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Bharti Airtel makes additional payment of Rs 8,004 crore towards AGR dues

Telecom operator Bharti Airtel on Saturday mentioned that it has created additional payment of Rs eight,004 crore to altered gross income dues to the Division of Telecom (DoT). The payment of Rs eight,004 crore is in addition to Rs ten,000 crore the company paid out on February seventeen, 2020 in compliance to the Supreme Courtroom […]

Telecom operator Bharti Airtel on Saturday mentioned that it has created additional payment of Rs eight,004 crore to altered gross income dues to the Division of Telecom (DoT).

The payment of Rs eight,004 crore is in addition to Rs ten,000 crore the company paid out on February seventeen, 2020 in compliance to the Supreme Courtroom judgement, it mentioned in a regulatory filing.

The company mentioned it calculated the liabilities on self evaluation foundation till December 31, 2019 and the payment includes interest up to February 29, 2020.

The company has carried out self evaluation from FY 2006-07 up to December 31, 2019 and interest thereon up to February 29, 2020 in line with the Adjusted Gross Earnings (AGR) judgement, Bharti Airtel mentioned.

“Accordingly the company paid out an additional amount of Rs three,004 crore to the whole and final quantities due more than and over advert-hoc amount of Rs ten,000 crore paid out on February seventeen, 2020 on behalf of Bharti Team of providers,” the filing mentioned.

The payment provided liabilities on Bharti Airtel, Bharti Hexacom and Telenor India.

“We have also deposited an additional amount of Rs five,000 crore, as an advert-hoc payment (matter to the subsequent refund/adjustment to address distinctions, if any arising from the reconciliation exercising with the DoT,” Airtel mentioned.

In accordance to DoT estimates, Airtel owed almost Rs 35,586 crore, including licence cost, spectrum usage expenses with interest on unpaid amount, penalty and interest on penalty till July 2019.

“Primarily based on the aforesaid payment we have now complied with AGR judgement and the directions in the buy of the Hon’ble Supreme Courtroom dated October 24, 2019,” the company mentioned.