AGR Case HIGHLIGHTS: Supreme Court reserves order on Airtel, Voda-Idea plea seeking correction of errors in demand

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Supreme Court AGR case hearing HIGHLIGHTS The Supreme Court (SC) has reserved its order in the adjusted gross revenues (AGR) case wherein Vodafone Idea, Bharti Airtel and Tata Telecommunciations sought rectification in errors and commissions by the Department of Telecommunications vis-a-vis dues demand. Last September, the apex court had reaffirmed dues payable by the telecom companies, particularly, Bharti Airtel and Vodafone Idea (VI).

AGR Case HIGHLIGHTS: Supreme Court reserves order on Airtel, Voda-Idea plea seeking correction of errors in demand
  • That's all from CNBC-TV18.com's coverage of the Supreme Court hearing in the AGR case today.

    Here are the key highlights from the case today:

    AGR Case –
    Voda-Idea claims its about to go under, joins Airtel plea in seeking correction of accounting errors in AGR demand.

    Solicitor General Tushar Mehta informs that he has not received any instructions from DOT on allowing correction of errors.

    SC observes that it has said not just once, but twice and thrice that AGR demand can’t be recomputed.  

    SC reserves order on Bharti Airtel, Voda Idea plea seeking correction of errors in AGR demand.


    Voda Idea to SC -
    Figure is not cast in stone, SC has power to correct arithmetic error.

    My dues are 58,000cr, we are about to go under, Our debts are 1.8 lakh crores.

    Let’s us place our calculations before DOT, let DOT take a call.


    Bharti Airtel to SC –
    In computation of AGR dues there are cases of duplication, payments made not accounted for.

    Purely by oversight certain permissible deductions have also not been allowed

    Only asking for these issues, errors to be considered by DOT.

    Don’t want to pay thousands of crores on account of these errors.


    Tata to SC –
    But like any tax or fee, AGR has to be in accordance with law.

    Judgment prohibits only re-assessment, SC has not barred rectification of calculative errors.

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  • SC reserves order on Bharti Airtel, Voda Idea plea seeking correction of errors in AGR demand

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  • JUST IN | Supreme Court reserves order on Bharti Airtel, Vodafone Idea plea seeking correction of errors in AGR demand.

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  • Supreme Court observes that earlier SC order has said that there can’t be recalculation

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  • Three judges discussing the issue among themselves, reports CNBC-TV18's Ashmit

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  • SG Tushar Mehta for DoT to SC –

    May be hazardous for me to make a statement without instructions from DoT.

    Please allow two days time to clarify.

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  • SG Tushar Mehta for DoT to SC –

    Have no instructions from DoT

    Can take instructions from DoT, if calculation errors can be corrected.

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  • Arvind Datar for Tata to SC –

    There won’t be any huge deduction, Rs 100 may become Rs 90.

    SC is only against re-assessment, not re-calculation.

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  • SC Observes –

    We are only looking at the bar on recalculation imposed by previous SC orders.

    Arvind Datar for Tata to SC –

    Matter of life and death for us, not in as bad a position as Voda-Idea.

    We must see if there’s room for rectification, within the SC judgment.

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  • Arvind Datar for Tata to SC –

    We can’t have a second or third bite at the cherry.

    But like any tax or fee, AGR has to be in accordance with law.

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  • Tata Tele counsel Arvind Data begins arguments:

    Judgment prohibits only re-assessment.

    IMP: SC has not barred rectification of calculative errors.

    Within the AGR demand computed, certain amounts have been taken twice.

    DOT is refusing to rectify errors unless SC allows.

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  • Abhishek M. Singhvi for Airtel to SC–

    Airtel has paid over Rs 18,000 crore

    In the computation of AGR dues there are cases of duplication, payments made not accounted for.

    Purely by oversight certain permissible deductions have also not been allowed.

    Not seeking re-computation.

    DOT is acting a little hesitant in deciding this issue, one can understand their hesitancy.

    Only asking for these issues to be considered by DOT.

    Don’t want to pay thousands of crores on account of these errors.

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  • Vodafone Idea exposure for banking sector
    Vodafone has raised concerns on its ability to continue as a going concern
    Total net debt at FY21 end stands at Rs 1.8 lakh crores
    Total AGR dues as assessed by DOTs est at Rs 58254 cr; to be paid in 10 annual installments starting FY22
    Highest exposure, as % of the book, is of IDFC First Bank, YES Bank and IndusInd Bank
    Lowest exposure is of HDFC Bank, Axis Bank & ICICI Bank

    BY ABHISHEK KOTHARI

    AGR Case HIGHLIGHTS: Supreme Court reserves order on Airtel, Voda-Idea plea seeking correction of errors in demand
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  • Bharti Airtel begins arguments.

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  • Mukul Rohatgi for Voda-Idea to SC –
    My dues are 58,000cr, we are about to go under.

    Our debts are 1.8 lakh crores.

    Ours is not a fly-by-night operation.

    Let’s us place our calculations before DOT, let DOT take a call.

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  • SC Observes – Earlier SC order has said that there can’t be recalculation.

    IMP: SC Observes – SC has said not just once, but twice and thrice that amount can’t be recomputed.

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  • Mukul Rohatgi for Voda-Idea to SC:

    Showing examples of arithmetic errors to SC, Rohatgi said, as an example, in one entry actual payment made is 155 crore, but the payment shown in DoT is Rs 153 corer.

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  • Mukul Rohatgi for Vodafone-Idea to SC –

    There are arithmetic errors in AGR, if I have paid Re 1, only 50 paisa is reflected.

    SC should allow Vodafone Idea to place these kinds of errors before DoT

    With interest and penalty, Re 1 becomes 5.

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  • Mukul Rohatgi begins arguments for Vodafone Idea.

    Mukul Rohatgi for Voda-Idea to SC – The issue going on for the last 20 years, now facing demand of Rs. 58000 cr

    September 2020 judgment allowed us 10 years for payment of AGR Dues.

    Mukul Rohatgi for Voda-Idea to SC –

    Have paid more than required under the first installment.

    Not raising any contentious issue, not asking for a review.

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  • Solicitor General Tushar Mehta yet to join AGR hearing.

    He will present the Govt's position.

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  • AGR hearing begins.

    Bharti Airtel, Voda-Idea yet to begin arguments.

    The official liquidator of Etisalat is making submissions.

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  • Vodafone's AGR EMI will drive it to financial crisis in absence of relief: CLSA
    A relief in the adjusted gross revenue (AGR) is crucial from Vodafone’s fundraising plans, said brokerage firm CLSA in a note on Thursday, July 15. In the note on the telecom AGR issue, it said that…
    AGR Case HIGHLIGHTS: Supreme Court reserves order on Airtel, Voda-Idea plea seeking correction of errors in demand
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  • All three judges hearing the AGR Case - Justice LN Rao, Justice Abdul Nazeer, Justice MR Shah - have now concluded their other hearings. 

    They are now free to proceed with AGR Hearing. 

    Expect hearing to begin between 02.00pm to 02.30pm.

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  • Supreme Court to hear AGR dues case on July 19
    The Supreme Court (SC) has scheduled the hearing of the adjusted gross revenues (AGR) case on Monday, July 19. Last September, the apex court had reaffirmed dues payable by the telecom companies, particularly, Bharti Airtel and Vodafone Idea (VI).

    Read and watch more here

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  • Welcome to CNBC-TV18.com's live coverage of the Supreme Court's hearing in the adjusted gross revenue case for the telecom companies, particularly Vodafone Idea and Bharti Airtel. Our team of journalists will keep you posted on the latest updates from the hearing which is expected to begin anytime now. 

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Supreme Court AGR case hearing HIGHLIGHTS
The Supreme Court (SC) has reserved its order in the adjusted gross revenues (AGR) case wherein Vodafone Idea, Bharti Airtel and Tata Telecommunciations sought rectification in errors and commissions by the Department of Telecommunications vis-a-vis dues demand. Last September, the apex court had reaffirmed dues payable by the telecom companies, particularly, Bharti Airtel and Vodafone Idea (VI).
 

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