&imwidth=800&imheight=600&format=webp&quality=medium "Vodafone Idea's share price slumps as Supreme Court defers AGR hearing")
The Supreme Court on Friday deferred the hearing on a plea filed by Vodafone Idea seeking relief from additional adjusted gross revenue (AGR) demands raised by the Department of Telecommunications (DoT) for the period up to FY 2016-17. A bench comprising Chief Justice of India BR Gavai, Justices K Vinod Chandran and NV Anjaria adjourned the matter over the Centre's request.
What's Vodafone Idea's demand in the plea?
Vodafone Idea has sought directions from the court to quash the AGRdues demand, saying it belonged to the pre-2016- 2017 era, which had been settled by the Supreme Court's previous ruling.
The petition says that the DoT action was unjust, unfair, and arbitrary, as the Supreme Court had crystallized the AGR dues and not carried out a complete reassessment.
The telecom company claimed that errors in computation have led to duplication of entries, with certain amounts added more than once.
Meanwhile, on Friday, Vodafone Idea's share price dropped 9 per cent after the court deferred the hearing. On the BSE, the share was trading at Rs 7.90 apiece.
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DoT has demanded Rs 9,450 crore as additional AGR dues from the debt-laden company.
The company wants the Supreme Court to set aside the demand.
The Centre informed the Supreme Court last week that a resolution to the matter was necessary as the government also holds a stake in the company.
The government has a 49 per cent stake in Vodafone Idea after it converted the company's liabilities into equity. The court had listed the matter for September 26.
Vodafone Idea's share price increased 21 per centin one month and 12 per cent in three months.
At 2.19 pm, the company's share price was Rs 8, a slump of 7.83 per cent.