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RCOM requests IMG to relax spectrum rules for operators availing RBI’s debt restructuring schemes

July 11, 2017

Reliance Communications (RCOM) has requested the inter-ministerial group (IMG) to relax rules governing the cross holding and spectrum cap limits for financially stressed telecom operators availing Reserve Bank of India’s (RBI) schemes such as strategic debt restructuring, on the grounds that such companies, including itself, require a milder regulatory framework for revitalisation.

According to RCOM, a stressed operator should be allowed five years, instead of one, to reduce its holding in another stressed operator to below the cross holding threshold of 10 per cent in case of a merger. Further, RCOM has said that the combined entity should also be given five years, as opposed to the current one year, to conform to spectrum cap rules.

As per RCOM, the existing clauses are relevant as long as the financial health of the two operators are in order. However, operators availing the strategic debt restructuring scheme of the RBI are already under severe financial stress and need to be treated differently for revitalisation.

 
 

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