Troubled Vodafone Idea Ltd (VIL) has filed a overview petition within the Supreme Court after the apex court docket not too long ago dismissed its plea for rectification of the alleged errors within the calculation of adjusted gross revenues-related dues.
In the petition, filed earlier this week, VIL has mentioned it’s ‘a travesty of justice’ that the corporate is restrained from questioning the arithmetical errors/ omission that are going to price it about Rs 25,000 crore (Rs 5,932 crore of principal plus curiosity, penalty and curiosity on penalty).
VIL has mentioned its contentions have been rejected by the order underneath overview and added that this denial may end result within the firm going underneath and its about 27.3 crore subscribers being left ‘excessive and dry’.
Other fallouts embody lack of funding within the enterprise and an impression on livelihoods of staff, in addition to distributors, retailers, and retailer workers.
A mail despatched to the corporate searching for feedback on the overview petition didn’t elicit a response.
Further, VIL has mentioned it isn’t questioning the ideas as laid down by the court docket for dedication of AGR (Adjusted Gross Revenues), and emphasised that it’s dedicated to make full funds of dues in installments as directed by the court docket.
VIL has additionally mentioned the impression that firm is searching for to wriggle out of the orders on account of recalculation is totally ‘misplaced’.
‘It is inconceivable that even errors/ inadvertent additions by the respondent-DoT to the AGR dues haven’t been allowed to be corrected,’ the petition mentioned.
The restricted goal of the applying was to make sure that the proper and correct quantity due and payable, is paid to the respondent (DoT), VIL has contended.
‘It is neither the intention of the respondent nor have been the instructions of this… court docket supposed to unjustly profit the respondent by receiving extra cost in respect of funds already made on account of double counting of income, and non allowance of deductions which were permitted by the… court docket’s judgement,’ it mentioned.
As the demand covers a interval of greater than a decade, in respect of licences granted by DoT and includes a number of 1000’s of transactions and funds ‘all that’s required to be completed is a reconciliation, with a view to be sure that there isn’t any duplicate cost, no double counting of income and/or due permissible deductions are allowed’.
VIL has mentioned it’s merely searching for to level out clerical or arithmetical errors to DoT, and sought to make clear that it isn’t initiating any spherical of litigation to dispute the dues.
‘The subsequent installment is due solely by March 31, 2022. There is ample time inside which train might be carried out with out inflicting prejudice to any celebration,’ the petition mentioned.
It has additionally flagged instances the place funds have been made by demand draft/ challan which haven’t been accounted for by DoT.
‘Justice requires that directing the petitioner to make the funds twice over would quantity to creating a levy with out authority of legislation,’ VIL has mentioned.
Further, the corporate has mentioned that it’s ‘already struggling to outlive and stay a 3rd non-public wi-fi telecom operator within the nation.’ The petition has talked about about excellent utilised services of Rs 47,000 crore from banks, NBFCs and mutual funds (together with about Rs 25,000 crore from public sector banks) over and above the quantities on account of DoT in direction of public sale quantity of spectrum and licence charge and spectrum utilization expenses.
‘It is imminent for the petitioner to outlive to safe the curiosity of all these stakeholders,’ the petition mentioned.
Last month, the apex court docket dismissed the functions filed by telecom majors, together with VIL and Bharti Airtel, searching for rectification of the alleged errors within the calculation of AGR-related dues payable by them.
VIL had an AGR legal responsibility of Rs 58,254 crore, of which it has paid Rs 7,854.3 crore and Rs 50,399.6 crore is excellent.
The firm’s gross debt, excluding lease liabilities, stood at Rs 1,80,310 crore as of March 31, 2021. The quantity consists of deferred spectrum cost obligations of Rs 96,270 crore and a debt of Rs 23,080 crore from banks and monetary establishments.