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Dec 1, 2018 | Reliance Communications gets relief as Supreme Court allows spectrum sale to Jio

Read More>> MUMBAI: The Supreme Court allowed Reliance Communications to sell its spectrum to Reliance Jio Infocomm, rejecting the telecom department’s objections and providing huge relief to the telco, which will now be able to complete the transaction and pare debt by repaying creditors. 

A bench headed by Justice Rohinton F Nariman directed RCom’s unit, Reliance Realty, to furnish a corporate guarantee of Rs 1,400 crore to the Department of Telecommunications in the next two days. It directed DoT .. 

RComNSE 11.76 % had closed its wireless business in 2017, weighed by debt of Rs 46,000 crore, falling revenue and widening losses. The company has been locked in a legal tussle with DoT over spectrum-related dues worth Rs 2,947.68 crore.