Indus Towers shares additionally fell by 4.7% to Rs 332.35 on the BSE, because the Supreme Court docket’s ruling left telecom corporations with no authorized recourse. Bharti Airtel shares slipped almost 1% to Rs 1,256.20 on the BSE.
The Supreme Court docket’s dismissal of the evaluation petitions means telecom operators like Vodafone Concept and Bharti Airtel don’t have any additional authorized choices to hunt corrections within the telecom division’s AGR dues calculation. The telecom corporations had argued that “obvious errors” led to inflated statutory liabilities.
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“We’ve got fastidiously perused the evaluation petitions as additionally the grounds in assist thereof. In our opinion, no case for evaluation of the order dated July 23, 2021, handed in Miscellaneous Purposes is made out. The evaluation petitions are, accordingly, dismissed. Pending software(s), if any, shall stand disposed of,” stated the bench of Chief Justice Sanjiv Khanna, Justice Abhay S. Oka, and Justice Sanjay Kumar.
Vodafone Concept’s evaluation plea had highlighted that errors within the authorities’s calculations had price the corporate a further Rs 25,000 crore in dues, comprising Rs 5,932 crore in principal together with curiosity and penalties.The Supreme Court docket’s stance on AGR dues has remained agency since its 2021 resolution, which dismissed telecom operators’ requests for re-computation of AGR dues. In September 2024, the court docket additionally turned down comparable petitions from Vodafone Concept and Bharti Airtel.Regardless of the setback, business sources stated telecom corporations plan to file healing petitions—the final authorized treatment obtainable beneath the Indian judicial system.
Vodafone Concept, which owes Rs 58,254 crore, and Bharti Airtel, with Rs 43,980 crore in AGR liabilities, got a 10-year timeline to settle their dues in a previous court docket ruling. The newest judgment reinforces the monetary burden on each corporations and raises uncertainty over their revival plans.
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