Thread by @utkarsh_aanand

#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.

Bharti Airtel's lawyer AM Singhvi endorses SG's suggestion on calculation of dues & method of payments in consultation with the Govt.
Singhvi says Airtel has a bank guarantee of 10k Cr for spectrum. The license fee and spectrum charges can be used as guarantee, he adds.

Vodafone Idea, represented by Mukul Rohatgi, submits it isn't in a condition to give any additional bank guarantee. He cites mortgage of Rs 1 lakh Cr & more. Rohatgi further cites around 15k Cr of bank guarantee lying with the DoT.

#SupremeCourt questions Vodafone-Idea about its revenue, profits. Rohatgi says it hasn't had profits for so many years now. He adds after 2019 order, Vodafone has paid Rs 7k Cr towards #AGR dues but the company has nothing else to offer apart form its bank guarantee with DoT.

"We will fold up if we are ordered to pay tomorrow. 11,000 employees will have to go without notice since we can't pay them. The only way forward is to allow us to pay in instalments when we are a going concern," Vodafone-Idea tells #SupremeCourt.

As Rohatgi claims #VodafoneIdea didn't have any profit in the last 5 yrs, the bench asks him to furnish proof of this fact.

"Tell us one thing in a yes or a no. Can you pay Rs 15k Cr upfront or not? You must have contingency funds" asks SC.

We will place balance sheets, Rohatgi

Should we order for invocation of your bank guarantee of Rs 15k Cr, the bench asks #VodafoneIdea.

Rohatgi replies the company will go under if that's done. "I humbly request allow us to pay in terms of Govt's proposal (in 20 yrs)...when we are a going concern," he adds.

"Aren't you a foreign company? How can you say you won't furnish any bank guarantee? What if you fly overnight in future without paying anything?" SC asks #VodafoneIdea.

Rohatgi denies #VodafoneIdea is a completely foreign firm & submits on its tie ups & investments.

"Telecom is the only industry that has earned during the #COVID19 pandemic. Now you must pay so that the Govt can use this money. After all, this money will be used for public welfare," Justice MR Shah tells #VodafoneIdea lawyer Rohatgi.

Justice Arun Mishra tells Tata Telecom lawyer Arvind Datar that #AGR dues are public money & they must be recovered.

"Don't tells us you will pay only if you have profits. We won't look at your profit & loss account for this. This money must come," Mishra J tells Datar.

#SupremeCourt order on #telecom #AGR today: Govt asked to consider proposals by the telecom companies on payment of #AGR dues & revert in the third week of July. Meanwhile, all firms will furnish their books of accounts, balance sheets of 10 yrs to show their financial capacity