Vodafone Idea stocks jumps 20% over SC relief

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SME Times News Bureau | 21 Jan, 2020
Shares of Vodafone Idea on Tuesday jumped over 20 per cent on the BSE after the Supreme Court agreed to hear the modification plea filed by telecom operators on giving them more time to pay off Adjusted Gross Revenue (AGR) related dues.

Shares of Bharti Airtel, Tata Tele Service, however, traded on a mixed note after the apex court agreed on the modification plea. The deadline to pay off AGR dues is January 23.

The Supreme Court said that a bench headed by Justice Arun Mishra will hear next week plea of telecom companies seeking a fresh schedule on the payment of dues nearly Rs 1.47 lakh crore to the Department of Telecommunications.

A battery of senior advocates, including A.M. Singhvi and C.A. Sundaram, were present in the court.

A bench headed by Chief Justice S.A. Bobde and comprising Justices S.A. Nazeer and Sanjiv Khanna, said it will list the fresh plea next week before the same bench, which had heard the earlier petition at length and then passed a verdict on the matter.

On January 16, a bench headed by Justice Arun Mishra had dismissed review petitions of telecom companies seeking review of the earlier order passed by the bench headed by Justice Mishra ordering them to pay Rs 92,000 crore in statutory dues by January 23.