Dec 28, 2012, 09.02 AM IST
In order to reduce increasing tension between India and Russia over the issue of cancellation of Sistema Shyam's telecom licenses, the government is likely to seek an extension of the Russian company's licenses until completion of CDMA auctions, reports CNBC-TV18’s Malvika Jain.
During the visit of President Vladimir Putin, the government assured him that they will resolve the issue of Sistema Shyam Telecom given the fact that the Russian Government directly has investments in Sistema, which was the majority stakeholder. Either the government or Sistema Shyam backed by the government is going to approach the Supreme Court seeking an extension of another three months for licenses of Sistema Shyam Telecom.
On January 19, as per the Supreme Court’s earlier order, these licenses are going to stand cancelled. In all likelihood there is going to be a fresh round of auctions for CDMA spectrum, which may be held somewhere in April 2013 and on this ground a license extension is going to be sought by the government.
It is up to the Supreme Court what it is going to do about this issue, but the government is going to make every effort, that the assurance given to Vladimir Putin to get Sistema’s licenses restored. Meanwhile, a statement from Sistema Shyam says that the company is going to continue its operations post January 19.
Video of the day
Dec 11 2013, 09:54
- in Business
Dec 4 2013, 11:08
- in FII View
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.