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Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Reliance Communications today said its subsidiary Reliance Realty has furnished the corporate guarantee of Rs 1,400 crore to Telecom Department as directed by the Supreme Court, stepping closer towards concluding its spectrum sale to Reliance Jio. The Supreme Court on November 30, had asked the Department of Telecom (DoT) to give a no-objection certificate (NoC) to Reliance Communications to sell its spectrum to Reliance Jio, provided a corporate guarantee of the said amount is furnished by its group firm in favour of the government.
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“As per the order….of the Supreme Court of India, Reliance Realty Limited, a 100% subsidiary of RCom, has submitted the corporate guarantee of Rs 1,400 crore to the DoT. As per the said order, DoT is to approve the spectrum trading within this week,” RCom spokesperson said in a statement.
RCom said that the proceeds from the spectrum deal would be used to clear the dues of Ericsson and RITL (Reliance Infratel) minority investors, and added that Reliance Communications’ asset monetisation blueprint is moving as per plan.
Late last week, a bench headed by Justice R F Nariman said the NoC would be given to Reliance Communications Ltd (RCom), the Anil Ambani group firm, by the Telecom Department, if Reliance Realty furnishes the corporate guarantee within two days.
The order came on a petition filed by the Telecom Department against the order of Telecom Disputes Settlement and Appellate Tribunal (TDSAT) which had allowed RCom to sell spectrum to Reliance Jio without providing the bank guarantee of around Rs 2,900 crore to the DoT.
