The license of Reliance Communications is expiring in July i.e. this month. Therefore, the company had requested DoT to renew its license.
Anil Ambani
The troubles of India’s veteran businessman Anil Ambani, burdened by debt, are not taking the name of lessening. Now Anil Ambani’s company has got a big setback, which gave a new direction to the country’s telecom. According to a report by ET Telecom, the telecom wing of the Economic Times, the Department of Telecommunications (DoT) has refused to renew the license of Reliance Communications. DoT has made it clear that the license of the company will not be renewed until the company pays the dues.
Anil Ambani’s Reliance Communications owes Rs 26,000 crore, which the company has so far failed to pay. If now the company does not pay this dues, then the company will have to surrender its spectrum. Anil Ambani’s company Reliance Communications is already going through the bankruptcy process.
The company will also not be able to sell assets
The company will not even be able to sell its assets
If the company is not able to pay the dues and there is a chance to surrender the spectrum, then the company will not be able to sell its assets. The company was currently working on its asset sale plan under the insolvency process. But after this decision of DoT, this plan may also hang. However, earlier the resolution professional had told the department that as per the IBC code, the company’s dues come under the moratorium and it is not required to pay the same.
License expiring this month
The license of Reliance Communications is expiring in July i.e. this month. Therefore, the company had requested DoT to renew its license. But the Department of Telecommunications has rejected the request and made it clear that the license can be canceled. The company holds a nationwide telecom license and has 850 MHz band spectrum in 14 out of 22 telecom circles in the country.
what can happen next
According to telecom industry experts, in case of cancellation of the license, the company can appeal against the decision of DoT in RP Telecom Disputes Settlement and Appellate Tribunal (TDSAT). The company had requested the department to extend its license for 20 years. Although the company’s phone business has ended in the year 2017 itself. But now after this decision, the existence of the company is also facing a crisis. After the closure of the phone business, the company is running indirect business for other companies. The company expected that through the insolvency process, it would raise Rs 20 to 23 thousand crores. On which now the crisis has come after this decision.
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