Reliance Communications announced that the Hon'ble Supreme Court today ordered the Department of Telecommunications (Union of India)
to grant a No-Objection to Reliance Communications Limited for spectrum trading within 7 days. RCOM's 100 per cent subsidiary, Reliance Realty, will submit a Corporate Guarantee of Rs 1,400 crore within 2 days.
The Hon'ble Supreme Court upheld the earlier order of the Hon'ble Telecom Disputes Settlement and Appellate Tribunal (TDSAT), and no Bank Guarantee is now required.
The Spectrum trading transaction will now be completed and RCOM will pay-off Ericsson and minority investors of Reliance Infratel (RITL).
RCOM's asset monetization program thus proceeds as per plans.
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