The Supreme Court on Monday again deferred the hearing on Vodafone Idea Ltd.'s plea challenging the duplication of AGR dues. The matter will be heard after the Diwali holidays on Oct. 27.
Representing the government, Solicitor General Tushar Mehta requested more time. To this, Chief Justice BR Gavai said the matter will be taken up after the court reopens.
In September, the troubled carrier 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 company 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.
The government has become the single largest shareholder in Vodafone Idea after acquiring shares worth Rs 36,950 crore in lieu of outstanding spectrum auction dues in March. Earlier, the government had acquired around 33% stake in 2023 in lieu of statutory dues worth over Rs 16,000 crore.
Vodafone Idea share price fell as much as 3.7% to Rs 8.71 apiece, compared to a 0.4% decline in the benchmark Nifty 50.
It has fallen 2% in the last 12 months and 13% so far this year.
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%
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