October 24, 2019 / 8:14 AM / 4 months ago

Indian court upholds govt demand for nearly $13 billion of dues from mobile operators - TV

NEW DELHI, Oct 24 (Reuters) - India’s top court on Thursday upheld a demand by the telecom department that wireless carriers pay 920 billion Indian rupees ($12.97 billion) in overdue levies and interest, TV channels reported, sending their shares tumbling.

The Department of Telecom (DoT) and mobile carriers have been sparring over the definition of adjusted gross revenue (AGR): companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

Telecom providers pay DoT nearly 3-5% of AGR as usage charges for spectrum or airwaves and 8% of AGR as licence fees.

Shares in Bharti Airtel were down 5.6%, while Vodafone Idea fell 19.5 percent at 0757 GMT after the Supreme Court’s decision.

Bharti Airtel and Vodafone Idea did not immediately respond to requests for comment. ($1 = 70.9430 Indian rupees) (Reporting by Sankalp Phartiyal; Editing by Sanjeev Miglani)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below