Release RCom’s Rs 2,000-cr bank guarantee, DoT told

Tribune News Service

New Delhi, July 3

In a major relief to RCom, the Telecom Dispute Settlement and Appellate Tribunal (TDSAT) on Tuesday directed the Department of Telecommunications (DoT) to release the bank guarantee of Rs 2,000 crore to the telecom operator for its liberalisation of its 800 MHz spectrum.

To secure the payment of One Time Spectrum Charges (OTSC) in 2016, the telecom operator had had paid this amount to the DoT under protest.

Apart from the cash payment of Rs 6,600 crore, Rom had also given this Rs 2,000 crore bank guarantee under protest, as it had been demanded by the DoT.

Rcom had  then challenged the demand before TDSAT.

The TDSAT order will reduce non-funded exposure of banks by Rs 2,000 crore and help in accelerating RCom’s asset monetisation programme for Rs 25,000 crore, as was announced earlier.