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News Topical, Digital Desk : Debt-ridden telecom company Vodafone Idea (Vi) has filed a new petition in the Supreme Court, asking the government to waive interest and penalties on its outstanding Adjusted Gross Revenue (AGR). Vi cited a previous decision by a nine-judge Supreme Court bench in its favor, which waived interest and penalties. The government has requested the Supreme Court to hear the matter on October 6.
Debt-ridden telecom company Vodafone Idea (Vi) has filed a new petition in the Supreme Court, asking the government to waive interest and penalties on its outstanding Adjusted Gross Revenue (AGR). Vi cited a previous decision by a nine-judge Supreme Court bench in its favor, which waived interest and penalties. The government has requested the Supreme Court to hear the matter on October 6. Government 's stance: The government has also requested an early hearing in this matter. The government wants the Supreme Court to hear Vodafone Idea's petition on October 6th.
What was the previous petition? Previously, Vodafone Idea had requested a recalculation of its AGR dues in the Supreme Court. The company argued that the Department of Telecommunications (DoT) had incorrectly assessed the outstanding amount, which should be re-examined.
Why is this matter important? AGR dues remain a major problem for Vodafone Idea. Due to heavy debt and weak cash flow, the company's very existence has been questioned. If interest and penalties are waived, the financial pressure on the company could be reduced to a great extent.
If Vi gets relief, the company's shares could see a positive impact. On the other hand, this decision could also set a precedent for the entire telecom sector. However, the court's decision will determine whether the company will get actual relief or not. This new petition by Vodafone Idea is important for both the company's financial health and the Indian telecom sector. Now all eyes are on the Supreme Court hearing on October 6, which will decide whether Vi gets relief or not.
What was the previous petition? Previously, Vodafone Idea had requested a recalculation of its AGR dues in the Supreme Court. The company argued that the Department of Telecommunications (DoT) had incorrectly assessed the outstanding amount, which should be re-examined.
Why is this matter important? AGR dues remain a major problem for Vodafone Idea. Due to heavy debt and weak cash flow, the company's very existence has been questioned. If interest and penalties are waived, the financial pressure on the company could be reduced to a great extent.
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