The Supreme Court was scheduled to hold a hearing on Friday, September 26, on Friday, challenging the new adjusted gross income (AGR) requirement by the Department of Telecommunications (DOT) to file during the financial period until fiscal 2016-17.
DOT released new AGR demand for Rs 94.5 crore, which VI reportedly includes “claims that have been settled or duplicated”. The case has a significant impact on the survival of the telecommunications department and Vodafone’s ideas, and the government also holds equity.
Court Press Close
Earlier, the judges led by India’s Chief Justice BR Gavai, as well as Justices K Vinod Chandran and NV Anjaria, emphasized the need to end the long dispute. “The litigation must have some finality in the litigation,” observed on the bench.
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Deputy Attorney General Tushar Mehta attended the centre and asked to revise next week, citing on ongoing efforts between the government and the company to develop solutions.
Please read also: Telecom Minister Jyotiradiitya Scindia meets with Vodafone Creative CEO Jio today; AGR, 6G, Satellite Internet on the Agenda
Vodafone’s Creative Thesis
The petition conceived by Vodafone urged the court to cancel additional AGR requirements and believed that this was related to the period before 2016-17 when the Supreme Court’s early ruling had been resolved. It also requires a comprehensive reassessment of AGR dues in accordance with the “Deduction Verification Guide” issued on February 3, 2020.
“Although the Apex Court has crystallized the AGR dues without a complete reassessment, the actions of the DOT are totally unfair, unfair and arbitrary in seeking to make additional claims, as the DOT is free to make additional claims, but the petitioner does not allow corrections to DOT seeking an assessment of the PETITIONITIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIETIET
The company further claimed that calculation errors resulted in duplication, with a certain number of additions more than once.
Read more: Vodafone’s idea stock rose 9% as the center softens the position of AGR dues, SC hearings are postponed
AGR Dispute History
The Supreme Court ordered telecom operators to pay AGR dues in a landmark judgment in October 2019. A year later in September 2020, the court allowed telecom companies to clear these dues for 10 years, requiring 10% payments starting from March 31, 2021 each year.
However, in July 2021, the Supreme Court rejected the telecommunications professional’s request, which included Vodafone’s idea and Bharti Airtel’s seeking to correct the alleged errors in the AGR calculation.
Vodafone’s idea’ stock performance
Meanwhile, on Thursday, Vodafone’s idea of stock earned slightly. The company’s share opened at Rs 8.63 and closed at Rs 8.68, with a standard increase of about 1.05%. In a day’s trading, the stock hit high prices of Rs 8.84 (day high) and Rs 8.58 (Day Low).
The stock has traded at Rs 6.12 (52-week low) to Rs 10.97 (52-week high) over the past 52 weeks, keeping investors’ hopes on hold.
