The Supreme Court of India on Thursday
cancelled 122 2G spectrum licenses controversially handed out by former
Telecom Minister A Raja in 2008.
While delivering three important
judgments in the 2G case, Justices G S Singhvi and A K Ganguly stated
that there was no need for a Special Investigation Team to monitor the
2G scam probe. The court said the Central Bureau of Investigation, which
is probing the case, would submit its report on the 2G scam probe to
the Central Vigilance Commission (CVC). The CVC would examine the CBI
report and give its report to the Supreme Court in a sealed cover, the
apex court stated.
As for then-Finance Minister and current
Home Minister P Chidambaram, the apex court left it to the trial court
to decide whether he should be probed in the 2G scam.
The apex court’s decision affects 11
telecom companies with a combined market share – in terms of active
subscriber base – of 5% or less. The impacted companies include Spice
(four licenses), Uninor (22 licenses), Loop Telecom (21 licenses), Idea
(nine licenses), Videocon (21 licenses), Swan Telecom (13 licenses),
Tata Teleservices (three licenses), Sistema Shyam (21 licenses) and STel
(six licenses) among others.
The court verdict has also affected the
stocks of companies whose licenses have been cancelled. While the stocks
of Unitech and DB Realty dropped, the older telecom players like Bharti
Airtel benefitted.
Meanwhile, the Indian telecom regulator
said that it will first study the entire judgement before outlining its
impact on the customers.
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