According to sources, the government is likely to go ahead and encash the Rs 350 crore bank guarantees submitted by Bharti Airtel reports CNBC-TV18’s Malvika Jain quoting sources.
The battle between the government and telecom companies is only intensifying over 3G intra-circle roaming pacts. According to sources, the government is likely to go ahead and encash the Rs 350 crore bank guarantees submitted by Bharti Airtel reports CNBC-TV18's Malvika Jain quoting sources.
Encashing would be done to realise the penalty which the government has imposed on the company for entering into 3G inter circle roaming arrangement. On Monday, the Supreme Court will be deciding whether a stay should be granted on 3G inter circle roaming pact ban.
This hearing will be significant for all the telecom companies and not just for Bharti Airtel, Vodafone and Idea who have entered into a 3G roaming arrangement because it directly impacts the 3G operations of the entire sector.
Vodafone and Idea are also going to jointly argue with Bharti given the fact that they have been issued notices yesterday by the government to discontinue 3G operations where they do not have spectrum.
The other crucial hearing at the Supreme Court on Monday will be that of Bharti’s case. Sunil Mittal has approach the Supreme Court seeking quashing summons that have been issued by the Patiala house court in additional spectrum grant case.
Even though the CBI had not named Mittal in the charge sheet, the trial court felt that there was enough evidence on record to summon Mittal along with Essar's Ravi Ruia and former MD of Hutchison. This hearing will not only be tracked by Bharti, but by the entire telecom sector because it directly affects several companies and also Mittal who is one of the captains of the telecom sector.
Set email alert for
ADS BY GOOGLE
video of the day
See 36000 Sensex by Mar’16; China joker in the pack: Ambit