Jaypee Infratech, a subsidiary of Jaiprakash Associates, has an outstanding debt of nearly Rs 9,800 crore.
This is a welcome decision of the Supreme Court which has been taken unanimously by the court.
Airtel, Vodafone Idea and other telecom operators may have to pay the government a whopping Rs 1.42 lakh crore in three months.
Vodafone Group Plc’s Indian venture has $14 billion worth of obligations, while Bharti Airtel is rated junk by Moody’s Investors Service.
Supreme Court in its October 24 order has clearly settled the base on which statutory levies have to be paid, said Reliance Jio.
Service providers have sufficient financial capacity to pay govt dues by monetising their existing investments and by issuing fresh equity.
The company was earlier scheduled to approve and release its Q2 numbers on Tuesday.
Vodafone Idea plummeted 23.36 pc to close at Rs 4.33 on the BSE. In intra-day, it tanked 27.43 pc to Rs 4.10 -- its 52-week low.
A three-judge bench, headed by Justice Arun Mishra, upheld the definition of adjusted gross revenue formulated by the Department of Telecom.
Govt is aware of the seriousness of the situation and the ED is taking appropriate action against the culprit.