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Vodafone Idea clarifies Delhi HC tax refund as routine, stock jumps
The company said the ₹53.09 crore amount does not meet the SEBI Regulation 30 materiality threshold, as it lines up funding that includes an SBI loan and a line of credit.
Vodafone Idea clarified to stock exchanges that a Delhi High Court directive ordering a ₹53.09 crore income tax refund is a routine tax matter and does not require formal disclosure under SEBI Listing Regulations. In its filing, the company said the amount involved does not exceed the materiality threshold for Regulation 30 disclosures.
The clarification came after exchanges sought an explanation following reports that the court criticised the Income Tax Department’s handling of tax refunds. According to LiveMint Markets, the court had directed the Revenue to release the ₹53.09 crore refund to Vodafone Idea along with applicable interest.
LiveMint Markets also reported that the news helped lift sentiment, with Vodafone Idea shares rising about 8% during the session to ₹15.20. The report cited further support from coverage that the company is close to securing funding from State Bank of India.
Separately, Vodafone Idea reported a narrower net loss for the June-ended quarter, of ₹3,754 crore, compared with a ₹6,608 crore loss in the same quarter last year. It said revenue from operations was ₹11,689 crore, up 2.4% year-on-year, and noted that profit in the prior quarter was driven by a one-time exceptional gain tied to the government’s relief on AGR dues.