Aircel’s financial bank guarantee for UP East and UP West has been reduced by half by Telecom tribunal TDSAT. There was a dispute between the Department of Telecommunications (DoT) and Aircel over revision of the financial bank guarantees.
The company had also approached TDSAT for the purpose, to request for revision of the guarantees submitted by the company in all its circles.
In an interim order, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has allowed the company to reduce its financial bank guaranty by half and renew it for the two circles of UP East and UP West.
“Keeping in view the fact that the petitioner (Aircel) has been in an ongoing concern, interest of the justice would be sub-served if at this stage the petitioner is directed to furnish a bank guarantee of 50 per cent of the original bank guarantee in respect of aforementioned circle,” TDSAT said.
The TDSAT Bench was headed by its Chairman Justice S.B. Sinha, who also asked the Department of Telecommunications (DoT) not to take any coercive steps against the company.
The statement from TDSAT said, “With aforesaid observations and directions, the DoT is hereby restrained to take any coercive step to direct Aircel to renew the bank guarantee subject to the conditions”. According to the order, Aircel will have to furnish the bank guaranty within 7 days.
Source: http://cablequest.org/news/legal-news/item/683-aircel%E2%80%99s-bank-guarantee-reduced-by-half-for-2-up-circles-by-tdsat.html
Source: http://cablequest.org/news/legal-news/item/683-aircel%E2%80%99s-bank-guarantee-reduced-by-half-for-2-up-circles-by-tdsat.html
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