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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

New Delhi, Nov 15 () Debt-ridden Reliance Communications on Friday posted a consolidated loss of Rs 30,142 crore for July September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
The company, which is going through insolvency process, had made a profit of Rs 1,141 crore in the corresponding three months a year ago. 
During July-September 2019, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court order on calculation of annual adjusted gross revenue (AGR) of telecom companies. 
The apex court last month upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer.
Total liability on telecom operators after the SC ruling is estimated to be around Rs 1.6 lakh crore, of which Rs 1.33 lakh crore due has to be paid by the companies that are operational. 
RCom's total liability includes Rs 23,327 crore licence fee and Rs 4.987 crore spectrum usage charges.
RCom and its subsidiaries did not provide interest of Rs 1,210 crore and foreign exchange variation of Rs 458 crore. 
"Had the company provided interest and foreign exchange variation, the loss would have been higher by Rs 1,668 crore...for the quarter," RCom said.
Revenue from operations of RCom dipped to Rs 302 crore during the reported quarter from Rs 977 crore it recorded in the corresponding period of 2018-19. 
RCom shares closed at Rs 0.59 apiece, down by 3.28 per cent compared to previous close, at BSE. PRS
MKJ

RCom posts Rs 30,142 cr loss in Jul-Sept quarter

New Delhi, Nov 19 () Reliance Communications' Committee of Creditors (CoC) will hold a meeting on November 20, the company said in a regulatory filing on Tuesday.
Last week, Reliance Communications Chairman Anil Ambani along with four directors had resigned from the company, that is going through insolvency process.
The company posted a consolidated loss of Rs 30,142 crore for September 2019 quarter due to provisioning for liabilities after the Supreme Court ruling on statutory dues. This had marked the second highest loss posted by any Indian corporate till date, after VIL's Rs 50,921 crore losses.
"... we wish to inform you that the 11th meeting of Committee of Creditors of Reliance Communications Limited is scheduled to be convened on Wednesday, November 20, 2019," RCom said in a BSE filing.
During July-September 2019, RCom set aside Rs 28,314 crore on account of provisioning following the Supreme Court order on calculation of annual adjusted gross revenue (AGR) of telecom companies.
The apex court, last month, upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer.
RCom's total liability includes Rs 23,327 crore licence fee and Rs 4,987 crore spectrum usage charges.
The company is going through insolvency proceedings following an application filed by Swedish telecom gear maker Ericsson. The National Company Law Tribunal has handed over control of the company to an insolvency resolution professional.
Sources estimate that RCom Group's total secured debt is around Rs 33,000 crore. Lenders have submitted claim of around Rs 49,000 crore in August.
RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore. MBI MBI BAL
BAL

RCom's committee of creditors to meet on Nov 20

New Delhi, Nov 16 () Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, according to a regulatory filing.
 The chief financial officer of the debt-ridden company Manikantan V has also resigned, the filing said.
 "Shri Anil D Ambani, Smt. Chhaya Virani, Smt. Manjari Kacker have tendered their resignation as Director of Company on November 15th, 2019," the filing said.
 Ryna Karani and Suresh Rangachar tendered their resignations on November 14 and November 13, 2019 respectively.
 The development comes a day after RCom posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
 This was the second highest loss posted by any Indian corporate till date.
 Ambani was once in the world's top 10 rich persons list but now the company is struggling to even sell assets for the recovery of dues.
 The company, which is going through insolvency process, had made a profit of Rs 1,141 crore in the corresponding three months a year ago.
 During July-September 2019, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court order on calculation of annual adjusted gross revenue (AGR) of telecom companies.
 The apex court last month upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer.
 RCom's total liability includes Rs 23,327 crore licence fee and Rs 4,987 crore spectrum usage charges.
 "The resignation of Shri Manikantan V and appointment of Shri D. Vishwanath as Executive Director and Chief Financial Officer has been put up to the COC for their approval. Upon approval by the Committee of Creditors, further disclosures will be made to stock exchanges," the filing said.
 Ambani got the charge of RCom after property division between him and his elder brother Mukesh Ambani in 2005.
 The company is undergoing through insolvency proceedings following an application filed by Swedish telecom gear maker Ericsson.
 The National Company Law Tribunal has handed over control of the company to an insolvency resolution professional.
 Sources estimate that RCom Group's total secured debt is around Rs 33,000 crore. Lenders have submitted claim of around Rs 49,000 crore in August.
 RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore.
 The Committee of Creditors looking after asset sale of RCom will open bids received for the assets on November 24. PRS MBI MR

RCom chairman Anil Ambani, 4 other directors resign

New Delhi, Nov 24 () Reliance Communications on Sunday said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors, and asked them to cooperate in the ongoing corporate insolvency resolution process.
 Ambani along with four directors -- Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar -- had resigned from the company earlier this month.
 In a BSE filing, RCom said its Committee of Creditors (CoC) had met on November 20.
 "...(the committee had) expressed a unanimous view that the resignations cannot be accepted," it noted.
 The filing further said: "...it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to perform their duties and responsibilities as the directors of RCOM and provide all cooperation to Resolution Professional in the corporate insolvency resolution process".
 RCom had posted a consolidated loss of Rs 30,142 crore for September 2019 quarter due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
 This had marked the second highest loss posted by any Indian corporate till date, after Vodafone Idea Ltd's Rs 50,921 crore losses.
 During July-September 2019, RCom set aside Rs 28,314 crore on account of provisioning following the Supreme Court order on calculation of annual adjusted gross revenue (AGR) of telecom companies. SR MBI ABM

RCom lenders reject resignation of Anil Ambani, 4 other directors

New Delhi, Nov 18 () Shares of debt-ridden Reliance Communications (RCom) on Monday tumbled over 8 per cent after the company posted a consolidated loss of Rs 30,142 crore for September quarter 2019.
The company's scrip dropped 3.39 per cent to close at Rs 0.57 -- its record low -- on the BSE. 
At the NSE, it tanked 8.33 per cent to close at Rs 0.55.
RCom on Friday posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
The company, which is going through insolvency process, had made a profit of Rs 1,141 crore in the corresponding three months a year ago. 
The apex court last month upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual adjusted gross revenue (AGR), a share of which has to be paid as licence and spectrum fee to the exchequer.
RCom Chairman Anil Ambani along with four directors has resigned from the company, which is going through insolvency process, according to a regulatory filing.
Chief financial officer Manikantan V has also resigned, the filing said.
 "Anil D Ambani, Chhaya Virani, Manjari Kacker have tendered their resignation as Director of Company on November 15th, 2019," the filing said. SUM 
 ANU

RCom stock tanks over 8 pc on Q2 loss

<ul><li>Sensex gained 0.59% to 38,273.73 points during the initial trade.</li><li> The Nifty50 rose 0.59% to 11,314.00. </li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Despite the mixed cues from global markets, Indian stock market opened on a positive note on Tuesday with the BSE Sensex gaining 0.59% to 38,273.73 points during the initial trade. The Nifty rose 0.59% to 11,314.00. On the Nifty50 chart, Grasim, ONGC, Eicher, Titan and UPL Limited were among the top gainers - rising as much as 5%, whereas, Indusind Bank, Tech M, JSW Steel were among the top losers. These are the top stocks that are buzzing on D-street today. Tata Motors gained nearly 2% during the morning trade <div type="image" title="Tata Motors August 18" msid="77605551" hostid="261"></div> Tata Motors gained nearly 2% during the morning trade after the company refuted claims of stake sales in its premium car segment JLR. The company said there is adequate liquidity with the company to manage its operations and capital expenditure. Yes Bank gained 3% during the early trade hours <div type="image" title="yes Bank August 18" msid="77605556" hostid="261"></div> Yes Bank shares gained 3% during the early trade hours after the bank in a notice to shareholders for the AGM said that it is looking at trebling up stock options to be granted to senior executives to 22.5 crore, which can be seen as a move to retain talent. SBI Cards up over 2% <div type="image" title="SBI cards August 18" msid="77605595" hostid="261"></div> The share price of SBI Cards was trading up over 2% after the company said it raised ₹500 crore via 5.75% 2023 bonds. Bandhan Bank gains nearly 2% <div type="image" title="Bandhan Bank August 18" msid="77605647" hostid="261"></div> Bandhan Bank shares gained nearly 2% after the Reserve Bank of India (RBI) lifted the restriction regarding the remuneration of Bandhan Bank’s MD and CEO after the promoter shareholding was brought down to 40% in line with the central bank’s norms. In September 2018, the RBI, among other restrictions, said that the remuneration of the MD and CEO of Bandhan Bank stands frozen at the existing level in view of non-compliance with RBI’s licensing norms for new private sector banks. Britannia gains nearly 2% during early hours of trading <div type="image" title="Britannia shares August 18" msid="77605697" hostid="261"></div> FMCG major Britannia gained nearly 2% during early hours of trading after the company said its board has declared an interim dividend of ₹83 per share for the current fiscal and approved issue of bonus debentures. Reliance Industries trades 2% higher <div type="image" title="RIL August 18" msid="77605757" hostid="261"></div> Reliance Industries shares were trading 2% higher after the Supreme Court 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 AGR related dues to the government. The Supreme Court will continue hearings in the AGR case today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-today-ril-sbi-cards-hal-manappuram-airtel-bandhan-bank-britannia/slidelist/77603872.cms" data-type="tilCustomLink"> Top stocks to watch today— RIL, SBI Cards, HAL, Manappuram, Airtel, Bandhan Bank and more</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-byjus-investor-lightspeed-india-closes-its-third-fund-with-275-million/articleshow/77603896.cms" data-type="tilCustomLink">OYO, Byju's investor Lightspeed India closes its third fund with $275 million</a>

Top stock movers on Dalal Street today — Tata Motors, SBI Card, Bandhan Bank, RIL, Britannia

New Delhi, Feb 14 () As the sword of Damocles hangs over Vodafone Idea, uncertainty continues to mire the Indian telecom sector which has seen fall of several telcos such as Etisalat DB, Reliance Communications, Sistema Shyam and Aircel. The Supreme Court on October 24, 2019, ruled that statutory dues need to be calculated by including non-telecom revenues in AGR of telcos, leading to huge liabilities of Rs 1.47 lakh crore for telcos already hit by falling revenues due to fierce competition. After facing the ire of the Supreme Court, the Department of Telecommunications asked telecom licence holders to clear entire AGR dues totalling Rs 1.47 lakh crore by the end of Friday. Vodafone Idea Ltd (VIL), whose liability is estimated to be around Rs 53,038 crore including Rs 24,729 crore of spectrum dues and Rs 28,309 crore in licence fee, has already warned of shutdown if no relief is given. In this matter, Bharti Airtel's liabilities as per last available estimates added up to nearly Rs 35,586 crore, including licence fee and spectrum usage charge dues, Tata Teleservices around Rs 10,000 crore, Telenor (which sold spectrum to Airtel) Rs 1,950 crore. BofA Securities, in a note on Friday, noted "overhang on VIL" and questioned if India is inching towards a two-player market. "Every incremental decision pushes India to a two-telco market," it added. Market watchers, meanwhile, said in the event of any further consolidation in the market, the tariffs could well rise by 10-25 per cent. Vodafone Idea Chairman Kumar Mangalam Birla has said it will shut down business if the company has to pay the entire adjusted gross revenue amount and the government does not come to its rescue. Vodafone Group has said it will not pump in any fresh capital into Vodafone Idea. If the Aditya Birla group subsidiary shuts shop, Vodafone India will be the second-large company after Jet Airways to go belly up under the Prime Minister Narendra Modi government. Vodafone Idea's gross debt, excluding lease liabilities, was Rs 1,15,850 crore as on December 31, 2019, including deferred spectrum payment obligations due to the government of Rs 88,530 crore. There were 13 telecom operators in the market when the Modi-led NDA government came to power in May 2014 but the companies started folding up due to market conditions and rising regulatory costs. Vodafone Group CEO Nick Read last year alleged that British telecom major Vodafone on Monday alleged that regulatory outcomes in India over the past two years have been against every telecom operator, except Reliance Jio. Vodafone Idea has claimed to have invested over 3.1 lakh crore in India which includes 1.39 lakh crore for spectrum payment. The uncertainty around Vodafone Idea has also put risk over jobs of 11,700 direct employees and around 1 lakh indirect jobs. According to Reliance Communications Chairman Anil Ambani, there have been around 20 lakh job losses in the telecom sector. His firm amalgamated mobile business of Russian Conglomerate Sistema-owned SSTL to mitigate the debt burden due to lower margin in the capital-intensive telecom vertical. Later, RCom failed to merge business with Aircel and now both the companies are going through an insolvency process. According to official data, the telecom sector's gross revenue fell about Rs 41,000 crore in three years on account of a dip in mobile services rates between 2016-17 and 2018-19 and the adjusted gross revenue on which the government earns revenue, also declined by around Rs 46,000 crore. PRS ANZ MR

Vodafone Idea faces uncertain future over AGR woes

New Delhi, Feb 15 () SBI Chairman Rajnish Kumar on Saturday said banks will "have to pay the price" in case any telecom firm files for bankruptcy, a day after the Supreme Court made it clear that telecom companies will have to pay the Rs 1.47 lakh crore in past dues. The chief of the country's largest lender State Bank of India (SBI) said it is in the "wait-and-watch mode" and the onus of ensuring telecom companies' compliance with the Supreme Court order lies with the Department of Telecommunications (DoT) under the government. "If there is a negative impact on any enterprise, it impacts a larger ecosystem, whether it is banks, whether it is employees, whether they are vendors, consumers, so everybody gets impacted. So, that impact, when it comes, we will have to pay the price," Kumar said, when asked about the impact on banks if telcos move towards bankruptcy. He was speaking to reporters on the sidelines of the unveiling of artworks namely 'Manasvi' and 'Tapasvi' at the Local Head Office (LHO) here. Around 400 computers, more than 2,000 microchips, over 400 keyboards and above 200 discarded credit cards were used to create the two artworks. He added that the closure of any corporate impacts the country's economy and, therefore, the endeavour is to prevent the shutting down of any enterprise. Asked if any telco account is currently classified as non-performing asset (NPA), he said there are two accounts, Aircel and RCom, that went into bankruptcy. Besides, he said that SBI will not pass on the burden of the hike in premium of deposit insurance to its customers. "We never recovered the premium from customers, we will not do it now either. As far as the impact of the rise from 10 paise to 12 paise is concerned, earlier if we were paying Rs 3,000 crore now we will pay Rs 3,600 crore premium," he said. Following the failure of a number of cooperative banks, with Mumbai-based PMC Bank being the latest and the largest last year, the government hiked the deposit insurance coverage to Rs 5 lakh from Rs 1 lakh in the Union Budget 2020-21. "The premium is something which, we consider, will increase from 10 paise to 12 paisa per Rs 100 for the time being. So, the impact on banks' balance sheets is not likely to be much," RBI Deputy Governor B P Kanungo said recently. RBI Governor Shaktikanta Das on Saturday said the central bank will have internal discussions in case there are any issues arising out of the Supreme Court order regarding adjusted gross revenue (AGR) dues to be paid by telecom companies. On Friday, the Supreme Court threatened contempt proceedings against top executives of Bharti Airtel, Vodafone Idea and other telecom firms for failing to comply with its directive to pay an estimated Rs 1.47 lakh crore in past dues. However, Das did not offer any specific comments about the order, which might have ramifications on banks in terms of their exposure to the financially-stressed telecom companies. The payments to be made by the companies include Rs 53,000 crore by Vodafone Idea, Rs 35,500 crore by Bharti Airtel and Rs 14,000 crore by the now-defunct Tata Teleservices. RSN HRS

You Searched For "rcom agr" and got 9 results

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

IANS

RCom posts Rs 30,142 cr loss in Jul-Sept quarter

PTI

RCom's committee of creditors to meet on Nov 20

PTI

RCom chairman Anil Ambani, 4 other directors resign

PTI

RCom lenders reject resignation of Anil Ambani, 4 other directors

PTI

RCom stock tanks over 8 pc on Q2 loss

PTI

Top stock movers on Dalal Street today — Tata Motors, SBI Card, Bandhan Bank, RIL, Britannia

Navdeep Yadav

Vodafone Idea faces uncertain future over AGR woes

PTI

Banks will have to pay price if any telco files for bankruptcy: SBI Chairman

PTI

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