Idea Cellular has filed an affidavit with the Supreme Court (SC) claiming that any reduction in the reserve price for unsold spectrum should also be applicable to winners of the recently concluded auction, which apparently is a flop.
In a bid to prune fiscal deficit, government which was banking on raising over Rs 40,000 crore from the 2G spectrum auction met with disappointment. India's telecommunications-spectrum auction for the 1,800-megahertz frequency band, used for basic mobile-telephone services under the global system for mobile communications technology, received a subdued response from participants, as this garnered mere Rs 9,407 crore.
Only 96 bids for 1.25 megahertz each came for 144 blocks, which were with new operators - Telenor, Videocon and Idea, thereby prompting center for holding another round of auction before March next. Further, communications and IT Minister Kapil Sibal recently stated that the Government will review the base price after analysts and bidders complained that it was too high.
The company, won spectrum in seven circles by paying Rs 2,031 crore. In view of this, the company filed an affidavit stating if any decision is made which results in a reduction in the reserve price or the final winning price, the petitioner (Idea Cellular) should be entitled to the benefit of the same.
Company Name | CMP |
---|---|
Bharti Airtel | 1344.90 |
Vodafone Idea | 13.15 |
Indus Towers | 340.95 |
Tata Communications | 1803.50 |
Bharti Hexacom Ltd. | 939.05 |
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