SC breather for Vi over AGR dues

IN A SIGNIFICANT reprieve for Vodafone Idea (Vi), the Supreme Court on Monday permitted the department of telecommunications (DoT) to take a fresh look at the company's adjusted gross revenue (AGR) dues, citing the "peculiar facts and circumstances" of the case.

- URVI MALVANIA

The move opens a window for the debt-laden, third-largest telecom service provider to seek a recalibration of its longstanding dues, which has weighed heavily on its financial health for years.

A bench, led by Chief Justice BR Gavai, said there was no reason why the Union government should be barred from reassessing the amount claimed from Vodafone Idea, especially since the issue now lies within the policy framework of the Centre.

"In the peculiar facts of this case, we see no reason to prevent the government from reconsidering the issue," Chief Justice Gavai said while pronouncing the order.

The verdict saw Vodafone Idea's shares surge 3.85% to close at 9.99 on the BSE, after touching an intra-day high of ₹10.57. The relief comes at a crucial time for the company, which has been struggling under the weight of spectrum and AGR-related dues amounting to nearly ₹1.91 lakh crore.

DURING THE HEARING, Solicitor General Tushar Mehta, appearing for the government, told the court that the situation had evolved significantly since the original litigation.