Supreme Court Gives Telcos 10 Years To Pay AGR Dues, 10% to Be Paid By March 31, 2021

New Delhi: The Supreme Court on Tuesday granted telecom operators 10 years to pay their pending AGR dues. The apex court has also directed the telecom companies to pay up to 10% of their AGR dues by March 31, 2021. Also Read – COVID-19 Impact: Loan Moratorium Extendable up to Two Years, Centre Tells Supreme Court

Meanwhile, the balance payments will need to be made annually thereafter by February 7th of every year, in equal instalments.

Default on payment instalments will invite interest, penalty and contempt of court, a bench led by Justice Arun Mishra said.

Telecom operators and the Solicitor General of India Tushar Mehta had sought more time to repay the dues citing financial stress and the impact on the economy. Telecom companies were demanding a timeline of 15 years while the government had suggested to give them 20 years.

Soon after the verdict, Vodafone Idea slumped 9.91 per cent to Rs 9.18 while Bharti Airtel surged 4.68 per cent to Rs 538, as per Economic Times.