SC dismisses telcos' pleas seeking review of its AGR verdict
In a big blow to the telecom companies, the Supreme Court on Thursday dismissed the review petitions challenging its verdict in the Adjusted Gross Revenue (AGR) case.
 
A bench headed by Justice Arun Mishra and comprising Justices S.A. Nazeer and M.R. Shah found no merit in the review petitions and dismissed it.
 
Responding to the top court's dismissal of the crucial petition, Airtel expressed disappointment and said that it was evaluating filing a curative petition. 
 
The final deadline for the telecom companies to pay Rs 1.47 lakh crore is on January 23.
 
The Telecom Ministry in November told Parliament that telcos owe nearly Rs 1.47 lakh crore in license fee (LF) and spectrum usage charges (SUC). 
 
The total amount is split in two halves -- license fee comes to Rs 92,642 crore as of July 2019 and SUC comes to Rs 55,054 crore as of October 2019.
 
Bharti Airtel and Vodafone Idea hold the majority of these liabilities, which emerge from these dues. 
 
For Bharti Airtel, dues are around Rs 35,586 crore -- Rs 21,682 crore as LF and Rs 13,904 crore as SUC and for Vodafone Idea the dues amount to Rs 53,038 crore, of which Rs 28,309 crore in LF and Rs 24,730 crore in SUC.
 
The Supreme Court had ordered telecom carriers, including telco majors Bharti Airtel Ltd. and Vodafone Idea Ltd., to pay the government as much as Rs 92,000 crore ($13 billion) in past dues, which includes penalties and interest.
 
A bench headed by Justice Arun Mishra said telcos will have to shell out the dues. 
 
The Department of Telecom (DoT) total demand is estimated around Rs 92,000 crore. 
 
"We allow the appeals of the DoT.... The gross revenue will prevail as defined as gross revenue," said the court citing no further exercise should take place in connection with the re-calculations regarding the dues. 
 
The top court specified that there should not be any further litigation on the matter. 
 
It also passed a separate order on the specific time frame for the telcos to pay their dues.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    CBI files case against Adani Enterprises, NCCF officials in APGenco Coal Supply Issue
    In trouble brewing for the Gautam Adani-led M/S Adani Enterprises, the Central Bureau of Investigation on Thursday said it has registered a case against former officials of the National Co-operative Consumer Federation (NCCF) and others over alleged irregularities in supply of coal to the Andhra Pradesh Power Generation Corporation (APGENCO) in 2010.
     
    The CBI in its FIR has named Virendra Singh, the then Chairman of the NCCF, G.P. Gupta, the then MD of the NCCF, S.C. Singhal, the then Senior Advisor of NCCF, Adani Enterprises Ltd and other unknown public servants and others for criminal conspiracy, cheating and criminal misconduct by public servants. 
     
    According to CBI, the case was filed on Wednesday after the preliminary enquiry revealed the crime by the officials named in the FIR and the Adani Enterprises was found to be true. 
     
    The FIR alleged that on June 26, 2010, APGENCO floated a tender enquiry for supply of six lakh metric tonnes of imported coal "on free on rail destination" basis to Dr Narla Tata Rao Thermal Station (NTTPS), Vijaywada and Rayalasaleema Thermal Power Plant (RTTP), Kadapa, Andhra Pradesh/RTPP via Kakinada-Vizag-Chennai-Krishnapatnam or any other ports. 
     
    The same was forwarded by the Chief Engineer, APGENCO to seven PSUs -- PEC Limited, STC Limited, MSTC Limited, NCCF, MMTC, Coal India Limited and SCCL Limited. 
     
    The FIR alleged that during the probe, the Adani Enterprises used a proxy company to get the supply contract. It said, "NCCF received bids from six companies -- Adani Enterprises Ltd, Maheshwari Brothers Coal Limited (MBCL), Vyom Trade Links Pvt. Ltd, Swarana Projects Pvt. Ltd, Gupta Coal India Ltd and Kyori Oremen Ltd. 
     
    During investigation it was found that Gupta Coal India Ltd had quoted the NCCF margin of 11.3 per cent, while the MBCL quoted the margin of 2.25 per cent and rest did not quote any margin to the NCCF. 
     
    The FIR said the quotes of the Gupta Coal India Ltd, Kyori Oremen Ltd and Swarana Projects Pvt. Ltd were rejected by the NCCF as they were not found to be fulfilling the tender conditions. 
     
    "Post tender negotiation was done by senior officials of NCCF to give undue favour to Adani Enterprises Ltd despite it not qualifing the tender (terms)," the FIR said, adding instead of cancelling the bid of Adani Enterprise Ltd, senior management of NCCF conveyed the offer margin to the company through one of its representative -- Munish Sehgal, who was sitting in the NCCF head office.
     
    "It is prima facie evident that when the bids were being processed at NCCF head office in Delhi, a representative of Adani Enterprises Ltd. was informed regarding their imminent rejection due to non-submission of NCCF margin and also that MBCL was eligible bidder quoted 2.25 per cent margin," it alleged. 
     
    The CBI in FIR further alleged that Adani Enterprises Ltd. had given an unsecured loan of Rs 16.81 crore to Vyom Trade Links Ltd in 2008-09. "And further it was revealed that the bank guarantees of the Adani Enterprises Ltd. and Vyom Trade Links Ltd. were issues by the same branch of the State Bank of India and at the same time," it said.
     
    "It was clear that Adani Enterprises Ltd. presented Vyom Trade Links Ltd. as a proxy company in this particular tender and Vyom Trade Links Ltd. later withdrew its offer on flimsy ground," the CBI FIR said.
     
    "The aforesaid acts of commissions and omissions on the part of the senior management of the NCCF disclose that during their tenure, they acted in a manner unbecoming of public servants and committed irregularities by way of manipulation in the selection of bidders, thereby giving undue favours to Adani Enterprises Ltd. in award of work for supply of coal to APGENCO despite its disqualification," it added.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Ramesh Poapt

    2 weeks ago

    both are controlled by high power!

    ED summons AirAsia top brass for questioning on Jan 20
    The Enforcement Directorate (ED) on Thursday said it has summoned AirAsia's top management including its Malayasia-based CEO Tony Fernandes for questioning on January 20.
     
    A source in ED said that they have summoned the top brass for questioning under the sections of Prevention of Money Laundering Act.
     
    The ED had registered the case of money laundering against AirAsia officials and others for allegedly trying to manipulate government policies through corrupt means to get international licenses for its Indian venture AirAsia India Limited in mid 2018.
     
    The central financial probe agency filed the case to probe if alleged tainted funds were used to create illegal assets and it has taken cognisance of the CBI's FIR to lodge its own case.
     
    The CBI had named Fernandes and others in the case of violating FDI norms in giving effective management to a foreign entity through FIPB clearance in 2013.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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