Ericsson Issue: RCOM ‘Will Pay Any Outstanding Amount’

Reliance Communications (RCOM) on Thursday said it is committed to paying any outstanding amount, subject to final adjudication on the Ericsson issue.

“Reliance Communications Ltd, being a continuing licencee with the Department of Telecommunications (DoT), remains committed to discharge any outstanding or disputed amount subject to final adjudication,” the company said in a statement.

It further said: “We are sincerely hoping that DoT would comply with the order of the Hon’ble Supreme Court dated December 14, 2018 — in letter and spirit — and grant the long-awaited NOC or consent.”

The requirement of giving the bank guarantee as per DoT’s demand was substituted by the orders of the TDSAT and the Supreme Court, with Reliance Realty Ltd providing a non-disposal undertaking and corporate Guarantee, RCOM said.

“Hence, compliance with the ‘Trading Guidelines’ is met,” it said.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday adjourned the Ericsson matter to January 22, 2019 to take into consideration the outcome of the decision of the Supreme Court, where the related matter is pending consideration. – Business Standard