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Top court makes CEOs liable if telecom companies fail to pay AGR dues

CEO asked to furnish personal guarantee within four weeks; order alarms professional managers

Topics
Telecom companies

The Supreme Court on Tuesday made Chief Executive Officers (CEO) of telecom companies responsible for payment of adjusted gross revenue (AGR) dues, asking them to furnish personal guarantees within four weeks.

If the companies fail to pay the dues then it would lead to penalty, interest and contempt of court, said a bench led by Arun Mishra said. The order didn’t say if promoters and boards of companies will be held liable. “The CEOs usually take instructions from the board and from the promoter--especially about such ...

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First Published: Tue, September 01 2020. 18:16 IST