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Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have <keyword id="143" type="General" weightage="50" keywordseo="bollywood" source="Orion">Bollywood</keyword> superstar <keyword id="1671" type="General" weightage="50" keywordseo="shah-rukh-khan" source="Orion">Shah Rukh Khan</keyword> as the brand ambassador, <keyword id="15333" type="General" weightage="50" keywordseo="venugopal" source="Orion">Venugopal</keyword> <keyword id="18489" type="General" weightage="100" keywordseo="dhoot" source="Orion">Dhoot</keyword>'s is a story of an aggressive small town businessman's pursuit to be on the top. Now arrested in connection with the ICICI Bank loan fraud case, Venugopal Dhoot during his heydays was not the one to simply sit on small achievements like <keyword id="6354248" type="General" weightage="80" keywordseo="videocon" source="Orion">Videocon</keyword> becoming the largest television set manufacturer in India. The eldest son of late Nandlal Madhavlal Dhoot, who founded the <keyword id="6379256" type="General" weightage="50" keywordseo="videocon-group" source="Orion">Videocon Group</keyword> in 1984, Venugopal was largely responsible for driving the conglomerate to diversify into various verticals, such as oil and gas, real estate and retail, beyond its successful consumer electronics and home appliances business. Dhoot, the safari-suited businessman, was born into an agricultural family in Ahmednagar (Maharashtra), where his father had a cotton ginning mill and operated a wholesale grain trade. In 1982, when the public broadcaster Doordarshan began transmitting colour television programmes in India, it opened a new segment. Here the Dhoot family tried their luck in the uncharted territory of manufacturing conventional tube-based colour TV sets. Dhoot who had an engineering degree from the University of Pune set off to Japan for a year to be trained at electronics companies. In 1986, he founded Videocon International, which aimed at manufacturing 1,00,000 TV sets a year. It entered into technical collaboration with the Japanese major Toshiba and from here there was no looking back. From colour TV sets, Videocon in the 1990s expanded into other verticals, such as refrigerators, washing machines, air conditioners, home entertainment systems and other small appliances. It pushed contemporary rivals like Mirc Electronic (Onida), Salora, Weston etc with affordable pricing. Its TV models like Bazooka and Bazoomba were the market's favourites in the early 90s. After having success in its consumer electronics and home appliances business, Dhoot expanded Videocon Industries into other areas, such as Oil &amp; Gas, cellular services and others. However, Dhoot's downfall started when it entered into the cellular service area with Videocon Telecommunications. It could launch commercial services only in 11 out of the 18 circles it held licences. In 2012, after the 2G spectrum case, the Supreme Court cancelled 122 licences issued by the central government in 2008, 21 licences belonged to Videocon. In the 2012 spectrum auction, Videocon won back licences in 6 circles but sold to the market leader <keyword id="6354287" type="General" weightage="50" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword> and shut down operations. Moreover, in the late 90s South Korean giants like LG Electronics and Samsung entered the Indian market, which disrupted consumer electronics and appliances with the latest technology and quality products at affordable pricing. Though Videocon Industries had several verticals, its main cash cow was the consumer electronics and appliances business. As Videocon failed to face the challenges from rivals Sony, LG and Samsungs, its revenue got stagnated and gradually it sat on a pile of debt. Dhoot tried to pair debts by selling some of his assets. The company merged its DTH business with Dish TV. They sold ownership in some of their gas fields and telecom business, but it did not work. Finally, in 2018, it was dragged to the insolvency tribunal NCLT by its creditor. It owed around Rs 31,000 crore to the banks, including interests. At the request of lenders, the National Company Law Tribunal (NCLT) has conducted a consolidated corporate insolvency resolution process by combining Videocon Industries and the other 12 Videocon group companies. In June 2021, a bid of merely Rs 2,692 crore from billionaire Anil Agarwal's Twin Star Technologies to take over Videocon Industries was approved by the NCLT. This also went into controversy. Earlier this year, the National Company Law Appellate Tribunal (NCLAT) had set aside Twin Star's Rs 2,692 crore bid, directing to invite fresh bids. Though it was challenged before the Supreme Court by Twin Star, the creditors of Videocon Industries are still looking for a buyer. According to some sources, the lenders may even consider liquidation, if they fail to find a buyer for the company, which once was a success story. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/icici-bank-videocon-case-cbi-seeks-three-day-custody-of-videocon-chairman-chanda-and-deepak-kochhar/articleshow/96519994.cms">ICICI Bank-Videocon case: CBI seeks three-day custody of Videocon chairman, Chanda and Deepak Kochhar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/money-view-raises-75-million-in-series-e-funding/articleshow/96516790.cms">Fintech company Money View raises $75 million in Series E funding led by UK’s Apis Partners</a>

From an industry leader to a defaulter: Rise and fall of Venugopal Dhoot

The Telecom Disputes Settlement and Appellate Tribunal (<keyword id="6360724" type="General" weightage="20" keywordseo="tdsat" source="Orion">TDSAT</keyword>) heard on Thursday <keyword id="15491" type="General" weightage="80" keywordseo="airtel" source="Orion">Airtel</keyword>'s challenge against DoT's demand of approximately Rs 1,400 crore raised in terms of the <keyword id="8572628" type="General" weightage="80" keywordseo="agr-judgement" source="Orion">AGR Judgement</keyword> dated September 1, 2020 passed by the <keyword id="6354977" type="General" weightage="100" keywordseo="supreme-court" source="Orion">Supreme Court</keyword>. This demand arises from past dues payable by <keyword id="6354248" type="General" weightage="20" keywordseo="videocon" source="Orion">Videocon</keyword> for the whole of the spectrum allocated to it, which in its entirety was subsequently transferred to Airtel in terms of <keyword id="3045458" type="General" weightage="20" keywordseo="spectrum-trading-guidelines" source="Orion">Spectrum Trading Guidelines</keyword> dated October 12, 2015. Supreme Court in its judgement September 1,2020 ("<keyword id="349263" type="General" weightage="80" keywordseo="agr" source="Orion">AGR</keyword> Judgement") had categorically held that, where the entire spectrum is transferred by one telecom service provider to another telecom service provider in terms of Spectrum Trading Guidelines, any past liability pertaining to the spectrum transferred will pass on to the buyer. This finding came to be passed by the Supreme Court while considering the details of spectrum transferred by Videocon to Airtel. The liability of Airtel in this regard has already been upheld by the Supreme Court. Notwithstanding the Supreme Court's AGR Judgement, TDSAT in its orders dated September 16, 2021 stayed the demand and also directed DoT not to take any coercive steps and restrained the invocation / encashment of bank guarantee. The matter has now been listed on November 16, 2021. It is also interesting to note that the Supreme Court had time and again rejected any attempt to revisit it's orders and findings pertaining to determination of AGR dues. Noticeably, the Government has also announced various concessions providing time for payment of AGR dues arising from AGR Judgement also. Experts say TDSAT ought not to have intervened since the entire question has already been decided by the Supreme Court and these proceedings are on the face of it is an abuse of legal process. This is yet another attempt to stifle and prolong the DoT's ability to recover its dues, which were disputed, contested, and decided by no less than the Supreme Court, the highest Court of the land.

Airtel challenges telecom department's demand of ₹1,400 crore

The Supreme Court on Tuesday asked Department of Telecommunication (DoT) not to invoke bank guarantee given by Bharti <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> for a period of three weeks for not clearing Videocon Telecommunications Ltd's adjusted gross revenue (AGR) dues of over Rs 1,300 crore. A bench headed by Justices L. Nageswara Rao and comprising Justices S. Abdul Nazeer and M. R. Shah declined to entertain Airtel's plea challenging the DoT demand, but it allowed the telecom firm to approach the appropriate forum against the government decision. Senior advocate Shyam Divan, representing Bharti Airtel, argued that his client received a communication on August 17, saying the firm must make payment and if it fails to do so, then there is a possibility of invoking various bank guarantees. He contended that Rs 18,000 crore dues have already been paid by the telecom company, according to the top court's order and there is another figure, which is attributed to Videocon Telecommunications. He added that there is a particular spectrum traded by Videocon to Airtel and citing the spectrum trading guidelines, he added the seller shall clear all dues prior to concluding any agreement for spectrum trading. "The liability is of Videocon... full liability of the seller," submitted Divan. Divan argued that by adding the dues of Videocon to the demand made from Airtel, the DoT has violated the apex court's order that AGR dues cannot be recalculated or reassessed. The top court said it will not interfere with its order, rather it will grant liberty to Airtel to move any other alternate forum to redress its grievances. Divan said that the alternate forum will be the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). Earlier this year, in an affidavit filed before the Supreme Court on the status of statutory dues paid by telecom operators, the DoT said it is planning to slap Videocon Telecommunications Ltd's AGR dues over Rs 1,300 crore on Bharti Airtel. Videocon Telecommunications had sold spectrum of 30 MHz to Bharti Airtel in 2016. Concluding the hearing, the top court allowed Airtel to withdraw the application and also restrained the DoT from invoking its bank guarantees for 3 weeks. According to the Centre's calculations, the total AGR liability of Bharti Airtel is Rs 43,980 crore, Vodafone Idea's is Rs 58,254 crore, Tata group's is Rs 16,798 crore, BSNL owes Rs 5,835.85 crore, and MTNL Rs 4,352.09 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-added-5-million-new-4g-users-tariff-hike-hopes-and-record-broadband-customer-addition-surge-share-price/articleshow/85039298.cms">Five million new 4G users, tariff hike hopes and record broadband customer addition send Airtel's stock to a 6-month high</a> <a href="https://www.businessinsider.in/business/telecom/news/the-enormous-gap-between-vodafone-idea-on-one-hand-airtel-and-jio-on-the-other/articleshow/85035781.cms">The enormous gap between Vodafone Idea on one hand, Airtel and Jio on the other</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-loses-over-4-million-subscribers-airtel-and-jio-add-over-9-million-in-june/articleshow/85589113.cms">Vodafone Idea loses over 4 million subscribers, Airtel and Jio add over 9 million in June</a>

AGR case: Supreme Court directs DoT not to enchash Airtel's bank guarantees for three weeks

<ul><li>India's second largest telecom operator by subscribers had bought spectrum from the now bankrupt Videocon for about ₹4,400 crore four years ago.</li><li>Since then, the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has ordered that companies that own spectrum will have to pay levies not just on their revenue from telecom operations but on the entire company's revenue. </li><li>Companies like Airtel and Vodafone are now battling a case in the Supreme Court seeking time to cough up a cumulative sum of ₹1.4 lakh crore.</li></ul>Airtel, India's second largest telecom operator by subscribers, had bought spectrum from the now bankrupt Videocon in six circles for about ₹4,400 crore four years ago. Investors fear the deal may prove a lot costlier after a bench of Supreme Court judges reportedly observed that the Sunil Mittal-owned company may have to cough up dues owed to the government by Videocon too. The fears have dragged Airtel shares down on Monday (Aug 23) by a little less than 2%, taking the one-month tally to a fall of nearly 10%. <div type="image" title="Airtel share price" msid="77715445" hostid="261" caption="&amp;lt;p&amp;gt;A bench of Supreme Court judges observed that the Sunil Mittal-owned company may have to cough up dues owed to the government by Videocon too. &amp;lt;/p&amp;gt;"></div> Since the deal between Airtel and Videocon, the Supreme Court has ordered that companies that own spectrum will have to pay levies not just on their revenue from telecom operations but on the entire company's revenue. Companies like Airtel and Vodafone are now battling a case in the Supreme Court seeking time to cough up a cumulative sum of ₹1.4 lakh crore (nearly $20 billion). <div type="image" title="image" msid="77715166" hostid="261" caption="&amp;lt;p&amp;gt;Since the deal between Airtel and Videocon, the Supreme Court has ordered that companies that own spectrum will have to pay levies not just on their revenue from telecom operations but on the entire company&amp;#39;s revenue. &amp;lt;/p&amp;gt;"></div> It's not just Airtel, the Supreme Court has made <a href="https://www.financialexpress.com/industry/agr-dues-reliance-jio-may-have-to-pay-for-rcom-and-airtel-for-aircel/2062226/" data-type="tilCustomLink" target="_blank">a similar observation for Reliance Jio</a>, India's largest mobile service provider owned by Asia's richest man Mukesh Ambani, which had bought spectrum from the now bankrupt Reliance Communications, which owned by his younger brother Anil Ambani. The court has asked the Department of Telecom (DoT) to file details of spectrum shared by insolvent companies, dues that arose on account of shared spectrum, and if relevant dues have been paid. Shareholders of Airtel and Reliance Industries (which is the holding company for Jio) wait anxiously. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/tribute-to-arun-jaitley-from-finance-minister-nirmala-sitharaman-ahead-of-gst-council-meeting/articleshow/77713182.cms">Finance Minister Nirmala Sitharaman’s tribute to the late Arun Jaitley is also coming ahead of a tough GST Council meeting where states will ask for money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/future-retail-shares-tank-as-a-crucial-payment-deadline-expires/articleshow/77713123.cms">Future Retail shares tank as a crucial payment deadline is set to expire</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/from-priyanka-gandhi-vadra-to-manmohan-singh-these-are-the-stated-views-of-congress-working-committee-members-on-sonia-gandhis-resignation/slidelist/77713740.cms">From Priyanka Gandhi Vadra to Manmohan Singh, these are the stated views of Congress Working Committee members on Sonia Gandhi's resignation</a>

Airtel stock is getting knocked down as investors fear it may have to pay Videocon's dues

The Supreme Court on Monday reserved its judgment on the issue of recovery of adjusted gross revenue (AGR) dues from insolvent telecom companies. A bench headed by Justice Arun Mishra is likely to pronounce the judgment on three counts: Staggered payment schedule, where the Centre said it is fine with 20-year arrangement to recover AGR dues; Can spectrum be transferred or sold by companies under IBC; and, additional liabilities, if any, on Jio, Airtel for the past dues of RCom, Videocon, and Aircel. Airtel had spectrum sharing and trading pacts with Videocon and Aircel, whereas Jio had it with RCom. The court had asked the Department of Telecommunications (DoT) to share the details of 'demand under process' for raising the liabilities against Airtel and Jio in the backdrop of spectrum-sharing. The bench also comprising Justices S Abdul Nazeer and MR Shah observed that if DoT does not provide the correct position on the AGR demands, then the due figures quoted in the ruling could go wrong. "It has been nearly 10 months to the AGR ruling -- why has the DoT not yet raised the demand?" The DoT informed the bench that no demand has been raised against Jio and Airtel for part dues of RCom and Videocon, and that the assessment of Jio and Airtel liability for the past dues is "under process". Senior Advocate Harish Salve, appearing for Committee of Creditors for RCom, contended before the bench that the right to use spectrum is an "asset which can be sold", if the company wants to. Salve added that the resolution plan proposes the sale of the right to use spectrum is in line with the licence trading guidelines. Senior Advocate Kapil Sibal, appearing for Airtel, contended that if the liability of the past dues of Videocon were to be imposed on Airtel, why wait for so long. Instead, the DoT should have clarified it long back, he argued. The court observed that according to trading guidelines, the seller of the spectrum shall satisfy all pending dues, before the sale. The bench said that it understood that upon the non-payment of dues by the seller, the trading guidelines would transfer the burden on the buyer. The DoT counsel contended that under trading guidelines, the past dues have to be cleared prior to the spectrum-trading, and under these guidelines, the DoT could recover the dues from seller and buyers. The bench questioned why no demand was raised against Airtel for the past dues of the Videocon spectrum. Sibal said Airtel had been paying all pending dues since the acquisition of the Videocon spectrum in May 2016. The apex court remarked that what is being proposed seems like renting out a house to a tenant and the latter selling the house under Insolvency and Bankruptcy Code.

Supreme Court reserves order on recovery of AGR dues from insolvent telecom companies

Just after Idea cellular<a href="http://www.businessinsider.in/Ideaends-493-million-deal-with-Videocon/articleshow/51438237.cms"> ended the multi million dollar deal</a> with Videocon, Bharti Airtel has announced that it will do a bandwidth trading deal to acquire Videocon Telecom's spectrum in six circles for Rs 4,428 crore. The states are Bihar, Haryana, Madhya Pradesh, UP (East), UP (West) and Gujarat, and the spectrum would be valid up to December 18, 2032. 
 
"Bharti Airtel has entered into a definitive agreement with Videocon Telecommunications Limited to acquire, at an aggregate consideration of Rs 4,428 crore rights to use 2 x 5 MHz spectrum in the 1800 MHz Band," said <a href="http://www.businessinsider.in/Bharti-Airtel-acquiresYTS-Solutions-Deal-will-boost-wallet-services/articleshow/48333172.cms">Airtel </a>in a notice to the Bombay Stock Exchange. 
 
"The closing of the transaction is subject to satisfaction of the standard conditions, including conditions stated in the Spectrum Trading Guidelines," it added. 
 
Image source

Airtel goes one-up on Idea, buys Videocon's spectrum for Rs 4,428 cr

In the biggest ever spectrum auction that may fetch the government nearly Rs 1 lakh crore, <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword>, <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword>, <keyword id="6354924" type="PERSON" weightage="20" keywordseo="Idea-Cellular">Idea Cellular</keyword>, <keyword id="46907" type="CITY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword>, Aircel, Reliance Jio Infocom, Uninor and Tata Teleservices are the eight telecom companies which are competing to buy the second-generation or 2G and third-generation 3G radiowaves, as per a PTI report. 
 
The auction is scheduled to start from March 4. 
 However, <keyword id="83213" type="COMPANY" weightage="20" keywordseo="Sistema-Shyam-Teleservices-Ltd">Sistema Shyam Teleservices Ltd</keyword> (SSTL) cited high price and legal issues with the <keyword id="62528" type="ORGANIZATION" weightage="20" keywordseo="Department-of-Telecom">Department of Telecom</keyword> (DoT) to opt out of the auction. SSTL is a potential buyer of CDMA spectrum, On the other hand, Gurgaon-headquartered <keyword id="262458" type="COMPANY" weightage="20" keywordseo="Videocon-Telecom">Videocon Telecom</keyword> did not submit its application to participate in the auction, a PTI report revealed. 
 Currently, most of the spectrum that is available for the auction is held by Idea Cellular, Vodafone, <keyword id="107841" type="CITY" weightage="20" keywordseo="Reliance-Telecom">Reliance Telecom</keyword> and Airtel, and their licences are expiring in 2015-16. 
 
According to the PTI report, 9 circles of Mumbai-headquartered Idea Cellular, 7 circles each of Vodafone and Reliance Telecom, and 6 circles of Airtel are coming up for renewal. In total, there are 29 spectrum licences expire in 18 service areas in 2015-16. 
 
If these telecom firm wish to continues offering their services to the customers, it is mandatory for them to bid for spectrum. So it would be interesting to see who gets what on March 4. 
(Image: BCCL)

Eight telcos to compete in spectrum auction race

<keyword id="6354287" type="CITY" weightage="20" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> is said to be in advanced talks with <keyword id="6359476" type="CITY" weightage="20" keywordseo="Telenor">Telenor</keyword> India as it looks forward to buying Telenor's India business in a deal that will involve taking on debt of Rs 1,500 crore while allowing India's biggest telecom company to add to its 4G spectrum and be better placed to take on <keyword id="1543410" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio-Infocomm">Reliance Jio Infocomm</keyword>. 
 "The talks are quite advanced. <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword> is just looking at taking over a part of Telenor India's debt while Telenor would need to take care of the balance loans," a person aware of the development told ET. 
 
Sources said the development follows Telenor's inability to strike a deal with its rivals. Reluctant to take on debt, No. 3 Idea is believed to have offered equity but that didn't appeal to Norway's Telenor, which wants a complete exit from India. 
 Before that, Telenor had started talks with various players including <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> and was seeking around $1 billion for its spectrum, which has fallen in value over time. Based on the last spectrum auction, this is now pegged at about Rs 5,519 crore ($810 million). 
 
Airtel, which had consolidated net debt of $12.23 billion (over Rs 83,000 crore) as of September, wouldn't want to increase this burden by too much, but 4G spectrum in seven circles is quite a lure, said the person cited above. 
 As per the annual report by Telenor, the company owes close to 2.4 billion Norwegian krone (Rs 1,900 crore) to the government in deferred spectrum payments, excluding any applicable penalties, and another 2.3 billion krone (Rs 1,800 crore) to financial institutions as debt. It has 4G bandwidth in the 1800 MHz band in the <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> (West), Uttar Pradesh (East), Bihar, Maharashtra, Andhra Pradesh, <keyword id="6354915" type="CITY" weightage="20" keywordseo="Assam">Assam</keyword> and Gujarat circles, which cumulatively contribute 35% to Airtel's revenue. 
 Incidentally, Idea had in March pulled out of a deal to buy <keyword id="6354248" type="CITY" weightage="20" keywordseo="Videocon">Videocon</keyword>'s spectrum in two circles. A day later, Airtel bought Videocon's airwaves in six circles. Bharti Airtel and Telenor declined to comment while Idea didn't respond to queries. 
 
Telenor has marked down value of its India business by 6.3 billion krone (Rs 5,000) crore since beginning of 2016 - a Rs 4,000 crore writedown of the value of licences alone - and didn't participate in the October spectrum auctions, signaling its intent to exit a market where it has been making losses and struggled to expand operations. 
 Buying Telenor makes sense as spectrum harmonisation has made the smaller telco's airwaves more attractive. The <keyword id="116246" type="ORGANIZATION" weightage="20" keywordseo="Department-of-Telecommunications">Department of Telecommunications</keyword> (DoT) has rejigged allocated frequencies so they are contiguous for operators as part of spectrum harmonisation. 5 Mhz of contiguous spectrum is needed for good quality 4G. Since all of Telenor's spectrum has been bought in auctions, airwaves have long validity and can be used for any technology. If it had been allotted, an acquirer would have to pay separately for the spectrum. Since there is 5 MHz or more in each of the seven circles - Andhra Pradesh, Bihar, Gujarat, Maharashtra, Uttar Pradesh (East and West) and Assam - Airtel can straight away use it all for 4G. 
 
Telenor has nearly 54 million subscribers, and its seven circles account for nearly 45% of subscriber share and nearly 40% of industry revenue. "Telenor records nearly Rs 5,000 crore top line annually. Even if Airtel gets around Rs 4,000 crore top line addition (taking into account some users choosing another operator), it would still net an ebitda of 70-80% of that. Moreover, Telenor has recently upgraded its network, so, it's practically brand new," said an analyst at a foreign brokerage asking not to be named.

Airtel planning to buy the Indian business of Telenor

<ul><li>The ongoing adjusted gross revenue (AGR) dues case has brought RIL and Airtel under pressure and this could continue over the next week as well.</li><li>August futures are also all set to expire this week, which could further add to the pressure on Nifty.</li><li>However, market analyst Arun Kejriwal believes that the bulls could pile on the pressure on bears this month due to the market momentum.</li><li>He also notes that the midcap and small cap segments are where the action is currently focused.</li></ul>The week saw markets gain further ground with the breadth improving significantly. The midcap and small cap segments are where all the action is currently focused. BSESENSEX gained 557.38 points or 1.47%, while NIFTY gained 193.20 points or 1.73% . The broader markets saw BSE100, BSE200 and BSE500 gain 1.74% , 1.97% and 2.26% respectively. BSEMIDCAP gained 3.61%, while BSESMALLCAP was up 5.56% . While the benchmark indices had a decent showing, the breadth in the market was significant with none of the sectoral indices being tracked, closing in the negative. Further, the number of shares hitting upper circuits is on the rise and many have also hit new 52-week highs and some made lifetime highs as well. The reason for this optimism is clearly liquidity and nothing negative seems to be on the mind of investors. The fact that the pandemic effect and consequences doesn't seem to hurt the optimism or the valuations of companies in the stock market. It could even be argued that people have discounted the same at this point of time and believe that FY 2021 is a wipe out. The AGR issue affecting telecom companies took its toll on Reliance on expected lines. The share price of Reliance lost ₹32 or 1.51% to close at ₹2,082. The fall was insignificant but considering that the broad markets were up and Reliance has led this rally over the past four months, one would normally expect the share to be leading from the front. Another share that would be under pressure for the same reason in the coming week is Bharti Airtel which had acquired spectrum from Videocon and Aircel. The word acquired has different connotations and is used broadly here to indicate a lease agreement or even right to use or sharing system. With the Supreme Court veering around to the view that the dues would have to be paid by the current user of spectrum, Bharti could come under further pressure this week. Shares of Bharti lost ₹8.90 or 1.68% to close at ₹520 on Friday. Yes bank shares remained in the trading zone talked about last week with a high of ₹16.40 and a low of ₹13.85. Shares closed at ₹15.57, a gain of ₹0.50 or 3.32% . This trading zone would continue for some time and one would have to see when the share sees a complete dry up of trading volumes or a huge spurt in volumes to indicate the change in trading zone. The week ahead sees August futures expire on Thursday the 27th of August. The present value of NIFTY at 11,371.60 points is up for the month by 269.45 points or 2.43% . Compared to the previous month the gains lower and one would expect the bulls to pile on the pressure on bears considering that the market has momentum. With the rally becoming broader by the day it should be easier even though the benchmark indices may not gain as much as they have been doing in the recent past. Clearly as mentioned earlier the action has shifted to the mid and small cap segments. Coming to Covid-19, the world has 233,83,472 affected people, 808,715 deaths and 159,10,371 patients who have recovered as on date. In India we have 30,44,940 affected people, 56,846 deaths and 22,80,566 recovered people. Compared to the previous week, the world saw 17,65,485 new patients, 39,709 deaths and 15,76,149 people recovering. In India, the number of people affected during the week increased by 4,54,439 people, deaths by 6,747 and 4,17,901 people recovered. The world is now waiting to see what is the effect of a second wave if it comes and how severe it is. No one knows for sure and they are waiting for two major developments, one a fool proof vaccine and second for this second wave. In either case one has to keep one's fingers crossed and hope for the best. Coming to the markets in the week ahead, with momentum coming back to the markets, expect indices to gain further. While the climb in the benchmark indices is likely to be small, expect the action to continue in mid and small cap space. It is here that the retail investor has exposure and trading volume increase is noticeable. Different shares move up sharply and then become flat before falling ultimately. This is a time immemorial movement and one needs to be careful and avoid temptation. Take your gains and exit and don't expect to get the whole pie. Expect the broader market indices to once again outperform the SENSEX and NIFTY. Further expiry day and maybe a day before the event could get extra volatile. (Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)

RIL, Airtel and futures expiry will put pressure on Nifty this week

<ul><li>If companies pay up the AGR dues as demanded, it may be good enough to erase nearly half the <a href="https://timesofindia.indiatimes.com/business/india-business/fiscal-deficit-hits-102-pc-of-budget-estimate-till-oct/articleshow/72296097.cms">country’s budget deficit </a>of ₹7.2 lakh crore. </li><li>The net dues on all telecom operators with penalty and interest in the decade-long case -- came to ₹1.47 lakh crore (over $21 billion). </li><li>DoT asked a state-owned gas company, GAIL, <a href="https://www.businessinsider.in/business/news/dot-seeks-rs-1-72-lakh-cr-from-gail-in-telecom-dues/articleshow/72922265.cms">for ₹1.7 lakh crore </a>(over $24 billion) in AGR dues. </li></ul>On October 24, India's top court ordered that companies will be liable to pay statutory dues even on non-telecom revenue earned using spectrum. The amount of money that the government can make, thanks to this verdict, may be good enough to erase nearly half the <a href="https://timesofindia.indiatimes.com/business/india-business/fiscal-deficit-hits-102-pc-of-budget-estimate-till-oct/articleshow/72296097.cms">country’s budget deficit </a>of ₹7.2 lakh crore. Fiscal deficit is the amount of money spent by the government over and above its earnings⁠— and that means, higher the fiscal gap, lower the state’s credibility, weaker currency, higher borrowing cost for the exchequer, and a rise in inflation. And India has a problem on this account. Moody’s has already downgraded India and forecast that the fiscal deficit will be 3.7% of GDP, much higher than the government’s own estimate. But the Supreme Court order may have paved the way for the government to shore up this deficit with its own money. Telecom operators are choking ⁠— but they are not alone The net dues on all telecom operators with penalty and interest in the decade-long case -- came to ₹1.47 lakh crore (over $21 billion). Vodafone-Idea and Airtel already filed a review petition against it. But here is the twist. Even before the order, the debt of <a href="https://www.businessinsider.in/mukesh-ambanis-telecom-war-escalates-telecom-industry-debt-to-3-9-lakh-crore/articleshow/70906000.cms">the top three companies </a>itself was at around ₹3.9 lakh crore ⁠— which means the telecom troubles of the country are as huge as that of the country. And, telecom troubles are spreading across sectors too. Based on the same court order, the Department of Telecom has asked a state-owned gas company, GAIL, <a href="https://www.businessinsider.in/business/news/dot-seeks-rs-1-72-lakh-cr-from-gail-in-telecom-dues/articleshow/72922265.cms">for ₹1.7 lakh crore </a>(over $24 billion) ⁠— over 3 times the net worth of the company. That’s not it. Other state owned utilities have also received similar demands from the telecom ministry. Electricity transmission company Power Grid, which had licence for both long-distance calls as well as to provide internet services, also received a notice. Reports are afoot that dated penalties of dead telecom companies like Tata Teleservices and Videocon too will have to be paid up by companies which acquired it, like Airtel. [hyperlink to your story] <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AGR dues </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21,700 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vodafone-Idea </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹28,300 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Defunct telcos </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38,000 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,000 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,168 crore </td></tr></tbody></table> *As <a href="https://www.moneycontrol.com/news/business/companies/dot-asks-psus-like-gail-and-power-grid-to-pay-agr-dues-report-4674221.html">per estimates</a> A case of unintended consequences “This appears to be the plain reading of the verdict and some companies (telecom operators) have already moved a review petition. The judges may not have factored in the unintended consequences,” Rajan Mathews of an industry body COAI, told Business Insider. GAIL and Power Grid had IP licences ⁠— VSAT licence, ISP licence etc. ⁠— for internal purposes and may or may not have earned any revenue by holding the rights. These companies had licences to provide assets such as dark fibre, right of way, duct space, and towers. GAIL has a vast network of gas pipelines and it laid optic fibres to provide bandwidth to third parties like telecom service providers. The statutory dues, based on the SC verdict, will be based on the company’s gross revenue on spectrum usage. For example, companies which could be using spectrum will have to pay a percentage for non-telecom utilities -- and that would be a great deal for companies like GAIL and Power Grid. Here’s why the Narendra Modi government needs this money In a hypothetical situation, if all the amount is paid up, then the central government can erase half its fiscal deficit. Like many of its companies, Indian government too is a victim of high debt and many accounts payables. Tax revenue has been much less than what the government had expected as India’s economic growth fell to <a href="https://www.businessinsider.in/business/news/indias-q2-gdp-growth-dips-to-over-6-yr-low-of-4-5-manufacturing-farm-sectors-weigh/articleshow/72296098.cms">a six year low</a>. At least five states where the BJP is not ruling have accused them of <a href="https://economictimes.indiatimes.com/news/economy/finance/five-non-bjp-states-red-flag-gst-dues/articleshow/72152045.cms">unpaid GST </a>dues. Moreover, in a bid to get private enterprise excited, government cut corporate tax rates ⁠— digging itself into a wider and deeper fiscal deficit. The government’s attempt to extract its pound of flesh at a time when companies are struggling disappointing demand, and therefore earnings, may raise a few eyebrows. The fact that companies like GAIL ⁠— where the government owns around 55% stake ⁠— and Power Grid ⁠— where the government stake is 58% ⁠— are owned by the state leaves them with little capacity to protest this unexpected demand for statutory dues. Yet, if companies like GAIL and Power Grid are forced to cough up the money, part of the impact will fall on unsuspecting small investors. But a larger impact will still be on the government, which is the majority shareholder in these companies. In essence, transferring money from government entity to the exchequer will amount to accounting jugglery to dress up the state’s financial health. For example, in the last financial year, ONGC bought <a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/ongc-free-to-sell-stake-in-hpcl-dharmendra-pradhan/articleshow/71578843.cms">51% stake in </a>HPCL for ₹36,915 crore. Both companies were owned by the government. While it helped shore up the budget deficit on the books, one government arm paid for the other. This year, it seems, may be no different. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-face-more-financial-burden/articleshow/72513282.cms">Three reasons why the Indian telecom sector's troubles went from bad to worse in the last 24 hours</a> <a href="https://www.businessinsider.in/mukesh-ambanis-telecom-war-escalates-telecom-industry-debt-to-3-9-lakh-crore/articleshow/70906000.cms">Top three telecom companies’ debt is at ₹3.9 lakh crore — that’s half of India’s fiscal deficit</a> <a href="https://www.businessinsider.in/business/corporates/article/airtel-and-voda-idea-could-pay-up-dot-but-what-about-13-telcos-that-died/articleshow/71750379.cms">Airtel and Voda-Idea could pay DoT, but what about ₹38,000 crore from defunct telcos?</a>

India’s Supreme Court may have paved the way to erase half of the country’s budget deficit

<ul><li><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, <keyword id="6354287" type="UNKNOWN" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword> and Vodafone-Idea owe the government ₹3.2 crore for call drop between September 2019 to June 2019. </li><li>The Department of Telecommunication (DoT) is reportedly looking into additional AGR dues network operators may owe for companies that they acquired — like Videocon Telecommunications and Aircel. </li><li>Banks are also backing away from lending telecom players any additional funds to counter their debt. </li></ul>What started out as <a href="https://www.businessinsider.in/business/news/the-telecom-sectors-roller-coaster-over-the-past-four-years/articleshow/71755349.cms">Reliance Jio's tariff war against Airtel</a> and Vodafone-Idea has now turned into a full-blown crisis. The revision of adjusted gross revenue (<a href="https://www.businessinsider.in/business/news/agr-woes-vodafone-idea-airtel-suffer-quarterly-loss-totalling-rs-74000-cr/articleshow/72059951.cms">AGR</a>) in October already sent the <a href="https://www.businessinsider.in/business/news/supreme-courts-agr-ruling-will-lead-to-telecom-sectors-collapse-ficci-to-fm/articleshow/72295713.cms">sector reeling</a>. Now, an additional penalty of ₹3.2 crore is being levied against them for call drops between September 2019 to June 2019. What's more, the Department of Telecommunication (DoT) is looking into additional AGR dues that network operators they owe on behalf of the companies they acquired. Airtel, for instance, might have to pay its own AGR dues as well what is owed by Aircel and Videocon Telecommunication, both of which declared bankruptcy. Bharti Airtel Chairman, <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">Sunil Mittal</a>, has asked the government to lend a 'sympathetic' view in light of recent events. According to him, it's essential that at least three players remain in the segment. "It's a matter of survival," he said after a meeting with the Telecom Regulatory Authority of India (TRAI). Despite the industry's many appeals, no help seems to be on the horizon. Even banks don't want to lend network operators more money fearing that it will never be paid back. Call drop charges Sanjay Dhotre, the Minister of State for Communication, <a href="https://telecom.economictimes.indiatimes.com/news/telcos-penalised-rs-3-2-crore-for-call-drop-in-12-months-maximum-on-vodafone-idea/72492898">told</a> the Parliament that network operators in India owe the government ₹3.2 crore for call drops over a span of 12 months — more than half of which is from Vodafone-Idea amounting to ₹1.76 crore. Reliance Jio hit a big of good luck and was the lowest offender with fines of ₹6.5 lakh, while Bharti Airtel owes ₹43 lakh. Charges of ₹47.5 lakh were also imposed against government-owned Bharat Sanchar Nigam Limited (BSNL). AGR dues might blow up even further The telecom industry's AGR dues currently stand at ₹1.47 crore after the Supreme Court order widened the definition of AGR to include non-core items. But that number might set to increase if acquired companies are taken into account. "DoT is looking into the spectrum trading deal between Bharti Airtel and Videocon Telecommunications and dues that need to be paid," a government official told <a href="https://telecom.economictimes.indiatimes.com/news/airtels-agr-burden-likely-to-get-heavier/72500239">ET.</a> Videocon Telecommunications shut down in 2017 after which it was picked on the cheap by Airtel. According to estimates, it owes the government around ₹1,300 crore in licencing fees, SUC, interest and penalties. DoT is also looking into Airtel's acquisition of Aircel, which owes a massive ₹10,230 crore in dues. But the Mittal-owned enterprise might not have to pay for all of it since most of the debt comes from Aircel's 2G and 3G airwaves — and Airtel only picked up the 4G spectrum. The government though has said it can't provide AGR relief unless directed by the court And since Airtel has been using their spectrum for 2G and 3G services, it is liable to pay the impending AGR dues as well. Help doesn't seem to be on its way The rating company, ICRA, maintain a 'negative' outlook for the Indian telecom industry. According to it, the recent increase in tariffs won't be enough to offset the blow of AGR dues. Banks are also <a href="https://telecom.economictimes.indiatimes.com/news/banks-may-not-fund-more-debt-to-telcos-for-agr-dues/72500447">backing away</a> from extending any more loans to network operators to help them pay off their debt. There is no respite on the horizon either, the government has <a href="https://telecom.economictimes.indiatimes.com/news/no-waiver-or-lowering-of-interest-on-agr-dues-centre/72500499">ruled out</a> any possibility of lowering the fines which are owed — despite the 7% <a href="https://telecom.economictimes.indiatimes.com/news/no-waiver-or-lowering-of-interest-on-agr-dues-centre/72500499">drop in revenue</a> for operators over the past year. Reliance Jio, Airtel and Vodafone-Idea have till December 13 to clear any doubts — and have been <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/dont-delay-agr-dues-clear-doubts-by-december-13-government/articleshow/72449670.cms">warned</a> against any delay in the payment of dues. "Any issues should be pointed out in the comprehensive representation to be submitted, but in no case, the self-assessment and payment of dues are to be delayed," said the letter issued to telecom operators by the DoT. See also: <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">Mukesh Ambani's Reliance Jio has 'unlimited' access to finance, says Airtel top boss Sunil Mittal in his clarion call for government support</a> <a href="https://www.businessinsider.in/business/news/the-telecom-sectors-roller-coaster-over-the-past-four-years/articleshow/71755349.cms">The telecom sector's roller coaster over the past four years</a> <a href="https://www.businessinsider.in/business/corporates/article/airtel-and-voda-idea-could-pay-up-dot-but-what-about-13-telcos-that-died/articleshow/71750379.cms">Airtel and Voda-Idea could pay DoT, but what about ₹38,000 crore from defunct telcos?</a>

Three reasons why the Indian telecom sector's troubles went from bad to worse in the last 24 hours

Bharti <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> can now offer 4G across 22 circles as it bought Aircel's 4G airwaves. With this, Airtel ended the dream run of <keyword id="6354504" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio">Reliance Jio</keyword> Infocomm to be the first player to offer <keyword id="6493730" type="UNKNOWN" weightage="20" keywordseo="4G-services">4G services</keyword> pan India. 
 <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> is yet to make a commercial launch of 4G services and it is expected to happen by the end of this month. 
 
Now, with the acquisition of Aircel's 4G airwaves, Airtel's overall spectrum market share may go up to 21%, gong ahead of Reliance Jio Infocomm's 13%. 
 
Airtel will also be at an advantage from Vodafone India and Idea Cellular. 
 
"We believe Bharti has the cost-position, scale and cashflows to defend its revenue share and margins against the impact of Jio's launch," said Deutsche Bank in a note seen by ET. 
 
Morgan Stanley also believes Bharti's countrywide 2300 MHz airwave holdings will stand it in good stead. 
 
Brokerage BNP Paribas told ET Bharti has enough spectrum for coverage and capacity, and does not need to spend much in the next auction, once it concludes recent 4G spectrum acquisitions from Aircel and Videocon. 
 
(Image: Thinkstock)

Reliance Jio might be at a disadvantage over delayed launch as Airtel can now offer 4G across India

New Delhi, Aug 17 () With differences cropping up between two ministries, the Supreme Court on Monday asked Centre to clarify its stand on why Reliance Jio, which is earning revenue by sharing Reliance Communication's (RCom) spectrum be not asked to pay the Adjusted Gross Revenue (AGR) related dues to the government. The Centre told the top court there is a difference of opinion between two of its ministers (Department of Telecommunication and Ministry of Corporate Affairs) on the issue of sale of spectrum during insolvency proceedings. Solicitor General Tushar Mehta, appearing for Centre and DoT, said the government would support any view taken by the top court resulting in recovery of the AGR related dues. A bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah asked the Department of Telecom (DoT) to give year-wise dues of RCom by Tuesday saying that will be crucial for its verdict on the issue and posted the matter for further hearing for August 18. During the hearing, senior advocate Harish Salve, appearing for Jio said that the company was not involved in any proceedings under Insolvency and Bankruptcy Code (IBC) and was not acquiring RCom's spectrum. Mehta said that spectrum sharing is different from trading and the user must pay the AGR related dues. On the divergent view between the two ministries, Mehta said the DoT has constantly maintained a stand that spectrum cannot be sold during insolvency proceedings while the Ministry of Corporate Affairs (MCA) had sought to allow spectrum sale for maximization of value. The law officer pointed out that the spectrum is allowed to be used by the telecom companies under a contract but the ownership of it does not get transferred. He said that spectrum can never be subject matter of the IBC proceedings and it is a natural resource which is owned by the people and held by the government in trusteeship. "This has been the consistent position of the DoT and it has been upheld by the top court," he said, adding that in 2019, the government has issued show cause notice to RCom as to why the spectrum should not be revoked due to non-payment of dues. The bench said it wants to know, since when RCom has not paid its dues and DoT should also give the year-wise details of demand raised against the company. It also sought to know the details of the resolution plan approved by the committee of creditors for the RCom under the IBC. Senior advocate Shyam Divan, representing Resolution Professional for RCom, said the plan of UV Asset Reconstruction Company (UV ARC) has been approved and according to it RCom will be acquired, its enterprise business will be rebuilt and assets monetized. He said that after RCom sale to UV ARC, banks (financial creditors) will be issued zero coupon bonds worth Rs 15,140 crores rupees redeemable in three to five years. The bench referred to the earlier proposed deal of RJio and RCom (which did not materialize) and said RCom claimed its assets valued at Rs 35,000 crore. "How has the value depreciated so significantly? Where have the assets disappeared", the bench asked. Divan said that in 2018-19 Banks, RCom wanted to sell its company to evade the insolvency proceedings but the deal did not materialise and the IBC became the preferred route. He said that Spectrum is an asset in the hands of the company and its license can be a subject matter of IBC proceedings and it can be bought and sold. He said that RCom's license cannot be terminated during bankruptcy proceedings. The hearing remained inconclusive and the bench said that it would hear other parties on August 18. At the fag end of hearing, Salve told the bench that he will address the court on legal issues of whether the spectrum can be sold under the bankruptcy process. On August 14, the top court had sought the details of spectrum sharing pact between RCom and RJio and said as to why the company using the spectrum of the other firm cannot be asked to pay the AGR related dues to the government. The top court had asked the counsels for Reliance Jio and RCom to place their spectrum sharing agreements on record. It had asked other telecom companies under insolvency, including Aircel Limited, Aircel Cellular Limited and Dishnet Wireless Limited and Videocon Telecommunications Ltd. to specify who is using the spectrum and place the details of arrangement and necessary documents on record. On Aug 10, the top court had asked the DoT to apprise it as to how it plans to recover the AGR related dues from telecom companies facing insolvency proceedings and whether spectrum given to these companies can be sold. Earlier, the top court had made it clear it will not hear "even for a second" the arguments on reassessment or re-calculation of the AGR related dues of telecom companies which run into about Rs 1.6 lakh crore. The top court had asked the telecom companies including Bharti Airtel, Vodafone to file their books of accounts for the last ten year and give a reasonable time frame for paying the AGR dues. The apex court had in October 2019 delivered the verdict on the AGR issue for calculating government dues of telecom companies such as licence fee and spectrum usage charges. After the top court had rejected pleas by Vodafone Idea, Bharti Airtel and Tata Teleservices seeking review of the judgement which widened the definition of AGR by including non-telecom revenues, the DoT had in March moved a plea seeking staggered payment over 20 years. MNL PKS ABA SJK MNL RKS RKS

You Searched For "airtel videocon spectrum" and got 13 results

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RIL, Airtel and futures expiry will put pressure on Nifty this week

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India’s Supreme Court may have paved the way to erase half of the country’s budget deficit

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SC asks Centre to clarify stand on why Reliance Jio be not asked to pay AGR related dues

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