AGR Hearing Updates: Jio, Airtel say govt didn’t demand additional dues; SC wants recovery of bankrupt co dues

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Updated: August 21, 2020 4:36:44 pm

SC AGR Hearing HIGHLIGHTS: The Supreme Court in the fifth straight session today continued hearing on non-payment of adjusted gross revenue (AGR) dues by telcos under insolvency.

SC AGR dues, SC hearingA bench comprising of Justices Arun Mishra, S Abdul Nazeer and M R Shah heard the case

SC AGR Hearing HIGHLIGHTS: The Supreme Court in the fifth straight session, continued hearing the matter on non-payment of the adjusted gross revenue (AGR) dues by telecom companies under insolvency. A bench led by Justice Arun Mishra heard the matter. Senior advocate Harish Salve, appearing for Reliance Jio, said to the Supreme Court that it didn’t receive any notice from the government on any additional dues claimed by the Department of Telecommunications (DoT). Similarly, senior advocate Kapil Sibal for Bharti Airtel informed the court that even Airtel has not received any notice from the government over any additional dues. Sibal also said that if the SC refuses to recognise the sale of spectrum, banks will stop lending to telcos and this will hurt the telecom sector. The SC told NK Kaul, appearing for Videocon Telecom resolution professional, that as per trading guidelines, past dues need to be paid before transfer of spectrum. “If you don’t pay, Bharti, who acquired the Videocon spectrum will have to pay,” SC observed. The Supreme Court has adjourned the hearing till Monday at 4 PM.

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Highlights

    16:30 (IST)21 Aug 2020
    Vodafone Idea shares end marginally higher

    Vodafone Idea shares settled 0.24 per cent up at Rs 8.53 apiece on BSE in Friday's session. It hit day's high of Rs 8.68 and low of 8.35.

    Check price: Vodafone Idea

    16:23 (IST)21 Aug 2020
    RCom share price ends 1.5% higher today

    Reliance Communications (RCom) shares, during intraday trade, hit 5% upper circuit on BSE today. While the stock settled 1.47 per cent higher at Rs 2.77 apiece.

    Check prices: RCom

    16:11 (IST)21 Aug 2020
    Bharti Airtel share price falls over 1%

    Bharti Airtel shares fell 1.05 per cent to end at Rs 520 apiece on BSE. During the trade, the stock hit day's high of Rs 529.40 and low of Rs 517.60.

    Check prices: Bharti Airtel

    15:52 (IST)21 Aug 2020
    SC adjourned hearing til Monday

    The Supreme Court adjourned the hearing till Monday at 4 PM.

    15:47 (IST)21 Aug 2020
    DoT to also give details of date of grant of original licenses, usage, etc

    Also, DoT has to give details about the date of grant of original licenses, who was using these license and the date of transfer in a tabular form.

    15:45 (IST)21 Aug 2020
    How much were previous dues till transfer was made, DoT to tell in affidavit

    Details on the transfer of spectrum by companies and how much were previous dues till transfer was made and outstanding dues after the transfer was made, will be given in affidavit.

    15:43 (IST)21 Aug 2020
    DoT to file affidavit tomorrow

    The DoT secretary to file an affidavit by tomorrow giving details about how much was the liability of sharer before spectrum sharing, arrears to be paid by respective operators, etc.

    15:38 (IST)21 Aug 2020
    Want to know liabilities of both RCom, Reliance Jio: SC

    The Supreme Court said, "We wanted to know the liabilities of both RCom and Reliance Jio". "Reliance Jio said it's 195 crore and have paid it," Harish Salve said. 

    15:35 (IST)21 Aug 2020
    We want bifurcation on sharing arrangement between RCom, RJio: SC

    "There was a sharing arrangement between RCom and RJio. We wanted this bifurcation," Supreme Court said.

    15:34 (IST)21 Aug 2020
    Bifurcations of dues not given: Justice Mishra

    "Bifurcations of dues not given. Officers have not understood," Justice Arun Mishra said.

    15:33 (IST)21 Aug 2020
    SC not happy with figures given by DoT

    The Supreme Court is not happy with figures given by the Department of Telecommunications (DoT).

    15:33 (IST)21 Aug 2020
    RCom dues since 1999 have not been given: SC

    "Reliance Communications (RCom) dues since 1999 have not been given," the Supreme Court observed.

    15:31 (IST)21 Aug 2020
    You haven't given particulars of spectrum sharing between companies: SC to SG

    The Supreme Court said to SG "You have not given particulars of spectrum sharing between companies and their dues".

    15:29 (IST)21 Aug 2020
    Are your account books as good to be treated as property?: SC asks

    When Harish Salve argued that the right to use spectrum is a valuable right written in balance sheets, SC questioned: Are your account books as good to be treated as property?

    15:27 (IST)21 Aug 2020
    RCom shares up over 2%

    Reliance Communications share price again hit 5% upper circuit in the trade today. Just before closing, the stock is trading 2.20 per cent up at Rs 2.79 apiece.

    Check live prices: RCom

    15:14 (IST)21 Aug 2020
    SC rightly said spectrum is a natural resource: Sibal

    Kapil Sibal argued that the Supreme Court rightly said spectrum is a natural resource like air, water and no one can take possession.

    15:13 (IST)21 Aug 2020
    If banks can't use spectrum as security, it will have a tremendous repercussion: Sibal

    Senior lawyer Kapil Sibal for Bharti Airtel, said that if banks can't use spectrum as security it will have a tremendous repercussion.

    15:11 (IST)21 Aug 2020
    Spectrum is taken as security by the lenders: Sibal

    Senior lawyer Kapil Sibal said "Spectrum is recognized as an asset, it is the most valuable asset with telcos. Spectrum is taken as security by the lenders. If SC refuses to recognise the sale, banks will stop lending to telcos and this will hurt the sector".

    15:10 (IST)21 Aug 2020
    Leave spectrum sale issue to NCLT: Salve

    Harish Salve said that the issue of sale of the spectrum should be left to NCLT.

    15:09 (IST)21 Aug 2020
    If SC holds that spectrum is not saleable, it will not help recover AGR dues: Salve

    Harish Salve said "If SC holds that spectrum is not saleable this will not help recover AGR dues. Then spectrum will be returned to DoT, auctioned for future use and that won't help recover AGR.

    15:07 (IST)21 Aug 2020
    Not allowing spectrum sale will not help anyone: Salve

    Senior lawyer Harish Salve argued that DoT in NCLT is challenging the resolution plan on the ground that spectrum can be sold. Our understanding is also that spectrum can be sold but not allowing sale will not help anyone.

    14:59 (IST)21 Aug 2020
    Airtel has not received any notice from govt over any additional dues: Sibal

    Kapil Sibal says even Bharti Airtel has not received any notice from the government over any additional dues.

    14:57 (IST)21 Aug 2020
    Govt hasn't yet claimed RCom dues from RJIO: Salve

    "Clarification was interpreted, the government has the discretion to recover AGR amount from any company they want. Govt hasn't yet claimed RCom dues from RJIO," said Harish Salve.

    14:55 (IST)21 Aug 2020
    Guideline and clarification has already been issued for R-Jio: Salve

    Senior lawyer Harish Salve says SG has forwarded his affidavit. As far as R-Jio is concerned there is a guideline and a clarification that has been issued.

    14:50 (IST)21 Aug 2020
    Please allow me to file an affidavit: Sibal

    Kapil Sibal said "Please allow me to file an affidavit. And I will argue on Monday".

    14:49 (IST)21 Aug 2020
    I haven't got any details: Sibal

    Senior lawyer Kapil Sibal said, "I haven't got any details. I need to check and interpret".

    14:48 (IST)21 Aug 2020
    Is Airtel avoiding liability?: SC asks Sibal

    Senior lawyer Kapil Sibal for Airtel starts his argument. "Is Airtel avoiding liability?" SC asked Sibal.

    14:47 (IST)21 Aug 2020
    DoT can present its claim to OL: Rai

    Ritin Rai said Department of Telecommunications (DoT) can present its claim to the official liquidator

    14:46 (IST)21 Aug 2020
    AGR dues of Etisalat is Rs 86 crore

    AGR dues of Etisalat is Rs 86 crore, as per Solicitor General. However, Etisalat has told the SC that it is liable to pay less than Rs 8 crore towards AGR.

    14:40 (IST)21 Aug 2020
    Rs 604 crore dues to be recovered from three companies: DoT

    The Department of Telecommunication (DoT) said Rs 604 crore dues to be recovered from three companies- Loop, Etisalat and STel

    14:35 (IST)21 Aug 2020
    DoT asserted its claims on license fee: Rai

    On January 6, 2015, the Department of Telecommunication (DoT) asserted its claims on the license fee, says Ritin Rai.

    14:34 (IST)21 Aug 2020
    I surrendered my licence when my licence was cancelled after 2G judgement: Rai

    "I was a telecom operator in 2012. I surrendered my licence when my licence was cancelled after 2G judgement. I surrendered my spectrum. Winding up petition was filed in Bombay," said Ritin Rai

    14:33 (IST)21 Aug 2020
    Ritin Rai appears for Etisalat

    Ritin Rai appears for the official liquidator in Etisalat matter

    14:31 (IST)21 Aug 2020
    We will confine to whether spectrum could be sold: SC

    "We will confine to whether spectrum could be sold? Whether jurisdiction was there? Is it operational debt?" said SC.

    14:31 (IST)21 Aug 2020
    Whoever acquired Videocon spectrum will have to pay: SC

    "If you don't pay, Bharti Airtel, which acquired Videocon spectrum will have to pay" said SC

    14:30 (IST)21 Aug 2020
    Whoever acquired Videocon spectrum will have to pay: SC

    "If you don't pay Bharti who acquired Videocon spectrum will have to pay," said SC

    14:30 (IST)21 Aug 2020
    Whoever acquired Videocon spectrum will have to pay: SC

    "If you don't pay Bharti who acquired Videocon spectrum will have to pay," said SC

    14:29 (IST)21 Aug 2020
    Past dues need to be paid before transfer of spectrum: SC

    SC tells RP that as per trading guidelines, past dues need to be paid before transfer of spectrum

    14:29 (IST)21 Aug 2020
    How AGR will be settled: SC

    "How AGR will be settled? the Supreme Court asked

    14:27 (IST)21 Aug 2020
    Nothing is due that is to be paid outside CIRP process: NK Kaul

    NK Kaul appearing for Videocon Telecom's resolution professional says nothing is due from us that is to be paid outside CIRP process.

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