Telecom firms with cancelled permit to stop operations immediately: SC
New Delhi: The Supreme Court held that telecom companies which were unsuccessful in availing fresh 2G spectrum and those which did not participate in the auction process will cease to operate "forthwith".
However, telecom companies which were successful in the fresh auction held on November 12 and 14, 2012 will be asked to start their services in the respective circles immediately, the court ruled. "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.
A bench comprising justices G S Singhvi and K S Radhakrishnan directed that those telecom companies which were allowed to continue operation after scrapping of their licences by February 2, 2012 judgement will have to pay the reserved price fixed for the licences in the first round of the auction held in November 2012.
The apex court by its interim orders had extended the deadline for them to continue with the operation.
RBI Chief Raghuram Rajan stated that more economic data is needed to be confident that economic growth is picking up, although he added that the benefits to exports from the Rupee's fall is yet to kick in.
Date 11-12-13, Duration 2:19, Views 34