RCOM moves TDSAT against DoT notice, gets relief till Aug 10

IANS Monday, 23 July 2018 05:30:07 PM

New Delhi : Reliance Communications (RCOM) has informed the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) that while Department of Telecommunications (DoT) has raised a demand for payment of Rs 774 crore on RCOM, the said payment has already been made to DoT vide the encashment of bank guarantees by DoT earlier.

According to sources, RCOM therefore, only needs to renew the encashed bank guarantees, which will be payable only in 2019.

Therefore, RCOM has sought some time and the TDSAT granted an extension on this till August 10, 2018.

Sources said DoT is already sitting on excess bank guarantee encashment of around Rs 540 crore. Also, in a July 3, 2018 order, TDSAT has asked DoT to return additional bank guarantee of Rs 2,000 crore to RCOM.