Vodafone Idea on Wednesday filed a review petition in the Supreme Court to correct arithmetic errors in its adjusted gross revenue (AGR) dues, sources told CNBC TV18.
The petition comes after the apex court rejected telecom companies’ petition to rectify errors in the AGR dues payable by them.
The new plea will be heard by the same SC bench headed by Justice LN Rao. The company lawyers have informed SC that the company is making a loss and can “go under” if the rectification is not allowed, MoneyControl reported.
Vodafone Idea has AGR dues amounting to Rs 58,254 crore, of which Rs7,854 crore has already been paid. According to News18, the company’s gross debt, excluding the lease liabilities, stood at Rs 180,310 crore as of March 31, 2021.
Last week Vodafone Idea shares had plunged 38%, trading at Rs. 5.18. The share crash came a day after Aditya Birla Group Chairman Kumar Mangalam Birla stepped down as non-executive director and non-executive chairman.
In June, Birla had sent a letter to Cabinet Secretary saying that he is willing to hand over his stake in the company “to any entity- public sector/government /domestic financial entity or any other that the government may consider worthy of keeping the company as a going concern.”
Following the letter, Vodafone Group CEO, Nick Read had made it clear that the company will not be putting any more equity shares into India.