wordpress blog stats
Connect with us

Hi, what are you looking for?

Telecom tribunal orders DoT to approve Airtel-Telenor merger without bank guarantees

The Telecom Disputes Settlement & Appellate Tribunal (TDSAT) has ordered the Department of Telecommunications (DoT) to approve Telenor’s merger with Bharti Airtel without bank guarantees, against its earlier demand, reports PTI.

The order comes as Airtel had approached the tribunal against DoT’s order to it, which asked for submitting bank guarantee of around Rs 1,700 crore as a condition to approve its merger with Telenor. The required guarantee included Rs 1,499 crore as one-time spectrum charge for the radiowaves that Airtel would get without auction and Rs 200 crore as spectrum payment which is due on part of Telenor.

“Regarding the demand for bank guarantee, on Airtel’s petition, TDSAT has directed DoT to take the merger (with Telenor India) on record without the need to furnish a bank guarantee. We hope to get final DoT approval soon,” PTI quoted a Bharti spokesperson as saying.

The DoT had also asked Bharti Airtel to submit an undertaking saying that it will be liable to pay  pending dues with respect to merger of the two companies and all demands which may be raised by for Telenor India. The Bharti Airtel spokesperson added that a letter of compliance on this has been submitted.

The merger of Telenor with Airtel has been approved by the National Company Law Tribunal (NCLT) on March 8. The deal already has approvals from the Competition Commission of India (CCI), the market regulator Sebi and stock exchanges BSE and NSE. It only awaited DoT’s nod, which will come soon, post the tribunal’s order.

Advertisement. Scroll to continue reading.

Airtel’s acquisition of the India operation of Norway-based Telenor was announced in February last year. The deal entailed transfer of all of Telenor India’s assets, licenses, and customer base of 44 million into Airtel including Telenor’s active operations in 7 circles—Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. This was to add Airtel close to 43.4 MHz of additional spectrum in the 1800 MHz band to Airtel’s kitty. The Indian telco was also set to take over all outstanding spectrum payments and other operational contracts, including tower lease contracts.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

News

This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ