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DoT to issue notice to Vi for missing date to submit Rs 6,091 crore bank guarantee
Department of Telecommunications (DoT) earlier directed Vodafone Idea to either furnish the guarantee or make a cash payment of Rs 5,493 crore by March 10.
Vodafone Idea is said to be in discussions with DoT to figure out a resolution as it lacks the funds to meet the requirement.
Vodafone Idea has missed the March 10, 2025 deadline to provide a bank guarantee or cash payment to the Department of Telecommunications (DoT) for a 2015 spectrum auction shortfall. The telecom department will now likely issue a formal notice to the struggling telecom operator.
The DoT official, according to a Moneycontrol report, said that the department will act according to the terms and conditions of the licence and spectrum allocation.
According to a BSE filing by Vi dated February 14, DoT had asked the telco to provide a bank guarantee of Rs 6,090 crore and has set a deadline of March 10 for compliance.
"The aggregate payment made by the company for each of spectrum auctions are greater than the pro-rated use of spectrum other than for the 2015 auction, where there is a one-time partial shortfall, and DoT has requested either to provide a bank guarantee of Rs. 60,907 mn for one year or make a cash payment of Rs.54,932 mn by 10 March. 2025 i.e. thirteen months in advance of the next installment," Himanshu Kapania, Non-Executive Director of Vodafone Idea said.
Vodafone Idea is said to be in discussions with the telecom department to figure out a resolution as it lacks the funds to meet the requirement.
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