The Supreme Court has reportedly rejected Vodafone Idea’s plea to not to incash its bank guarantees for recovering adjusted gross revenue (AGR)-related dues.
As per industry sources, the Department of Telecommunications (DoT) has sought legal opinion including that of Solicitor General Tushar Mehta on this matter. The DoT has asked the law ministry if it can invoke bank guarantees of companies defaulting on the payment of AGR dues before the next date of hearing on March 17, 2020.
Any such move by DoT of enchasing the bank guarantees of Vodafone Idea would jeopardise the operation of already financially stressed telco.
