Shares of Vodafone Idea plunged over 8% after the Supreme Court rejected the telcos’ plea for the re-computation of Adjusted Gross Revenues (AGR). The court’s decision came as a major blow to telecom companies, especially Vodafone Idea and Bharti Airtel, which had sought relief citing arithmetic errors in the calculation of AGR dues.
In a significant ruling, the Supreme Court dismissed curative petitions filed by the telcos. The petitioners had requested a review of the court’s earlier decision on AGR dues and sought a listing of their petitions in an open court. However, the application for the open court hearing was rejected, and all curative petitions were dismissed. Additionally, any pending applications in the matter were also disposed of by the court.
- Supreme Court on Curative Petition by Telcos:
- Application for listing curative petition in open court is rejected.
- Curative petitions are dismissed as per the signed order.
- Pending applications stand disposed of.
- AGR Dues Case:
- Supreme Court rejects telcos’ plea on re-computation of adjusted gross revenues.
- Bharti Airtel and Vodafone Idea had cited arithmetic errors in the computation of AGR demand.
