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Indian Supreme Court: Telecom firms will pay $13 billion or else

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Christian Fernsby ▼ | February 15, 2020
India's Supreme Court yesterday ordered top telecom companies to pay $13 billion in unpaid spectrum and licensing fees by March 17 or face punishment in a fresh blow to ailing mobile carriers.
Vodafone Idea
Telecommunications in India   Vodafone Idea
Shares in Vodafone Idea, which said it would be hardest hit by the ruling, fell 23% on Mumbai's Sensex Index exchange after the court's announcement.

Topics: India telecom

Bharti Airtel and Reliance Jio were also hit by the order, which comes after the companies failed to obey an October ruling demanding payment of overdue levies within three months. Â

Vodafone Idea, a joint venture of London-listed Vodafone Group PLC and India's Idea Cellular will have to stump up about USD3.9 billion.

Airtel has to pay USD3 billion while Jio, which escaped with a lighter fee has already paid USD1.8 billion.

The court has threatened contempt proceedings against the companies and Department of Telecommunications government officials for non-compliance with that ruling.


 

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