After being rapped by the Supreme Court for failing to deposit AGR dues, Vodafone Idea on Monday moved the apex court stating it can as of now pay only Rs 2,500 crore of the arears to the government and will follow it up with another Rs 1,000 crore by February 21.
The telecom firm also appealed to the top court that the Department of Telecom should not take any coercive action and invoke bank guarantees, as an action of this nature would have consequences and it would eventually hamper their operations.
The Supreme Court declined to entertain the telco’s plea seeking “no coercive action”. According to counsels, Vodafone contended before the court that Rs 3,500 crore is 50 per cent of its estimated principle AGR dues of Rs 7,000 crore.
Vodafone is estimated to pay Rs 53,000 crore to the government as part of its AGR dues. According to reports, it has informed the government that it is examining all avenues as to how much of AGR dues it could pay off.