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最高法院驳回了电信公司修改AGR的请求，这对沃达丰Idea是个重大打击
最高法院周五的命令对Vi的打击最大，因为它仍在寻找投资者，以筹集2500亿卢比急需的资金。最新的判决现在将对这家第三大电信公司的生存提出质疑。
周五，最高法院驳回了这一上诉沃达丰的想法，Bharti Airtel和塔塔电信服务公司允许修正电信部门调整后的总营收(AGR)计算中的错误，这对沃达丰Idea造成了重大打击，其股价暴跌10%，并给该电信公司的生存能力留下了阴影。
由N Rao法官和Aniruddha Bose法官组成的最高法院裁决，“所有申请都被驳回”。
然而，电信部(DoT)与三家电信公司对于10%的预付AGR款项的时间安排，仍然没有明确的解释。交通部表示，Vi、Airtel和塔塔电信应在2021年3月前再支付10%的AGR会费，余额将在未来10年分期支付。但电信公司坚持认为，他们已经支付了超过10%的款项，下一期付款截止日期为2022年3月。
最高法院周五的命令对Vi的打击最大，因为它仍在寻找投资者，以筹集2500亿卢比急需的资金。最新的判决现在将对这家第三大电信公司的生存提出质疑。
该指令下达后不久，该电信公司的股价暴跌10%，至8.33卢比的盘中低点。中午时分，该股下跌7.2%，至8.58卢比。在经历了最初的下跌后，Airtel股价上涨1.4%，至553.95卢比，希望以收购沃达丰Idea为代价获得市场份额。
ICRA高级副总裁兼集团主管Sabyasachi Majumdar表示:“鉴于债务水平上升和关税非常低，这(订单)对该行业的复苏来说不是好兆头，可能会延续这种情况。”
“未来几个季度，该行业对债务偿还和DoT付款的承诺很高，下一笔主要付款将于2022年3月至4月到期。为了达到这些目标，除了专注于大幅提高ARPU水平外，行业参与者还必须寻找融资和/或资产货币化的途径。”
沃达丰Idea负债18万亿卢比，现金余额35亿卢比，需要在2021年12月至2022年4月期间支付2250亿卢比，包括常规债务、AGR和频谱费。它已经要求交通部再给一年时间，直到2023年4月，支付拍卖中购买的频谱相关的829.2亿卢比的会费。
Vi公司自我评估的会费为2153.3亿卢比，Airtel公司为13003亿卢比，TTSL公司为219.7亿卢比，这三家公司在请愿书中都表示，这些远远低于电信部(DoT)的要求。
政府批准沃达丰Idea高达1.5万卢比的外国直接投资提议;但融资协议尚未敲定
该人士称:“当宣布融资时，董事会表示，从一个来源筹集的最大资金为1500亿卢比，因此必须获得批准。”
最高法院此前拒绝了他们的自我评估，并将交通部的计算定为最终结果。
根据政府的计算，该裁决使Vi公司面临5840亿卢比的会费，Airtel公司面临43980亿卢比的会费，塔塔电信服务公司面临16798亿卢比的会费。其中，Vi支付了785.4亿卢比，Airtel支付了18003亿卢比，塔塔电信支付了4197亿卢比。电信公司需要在2031年3月31日之前分10期支付余额。
经纪公司里昂证券(CLSA)说，对Vi来说，如果不重新计算，就意味着其AGR EMI将占2022年现金Ebitda的60%左右，从而导致财务危机。它补充说，为了覆盖AGR EMI, Vi将需要每个用户的平均收入达到170卢比，比21财年第四季度高出40%，强制多次提高关税或强制关闭。
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<\/figure>The Supreme Court on Friday rejected the appeal by Vodafone Idea<\/a>, Bharti Airtel<\/a> and Tata Teleservices to allow correction of errors in the telecom department\u2019s adjusted gross revenue (AGR) calculations, dealing a big blow to Vodafone Idea (Vi) whose shares tanked 10% and left a could hanging over the telco\u2019s viability.
The Supreme Court bench comprising Justice N Rao and Justice Aniruddha Bose ruled, \"all applications dismissed\".
However, there is still no clarity on the different interpretation between the Department of Telecommunications (DoT) and the three telcos on the timing of the 10% upfront payment towards the AGR dues. DoT says Vi, Airtel, Tata Tele should have paid another 10% of AGR dues by March 2021, and the balance spread over the next 10 years. But telcos maintain they have already paid more than 10%, and the next instalment is due only by March 2022.
<\/div><\/div>The written order isn\u2019t out yet.
SC's Friday order will hit Vi the most when it is still hunting for investors to bring in Rs 25,000 crore of much needed funds. The latest verdict will now raise questions of the third largest telco's survival.
The telco\u2019s shares plunged 10% to an intraday low of Rs8.33 soon after the order. At noon, the stock was trading 7.2% lower at Rs8.58. Airtel\u2019s shares, after an initial fall, rose 1.4% to Rs553.95 on hopes of gaining market share at the cost of Vodafone Idea.
\"This (the order) will not bode well for the recovery in the sector and is likely to protract the same, given the elevated debt levels and very low tariffs,\u201d said Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA Ltd.
\u201cThe industry is staring at high commitments towards debt repayments and DoT payments in the coming few quarters, with next major payments due in March-April 2022. In order to meet these, the industry participants will have to look for avenues of fundraising and\/or asset monetisation, in addition to focus on substantially improving the ARPU levels,\" he added.
Vodafone Idea \u2014 with a debt of Rs 1.8 lakh crore and cash balance of Rs 350 crore \u2014 itself needs to pay Rs 22,500 crore from December 2021-April 2022 towards a mix of regular debt, AGR and spectrum dues. It has already request DoT to give a year more \u2014 until April 2023 \u2014 to pay its Rs 8,292 crore dues related to spectrum purchased in auctions.
SC's Friday order will hit Vi the most when it is still hunting for investors to bring in Rs 25,000 crore of much needed funds. The latest verdict will now raise questions of the third largest telco's survival.
The telco\u2019s shares plunged 10% to an intraday low of Rs8.33 soon after the order. At noon, the stock was trading 7.2% lower at Rs8.58. Airtel\u2019s shares, after an initial fall, rose 1.4% to Rs553.95 on hopes of gaining market share at the cost of Vodafone Idea.
\"This (the order) will not bode well for the recovery in the sector and is likely to protract the same, given the elevated debt levels and very low tariffs,\u201d said Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA Ltd.
\u201cThe industry is staring at high commitments towards debt repayments and DoT payments in the coming few quarters, with next major payments due in March-April 2022. In order to meet these, the industry participants will have to look for avenues of fundraising and\/or asset monetisation, in addition to focus on substantially improving the ARPU levels,\" he added.
Vodafone Idea \u2014 with a debt of Rs 1.8 lakh crore and cash balance of Rs 350 crore \u2014 itself needs to pay Rs 22,500 crore from December 2021-April 2022 towards a mix of regular debt, AGR and spectrum dues. It has already request DoT to give a year more \u2014 until April 2023 \u2014 to pay its Rs 8,292 crore dues related to spectrum purchased in auctions.
<\/div><\/div>The telco had linked its viability to reduction of its AGR dues, along with other factors. At its fiscal fourth quarter earnings call, the telco said it expected some relief from the SC which will reduce its AGR dues to nearly half.
Vi had self-assessed its dues at Rs 21,533 crore, Airtel at Rs 13,003 crore and TTSL at Rs 2,197 crore and all three in their petitions had said that these were far less than what Department of Telecommunications (DoT) had asked of them.
Vi had self-assessed its dues at Rs 21,533 crore, Airtel at Rs 13,003 crore and TTSL at Rs 2,197 crore and all three in their petitions had said that these were far less than what Department of Telecommunications (DoT) had asked of them.