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Jun 22, 2012, 08.25 AM IST
The meeting of the much-awaited EGoM on spectrum auction was deferred indefinitely on Thursday. While no official reason was given for the postponement, sources within DOT told CNBC-TV18 that the meeting was cancelled by the finance ministry due to political reasons.
The EGoM was slated to discuss crucial issues of spectrum price, payment terms and network roll-out obligations. In case government does not take quick action, DOT may find it difficult to meet the Supreme Court's deadline of conducting spectrum auction by August 31. Goverment sources also told CNBC-TV18 that while the final decision on issues related to mortgage of spectrum was to be taken by the EGoM, the government is divided on who will sell the mortaged spectrum in the case of a default.
The department of financial services wants banks to be allowed to directly mortgage spectrum in case of default. However, DOT wishes the auctioning of spectrum to remain under its domain and has proposed to consult banks while auctioning mortgaged spectrum.
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