“During the financial year ended March 31, 2021, the Company has received Show Cause cum Demand notices (SCNs) from the Department of Telecommunications (DOT), Government of India for the financial years 2006-07, 2007-08, and 2008 -09 towards ISP license fees aggregating to Rs376.40cr which includes penalty and interest thereon as of September 30,2020.
The Company has responded to DOT contesting their inclusion of Cable TV revenue in arriving at Adjusted Gross Revenue (AGR) for calculation of License Fee payable by the Company under the ISP License in these SCNs. Based on the opinion of legal expert, the Company is confident that it has good grounds on merit to defend itself in the above matter. Accordingly, the Company is of the view that no provision is necessary in respect of the aforesaid matter in the financial results,” company said in a filing on Wednesday.
At around 10.10 AM, Hathway Cable & Datacom Ltd was trading at Rs26.20 per piece down by Rs0.05 or 0.19% from its previous closing of Rs26.25 per piece on the BSE.