Vodafone Idea (Vi) has filed a fresh petition in the Supreme Court, seeking further relief from its adjusted gross revenue (AGR) dues. The telecom operator has requested a waiver of over Rs 30,000 crore in penalties and interest, and is pressing for an urgent hearing on the matter scheduled for May 19, CNBC-TV18 reported.
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Government Now a Stakeholder
The company claims that the government is now effectively a "partner" in the company, holding a 49 percent equity stake after converting AGR and spectrum dues into equity.
In its plea, Vodafone Idea said that the central government—despite holding a 49 percent stake in the company—is constrained from extending further relief due to the binding nature of the AGR judgment delivered earlier by the apex court.
Also Read: Airtel Seeks Urgent AGR Dues-to-Equity Conversion Amid Mounting Promoter Debt
Industry Stability at Risk, Says Telco
"The government is handicapped in granting any relief owing to the constraints of the AGR judgment," the company said in its submission. Citing pain in the telecom sector, the telco claims that the sector will collapse without additional government support, the report said.
Meanwhile, Bharti Airtel is also exploring options to ensure a level playing field in the sector, including the possibility of converting its own AGR dues into government equity—similar to the approach adopted earlier by Vodafone Idea.
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