AGR dues: OIL moves SC; Moody’s says business conditions risky in India

Oil India (OIL) on Wednesday filed a clarificatory petition before the Supreme Court against a Rs 48,000-crore demand raised by the Department of Telecommunications (DoT). The DoT had slapped the demand notice on OIL, seeking Rs 48,000 crore on account of AGR (adjusted gross revenue) dues.

OIL received demand notices for the period financial year 2007-08 (FY08) to FY19, including licence fee, penalties and interest, the company said in a statement.

OIL had taken this matter up with DoT and the Ministry of Petroleum & Natural Gas along with other affected central public sector enterprises (CPSEs) and explained the non-applicability of AGR to non-telecom companies.