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SC orders DoT to refund Rs 104 crore bank guarantee to Anil Ambani's RCom

This amount is the balance of the bank guarantee for spectrum, to be paid to R-Com by Centre

twitter-logoBusinessToday.In | January 7, 2020 | Updated 12:20 IST
SC orders DoT to refund Rs 104 crore bank guarantee to Anil Ambani's RCom
Reliance Group Chairman Anil Ambani

The Supreme Court (SC) has directed the Department of Telecom (DoT) to refund the bank guarantee worth Rs 104 crore to Anil Ambani's RCom, junking the DoT's plea to block the return of the amount.

This amount is the balance of the bank guarantee for spectrum, to be paid to RCom by the Centre. A two-judge bench of the Supreme Court headed by Justice Rohinton Nariman in its order rejected the Centre's petition against an earlier tribunal ruling ordering the refund.

The SC bench said: "We don't find any merits in the appeal".

The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) had on December 21, 2018, directed the Centre to return around Rs 104 crore after encashing bank guarantee of Rs 908 crore against spectrum charges of Rs 774 crore.

The Department of Telecom has already adjusted Rs 30.33 crore.

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