Court halts airwave surcharge demand on Idea Cellular
MUMBAI (Reuters) - The Bombay High Court has asked the government to not take any coercive action against Idea Cellular Ltd (IDEA.NS) until March 1 on a demand to pay surcharges on airwaves, the mobile phone operator said on Thursday.
Idea, the country's No.3 mobile phone carrier by revenue, had appealed the order after the telecommunications ministry sent notices to carriers asking them to pay the surcharges.
The government is imposing the surcharges totalling more than $4 billion on long-established carriers including Bharti Airtel Ltd (BRTI.NS) and Vodafone Group Plc's (VOD.L) local unit, after an overhaul in the airwave sale process.
But carriers have challenged the move saying it violates the conditions of their licence agreements with the government.
(Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier)
- Tweet this
- Share this
- Digg this
The BSE Sensex ended up slightly on Monday after rising to a record high for a third consecutive session as strong foreign buying continued to boost domestic-focused shares such as those of HDFC Bank, but momentum waned as exporters slumped on a stronger currency. Full Article