 "Foreign investor notices over 2G premature: DoT")
The department of telecom (DoT) stands up for the government and the Supreme Court. As foreign investors await some response from the government regarding the cancellation of 2G licenses after the country’s apex court ordered for it, CNBC-Tv18 reports that DOT says the notices sent by the foreign investors are premature.
Four foreign investors (Telenor, Sistema, Capital Global and Kaif Investment) have sent dispute notices to the government under respective bilateral investment protection treaties.
DoT sources say there is no dispute and the government is only complying with the Supreme Court’s order. And if at all there will be a dispute, it will be after the auctions have been completed.
The government, DoT clarifies is still seeking clarity on certain portions of the Supreme Court’s order.
An inter-ministerial group (IMG) has been set up to send a response to the notices and is working on the replies now. And the government is looking for an amicable solution to the issue. But they say there is no need to refer the matter back to Trai.
Sistema JSFC has stake in Sistema Shyam, Telenor has stake in Unitech Wireless while Cap Global and Kaif Investment has stake in Loop Telecom.
Reporting by Malvika Jain
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