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Havish Gupta
Learning by Tryingย โขย 1y
If you think that all the telecom companies were closed due to Jio, So you are wrong! So untill 2002, companies didn't had to pay any fees in India. But in 2002, gov said that now they will have to pay licence fees as well as 8-12% of all revenue. So All companies agreed to this and this continued until 2010, when the companies had to make their payments. So actually the Gov said to give 10% of AGR (adjusted gross revenue) as fees which meant that if a company, say Maro Ltd with 1000cr revenue have a telecom branch with 200cr revenue. They will have to give 8-12% of 1000cr as fees and not on 200cr revenue that came from telecom. So this started a 10 year legal battle started which ended with Supreme Court's decision saying that all fees calculated on AGR have to be given. So Airtel owed 35,000cr while VI owed 60,000cr in fees and this is what killed them and then Jio made it worse. And best part is that the principal is ~7000cr but penalty, intrest, etc makes it ten times!
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