Vodafone Idea (Vi) faces a crucial moment as India considers settling its ₹2 trillion ($22.5 billion) financial dispute, while the Supreme Court prepares to deliver its verdict on Vi's plea against an additional Adjusted Gross Revenue (AGR) demand. This development could have significant implications for the telecom sector and India-UK relations. Adding to the company's challenges, Vi reported a loss of 308,984 mobile subscribers in August, indicating a decline in its customer base.

Key Points of the AGR Dues Dispute

Potential Settlement and Government Stake

• The government is considering waiving interest and penalties, with a possible reduction in the principal amount.
• The Centre currently holds a 49% stake in Vodafone Idea, following the conversion of approximately ₹53,000.00 crore of dues into equity under a 2021 support package.
• The government has indicated it is not considering extending additional relief to the financially-stressed company.

Recent Stock Performance

Subscriber Loss and Implications

The loss of over 300,000 mobile subscribers in August adds to Vodafone Idea's existing challenges. This decline in customer base could further strain the company's financial position and market share in the highly competitive Indian telecom sector.

Outlook

The Supreme Court's verdict is crucial for Vodafone Idea's financial obligations and future outlook. The outcome could have far-reaching consequences for both Vi and the broader Indian telecom market. The government's consideration of settling the larger ₹2 trillion dispute adds complexity to the situation, potentially offering a lifeline to the struggling telecom operator while also serving diplomatic interests with the UK.

Investors and industry observers are closely watching these developments, given Vi's current financial challenges, subscriber losses, and the competitive landscape of the Indian telecom sector.

Vodafone Idea Limited (VIL), one of India's leading telecom operators, has announced significant changes in its top management. The company's Board of Directors has approved the appointment of Tejas Mehta as the new Chief Financial Officer (CFO), effective October 6, 2025, and is seeking shareholder approval for the appointment of Abhijit Kishore as Chief Executive Officer.

New CEO Appointment

The Board of Directors has approved a draft Postal Ballot Notice seeking shareholder approval for the appointment and remuneration of Abhijit Kishore as Chief Executive Officer. Kishore has been appointed to the CEO role for a three-year term effective August 19, 2025.

Voting Process

• Shareholders on record as of October 3, 2025, are eligible to vote on the resolution.
• The company has appointed Umesh Ved & Associates as the scrutinizer for the postal ballot process.
• The e-voting period is scheduled from October 13 to November 11, 2025.
• Results are expected to be declared on November 12, 2025.

New CFO Brings Extensive Experience

Tejas Mehta, aged 49, joins Vodafone Idea with a wealth of experience in finance and business management. Prior to this appointment, Mehta served as the CFO of Mondelēz India, where he played a crucial role in driving consistent business growth amidst challenging macroeconomic conditions.

Career Highlights

• Qualification: Chartered Accountant (1997)
• Experience: Over 25 years across India and international markets
• Previous Roles:
  • CFO at Mondelēz India
  • Group Finance Controller in London
  • Finance and IS Director (CFO) in Thailand
  • CFO in Turkey
  • Supply Chain Management for Asia Pacific, Middle East, and Africa

Mehta's career journey began at Marico Industries before he joined Mondelez India in 2002 as a Treasury Manager. Over two decades with Mondelez, he held various senior positions, showcasing his ability to lead large P&Ls through periods of growth, transformation, and integration.

Board Approval and Regulatory Compliance

The CFO appointment was approved by Vodafone Idea's Board of Directors on October 3, 2025, based on recommendations from the Audit Committee and Nomination and Remuneration Committee. This change in key managerial personnel was disclosed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transition in Leadership

• Outgoing CFO: Murthy GVAS will conclude his tenure on October 5, 2025
• Incoming CFO: Tejas Mehta will assume the role on October 6, 2025

Expectations and Challenges

As Tejas Mehta prepares to take on the role of CFO at Vodafone Idea, he brings a strong track record of financial leadership and experience in navigating complex business environments. His expertise in building regional Centres of Excellence, strengthening business processes, and driving global initiatives in functional excellence and talent development is expected to be valuable for Vodafone Idea as it continues to navigate the competitive telecom landscape in India.

The telecom sector in India has been facing various challenges, including intense competition and regulatory pressures. Mehta's diverse international experience and proven ability to drive growth in challenging environments could prove crucial for Vodafone Idea's financial strategy and operational efficiency in the coming years.

As the company moves forward with these transitions in its top leadership, stakeholders will be keen to see how Abhijit Kishore as CEO and Tejas Mehta as CFO contribute to Vodafone Idea's strategic direction and financial health in the dynamic telecom market.