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RCom once again filed contempt plea against Telecom Department
Reliance Communication Limited has filed once more contempt plea against the telecom department. All you need to know.
Reliance Communication Limited has filed once more contempt plea against the telecom department for not approving the sale of its spectrum to Reliance Jio Infocomm Ltd. Back in December, in the last hearing, the Department of Telecom had agreed that they will issue a no-objection certification within two days. The next Supreme Court hearing for RCom's petition is scheduled on Jan 7.
Its worth noting that sale of spectrum and towers is crucial for Anil Ambani-led Rcom to fight off indebtedness procedures. It has been reported that the company is expected to receive Rs 18,000 crore from this deal. However, It owed lenders more than Rs 42,000 crore as of March.
Reliance Jio confirmed to buy the airwaves and towers two years back. But the deal is been delayed because the Department of Telecommunications refuses to provide no-objection certification till the company paid spectrum dues.
The Supreme Court has also granted RCom a relief by allowing it to give corporate guarantee instead of a bank guarantee. Reliance Realty then provided a Rs 1,400-crore corporate guarantee against its land.
Even after the corporate guarantee telecom department refuses to give the approval. After that RCom filed its first contempt plea. Later the department asked the court to ensure that the company is not in part with the preference shares on Reliance Realty. Senior Advocate Kapil Sibal is representing the company gave an assurance, then the department agreed to issue the no-objection certification in two days.
But that doesn't seem to happen, and RCom once again filed the contempt petition against the department. Let's see how far this war will continue and when RCom will receive the no-objection certificate.