(LiveMint)
The Supreme Court on Friday cleared the sale of spectrum by Anil Ambani-controlled Reliance Communications Ltd to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd (RJio) on the condition that the seller furnishes ₹1,400 crore as corporate guarantee to the government within two days.
This corporate guarantee, to be furnished by Reliance Realty, a unit of Reliance Communication Ltd (RCom), is in addition to the land parcel that has to be given as security, as directed by the Telecom Disputes and Settlement Appellate Tribunal (TDSAT) in an October order. The Supreme Court also asked the central government to grant a no-objection certificate (NOC) for the takeover of telecom assets with RJio within a week from receiving the corporate guarantee.
