Unsucessful telecom bidders are to cease operations : SC
The apex court ruled that telecom companies which were unsuccessful in the auction process that happened on November 12 and 14, 2012, shall start their services in the respective circles immediately
Supreme Court today said that telecom companies which were unable to avail latest 2G spectrum and those companies which didn’t participate in the auction will cease to operate "forthwith".
"The telecom companies which have been unsuccessful in the bidding and those after the cancellation of the licences did not participate in the fresh auction are directed to cease from continuing from operation forthwith and the successful bidders will immediately start in their respective circles," the court said.
The apex court ruled that telecom companies which were successful in the auction process which happened on November 12 and 14, 2012, shall start their services in the respective circles immediately
A bench comprising of Justice G S Singhvi and Justice K S Radhakrishnan in a February 2, 2012 ruling revoked 122 permits held by 8 comapnies after the massive 2G scandal came to light. The companies were allowed to continue operations even after scrapping of their licenses but now such companies would have to pay the reserved price fixed for the licenses in the first round of the auction held in November 2012. Telecos the permits of which were revoked include indian units of Norwegian Telenor ASA, Russian Sistema, India based Idea Cellular and Tata Teleservices. Telenor and Idea Cellular bought airwaves in the November auction.
Supreme Court by way of its interim orders earlier extended the deadline for them to continue with the operation.
The bench also made clear that the SC’s Feb, 2012 judgment would not be applicable on telecom companies holding the 900MHz band spectrum. The bench also directed to put on fresh auction the entire 2G spectrum for the licenses that were cancelled by it.
India Infoline Research Team / 08:44, Jun 26, 2015
IIFL is hosting 10 companies at a Management Roadshow in Mumbai today. The opening is a subdued start. US market saw minor losses with Dow, S&P 500 and Nasdaq closing marginally lower.