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SC asks DoT to give NoC to RCom on Rs 1,400 cr corporate guarantee


PTI new delhi India
Updated: 30-11-2018 21:05 IST

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.)

COUNTRY : India

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