Centre tells SC it wants bank guarantee for Reliance Comm spectrum sale

Reliance Communications says it cannot give a bank guarantee of Rs 14 billion and that it had instead given land worth nearly Rs 14 billion as security.

The Central government on Monday reiterated before the Supreme Court that it could not grant an approval to Reliance Communications Ltd for spectrum sale to Reliance Jio Infocomm Ltd until either company gives a bank guarantee of Rs 29.4 billion. 

Reliance Communications said that it was not in a position to give a bank guarantee and that it had instead given land worth nearly Rs 14 billion as security for the government's dues. The company, represented by senior lawyer Kapil Sibal, also said that its deal with Reliance Jio would fall if the approvals were not in place by mid-December. 

The government,