking and those defaulting on payments will face penalty and contempt of court. The SC has also fixed February 7 as the date for annual instalment.