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VIL approaches TDSAT to recover bank guarantees worth Rs 33.22 billion

October 11, 2018

Vodafone Idea Limited (VIL) has approached the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to recover bank guarantees worth Rs 33.22 billion from the Department of Telecommunications (DoT). During the merger proceedings, the DoT had asked for bank guarantees on account of one time spectrum charges (OTSC) from the two operators in order to complete the merger.

In its petition to the TDSAT, VIL has also sought the removal of a clause in the merger and acquisition rules which states that in case of judicial intervention, the DoT can seek bank guarantees for an amount equal to the demand it has made on an operator towards OTSC.

Earlier, VIL had written to the DoT twice, requesting recalculation of the OTSC. In the first instance, when the DoT refused to change its stance, Vodafone India and Idea Cellular had to pay spectrum charges worth Rs 39.26 billion and a bank guarantee worth Rs 33.22 billion.

In the second instance, after the merged entity was formed, VIL had again requested the DoT for recalculation of the amount paid. Moreover, it pointed to the difference of opinion with DoT in indexation charges and prices the merging entities paid for spectrum in certain circles.

 
 

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