The Department of Telecommunications (DoT) has issued a notice to Vodafone Idea for not submitting the required bank guarantees associated with past spectrum auction dues. This notice comes as the DoT discusses with the finance ministry the possibility of waiving the bank guarantee requirement, although no decision has been finalised.
The notice, as per an Economic Times report, was issued because the joint venture between the UK's Vodafone Group and India's Aditya Birla Group failed to provide the necessary bank guarantees on time for spectrum dues from auctions held before 2022.
Moneycontrol could not independently verify the report.
Vodafone Idea's moratorium on spectrum auction dues is set to end in September 2025, and the company must submit bank guarantees at least a year in advance to secure these dues, states the report. The guarantees were to be submitted in phases for various auctions, with the first tranche expected by September 20.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
