Headlines of the Day
DoT likely to tell SC to return telcos’ bank guarantees
The DoT is likely to tell the Supreme Court soon that these would be returned in addition to bank guarantees which the telcos had furnished to cover for spectrum payments. These would the bank guarantees of telecom companies even for matters which are currently subjudice.
The government will protect its deferment dues by asking the companies to furnish the bank guarantees a year before the spectrum dues are up for payment.
Between Vodafone Idea and Bharti Airtel, the DoT holds some Rs35,000 crore in bank guarantees.
Around Rs 13,000 crore are related to subjudice matters.
The biggest beneficiary of the move would be Vodafone Idea as the company has about Rs 10,000 crore locked away in bank guarantees.
The same is about Rs 3,000 crore for Bharti Airtel.
You must be logged in to post a comment Login