Telco major Sistema-Shyam which is one of companies whose licences have been cancelled by the Supreme Court has said that it will challenge this order by pursuing all available legal remedies.
Making it clear that its operation would continue in India, it said that the apex court’s verdict cancelling 122 licences is illegal. It also said that it is reviewing the implications of the judgment.
"To safeguard its interests, Sistema and Sistema Shyam TeleServices Ltd (SSTL) will contest this order by pursuing all available legal remedies. In the meantime, Indian operations will remain business as usual for the company," Sistema JSFC said in a statement.
Sistema Shyam has pan-India operations under brand MTS and its 21 out of 22 licences stand cancelled after the apex court verdict yesterday.
Headquartered in Gurgaon, the Company has already invested over USD 2.5 billion in expanding its telecom network across the country. It has so far opened more than 1200 branded retail stores across India and engages customers through a retail universe of over 300,000 outlets.