Vodafone Idea moves TDSAT to recover 3322 Bank Guarantees

Vodafone Idea, the country’s high medium operator, has enraptured the medium tribunal to recover bank guarantees worth Rs 3,322.44 crore that was paid ‘under protest’ to induce the government’s nod for the merging of Vodafone India and Idea Cellular. The bank guarantee was provided to the department of telecommunications (DoT) on account of one-time spectrum charges (OTSC) as a precondition for approving the merger.

In its petition to the Telecom Disputes Settlement and proceeding Tribunal (TDSAT), Vodafone Idea has also wanted quashing of a clause in the merger and acquisition rules which say that just in case of judicial intervention, DoT will obtain bank guarantees for associate quantity capable the demand it’s created on a telco towards OTSC. ET has seen a duplicate of the petition.

Vodafone Idea plan has argued that the demand of bank guarantees was discretional, discriminatory, illegal and unenforceable. Direct DoT to forthwith return every and every one bank guarantees which have been wrongly demanded /collected /received by DoT ought not are demanded /collected / received, by DoT, said the interim prayers of the firm. TDSAT can next hear the matter on October 20.

ET had reported in September that Vodafone Idea was headed for a legal battle with the telecom department. Its tussle with DoT started once the department demanded OTSC and different spectrum-related dues from Vodafone India and Idea Cellular in July as a precondition for approving their merger.
This charge has been a bone of contention between DoT and medium operators, with the matters unfinished in courts. The barely 2 month recent Vodafone Idea has also written double - once before the merger and once later - to DoT, requesting calculation of its dues.
However, after the primary letter and no modification in DoT’s stances, Vodafone and Idea had paid Rs 3,926.34 crore in money and a bank guarantee value 3,322.44 crore, severally, so as to induce a speedy approval for the merger, which was cleared end of August.
However, once the primary letter and no modification in DoT’s stances, Vodafone and plan had paid Rs three,926.34 large integer in money and a bank guarantee value three,322.44 crore, severally, so as to induce a speedy approval for the merger, that was cleared finish of August.  

In September, Vodafone Idea once more wrote to the telecom department to figure the spectrum dues of Rs 3,926.34 crore it had paid to induce approval for the merger. It pointed to the difference of opinion with DoT in regulating charges and costs the merging entities paid for spectrum in certain circles like Himachal Pradesh, Tamil Nadu and Bihar.

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