In a big relief to telecom companies, the Supreme Court on Tuesday granted them 10 years time to clear AGR dues of around Rs 1.5 lakh crore to be paid to the Centre.
A bench headed by Justice Arun Mishra allowed their plea to deposit the amount in installments and granted time till 2031 to clear the dues. The Centre pleaded the court to grant them 20 years but the court gave only ten years time to the telecom companies.
The court said that the telecom companies will have to pay 10 per cent of their dues by the end of the current financial year. It said that the court granted time till March 31, 2021 for first installments due to the Covid-19 pandemic.
The court also made it clear that in case of any default of payment in installment, the telecom companies will not only be liable to contempt of court but they will also have to pay penalty for delayed payment.
