RCom ducks insolvency as DoT agrees to clear its spectrum sale by Monday

DoT agreed to give NOC for RCom-RJio deal provided Reliance Realty did not sell shares

Anil-Ambani led Reliance Communications (RCom) staved off insolvency fears as the Department of Telecommunication (DoT) on Friday told the Supreme Court that it was ready to provide the company the No Objection Certificate (NOC) for spectrum and asset sale to Reliance Jio Infocomm.

The said NOC, the DoT told the court, would be issued to RCom in two days provided its arm Reliance Realty did not sell the “preference shares that are reflected in the financial statement of 2017-2018”. On its part, RCom assured the court that it would not do so without prior permission from the department.

The clearance