Telcos discuss giving January 24 deadline a miss
The apex court's ruling will also have significant repercussions for India's banking sector as well as the country's broader economic outlook: Fitch Ratings
The court, on October 24 last year, had ordered telecom companies to pay their licence fees and spectrum user charges within 90 days. Failure to do so could lead to contempt of court
Tata Tele also moved the apex court seeking an extension of the deadline
Bharti Airtel, Vodafone Idea Ltd, Tata group want to negotiate with telecom department on the timeframe for paying dues
Industry plans to again ask telecom department for staggered payment option
While Bharti Airtel stock price scaled a new high due to fresh buying by investors, Vodafone Idea stock was down 25 per cent as hordes of investors exited the counter
The rules around curative petition are fairly tight as the petitioner has to establish that there was a genuine violation of principles of natural justice, say analysts
Vodafone Idea is required to pay Rs 53,038 crore to the government as per the Supreme Court order which came in October
The SC rejected the review petitions filed by telecom companies to grant relief on adjusted gross revenue, which have to be paid before the deadline of January 24
Jio is adding 8-9 million customers every month, so hitting the magic number could take 16-18 months
Disappointed with the decision, Bharti Airtel, which is facing an estimated AGR demand of Rs 35,586 crore said it was evaluating filing a curative petition
Vodafone's RedX is for the traveller with high entertainment needs, while Airtel's plan is for the more value-conscious customer
Bharti Airtel and Vodafone Idea will have to shell out Rs 35,000 crore and Rs 54,000 crore, respectively
Reliance Jio added 56 lakh new customers, followed by Bharti Airtel which added 16.59 lakh new subscribers and BSNL 3.41 lakh.
An assessment put GAIL liability at Rs 1.72 trillion and that of PowerGrid at Rs 21,000 crore
The money now required to pay punitive interest, penalty and interest on penalty which forms nearly 75 per cent of AGR dues would have better served the digital mission of the country, Airtel added.
Crisil removed its rating on the long term bank facilities and NCDs of Bharti Airtel from 'Rating Watch with Negative Implications'.
Market players say access to equity capital will give companies the confidence to chalk expansion plans to benefit from an upturn in the economy
Issue price was at a discount of 1.57% to the stated floor price of Rs 452.09 per equity share