$IDEA

Vodafone Idea rose in early trading on Tuesday after the company announced that the Bombay High Court had quashed demand notices worth Rs 2,113 crore issued by the Department of Telecommunications (DoT) over one-time spectrum charges (OTSC). The stock gained 2.57 percent to Rs 14.77 on the NSE during morning trade. Shares of Bharti Airtel also traded higher, rising 0.90 percent in the opening session. In a regulatory filing, Vodafone Idea stated that the Bombay High Court, through its order dated June 8, set aside the OTSC demand notices issued to the erstwhile Idea Cellular and Spice Communications, both of which are now part of Vodafone Idea following mergers. The court also directed the DoT to return the bank guarantees submitted by the company in relation to the dispute. The company noted that the High Court had granted interim relief in January 2013, preventing the DoT from taking any coercive action regarding the contested dues. The matter later took a new turn after the 2018 merger of Vodafone India and Vodafone Mobile Services with Idea Cellular, which was approved by the DoT. Subsequently, the department revised the spectrum charge demand to Rs 3,322 crore and sought additional bank guarantees from the company.