AGR hit: Vodafone Idea Q2 loss at Rs 50,921 crore
New Delhi, Nov 14: Hit hard by the unpaid statutory dues, telecom operator Vodafone Idea on Thursday posted a colossal Rs 50,921 crore loss for the second quarter ended September 30, and said it is in the process of filing a review petition on the adjusted gross revenue matter.
This is the highest ever quarterly loss posted by any Indian company in recent memory.
Vodafone Idea said its ability to continue as going concern is dependent on obtaining relief from the government and positive outcome of the proposed legal remedy.
The SC order on Adjusted Gross Revenue (AGR) matter "has significant financial implications for the industry", VIL said in a statement.
Its total loss stood at Rs 50,921 crore in September quarter, against Rs 4,874 crore loss in the year-ago period. Its revenue rose 42 per cent to Rs 11,146.4 crore during the second quarter this year.
The company has estimated liability of Rs 44,150 crore post the apex court order, and made provision of Rs 25,680 crore in the second quarter this fiscal.
Airtel, Vodafone Idea and other telecom operators have to pay the government a whopping Rs 1.4 lakh crore following the recent Supreme Court order that has sent shock waves through the industry which is already grappling with losses and billions of dollars in debt.
The Supreme Court, last month, upheld government's position on including revenue from non-telecommunication businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer.
As per latest estimates by the telecom department, Bharti Airtel faces a liability of around Rs 62,187 crore (including share of Tata Group of companies and Telenor India), while Vodafone Idea may have to pay about Rs 54,184 crore. The remaining liability is with state-owned BSNL/MTNL and some of the shut/bankrupt telecom companies.
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Delhi HC seeks Centre's stand on 'disappearance' of 70,000-kg heroin from seizure records
New Delhi, May 2: The Delhi High Court has sought the Centre's stand on a plea alleging disappearance of 70,772.48 kg of heroin from seizure records between 2018 and 2020.
Justice Subramonium Prasad issued a notice on a petition filed by B R Aravindakshan and asked the Centre to file its response within four weeks.
The petitioner, a journalist, has claimed that there is a huge discrepancy between the National Crime Records Bureau (NCRB) report and the data released by the Ministry of Home Affairs (MHA) regarding seizure of drugs in the country from 2018 to 2020.
"He (petitioner) states that cumulatively, 70,772.48 kg of heroin has
disappeared from seizure records between 2018 and 2020. Issue notice. Let replies be filed within four weeks," the court said in its order passed on Wednesday.
The petitioner has said "the alarming disappearance" of more than 70,000 kg of heroin, valued at approximately Rs 5 lakh crore in the international market, raises concerns of national security, social stability and economic repercussions.
The plea says the magnitude of the "discrepancy" is so large that if not sorted promptly, it may result in chaos in the society, but no action has been taken on the issue.
"On 12.09.2022, the petitioner filed a complaint before the MHA representing the data relating to the mismatch of data provided by NCRB and the data provided by Hon'ble Nityanand Rai, Minister of State, Ministry of Home Affairs, concerning seizure of heroin during the year 2018 and 2020.
"The petitioner insisted that 70,772.54 kg heroin worth Rs 5 lakh crore seized in India has been missing, thus insisting the ministry that an immediate investigation should be ordered for the safety and welfare of the country," the petition says.
The petitioner has sought several directions with respect to the alleged mismatch, including a direction to the MHA to order an investigation in a stipulated time period.
The matter would be heard next on September 9.
