Reliance Communications (RCom) has questioned the jurisdiction of the stock exchanges under which the company is expected to explain share fluctuations on day-to-day basis.

Expresses surprise

“… we would appreciate being informed under which provision of the listing agreement, the company is to explain every day-to-day minor fluctuation in stock prices,” the company said in reply to the stock exchange. RCom, in a letter addressed to both the BSE and the NSE, said it was “surprised” that the company has been asked to comment on price movements from ₹83.75-78.29.

On Tuesday, the BSE had sought clarifications from RCom with reference to the news item that the Department of Telecommunications (DoT) has asked the company to pay ₹5,384 crore before signing spectrum liberalisation pacts.

Various media reports said the DoT had sought ₹5,384 crore from industrialist Anil Ambani-controlled RCom for liberalising its 800 MHz spectrum across 16 circles. The reports added that the company was close to signing a spectrum sharing and trading agreement with Reliance Jio Infocomm, the wireless and digital arm of Reliance Industries.

“In line with the government policy as mandated in the Notice Inviting Applications, liberalisation of spectrum across various circles starting from July, 2015, to enable us to use this spectrum for 4G services as well as allow us for sharing and trading as and when the guidelines for the same were available,” it said in the letter.

This was also informed to both the stock exchanges and subsequently to the shareholders during the AGM, it added.

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