Vodafone Idea to seek relief, penalty waiver from govt

Facing over Rs 21,000 crore liability in interest and penalty alone after a Supreme Court ruling on the definition of telecom revenues, Vodafone Idea on Friday said it will approach the government for relief, including a waiver of interest and penalties.

Vodafone Idea, Bharti Airtel and other telecom operators may have to pay the government a whopping Rs 1.4 lakh crore following the Supreme Court order on Thursday that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.

In a filing on Friday, Vodafone Idea Ltd (VIL) said the apex court’s verdict on the Adjusted Gross Revenue case, represents a “significant event”, and has financial implications, which the company is reviewing. VIL board met on Thursday evening to discuss the issue, it said.