SC asks DoT to give NoC to RCom on Rs 1,400 cr corporate guarantee
- Country:
- India
The Supreme Court Friday asked the Department of Telecom to give a no-objection certificate (NoC) to Reliance Communications to sell its spectrum to Reliance Jio, provided a corporate guarantee of Rs 1,400 crore is furnished by its group firm in favour of government by December 2.
A bench headed by Justice R F Nariman said the NoC would be given to Reliance Communications Ltd (RCom), a Anil Ambani group firm, by the DoT if Reliance Realty furnishes the corporate guarantee within two days.
After the corporate guarantee is furnished, the DoT would grant NoC within seven days thereafter, it said.
The order came on a petition filed by the DoT against the order of Telecom Disputes Settlement and Appellate Tribunal (TDSAT) which had allowed RCom to sell spectrum to Reliance Jio without providing the bank guarantee of around Rs 2,900 crore to the DoT.
The TDSAT, in its last month order, had rejected DoT's plea seeking bank guarantee of around Rs 2,900 crore before it permits sale of RCom spectrum to Reliance Jio.
RCom has signed an agreement with Mukesh Ambani-owned Reliance Jio Infocomm Ltd to sell its spectrum and other telecom assets for an estimated Rs 25,000 crore and partially clear its debt of about Rs 46,000 crore.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Department of Telecommunications
- Government of India
- Telecommunications
- Crore
- 100 Crore Club
- Infinity
- Reliance Communications
- Reliance Realty
- cr corporate guarantee
- estimated Rs
- corporate guarantee of Rs
- Department of Telecom
- order of Telecom Disputes Settlement
- NoC
- bank guarantee
- Mukesh Ambani-owned Reliance Jio Infocomm
- National News
- PTI News
ALSO READ
Krystal Integrated Services garners Rs 90 crore from anchor investors
DRI busts gold smuggling syndicates; seizes over 61 kg gold worth Rs 40 crore
Centre approves transfer of Air India Bhawan to Maharashtra government for Rs 1,601 crore
Centre approves transfer of Air India Bhawan to Maharashtra government for Rs 1,601 crore
MCA doubles prize money, Mumbai team to receive additional Rs 5 crore