SC agrees to hear pleas of PSUs in AGR verdict case; stays NCLAT order reinstating Cyrus Mistry as Tata Group Chairman.
Let's Hear You: The Supreme Court (SC) has agreed to hear the modification pleas moved by state-owned companies in the adjusted gross revenue (AGR) verdict that made non-telecom firms holding licenses for internal communications and signalling liable to pay license fees on their entire revenue, even if they do not offer telecom services.
The SC has asked non-telecom state-run companies including Gail India, Power Grid Corp and Oil India to pay more than ?3tr ($42.39bn) in arrears on their telecom licenses. Livemint
We Object, My Lord!: In a rather surprising turn of events, the SC has stayed the National Company Law Appellate Tribunal's (NCLT) order dismissing the Registrar of Companies (RoC) plea seeking modification of its verdict in the Tata-Cyrus Mistry matter.
The SC said that it would hear the matter along with the main plea filed by Tata Sons against the December 18th verdict of NCLAT, which restored former Tata Group Chairman Cyrus Mistry as the Chairman of the Group, holding the appointment of N Chandrasekaran, the current Chairman of Tata Sons, as Executive Chairman as "illegal". India Today
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