Vodafone Concept Says It Will Pay AGR Dues, Continuation of Enterprise Relies on Supreme Court docket Order

Debt-ridden telecom operator Vodafone Concept on Saturday mentioned it’s assessing the quantity that may be paid in direction of AGR dues, even because it flagged issues over the continuation of its enterprise. The corporate mentioned it’s within the course of to pay adjusted gross income dues as per the Supreme Court docket order.

Nevertheless, the continuation of enterprise in India will depend upon beneficial order on its modification plea filed earlier than the apex court docket, it added.

“The Firm is at the moment assessing the quantity that it will likely be in a position to pay to DoT in direction of the dues calculated based mostly on AGR (Adjusted Gross Income), as interpreted by the Hon’ble Supreme Court docket in its order dated 24 October 2019. The Firm proposes to pay the quantity so assessed within the subsequent few days,” Vodafone Concept mentioned in a BSE submitting.

Vodafone Concept Ltd (VIL), whose legal responsibility is estimated to be round Rs. 53,038 crores, together with Rs. 24,729 crores of spectrum dues and Rs. 28,309 crores in licence charge, has already warned of shutdown if no aid is given.

“As disclosed within the Firm’s monetary statements for quarter ending December 31, 2019, the Firm’s capability to proceed as a going concern is basically depending on a optimistic end result of the applying for modification of the Supplementary Order,” the corporate mentioned within the submitting.

The subsequent date of listening to is scheduled for March 17, 2020.

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