Jio, Airtel exempted from paying Rs 40,000cr dues owing to spectrum sharing

New Delhi: The Supreme Court has relieved Bharti Airtel and Reliance Jio from paying Rs 40,000cr of past dues owing to spectrum sharing with other telecom companies who are bankrupt. Jio primarily uses spectrum of Anil Ambani’s cash strapped Reliance Communications (RCom) while Airtel avails spectrum owned by Videocon and Aircel.

Also read: Black man fatally shot at by Los Angeles cop for suspected bike violation

However, the spectrum sharing dues exemption specially deals with the companies who have used it and does not include their original dues.

Also read: SC’s verdict on AGR dues: Telcos to pay 10% of dues, rest in the next 10 years

On Tuesday, the Supreme Court on Tuesday gave telecom companies 10 year to clear huge dues owed to the government, called adjusted gross revenue (AGR), amounting to about Rs 1.6 lakh crore, in staggered payments. A three-judge bench of the top court said telecom companies must pay 10 per cent of the dues by March 31, 2021.

The post Jio, Airtel exempted from paying Rs 40,000cr dues owing to spectrum sharing appeared first on Prag News.

from Prag News https://ift.tt/2YSx2aA
via IFTTT