Bharti defers Q2 results to seek DoT support on AGR levy

Source :IANS
Author :IANS
Last Updated: Tue, Oct 29th, 2019, 17:52:14hrs
Bharti defers Q2 results to seek DoT support on AGR levy

New Delhi: Bharti Airtel has deferred approval of the audited financial result for the second quarter till November 14 to seek more clarity from the Department of Telecommunications (DoT) on the levy on annual gross revenues revenues (AGR) following the recent Supreme Court judgement.

In a stock exchange filing minutes on Tuesday, Bharti Airtel said: "The management of the company recommended to the Board of Directors that the agenda item related to the approval of audited financial results for the second quarter (Q2) and half year ended September 30, 2019 which was to be a part of the Board meeting today be deferred till November 14 on account of the fact that more clarity is needed on the AGR matter arising out of recent judgement of Hon'ble Supreme Court."

The company is approaching the DoT to seek clarity on the total amounts involved and request for their support to deal with this adverse outcome.

IANS had reported on Monday that Airtel management met Telecom Minister who has conveyed that the "AGR is sacrosanct" and telcos will have to pay up the Rs 92,000 crore directed by Supreme Court.

The Board of Directors, in its meeting held on Tuesday, has accepted the management's recommendation and deferred the agenda item relating to the approval of the said financial results till Thursday, the company said in the filing.

All other agenda items shall be taken up by the Board in the meeting to be resumed later in the day in the ordinary course.