The telecom operators have given their input to the government in a meeting called by the National Security Council Secretariat (NSCS) about one-and-a-half weeks back.
According to analysts at Motilal Oswal Financial Services, ARPU improvement in Q3 compared to the previous quarter is estimated at 3 per cent for Jio and 1.5 per cent for Airtel.
The high court made it clear that non-compliance of the order will invite contempt action against the agencies.
The bank, meanwhile, said its audit division has found evidence of diversion of funds and such other irregularities.
Justice Prateek Jalan passed the order on a plea by erstwhile directors of the three companies challenging a RBI circular from 2016 regarding declaration of accounts as fraud by banks.
The stock exchange said on Thursday that China Telecom Corporation, China Mobile and China Unicom Hong Kong would be delisted from the exchange.
Airtel noted that a similar allegation had been levelled by Jio in a letter to the telecom regulator earlier in December to which the company had responded.
The Covid pandemic and its impact made things worse initially, but the digital explosion has helped boost revenues.
The Pakistan Telecommunication Authority (PTA) has already issued notices to Google Inc and Wikipedia on the issue.
Apex industry body Cellular Operators' Association of India (COAI's) members include Reliance Jio, Bharti Airtel and Vodafone Idea.
The sector narrowly escaped financial collapse following the apex court upholding the government's method to calculate revenue share with telecom operators.
Like any other sector, the telecom industry too was impacted by the pandemic with a sharp fall in the number of subscribers in March and April.
The watchdog is studying mergers and acquisitions in the digital market, including those deals that might have escaped its scrutiny due to lower thresholds, and pharmaceutical sector.
Bharti Airtel saw the highest subscriber addition in its traditionally weak circles of Maharashtra (0.7 million) and Gujarat (0.5 million).
Finance minister Rishi Sunak hailed the announcement, coming one day after he again extended the government's furlough scheme