The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has directed the Department of Telecommunications to return Reliance Communications’ (RCom) bank guarantee worth Rs 2,000 crore. This is as per its earlier order passed on July 3, 2018.
The tribunal, hearing an RCom petition against DoT on one-time spectrum charge (OTSC) issue, stated that upto 5 MHz of OF CDMA and upto 6.2 OF MHz GSM contracted spectrum is exempted from one-time levies.
In July 2018, TDSAT had directed DoT on Tuesday to release the bank guarantees that RCom had provided in 2016 for spectrum. RCom had moved the tribunal contesting the demand.
Shares of RCom, which fell as much as 50 per cent on Monday, closed down 34.91 per cent at Rs 7.55, while the BSE ended up 0.31 per cent.