Shares of Vodafone Concept reversed their early early morning gains and dipped 11 for each cent to Rs three.96 on the BSE on Friday soon after the Supreme Court rejected the telcos’ plea searching for new routine of altered gross revenues (AGR) payments.
Coming down closely on the Division of Telecommunications (DoT) for not getting coercive motion versus telcos for failing to repay, the apex courtroom requested contempt proceedings versus Bharti Airtel and Vodafone Concept. Read through Far more
Vodafone Concept, Bharti Airtel and Tata Teleservices had submitted modification applications on the time routine to make payments of above Rs 1 trillion that they owe to DoT as AGR.
The apex courtroom also pulled up the DoT desk officer who wrote to the Lawyer Standard asking him to not insist on payemnt of dues. The SC issued a contempt notice to the officer to demonstrate why no motion really should