Wednesday, February 1, 2012

India's Supreme Court Cancels 122 Telecom Licenses for 2G

India's Supreme Court invalidated 122 licenses issued to telecom operators for 2G spectrum after 2008 due to the charges of corruption in the ongoing scandal. A new auction for these quashed 2G licenses will need to be held.

The ruling notes that the subjective process of 2G spectrum allocation in lieu of a public auction violated established procedures and laws, and that the government received only one-sixth of what it would have got had it gone through a fresh auction route.
"The total loss to the exchequer of giving away 2G GSM spectrum in this way – including to the CDMA operators – is over Rs.50,000 crores and is said to be one of the biggest financial scams of all times in the country."http://