Days after the Supreme Court cancelled 122 licenses for 2G spectrum, Prime Minister Manmohan Singh on Saturday held consultations with senior Cabinet colleagues on its impact on the telecom sector and the way forward.

The meeting was attended by Finance Minister Paranab Mukherjee, Home Minister P Chidambaram, Telecom Minister Kapil Sibal and Law Minister Salman Khurshid.

Attorney General G E Vahanvati and Telecom Secretary R Chandrashekhar were also present.

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"This meeting was to inform senior ministers about the implications and ramifications of the judgment. This group was not meant to take any decision," Sibal told reporters later.

Chandrashekhar apprised the meeting about the finer points of the judgment and its impact on the telecom sector, amidst fears that it could affect the flow of FDI.

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The telecom secretary gave a "full presentation on what the judgment is about, what it means and when we move forward," Sibal said.

"Ultimately, all the matters have to go to the cabinet so the government has to be informed before that in order to take a decision," the telecom minister said.

The meeting is also understood to have deliberated upon the auction, which is to be carried out for nearly 546 mhz of 2G spectrum vacated by nine telecom operators.