New Delhi, Jun 18: Vodafone Idea on Thursday told the Supreme Court that it has incurred Rs 1 lakh crore losses as it insisted it is not in a position to furnish bank guarantees.
A bench comprising Justices Arun Mishra, S. Abdul Nazeer, and M.R. Shah, taking up the adjusted gross revenue (AGR) matter through video conferencing, directed the telecom companies to submit their financial documents and books for the last 10 years.
Asking Vodafone if it was a foreign company, the bench said that how can the company say it would not furnish any bank guarantee.
"What if you fly away overnight in future without paying anything?" it asked.
Senior advocate Mukul Rohatgi, representing Vodafone Idea, denied his client is a completely foreign firm and cited before the bench its tie-ups and investments.
Vodafone owes over Rs 58,000 crore as AGR dues and so far, has paid close to Rs 7,000 crore.
Rohatgi contended before the court that the telecom company is in a tough situation, and cannot furnish any fresh bank guarantee, as profits have eluded the company in past many quarters. He submitted before the bench that Rs 15,000 crore bank guarantees are lying with the government, and his client's losses are over Rs 1 lakh crore.
"I cannot offer any more surety," he informed the bench.
Justice Mishra noted that this is public money and these dues should be recovered. "Do not tell us that you will pay if you were to make profits... the money must come," he noted.
Justice Shah observed that the telecom industry is the only industry which earned during the Covid-19 pandemic. "After all, this money will be used for public welfare", he said.
Rohatgi argued that his client would have to fold up if orders were issued to clear dues tomorrow. "11,000 employees will have to go without notice, as we cannot pay them," he added.
Senior advocate Abhishek Manu Singhvi, appearing for Bharti Airtel, contended before the court that out of Rs 21,000 crore AGR dues, the company has already deposited a sum of Rs 18,000 crore.
He argued that his client has given a bank guarantee, in excess of demand, to DoT, and supported the proposal for phased repayment of remaining AGR dues. He insisted that the company needs to sit down with the government and calculate the dues. Airtel owes Rs 25,976 crore after paying Rs 18,000 crore, as per the government.
Senior advocate Arvind Datar, representing Tata Telecom, informed the bench that his client has paid Rs 6,504 crore in AGR dues so far, and furnishing a bank guarantee may adversely impact investments in the sector.
The total AGR dues are close to Rs 1.5 lakh crore.
The top court will now take up the matter in the third week of July.
Comments
Ananth Kumar uncultured, absolutely unfit as a politician.
This man is the worst crazy type of person as peoples rep.
You can imagine if a MP is behaving like this, what could be the credentials of his party and those who elected him.
He is so stupid, he does not have brain to think, that
To follow any religion, is required who is his father or mother.
Our constitution fully empowers every citizen to follow the religion of their choice, propagate it
also.
No religion refuses anyone from following their choice of religion.
Is Rajeev Gandhi Muslim.
This so called MP does not know also, Rajeev Gandhi’s father Firoz Gandhi was a Farsi man.
I hope Rajeev Gandhi is Muslim, but we know he is not.
Becoming Muslim is it sin. Muslim means person who submits to the will of his creator the God.
I can prove that Hege’s ancestor Father was Muslim. Our first father Adam was Muslim, biologically all were Muslims. Again Muslim means person who obeys or submits to his creator.
But later as they grow, they inherited their parents or chose to remain their parents religion.
Is it sin. This is what requ
This man is the worst crazy type of person as peoples rep.
You can imagine if a MP is behaving like this, what could be the credentials of his party and those who elected him.
He is so stupid, he does not have brain to think, that
To follow any religion, is required who is his father or mother.
Our constitution fully empowers every citizen to follow the religion of their choice, propagate it
also.
No religion refuses anyone from following their choice of religion.
Is Rajeev Gandhi Muslim.
This so called MP does not know also, Rajeev Gandhi’s father Firoz Gandhi was a Farsi man.
I hope Rajeev Gandhi is Muslim, but we know he is not.
Becoming Muslim is it sin. Muslim means person who submits to the will of his creator the God.
I can prove that Hege’s ancestor Father was Muslim. Our first father Adam was Muslim, biologically all were Muslims. Again Muslim means person who obeys or submits to his creator.
But later as they grow, they inherited their parents or chose to remain their parents religion.
Is it sin. This is what required a person to be loyal to his creator and obey his creator.
May God give wisdom to this man and save his followers.
ired a person to be loyal to his creator and obey his creator.
May God give wisdom to this man and save his followers.
This person is mentally sick and does not know about parents of Rahul Gandhi. He thinks everyone like him who has no trace of his own parents. This Gowda has no trace from where he came. He should be kicked out to andaman to live with monkeys, apes etc.
this man have more more hatrate to mulsim community..
after 2019 they will make you to count your sin did in past..
Add new comment