TELECOM LICENCE PRESSURE
05 Apr, 2012
In the latest development in one of India’s biggest corruption cases, which saw the country’s Supreme Court suspend 122 telecom licences, New Delhi is looking for more time to deal with commercial and legal issues. This comes as it faces increasing pressure from governments and industry figures and as they raise concerns about their investments.
The suspended licenses were issued by the former telecom minister, Andimuthu Raja, now in jail, back in 2008, and they came under fire following an audit two years later which suggested a scam costing the Indian public around $40 billion in revenues losses.
According to the Wall Street Journal’s MarketWatch, Samir Bardikarm a telecom analyst at Karvy Stock Broking, commented: “It’s very difficult to say what will happen at this point.” He added: “It’s being played out between the Supreme Court and the government.”