Vodafone Idea AGR Dues: Supreme Court Defers Hearing After Centre's Request

The Supreme Court on Monday deferred the hearing on a plea filed by troubled carrier Vodafone Idea Ltd. against the duplication of AGR dues. The top court will now hear the matter on Oct. 13.

Solicitor General Tushar Mehta had requested the apex court to postpone the matter till next week.

In September, the company sought a waiver of penalty and interest on adjusted gross revenue demand of Rs 9,450 crore in its petition. The company has challeged the additional AGR demand issued by the Department of Telecommunications, which was pending until the financial year 2019.

The telecom operator argued that the demand goes beyond the scope of the apex court’s earlier ruling on AGR liabilities, as per reports. Of the total dues, Rs 2,774 crore pertains to the post-merger Vodafone Idea entity, while Rs 5,675 crore relates to liabilities of the pre-merger Vodafone Group.

Vodafone Idea share price fell as much as 5.56% to Rs 8.33 apiece. It pared losses to trade 3.97% lower at Rs 8.47 apiece, as of 12:45 p.m. This compares to a 0.64% advance in the NSE Nifty 50 Index.

It has fallen 7.53% in the last 12 months. Total traded volume so far in the day stood at 58 times its 30-day average. The relative strength index was at 2.

Out of 22 analysts tracking the company, five maintain a 'buy' rating, five recommend a 'hold,' and 12 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 14.6%