DoT withdraws order against 3 PSUs to clear AGR dues

The Department of Telecommunications (DoT) has withdrawn its orders asking GAIL (India), Power Grid Corporation of India and Oil India to clear adjusted gross revenue (AGR)-related dues.

DoT has withdrawn its demand notices asking state-owned Power Grid Corporation of India (PGCIL), Oil India and GAIL (India) to clear license fee including interest and penalty for the past financial years.

GAIL received demand notices for 2001-02 to 2018-19 from DoT with AGR dues worth Rs 1.83 lakh crore. The amount stood at Rs 48,489 crore (FY08-FY19) for Oil India. In a revised order last month, DoT had sought Rs 13,613.66 crore from Power Grid on account of license fee for the FYs 2006-07 to 2009-10, interest, penalty and interest on penalty.

Last month, the Supreme Court ordered the DoT to withdraw its demands of payments from public-sector companies such as Power Grid, GAIL (India), Oil India and Gujarat Narmada Valley Fertilisers and Chemicals (GNFC) as these companies did not provide telecom services.

Oil India (down 2.14%), GAIL India (down 1.65%) and Power Grid Corporation of India (down 1.47%) declined.

GAIL India processes and distributes natural gas and liquefied petroleum gas. The Government of India held 52.49% stake in the company as on 31 March 2020.

Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 March 2020, the Government of India held 56.66% stake in the company.

PGCIL has been established by the Government of India (GoI) as the central transmission utility of India. The Government of India held 51.34% stake in the company as on 31 March 2020.

Powered by Capital Market - Live News