TDSAT asks govt to return half of Loop’s bank guarantee
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Telecom tribunal TDSAT today directed the government to return 50% amount of the Financial Bank Guarantee (FBG) submitted by Loop Telecom at the time of allotment of spectrum in 2008.
Loop had submitted R555 crore as FBG in January 2008 for earmarking of spectrum for 21 circles to the Department of Telecom (DoT) in January 2008. Later, it renewed FBG of R540 crore in January 2011.
Partly allowing the plea of Loop Telecom, which has closed down operation after a Supreme Court order, the TDSAT said that its licence was valid till January 2013, hence only half of the FBG would be returned.
Loop contended that DoT had not issued any direction to it to continue its operation and no further demand has been raised by them.
''We are of the opinion that as in terms of the direction of the Supreme Court of India the licences issued to the petitioner prima facie would remain valid till January 10, 2013, the respondent (DoT) should be directed to return 50% of the FBG for each of the circles at this stage," said the TDSAT bench headed by Chairman Justice SB Sinha.
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