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Bharti Airtel had submitted to the Supreme Court that the telecom department has Rs 10,800 crore of bank guarantees and can be used by the DoT as security against AGR dues and the telco won’t furnish any other guarantees, and sought 20 years to pay its AGR dues.
‘In light of the aforesaid facts and circumstances and especially that substantial amounts as per the Judgment already stands paid to the DoT; no further security at this stage would therefore be required from the Bharti Companies even for the balance amount, if any, that may be payable as per the Judgment,’ said the company in its affiidavit.
‘After making such substantial payments, it is evident that it will not be in Bharti Companies’ own interest to not clear such amounts and risk coercive action, which could bring the business to a standstill,’ it added. It said DoT is already in possession of certain securities and guarantees amounting to approximately- Rs. 10,800 crores consisting of ‘Rs. 4,000 crores towards dues under the license, including amount of Rs. 2800 crore equivalent to two quarters of estimated license fees; and Rs. 6,800 crores towards spectrum deferred liability’. The company highlighted that it was in the sector for the long run and has always paid its dues.
‘It is most respectfully submitted that having invested so much money, the Bharti Companies are not fly-by-night operators and assure this Hon’ble Court that there is is absolutely no risk of non payment towards its obligations to pay balance amounts,’ it said.
