INSUBCONTINENT EXCLUSIVE:
Alarmed by the risk that the telecom AGR (adjusted gross revenue) mess has created for a large bank exposure, the Reserve Bank of India
banking system, loans outstanding to the telecom sector stood at Rs 1.1 lakh crore, or 1.3 per cent of total loans, at the end of
September.
The Supreme Court on Thursday dismissed a plea by telecom majors Bharti Airtel and Vodafone Idea and others, seeking a review of
certain directions of the apex court on the recovery of past dues amounting to Rs 1.47 lakh crore in dues towards adjusted gross revenue
(AGR) and additional licence fees, spectrum usage charges (SUC), penalties and interest.
The total dues from 15 telecom companies, including
Airtel and Vodafone Idea, as per the October order of the Supreme Court, have been pegged at Rs 1.47 lakh crore
The telcos need to clear the same by January 23, 2019.
The Department of Telecommunications (DoT) has estimated another Rs 2.4 lakh crore in
liability for non-telecom companies such as state-owned gas utility GAIL India and power transmission firm PowerGrid, which had taken
licences to trade broadband on optic fiber running along their pipelines and transmission lines.
However, the January 23 deadline may not
apply to non-telecom companies which too have been asked to pay substantial amounts in past dues, Kotak Institutional Equities said in a
note
UBS Group said the ruling raises risks for lenders to the companies
Bharti Airtel has already raised capital of $3 billion, which should help it meet the burden.
