Speaking to CNBC-TV18, telecom secretary R Chandrashekhar denies having revied any notice from Telenor informing them of the company's intention to invoke international arbitration if their investments are not protected.
Following the Supreme Court's order canceling 122 telecom licenses, Telenor has already filed a review petition at the Apex court. The Norwegian major had bought 67.25% stake in a joint venture with Unitech for about USD 1.2 billion and operates in India under the brand Uninor.
The telecom company today informed the Government of India that it will invoke the provisions of the Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore if its investments are not protected.
The telecom company also told CNBC-TV18 that they haven't stated any amount as yet, but they do intend to seek compensation for all investment, guarantees and damages.
However, the telecom secretary, R Chandrashekhar denies receipt of any notice from Telenor by his department.
“No, we have not received a notice so far,” he says. “Proceedings are still underway, we are examining whether any final conclusion can be arrived at and can be taken within a 120-day period,” he says.
Telenor hopes that the matter be solved through dialogue and that they stay a long-term investor in Indian markets going ahead.
READ MORE ON Telenor, CECA, international arbitration, telecom licenses, Supreme Court order, 2G order, Unitech, Uninor,
ADS BY GOOGLE
video of the day
Go for midcaps in cement space, bullish BPCL, IOC: HDFC Sec