Shares of telecom companies reversed gains after the Supreme Court on Friday drew contempt against them and government officials for not complying with its order to pay AGR dues by January 23.The apex court asked the telcos to deposit their dues by March 17

In a hearing on the plea by telcos to provide more time to pay their AGR dues, the court said it will take action against all those who haven’t complied with its orders.

Justice Arun Mishra observed that not even a penny has been deposited by the telecom companies, flouting the orders.

Fifteen telcos need to pay over Rs 1.47 lakh crore to the government, comprising license fees, spectrum usage charge, interest and penalties.

The apex court refused to defer hearing despite a request by the Solicitor General of India.

The telcos were hoping that being allowed to discuss modalities of payment with DoT will offer scope to spread the dues over several years, thus softening the financial impact.

Shares of telecom companies fell following the scolding by the court. Vodafone Idea tanked 7.37 per cent to Rs 4.15, Bharti Infratel 4.28 per cent to Rs 234.65 and Reliance Communications 4.11 per cent to Rs 0.70.

Source: economictimes