Reliance communications, India’s 4th largest telecom operator by subscriber base has recently been weighed down by the burden of its debt which currently stands at 34,000 cr. Adding to this burden was a fine of 63 cr imposed by Department of Telecommunications as reported by financialexpress on Rcom in 2011-12 for non-submission and delayed submission of Customer Acquisition Forms in Madhya Pradesh circle.
In 2012 RCom had approached The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) challenging the penalty, citing it was “arbitrary and unjustified”. In its ruling the TDSAT has quashed this penalty imposed by DOT on Rcom, thus relieving the telco from this added monetary burden.
Rcom has been taking every step possible to reduce its debt and thus reduce the quantum of interest paid by it for the same. In its recent decision to monetise its Real estate assets, Rcom has decided to sell a total of 10 properties owned by it across India over the next 6 to 12 months to raise a total of Rs 5000 cr.