Reliance Jio To Govt: Any Reduction in Financial Liability Will Go Against SC Verdict

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Reliance Jio has written another letter to the telecom minister Ravi Shankar Prasad, saying that offering any relief package to incumbents would set a wrong example for other sectors. The firm also alleged that both Airtel and Vodafone have enough funds to pay their dues.

Any Reduction in Financial Liability Will Go Against SC Verdict

 

"Any reduction in the financial liability of the licensees arising from the judgment of the Hon'ble Court would in effect be rewarding them for their conduct in initiating frivolous and vexatious proceedings to delay payment of their just dues," Jio said in a letter to the telecom minister, a copy was seen by Gizbot.

Adding to that, "Any proposal for waiver will be considered as a loss to the public exchequer and contrary to the Hon'ble Supreme Court judgement."

On the other hand, Reliance Jio suggests some measures to Airtel to pay dues by selling its shares. "If Airtel liquidates small parts of its assets or issues 15-20 percent new equity, it can easily arrange Rs 40,000 crores to pay its obligations," Jio said. The second-largest telecom operator pointed out that Vodafone Idea Limited also has some stakes in Indus Towers.

The fresh salvo from Reliance Jio comes after the Department of Telecom agreed to examine the penalty. The government has also formed a panel, to look after the matter. Meanwhile, Economic Times reported that the panel is likely to go for a legal opinion on this issue.

To recall, the Supreme Court of India has ordered telecom operators (Airtel, Vodafone, and BSNL) to pay Rs. 92,000 crore to the government. The amount includes spectrum fees, license fees, and accumulated interest.

For the unaware, both Airtel and Vodafone are struggling in terms of retaining their subscriber base. Besides, both are posting a loss in all quarters, ever since Reliance Jio entered in the sector.

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