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Vodafone Idea shares dip as SC dismisses plea on correction of AGR calculation
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SME Times News Bureau | 23 Jul, 2021
Shares of Vodafone Idea plunged over 7 per cent on
Friday after the Supreme Court dismissed the plea by telecom operations
to correct the alleged errors in Adjusted Gross Revenue (AGR)
calculation.
At around 12.20 p.m., shares of Vodafone Idea on the
BSE were trading at Rs 8.58, lower by 7.24 per cent from its previous
close.
A bench headed by Justice L. Nageswara Rao said all applications dismissed.
On
Monday, the apex court already said it would pass its order on
applications filed by Vodafone Idea, Bharti Airtel and Tata Tele
Services Ltd, alleging arithmetical errors in calculation of AGR dues
payable by them.
The top court, citing an earlier order in the
matter, had noted the order clearly point out that no re-assessment of
AGR related dues can be done.
The telcos submitted that arithmetical errors can be rectified and there are cases of duplication of entries.
Senior
advocate Mukul Rohatgi, representing Vodafone Idea, had submitted they
were not blaming the Department of Telecommunications (DoT) for it, and
there are arithmetical entries.
Rohatgi added that they want to bring these errors to the attention of concerned department, for their rectification.
The bench reiterated that the apex court order had made it clear that there cannot be any re-assessment.
In
September last year, the top court had given 10 years' time to telcos,
who were struggling to pay Rs 93,520 crore in AGR dues outstanding
amount to the government.
The apex court had said that telecom
operators shall make the payment of 10 per cent of the total dues as
demanded by DoT by March 31, 2021. The bench had said the rest of the
amount was to be paid in yearly instalments commencing from April 1,
2021 to March 31, 2031.
Shares of Bharti Airtel, however, were trading higher.
At
around 12.20 p.m., its shares on the BSE were trading at Rs 553.25,
higher by Rs 6.75 or 1.24 per cent from its previous close.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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