The Supreme Court today cancelled all 122 licences given by former Telecom Minister A Raja in 2008. The decision is likely to send India Inc into a seizure and impact foreign investor confidence. The verdict on Thursday impacts huge telecom players like Unitech Wireless, Tata, Aircel and Idea. The Supreme
Court has asked the telecom regulator TRAI to make fresh recommendations for how 2G licenses should be allotted.
The government will take decision on licenses one month post TRAI recommendation. Out of the 122 licenses, 21 belongs to Videocon , Uninor holds 22, Idea 9, Tata Teleservices 3, Swan Telecom 13 and Loop 21.
Six telecom firms have been fined. Three of them, Etisalat, Uninor and TATA, have been penalized Rs5 crore each . Loop and Essar have been fined Rs50 lakh each.
In another verdict, the Supreme Court refused to order the CBI to investigate the role of P Chidambaram in the telecom scam allegedly engineered by A Raja. The court said the decision will be taken by Judge OP Saini, who is handling the trial of the telecom scam, within two weeks. Judge Saini is also expected on Saturday to rule on another petition on whether Mr Chidambaram should be made a co-accused in the scam.
The Supreme Court, in a third important judgement, refused to sanction a Special Investigation Team to over-see the CBI’s inquiry on the telecom scam.
The telecoms scandal is the biggest of several that have emerged during Prime Minister Manmohan Singh's second term and has weakened him. Two ministers, including former telecoms minister Andimuthu Raja, who presided over the 2008 grant process, have resigned. Raja is in jail pending trial.
....more info
Court has asked the telecom regulator TRAI to make fresh recommendations for how 2G licenses should be allotted.
The government will take decision on licenses one month post TRAI recommendation. Out of the 122 licenses, 21 belongs to Videocon , Uninor holds 22, Idea 9, Tata Teleservices 3, Swan Telecom 13 and Loop 21.
Six telecom firms have been fined. Three of them, Etisalat, Uninor and TATA, have been penalized Rs5 crore each . Loop and Essar have been fined Rs50 lakh each.
In another verdict, the Supreme Court refused to order the CBI to investigate the role of P Chidambaram in the telecom scam allegedly engineered by A Raja. The court said the decision will be taken by Judge OP Saini, who is handling the trial of the telecom scam, within two weeks. Judge Saini is also expected on Saturday to rule on another petition on whether Mr Chidambaram should be made a co-accused in the scam.
The Supreme Court, in a third important judgement, refused to sanction a Special Investigation Team to over-see the CBI’s inquiry on the telecom scam.
The telecoms scandal is the biggest of several that have emerged during Prime Minister Manmohan Singh's second term and has weakened him. Two ministers, including former telecoms minister Andimuthu Raja, who presided over the 2008 grant process, have resigned. Raja is in jail pending trial.
....more info