Idea Cellular gives undertaking to Supreme Court

Jan 31 2014, 13:26 IST
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SummaryIdea Cellular gave undertaking to Supreme Court that DoT will be entitled to penalty of Rs 600 cr.

Idea Cellular Ltd on Thursday gave an undertaking to the Supreme Court that DoT will be entitled to encash the penalty of Rs 600 crore and other dues from the already furnished bank guarantees of around Rs 986 crore if its 2008 merger with Spice Communications is held to have violated acquisition norms.

The undertaking, given by Rahul Vatts, vice president of regulatory and corporate affairs, further stated that if the existing bank guarantees are encashed towards payment “of up to R600 crore or any part thereof, the appellant company (Idea) shall replenish the bank guarantee to the extent of encashment of bank guarantee.”

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