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KM Birla, CEO Ravinder Takkar of Vodafone Idea meet telecom secretary amid AGR turmoil

Vodafone Idea had paid Rs 2500 crore to the DoT on Monday as part payment of its Adjusted Gross Revenue (AGR) dues and said it will pay another Rs 1000 cr by this week. The telco's urgent oral appeal before the Supreme Court for directions to be issued to the DoT to not take any coercive steps for recovery of AGR dues was rejected on Monday.

ET Bureau|
Last Updated: Feb 18, 2020, 05.17 PM IST
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Kumar Mangalam Birla
New Delhi: Vodafone Idea chairman Kumar Mangalam Birla and Managin Director Ravinder Takkar Tiesday has met telecom department secretary Anshu Prakash amid fears of the government invoking bank guarantees of the distressed telco and pushing the company to bankruptcy.

Vodafone Idea had paid Rs 2500 crore to the DoT on Monday as part payment of its Adjusted Gross Revenue (AGR) dues and said it will pay another Rs 1000 crore by this week. The telco's urgent oral appeal before the Supreme Court for directions to be issued to the DoT to not take any coercive steps for recovery of AGR dues was rejected on Monday.

The DoT has sought legal opinion whether to invoke bank guarantees in case the company fails to fulfil its AGR obligations.

“If bank guarantees are encashed, the company will have to close…I hope good sense will prevail,” senior lawyer Mukul Rohatgi told a TV channel Monday.

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