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Airtel defers Sept quarter results till Nov 14 citing AGR issue

Airtel defers Sept quarter results till Nov 14 citing AGR issue
Airtel, Vodafone-Idea and different telecom operators might need to pay the federal government a whopping Rs 1.four lakh crore following the Supreme Court order final week

Telecom operator Bharti Airtel on Tuesday stated it has deferred September quarter outcome announcement till November 14, because of the adjusted gross income (AGR) issue. The firm was earlier scheduled to approve and launch its Q2 numbers on Tuesday.

“…the management of the company recommended to the board of directors that the agenda item related to the approval of audited financial results for the second quarter and half year ended September 30, 2019… be deferred till November 14, 2019, on account of the fact that more clarity is needed on the AGR matter arising out of recent judgement of… the Supreme Court,” Airtel stated in a regulatory submitting.

The Sunil Mittal-led firm stated it’s approaching the Department of Telecom (DoT) to hunt readability on the full quantities concerned and “request for their support to deal with this adverse outcome.”

“The board of directors, in its meeting held today (Tuesday), has accepted the management’s recommendation and deferred the agenda item relating to the approval of the said financial results till Thursday, November 14, 2019,” the submitting stated.

All different agenda gadgets shall be taken up by the board within the assembly to be resumed at the moment within the bizarre course, it added.

Airtel, Vodafone-Idea and different telecom operators might need to pay the federal government a whopping Rs 1.four lakh crore following the Supreme Court order final week that despatched shock waves by means of an business already grappling with billions of {dollars} in debt and an intense tariff conflict to retain clients.

The prime court docket had upheld the federal government’s place on together with income from non-telecommunication companies in calculating the annual AGR of telecom firms, a share of which is paid as licence and spectrum payment to the exchequer.

According to the DoT’s calculations, Bharti Airtel faces a legal responsibility of round Rs 42,000 crore after together with licence charges and spectrum utilization expenses, whereas Vodafone-Idea might need to pay about Rs 40,000 crore. Jio might need to pay round Rs 14 crore.

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