 "Vi files amended petition, seeks waiver of interest, penalty on AGR dues")
Telecom major Vodafone Idea (Vi) filed an amended petition in the Supreme Court (SC) on Monday seeking a waiver of interest and penalty on adjusted gross revenue (AGR) dues, according to a report by Moneycontrol.
The report said that Vodafone also requested a recalculation of AGR liabilities, citing another case as precedent. The fresh petition is different from Vi’s previous plea, which focused solely on recalculating AGR liabilities.
Referenced to earlier judgments
In its amended petition, the company sought additional relief, requesting the top court to direct that interest, penalties, and interest on penalties on the principal AGR dues should not be payable, citing Para 25(c) of the Mineral Area Development Authority vs Steel Authority of India case.
The matter dates back to the apex court's March 18, 2020, order, which upheld AGR dues up to FY17 as calculated by the Department of Telecommunications (DoT) and barred any reassessment by telecom operators. However, the DoT raised fresh claims for FY18 and FY19. Vodafone Idea contends that a significant portion of the new demand overlaps with periods already settled by the court.
Waiver will help stabilise biz
The company further argued that waiving interest and penalties would ease its debt burden and help stabilise its business.
Currently, the government holds 48.99 per cent of Vi, having converted ₹53,083 crore of dues into equity in two tranches, in February 2023 and April 2025, the report said.
Vi plea deferred to Oct 6
According to news agency PTI, a bench comprising Chief Justice B R Gavai and Justices K Vinod Chandran and NV Anjaria was urged by Solicitor General Tushar Mehta, appearing for the Centre, that the plea, which was listed for hearing during the day, be listed on the reopening of courts after Dusshera break. The bench allowed and deferred the hearing to October 6.
Vi had filed a fresh plea against the DoT's fresh demand of ₹5,606 crore relating to the financial year 2016-17.