Vodafone Thought pays Rs 3,354 cr to govt in AGR dues, claims principal quantity totally paid now
Vodafone Thought on Monday stated it has made a further cost of Rs 3,354 crore in the direction of adjusted gross income (AGR) to the Division of Telecom (DoT), thereby finishing cost of principal quantity calculated on self-assessment foundation, based on information reviews.
With this recent cost, Vodafone Thought (VIL) has paid Rs 6,854 crore in the direction of AGR dues, PTI stated.
Vodafone Thought says cxompany has paid the total principal quantity of Rs 6,854 crores in the direction of the AGR dues as [per self-assesment. Firm paid Rs 2,500 cr on Feb 17, Rs 1,000 cr on Feb 20 & Rs 3,354 cr on March 16 pic.twitter.com/9cu2UrJz29
— CNBC-TV18 (@CNBCTV18Dwell) March 16, 2020
Vodafone Thought had pegged its whole dues to the federal government following a Supreme Court docket order at Rs 21,533 crore—lower than half of what the Telecom Division has estimated, even because the Vodafone Group CEO Nick Learn final week indicated keenness to make a “new, good beginning” in India. Vodafone Thought had earlier paid Rs 3,500 crore out of the “self-assessed” legal responsibility of Rs 21,533 crore.
“The company has today (Monday) paid a further amount of Rs 3,354 crore to the DoT, being the balance part of the principal amount towards AGR liability. Thus, the company has paid the full principal amount of Rs 6,854 crore towards AGR dues,” VIL stated in a BSE submitting.
The DoT has raised whole demand of round Rs 53,000 core for AGR legal responsibility of VIL which included curiosity, penalty and curiosity on delay in cost of the quantity.
VIL stated it had filed its self-assessment of the AGR liabilities with the DoT pm on 6 March, 2020, by which AGR legal responsibility principal quantity of Rs 6,854 crore was decided for the interval from monetary 12 months 2006-07 to FY 2018-19.
The corporate had earlier paid Rs 2,500 crore on 17 February, 2020, and Rs 1,000 crore on February 20 in the direction of AGR liabilities.
Analysts had known as Vodafone Thought probably the most imperiled from the telecom dues because it was burdened with the biggest share of the full dues demanded by the federal government, Reuters stated.
Every week earlier than the Supreme Court docket-mandated deadline for cost of previous dues ends, Bharti Airtel chairman Sunil Mittal stated that the corporate has paid Rs 13,000 crore to the federal government to clear all its dues as per its self-assessment.
Shares of Vodafone Thought have been buying and selling 5.four p.c greater in a Mumbai market that was roiled on virus fears.
–With inputs from businesses
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