The debt-laden telecommunications operator Vodafone Idea has decided to postpone the payment of additional adjusted gross income of Rs 8,837 crore fees for a period of four years.
The company said in a late-night filing on June 22 that the DoT on June 15 increased the demand for adjusted gross income (AGR) for an additional two financial years after 2016-’17, which is not covered under the Supreme Court order on the statutory is not. fees.
Vodafone Idea (VIL) stated in the filing that its board “approved the exercise of the option to defer the AGR-related fees for a period of four years with immediate effect, in accordance with the said DoT Letter. The amount of the AGR related fees as stated in the said DoT letter is Rs 8,837 crores which is subject to review due to the disposal of various representations.
The government calculates its share of the revenue of telecommunications operators based on their AGR, which is deemed to be earned from the sale of services.
VIL filing said the DoT offered the company a four-year moratorium on all AGR-related levies up to and including the 2018-19 financial year, which is not included in the Supreme Court order dated September 1, 2022, which is within a period of 15 can not be exercised. days by 30 June.
“The said DoT Letter also offers the Company an option for share conversion of interest fees in advance for these AGR-related fees for which a period of 90 days has been provided from the date of the said DoT Letter,” VIL said.
The company said the new request of Rs 8,837 crore is subject to review due to the disposal of various representations, CAG, special audit and any other outcome of litigation and “the final amount to be paid in six equal annual installments after moratorium period from 31 March 2026 “.
The government has already approved Vodafone Idea’s proposal to convert about Rs 16 000 crore interest payment costs from previous AGR moratorium into about 33 percent interest in the company.
According to official data, telecommunications operators owe more than Rs 1.65 lakh crore to the government in adjusted gross revenue up to the 2018-19 financial year.
The new calculation shows that AGR liability on Bharti Airtel was Rs 31,280 crore, Vodafone Idea Rs 59,236,63 crore, Reliance Jio Rs 631 crore, BSNL Rs 16,224 crore, MTNL Rs 5,0009 to 91 crore to 91 crore to 91 crore.
The company said in a separate filing that its board of directors had approved the acquisition of Rs 436.21 crore from Vodafone Group company Euro Pacific Securities by issuing preference shares at a unit price of Rs 10.2 each or warrants at the same price .