DoT to challenge TDSAT order letting RCom spectrum sale sans bank guarantee
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The telecom department will challenge the telecom tribunal TDSAT's order allowing Reliance Communications to sell spectrum to Reliance Jio without providing the bank guarantee.
"The licence conditions do not provide for accepting any barter system. DoT will challenge TDSAT order that directs it to allow RCom sell spectrum with land as security," a senior DoT official told PTI.
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) in its order dated October 11, 2018, rejected plea of the Department of Telecom (DoT) seeking bank guarantee of around Rs 29 billion before it permits sale of RCom spectrum to Reliance Jio.
RCom signed an agreement with Mukesh Ambani-owned Reliance Jio Infocomm Ltd to sell spectrum and other telecom assets for an estimated Rs 250 billion and clear its debt of about Rs 460 billion partially.
However, the spectrum sale deal is stuck for clearance from the DoT for want of bank guarantee.
RCom in August completed the sale of its fibre assets and related infrastructure assets, worth Rs 30 billion, to Reliance Jio.
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