Discover and read the best of Twitter Threads about #agr

Most recents (24)


Vodafone Idea to be a Government-owned company now!

The Board approves conversion of AGR and spectrum liabilities into Equity! This will lead to a huge dilution for all shareholders!
Offers 35% stake to Govt at 10 Rs Valuation

The government will be 35.8% , Vodafone will hold 28.5% and Birla Group will hold 17.5% stake

Deal is subject to Govt Approval
Considering Equity Dilution and stake sale to Govt (means they don't have other investors to invest) : its negative for the company in longer term

While another problem is What If govt dont accept the conversion and equity stake
Read 8 tweets
#SupremeCourt bench led by Justice L Nageswara Rao to deliver the interim judgement on the petitions of telecom companies like Bharti Airtel and Vodafone Idea seeking direction for correction of errors in Adjusted Gross Revenue (#AGR) calculation @airtelindia @VodafoneGroup
The plea by Vodafone Idea seeks a modification or a clarification on orders which had held that the Rs 58,400 crore claimed by the telecom department to be the final AGR due amount, pointing out arithmetical errors in the government’s calculations. @VodafoneGroup
TATA too seeking recalculation of its dues has stated that Rs. 4197 cr has already been deposited by Tata Teleservices as AGR dues with DoT #supremecourt @TataCompanies
Read 7 tweets
#SupremeCourt to shortly hear the adjusted gross revenues (AGR) case. Last year, the top court had reaffirmed dues payable by the telecom companies, particularly, Bharti Airtel and Vodafone Idea (VI)
#AGRDues #agr @VodafoneGroup @airtelnews
.@airtelnews AGR dues last year were Rs 43,000 crore while for Vodafone Idea it was over Rs 58,000 crore. However, the two telecom majors moved #SupremeCourt early this year stating there were a number of errors that were made in arriving at those AGR dues. SC to hear today
Matter to start shortly
#agrdues #supremecourt
Read 31 tweets
#JustIn | Supreme Court says telcos to pay #AGR dues in 10 years

#AGRverdict | Supreme Court asks #Airtel, #Vodafone Idea and others to pay AGR dues over 10 years - by @jainrounak… Image
@jainrounak #AGRverdict | The Supreme Court delivered the adjusted gross revenue (AGR) case verdict today, asking Airtel, Vodafone Idea and other telecom companies to pay their dues over a 10-year period.

Read more here on #AGRcaseverdict here: Image
Read 5 tweets
Telecom #AGR judgment shortly. The #SupremeCourt bench of Justices Arun Mishra, BR Gavai and Krishna Murari assembles.
#AGRverdict: Justice Mishra starts by saying he has agreed with Mr Salve that NCLT should first decide whether spectrum can be a subject matter of resolution proceedings.
Telecom firms get 10 years ti clear #AGR dues
Read 5 tweets

Supreme Court today will deliver its judgment on the timeframe to be allowed for the telecom companies to make staggered payment of their AGR dues.

#SupremeCourt @DoT_India #AGR @VodafoneIN @airtelindia @reliancejio
A three-Judge Bench headed by Justice Arun Mishra will also answer whether spectrum can be sold under IBC proceedings, a question the Bench had raised during the hearings on the case.

#SupremeCourt #AGR
The Judgment is expected to be pronounced at 11.30AM.

The Court is also likely to rule on the liability of telecom companies towards AGR under Spectrum sharing and spectrum trading agreements.

#SupremeCourt #AGR
Read 14 tweets
SC resumes hearing in AGR case

NK Kaul appearing for @VideoconTelecom's resolution professional: #AGR dues stand crystallized at 1376 cr
SC: Once there is transfer of #spectrum, if it's @VideoconTelecom or @Airtel_Presence's liability, that is to be decided by us
Read 14 tweets

Supreme Court begins hearing the case concerning payment of Adjusted Gross Revenue (AGR) dues by telecom companies.

The Court is currently considering the question of whether Spectrum can be sold under IBC proceedings.

#agrcase #AGRhearing
Senior Advocate Ravi Kadam appearing for Aircel's monitoring committee is the first to address Court today.

#SupremeCourt #AGRhearing #AGR
Kadam apprises the Court of the IBC proceedings Aircel is undergoing.

Kadam submits that an affidavit has been filed on behalf of Aircel before the Supreme Court.

#SupremeCourt #AGR #AGRhearing @Aircel @airtelindia
Read 38 tweets

#SupremeCourt to shortly begin its hearing in case concerning payment of AGR dues by telecom companies.

The Court is currently hearing telecos undergoing IBC proceedings on the larger question of whether Spectrum can be sold under IBC proceedings.
Hearing commences!

#AGR #AGRhearing #JusticeMishra
Senior Counsel Harish Salve first to make submissions. There is a potential area of difference between DOT and lenders

#AGR #AGRhearing #JusticeMishra
Read 31 tweets

Supreme Court to shortly begin hearing the case concerning payment of Adjusted Gross Revenue (AGR) dues by Telecom companies.

@VodafoneIN @airtelindia @reliancejio
In the previous hearing, the Supreme Court had posed the question as to why Reliance Jio, which is using RCom's spectrum under spectrum sharing agreement, should not be paying RCom's AGR dues.

This issue was raised when the Court was hearing ailing telecos on the question of whether Spectrum can be sold under IBC proceedings.

DOT had maintained, Spectrum is national property, cannot be sold by companies.

Read 27 tweets
[AGR dues]

Supreme Court Bench headed by Justice Arun Mishra to begin hearing the matter on AGR dues to be paid by telecom companies shortly.

@VodafoneIN @airtelindia
In the previous hearing, the Supreme Court had sought to know from Solicitor General Tushar Mehta if the spectrum can be sold by companies undergoing IBC proceedings.

Read that story here (…) #Agr #agrdues
The Bench of Justices Arun Mishra, S Abdul Nazeer and MR Shah assemble. #Agr #agrdues
Read 18 tweets
《AGR Dues Case》

Justice Arun Mishra led bench of the Supreme Court to hear the adjusted gross revenue (AGR) case & is likely to give an order on allowing telecom companies to make staggered payments over a 15 year time period

SC had on July 20 reserved its order on permitting telecom companies to make staggered payments over 15 years.

Vodafone Idea has to pay a balance of Rs 50,399 crore, while Bharti Airtel's outstanding amount is Rs 25,976 crore, said Solicitor General Tushar Mehta.
Regarding timeline of payment: Centre sought a 20 year period for payment of dues. Senior Adv Mukul Rohatgi appearing for Vodafone had agreed for 15 year period whereas TATA and other stakehokders agreed for a ten year period.
Read 29 tweets
Telecom AGR hearing commences in the #SupremeCourt. Sr Adv Mukul Rohatgi starts by referring to the accounts of #Vodafone-Idea for the last 10 years.

Court had on last date asked telecom firms to submit their profit & loss accounts.
Total revenue was around 6 lakh crore in the last 10 years and after deducting expenses etc, #Vodafone, as on date, has a incurred a loss of Rs 1 lakh crore: Rohatgi tells a bench headed by Justice Arun Mishra.
Rohatgi, for #Vodafone-Idea: "It is completely wiped out, including the equity. We have nothing left now."

#SupremeCourt asks what's their provision for contingent liability.

Rohatgi says they had won the AGR case in TDSAT & so no contingency account was made.
Read 17 tweets
Justice Arun Mishra led bench of the Supreme Court to hear case concerning Adjusted Gross Revenue payable by telecom companies.

Earlier SC had asked all companies to submit their financial documents and plan to make the payment of the dues to the DoT

After the Supreme Court had questioned the DoT on its move to claim AGR dues from PSUs calling the act a "misuse" of the Supreme Court's judgment, the Centre had informed the Court earlier that the demand for AGR dues from PSUs stands withdrawn

Advocate Binu Tamta appears for Centre

Senior lawyer AM Singhvi for Bharti Airtel

Senior lawyer Mukul Rohatgi for Vodafone Idea

Senior lawyers Arvind Datar, Ramji Srinivasan for Tata Teleservices

Senior lawyer Kapil Sibal for Hughes Communications
Read 44 tweets
#BREAKING | AGR case hearing begins in SC
DoT to SC: Filed affidavit on why AGR dues were sought from PSUs
DoT: Telcos have filed affidavits, need some time to file reply

@Airtel_Presence @VodafoneIN @Idea @DoT_India #AGR #AGRDues
Read 12 tweets
#AGR hearing commences in the #SupremeCourt.

Govt agrees to withdraw demands of around 3.7L Cr from PSUs which haven't been in the business of providing services.
Solicitor General Tushar Mehta subkits DoT is filing an affidavit to bring on record withdrawal of its demand.

The decision has come after the top court came down heavily on the Govt on the last date.
About proposals by various telecom companies on how to pay off the #AGR dues, SG says Govt could be given some time to examine their offers and revert.

Justice Arun Mishra emphasises on the guarantees to be given by telecom majors.
Read 13 tweets
#AGR: Telecom Department through solicitor general Tushar Mehta tells Supreme Court that it is withdrawing demand for AGR from PSUs since they are not in the business of telecom services
#AGR: Vodafone tells Supreme court it is not in a position to furnish any fresh bank guarantee.

"Don't have any funds in the account. If we are asked to pay tomorrow, we will have to fold up", Mukul Rohatgi for Vodafone.
Our position is precarious. My losses are over 1 lakh crore. We can "work and pay" over the course of time, Rohatgi suggests on behalf of Vodafone.
Read 4 tweets
#AGR case hearing begins at Supreme Court
#AGR Case | Solicitor General tells Supreme Court, since PSUs are not in the business of telecom services, we are withdrawing demands
PSU companies surge in trade as Govt withdraws #AGR dues demand
Read 24 tweets
Supreme Court Bench of Justices Arun Mishra, S Abdul Nazeer, and MR Shah to hear the matter concerning payment of AGR dues at 1130. @VodafoneIN @airtelindia
The Court had pulled up DoT for demanding AGR dues from PSUs observing that the judgment passed in October 2019 was silent on PSUs. The Court had also sought a response from telecom companies regarding their proposed mode and manner of payment of the dues.
Counsels during the last hearing:

SG Tushar Mehta for the Government
Abhishek Manu Singhvi for Airtel
Mukul Rohtagi had appeared for Vodafone
Kapil Sibal for Hughes Telecom

@KapilSibal @DrAMSinghvi @DoT_India
Read 30 tweets
#AGR matter begins in the #SupremeCourt.

SG Tushar Mehta appears for DoT, points out the application filed to allow staggered payments by the telecom companies, including #Airtel and #Vodafone Idea of the AGR dues of around Rs 1.47 lakh crore.
Mehta submits directing telecom majors to pay the #AGR dues in one go will impact the interest of customers in so far as quality & services are concerned. Govt tells customers will suffer in case repercussions on telecom majors will have impact on consumers across the country.
#SupremeCourt asks SG what's the guarantee that telecom companies will abide with the time frame fixed. "How can you secure the sum? Undertakings won't suffice. Some may rather go to jail than paying up. How will you ensure payments".

Read 15 tweets
#AGR Case Hearing | Justice Arun Mishra-led bench assembles for hearing
#AGR Case Hearing begins
#AGR Case Hearing | Solicitor General tells Supreme Court, Central Govt has examined the AGR issue
Read 28 tweets
#AGR matter being heard by a bench led by Justice Arun Mishra: "Are we fools?" the judge asks SG Tushar Mehta while coming down heavily on the Govt for their proposal to reassess the dues owed by the telecom companies, incl #Vodafone & #Airtel |@News18Courtroom
"Do the DoT officers think they are superior to us? Are these companies untouchable? Everyone has been trying to influence us... Newspapers are having articles after articles but we won't budge," Mishra J goes ballistic. He asks DoT first fought tooth & nail but now dragging feet
#SupremeCourt makes it clear in its order taht there won't be any reassessment/ re-assessment of the #AGR dues. All telecom companies will have to pay the dues with interest & penalty, as ordered in the main judgment.
Read 49 tweets
Bench assembles to take up the #MadhyaPradeshCrisis matter. Adjournment to the end of the list today sought on behalf of petitioner since Rohatgi is in #AGR matter.
Kapil Sibal, appearing for Kamal Nath, seeks time to file a reply. Court says it will hear them after some other matters today.
#MPFloorTest matter called out again: Judge says let us take us a break for coffee and we will come back once the petitioners are here. Judges go inside the chamber.
Read 3 tweets
#AGR : Supreme Court directs all erring telcos to state why contempt should not be drawn against them for non-payment of AGR dues.

"I am literally shocked", says Justice Arun Mishra
#AGR: Court also pulls up the DoT Desk Officer who wrote to the Attorney General asking him to not insist on payemnt of dues, asks the Officer to explain why no action should be initiated against him.

"This is nothing but a device to oblige the companies..", Justice Arun Mishra
AGR: "I am literally shocked" Justice Arun Mishra directs presence of Managing Directors of telcos #AGR
@airtelindia @Airtel_Presence @VodafoneIN…
Read 6 tweets

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