NEW DELHI: The government doesn’t want any phone companies shutting down and is looking at support that can be given to the debt-laden telecom sector that’s been saddled with additional dues on account of last month’s Supreme Court ruling on adjusted gross revenue (AGR).
“I want no company to shut operations,” finance minister Nirmala Sitharaman said on Friday in response to a query on the telecom sector. “I want all companies to flourish & serve their customers.”
The Supreme Court had backed the telecom department’s stance on including revenues from noncore items in the definition of AGR in its verdict on October 24.
The minister said top finance ministry officials had participated in discussions held by the committee of secretaries tasked with drawing up possible options for addressing the concerns of the sector.
Bharti AirtelNSE 8.43 % and Vodafone Idea, which reported total losses of Rs 74,000 crore on Thursday, have petitioned the government for relief in the form of a waiver or a deferral on dues that could be as high as Rs 1.34 lakh crore for the entire sector on account of the AGR decision.The committee, which is headed by the cabinet secretary, is examining the Supreme Court judgment and representations from the telecom sector.
Sitharaman said the government is yet to take a decision on including the dues arising out of the Supreme Court judgment into its own accounts.
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