Thread by @utkarsh_aanand

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.

"Your statements make our task more difficult. We want to catch hold of you but you are making all negative statements. Are you hiding something? How do we catch hold of you now?" Judges asks Rohatgi.

#AGR

#SupremeCourt takes on task the DoT for reportedly "recalculating" #AGR dues.

"How can this be done? Who has the temerity to do it? How can you reduce their liability? We will send your clients directly to jail from here. This is gross contempt of our orders."

Justice Mishra: "How can there be a difference of Rs 20,000 Cr? This is nonsense. How can this be done?"

SG Tushar Mehta: "I am not concerned with this case. I'm more concerned wit my lordships's health."

Mishra J: "Let my health go to hell if this is your attitude."

SG Tushar Mehta makes a statement that there is no recalculation being done.

Mishra J: How are they doing it then? We remember you saying this.

Mehta: I have never said this. I didn't even think about this.

#AGR

Rohatgi, for #Vodafone-Idea, makes it clear that they aren't asking for any recalculation.
"Whatever is the liability arrived at, we are willing to pay," says Rohatgi, adding they are willing to give up GST credit.

DoT says there total liability is around Rs 50k Cr.

#AGR

Sr Adv Kapil Sibal, for Hughes Communications, says their liability is around Rs 155 Cr. Rs 59 Cr which is as bank guarantee with the Govt can be encased, he adds.

#AGR

AM Singhvi, for Bharti #Airtel, says they have paid Rs 18k Cr. He claims total dues is Rs 21k Cr but the DoT objects.

SG Mehta says Airtel's total due is around 44k Cr but Singhvi says Govt can't include spectrum usage charges in #AGR dues.

SC retorts DoT's figure will be final

According to DoT, outstanding for #Vodafone is Rs 15.4k Cr.

Outstanding for Tata Telecom is 12.6k Cr, SG Mehta submits for DoT.

#AGR

DoT says liability of Hughes Communications is Rs 547 Cr.

Sibal: How can that be? We were never informed about this. Their communicaudin to us said Rs 155 Cr and suddenly this is Rs 547 Cr.

#AGR

#SupremeCourt shoots down Airtel's tacit plea for recalculating the #AGR dues.

"We won't you give any relief. Whatever is there is there. The issue of calculation etc is over. We are rejecting your prayer," says Justice Mishra.

#Vodafone, #Airtel now request for 15 years time line to clear their #AGR dues.

Rohatgi says he is a former Attorney General and he is asking for this period with some sense of responsibility.

DoT sticks to the cabinet decision of 20 years time for the telcos to clear dues of #AGR.

SG Mehta says the decision was taken in view of the cascading affect, to prevent economy going into haywire.

Meanwhile, the bench also seeks to examine liquidation process of RCom. Judges say they would want to be satisfied RCom didn't go into liquidation only to ward off #AGR dues.

#SupremeCourt reserves its order for timeline for the telcos to clear #AGR dues.

Other aspects relating to insolvency by RCom etc will be taken up on August 10.