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Vodafone, Bharti owes its dues to the government


The Supreme Court gave telecoms companies 10 years until 2031 to clear dues owed to the government for use of airwaves & as license fees after they missed a January deadline to pay $13 billion. Bharti Airtel & Vodafone idea had approached to Supreme court proposing a plea for recalculation. The shares of Vodafone Idea fell drastically to their lowest 14.6% since October. The loss Bharti faced is as much as 2.6%. Also, it has lost many of its customers at the time of having talks with potential investors. Vodafone Idea has paid the government 78.54 billion rupees in telecoms as represented in regulatory filings but still owes about 500 billion. Bharti Airtel has paid 180 billion rupees where the government shows that it owes 259.76 billion. Jio owned by India’s richest man, Mukesh Ambani has paid off its charges.

Source: Reuters

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