The phenomenon is a little difficult to explain. According to the Supreme Court's order, all telecom service licences given in 2008, during the A Raja regime, have to be cancelled by June 2. The licencees will have to return the spectrum they received to host telephony services.
The new deal puts the enterprise value -- the sum of a company's market capitalisation plus debt minus cash - of this new-generation mobile services company floated by Delhi-headquartered real estate major Unitech at Rs 10,520 crore (Rs 105.2 billion), against Rs 11,620 crore (Rs 116.2 billion) in the agreement signed on October 28, 2008. At the adjusted rate, the company's equity value stands at Rs 9,100 crore (Rs 91 billion).
Board of directors of Unitech Wireless to clear name on Tuesday.
The new telecom players in the country, which had received licences in January 2008 and were subsequently allocated spectrum, are ready to roll out services in the next three to four months.
Perceived till recently as low-budget and low-margin, the domestic market now means big business to Indian IT majors.
After building a subscriber base of nearly 50 million in about eight chequered years, it finally gave up as it saw itself up against a 600-pound gorilla that breezed through double that many subscribers in a fraction of that time, says N Sundaresha Subramanian.
The Norway-based firm, Telenor, entered India through a joint venture with Unitech Wireless.
Former Telecom Minister A Raja had "misled" then Prime Minister Manmohan Singh regarding policy of first-come-first-served which was to be followed for allocation of 2G spectrum, Central Bureau of Investigation on Monday told a special court.
A special court on Thursday acquitted all accused in the 2G spectrum allocation scam cases. The scam relates to the granting of 2G spectrum licence allocations in 2007-08 which caused, according to a report by the Comptroller and Auditor General of India, a loss of Rs 1.76 lakh crore. Here is a detailed timeline of how the case came to light and how it has progressed over the years:
The telephone subscriber base was 996.49 million at the end of March.
The court said a 'scam was created when there was none'.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
Bharti to spend Rs 1,600 cr for spectrum payout over 10 yrs; Telenor to service its own debt.
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