Vodafone Idea misses Rs 350-crore bank guarantee payment; may not face penal action
Vodafone Idea (Vi) missed paying its second bank guarantee (BG) of about '350 crore to cover for spectrum bought in a 2012 auction and which was due November 1, said officials familiar with the matter. This follows India's third-largest telecom operator missing payment of more than '4,600 crore BG this September for a 2016 spectrum auction.
The Department of Telecommunications (DoT) is, however, unlikely to invoke any penal action against the struggling telco till a decision is taken on a DoT proposal to waive BG for spectrum auctions.
«The draft Cabinet note on the waiver has been prepared and circulated and it will be sent for approval soon,» an official told ET. A second official said the law ministry and the finance ministry are yet to reply on the note but still it might be sent to the Cabinet to take a final call on the matter.
The next BG for Vi will become due in February. The company is required to submit a total of about '24,700 crore in BGs in the coming months for past auctions.
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