Mukul Rohatgi, a senior advocate of Vodafone-Idea in the case of Adjusted Gross Revenue (AGR) payments to the government, today told the Supreme Court that the company has lost its entire net worth (Vodafone Networth) in the last 15 years. During the hearing, in front of the bench of the Supreme Court, Rohatgi said that we have submitted the other tax documents including the Income Tax Return to the court. In the last 15 years, the total net worth of the company has almost completely gone.
Vodafone-Idea said that she had lost whatever she had earned in these years. This expenditure has been incurred in running the Telecom Infrastructure smoothly and now it is not in a condition to pay the arrears. The company said that in the last decade it has received Rs 6.27 lakh crore as revenue, out of which Rs 4.95 lakh crore has been spent on the operation itself. The telecom company said that its real assets are secured with banks and now no lender will pursue the loan.
Rohatgi said, ‘All revenue has been spent on liability, tax and other dues. Equities worth about Rs 1 lakh crore have also been destroyed by the promoters.
58 thousand crores outstanding on Vodafone
According to the Department of Telecommunications in the AGR arrears case, Bharti Airtel owes about Rs 43,000 crore. So far, this company has paid about Rs 18,000 crore. On the other hand, Vodafone-Idea has paid Rs 1,000 crore only on Saturday. Earlier, the company had paid Rs 6,845 crore in three times. In this way, Vodafone Idea has paid a total of about Rs 7,845 crore till now. This telecom company owes a total of Rs 58,000 crore.
Total 1.19 lakh crores owed to all telecom companies
According to the Department of Telecom, Tata Teleservices owes Rs 16,789 crore. Out of this outstanding amount, the company has so far paid Rs 4,197 crore. The department estimates that the telecom companies owe a total of Rs 1.19 lakh crore, out of which it has received about Rs 26,896 crore so far. These companies still have to pay arrears of Rs 92,520 crore.