Govt may encash Bhartis Rs 350cr bank guarantee: Sources

According to sources, the government is likely to go ahead and encash the Rs 350 crore bank guarantees submitted by Bharti Airtel reports CNBC-TV18’s Malvika Jain quoting sources.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Travelcafe
moneycontrol.com

Home » News » CNBC-TV18 Comments

Apr 08, 2013, 12.14 PM | Source: CNBC-TV18

Govt may encash Bharti's Rs 350cr bank guarantee: Sources

According to sources, the government is likely to go ahead and encash the Rs 350 crore bank guarantees submitted by Bharti Airtel reports CNBC-TV18’s Malvika Jain quoting sources.

Like this story, share it with millions of investors on M3

Govt may encash Bhartis Rs 350cr bank guarantee: Sources

According to sources, the government is likely to go ahead and encash the Rs 350 crore bank guarantees submitted by Bharti Airtel reports CNBC-TV18’s Malvika Jain quoting sources.

Post Your Comments

Share Cancel

Malvika Jain (more)

Reporter, CNBC-TV18 |

The battle between the government and telecom companies is only intensifying over 3G intra-circle roaming pacts. According to sources, the government is likely to go ahead and encash the Rs 350 crore bank guarantees submitted by Bharti Airtel reports CNBC-TV18's Malvika Jain quoting sources.

Also read: India asks Vodafone, Idea to stop 3G pact, imposes fines

Encashing would be done to realise the penalty which the government has imposed on the company for entering into 3G inter circle roaming arrangement. On Monday, the Supreme Court will be deciding whether a stay should be granted on 3G inter circle roaming pact ban.

This hearing will be significant for all the telecom companies and not just for Bharti Airtel, Vodafone and Idea who have entered into a 3G roaming arrangement because it directly impacts the 3G operations of the entire sector.

Vodafone and Idea are also going to jointly argue with Bharti given the fact that they have been issued notices yesterday by the government to discontinue 3G operations where they do not have spectrum.

The other crucial hearing at the Supreme Court on Monday will be that of Bharti’s case. Sunil Mittal has approach the Supreme Court seeking quashing summons that have been issued by the Patiala house court in additional spectrum grant case.

Even though the CBI had not named Mittal in the charge sheet, the trial court felt that there was enough evidence on record to summon Mittal along with Essar's Ravi Ruia and former MD of Hutchison. This hearing will not only be tracked by Bharti, but by the entire telecom sector because it directly affects several companies and also Mittal who is one of the captains of the telecom sector.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Govt may encash Bhartis Rs 350cr bank guarantee: Sources

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login