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India's Supreme Court just threatened Airtel and Vodafone with 'contempt' proceedings⁠— the share market is spooked



Supreme Court of India warned some of India’s top billionaires of action for ‘contempt for court’.Sunil Mittal, the Chairman of Bharti Airtel, and Kumar Mangalam Birla, the Chairman of Birla Group that owns Vodafone-Idea were in the firing line.The companies drew the top court’s ire for not paying up the dues for unpaid licence fees and spectrum usage charge after a recent change in the interpretation of the law.Bharti Airtel and Vodafone-Idea share prices tanked on Friday after the Supreme Court of India came down heavily on the two companies for complying with its order. The two companies have been asked to cough up huge sums of money towards unpaid licence fees and spectrum usage after a recent change in the interpretation on what part of their revenue can these duties be levied upon.Weeks



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