The Supreme Court docket on Friday scheduled a listening to for Friday, September 26 on a plea filed by Vodafone Thought (Vi), difficult contemporary Adjusted Gross Income (AGR) calls for raised by the Division of Telecommunications (DoT) for the monetary interval as much as FY 2016-17.
DoT had issued a contemporary AGR demand of Rs 9,450 crore, which Vi reportedly contends consists of “already settled or duplicate claims.” The case holds important implications for the telecom sector and the survival of Vodafone Thought, by which the federal government additionally holds an fairness stake.
Court docket presses for closure
Earlier, the bench led by Chief Justice of India BR Gavai, together with Justices Ok Vinod Chandran and NV Anjaria, had emphasised the necessity to finish the extended dispute. “There needs to be some finality to the proceedings,” the bench noticed.
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Solicitor Common Tushar Mehta, showing for the Centre, sought an adjournment for subsequent week, citing ongoing efforts between the federal government and the corporate to work out a decision.
Additionally Learn: Telecom Minister Jyotiraditya Scindia to fulfill Jio, Vodafone Thought CEOs at the moment; AGR, 6G, satellite tv for pc web on agenda
Vodafone Thought’s arguments
Vodafone Thought’s petition urged the courtroom to quash the extra AGR demand, arguing it pertained to the pre-2016-17 interval already settled by the apex courtroom’s earlier rulings. It additionally sought a complete reassessment of AGR dues in keeping with the “Deduction Verification Pointers” issued on February 3, 2020.
“The motion of DoT was fully unjust, unfair and arbitrary in looking for to lift further calls for regardless of the Apex courtroom having crystallised the AGR dues and never finishing up an entire re-assessment since, whereas DoT is at liberty to lift further calls for, the petitioner is just not being permitted to hunt correction of assessments made by DoT which have been thrusted upon the petitioner,” the petition acknowledged.
The corporate additional claimed that computational errors led to duplication, with sure quantities being added greater than as soon as.
Learn Extra: Vodafone Thought shares rise 9% as Centre softens stance on AGR dues, SC listening to deferred
AGR dispute historical past
In its landmark October 2019 judgment, the Supreme Court docket ordered telecom operators to pay AGR dues. A yr later, in September 2020, the courtroom allowed telcos 10 years to clear these dues, with a requirement to pay 10 per cent yearly starting March 31, 2021.
Nevertheless, in July 2021, the highest courtroom dismissed pleas from telecom majors together with Vodafone Thought and Bharti Airtel looking for correction of alleged errors in AGR calculations.
Vodafone Thought’ inventory efficiency
In the meantime, on Thursday, Vodafone Thought’s inventory closed with a slight acquire. The corporate’s share opened at Rs 8.63 and closed at Rs 8.68, marking a rise of round 1.05 per cent. Throughout the day’s commerce, the inventory touched a excessive of Rs 8.84 (Day Excessive) and a low of Rs 8.58 (Day Low).
Over the previous 52 weeks, the inventory has traded within the vary of Rs 6.12 (52-week low) to Rs 10.97 (52-week excessive), preserving traders’ hopes alive.
