Cellco Loop Telecom has reportedly submitted an affidavit to India’s Supreme Court proposing that its 2G licence and corresponding spectrum be put up for auction.
In return, the company is looking to be refunded Rs14.5bn (US$321m) it paid for the licence…
Cellco Loop Telecom has reportedly submitted an affidavit to India’s Supreme Court proposing that its 2G licence and corresponding spectrum be put up for auction.
In return, the company is looking to be refunded Rs14.5bn (US$321m) it paid for the licence in 2008, according to local reports.
Loop is among the several mobile operators that may see their licences cancelled amid the 2G scam.
Late February, the CEO of Loop, Sandeep Basu, was questioned by the Indian Central Bureau of Investigation (CBI). It was reportedly alleged that Essar Group worked with Loop Telecom to get licences illegally in 21 areas in January 2008.
But Loop has denied acting as a front company for Essar and both firms said they did not contravene Indian shareholding laws, which prevent a telco from holding more than 10% in a competitor. Essar explained it only had a 2.15% stake in Loop when it originally applied for its Unified Access Services (UAS) licence back in 2007.
