AGR Dues
SC to take a call on listing Vodafone Idea's curative plea on AGR dues
This story was originally published at 16:20 IST on 15 July 2024
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NEW DELHI – The Supreme Court today said it will take a call on listing Vodafone Idea Ltd's curative petition against the court's earlier order. The apex court had earlier rejected Vodafone Idea's petition for rectification of alleged errors in the calculation of adjusted gross revenue dues payable by the company.
Bharti Airtel Ltd and Vodafone Idea moved curative petitions against the rejection in the apex court last year.
Appearing for Vodafone Idea, Senior Advocate Harish Salve today sought an urgent hearing of the case. Salve said that Vodafone Idea's petition was filed last year and the company's new backers would like to know its exact liability towards adjusted gross revenue dues. The bench led by Chief Justice D.Y. Chandrachud said it will take a call on listing the case soon.
The petitions arise from a top court order in 2020, which granted 10 years to the telecom companies to clear their adjusted gross revenue dues to the Department of Telecommunications. The apex court had also asked telecom companies to pay 10% of the adjusted gross revenue dues upfront.
The top court had then said that no revaluation of adjusted gross revenue dues would be allowed, and any default would invite interest, penalty, and contempt of court.
The Department of Telecommunications has estimated Bharti Airtel dues at 439.80 bln rupees, way higher than the company's estimate of 130.04 bln rupees. The department has estimated Vodafone Idea's dues at 582.54 bln rupees compared with the company's assessment of 215.33 bln rupees.
The curative petitions also challenged the apex court's order in 2019 under which it asked telecom companies to pay a penalty of 50% of the entire amount of short-payment and interest at a rate which will be 2?ove the prime lending rate of the State Bank of India and that too compounded monthly.
At 1517 IST, the shares of Bharti Airtel were up 0.3% at 1,437.70 rupees on the National Stock Exchange, while the shares of Vodafone Idea were up 3.7% at 16.68 rupees. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Saji George Titus
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