Debt raising: DoT seeks details from Tata Comm

Debt raising: DoT seeks details from Tata Comm
PTI
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First Published: Thu, Mar 05 2009. 12 24 AM IST
Updated: Thu, Mar 05 2009. 12 24 AM IST
New Delhi: The government is understood to have withheld approval to Tata Communications Ltd’s (TCL) plan to raise debt beyond the permissible limit and has sought to know why it needs those funds. TCL had approached the government for changes in shareholder agreement to raise additional funds.
“TCL has not given enough details of the purpose for which loan is being raised. In view of non-availability of relevant details on the projects proposed to be undertaken, it may not be possible to give approval for raising the loan even up to the net worth of the company,” the department of telecommunications said in an internal note.
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First Published: Thu, Mar 05 2009. 12 24 AM IST