New Delhi : The telecom department has blacklisted bank guarantees issued by Standard Chartered after the bank failed to invoke one that was issued for Aircel Group. The DoT has directed entities that they should not accept bank guarantee from Standard Chartered Bank, including renewals.
“Standard Chartered Bank has failed to invoke a BG issued by them on behalf of Aircel Group of companies. This action by Standard Chartered Bank is a serious breach of trust and contract with government of India. In view of this you are directed not to accept any new BG from Standard Chartered Bank, including renewals,” the note said.
