The Supreme Court docket on Friday scheduled a listening to for Friday, September 26 on a plea filed by Vodafone Thought (Vi), difficult recent 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 recent AGR demand of Rs 9,450 crore, which Vi reportedly contends consists of “already settled or duplicate claims.” The case holds vital implications for the telecom sector and the survival of Vodafone Thought, wherein 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 Normal 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 satisfy Jio, Vodafone Thought CEOs immediately; 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 consistent with the “Deduction Verification Pointers” issued on February 3, 2020.
“The motion of DoT was utterly unjust, unfair and arbitrary in in search of to boost extra calls for regardless of the Apex courtroom having crystallised the AGR dues and never finishing up a whole re-assessment since, whereas DoT is at liberty to boost extra calls for, the petitioner isn’t 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 in search of 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. Through 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), retaining traders’ hopes alive.
