On Monday, October 13, shares of Vodafone Idea Ltd. fell by 3% after the Supreme Court once again postponed hearing the company’s plea regarding additional adjusted gross revenue (AGR) dues. The Centre, represented by the Solicitor General, requested more time, prompting the court to defer the hearing to October 27, after Diwali. This marks the fourth deferral in a month.
Timeline of Postponements
On September 19, the Centre stated it didn’t oppose Vodafone Idea’s plea but emphasized a resolution was necessary. The hearing was pushed to September 26. On that day, the Solicitor General again requested time, and the hearing was moved to October 6. Again on October 6, it was delayed to October 13 at the government’s request. Most recently, the October 13 hearing was postponed to October 27.
Government’s Stand
In August, Minister of State for Communications Chandra Sekhar Pemmasani ruled out further aid, citing the 2021 relief package where ₹53,000 crore debt was converted into equity. The Centre, holding 49% stake, isn’t a promoter.
Vodafone Idea’s stock dipped 3.7% to ₹8.71 but remains 10% higher over the past month.
