Bharti Airtel on Thursday said it is evaluating the filing of a curative petition in the matter related to the Adjusted Gross Revenue ( AGR) after the Supreme Court rejected a review petition filed by the operator. The top court had earlier passed an order asking telecom companies to pay revenue share on all the income they earn.
In a statement issued after the SC rejected the review petition, Airtel said. "While respecting the Hon’ble Supreme Court’s decision, we would like to express our disappointment as we believe the long standing disputes raised regarding the AGR definition were bonafide and genuine."
"The industry continues to face severe financial stress and the outcome could further erode the viability of the sector as a whole. The industry needs to continue to invest in expanding networks, acquiring spectrum and introducing New Technologies like 5G. The money now required to pay punitive interest, penalty and interest on penalty which forms nearly 75% of AGR dues would have better served the digital mission of the country," it added.
The Supreme Court order would lead to pay out of over Rs 1 lakh crore for telecom operators. The biggest impact will be on Vodafone Idea who had earlier said that it would prefer to declare insolvency if it did not get any relief from the Government.