The Supreme Court of India has scheduled a hearing on September 19, for Vodafone Idea’s (Vi) plea concerning the additional Rs 9,450 crore demand in Adjusted Gross Revenue (AGR) dues, according to CNBC-TV18.
Fresh petition challenges DoT calculation
Vodafone Idea had approached the Supreme Court with a fresh writ petition on September 8, challenging the calculation behind the revised AGR dues. According to another previous report by CNBC-TV18, the company has asked the court to set aside the additional tax demand raised by the Department of Telecommunications (DoT) for FY17.
In its petition, Vodafone Idea repirted seeks to quash the DoT’s fresh tax demand of Rs 2,774 crore, arguing that it exceeds the scope of the apex court’s previous ruling on the company’s AGR dues.
DoT’s fresh AGR demand
The Department of Telecommunications has demanded an extra Rs 2,774 crore from Vodafone Idea for the period of FY18-19. Vodafone Idea has challenged this, stating that certain amounts have been added twice and need reconciliation.
In addition to the FY18-19 demand, the DoT also raised a fresh AGR demand for FY17 and revised the outstanding licence fee for FY19. In its petition, Vodafone Idea has requested a complete recalculation of its dues from the period before FY17.
Earlier, the DoT had demanded Rs 5,960 crore from Vodafone Idea. The revised demand of Rs 2,774 crore adds to the financial stress of the already debt-laden telecom operator.
Share price of Vodafone Idea
The share price of Vodafone Idea has jumped 5% intra-day today and has clocked significant surge in the last one month, rising over 24.46 per cent.