VI may file review petition in SC for relief | Economic Times

Vodafone Idea (Vi) is considering exhausting all legal options, starting with filing a review petition in the Supreme Court, in the hope of having its adjusted gross revenue (AGR) dues reduced, several people familiar with the matter said.The cash-strapped telco, which has pegged reduction in AGR dues as among key factors to ensure its viability, is likely to seek review of the top court’s order last week junking pleas filed by itself, Bharti Airtel and Tata Teleservices, seeking a recalculation of their AGR liabilities due to arithmetical errors.“Vi is expected to move the SC again with their review petition,” a person aware of the developments told ET. “If the appeal gets rejected, then the telco still has the option of a curative petition.” 84772193In a curative petition, the last constitutional resort for grievance redressal, one highlights patent injustice and appeals that something wrong will happen if the court does not intervene.Vodafone Idea faces AGR dues of ₹58,254 crore, of which it has paid only ₹7,854 crore. The company had claimed that DoT’s AGR dues calculation was erroneous and estimated its dues at ₹21,533 crore.An appeal for review is made when a person or company feels that the court has left out certain matters. But review petitions have rarely succeeded historically.For example, the three telcos had filed a review petition against the AGR order of September 2019 which widened the scope of AGR to include non-telecom items and left the three facing over ₹1.19 lakh crore in dues. In January 2020, the top court rejected the review.“Chances of SC listening to a review petition and giving a favourable response for the telco is slim,” a lawyer said. “But they have to take this route if they want to go for the curative [petition] later.” It’s not yet clear if Airtel and Tata Teleservices will also file similar appeals. Vi is desperate for a favourable outcome that could prevent bankruptcy. Brokerage firm CLSA in a report said no recalculation will mean the annual instalment of Vi’s AGR dues will be around 60% of 2022 cash Ebitda, driving it into a financial crisis.