Vodafone Idea has filed a fresh plea before the Supreme Court seeking further relief regarding the adjusted gross revenue (AGR) dues and sought waiver of over Rs 30,000 crore in penalty and interest, seeking urgent hearing on May 19, CNBC-TV18 reported.
The telecom company has said that the Centre, with 49 percent stake, is handicapped in granting relief due to the AGR judgment, but is effectively a 'partner' and should help avert a sector-wide collapse. The outcome of the plea could be significant for the telecom player's financial health and competitiveness.
“The government is handicapped in granting any relief owing to the constraints of the AGR judgment,” the company reported said in its plea.
Vodafone Idea cited constraints imposed by the original AGR judgment and claimed these are preventing the government from extending further relief, unless the court intervenes.
Shares of Vodafone Idea are near the high of the day after the development was reported. The telecom operator is specifically seeking relief from penalties and interest charges for the AGR dues.
The latest shareholding data shows that Foreign Portfolio Investors hold a 6.56% stake, though no individual investor holds more than 1%. The company also counts over 59 lakh small shareholders.
Earlier in the day, Vodafone Idea's 5G service was launched in Delhi on May 15 onwards, in a significant update in the company's 5G rollout in India.
Rival Bharti Airtel too has explored to seek a non-discriminatory level playing field, probing if it has the option to convert its AGR dues into government equity.
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