A 7 days after Tata Teleservices compensated Rs 2,197 crore to the authorities to settle AGR dues, the Department of Telecommunications (DoT) may well problem a notice to Tata Teleservices (TTSL) ahead of 17 March demanding payment of equilibrium adjusted gross profits (AGR) dues, explained a information report.
TTSL is still to post plenty of aspects concerning its self-evaluation of dues and these will need to be delivered, explained a report in The Economic Instances quoting officials in the know of the make any difference.
“We have additional than quite assessed ourselves and paid what we know are far more than truthful dues to the federal government. We are hoping that the subject will be closed,” the report quoted a senior Tata government shut to developments as saying.
The Supreme Court will listen to the modification pleas, filed by telecom operators namely Tata Teleservices, Vodafone Strategy and Bharti Airtel on the AGR ruling, on 17 March, the report mentioned.
Final week, the DoT had reported that notices would be despatched to Tata Teleservices for recovery of whole dues in a working day or two.
The business had compensated Rs 2,197 crore to the federal government on Monday, when DoT’s calculations peg the superb amount of money at above Rs 14,000 crore following the Supreme Court docket coming down heavily on telecom companies.
In January this year, it was reported that Tata Sons may possibly spend the required dues that its subsidiary Tata Teleservices owes to the DoT. The mum or dad organization reportedly initiated the course of action for arranging cash even as the Supreme Court is scheduled to hear the modification petition filed by 5 non-telecom companies this 7 days, explained a information report.
Tata Sons may depend on Tata Consultancy Solutions (TCS) for resources to pay out the altered gross profits (AGR) dues of Rs 13,823 crore owed by the group’s telecom subsidiary, Tata Teleservices.
The keeping company’s finance group is seeking for funds from other sources as effectively if a disaster arises.
Before this, Tata Sons was striving to raise about Rs 14,000 crore from banking companies and through inner accruals to pay the AGR dues of Tata Teleservices in advance of the 23 January deadline.
Early this thirty day period, Tata Teleservices experienced stated DoT accepted the merger of its consumer cellular organization with Bharti Airtel, documented PTI.
Tata Teleservices shown arm reported in a regulatory filing explained the DoT via its letter dated 6 February 2020 has conveyed acceptance of the competent authority in DoT for taking on history demerger of buyer mobile enterprise endeavor of the company into Bharti Airtel Limited (BAL).
The apex court docket experienced on 24 Oct previous 12 months requested that non-telecom revenues need to be included in the AGR for calculating statutory dues these as license payment and spectrum rates.
The DoT calculated that Bharti Airtel, Vodafone Thought and some others owe as significantly as Rs 1.47 lakh crore in earlier dues, together with penalties and interest, whilst non-telecom corporations, who had taken some licence from it, owed yet another Rs 2.65 lakh crore.
—With inputs from businesses
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