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Telenor may withdraw from India-Report
TT Correspondent |  |  03 Feb 2012

The historic Supreme Court verdict on Thursday canceling 122 spectrum licences, it seems, has began to take its toll with Norwegian telecom firm Telenor exploring the option of withdrawing from the Indian market, according to Reuters.


The apex court gave the verdict in the face of ongoing 2G spectrum case which is turning out to be biggest scam in independent India.


The company called it a serious attack on its investment.


The company’s 22 licences which it holds via its India arm Uninor are among those cancelled by the apex court. It said the ruling has serious retroactive consequences and withdrawing from India is one of the options it is looking to.


"That is one alternative that is on the table", Reuters quoted Jon Fredrik Baksaas as saying.

The Telenor’s investors and analysts after the SC gave its verdict are insisting that the company should quit India.

"We met every inch of that regulation of that licence. We have brought competition to the Indian market ... just to see a ruling that has significant retroactive consequences. It is an action that we have never seen in any country before", the chief executive was quoted by Reuters as saying.

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03 Feb 2012(IST)  
This is the reaction of what it has done to its employess in the NoV month last year(2010)
Posted By :- Nagendra pandey
Telenor is right in its observations. It is those who follow the rules are penalised. The Government ought to have told the court what processes were flouted by Telenor. the Court probably has erred in the case of telenor. However, Unitech has been unduly enriched and it is they who deserve the punishment.
Posted By :- jagannath
Telenor knew all along what their JV was doing.Why telenor;everyone connected with the industry knew how licenses were given.First come first served in name,but with active collusion of minister and beneficiary parties (Bank Guarantees and license/spectrum fee being deposited in one hour).If we,as public, could decipher what was happening,would Telenor not be knowing! Now they want to appear agrieved party.Each country has to right to correct its wrongs,particularly criminal wrongs.Actually what Supreme Court has done,should have been done by GoI ,on recommendation of TRAI.Anyway,Supreme Court has done justice,obviously.If Telenor wants to get out,so be it.It is their choice.
Posted By :- J Devgan
Supreme court did the right thing. Yes there will be fallout. All coming into the party knew what was happening. Media was talking about the multifold premium Telenor had paid to get stake in Unitech license. Did Telenor not smell a rat ? They should have known - if a deal is too good to be true, buyer beware. Telenor should go after Unitech and seek return of the funds they paid and bid fresh for spectrum. TRAI could also look at an option to go for auction but give right of first refusal to those affected to pick license at the highest bid price.
Posted By :- ashu
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