Supreme Court of India cancels 122 2G licences

[Bl[i]tZ]

NEW DELHI: In a major setback for the government, the Supreme Court on Thursday quashed all 122 spectrum licences granted after January 2008.


The apex court left it open for the trial court to decide whether home minister P Chidambaram needs to probed in the 2G scam.

The SC said that there was no need for SIT to monitor the 2G scam probe.

The SC verdicts came on Janata Party president Subramanian Swamy's petition seeking a CBI probe into the alleged role of home minister P Chidambaram in the spectrum scam, and on two pleas by lawyer Prashant Bhushan seeking cancellation of 2G licences and setting up of an SIT to monitor probe into the scam.

Swamy has demanded a CBI probe into the role of Chidambaram with regard to the 2G scam. The Janata Party chief, who is the petitioner in the 2G case, has alleged that Chidambaram, then the finance minister, could have prevented jailed former telecom minister A Raja from giving away spectrum at throwaway prices to select companies, but chose not to do so.

Swamy had won a success in the court on Tuesday when Justices Singhvi and Ganguly upheld his right to seek the prosecution of Raja for the 2G scam and indicted the PMO for delaying prosecution of the sacked telecom minister.

2G scam: SC quashes 122 licences - The Times of India

The shares of these companies have gone south and those of their rivals like Bharti Airtel have shot up anticipating they might get more spectrum.

What a day, a great win for our anti-corruption campaign!!! There will be an auction now, adding money in the govts kitty. The next step would be to convict the guilty. Raja might get accompanied by Chidambram in Tihar soon.

 

[Roybot]

What companies were involved?

 

[Bl[i]tZ]

What companies were involved?

Picking from twitter

11 telcos affected; 540 Mhz of spectrum becomes available; Bharti biggest gainer; expect tariffs to rise - mint_ed


Unitech stock down 10%, Bharti up 6%.

5 crores is the Penalty to each company who was allotted 2G licence on or after January 2008

---------- Post added at 11:33 AM ---------- Previous post was at 11:31 AM ----------

#Citigroup: BhartiAirtel will be the biggest gainer as there has been no cancellation of licences for them.

Citigroup: Biggest losers will be new entrants like Swan, Uninor, Sistema.

Players like #BhartiAirtel and Idea Cellular with popular brands and strong balance sheets will be clear beneficiaries

The spectrum is only 5% of the total. This 5% spectrum would now be auctioned, the other 95%, before Raja's time (Jan 2008), will not be affected.

 

[Filmmaker]

PM should be ashamed of himself, he was giving clean character certificate to Raja. The whole decision taking credibility of MMS and Sonia Gandhi is shattered.

 

[Abhishek_]

holy smokes, I didn't see that one coming. sincere thanks SP Court and much respect

 

[Bl[i]tZ]

More ministers from the govt should get ready to accompany the former Telecom minister Raja in Tihar

 

[Archie]

Well this will result in consolidation of Indian Telecom Industry
however some 100 Million Subscribers using Loop , Uninor , MTS , Videocom , might have to jump to other companies
This will also result in price Hike by existing Telecom Companies due to end of Lisence for 5 operators
I expect Big Jump in share Prices of Bharti Airtel , Idea Cellular , Tata Tele service , BSNL , R com , and even Vodafone PLc UK

 

[KRAIT]

The spectrum is only 5% of the total. This 5% spectrum would now be auctioned, the other 95%, before Raja's time (Jan 2008), will not be affected.

WHAT THE H*LL ? Why not entire spectrum?

 

[Filmmaker]

SC has given 4 months to formulate new Racos- TRAI Chairman

 

[Bang Galore]

Well this will result in consolidation of Indian Telecom Industry
however some 100 Million Subscribers using Loop , Uninor , MTS , Videocom , might have to jump to other companies
This will also result in price Hike by existing Telecom Companies due to end of Lisence for 5 operators
I expect Big Jump in share Prices of Bharti Airtel , Idea Cellular , Tata Tele service , BSNL , R com , and even Vodafone PLc UK

Tata tele & Rcom are also affected.

 

[Bl[i]tZ]

The spectrum is only 5% of the total. This 5% spectrum would now be auctioned, the other 95%, before Raja's time (Jan 2008), will not be affected.

WHAT THE H*LL ? Why not entire spectrum?

Only the spectrum that was allocated during the time of Raja. The other spectrum was given way back in 2000/01.

This time the case is that Raja misused his powers to favor certain companies causing a $40 billion loss to the Indian exchequer. That's the locus-standi of the case. This was not the case of spectrum allocated during BJP's time.

 

[Filmmaker]

2G case: Uninor says 'shocked' by court ruling

The Indian joint venture of Norway's Telenor said it has been "unfairly treated" and "was shocked" after the Supreme Court's verdict to scrap telecom licences.

The court revoked 122 telecoms licences issued under a scandal-tainted 2008 sale in a judgement on Thursday that could further darken the business climate in Asia's third-largest economy.

"We will study the order in detail and exercise all options available to ensure that Uninor continues to operate in India," Uninor, a joint venture between Telenor and India's Unitech, said in a statement.

Uninor has about 36 million subscribers in India.


http://zeenews.**********/business/index.html

 

[Bl[i]tZ]

In auctions, India to collect 1,00,000+ Crores ($20 billion +) of money lost because of 2G scam!

First time in history, the loss is being recovered. HURRAY!!!!!!!!!!!!!!

Else its always an inquiry going nowhere.

 

[Filmmaker]

Dr. Swamy hats off to you for your courage, perseverance and for showing the real face of this corrupt government

 

[newdelhinsa]

Spectrum is a national resource and no thug has right to do its monkey distribution. Good job SC and plaintiff.