Vodafone Idea Ltd (Vi) shares soared on Friday after the Supreme Court delayed hearing its petition against the Department of Telecommunications’ (DoT) new ₹9,450 crore AGR dues demand. The next hearing is scheduled for September 26.
The case was taken up by Chief Justice B R Gavai along with Justices K Vinod Chandran and N V Anjaria. Senior Advocate Mukul Rohatgi argued for Vodafone Idea, while Solicitor General Tushar Mehta represented the Centre. The bench noted, “There needs to be some finality to these proceedings.”
Mehta reminded the court that the government already holds 49 per cent equity in the company. He said a solution may be needed given the changed circumstances, but it must be subject to court approval.
Vodafone Idea contested DoT’s notice, saying the new claim goes beyond the Supreme Court’s earlier ruling on AGR liabilities. The company asked the court to cancel the demand and requested a full reconciliation of dues, especially those before FY17.
Following the development, Vi shares jumped 12.35 per cent to ₹8.82 on BSE. The stock has now risen 18 per cent in two weeks and 29 per cent in one month.
