Inability To Pay Affidavit: Fill & Download for Free

The Supreme Court hearing on Thursday regarding the Vodafone Idea adjusted gross revenue (AGR) case has led to a lot of volatility in the Vodafone Idea stock price. The court adjourned the hearing till June 18. After the hearing, the share price of the telecom major fell 11%, hitting the lower circuit. However, later in the day, the stock closed 13% lower at Rs 9.39 on the Bombay Stock Exchange.Ahead of the hearing, at 12.25 pm on Thursday, Vodafone Idea was trading at Rs. 9.74 on the Bombay Stock Exchange. The price was 10% lower from its previous close. At the same time, the benchmark Sensex was down 0.85% at 33956.67. After the hearing, the stock hit further.According to the Department of Telecommunications estimate, the company owns over Rs. 58,254 crores. Out of this amount, the company has paid Rs. 6,354 crores. As per the DoT, the company still owes a whopping Rs. 53,000 crore which includes interests and penalties for non-payment of the statutory dues. However, the company claims the dues to be Rs. 21,500 crore. The Supreme Court had earlier criticised the self-assessment of AGR dues by the company, therefore it is likely that the final verdict will be in favour of the DoT’s figure.The court asked the company to file the affidavits in 5 days as to how they are proposing to clear the above dues. Vodafone Idea pleaded before the court that the amount is huge and currently they are not in the position to file the affidavits in the time mentioned. The company further mentioned that they do not have enough funds to even pay the salaries of their employees or meet other expenses and therefore need more time.Now the further course of action will depend on whether the apex court permits Vodafone Idea staggered payments i.e. payment in instalments over the next 20 years or more. According to the Supreme Court, the staggered payments over 20 years cannot be done without any security. To this, the company expressed its inability to provide the bank guarantee for the same.Because of the above case, the Vodafone Idea stock plunged 13% on Thursday after AGR hearing.

The last time that happened to me, I signed an affidavit that I’d pay and then either I sent the fee in the mail or waited for a bill with a payment slip generated by CALTRANS and sent that in with a check for toll amount. That was the procedure if it’s the first time your license plate is associated with inability to pay but I’ve heard that there’s now a fine to pay on top of the toll fee even for first-timers. They want to keep traffic moving so nobody tries to prevent you from driving over the bridge.

Failure will never overtake me if my determination to succeed is strong enough.{Amitab Bachchan, known as Big B needs no introduction, his charisma is unrivaled. He first gained popularity in the early 1970s as the Angry young man of Hindi cinema or Bollywood, and has since become one of the most prominent figures in the history of Indian cinema. He is the most-nominated performer in any major acting category at Film fare, with 36 nominations overall. In addition to acting, Bachchan has worked as a playback singer, film producer and television presenter, and was an elected member of the Indian Parliament from 1984 to 1987. In 1999, in a BBC Online Poll, Amitabh Bachchan was named the Superstar of the Millennium. In June, 2000 he became the first living Asian to have a wax statue erected in his honor at Madame Tussaud’s. like all others he also taken some bad decisions, worst of it’s being starting ABCL . What is ABCL?In 1995 Amitabh started Amitabh Bachchan Corporation Ltd(ABCL) that specialized in film production and event management. It was a pioneering attempt to evolve a corporatized entertainment company on the lines of the Hollywood studios. The company burst into the limelight in 1996 when it brought to India the Miss World Pageant.But in its tearing hurry to grow and expand, it seemed to have spread itself too thin without proper planning and management control.ABCL – what did it do? What was it all about? Anything and everything to do with the entertainment business – for eg:- Make films, once you make films you distribute them, you sell the music of the film, you manage the actor who act in the films, and you have an event management group that could leverage on the actor’s brand equity as well. Then in related areas you get into television production, as also in the lucrative area of selling commercial time on television.In keeping with the vision the group moved fast, recruited 150 people, launched 15 films with cost per film ranging from Rs 3 to 8 crores, got distribution rights for Bombay and Bandit Queen – both of which were successful at the box office – got into music with Aby Baby, Diljale, Rakshak, Tere Mere Sapne etc, and of course on the event side the Miss World Pageant and the BPL Dandia.Miss World PagentMiss World 1996, the 46th Miss World pageant took place on November 23, 1996 in the city of Bangalore, India. 88 contestants from all over the world took part in the prestigious pageant. By the end of the night,Irene Skilva of Greece took home the title.ABCL’s attempts at event management threw up more fits than profits. The Miss World contest, its first such attempt, was riddled with controversies, beginning with protests from women’s groups and ending with the Spastics Society publicly denouncing the company’s inability to pay up its promised charity until recently. The Miss World international organization expected a fee of $2 million from the local event manager. Along with other costs, ABCL would have run up a bill of an estimated $5 million (Rs 17.5 crore). Even a modest estimate puts ABCL’s loss at about Rs 4 crore.The first year the company did achieve its target turnover of Rs 65 crore and made a profit of 15 crores. But that growth was not substantiated in the second year.Trouble started between Bachchan and their professional managers when Amitabh agreed to do stage shows in North America. The professional managers became upset that the booking were not done through ABCL. The impasse finally resulted in change of top team. Out CEO Sanjiv Gupta In Gautam Berry. But the conditions did not improve. Its productions like Mrityudaatha all failed dismally .In 1999 ABCL was facing an unprecedented liquidity crunch. Substantial funds were blocked in production and distribution of films; staff salaries were not being paid on time; and public confidence has nosedived.In March 1999, hounded by creditors led by India’s public broadcaster Doordarshan and Canara Bank, ABCL approached the Board of Industrial and Financial Reconstruction to seek protection under the bankruptcy laws.The Bombay high court restrained Bachchan from selling off his Mumbai bungalow ‘Prateeksha‘ and two flats till the pending loan recovery cases of Canara Bank were dealt with.Bachchan, however, pleaded that he had mortgaged his bungalow to Sahara India Finance for raising funds for his company. The Indian Board for Industrial and Financial Reconstruction declared Amitabh Bachchan Corporation Limited a ‘sick’ company with a debt of US$14m. Bachchan explained: “Our friends advised us to close this losing venture and move on but we decided to clear all our debts despite huge losses and re-start the production of films“.“It is only my conscience that kept me going,” the legendary actor said. “Many businessmen and financial advisers told me that I should give up ABCL and start a new life. But somewhere I felt that I owe people money. People had put faith in ABCL because of my name. Therefore, I could not let it go easily.”“There was a sword hanging on my head all the time. I spent many sleepless nights. One day, I got up early in the morning and went directly to Yash Chopraji and told him that I was bankrupt. I had no films. My house and a small property in New Delhi were attached. Yashji listened coolly and then offered me a role in his film Mohabattein,”“I then started doing commercials, television and films. And I am happy to say today that I have repaid my entire debt of Rs 90 crore and am starting afresh,” Bachchan said.ABCL was down and out, but AB the star wasn’t. Big B was back with a bang by 2000, this time on the small screen with Kaun Banega Crorepati—a series that revived his fortunes along with those of the STAR Plus. This was at a time when most movie stars saw television as a step back in their career but Bachchan changed that perception. Estimates reveal that Bachchan earned Rs 15 crore for 85 episodes of the show. The rush of endorsements that came his way, like the ICICI Bank endorsement deal for Rs 10 crore, helped Big B pay back creditors and clean up ABCL’s balance sheet. Helping him in his hour of need were Subrata Roy of the Sahara group and Samajwadi Party general-secretary Amar Singh. At sixty plus, Amitabh Bachchan became a greater icon.In March 2012, according to the affidavit filed by Jaya Bachchan as Samjwadi Party candidate for Rajya Sabha, She alone has movable and immovable assets of nearly 100 crore and with Amitabh Bachchan around 500 crore. }source:- Amitabh Bachchan - from bankruptcy to crorepati