India Markets closed

SC rejects govt plea to block Rs 1.04 bn refund to RComm

Mumbai: The Supreme Court rejected the Department of Telecom's objection to refund 1.04 bln rupees to Reliance Communication.

This amount was part of the balance of Rs 9.08 bn bank guarantee that the company had given to the department against unpaid spectrum charges of Rs 7.74 bn. The Rs 9.08 bn bank guarantee was provided by the company as deferred spectrum charges for the 2013 and 2015 auctions, with payment to be made over 18 years.

RComm has already got about 300 mln rupees adjusted to separate claims of the telecom tribunal.

On Dec 21, the Telecom Disputes Settlement and Appellate Tribunal had ruled in favour of the company.

The amount of 1.04 bln rupees is lying and the unadjusted amount should be returned to the company without prejudice to rights of either the company or government on the issue of other charges, the telecom tribunal had said in its order.

An apex court headed by Justice R.F. Nariman said it has upheld the telecom tribunal order.

Also Read: Not just GDP, estimates for 2019-20 GVA are also weak