The Supreme Court on Tuesday dismissed the Centre’s petition that challenged a telecom tribunal’s order instructing the government to refund around Rs 104 crore to Reliance Communication, PTI reported.
On December 21, 2018, the Telecom Disputes Settlement and Appellate Tribunal or TDSAT had asked the central government to pay back the amount after liquidating a bank guarantee of Rs 908 crore against spectrum charges of Rs 774 crore. This was directed to be paid off over an 18-year period.
“We don’t find any merits in the appeal,” the top court’s bench, comprised of Justices S Ravindra Bhat and RF Nariman, said during Tuesday’s hearing, according to NDTV.
The Telecom department has already paidaround Rs 30.33 crore. However, the Centre had petitioned the Supreme Court against the telecom tribunal’s order.
On November 16, 2019, Reliance Communications Chairperson Anil Ambani and four other directors – Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar – had quit their posts. However, the company said on November 24, 2019 that its lenders had rejected the resignations.
The Committee of Creditors had also ordered that the directors be asked to resume their responsibilities and “provide all cooperation in the corporate insolvency resolution process”, at least until the conclusion of the process. On November 15, Reliance Communications posted a consolidated net loss of Rs 30,158 crore in the July to September quarter. It is the second-highest quarterly loss posted by an Indian company till date. The company had made a loss of Rs 366 crore in the same period last year.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!