The Supreme Court (SC) has asked Reliance Communications (RCOM) to explain the fall in the value of its assets, even as the government stressed that airwaves of all telcos, including that of bankrupt companies, belong to the government.

The SC directed RCOM’s legal representative to explain how the RCOM and its units, Reliance Telecom and Reliance Infratel’s value eroded from Rs 350 billion in 2019 to Rs 53.04 billion as on date of liquidation with a fair value around Rs 100 billion.

The SC bench has been checking if telcos had filed for insolvency to evade paying adjusted gross revenue (AGR) dues.

Recently, Reliance Jio Infocomm Limited denied any sort of liability to pay the AGR related dues on behalf of RCOM.