Vodafone said- 15 years’ earnings are over, Supreme Court said – now will send to jail
Vodafone AGR Crisis: When Vodafone expressed its inability to pay the AGR dues, the Supreme Court directly said that now sending it to jail will not stop. The company said that its 15-year revenue has ended in repaying debt, taxes, and arrears.
While hearing the case of Adjusted Gross Revenue (AGR), the Supreme Court said to Vodafone Idea lawyer Mukul Rohatgi – how can we trust you if you have been incurring losses for decades? How do you pay AGR dues? Justice Arun Mishra said that if you do not follow our order then we will take strict action. From now on, we will send him directly to jail.
On this, Rohatgi told the court that the entire net worth of the company has been depleted in the last 15 years. He said, ‘We have submitted financial documents, such as income tax returns. In the last 15 years, the entire net worth of the company was gone. Rohatgi told the Supreme Court, ‘The entire revenue is over in repaying debt, tax, and arrears. The promoters who bought shares worth more than Rs 1 lakh crore were also liquidated.
The company immediately expressed its inability to pay the dues, saying that what it earned in the last 15 years had been lost to operating the telecom infrastructure. Rohatgi told the court that in the last 10 years, the revenue of Rs 6.27 lakh crore were received, out of which Rs 4.95 lakh crore was spent on operational costs. He said that loans have already been taken from banks on his assets, so now he will not be given any loan.
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