‘Vodafone fined R1,263 crore for alleged under reporting of revenue’

The Department of Telecommunications (DoT) has imposed a penalty of Rs 1,263 crore on Vodafone for allegedly under reporting revenues

Written by Press Trust Of India | Mumbai | Published: June 4, 2013 1:34:05 am

The Department of Telecommunications (DoT) has imposed a penalty of Rs 1,263 crore on Vodafone for allegedly under reporting revenues during financial years 2008-09 and 2010-11,according to sources.

“The notice has been given today. It (Vodafone) has been asked to pay within 15 days,” official sources said.

The exact break-up of penalty imposed on the company for each financial year could not be ascertained.

Based on telecom licences,telecom operators are required to pay licence fee and spectrum usage on adjusted gross revenue (AGR) which earned from telecom services only.

According to official sources,DoT found that adjusted revenue filed by company were not appropriate. Vodafone declined to comment. The company is struggling to settle Rs 11,200 crore tax liability case with Indian government over tax on its acquisition of Hutchison’s stake in Hutchison-Essar in 2007,but has not received any respite so far.

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