Haryana govt order for athletes to deposit 1/3rd share of their earnings sparks a row

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.

Bengaluru, Jul 24: Bangladesh all-rounder Shakib Al Hasan, who was earlier banned by the International Cricket Council (ICC) for breaching the Anti-Corruption Code, on Friday, said that people are bound to make mistakes and the important thing is that how well they make a comeback.

Shakib was banned from all forms of cricket on October 29 last year after he accepted the charges of breaching the ICC's Anti-Corruption Code. He will be able to resume international cricket from October 29, 2020.

"You have to be honest. You just can't lie to the people and pretend different things. Whatever happened has happened. People are bound to make mistakes. You are not 100%. The important thing is how well you can comeback from those mistakes. You can tell other people not to make those mistakes. Tell them the path so that they never take those paths," Shakib told Deep Dasgupta in a videocast hosted by ESPNcricinfo.

The 33-year-old all-rounder said he has seen many controversies ever since he was first made captain in 2009. He had trouble with the board chief, selectors and the media, mainly about selectorial decisions and not being made permanent captain between 2009 and 2010.
He believes those experiences have changed him as a person over time.

"I think [it's] combination of both [controversy following him, and vice versa]. I got the responsibility so early in my career, I was bound to make mistakes. I was captain when I was 21. I made a lot of mistakes, and there are so many things that people think about me. Now I realise that it was my fault in some areas, and in some I was misunderstood. But I get it completely. It is part and parcel in the subcontinent," Hasan said.

"Of course I will try to minimise [my mistakes] as much as I can, but by the time I got married, and now I have two kids, I understand the game and life better. It has made me a calmer person than I was in my twenties. I have changed quite a lot. People won't see me doing a lot of mistakes now. My two daughters changed my life completely," he added.

Shakib is likely return to international cricket during Bangladesh's proposed Test series against Sri Lanka in October. 

New Delhi, May 9: Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.

The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said.

The company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.

The agency will start the process of summoning the accused, incase they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become non-performing asset (NPA) on January 27, 2016.

The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has been come to notice that borrowers are absconding and have left the country," the complaint filed on February 25, 2020, after over a year of account becoming NPA, the officials said.

The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks'' funds, it said.