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    Vodafone Idea files review petition in SC against 'error' in AGR ruling

    Synopsis

    Vodafone Idea (Vi) has moved the Supreme Court (SC) with a review petition, hoping its adjusted gross revenue (AGR) dues are reduced. The review petition comes on the back of SC rejecting its earlier appeal to allow the telecom department to correct "errors" in AGR calculations.

    voda
    Vodafone Idea (Vi) has moved the Supreme Court (SC) with a review petition, hoping its adjusted gross revenue (AGR) dues are reduced. The review petition comes on the back of SC rejecting its earlier appeal to allow the telecom department to correct "errors" in AGR calculations.

    Vodafone Idea faces AGR dues of Rs58,254 crore, of which it has paid Rs7,854 crore. ET wrote on July 27 that the telco will move SC with a review petition.

    An appeal for review is made when a person or company feels that the court has left out certain matters. However shares of Vi was trading down by 3.60% on the BSE at Rs 6.43 on Thursday morning as news of review petition became known.

    But review petitions have rarely succeeded historically. However, like Vi, Airtel is expected to file a similar review in SC as well.

    The latest move comes on the back of SC's order last month, which had junked the pleas filed by the VI, Bharti Airtel and Tata Teleservices seeking a recalculation of their AGR liabilities due to arithmetical errors.

    Since then Vi's shares have yo-yoed on the BSE with Kumar Mangalam Birla, stepping down from the Board of Vi and his letter to the Cabinet Secretary mentioning the dire situation of the telco.



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