Tuesday, Apr 16, 2024 | Last Update : 07:11 PM IST
RCom gets TDSAT breather on Spectrum
The Anil Ambani promoted RCom noted it had challenged the “unjustly sought security for the alleged demands”
New Delhi: Reliance Communications on Wednesday said it has got relief from telecom tribunal and can now complete its planned spectrum sale, whose proceeds will be used to make payments to Ericsson India and RITL minority investors.
RCom, in a regulatory filing to the BSE, said it will receive Rs 975 crore from sale of spectrum, and that it will pay Ericsson Rs 550 crore and RITL (Reliance Infratel) minority investors Rs 230 crore from the spectrum trading proceeds.
“Reliance Communications has been granted relief by the... Telecom Disputes Settlement and Appellate Tribunal (TDSAT) vide its interim order dated 1 October 2018, whereby...TDSAT has stayed the demand of bank guarantee of Rs 2,900 crore by the Department of Telecommunications,” it said.
The Anil Ambani promoted RCom noted it had challenged the “unjustly sought security for the alleged demands” by the Telecom Department with regard to spectrum usage charges.
