look news india
Vodafone Idea’s hearing has been postponed for the third time in the Supreme Court on Idea’s AGR interest and penalty for waiving. The government has once again sought a week’s time. The case will now be heard on 13 October. Giving complete information about the hearing, CNBC-Markets correspondent Asim Manchanda said that Vodafone Idea has filed an application to waive AGR interest and fine. The government has again sought time from the Supreme Court in this matter. The government has sought a week’s time. The next hearing in this case will now be held on 13 October.
According to sources, the government is considering several options in this matter. The government has admitted that the company needs assistance. The government has a 49% stake in the company. Meanwhile, the British Prime Minister Kir starrer will visit India on 8-9 October. The starrer will meet Prime Minister Modi on 9 October. Significantly, Vodafone Idea is the Indian branch of the British company Vodafone Group PLC.
Vodafone Idea had filed a new petition in the Supreme Court seeking interest on interest on AGR dues and interest on fine. The Supreme Court has currently adjourned the hearing on the new petition till 13 October. Meanwhile, Vodafone Idea (VI) shares saw a huge decline.
The stock is currently trading at ₹ 0.32 or 3.63% to ₹ 8.49. Its highest value of the day was ₹ 8.95 and the minimum price was ₹ 8.33. The trading volume of this stock is about 1,125,920,918 shares.
Government is working on the solution of the problem – Bloomberg
Meanwhile, Bloomberg quoted sources on 6 October as saying that the Government of India was considering a lump sum disposal of long -standing AGR fees demands from the Vodafone Group PLC’s threatened Indian branch to strengthen its business relations with Britain.
The report further stated that this financial dispute of Rs 2 lakh crore can be resolved by giving rebate on interest and penalty as well as exemption. According to a report by Bloomberg, officials are trying to find a solution and taking steps to ensure that due to any deal, other telecom operators with arrears do not stand legal challenges.