New Delhi, Oct 27: In a major relief for Vodafone Idea, the Supreme Court on Monday allowed the Centre to reconsider and reconcile the telecom company’s pending adjusted gross revenue dues amounting to ₹5,606 crore for 2016-17, observing that the issue falls within the policy domain of the government.
Adjusted gross revenue (AGR) is the income figure used to calculate the licence fees and spectrum charges that telecom companies must pay to the government.
A bench comprising Chief Justice BR Gavai and Justice K Vinod Chandran passed the order while hearing a writ petition filed by Vodafone Idea challenging fresh AGR-related demands raised by the Department of Telecommunications (DoT).
Vodafone Idea welcomed the order as a “positive development” and said it looks forward to working closely with the telecom department to resolve the matter in the interests of its nearly 20 crore subscribers.
“In a positive development, the Hon’ble Supreme Court has today permitted the Government to consider the grievances of Vodafone Idea Limited on the issues relating to AGR. We look forward to working closely with the Department of Telecommunications to resolve this matter in the interests of our nearly 200 million subscribers,” it said in a BSE filing.
This is an impetus to the Digital India vision and ambition of the Prime Minister, the telco added.
Shares of Vodafone Idea ended nearly 4 per cent higher after the order.
The stock climbed 3.85 per cent to settle at ₹9.99 on the BSE. During the day, it surged 9.87 per cent to ₹10.57. (PTI)
