The Supreme Court has asked Reliance Communications to pay spectrum dues which are to the tune of Rs 774 crore. The amount has to be paid to the telecom department (DoT) by May 2.
RCom had moved the SC seeking more time clear dues and banks agreed to shell out the amount.DoT had refused to grant an extension.
Led by SBI, lenders had agreed to pay the amount for RCom so that no further litigation prevents or delays the sale of the company’s wireless assets to Reliance Jio Infocomm. Proceeds of the sale, amounting to almost Rs 25,000 crore, will be used to pare RCom’s debt of about Rs 45,000 crore.
RCom had shut down its voice services in Dec. 2017.
The court was told by RCom that it was willing to make payment but required more time, which the telecom department opposed on the grounds that the company was delaying the instalment for spectrum that was due on April 20, said lawyers aware of the development.
Source: http://cablequest.org/index.php/news/telecom-news/item/12855-sc-asks-rcom-to-pay-spectrum-dues-to-dot-by-2-may
Led by SBI, lenders had agreed to pay the amount for RCom so that no further litigation prevents or delays the sale of the company’s wireless assets to Reliance Jio Infocomm. Proceeds of the sale, amounting to almost Rs 25,000 crore, will be used to pare RCom’s debt of about Rs 45,000 crore.
RCom had shut down its voice services in Dec. 2017.
The court was told by RCom that it was willing to make payment but required more time, which the telecom department opposed on the grounds that the company was delaying the instalment for spectrum that was due on April 20, said lawyers aware of the development.
Source: http://cablequest.org/index.php/news/telecom-news/item/12855-sc-asks-rcom-to-pay-spectrum-dues-to-dot-by-2-may
No comments:
Post a Comment