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Policy & Regulation
Reliance Communications says SC verdict will not affect its licences
TT Correspondent |  |  02 Feb 2012

Reliance Communications in its first reaction on Thursday after the Supreme Court gave its verdict canceling 122 licences allotted in 2008 during former telecom minister A Raja, said that licences to the company were issued in 2001 or prior to that and will not be affected by the Supreme Court judgement.

"RCom's licences are not affected by the Supreme Court judgement pronounced today," the telecom service provider said in a statement to the BSE.

"RCom's licences were all issued in 2001 or prior," the company added.

Earlier during the day, the Supreme Court canceled grant of all 122 2G licences issued in January 2008, stating that they were granted in arbitrary and unconstitutional manner.

Reliance Communications is a group company of Anil Ambani led Reliance. The group currently has a net worth excess of Rs 89,000 crore, cash flow of Rs 10,900 crore, net profit of Rs 3,600 crore.

Shares of Reliance Communications were trading at Rs 95.20 on the BSE, down 5.18 per cent from the yesterday close.

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