The Supreme Court today delivered a blow to the telecom industry by cancelling all licenses issued post January 2008, all in relation to the multi-crore 2G scam.
122 licenses have been cancelled out of which 21 belongs to Videocon, Uninor holds 22, Idea 9, Tata Teleservices 3, Swan Telecom 13 and Loop 21. Penalties have also been slapped on Uninor, Swan Telecom and Tata Tele of Rs 5 crore each, and Rs 50 lakh on Loop, S-Tel, Allianz and Sistema Shyam. Reacting to the verdict, HP Ranina, corporate tax lawyer, said that this decision will shake up the whole of corporate India, not only telecom companies.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
